Naturgy Chile Gas Natural S.A.

What it is

The company distributes, sells, and transports natural gas across Chile and in four provinces in northwestern Argentina. Through subsidiaries Metrogas, Gas Sur, and Innergy Holding it serves more than 700,000 customers in Chile; through Gasnor and Gasmarket it reaches more than 500,000 customers in Argentina; and its pipeline business runs through Gasoducto del Pacífico.

The company was born from the division of Compañía General de Electricidad S.A. on 31 August 2016, inheriting a gas network that long pre-dates its current name. It is a publicly listed open corporation (sociedad anónima abierta) registered with Chile’s financial regulator, the CMF.

Who owns it

Naturgy Inversiones Internacionales S.A., the Chilean branch of the Spanish parent, holds 92.33% of the shares. Institutional investors account for a further 1.5%, leaving a free float of roughly 6% — enough to list in Santiago but thin enough that the parent effectively controls every significant decision.

The Spanish parent, Naturgy Energy Group, is itself dominated by a small number of large shareholders: CriteriaCaixa (the investment arm of la Caixa foundation) holds in the upper-20s percent, infrastructure funds CVC and GIP hold near 20% combined, and IFM holds around 15%. All parent shares carry identical rights and trade on the four Spanish stock exchanges as part of the IBEX 35.

Who runs it

In January 2025, board chair José García Sanleandro resigned; the board immediately appointed Pedro Larrea Paguaga as his replacement and new board president. The identity of the day-to-day general manager (gerente general) of the Chilean entity is not disclosed in available public sources.

At the parent level, Francisco Reynés Massanet has been Chairman and CEO of Naturgy Energy Group since February 2018. Strategy for the Chilean subsidiary flows from Madrid through Naturgy Inversiones Internacionales, the controlling shareholder.

The money, in plain words

In 2025, the company brought in CLP 838 billion (US$925 million) in sales — a fall of 5.3% from the CLP 885 billion (US$976 million) recorded in 2024 (our calculation), partly reversing a strong 13.1% jump in the prior year (our calculation). It kept about 17.5 cents of profit from every peso of 2025 revenue — a net profit margin of 17.5% for the year (our calculation), broadly consistent with the trailing-twelve-month net margin of 16.4% from EODHD.

For every peso of owners’ equity in the business, it earned roughly 13 back per year — a return on equity of 13.4%, solid for a regulated utility. At a price-to-earnings ratio of 9.5×, the stock trades at a meaningful discount to most comparable Latin American gas distributors, which typically command 12–15×; the 4.1% dividend yield partially compensates.

In November 2024 the board declared a provisional dividend of CLP 62 (US$0.07)per share, charged against 2024 earnings.

The balance sheet carries CLP 175 billion (US$193 million) in cash (our calculation from 2025 balance sheet data); no short- or long-term debt figure is disclosed in available filings, so net cash cannot be fully calculated. Total assets stand at CLP 2.72 trillion (US$3.0 billion), backed by CLP 961 billion (US$1.06 billion) of shareholders’ equity.

What it is doing now

The most recent material governance event was the board leadership change in late January 2025, when Pedro Larrea Paguaga stepped in as president — a signal that the Spanish parent is actively refreshing local oversight. Revenue slipped 5.3% in 2025 versus 2024 (our calculation), though it remained above 2023 levels, suggesting the 2024 peak reflected temporary pricing or volume factors rather than a structural trend.

What to watch

• Revenue stabilisation. Whether the 2025 dip proves a one-year correction or the start of a softer demand trend is the single most important operating question.
• Debt disclosure. The absence of a reported debt figure in 2025 filings is unusual; any future disclosure of financial obligations would materially change the net-cash picture.
• Parent strategy. Francisco Reynés holds the executive chairman role at the Spanish parent, where major shareholders continue negotiating strategy within the boardroom — any shift toward asset disposals or capital recycling could directly affect the Chilean subsidiary’s autonomy or listing status.
• Free-float thinness. With ~6% of shares trading freely, large investors face limited liquidity; any move by the parent to delist or increase its stake further would crystallise this risk.

This is news, not investment advice.