Naturgy Energy Group, S.A.

Strong 9M 2026 results + raised guidance - EBITDA: EUR 4.3bn (+4% YoY) driven mainly by networks and thermal generation. - Net income: ~EUR 1.8bn (+5% YoY). - Cash flow: Funds from operations +8% to EUR 3.6bn; working capital absorbed ~EUR 1bn due to higher gas prices plus the one-off Sonatrach payment. - Net debt: ~EUR 12.3bn (effectively flat vs YE 2025), with liquidity > EUR 10bn and debt largely fixed (~60% fixed-rate), helping buffer higher rates.

Energy price backdrop is volatile, but portfolio integration helps - Brent: ~33% above 9M 2025; TTF +11%, JKM +18%, while Henry Hub ~-6%. - Iberian pool: ~+17% YoY (reversing H1 declines); CO₂ +9%. - Management credits integrated model + disciplined risk management; also notes that LNG exposure is largely/fully hedged at “reasonable” margins (explicitly stated later as 100% hedged).

Main EBITDA drivers and notable negatives by business (what changed) - Gas Networks: EUR 1,412m (+5%), with Spain lower remuneration/demand, but LatAm offsets gains; new 2027/2032 Spanish regulatory framework approved and already in tariffs. - Electricity Networks: EUR 953m (+26%), helped by higher regulated asset base/remuneration and a retroactive O&M recognition (~EUR 126m); plus a royal decree allowing investment above cap. - Thermal generation: EUR 601m (+15%) helped by ancillary services demand in Spain. - Energy Management: EUR 676m ~flat (hedged margins up, volumes down); flagged continued geopolitical volatility. - Renewables: EUR 466m (+3%) with 473MW added; some Spanish impact from lower hydro and accounting mark-to-market headwinds in Australia. - Supply (negative): EUR 353m vs EUR 500m prior year, driven by ancillary cost pressure and gas regulated margin decline (incl. ~EUR 100m provision for TUR-related losses; under legal challenge).