Naturgy shares dropped over 2% after the Spanish energy company reported flat EBITDA growth for fiscal 2025. Despite the challenging environment, the utility maintained its guidance with EBITDA of €5.33 billion, down 0.6% year-over-year. Revenue grew modestly 1% to €19.46 billion, while net income rose 6.4% to €2.02 billion, demonstrating improved cost management.

The company strengthened its balance sheet with free cash flow after minorities jumping 58% to €2.24 billion. However, net debt increased to €12.32 billion, resulting in a 2.3x net debt-to-EBITDA ratio. Capital expenditure decreased 6% to €2.14 billion in 2025, reflecting Naturgy's focus on financial discipline while maintaining infrastructure investments.

to 2026, Naturgy projects EBITDA around €5.3 billion and net income of approximately €1.9 billion. The company anticipates net debt rising to about €13.5 billion, with a debt-to-EBITDA ratio of 2.6x, while maintaining capex at roughly €2.1 billion. This conservative outlook suggests steady performance but minimal growth expectations for investors in the coming year.