Goldman Sachs sees Naturgy exceeding guidance. Naturgy stock falls 1.48 percent.

Published on 10/06/2026 at 12:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nine-month EBITDA is estimated at EUR 4.3-4.4 billion. Naturgy stock costs EUR 29.33 on October 6, 2026 after EUR 29.77, down 1.48 percent.

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Naturgy stock (ISIN ES0116870314) was trading at EUR 29.33 at Lang & Schwarz on October 6, 2026 at 12:39 p.m. CEST, down 1.48 percent versus the EUR 29.77 prior close. Guavy reported on October 6, 2026 that Goldman Sachs sees Naturgy potentially exceeding its full-year guidance of more than EUR 2.10 billion in net income.

Goldman sees earnings upside

The bank estimates Naturgy's nine-month EBITDA at EUR 4.30-4.40 billion and net income at EUR 1.75 billion. The same assessment points to gas prices and flexible generation as support for the company's earnings outlook, while the fourth quarter remains the final test of the full-year target.

That view builds on the latest reported interim figures. According to Benzinga on September 9, 2026, Naturgy earned EUR 1.215 billion in net income during the first half of 2026, up 5.90 percent from the same period of 2025, while EBITDA rose 4.50 percent to EUR 2.975 billion.

Dividend supports the valuation

Naturgy raised its 2026 objectives on July 22 to more than EUR 5.50 billion in EBITDA and more than EUR 2.10 billion in net income, according to Benzinga. The company also set minimum dividends of EUR 1.80 per share for 2026 and EUR 1.90 for 2027, compared with EUR 1.77 paid for 2025.

Bankinter raised its valuation from EUR 29.80 to EUR 32.30 per share in an August 11 analysis while maintaining its buy recommendation, the same Benzinga report said. The new target is EUR 2.97 above the Lang & Schwarz price, but it is expressed in the same currency and comes from a different valuation date.

Stock remains below yearly high

The finance quote for Naturgy's BME listing showed a market capitalization of EUR 27.3 billion on October 6, 2026. Its 52-week range was EUR 24.30 to EUR 30.04, placing the Lang & Schwarz price EUR 0.71 below the upper end of that range.

Aktiencheck.de identifies Naturgy Energy Group, S.A. as a Spanish utility focused on natural gas processing, transport and distribution as well as electricity generation. The company is listed on the BME under ticker NTGY and belongs to the IBEX 35.

Trading level and investor view

Naturgy was trading at EUR 29.33 at Lang & Schwarz on October 6, 2026 at 12:39 p.m. CEST, down 1.48 percent against the EUR 29.77 prior close. The combination of a 4.50 percent first-half EBITDA increase, higher full-year objectives and a dividend floor gives the current valuation a clear earnings test in the final quarter. The further course of trading is shown by the continuously updated real-time quote of Naturgy stock.