Functional Brands closes $8 million private placement and completes Nasdaq listing
Investing.com -- Spanish energy company Naturgy reported third-quarter EBITDA of €1.37 billion, in line with Bloomberg consensus estimates, despite a small sample size. Net income reached €521 million, also matching expectations.
The company’s divisional performance showed mixed results. The Renewables segment underperformed due to low wind and hydro output, while Networks and Energy Markets divisions exceeded expectations. Analysts believe ancillary services in Spanish CCGT helped boost the Energy Markets performance, although this division typically commands lower multiples than other segments of Naturgy’s portfolio.
Naturgy maintained its full-year 2025 guidance, projecting EBITDA above €5.3 billion and net income exceeding €2 billion. These targets align with current market consensus estimates of €5.33 billion for EBITDA and €2 billion for net income.
The earnings guidance represents approximately 5% year-over-year growth, consistent with the company’s performance through the first nine months of 2025, where net income was about 6% higher compared to the same period in 2024.
Results for the first nine months of 2025 already cover 80% of the company’s full-year EBITDA guidance and 83% of its net income target, providing strong support for both the guidance and market expectations.
Naturgy revised its end-2025 net debt guidance from less than €14.7 billion to approximately €13 billion, likely reflecting the impact of double share placements executed earlier. The company reported net debt of €12.9 billion at the end of the third quarter.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.