Enagás, S.A.

First-half 2026 EBITDA was EUR 314 million. Net profit after tax was EUR 126.9 million, and core profit excluding asset rotation was EUR 118.6 million. Management said subsidiary EBITDA contributed EUR 86.3 million, up 7.8% year over year, helped mainly by TAP’s higher contribution. They also said core operating expenses were flat in the semester and that gross debt financial cost came down to 2%, with 80% of debt at fixed rate. For full-year 2026, management reiterated EBITDA guidance of EUR 620 million and core net profit after tax of about EUR 235 million, with year-end net debt around EUR 2.4 billion, net CapEx of EUR 225 million, and a payout policy of EUR 1 per share.

The CEO framed the half year around a more volatile geopolitical backdrop, arguing that Spain’s gas infrastructure is becoming even more strategically important for security of supply and decarbonization. He emphasized progress on regulation, saying the draft framework for 2027-2032 is technically solid and should improve legal certainty once finalized. He also highlighted strategic execution in asset rotation and hydrogen, including the Saggas, Terega, and Enagás Renovable moves, plus continued advancement on H2med and the Spanish hydrogen backbone.

The CFO pointed to a solid balance sheet and funding profile, citing EUR 2.62 billion of liquidity and EUR 2.3 billion of debt reduction since December 2025. He said 80% of debt is fixed rate and the gross debt financial cost has fallen to 2%, while core operating expenses were kept flat in the first half and should end the year within the company’s target of no more than 1.5% growth in recurring costs. He also said some second-half cost timing effects remain, and that hydrogen-related spending in 2026 is CapEx rather than OpEx because those costs are activated into the future RAB.

Analysts focused on three issues: when Enagás will present a hydrogen strategic plan with explicit CapEx targets, whether the Peru political change could alter arbitration timing, and how the Saggas purchase was valued. Management said the new strategic plan should be filed in the first half of 2027, that they will wait for the new Peruvian president to take office before engaging, and that they are not expecting a change in the arbitration schedule. On Saggas, the CFO said the deal was signed on competitive terms, with a fair value around 1.07 and key inputs including EUR 3.5 billion value, EUR 1.8 billion equity value, EUR 1.7 billion net debt, and EUR 0.32 billion RAB denominator.