Barclays: Naturgy Energy's H1 Beat, Outlook Upgrade Set Up 'Stronger' FY26

06:38 AM EDT, 07/23/2026 (MT Newswires) -- Barclays anticipates a "stronger" 2026 for Naturgy Energy Group (NTGY.MC) after the Spanish utility delivered better-than-expected first-half results and upgraded its full-year guidance. "In our view, the outperformance was underpinned by stronger delivery across the core divisions, particularly Networks, supported by Latin American tariff updates, higher returns in Spanish power distribution and lower-than-expected minority interests. The strength of the 1H26 print also translated into upgraded 2026 guidance, with Naturgy now targeting EBITDA above EUR5.5bn versus company-collected consensus of ~EUR5.4bn, net income above EUR2.1bn versus consensus of ~EUR2.0bn, and net debt of ~EUR13.0bn, in line with consensus," analysts said Wednesday. For the six months ended June 30, Naturgy reported group EBITDA of 2.98 billion euros and net income of 1.22 billion euros, which the research firm noted surpassed Bloomberg consensus forecasts by 3% and 4%, respectively. Barclays has an equal weight rating and price target of 30 euros on the stock.