Enagás (ENG) Q1 2026 earnings summary

Executive summary

• Revenue rose 8.2% year-over-year to €227.4M, driven by regulated activities and new business contributions.

• Recurring net profit reached €56.9M, down 12.7% year-over-year, but on track for the annual target of €235M.

• EBITDA was €147.6M, a 9.9% decrease from 1Q 2025, mainly due to regulatory impacts.

• Major strategic moves included acquiring a 31.5% stake in Teréga for €573M and selling 40% of Enagás Renovable for €48M.

Financial highlights

• Total revenue: €227.4M (+8.2% YoY); EBITDA: €147.6M (-9.9% YoY); EBIT: €71.9M (-16.7% YoY); Net profit: €56.9M (-12.7% YoY).

• Funds from operations (FFO): €122.2M (-18.1% YoY); Operating cash flow: €32.0M (-€71.7M YoY).

• Net debt: €2.456Bn, down €19M since Dec 2025; cost of gross debt: 2.0%.

• FFO/Net Debt ratio: 25.2% (vs. 25.7% at end-2025).

Outlook and guidance

• 2026 targets: recurring net profit €235M, EBITDA ~€620M, net debt ~€2.4Bn, FFO/Net Debt >15%.

• Dividend of €1.00 per share for 2025 approved, with €0.60 supplementary dividend to be paid July 2, 2026.

• Investments expected at ~€225M, focused on gas and hydrogen infrastructure and new businesses.