Spanish gas network operator Enagás announced this Wednesday the acquisition of Osaka Gas’s 20% stake in the Saggas regasification plant for 31 million euros. Specifically, it has acquired the Sagunto plant, in the Valencian Community, which has a liquefied natural gas storage capacity of 600,000 cubic meters and a regasification capacity of 1 million normal cubic meters per hour. This is equivalent to 18% and 15% of Spain’s total, respectively. The operation would raise Enagás’s stake in Saggas to 92.5%, while Oman Oil Holdings Spain would retain 7.5%. The operation is expected to close before the end of 2026, as announced by the company during the presentation of its first-half results.
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Impact of asset rotation
Enagás recorded a net profit of 126.9 million euros, 26.4% less than the 176 million obtained in the same period of 2025, as reported by the company to the National Securities Market Commission (CNMV). The fall in earnings is explained by asset rotation, since the 2025 profit included the closing of the sale of Soto de la Marina (5.1 million) and the net accounting capital gain from the Southern Peruvian Gas Pipeline GSP (41.2 million).
Profit without asset rotation reached 118.6 million euros, 8.6% lower than last year. Despite this, the company states that the business continues on the planned path and maintains its commitment to achieve the year-end target, which implies a profit of 235 million euros.
Revenue grows by 1%
Revenue stood at 464.4 million, 1% more than the previous year. Earnings before interest, taxes, depreciation, and amortization (Ebitda) reached 314 million euros, 4.7% lower than the 329.3 million euros recorded in the same period of 2025.
This result mainly reflects the impact of the current regulatory framework on the company’s regulated revenues (-30 million euros), partially offset by the contribution from other income streams, driven by the entry into operation of the Alisios vessel (6 million euros) and by the effect of the consolidation of the fiber optic company Axent (6.3 million euros).
Stable debt
Likewise, investee companies contributed 86.3 million euros to Ebitda, representing an increase of 6.2 million euros compared to the first half of 2025, mainly due to the capacity expansion in TAP.
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The first-half Ebitda figure is consistent with the annual target of 620 million euros, taking into account the expected expense schedule and the fact that regulated revenues are mostly recognized in the second half of the year.
Net debt as of June 30, 2026, stood at 2,305 million euros, 0.3% more than the 2,299 million a year earlier. The financial cost of gross debt improved from 2.2% as of June 30, 2025, to 2% as of June 30, 2026.
BarMar engineering, underway
Regarding BarMar, the planned submarine hydrogen pipeline that will connect Barcelona and Marseille, Enagás noted that public participation plans in Spain and France had been completed, and that the project had received the green light to begin preliminary engineering design.
Regarding the route connecting Portugal and Spain, known as CelZa, detailed engineering has begun on the Spanish section, and environmental impact studies have been launched in both countries, it added.
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