Enagás (ENG) Q2 2025 earnings summary

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.