The following is a summary of the Naturgy Energy Group, S.A. (GASNF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Naturgy reported an 11% increase in EBITDA, surpassing consensus and past guidance figures.

• The company's net income rose by 20% demonstrating improved financial strength.

• Naturgy has maintained a stable level of debt, reinforcing its financial stability.

• The company plans to propose a dividend of €0.40 per share at the AGM, taking the overall dividend figure for the year to €1.4 per share.

• Naturgy reported an EBITDA of around €5.5 billion and a net profit of close to €2 billion.

• The company generated solid cash flow leading to a robust balance sheet with a net debt to EBITDA ratio of approximately 2.2 times.

• A decrease in gas and power prices during 2023 and improved working capital positively impacted the overall performance.

Business Progress:

• Naturgy increased investment in energy transition, with a hefty €3 billion invested in the sector, a 50% from the previous year.

• It increased its renewable capacity significantly across Spain and Australia and has been progressing in over 60 biomethane projects and around 10 hydrogen projects.

• Naturgy displayed significant regulatory progress in Latin America.

• The company set a record with the trial operations of the 7V Solar Ranch plant and made progress on the Grimes 269 megawatt solar plant in Texas.

• Forward-focused, the company aims to concentrate on pipeline contracts, renewable generation, renewable gases, supply divisions, maintaining dividend policy, investing €3 billion in 2024, and preserving its BBB rating.

• Naturgy does not anticipate M&A activities in 2024 but will consider opportunities while maintaining financial discipline.

• The company also exhibited 'solid' performance concerning ESG metrics in 2023.

More details: NATURGY ENERGY GROUP S.A. IR

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