Enagas expects to complete sale of Morelos gas pipeline before spring

Enagas headquarters

ENAGAS has presented its 2022 results. Operating results were in line with consensus, both revenues and EBITDA (€797m vs €798m css, down 11% Year-on-Year), as well as EBIT (€478mn vs €476mn). However, the company posted a FY22 net profit (€376mn) -6% below consensus (€401mn), due to the discrepancy in the timing of the Morelos pipeline sale (the sale is now expected to be completed in the first four months of 2023 when it was initially expected to be completed by the end of 2022). Regarding Net Debt, it came out +5% better than consensus expectations (€3.5bn vs €3.7bn css).

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