While Spanish families tighten their belts over electricity and gas bills, Naturgy has multiplied its earnings to reach €1.215 billion in the first half of 2026. The multinational energy company closes thus a record period driven by rising natural gas prices, a scenario that particularly benefits its thermal power plants but translates in the streets into higher bills.

The numbers that prove the pull of gas

According to eldiario.es, Naturgy's profits grew 5.9% compared to the first half of 2025, while its total revenue exceeded the €10 billion barrier (€10.097 billion exactly). Ebitda, that is, gross operating profit before interest, taxes and depreciation, reached €2.975 billion, a 4.5% increase compared to the same period the previous year.

A context of international prices elevated by geopolitical tensions in the Middle East has been decisive for these results. The company has leveraged that both oil and gas were trading upwards during these months.

Naturgy raises forecasts: on track for record €2.1 billion

What is truly striking is that Naturgy has revised upwards its estimates for all of 2026. If in January it forecast closing with profits above €1.900 billion, it now points to exceeding €2.1 billion, which would represent a new historical record and would improve even the 2025 result, when it reached €2.023 billion.

Equally optimistic is the ebitda forecast, which now stands above €5.500 billion, a 5% increase from what was initially expected. Francisco Reynés, executive president of the company, has stressed that Naturgy "faces a new stage with a solid balance sheet and a strategy focused on financial discipline and the creation of sustainable value".

Debt falling and dividends for shareholders

Financial strength is another pillar of these results. Naturgy's net debt fell to €11.745 billion at the close of the first half, a 4.6% decrease from €12.317 billion at the end of 2025. The ratio of net debt to ebitda stands at 2.2 times, which according to the company gives it "significant capacity to undertake new growth opportunities".

With this favourable outlook, the board of directors has approved the payment of a dividend on account of fiscal year 2026 of €0.6 per share, which will be paid on 29 July next. Good news for its shareholders that contrasts with the growing pressure on Spanish energy consumers.

Distribution networks, the resilient business

Within this upward trajectory, the performance of the distribution networks business stands out, which contributed €1.514 billion to ebitda, a 13.2% increase compared to the previous half. Naturgy describes it as a "stable and resilient contributor" to its results, especially in the case of electricity distribution in Spain, where the customer base showed more solid performance.

Nevertheless, Reynés warns that "the evolution of international gas prices anticipates a complex winter", a message pointing to both geopolitical challenges and the need to guarantee supply security in the coldest months of the year. For a Spanish energy company, that balance between profitability and responsibility is increasingly delicate.