Naturgy Energy Group S A (GASNF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. This is Abel Arbat speaking from the Capital Markets Team at Naturgy. Thank you for joining our results call for the first half of 2025. Next to me sits our Executive Chairman, Mr. Francisco Reynes, the General Counsel to the Board, Manuel García Cobaleda, the Head of Financial Markets and Corporate Development, Mr. Steven Fernández, and the Head of Control and Energy Planning, Ms. Rita Ruiz de Alta. We will begin with a presentation, followed by a Q&A session addressing questions from analysts and investors. Please submit your questions in written form through the webcast during the presentation, and we will address those at the end. So let's get going, and I will hand it over to Stephen to start off on the presentation. All right, so let's go straight to page three. Thank you very much, Abel, and good morning, everyone. Thank you for joining us. The key highlights of the H125 results that we announced earlier this morning can be found here. Basically, you'll see that we had a very strong performance on the first half of the year, and we believe that this demonstrates the company's and assets resilience amid macro uncertainty. A key highlight also of the first half of the year is the outcome of the tender offer that you saw, which supports our objectives to increase the pre-float and consequently increase share liquidity. with an objective of returning to the MSCI indexes. We have also announced the first dividend against 2025 results, amounting to $0.60 per share, which is higher, I may add, than the consensus assumptions, and that takes into account the current 10% Treasury stock position. It's worthwhile mentioning that the current macro and energy scenario, combined with our strong current trading and outlook for 2025, certainly reaffirme...