Naturgy’s profits during the first half of 2023 reached 1,045 million euros, representing an increase of 87.6% compared to those registered in the same period of the previous year.
The operating result before taxes (Ebitda) was 2,849 million euros, 39% more, according to the note sent this Monday to the National Securities Market Commission (CNMV), in which it attributes these results “to the good operating performance of its businesses and the positive evolution of the financial result as a result of debt reduction”.
A debt that as of June 30, 2023 stood at 10,752 million, 11% below that obtained in the same period of the previous year.
All this in an environment marked by a reduction in energy prices with persistent volatility, as well as regulatory uncertainty that placed net sales at 12,054 million euros, 28% less than a year ago.
In this context, the company increased its investments to advance its industrial plan and maintained a key role in ensuring energy supply in Spain, both in terms of gas supply to companies and in the continuity of supply in the Spanish electricity sector, in which combined cycle plants play a fundamental role.
The Group’s investments reached 839 million euros as of June 30, 16% more. Nearly 65% ??was allocated to growth in renewable generation and the development of energy distribution networks.
Currently, Naturgy has a renewable capacity in operation close to 5.7 GW, with an increase of 0.4 GW in the last six months. “These increases are supported by the good performance of the international liberalized activities, in particular by the energy management activity, and by the positive evolution of the financial result that reflects the strong deleveraging achieved in the period,” the statement explains.
“These results maintain the positive evolution of those that we have already presented to the market corresponding to 2022, and exceed the objectives of operating efficiency, cash generation, investment materialization and debt reduction,” explained Francisco Reynés, executive president of Naturgy.
“Likewise, they demonstrate the solidity of the company’s industrial plan, which is allowing us to transform our energy mix thanks to a firm commitment to investment, while consolidating our role as guarantor of the security of energy supply in Spain,” he added.
The manager who has gone through a few difficult weeks in which his current position in the company has been called into question remains in command after the intention to hire a CEO to assume parts of his current functions was frustrated.
A transition that after the rejection of Ignacio Gutiérrez Orrantia, coming from Citi, remains on hold and leaves Reynés with all the power in energy for which the Board of Directors has approved an upward revision of expectations for 2025 with the forecast of exceeding 5,000 million euros of ebitda and reaching a net profit of 1,800 million.
Investments for the 2021-25 five-year period will amount to 13,200 million, which implies an increase of more than 5,000 million capex compared to the previous strategic period. Of the total investments planned between 2023 and 2025, 61% will go to the development of renewables and 28% to the network business. The company also estimates to close 2025 with a net debt of 16,000 million, 1,000 million less than the previous forecast.
“This improvement in our forecasts until 2025 responds to a strategy aligned with the energy transition and focusing mainly on organic growth that, together with an opportunistic management of asset rotation, will continue to contribute to our transformation,” explained Reynés,
Likewise, the Board of Directors established the annual dividend floor for the years 2023-25 ??at 1.40 euros per share, conditional on maintaining a credit rating of BBB for S
The first dividend against the results of 2023 has been established at 0.50 euros per share and will be paid to shareholders on August 7.
