Enagas Sa · BME:ENG
Enagas Sa — H1 2026 Earnings Presentation
31 slides from Enagas Sa's earnings presentation, Jul 22, 2026
Slide 1: Results 1H2026
Results 1H2026 22 July 2026
Slide 2: Agenda
01 03 Energy context and 1H2026 Results Gas System in Spain 02 04 1H2026 Milestones 2026 Targets 1. 2027–2032 natural gas regulatory framework for 2. Asset rotation 05 3. Progress on hydrogen Conclusions
Slide 3: Energy context and Gas System in Spain
Energy context and Gas System in Spain
Slide 4: Energy context and Gas System in Spain
01 02 03 04 05 01.1 Energy context and Gas System in Spain Energy context and Gas System in Spain The current geopolitical context highlights the strategic importance and resilience of the Spanish Gas System in ensuring security of supply Supply Prices Infrastructures ▪ The conflict in Iran has led
Slide 5: Evolution of natural gas demand in Spain
01 02 03 04 05 01.1 Energy context and Gas System in Spain Evolution of natural gas demand in Spain Total demand for natural gas in the domestic market rose by +0.4% in the first half of the year +10.6% Demand for electricity generation Total demand of natural gas ▪ Increase in gas consumption for e
Slide 6: 1H2026 Milestones
enagas 1H2026 Milestones
Slide 7: 2026 First half milestones
01 02 03 04 05 02. 1H2026 Milestones 2026 First half milestones High level of execution of the 2025–2030 Strategic Update Progress in the 2027–2032 natural gas regulatory Asset rotation Progress on hydrogen framework ▪ On 26 June, following the public ▪ Announcement of the acquisition of a ▪ Final i
Slide 8: Regulatory Framework 2027–2032
01 02 03 04 05 02.1 Regulatory Framework for Natural Gas 2027–2032 Regulatory Framework 2027–2032 ➢ On 26 June, following the public consultation period, the CNMC published the reviewed draft circulars setting out the methodology for calculating the remuneration for natural gas transmission and rega
Slide 9: Methodology for the Regulatory Framework 2027–2032
01 02 03 04 05 02.1 Regulatory Framework for Natural Gas 2027–2032 Methodology for the Regulatory Framework 2027–2032 A technically sound framework, tailored to the maturity of the gas system and aligned with other European regulations In line with the energy policy guidelines A technically sound fr
Slide 10: Acquisition of 20% stake in the Saggas plant from Osaka Gas
01 02 03 04 05 02.2 Asset rotation Acquisition of 20% stake in the Saggas plant from Osaka Gas A key asset for security of supply and decarbonisation in Spain Asset location Description of the asset ▪ Terminal for the reception, unloading, storage and regasification of liquefied natural gas located
Slide 11: Acquisition of 20% stake in the Saggas plant from Osaka Gas
01 02 03 04 05 02.2 Asset rotation Acquisition of 20% stake in the Saggas plant from Osaka Gas Positive financial impact and long-term value creation for Enagás Post-transaction Value creation for Enagás shareholder structure ▪ Regulated asset with high visibility in the company’s cash flows. ▪ Retu
Slide 12: Acquisition of 31.5% stake in Teréga from GIC
01 02 03 04 05 02.2 Asset rotation Acquisition of 31.5% stake in Teréga from GIC Teréga: French TSO with key infrastructure to the French and European energy systems Strategic location connecting to Europe 5,100 km 2 27% Gas pipelines Underground Storage in south-western France storage facilities ca
Slide 13: Teréga’s strategic role: driving development of strategic projects
01 02 03 04 05 02.2 Asset rotation Teréga’s strategic role: driving the development of strategic projects for security of supply and the energy transition Development of H2med ▪ Enagás and Teréga, together with Natran, REN CCUS Project and OGE, will reinforce the coordinated cross- border approach i
Slide 14: The stake in Teréga bolsters growth and value creation for Enagás
01 02 03 04 05 02.2 Asset rotation The stake in Teréga bolsters growth and value creation for Enagás The transaction has already been approved by the European Commission The process to obtain the remaining regulatory approvals is progressing as planned and is expected in the third quarter Completion
Slide 15: Completion of the sale of 40% of Enagás Renovable to Hy24
01 02 03 04 05 02.2 Asset rotation Completion of the sale of 40% of Enagás Renovable to Hy24 ▪ Transaction price: €48 M. ▪ Positive impact on Net Profit: ~€9.5 M in 2026. ▪ The main objective of Enagás’ stake in Enagás Renovable was to drive the development of biomethane and renewable hydrogen in Sp
Slide 16: Significant developments for renewable H2
01 02 03 04 05 02.3 Developments in hydrogen Significant developments for renewable H2 Developments in Europe Developments in Germany Developments in Spain ▪ On 4 March, the European Commission ▪ On 15 June, the German regulator ▪ Authorisation granted to the CNMC to presented its official proposal
Slide 17: H2med: key milestones for the first half
01 02 03 04 05 02.3 Developments in hydrogen H2med: key milestones for the first half Progress in line with the established roadmap H2med Ministerial meeting of the High-Level Group on Interconnections for South-West Europe ➢ Institutional support for H2med and BarMar at the ministerial meeting of t
Slide 18: Hydrogen Backbone: key first half milestones
01 02 03 04 05 02.3 Developments in hydrogen Hydrogen Backbone: key first half milestones Development in line with the established roadmap ▪ Conceptual plan for public engagement completed in 13 Autonomous Communities and around 500 municipalities. ▪ Launch of Enagás’ Call for Interest on green hydr
Slide 19: Results 1H2026
enagas Results 1H2026
Slide 20: Financial results in line to meet annual targets
01 02 03 04 05 03.1 Profit and Loss Account Financial results in line to meet annual targets M€ 1H2026 1H2025 % var. ▪ Revenue impacted by the regulatory framework (-€30M), partially offset by an increase in other regulated revenue (primarily due to work on Regulated revenue 440.3 448.0 (1.7%) seali
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 cost of debt +0.4% €148.4 €302.9MM €148.9M €301.0m 2.2% €302.9M 2.0% 1H2025 1H2026 1H2025 1H2026 ▪ Recurring oper
Slide 22: Cash flow generation and changes in net debt
01 02 03 04 05 03.3 Cash flows and changes in net debt Cash flow generation and changes in net debt in the first half were in line with the year-end debt target €2.475 bn (€290 M) (€193 M) €121 M €5.5 M (€6.5 M) €2.305 bn (€97 M) Affiliates’ Dividends Net Debt FFO Working Capital 1 Net investment 2
Slide 23: Financial structure at the end of 1H2026
01 02 03 04 05 03.4 Financial structure Financial structure at the end of 1H2026 The credit rating agencies S&P and Fitch maintein Enagás’ rating at BBB+ with a stable outlook Leverage Liquidity: €2,626 M Jun. 2026 Jun. 2025 Net debt €718 M €1,550 M €2,305 M €2,299 M 38 Cash position Club Deal Net d
Slide 24: Update on awards in Peru
01 02 03 04 05 03.5 Peru Update on awards in Peru ▪ The hearings for the annulment applications against the GSP award took place on 20 June and 1 July before the ad hoc Committee appointed by ICSID. The final decision on the application is expected in the first half of 2027. ▪ The total amount of th
Slide 25: ESG Leadership
01 02 03 04 05 03.6 Progress on sustainability ESG Leadership The leading ESG ratings recognise Enagás as one of the world’s leading companies in the field of sustainability ESG Ratings1 Score Relative ranking Sustainability Yearbook 2026 S&P Global S&P Global (CSA 2025) 91/100 2nd sector: Gas Utili
Slide 26: 2026 Targets
enagas () [ 2026 Targets
Slide 27: 2026 Targets
01 02 03 04 05 04. 2026 targets 2026 Targets Positive results performance towards meeting the 2026 targets, excluding the impact of asset rotation operations ~€235 M ~€2.4 billion ~€620 M Recurring Net debt EBITDA Net Profit FFO/Net Debt €1.00 per share ~€225 M > 15% consistent with a BBB+ credit ra
Slide 28: Conclusions
nagas Conclusions
Slide 29: Conclusions
01 02 03 04 05 05 Conclusions The current geopolitical context highlights the strategic importance and resilience of the Spanish Gas System in ensuring security of supply. The 2027–2032 Regulatory Framework is advancing through its approval process and is presented as a technically sound proposal, t
Slide 30: Disclaimer
Disclaimer This document may contain market assumptions, information from various sources and forward-looking statements regarding the financial position, operating results, business, strategy and plans of Enagás S.A. and its subsidiaries. Such assumptions, information and forward-looking statements
Slide 31: Thank you very much
Thank you very much Reliable energy for a decarbonised future