CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
2025Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with International Financial Reporting Standards as adopted by the EU, in conformity with Regulation (EC) No. 1606/ 2002. In the event of a discrepancy, the Spanish-language version prevails.
Audit Report on Financial Statements issued by an Independent Auditor
ENAGAS, S.A. AND SUBSIDIARIES
Consolidated Financial Statements and Consolidated Management Report
for the year ended December 31, 2025
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Analyzing recent relevant notifications between Peruvian official bodies and the GSP Group, as well as the documents included in the claim filed by the Parent Company with the ICSID, specifically, the award issued by said body on December 20, 2024, and the rectification thereof issued on May 23, 20Z5.
Holding meetings with external and independent experts in Peruvian and international law engaged by the Group Management.
Reviewing the analysis reports of this matter prepared by various Peruvian and international law experts (bankruptcy, criminal and administrative law, inter alia) and the Group's internal legal consultants.
Evaluation of the fair value of the financial asset registered in relation to the compensation established in the award issued by the ICSID on December 20, 2024, and its subsequent rectification issued on May 23, 2025, as well as the income recorded in the Consolidated Income Statement.
Reviewing the disclosures included in the notes to the consolidated financial statements in conformity with the applicable financial reporting framework.
Requlatory framework including recoqnition of income and amoonfs receivables/p Y b/es from the gas system
Description The Enagâs Group's main revenues as explained on note 2.1 of the consolidated financial statements, are derived from regasification, storage. and transportation of natural gas that are regulated under the framework that started as of January 1, 2021 until 2026 (as explained on Appendix III of the accompanying consolidated financial statements). Consequently, the Group's activities are notably affected by the current regulation (local, regional, national, and European).
The abovementioned factors have caused us to consider this area a key audit matter.
The information regarding the valuation standards applied and the corresponding breakdowns is included in notes 2.1 and 2.2 and Appendix III of the consolidated financial statements.
Our
response
Our audit procedures regarding this area included, among other, the following:
Understanding of the process established by Group Management for the recognition of income from regulated activities and receivable balances, evaluation of the design and implementation of the relevant controls established in the aforementioned process and verification of the operational effectiveness of said controls.
Reviewing the regulations from January 1, 20Z1 and evaluating the degree of compliance therewith.
Testing revenue recognition, verifying its reasonableness in terms of each year's regulatory developments.
Verifying the gas system's accounts payable and receivable by examining conclusions and final settlements with the CNMC during the year.
Reviewing the disclosures included in the consolidated financial statements in conformity with the applicable financial reporting framework.
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