Enagás (ENG) Q4 2025 earnings summary

Executive summary

• 2025 marked a year of consolidation and key milestones, with strong progress in supply security, cost control, and hydrogen infrastructure, exceeding budget and strategic targets.

• The Spanish gas system maintained 100% supply guarantee, played a key role in grid restoration, and saw a 7.4% increase in total demand transported, with exports to France up 58.9%.

• Major advances in hydrogen projects, including H2med and the Spanish Hydrogen Backbone, secured significant EU funding and industry support.

• Maintained leadership in ESG ratings, with progress in decarbonization and gender equality initiatives.

Financial highlights

• Total revenue for 2025 reached €976.8 million, up 7.0% year-over-year; EBITDA was €760.7 million, with recurring net profit at €266.3 million and total net profit at €339.1 million, including gains from asset sales.

• Net debt stood at €2.475 billion, with over 80% at fixed rates and a financial cost of 2.1%.

• FFO to net debt ratio was 25.7%, and liquidity exceeded €2.515 billion.

• Affiliates contributed €155.3 million to EBITDA and €164 million to cash flow, with strong performance from TAP, DESFA, and Enagás Renovable.

• Asset rotation and divestments, including Tallgrass Energy and Spanish/Mexican assets, generated notable capital gains.

Outlook and guidance

• 2026 targets: recurring net profit of ~€235 million, EBITDA of ~€620 million, net debt around €2.4 billion, and FFO/net debt ratio above 15%.

• Net investments planned at €225 million; dividend commitment of €1 per share reiterated.

• Guidance remains conservative, with upside possible if regulatory or market conditions improve.