Enagás (ENG) Q2 2026 earnings summary

Executive summary

• Spain's gas system remained resilient amid geopolitical volatility, supported by robust infrastructure, diversified supply, and strategic asset acquisitions in Saggas and Teréga, while the sale of 40% of Enagás Renovable aligned with a focus on Spain and Europe.

• Progress in hydrogen infrastructure, including H2med and the Spanish hydrogen backbone, positioned Spain as a European leader in the energy transition.

• Regulatory milestones included the new six-year gas regulatory framework, with a financial remuneration rate set at 6.46% and mechanisms to incentivize asset life extension and sustainable development.

• First half financial results are on track to meet annual targets, supported by efficiency measures and affiliate performance.

• Leading ESG ratings and sustainability achievements were maintained.

Financial highlights

• Total revenue for H1 2026 was €464.4 million, up 1.0% year-over-year; EBITDA was €314.0 million, down 4.7% year-over-year, and recurring net profit was €118.6 million.

• Net profit after tax was €126.9 million, including a one-off gain from asset sales.

• Affiliate contributions to EBITDA rose to €86.3 million, mainly from TAP capacity expansion.

• Operating expenses remained tightly controlled and nearly flat year-over-year.

• Net debt at €2,305 million, with a financial cost of gross debt at 2.0% and liquidity of €2,626 million.

Outlook and guidance

• Full-year guidance reaffirmed: EBITDA of €620 million, recurring net profit of €235 million, year-end net debt of approximately €2.4 billion, and dividend of €1.00 per share.

• Funds from operation to net debt ratio expected to remain above 15%, supporting BBB+ credit rating.

• Planned investments of ~€225 million, focused on gas and hydrogen infrastructure.

• New strategic plan with explicit hydrogen CapEx commitments to be presented in H1 2027.