Enagas (AO) | Buy | H1 2026 results: Regulation in focus (both for gas and for hydrogen)

Research evidence excerpt

Enagas (AO) | Buy | H1 2026 results: Regulation in focus (both for gas and for hydrogen)

News comment

Release date: 22 July 2026

Jose Porta

Equity Research Analyst

+34 914 36 5113

jporta@keplercheuvreux.com

BuyEnagas

Spain | Utilities Beta Profile: MCap: EUR4.5bn

Target Price: EUR19.50 Bloomberg: ENG SM Reuters: ENAG.MC

Current Price: EUR17.01 Free float 90%

Up/downside: 14.6% Avg. daily volume (EURm) 27.8

YTD abs performance 29.4% Market data: 21 July 2026

52-week high/low (EUR) 17.88/13.02

H1 2026 results: Regulation in focus (both for gas and for hydrogen)

Key points:

H1-26 recurring results were fully in line with our estimates and consistent with FY-26E guidance; the already known Enagas

Renovable disposal provided c. EUR10m positive extras.

The regulatory review remains the key investment driver, with management reiterating confidence in the proposed draft

framework, with final approval expected after the Council of State opinion.

Management has a constructive view on but recognises that regulation is a bottleneck.

H1 2026 results: Fully on track

The company posted fully in line numbers: Recurring EBITDA reached EUR314m (-5%), reflecting the continued amortisation of

the legacy RAB, and recurring net profit amounted to EUR119m (-1%). Results remain seasonally affected by the timing of COPEX

recognition, with a stronger second half anticipated. Management reiterated FY-26E guidance of EUR620m EBITDA and EUR235m

recurring net profit.

The company posted a EUR9.5m capital gain from the sale of 40% of Enagas Renovable in Q2, as previously reported. The

transaction is part of the strategic divestment of hydrogen production activities ahead of Enagas assuming the role of hydrogen

network operator under European unbundling rules.

Table 1:H1-26 results