The electronic structure of isomeric naphthalocyanines (H2Nc) is investigated using the nonempirical valence effective Hamilton (VEH) technique. The way the outer benzene rings are annelated (linearly as in 2,3-H2Nc or angularly as in 1,2-H2Nc) is shown to determine very important changes in the electronic properties. While similar properties to those of phthalocyanine are calculated for 1,2-H2Nc, lower oxidation potentials and red-shifted optical absorptions are predicted for 2,3-H2Nc in agreement with experimental data. The isomerism resulting from the different relative positions of the angularly annelated benzene rings in 1,2-H2Nc is shown to have almost no effect on the electronic properties.