Enagás posts €204.1m net profit in first nine months of 2026

Financial performance

Enagás reported net profit of €204.1m for the first nine months of 2026, a figure that includes proceeds from the sale of a 40% stake in Enagás Renovable. Recurring profit after tax reached €195.8m, compared with an annual target of around €235m. EBITDA stood at €491.5m, putting the company on track for its €620m full-year target.

Regulation, costs and balance sheet

The 2021–2026 Regulatory Framework reduced regulated revenue by €45.1m, partly offset by other revenue streams including Alisios LNG (+€5.4m) and Axent fibre-optic consolidation (+€5.9m). Recurring operating expenses (excluding new-business costs) were €213.4m, down 0.4% year-on-year, and expected to rise about 1.5% by year-end. Financial cost of gross debt improved to 2.1% from 2.2%; over 80% of debt is fixed with average maturity of 3.9 years.

M&A and infrastructure milestones

On 30 July Enagás completed the purchase of a 31.5% stake in Teréga for €573m. On 21 July it agreed to buy Osaka Gas’ 20% stake in the Saggas terminal for €31m, taking its holding to 92.5% once closed. The Castor storage wells were permanently sealed in line with the 2019 Council of Ministers decision.

Hydrogen, demand and ESG

Progress continued on hydrogen projects: BarMar moved from pre-FEED to FEED for the Barcelona–Marseille subsea pipeline; preliminary work advanced for the Spanish Hydrogen Backbone and H2med corridor; approval began for four backbone sections on 30 September. Natural gas demand in Spain rose to 242 TWh (+2.6%), with a 19% increase for power generation. Enagás received top placements in major ESG indices and had its Industrial Cybersecurity programme AENOR-certified.

Shareholder return

The company says it remains on track to meet annual targets and maintains a dividend policy of €1 per share.