Enagás (ENG) Q3 2026 earnings summary

Executive summary

• 9M 2026 recurring net profit was €195.8M, tracking the €235M FY target; reported net profit of €204.1M included a positive asset-rotation effect.

• EBITDA of €491.5M was in line with the €620M FY target, which excludes asset-rotation contributions.

Financial highlights

• Revenue was €696.7M, down 2.0% YoY; regulated revenue fell 4.3% to €663.0M, partly offset by other operating revenue rising 85.0% to €33.7M.

• EBITDA was €491.5M, down 2.9% YoY; EBIT was €263.9M, down 4.1%.

• Recurring net profit was €195.8M, down 5.4% YoY; reported net profit was €204.1M, versus €262.8M in 9M 2025.

• FFO was €439.0M versus €463.0M in 9M 2025; operating cash flow was €274.8M versus €280.0M.

Outlook and guidance

• FY 2026 targets, excluding asset rotation: recurring net profit €235M, EBITDA ~€620M, net debt €2.4B, dividend €1.00/share, FFO/net debt >15% and investment ~€225M.

• EBITDA was described as on track for its FY target, considering affiliate contribution timing, operating expenses and regulated COPEX revenue expected mainly in Q4.

• Recurring operating expenses were €213.4M, down 0.4% YoY; expected to align with the FY target of +1.5% by year-end.