Enagas Sa (ENGGF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you very much for your attention and welcome to the Enagas results presentation for the first six months of 2026. The earnings have been posted this morning at 7.15 and are also available on our website, enagas.es. Arturo Gonzalo, CEO of Enagas, will be leading this presentation, which we expect to last for approximately 20 minutes, and we will then open a Q&A in which we will try and answer your questions in as much detail as possible. Thank you for your attention, and I'm going to give the floor to Mr. Arturo Gonzalo. Good morning, ladies and gentlemen, and thank you for your attention. I'd also like to welcome you to this earnings presentation for the first six months of 2026. And here with me are our CFO, Luis Romero, our board secretary and CLO, Diego Trillo, our chief officer for energy transition, Natalia La Torre, our chief officer for institutional and our head of management control and business analysis, Natalia Morajil. Since February of this year global energy markets have displayed significant volatility stemming from the Iran conflict and the situation in the state of Hormuz, through which approximately 20% of the world's LNG and crude oil used to pass. This situation, which has lasted for some time now, has given rise to tensions in global LNG flows with a clear and immediate impact on prices, which in Europe today stand at around 60 euros per megawatt hour compared to pre-conflict levels of approximately 30 euros per megawatt hour. Europe's economy, which is highly dependent on energy imports, is particularly hard hit by this impact. However, with regards to security of supply, in Spain we're in a stronger position than other European countries, thanks to the flexibility and resilience of our gas infrastructure. Our underground storage facilitie...