Enagas SA

Latest Results (20.05.2026):

Enagás SA (Enagas SA) — 1Q 2026: Recurring net profit for the quarter was €56.9m (‑12.7% y/y), with total revenue €227.4m and EBITDA €147.6m. Results are reported as broadly in line with 2026 targets (recurring net profit target €235m; EBITDA target €620m). The company completed strategic asset-rotation moves (agreement to buy 31.5% of Teréga for €573m; sale of 40% of Enagás Renovable for €48m with a ~€9.5m capital gain to be recognised in Q2), and the AGM approved a gross dividend of €1.00 per share (supplementary €0.60 paid July 2, 2026). Net debt stood at €2.456bn and liquidity was €2.48bn at quarter-end.

Quarterly financials (summary)

Total revenue €227.4m (+8.2% y/y), EBITDA €147.6m (‑9.9% y/y), EBIT €71.9m (‑16.7% y/y) and recurring Net Profit €56.9m (‑12.7% y/y). The company notes EBITDA and profit trends are consistent with full‑year targets given timing of regulated revenues and expenses.

Cash generation and working capital

Funds from operations (FFO) €122.2m (down from €140.3m in 1Q25). Operating cash flow €32.0m; free cash flow €5.9m. Working capital swung −€90.3m (mainly tariff adjustments and Castor‑related items expected to be received in 2027).

Balance sheet and leverage

Net debt €2.456bn (slightly down vs Dec‑2025). FFO/Net Debt 25.2% (vs 25.7% year‑end). Cost of gross debt 2.0%. Over 80% of debt fixed rate; average maturity ~4.6 years. Liquidity €2.48bn (cash €572m, club deal €1.55bn, lines €358m).

Major corporate actions (asset rotation)

Agreement to acquire 31.5% of French TSO Teréga for €573m (subject to regulatory approvals; expected closing in 2026). Completed sale of 40% of Enagás Renovable to Hy24 for €48m — ~€9.5m capital gain to be recognised in Q2 2026.

Dividend and corporate governance

2026 AGM approved a gross dividend of €1.00 per share for 2025 results, including a supplementary gross dividend of €0.60 per share to be paid on July 2, 2026. AGM items were approved by a large majority.

Regulatory and hydrogen updates

CNMC published draft circulars for the 2027–2032 remuneration framework (public consultation to April 27). Royal Decree‑Law 7/2026 assigns CNMC provisional supervision of hydrogen PCI investments (Spanish Hydrogen Backbone, H2Med), supporting Enagás’ hydrogen plans.

Non‑recurring items and Castor

First‑quarter results included non‑recurring costs tied to Castor well sealing: Castor‑related revenue ~€37m and costs ~€35.1m, largely offsetting at EBITDA level. Non‑recurring operating expenses rose ~€32.1m y/y.

Operational demand trends

Total gas demand and exports rose 4.2% y/y to 103.2 TWh in 1Q26. Spanish gas demand +3.0% (power generation gas +24.0%), while conventional/industrial demand fell ~2.6%. Exports +15.6% y/y.

Outlook and targets

Management reiterates 2026 targets (recurring net profit €235m; EBITDA €620m) and notes targets exclude impacts from the 2026 asset rotation. First-quarter performance is presented as on track given seasonality and timing of regulated revenues.