Results
January - September 2026
NET PROFIT
204.1 MILLION EUROS
Key figuresIncome Statement
EBITDA
491.5 MILLION EUROS (-2.9%)January-September 2026 (€M)
Var % 9M2025 9M2026 2026/25
Cash flow and Investments January-September 2026 (€M)
9M2025
9M2026
Var 2026/25
Total Revenue711.2
696.7
(2.0%)
FFO
463.0
439.0
(24.1%)
EBITDA EBITNet Profit (excluding the
impact of asset rotation)
505.9
275.2
206.9
491.5
263.9
195.8
(2.9%)
(4.1%)
(5.4%)
OCF
Dividends received from affiliates
280.0
117.3
274.8
127.1
(5.2%)
9.8%
Net Profit
262.81
204.12
Net Investments
39.71
(616.0)2 (655.7%)
Includes the completion of the sale of Soto de la Marina (+€5.1m), the completion of the sale of Sercomgas (+€9.6m) and the net accounting capital gain on GSP (+€41.2m).
This mainly includes the effect of the sale of 40% of Enagás Renovable.
This primarily includes the release of the escrow account associated with the sale of TGE amounting to 82.1 million euros, as well as the sales of Soto de la Marina (Mexico) and Sercomgas (Spain).
This mainly includes the investment in Teréga.
Balance Sheet and Leverage ratios
Dec. 2025
Sep.2026
Net Debt (€Bn)
Net Debt/Adjusted EBITDA (1)2,475
3.6x
2,9793
4.6x
FFO/Net Debt (2)25.7%
20.5%
Financial cost of gross debt2.1%
2.1%
Adjusted EBITDA for dividends received from affiliates.
The ratio does not include adjustments based on the methodology of the rating agencies.
Net debt includes the financing for the investment in Teréga.
Third quarter results reflect the company's positive performance and are progressing as expected towards achieving the annual targets (EBITDA ~€620M and Recurring Net Profit ~€235M).
At the Annual Shareholders' Meeting held on March 26, 2026, the payment of a gross dividend of €1 per share for the 2025 fiscal year was approved. On July 2, the supplementary gross dividend of
€0.60 per share was paid.
Source: Enagás GTS
Note: Conventional demand = industrial demand + domestic commercial demand.
The current geopolitical context highlights the strategic importance and resilience of the Spanish Gas System in ensuring security of supply.
Under these conditions, gas demand for electricity generation grew by +19.0%, noting the increase in the contribution of combined-cycle plants, which helped bolster security of electricity supply.
Total demand for natural gas in the domestic market rose by +2.6% in the first nine months of the year.
Liquidity | Sep. 2026 | Dec. 2025 | Maturity |
Treasury | €537 M | €727 M | |
Club Deal | €1,550 M | €1,550 M | January 2030 |
Operational lines | €668 M | €238 M | Average life of ~2.1 years |
TOTAL | €2,755 M | €2,515 M | |
The financial cost of gross debt improved to 2.1% as at 30 September 2026 from 2.2% as at 30 September 2025.
Over 80% of Enagás debt is fixed-rate, with an average maturity of 3.9 years.
Enagás maintains its leading position in the main ESG ratings, such as the Dow Jones Best in Class Index, in which it achieved a score of 91 points as at 27 October 2025-four points higher than the previous year-and its inclusion in the Sustainability Yearbook 2026 among the top 1%, as well as in the ISS ESG and other benchmark indices.
Furthermore, as part of its 2025-2030 strategic update, Enagás continues to make progress towards the decarbonisation of the energy sector and its own operations, in line with its commitment to achieving net zero by 2040 for Scope 1 and 2 emissions and by 2050 for Scope 3 emissions. These decarbonisation targets, as well as the defined interim emissions reduction targets, are aligned with the 1.5°C temperature limit set out in the Paris Agreement. Since 2018, Enagás has reduced its greenhouse gas emissions by more than 16%.
In line with this commitment, Enagás has once again been awarded an 'A' rating in CDP's Supplier Engagement Assessment, which recognises its leadership in climate management within the supply chain.
Enagás has retained the highest level of excellence, A+, in its certification as a Family-Responsible Company (EFR), a benchmark in work-life balance. Furthermore, it ranks as the top Spanish company and second globally in the Equileap ranking of leading companies in gender equality, and has been recognised by the Top Employer Institute as a Top Employer Spain 2026.
Furthermore, in 2026 Enagás has renewed the Haz Foundation's t*** seal, the highest distinction for transparency and fiscal responsibility, which recognises the company's excellence in this area.
In terms of corporate governance, Enagás has achieved certification under the Good Corporate Governance Index 2.0, awarded by AENOR, with the highest possible rating for the third year running.
In this third quarter, it is worth noting that Enagás became the first Spanish company to have its Industrial Cybersecurity programme certified by AENOR.
Sustainability progress