Enagás recorded a post-tax profit of 204.1 million euros in the first nine months of 2026, compared to 262.8 million recorded in the same period of the previous year, representing a decrease of 22.3%. The difference between the two periods is influenced by the effect of the asset rotation operations, as in 2025 the group accounted for positive impacts of 55.8 million and in 2026 for 8.3 million.
Main figures compared to consensus: Ebitda: 492M€ (-3%) vs 479M€ est.; Recurring BNA 196€ (-5%) vs 185M€ est.; Total BNA 204M€; Net Debt 2,979M€ vs 2,475M€ in December 2025. The management team maintains the annual guidance, excluding the impact of asset rotation. Link to results.
Opinion of the Bankinter analysis team:
Results above consensus and the management team maintains the annual guidance. The contribution to Ebitda from the regulated gas transport activity (77% of total) decreases by -8% as the regulated asset base (RAB) is lower due to no new investments being necessary in the network.
On the other hand, the contribution from international subsidiaries increases by +8% during the period thanks to the increase in TAP capacity.
Regarding the annual guidance, it maintains the estimate of an Ebitda of 620M€ (-8%) and an ordinary BNA of 235M€ (-12%) excluding asset rotation. The DPA would remain at 1 euro/share.
After these results, we maintain the Buy recommendation. (i) The group will return to profit growth in 2027 due to improvements in Financial Return and new incentives for the next regulatory period 2027-2032; (ii) Lower uncertainty and risk of its investment in Peru following favourable resolutions from the Ciadi; (iii) The acquisition of 31.5% of Terega (the second operator of the gas transport system in France) will have a positive impact on cash flow in the medium term; (iv) The medium/long-term opportunity represented by investments in green hydrogen (H2Med and Hydrogen Backbone), although with likely delays in their implementation; (v) Attractive dividend yield: 6% at current prices.