Enagás raises stake in Saggas to 92.5% with €31m Osaka Gas buy

Transaction

Enagás has agreed to buy Osaka Gas’ 20% stake in the Saggas regasification terminal in Sagunto for €31 million, increasing its share to 92.5% while Oman Oil Holdings Spain retains 7.5%. The deal is subject to regulatory approvals and is expected to close before the end of 2026.

Terminal capacity and strategic role

The Sagunto terminal holds 600,000 m³ of LNG storage and a regasification capacity of 1,000,000 Nm³/h, representing about 18% and 15% of Spain’s totals respectively. Enagás describes the asset as key for Mediterranean supply security and for integrating projects supporting sustainable CO₂ logistics.

H1 2026 results and balance‑sheet

Recurring profit after tax for H1 2026 was €118.6m, on track for the €235m annual target; recurring PAT including asset rotation was €126.9m. EBITDA reached €314m versus a €620m full‑year target. The results reflect a €30m hit from the regulatory framework, partially offset by contributions such as Scale Green Energy’s Alisios (€6.0m) and fibre‑optic consolidation (Axent, €6.3m). Associated companies added €86.3m to EBITDA, up €6.2m year‑on‑year, mainly from TAP capacity expansion. Liquidity stood at €2.626bn; net debt €2.305bn (down €170m since end‑2025); average debt maturity 4.4 years and average gross debt cost 2%, with 80% fixed‑rate debt.

Regulatory progress and hydrogen projects

The 2027–2032 gas regulatory framework is advancing: CNMC issued revised draft circulars and the Council of State is reviewing them; a public consultation on underground storage remuneration ended 9 July. Enagás applied for administrative and environmental approvals for the first four sections of the Spanish Hydrogen Backbone, with the TEN‑E final approval process expected to take 18 months; remaining sections will be filed between Q4 2026 and Q1 2027. H2med moved from pre‑FEED to FEED for the BarMar subsea pipeline; CelZa detailed engineering and environmental assessments have started. Market outreach drew 128 companies and ~300 green‑hydrogen projects; a CO₂ management consultation attracted 69 companies with 125 projects.

Demand, supply and governance

Total gas demand in Spain rose 0.4% to 163.6 TWh in H1 2026, with electricity‑sector demand up 10.6% and conventional demand down 3.1%. Following a June auction, 2,251 regasification unloading slots are contracted through 2041. Spain received supplies from 13 sources in H1, none from the Persian Gulf, and underground storage is at about 73% capacity (≈20 percentage points above the European average). Enagás reports strong ESG ratings, including a 91/100 S&P Global score, and intends to maintain a €1 per share dividend policy.