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Enagás: Enagás' 2025 Earnings: A Strong Performance Amidst a Challenging Landscape

Enagás reported a core after-tax profit of EUR 266.3 million for 2025, exceeding budget targets, with an EBITDA of EUR 675.7 million. The company's EPS came in at EUR 0.538, beating analyst estimates. Revenue growth was driven by a 7.4% increase in total demand transported by the Spanish gas system, with a significant 33.4% rise in gas demand for electricity generation. The company's financial performance was also bolstered by asset rotation operations, including the sale of its stake in the Soto La Marina Compression Station and the acquisition of AXENT's share capital.

ENG.MC

EUR 15.035

1.55%

A-Score: 6.1/10

Publication date: February 17, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • 2025 Financial Overperformance: Core after-tax profit reached €266.3M, exceeding budget targets, with EBITDA of €675.7M driven by asset rotation and strong performance from subsidiaries like Trans Adriatic Pipeline.
  • Gas Supply Resilience: Achieved 100% supply guarantee in 2025, with Spanish gas demand rising 7.4%, including a 33.4% surge in electricity generation usage, underscoring gas infrastructure’s critical role in energy security.
  • Hydrogen Infrastructure Momentum: €49M allocated to hydrogen projects in 2026, targeting 650MW of new projects for Final Investment Decision (FID), with Spain’s total hydrogen capacity expected to reach 1GW, supported by €3.1B in public funding.
  • Regulatory and Cost Efficiency: Tolls for domestic consumers fell 42% and industrial tolls 70% from 2021–2024, while Enagás maintained Europe’s most efficient TSO status per the European Council of Energy Regulators.
  • 2026 Strategic Targets: Aims for €235M core after-tax profit, €620M EBITDA, and €2.4B net debt, with a 6.5% return rate and €165M annual EBITDA contribution from affiliates post-2026.

Operational Highlights

The Spanish gas system demonstrated its resilience in the face of extreme weather phenomena, maintaining a 100% supply guarantee and availability. Enagás' robust financial health enabled a 42% decrease in tolls for domestic consumers and a 70% decrease for industry between 2021 and 2024. The company's subsidiaries, such as the Trans Adriatic Pipeline and DESFA, also contributed significantly to its performance.

Outlook and Guidance

For 2026, Enagás expects to launch the FEED phase for BarMar, complete the environmental studies and conceptual engineering for the Barcelona Compression Station, and make progress on the regulatory and technical fronts. The company is targeting a core after-tax profit of approximately EUR 235 million, net debt at around EUR 2.4 billion, and an EBITDA of EUR 620 million. Enagás reiterated its commitment to a EUR 1 per share dividend, representing a dividend yield of 6.07%.

Valuation and Metrics

Enagás' current valuation metrics indicate a P/E Ratio of 14.92, P/B Ratio of 1.74, and EV/EBITDA of 8.33. The company's ROE stands at 11.78%, while its ROIC is 3.24%. With a net debt to EBITDA ratio of 2.88, Enagás' financial leverage is moderate. Analysts estimate next year's revenue growth at 3.0%, indicating a stable outlook for the company.

Hydrogen Infrastructure Development

Enagás is making significant strides in hydrogen infrastructure development, with EUR 49 million allocated to hydrogen infrastructure investments in 2026. The company expects at least 650 megawatts of new hydrogen projects to reach FID in 2026, bringing the total to 1 gigawatt in Spain. The Spanish Government has awarded EUR 3.1 billion in public funding for hydrogen projects, with some projects already under construction.

Enagás's A-Score