July 22, 2026 07:24 AM GMT Naturgy | Europe 1H26 Results – 2026 guidance upgrade to be taken well AlphaSignals Earnings Reaction Strengthens our thesis Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Strong 1H26 results, although partly due to a net positive one-off in Spanish electricity networks. Naturgy reported net income of €1,215mn for 1H26, 4% above consens ...