Enagás Exceeds 2025 Financial Targets While Advancing Hydrogen Infrastructure and Strengthening Energy Security Role

Enagás Exceeds 2025 Financial Targets While Advancing Hydrogen Infrastructure and Strengthening Energy Security Role

(IN BRIEF) Enagás delivered better-than-expected results in 2025, reporting recurring profit after tax of €266.3 million and EBITDA of €675.7 million, supported by cost efficiencies, strong contributions from investee companies and resilient gas system operations. Natural gas transport demand rose by 7.4%, highlighting Spain’s role in European energy security, while infrastructure investments and asset optimisation strengthened the company’s financial position. The year also marked major advances in hydrogen development, including progress on the Spanish Hydrogen Backbone Network and H2med corridor, positioning Enagás at the centre of Europe’s decarbonisation strategy. With a solid balance sheet, BBB+ rating and clear ESG leadership, the company expects 2026 to be a turning point as hydrogen investment accelerates alongside continued stable financial performance.

(PRESS RELEASE) MADRID, 17-Feb-2026 — /EuropaWire/ — Enagás has reported strong financial and operational results for 2025, with recurring profit after tax reaching €266.3 million and EBITDA rising to €675.7 million, both exceeding the company’s forecasts. The performance reflects the impact of its Efficiency Plan, which reduced recurring operating expenses by 0.6% year on year, as well as solid contributions from its investee companies.

Including capital gains linked to asset rotation and valuation adjustments — such as transactions involving Soto La Marina, Sercomgas and the acquisition of a majority stake in Axent — total reported profit after tax stood at €339.1 million. Financial expenses declined by 20.5% due to lower average debt levels, while the company maintained a robust financial structure with more than 80% of debt at fixed rates and an average cost of 2.1%. Enagás continues to hold a BBB+ credit rating with a stable outlook, underlining its low-risk profile and strong balance sheet.

The Spanish Gas System demonstrated high reliability throughout the year, maintaining full availability and playing a critical role in safeguarding energy supply, including during extreme weather conditions and power system disruptions. Demand for transported natural gas increased by 7.4% in 2025 to reach 372 TWh, driven by higher electricity generation demand and rising exports. Ship refuelling operations for liquefied natural gas also expanded significantly, reinforcing Spain’s position as a key European gas hub.

Investee companies made a notable contribution to results, generating €155.3 million. Infrastructure developments progressed across multiple markets, including expansion of the Trans Adriatic Pipeline corridor, new compressor stations in Greece, and continued work on LNG infrastructure in Germany. Enagás also advanced its asset rotation strategy, completing divestments and reinvestments to optimise its portfolio.

At the same time, 2025 marked significant progress in renewable hydrogen initiatives. Development of the Spanish Hydrogen Backbone Network and the H2med corridor advanced with milestones such as the creation of the BarMar joint venture, completion of geophysical studies for the submarine route and engineering progress on interconnections with Portugal. These projects are central to Europe’s decarbonisation strategy and have been recognised as priority infrastructure within EU energy planning.

Regulatory and institutional momentum around hydrogen also accelerated, with substantial public funding committed to electrolysis capacity and infrastructure development. Enagás expects 2026 to be a pivotal year for scaling hydrogen investments, progressing engineering and permitting phases, and advancing regulatory frameworks aligned with European directives on renewable and decarbonised gases.

Operational efficiency was further recognised at European level, with the Council of European Energy Regulators ranking Enagás as the most efficient gas transmission system operator in Europe. The company also maintained strong sustainability credentials, achieving high scores across major ESG benchmarks and continuing to advance its Net Zero 2040 operational target and Net Zero 2050 value-chain ambition.

Looking ahead, Enagás forecasts recurring profit of around €235 million and EBITDA of approximately €620 million in 2026, alongside planned investments of €225 million and a net debt objective of roughly €2.4 billion. The company intends to maintain shareholder returns with a dividend of €1 per share while entering a new phase of hydrogen-focused growth.

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SOURCE: Enagás S.A.