Increased Free Float and Liquidity
Naturgy successfully increased its free float from 10% to almost 19% in record time, enhancing share liquidity and positioning itself to return to the MSCI indexes. Monthly average trading volumes have doubled compared to the first half of the year.
Strong Cash Flow and Dividend Commitment
Free cash flow after minorities reached almost EUR 2.2 billion. The Board approved a second 2025 dividend of EUR 0.60, on track for a minimum annual total DPS of EUR 1.7 per share.
Robust Financial Position
Net debt stands at EUR 12.9 billion, with a comfortable net debt to last 12 months 2025 EBITDA ratio of 2.4x. The balance sheet remains strong, providing the company flexibility and optionality.
Positive Energy Management Performance
Energy management EBITDA increased by 18% to EUR 718 million, driven by higher margins on hedge sales and effective hedging and diversified procurement portfolio.