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Naturgy Beats On EBITDA, Gives Limited FY24

  • Credit spreads stable, equity -1.7% at time of writing.
  • FY results look like a slight beat on EBITDA (+10.5% YoY and +2.5% vs. consensus) and EUR ~500mn ahead of guidance. Revenue of EUR 23bn was notably lower than the EUR 34bn in FY24 due to falling energy prices.
  • Net debt came in flat with EBITDA leverage of 2.2x from 2.4x at FY22; EUR 9.2bn cash and undrawn credit lines from EUR 9.5bn at FY22; FY FCF +32% YoY
  • Limited FY24 outlook (RTRS say this is due to market volatility and unexpected weather conditions) aside from a EUR 3bn investment plan focussed on renewables and DPS of EUR 1.40 subject to BBB rating (which it intends to protect).

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