Spanish gas grid operator Enagas reported a remarkable turnaround in 2025, posting a net profit of €339.1 million after a €299.3 million loss in 2024. The company exceeded its own financial targets through asset sales, a higher arbitration award related to its Peru investment, and effective cost controls that improved operational efficiency across its European network.

Excluding one-off items, profit reached €266.3 million, slightly ahead of the company's target of €265 million. EBITDA came in at €675.7 million, topping the €670 million target. With funds from operations at €635.8 million and net debt at €2.475 billion, Enagas has strengthened its financial position while delivering above-expected results.

Enagas guided for recurring net income of around €235 million in 2026, close to analyst consensus estimates. The company maintained its dividend policy at €1 per share. Morgan Stanley analyst Arthur Sitbon noted the results matched expectations, predicting a neutral reaction from Enagas shares in the near term despite the improved financial performance.