Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Naturgy Earnings: 2026 Guidance Disappoints; Shares Undervalued

Tancrede Fulop , Andrea Burigana

Feb 18, 2026

Naturgy reported full-year results in line with guidance. EBITDA was flat year on year while net income rose 6.4% to EUR 2.0 billion. For 2026, management guides to flat EBITDA and lower net income of EUR 1.9 billion, consistent with its 2025-27 strategic plan and in line with our estimate.

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Naturgy Energy Group SA

Naturgy Earnings: 2026 Guidance Disappoints; Shares Undervalued

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