Spanish gas network operator Enagas reported a net profit of €339.1 million for 2025. This result represents a significant improvement compared to last year, when the company recorded a loss of €299.3 million. The improvement in profitability occurred despite an over 11 percent drop in EBITDA. The achieved results exceeded earlier analyst forecasts and the targets set by the company's management in its strategic plan.

Clear improvement in net profit

The company generated a net profit of €339.1 million, effectively recovering from last year's loss of nearly €300 million.

Drop in EBITDA result

Despite the final profit, the operating profit EBITDA fell by 11.2% to a level of €675.7 million in 2025.

Success of the savings plan

The implementation of the Efficiency Plan allowed for a reduction in operational costs by 0.6%, which supported the final financial result.

Investments in the future

The operator allocated €74.6 million to new investments, strongly focusing on the development of infrastructure for hydrogen.

Spanish transmission system operator Enagas returned to the path of profitability, closing the 2025 fiscal year with a net profit of €339.1 million. This result is particularly significant given that in 2024 the company recorded a net loss exceeding €299 million. That previous negative financial situation was a direct consequence of the accounting recognition of losses from the sale of shares in the American company Tallgrass Energy. The company's current financial success is largely based on higher operating revenues and a positive contribution from associated companies, which allowed it to surpass its initial financial targets. Founded in 1972, Enagas plays a key role in the Spanish energy sector as a certified natural gas transmission system operator. Since 2002, the company has been listed on the Madrid Stock Exchange, which forced a gradual privatization and adaptation to the strict market standards of the European Union.Despite the excellent final result, operational data shows some challenges. The EBITDA result fell by 11.2%, reaching a level of €675.7 million. However, the company managed to maintain financial discipline by implementing an Efficiency Plan, which allowed for a 0.6% reduction in recurring operational costs. An additional factor supporting the balance sheet was a favorable asset value adjustment following the resolution of arbitration in Peru concerning the GSP project. The company's investments increased to €74.6 million, signaling the continuation of transmission infrastructure development. „Enagas does not believe there is a bubble in the hydrogen market; we are simply doing what we must as part of the energy transition.” — Arturo Gonzalo Enagas management emphasizes that high utilization of gas infrastructure in the context of increased demand for gas for electricity production was also key to the results. Faced with dynamic changes in European climate policy, the company is actively reorienting its asset portfolio, focusing on renewable hydrogen. The company actively refutes accusations of creating an investment bubble in this sector, arguing that strategic investments are essential for ensuring the energy security of Spain and all of Europe. 2024: -299.3, 2025: 339.1 339.1 million € — is the annual net profit of the Spanish operator Comparison of Key Financial Indicators: : → ; : → ; : →

Mentioned People

  • Arturo Gonzalo — CEO of Enagas, responsible for energy transition strategy and financial results.