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 Upgraded; Raising Fair Value Estimate

Tancrede Fulop , Andrea Burigana

Jul 22, 2026

Naturgy reported strong second-quarter results, with group EBITDA up 3% year over year to EUR 1.6 billion, ahead of FactSet consensus. Management upgraded its 2026 outlook to EBITDA above EUR 5.5 billion (from EUR 5.3 billion) and net income above EUR 2.1 billion (from EUR 1.9 billion).

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Naturgy Energy Group SA

Naturgy Earnings: 2026 Guidance Upgraded; Raising Fair Value Estimate

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