Enagás has taken a significant step in its international strategy after reaching an agreement to acquire 31.5% of the French operator Teréga for €573 million. This transaction coincides with the sale of 40% of Enagás Renovable to Hy24, a decision that reflects a shift in its focus towards regulated infrastructure and hydrogen development.
A commitment to European gas infrastructure
On the one hand, the entry into Teréga consolidates Enagás’s presence in the European energy market; the French operator manages nearly 5,100 kilometers of gas pipelines and two underground storage facilities, representing a significant part of France’s gas system.
Furthermore, both networks are interconnected, facilitating operational integration between Spain and France. This relationship will enable the development of joint projects with a regional focus, especially among transmission system operators.
Likewise, the company expects to close the transaction during 2026, once it obtains the necessary regulatory approvals.
Divestment in renewables to strengthen hydrogen
In parallel, Enagás has completed the sale of 40% of Enagás Renovable to Hy24 for €48 million, retaining a 20% stake. This transaction will have a positive impact on its results, with an estimated contribution of €9.5 million.
This decision is part of its 2025-2030 strategic roadmap, aimed at complying with European regulations on the separation of activities. At the same time, it allows the company to concentrate resources on the deployment of vital infrastructure such as the hydrogen backbone network in Spain.
Since its inception, the renewable energy subsidiary has promoted projects related to green hydrogen and biomethane. However, the sector’s growth has led the company to redefine its role within this value chain.
Results aligned with the 2026 objectives
In terms of results, Enagás obtained a recurring net profit of 56.9 million euros in the first quarter of 2026. This figure is in line with the annual target of 235 million.
On the other hand, EBITDA reached €147.6 million, supported by the implementation of its efficiency plan. The company maintains its forecast of closing the year with €620 million.
Furthermore, net debt was reduced to 2,456 million euros, with a financial structure mostly at a fixed rate and a cost of 2.0%.
Hydrogen and regulation set the course
In the regulatory sphere, the CNMC has launched a public consultation on the gas remuneration framework for the period 2027-2032. This process will be crucial for the future development of the sector.
At the same time, the advancement of hydrogen is gaining prominence after the assignment of new supervisory functions to the CNMC on projects considered to be of common interest in Europe, such as the H2Med corridor.
In this context, the combination of international expansion and asset reorganization places Enagás in a growth stage linked to the energy transition and the evolution of the European gas market.
Source: Enagas
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