The evolving shareholder landscape at Naturgy Energy Group SA
Naturgy Energy Group SA, a Spanish‑listed gas utilities company, has seen a rapid reshaping of its ownership structure in the last days of December 2025. The changes, driven primarily by the actions of two large institutional investors—CVC and Criteria Caixa—have elevated Criteria to the position of de‑facto controlling shareholder and reduced BlackRock’s stake to the fourth‑largest slot in the company.
BlackRock’s partial divestiture
On 18 December 2025, BlackRock sold 7.1 % of its Naturgy holding, according to The Corner. This move lowered BlackRock’s ownership to the fourth‑largest shareholder, a position it now holds alongside the other major institutional investors. The sale was part of a broader strategy to realign the firm’s energy portfolio, as it exits from several legacy positions.
Criteria’s strategic purchase
In the same week, Criteria Caixa, the investment arm of the Foundation La Caixa, increased its stake by an additional 2 %. The purchase, announced in a statement to the Comisión Nacional del Mercado de Valores, raised Criteria’s total holding to 26 % from the previous 23.96 %. The move, reported by Expansion, El Periodico, and La Region, positions Criteria as the largest shareholder in the company. The buying spree has been described as a “massive” acquisition of shares, with the holding company securing nearly 932 million euros in expected dividends until 2028, according to Económica Digital.
The effect on governance
The shift in ownership is expected to have a noticeable impact on Naturgy’s governance and strategic direction. Criteria’s increased presence provides the foundation’s investment arm with a stronger influence over board composition and long‑term policy decisions. At the same time, the reduction of BlackRock’s stake may reduce the weight of that fund’s views on the company’s operational focus and environmental commitments.
Market context
The Spanish market, which has been hovering near the 17 000‑point level, witnessed a modest 0.58 % gain on the day of the announcement, according to El Debate. The market’s reaction suggests that investors view the consolidation as a positive signal, reinforcing confidence in the company’s governance and potential for shareholder value creation.
Financial snapshot
As of 16 December 2025, Naturgy’s share price closed at €24.74. With a market capitalization of roughly €23.5 billion and a price‑to‑earnings ratio of 11.3, the company remains a significant player in the European gas utilities sector. Its 52‑week trading range—between €22.42 and €27.90—reflects a stable, albeit slightly volatile, price action.
The series of transactions highlights the dynamic nature of ownership in Spanish utilities, where institutional investors adjust their positions in response to broader strategic goals and market conditions. As Criteria continues to consolidate its holdings, observers will watch closely how this new balance of power translates into operational decisions and shareholder returns for Naturgy Energy Group SA.
