Naturgy Targets Increased 2025 Earnings as Part of Strategic Review

By Pierre Bertrand

Naturgy Energy Group said Wednesday that the company has revised its targets, including an increase to earnings and reduced annual investments, as part of a review of its strategic plan to 2025.

The Spanish utility company said it has increased its estimated 2025 target for earnings before interest, taxes, depreciation and amortization to 5.1 billion euros ($5.62 billion), from its previous target of EUR4.8 billion.

Naturgy added that it is targeting a decrease in annual investments to EUR13.2 billion in the years to 2025, down from its previous target of EUR14 billion.

The company also said it intends to reduce debt to EUR16 billion by 2025, down from its previous target of EUR16.9 billion.

It has revised the annual dividend floor to 2025 to EUR1.40 per share, which it said is equivalent to a dividend yield of approximately 5.4% at current share prices, and would compensate shareholders for interest rate rises and effects of inflation.

Naturgy said it would release further details about its revised targets later this month when it publishes its first-half results.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 12, 2023 03:25 ET (07:25 GMT)

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