Despite lower energy prices that negatively impacted its Liberalised Business segment, Naturgy's 2024 results came in at very decent levels. The slightly lower EBITDA and funds from operations reflected the lower gas and electricity prices but the company benefitted from a strong performance from its networks' distribution business. Naturgy's 2024 credit metrics remain robust, and we maintain our neutral opinion on the credit. The Spanish utility's 2025-2027 strategic plan sees a total aggregate...
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