Link Securities | The company has today posted its results for the first quarter of the financial year (Q1 2026) and its year-on-year comparison, from which we highlight the following points:
- Enagás’ total revenue as at 31 March 2026 amounted to €227.4 million, representing an increase of €17.3 million and an improvement of 8.2% compared to Q125 (11.9% compared to FactSet’s analyst consensus).
- The change in revenue is explained by the impact of the regulatory framework (around negative €15 million), offset by the increase in other regulated revenue (primarily from the work to seal the Castor wells, amounting to €32.3 million, which was offset at the EBITDA level in the expense line).
- Total demand for natural gas and exports in Q1 2026 stood at 103.2 TWh, 4.2% higher than the figure recorded in Q1 2025. Total demand for natural gas in Spain rose by 3.0%, mainly due to growth in gas demand for electricity generation (24.0%), with a notable increase in the share of combined-cycle plants following the ‘zero electricity’ episode, as a measure to bolster the security of electricity supply. Conventional demand in Q1 2026 fell by 2.6% due to a 4.1% decline in industrial demand, mainly driven by lower consumption in cogeneration.
- Meanwhile, operating cash flow (EBITDA) for Q1 2026 reached €147.6 million, down 9.9% (2.0%; analyst consensus) from the €163.9 million recorded in the same period of 2025, mainly due to the impact of the current regulatory framework on the company’s regulated revenues.
- According to Enagás,the Q1 2026 EBITDA figure is consistent with the annual target of €620 million, taking into account the expected timing of expenses and the fact that regulated revenues are recognised mainly in the second half of the financial year.
- Thus, Enagás’s net operating profit (EBIT) rose between January and March to €71.9 million, representing a 16.7% year-on-year decline, and a 2.9% shortfall compared with the figure expected by the FactSet consensus.
- In terms of total revenue, the EBIT margin stood at 31.6%, compared with 41.1% in Q1 2025, and was also below the 36.5% expected by the consensus.
- Furthermore, Enagás’s profit before tax (PBT) reached €59.7 million at the end of March, representing a 20.4% year-on-year decline, although this is in line with the figure expected by the analyst consensus.
- Recurring profit after tax (BDI) at the end of Q1 2026 stood at €56.9 million, representing a 12.7% year-on-year decline, although it exceeded by 4.4% the figure expected by the FacSet analyst consensus, and is on track to meet the 2026 annual target of €235 million. Enagás noted that this BDI does not include the capital gain arising from the sale of Enagás Renovable, amounting to approximately €9.5 million, which will be recognised in Q2 2026.
- Funds from operations (FFO) as at 31 March 2026 stood at €122.2 million (down 18.1% year-on-year). FFO includes €37.6 million in dividends from subsidiaries. Enagás’s net financial debt as at 31 March 2026 stood at €2,456 million, representing a reduction of €19 million since the end of the 2025 financial year and in line with the target for the year.
