What is Naturgy?
Naturgy is a Spanish energy group combining distribution networks, gas and electricity supply, and power generation. Its parent company is Naturgy Energy Group, S.A., tax identification number A08015497, with its registered office at Avenida de América, 38, Madrid. Figures in this profile refer to the consolidated group where indicated; Naturgy is also a brand used in commercial activities. Identity and business: 2025 accounts, note 1; Naturgy legal notice.
The gas chain covers procurement, liquefaction, regasification, transport, storage, distribution and retail supply. In electricity, the group participates in generation, networks and energy sales. This combination explains why a company familiar from household bills also manages infrastructure and international energy contracts. Identity and business: 2025 accounts, note 1.
From early gas businesses to Naturgy
The origins date to Barcelona in 1843. The Historical Archive of Notarial Records of Barcelona documents the involvement of Charles Lebon, represented by his brother Napoléon, alongside members of the Gil i Serra family and other partners, in the gas lighting company that preceded the group. The venture combined technical knowledge and local capital; crediting a single founder would omit this joint contribution. Notarial archive: 1843 incorporation.
International expansion began in 1992 with assets in Buenos Aires and Gas Natural BAN. The merger with Unión Fenosa was formalised on 1 September 2009, expanding the electricity business. In 2018 Gas Natural Fenosa adopted the Naturgy brand; the general meeting on 27 June that year changed the company name from Gas Natural SDG, S.A. to Naturgy Energy Group, S.A. Corporate history; Identity and business: 2025 accounts, note 1.
Ownership and leadership
Naturgy’s shareholding chart for October 2026 identifies Criteria Caixa at 28.5%, Global InfraCo at 15.5%, Corporación Financiera Alba at 5.0% and Sonatrach at 4.1%; it also reports treasury shares of 0.9% and free float of 46.0%. These are rounded percentages for that date, distinct from the shareholding position at the end of 2025. Shareholding structure, October 2026.
The 2025 governance report states that, at its reporting date, no individual or legal entity exercised or could exercise control within the meaning of Article 5 of the Spanish Securities Market Law. International investors do not by themselves constitute a foreign parent company. Francisco Reynés Massanet is listed as chairman and CEO since February 2018 on the corporate page checked on 8 November 2026. 2025 corporate governance, A.8; Francisco Reynés: chairman and CEO.
Business, brands and customer relationships
Networks physically deliver energy to supply points; retail businesses offer contracts and sell that energy. In Spain, UFD carries out the group’s electricity distribution and Nedgia its gas distribution activity. These are group businesses and entities with distinct functions, whose figures should not be added to consolidated results as though they were independent businesses. UFD: electricity distribution; Nedgia: gas distribution; Identity and business: 2025 accounts, note 1.
The business also includes thermal and renewable generation, liquefied natural gas operations and energy solutions for customers. Distinguishing a distributor from a retailer helps explain a network fault, a connection or a contract query: these activities do not all belong to the same company. Identity and business: 2025 accounts, note 1; UFD: electricity distribution; Nedgia: gas distribution.
Markets and facilities
The accounts place operations mainly in Spain, Latin America, Australia, the United States and the rest of Europe. Revenue allocated by destination included €9,949 million in Spain and €5,797 million in Latin America in 2025, within consolidated revenue of €19,455 million. The destination of a sale does not itself establish the presence of a facility or subsidiary in that country. Identity and business: 2025 accounts, note 1; Revenue by destination, note 22.1.
Biomethane facilities identified as operating in the 2025 report include Planta Elena in Cerdanyola del Vallès; EDAR Bens in A Coruña; and Vila-sana at the Porgaporcs livestock farm. Together they reported 4.1 MW of installed capacity and 7,052 MWh of production that year. These figures cover those plants, not all gas transported through Nedgia’s networks. Biomethane plants operating in 2025.
Financial and workforce scale in 2025
For the year from 1 January to 31 December 2025, consolidated net revenue was €19,455 million and profit attributable to the parent company was €2,023 million. Revenue documents Naturgy’s scale in this editorial selection; it is not replaced with market capitalisation or presented as a position in a global ranking. 2025 consolidated income statement.
Note 25 reports 6,764 employees at year-end and an annual average of 6,834. The sustainability report uses a managed workforce of 6,637: it excludes 135 people from joint operations and includes eight from companies involved in decommissioning coal plants. These are people counted within different scopes; none of these figures is identified here as full-time equivalents. Consolidated workforce, note 25; Managed workforce reporting scope.
Technology and innovation at different stages
For thermal generation, the 2025 report documents deployment of Azure Machine Learning to develop predictive models for critical assets. It also describes AI pilots for Remote Control Centre operators, involving monitoring checklists and natural-language assistance. Deploying a platform and developing pilots do not themselves demonstrate reductions in failures or accidents. 2025 innovation and digitalisation, pp. 349–352.
MARVIN-24, involving Fuvex and UFD, aims to extend power line inspection using long-range drones. The document describes validation flights and improved productivity as a target. FactorIA and Digital Academy organise training, proofs of concept and internal development of data and AI skills. These are specific initiatives at different stages of deployment. 2025 innovation and digitalisation, pp. 349–352.
Prevention: critical risks and documented controls
Naturgy identifies six priority factors: confined spaces, work at height, electrical risk, tree felling and pruning, load handling and road safety. Its 2024–2025 plan incorporates visible leadership, investigation of precursors to serious or fatal injuries and involvement of contractor management. This is the company’s stated selection of risks associated with its operations. Critical occupational safety and health risks; OSH management and 2024–2025 plan.
In 2025 it conducted a four-month safety assessment covering gas and electricity distribution worldwide and conventional generation in Spain, with worksite visits, interviews and incident analysis. The Métrica positiva (M+) tool supports incident reporting, improvement proposals and preventive work stoppages: the report records 2,842 stoppages in 2025. That number measures control activity, not proven accidents prevented. Contractors: actions, accident and targets.
OSH results and certification coverage
Within the sustainability reporting scope for employees, the OSH management system covered 6,637 people, or 100%; ISO 45001 certified coverage was 92.5%, representing 6,138 people. The remaining 7.5% was awaiting certification. Management system coverage and certified coverage are therefore different indicators. 2025 coverage and employee accident indicators.
For those employees, Naturgy reported eight recordable occupational accidents and a rate of 0.61 per million hours in 2025, compared with 14 and 1.04 in 2024. Its stated criteria include accidents on work journeys and exclude ordinary commuting. There were no employee fatalities from occupational injuries. For contractors, however, the report describes a fatal electrical contact accident on a 66 kV line; their lost-time accident frequency was 1.81 per million hours, compared with 1.65 in 2024. These are different populations and indicators. 2025 coverage and employee accident indicators; Contractors: actions, accident and targets.
Occupational health, ergonomics and psychosocial factors
The 2024–2025 psychosocial plan combines group-wide actions with business-specific plans. The report documents reviews of shift arrangements, conflict management training and digital disconnection practices, alongside ergonomic assessments for particularly vulnerable workers. A safety perception survey achieved 77% participation in 2025; this percentage describes participation, not satisfaction or preventive effectiveness. Psychosocial risks and occupational health.
Health measures include psychological health surveillance in Spain and support services adapted to other countries. Cardiovascular campaigns were strengthened in 2025, alongside collaboration with the Spanish Society of Neurology on stroke prevention. These are documented services and activities, without attributing clinical improvements not measured in the source. Psychosocial risks and occupational health.
Energy transition and a regulatory case
Biomethane, renewables, storage and digitalisation are part of the group’s transformation. Assessing them requires distinguishing operating facilities from projects and checking that contractor management accompanies technological change. The contractor target for 2027 is lost-time accident frequency below 1.75 per million hours; the 2025 result of 1.81 had not reached that threshold. Biomethane plants operating in 2025; 2025 innovation and digitalisation, pp. 349–352; Contractors: actions, accident and targets.
On 11 December 2025, Spain’s CNMC fined UFD €5.08 million for restrictions on installing certain electricity meters between May 2018 and May 2021. Naturgy’s accounts acknowledge payment. The monitoring decision of 8 April 2026 confirms payment and refuses UFD’s requested exemption from the public contracting prohibition because effective implementation of its compliance programme had not been demonstrated. This description is limited to those decisions: it does not attribute the penalty to every group company or assert a final court judgment. CNMC: UFD penalty, December 2025; 2025 accounts: UFD proceedings; CNMC: monitoring decision, 8 April 2026.
What this case contributes to prevention practice
Sabentis editorial interpretation: the case supports three checks: whether certification covers the people and entities being assessed; whether incident investigation reaches contractors and subcontractors; and whether a rate covers all accidents or only those causing lost time. Naturgy’s figures show why an improvement among direct employees is insufficient to describe the whole operation. 2025 coverage and employee accident indicators; Contractors: actions, accident and targets.
The information on M+ also distinguishes a participation signal—reporting and stopping work—from an accident outcome. This editorial application draws on the published mechanisms and does not constitute an external evaluation of the effectiveness of Naturgy’s system. Contractors: actions, accident and targets.
Frequently asked questions
Are Naturgy and Gas Natural Fenosa the same company?
Naturgy is the brand adopted in 2018 by the group previously known as Gas Natural Fenosa. That year the parent company changed its legal name from Gas Natural SDG, S.A. to Naturgy Energy Group, S.A. Corporate history; Identity and business: 2025 accounts, note 1.
What is the difference between Naturgy, UFD and Nedgia?
Naturgy identifies the group and commercial activities; UFD carries out electricity distribution and Nedgia gas distribution in Spain. Delivering energy through a network and selling it under supply contracts are different functions. UFD: electricity distribution; Nedgia: gas distribution.
Why do the 2025 reports show both 6,764 and 6,637 employees?
The first figure is the consolidated year-end workforce; the second is the managed workforce in sustainability reporting. The report reconciles them through 135 people in joint operations and eight added for coal plant decommissioning. Consolidated workforce, note 25; Managed workforce reporting scope.
Did Naturgy have zero fatal accidents in 2025?
It reported zero deaths from occupational injuries among its own employees, but recorded a fatal electrical contact accident among contractors. The first figure should not be turned into a zero-fatality result for all activities. 2025 coverage and employee accident indicators; Contractors: actions, accident and targets.
