Enagas Sa · BME:ENG
Enagas Sa — FY2025 Earnings Presentation
33 slides from Enagas Sa's earnings presentation, Feb 17, 2026
Slide 1: 2025 Full year results and 2026 targets
2025 Full year results and 2026 targets 17th February 2026
Slide 2: Agenda
01 03 High execution of the 2025 Results 2025-2030 Strategic Plan 02 2025 Milestones 04 2026 Targets 1. Gas System and security of supply 2. Natural gas regulatory framework 2027-2032 05 3. Progress in hydrogen Conclusions 4. GSP award resolution
Slide 3: High execution of the 2025-2030 Strategic Plan
High execution of the 2025-2030 Strategic Plan
Slide 4: High execution of the 2025-2030 Strategic Update
01 02 03 04 05 01. High execution of the 2025-2030 Strategic Plan High execution of the 2025-2030 Strategic Update 2025, a year of key milestones that have consolidated Enagás' low risk profile and solid balance sheet Enagás, a key company in European energy security of supply and autonomy Natural g
Slide 5: 2025 Milestones
enagas 2025 Milestones
Slide 6: Natural gas demand evolution
01 02 03 04 05 02.1 Gas System and security of supply Natural gas demand evolution The Gas System restored normality to the electricity system after the blackout and confirmed the fundamental role of natural gas and Enagás' infrastructure in ensuring the security of the energy system +33.4% Demand f
Slide 7: Excellent situation of the Spanish Gas System
01 02 03 04 05 02.1 Gas System and security of supply Excellent situation of the Spanish Gas System The long-term sustainability of the Gas System infrastructure is essential, given its key role in the security of the energy system as a whole, with particular relevance for the electricity system Sus
Slide 8: Government energy policy guidelines and CNMC directives
01 02 03 04 05 02.2 Natural gas regulatory framework 2027–2032 Government energy policy guidelines and CNMC directives The regulatory vision set out by Enagás in its 2025-2030 Strategic Update is aligned with the guidelines established by the CNMC and the Government for the 2027-2032 natural gas reg
Slide 9: Reasonable profitability of regulated activity as a whole
01 02 03 04 05 02.2 Natural gas regulatory framework 2027–2032 Reasonable profitability of regulated activity as a whole 6.5-7% reasonable post tax IRR for the regulated activity 2027-2032 (comparable to that of other European operators) Based on the guidelines established by the CNMC's public consu
Slide 10: Enagás' 4th Hydrogen Day confirms the take-off of green hydrogen
01 02 03 04 05 02.3 Progress in hydrogen Enagás' 4th Hydrogen Day confirms the take-off of green hydrogen Strong institutional support and significant business advances and projects in operation Sara Aagesen Teresa Ribera Cani Fernández Third Vice-President of the Executive Vice-President Chair of t
Slide 11: Green hydrogen is a reality in investment decisions
01 02 03 04 05 02.3 Progress in hydrogen Green hydrogen is a reality in investment decisions Final investment decisions Europe, world leader Final investment decisions on H2 on projects worldwide in committed investment production projects announced in 2025 in Europe Electrolysis capacity2 (FID deci
Slide 12: 2025: Green hydrogen, an energy vector advancing at unprecedented speed
01 02 03 04 05 02.3 Progress in hydrogen 2025: Green hydrogen, an energy vector advancing at unprecedented speed ~€3.100 billion awarded in national public subsidies to support the deployment of 4.0 GW of electrolysers in Spain CEF funding for Results of the 2nd auction Proposal to increase Announce
Slide 13: H2med advanced at a rapid pace in 2025
01 02 03 04 05 02.3 Progress in hydrogen H2med advanced at a rapid pace in 2025 Granting of all CEF funds European Commission H2med H2med, Pre-FEED II Basic engineering for the requested for studies and Vice-President Teresa Alliance priority engineering pipeline in Spain completed engineering Riber
Slide 14: H2med advanced at a rapid pace in 2025
01 02 03 04 05 02.3 Progress in hydrogen H2med advanced at a rapid pace in 2025 14 14
Slide 15: Progress of Spanish backbone in 2025
01 02 03 04 05 02.3 Progress in hydrogen Progress of Spanish backbone in 2025 JANUARY-MAY Tender for basic engineering of the pipelines1 and the CS 2. 25 APRIL Start of deployment of the Conceptual Plan for Public Participation (PCPP) of the PCI3 for the Spanish Hydrogen Backbone, which will cover 2
Slide 16: Progress of Spanish backbone infrastructure in 2025
01 02 03 04 05 02.3 Progress in hydrogen Progress of Spanish backbone infrastructure in 2025 16 16
Slide 17: Milestones expected in 2026 in Europe and Spain
01 02 03 04 05 02.3 Progress in hydrogen Milestones expected in 2026 in Europe and Spain In Spain and Europe H2med Backbone infrastructure ▪ Closing of the 3rd EU Hydrogen Bank auction (results in Q2 2026). BarMar ▪ Conceptual plan for public participation completed in 13 Autonomous Communities ▪ Co
Slide 18: The ICSID ruled twice in favour of Enagás in GSP
01 02 03 04 05 02.4 GSP award resolution The ICSID ruled twice in favour of Enagás in GSP The total amount of the award that Peru must pay to Enagás amounts to ~ $303 million ▪ On 20 December 2024, ICSID ruled in favour of Enagás in the GSP award and ordered Peru to pay the Company $194 M. In additi
Slide 19: Results 2025
2025 Results
Slide 20: Financial results above annual targets
01 02 03 04 05 03.1 Income statement Financial results above annual targets M€ 2025 2024 % change ▪ Impact of the regulatory framework (-€57 M) on revenues offset Total revenue 976.8 913.2 7.0% by an increase in other regulated revenues (mainly from the sealing Operating expenses (456.4) (338.4) 34.
Slide 21: Effectiveness of the Efficiency Plan
01 02 03 04 05 03.2 Cost Efficiency Plan Effectiveness of the Efficiency Plan: comprehensive control of operating and financial expenses Control of recurring operating expenses Financial result -0.6% -20.5% €302.9 €301.0 €302.9 million €301.0 (€58.9 million (€46.8 million million million) million) 2
Slide 22: Cash flow generation and net debt evolution in line with debt target
01 02 03 04 05 03.3 Cash flows and net debt evolution Cash flow generation and net debt evolution in line with debt target €2.404 bn €636 M €261 M €111 M €2.475 bn €260 M €75 M €472 M Business in Spain €164 M (€171.1 M)2 Dividends International business from affiliates €96.5 M3 Net Debt FFO Working
Slide 23: Financial structure at the end of 2025
01 02 03 04 05 03.4 Financial structure Financial structure at the end of 2025 Credit rating agencies S&P and Fitch have confirmed Enagás's BBB+ rating with a stable outlook Leverage Liquidity: €2,515 M Dec. 2025 Dec. 2024 €727 M €1.550 bn Net debt 38 €2.475 bn €2.404 bn Cash Club Deal (maturity Jan
Slide 24: Good performance of affiliates
01 02 03 04 05 03.5 Affiliates Good performance of affiliates Contribution of affiliates to the income statement €155.3 M and to cash flow €164 M. TAP Stade Desfa ▪ TAP has been in operation for five ▪ Progress in the construction of two ▪ €174.4 M in subsidies granted for years, transporting more t
Slide 25: Asset rotation
01 02 03 04 05 03.5 Affiliates Asset rotation Soto La Marina Axent Sercomgas ▪ Closure of the sale of the stake in the ▪ Acquisition of 51% of Axent (company ▪ Closure of the sale of Sercomgas Mexican company Estación de that owns the fibre optic network and (Enagás Emprende start-up created Compres
Slide 26: ESG leadership
01 02 03 04 05 03.6 Advances in sustainability ESG leadership The main ESG ratings recognise Enagás as one of the leading companies in the sector in terms of sustainability ESG Ratings1 Score Relative Position Management Report Consolidated S&P Global (CSA 2025) 91/100 2nd Gas Utilities 2025 prepare
Slide 27: Advancing the decarbonisation of the company and the value chain
01 02 03 04 05 03.6 Progress in sustainability Advancing the decarbonisation of the company and the value chain Scope 1 and 2 emissions reduction targets Scope 3 emissions reduction targets Decarbonisation of own operations (t CO2 e)1 Decarbonisation of the value chain (t CO2 e)2 14% 16% 25% 825,211
Slide 28: 2026 Targets
enagas 2026 Targets
Slide 29: 2026 Targets
01 02 03 04 05 04. 2026 Targets 2026 Targets ~€235 M ~€2.4 bn ~€620 M Recurring Net debt EBITDA net profit FFO/DN > 15% €1.00 ~€225 M compatible with BBB+ per share credit rating Investments Financial structure Dividend expected1 Note 1: The breakdown of the investment figure is as follows: Natural
Slide 30: Conclusions
nagas Conclusions
Slide 31: Conclusions
01 02 03 04 05 Conclusions 2025, a year of key milestones that have consolidated Enagás' low risk profile and solid balance sheet. The annual results, which exceeded the established targets, show the company's very positive performance and the high level of execution of the 2025-2030 Strategic Updat
Slide 32: Disclaimer
Disclaimer This document may contain market assumptions, information from various sources and forward-looking statements regarding the financial conditions, operating results, business, strategy and plans of Enagás S.A. and its subsidiaries. Such assumptions, information and forward-looking statemen
Slide 33: Thank you very much
Thank you very much 17 February 2026 Reliable energy for a decarbonised future