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Enagás (ENG) investor relations material
Enagás Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Financial performance in H1 2025 exceeded expectations, with net profit at €176M, driven by capital gains, asset sales, and strong operational execution.
Strategic plan execution advanced in supply security, cost control, and hydrogen infrastructure, with Spain leading EU hydrogen initiatives.
Gas infrastructure ensured energy security during the April 28 blackout, supporting uninterrupted supply.
ESG commitments maintained, with top global rankings in gender equality and supplier engagement.
The 2027-2032 regulatory framework is under consultation, expected to ensure long-term sustainability.
Financial highlights
EBITDA for H1 2025 was €329.3M, down 14.6% year-over-year but on track for the €670M annual target.
Net profit as of June 30, 2025, was €176M, including €41.2M capital gains from GSP arbitration and asset sales.
Recurrent net profit was €129.8M, down 12.3% year-over-year.
Total revenues for H1 2025 reached €459.6M, up 3.8% year-over-year.
Net debt reduced to €2.299B, with over 80% at fixed rates.
Outlook and guidance
Year-end targets reaffirmed: €265M net profit, €670M EBITDA, net debt around €2.4B, and €1/share dividend.
Financial structure supports BBB+ credit rating and FFO/Net Debt >15%.
Hydrogen backbone network commissioning targeted for 2030, with all preparatory steps on schedule.
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