Slides
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17th February 2026 2025 Full year results and 2026 targets
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2025 Milestones 1. Gas System and security of supply 2. Natural gas regulatory framework 2027-2032 3. Progress in hydrogen 4. GSP award resolution 02 2025 Results 03 2026 Targets 04 Conclusions 05 High execution of the 2025-2030 Strategic Plan 01
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High execution of the 2025-2030 Strategic Plan
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01 02 03 04 05 4 01 01. High execution of the 2025-2030 Strategic Plan High execution of the 2025-2030 Strategic Update 4 ▪ Natural gas and its infrastructure are essential to guarantee energy supply. ▪ Increase in the total demand of natural gas and exports +7.4%. ▪ Financial sustainability of the gas system. Surplus of ~€800 M between 2022 and 2024. Gas System and security of supply Natural gas regulatory framework 2027-2032 Advances in hydrogen 2025 targets achieved ▪ The regulatory vision of the 2025-2030 Strategic Update is aligned with the government energy policy guidelines. ▪ Methodology for calculating Return of RAB (RoR) approved. ▪ The Spanish hydrogen backbone and the H2med corridor are progressing according to schedule, with significant advances in 2025. ▪ The transposition projects of the RED III Directive lay the foundations for a robust regulatory demand outlook in Spain and Europe by 2030. ▪ Renewable hydrogen is already included in the FIDs and strategic plans of the industry worldwide. ▪ ~€3.1 billion in European and national public aid: 4.0GW of electrolysers in Spain. ▪ Annual results above the established targets. ▪ 2025 Net Profit: €339.1 M (€72.8 M in non-recurring impacts). ▪ Effectiveness of the Efficiency Plan in operating and financial expenses. ▪ Ratings: BBB+ (stable outlook). 2025, a year of key milestones that have consolidated Enagás' low risk profile and solid balance sheet Enagás, a key company in European energy security of supply and autonomy ▪ The ICSID ruled twice in favour of Enagás (December 2024 and May 2025). ▪ The total amount of the award that Peru must pay to Enagás amounts to ~ $303 M. ▪ Cash optimisation in Peru. GSP award resolution
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2025 Milestones
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01 02 03 04 05 6 02 The Gas System restored normality to the electricity system after the blackout and confirmed the fundamental role of natural gas and Enagás' infrastructure in ensuring the security of the energy system 02.1 Gas System and security of supply Natural gas demand evolution 6 372 TWh 346 TWh 2024 2025 Total demand for natural gas and exports +7.4% ▪ Increased participation of combined cycles, following the electricity blackout, to reinforce the security of electricity supply. ▪ Combined cycles have increased their participation on the average daily coverage of the Spanish electricity system from 10% to 20% since March 2025. +33.4% Demand for electricity generation -2.2% Conventional demand ▪ +8.1% increase in domestic demand due to temperatures. ▪ Decrease in industrial demand (-5.2%) mainly due to lower consumption from cogeneration. ▪ Increase in exports to France (+58.9%) to fill its underground storages and due to the level of activity at its regasification plants. +17.3% Total exports
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01 02 03 04 05 7 02 Excellent situation of the Spanish Gas System 7 ▪ Gas System surplus of ~€800 M between 2022 and 2024. ▪ Spanish gas system tolls among the most competitive in the European Union. o -42%1 in tolls for domestic consumers (between 2021 and 2024). o -70%1 in tolls for industry (between 2021 and 2024). Sustainability and financial health of the gas system ▪ Enagás' infrastructure is key for the competitiveness of industry in Spain. ▪ Enagás is the most efficient TSO in Europe according to the CEER2. Most efficient TSO Note 1: Source: Eurostat. Annual gas price for all consumption bands. Note 2: Report by the Council of European Energy Regulators (CEER): "TSO Cost Efficiency Benchmark TCB21- Model Specification Gas" (January 2025). Long-term sustainability of infrastructure ▪ Key role of natural gas in the energy transition: o > 2,100 unloading slots at natural gas system plants (contracted until 2040). o > 1,000 loading slots in natural gas system plants (contracted until 2040). ▪ Gas infrastructure will continue to guarantee security of supply. ▪ Resilience of the gas system to extreme weather events. The long-term sustainability of the Gas System infrastructure is essential, given its key role in the security of the energy system as a whole, with particular relevance for the electricity system 02.1 Gas System and security of supply
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01 02 03 04 05 8 02 02.2 Natural gas regulatory framework 2027–2032 Government energy policy guidelines and CNMC directives The regulatory vision set out by Enagás in its 2025-2030 Strategic Update is aligned with the guidelines established by the CNMC and the Government for the 2027-2032 natural gas regulatory framework 8 Specific public consultation by the CNMC for the review of the remuneration methodology for the period 2027-2032 (July 4th, 2025) Energy policy guidelines for updating the remuneration framework circulars for 2027-2032 (Order TED/1318/2025). ▪ Natural Gas will continue to be essential for security of supply. ▪ Updating and adapting the remuneration methodology to integrate renewable gases into the energy system and incorporate the changes resulting from the EU Package on hydrogen and decarbonised gases. ▪ An appropriate regulatory framework that incentivises the essential role of gas assets and ensures efficiency. ▪ Stability and certainty for the sector: Significant changes to existing investments will be avoided and long- term economic sustainability and profitability will be guaranteed, providing greater predictability and security. ▪ Clear support for hydrogen and renewable gases: Their strategic role will be promoted by encouraging sustainable infrastructure and criteria. ▪ Extension of the regulatory life: The remuneration regime will encourage the extension of the useful life and adaptation of infrastructure, ensuring regulatory stability and legal certainty. ▪ The availability of infrastructure and supply capacity for both the gas and electricity systems will be promoted. ▪ Support for regasification plants: Their role and competitiveness will be strengthened, ensuring cost recovery without penalising users.
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01 02 03 04 05 9 02 Reasonable profitability of regulated activity as a whole 6.5-7% reasonable post tax IRR for the regulated activity 2027-2032 (comparable to that of other European operators) 9 Based on the guidelines established by the CNMC's public consultation on the regulatory framework and the Government's energy policy, the next regulatory period should incorporate: RoR ▪ Approval of the Circular establishing the methodology for calculating the RoR (Return of RAB). ▪ The rate resulting from applying the methodology, approximately 6.5%, is in line with the RoR that Enagás established in its financial projections from 2027 onwards. Opex ▪ Standard costs updated according to current values and their expected evolution in the period 2027-2032. ▪ Reasonable margin on standard values. Other items ▪ Incentives for security of supply, sustainability of the electricity system and resilience to extreme weather events. ▪ Incentives for remuneration for extending the useful life of fully depreciated assets that remain in operation. 02.2 Natural gas regulatory framework 2027–2032
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01 02 03 04 05 10 02 02.3 Progress in hydrogen Enagás' 4th Hydrogen Day confirms the take-off of green hydrogen Strong institutional support and significant business advances and projects in operation 10 ▪ “In the coming months, we will present a draft bill that will address the transposition of the European Hydrogen Package, to create a national hydrogen system and a new regulated market, boost demand for hydrogen and renewable gases, strengthen competitiveness and, of course, enable the necessary tools for infrastructure development.” ▪ “The European Commission has made a firm commitment to hydrogen in Europe.” ▪ “H2med is one of the most advanced projects on the European energy highways.” ▪ “The Commission remains fully committed to turning these objectives into reality.” ▪ “Hydrogen is a joint project. It requires collaboration from everyone: governments, regulators, industry, academia, etc., from all countries, from all of us gathered here.” ▪ "The CNMC is already working to align the national framework with European objectives." Sara Aagesen Teresa Ribera Cani Fernández Third Vice-President of the Spanish Government and Minister for Ecological Transition and DemographicChallenge Executive Vice-President for a Clean, Fair and Competitive Transition of the European Commission Chair of the National Commission on Markets and Competition Participation of 41 speakers representing the entire green hydrogen value chain
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01 02 03 04 05 11 02 Green hydrogen is a reality in investment decisions 11 $12 billion Committed investment in 2025 1 Europe, world leader in committed investment in 2025 Final investment decisions on H2 production projects announced in Europe 2.7GW Electrolysis capacity expected to be operational in the EU in 2026 → x7 vs. 2025 Source 1: Global Hydrogen Compass 2025 (Hydrogen Council). Source 2: Own elaboration based on publicly available information about announced projects and BNEF (Bloomberg New Energy Finance). ~2.6 GW 2024-2025 Electrolysis capacity2 (FID decision) ~7 GW 2026 ~780 MW in Spain (100 MW Petronor already approved) 100 MW Repsol Cartagena 25 MW Castellón 10 MW Port of Bilbao Spain$110 billion Committed investment in low-carbon hydrogen projects worldwide1 Final investment decisions on projects worldwide +500 projects With final investment decisions made1 02.3 Progress in hydrogen
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01 02 03 04 05 12 02 2025: Green hydrogen, an energy vector advancing at unprecedented speed 12 J F M A M J J A S O N D CEF funding for hydrogen projects Presentation of the European Commission's Clean Industrial Deal Results of the 2nd auction European H2 Bank for 59% of the projects submitted are Spanish 64% of projects require linear infrastructure €5.5/kg Spain once again submits the most competitive bids in Europe MITECO resolution on Hydrogen Valleys grants Proposal to increase the CEF-E budget to €30 billion Start of transposition of RED III Directive in the transport sector in Spain Milestones in Spain Council of Ministers France-Germany H2med / Southwestern Corridor recognised as a Flagship Project Announcement by the President of the European Commission on Energy Highways First round of the H2 Mechanism launched by the European Commission to connect buyers and producers Adoption of the 2nd PCI/PMI list1: Spanish backbone and H2med renew their status Publication of the EU Grids Package and designation of the H2med Corridor as an Energy Highway Transposition of the RED III Directive initiated in 13 Member States Launch of the 3rd auction of the European Hydrogen Bank with a budget of €1.3 bn ~€3.100 billion awarded in national public subsidies to support the deployment of 4.0 GW of electrolysers in Spain Note 1: Pending ratification by Parliament and Council, publication in OJEU expected in April 2026 02.3 Progress in hydrogen Spain's contribution to the European Auctions-as-a-Service (AaaS) mechanism of the European Hydrogen Bank
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01 02 03 04 05 13 02 H2med advanced at a rapid pace in 2025 13 J F M A M J J A S O N D Granting of all CEF funds requested for studies and engineering Presentation of results of H2med Call for Interest Establishment of BarMar SPV: EIH – Enagás 50% Natran 33.3% Teréga 16.7% Signing of Grant Agreements with CINEA European Commission Vice- President Teresa Ribera welcomes H2med CEOs "Flagship project" according to the Franco-German Ministerial Council European Commission Vice-President Teresa Ribera visits Barcelona plant, BarMar departure point H2med Alliance event in Berlin H2med, priority Energy Highway for the EU BarMar CelZa Pre-FEED II engineering contracted for conceptual engineering Basic engineering for the pipeline in Spain completed Environmental impact study contracted for the Portuguese section BarMar geophysical studies completed Technical feasibility of BarMar and COD confirmed (2032) Engineering 02.3 Progress in hydrogen PCPP development of CelZa in Spain Award of detailed engineering for the Spanish section
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01 02 03 04 05 14 02 H2med advanced at a rapid pace in 2025 14 02.3 Progress in hydrogen
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01 02 03 04 05 15 02 Progress of Spanish backbone in 2025 15 25 APRIL Start of deployment of the Conceptual Plan for Public Participation (PCPP) of the PCI3 for the Spanish Hydrogen Backbone, which will cover 2,600 km and be implemented in 13 Autonomous Communities and more than 500 municipalities. Already launched in eight Autonomous Communities. JUNE Grant Agreements signed whereby Enagás will receive €40.2 million from CEF-E funds4 engineering studies related to the Spanish Hydrogen Backbone and the Norte-1 underground storage. MAY-JUNE Launch of basic engineering work on pipelines and CS (Zamora, Tivissa, Villar Arnedo). JANUARY-MAY OCTOBER Commencement of basic engineering work on the remaining sections. Submission of new sections to the TYNDP5 NOVEMBER Completion of CS site studies. DECEMBER Completion of basic engineering for the first seven sections of the network. Start of detailed engineering work on four sections of the network. Commencement of basic engineering and subsoil engineering work on the UGS6 Norte-1. Spanish Backbone Tender for basic engineering of the pipelines1 and the CS 2. (1) Five pipeline sections: Tivissa-Barcelona (2) CS: Compression Stations (3) PCI: Project of Common Interest (4) CEF-E: Connecting Europe Facilities. Huelva-Mérida; Salamanca-León; Llanera-Reocín; Reocín-Arrigorriaga (5) TYNDP: 10-Year Network Development Plan (6) UGS: underground storage 02.3 Progress in hydrogen Engineering UGS North 1
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01 02 03 04 05 16 02 Progress of Spanish backbone infrastructure in 2025 16 02.3 Progress in hydrogen
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01 02 03 04 05 17 02 Milestones expected in 2026 in Europe and Spain 17 ▪ Closing of the 3rd EU Hydrogen Bank auction (results in Q2 2026). ▪ Publication of the 2nd PCI/PMI list in the Official Journal of the European Union. ▪ Application for 3rd PCI/PMI list. ▪ Transposition of RED III and H2 Directive in Member States. ▪ H2med: ministerial meeting of the South-West Europe High Level Group. ▪ Draft bill for the transposition of the H2 and decarbonised gases directive. ▪ Completion of conceptual engineering for the compression station. ▪ PCPP deployment in Spain and France. ▪ Completion of environmental studies for the pipeline. ▪ Commencement of Front End Engineering and Design (FEED) phase. ▪ Preparation of Termsheet for capacity contracts for BarMar access and capacity allocation conditions. ▪ Completion of detailed engineering for the Spanish section. ▪ Completion of Environmental Impact Assessment (EIA) for Spanish section. ▪ Development of environmental impact assessment studies on the Portuguese section. In Spain and Europe H2med ▪ European network package. Negotiations in Parliament and Council throughout the year. ▪ Incorporation of new sections into TYNDP. CelZa Backbone infrastructure ▪ Conceptual plan for public participation completed in 13 Autonomous Communities and more than 500 municipalities. ▪ Progress in administrative processing in accordance with TEN-E regulations for all sections comprising the trunk network project. ▪ Detailed engineering development of pipelines and digitalisation model at an advanced stage. ▪ Extended basic engineering for the three compression stations completed, including selection of manufacturers. ▪ Investment Request submitted to regulatory bodies. ▪ Identification of priority sections supported by flagship projects. BarMar ▪ Conceptual engineering of subsoil and leaching for UGS Norte 1, as well as extended basic engineering for completed surface facilities. ▪ Germany: scenario framework for the 2027 Integrated Gas and Hydrogen Network Development Plan. 02.3 Progress in hydrogen
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01 02 03 04 05 18 02 02.4 GSP award resolution The ICSID ruled twice in favour of Enagás in GSP The total amount of the award that Peru must pay to Enagás amounts to ~ $303 million 18 ▪ On 20 December 2024, ICSID ruled in favour of Enagás in the GSP award and ordered Peru to pay the Company $194 M. In addition, the Tribunal considered that the inclusion of Enagás Internacional in category 2 of Law 30737, which prevents the company from repatriating dividends from its subsidiary Transportadora de Gas del Perú (TGP), constituted a violation of the Spain-Peru APPRI. ▪ On 23 May 2025, ICSID ruled in favour of Enagás for the second time and rectified the award of 20 December 2024, increasing it by an additional $104 M. The total amount of the award that Peru must pay to Enagás amounts to ~ $303 M (principal, interest and costs). ▪ Considering the total amount, once the appeal for rectification had been resolved, the fair value of the credit right was updated, generating a net accounting gain of €41.2 M. ▪ On 2 June, ICSID registered a request for annulment of the award filed by the Republic of Peru, which automatically led to the provisional suspension of its enforcement. The ad hoc committee and the procedural timetable for the annulment proceedings have already been established, with hearings set for the end of June 2026. ▪ From the notification of the award until the suspension of its enforcement, Enagas optimised its cash position in Peru, maintaining deposits in financial institutions in the country that exceed the amount of the letter of guarantee granted in favour of the Peruvian authorities in compliance with the provisions of Law No. 30737 and its Regulations. ▪ In 2026, ICSID is expected to notify the award resolving the TGP arbitration.
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2025 Results
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01 02 03 04 05 20 03 M€ 2025 2024 % change Total revenue 976.8 913.2 7.0% Operating expenses (456.4) (338.4) 34.9% Recurring expenses (301.0) (302.9) (0.6%) Non-recurring expenses1 (155.4) (35.5) (337.7%) Results from affiliates 155.3 185.8 (16.4%) EBITDA 675.7 760.7 (11.2%) Depreciation (283.8) (292.6) (3.0%) PPA (23.7) (39.4)2 (39.8%) EBIT 368.1 428.7 (14.1%) Financial result (46.8) (58.9) (20.5%) Corporate tax (54.3) (59.2) (8.2%) Minority interests (0.6) (0.6) 8.5% Net Profit (excluding non-recurring impact) 266.3 310.1 (14.1%) Asset rotation impacts and GSP award 72.83 (609.4)4 Net Profit 339.1 (299.3) 03.1 Income statement Financial results above annual targets 20 Note 1: Non-recurring expenses include costs associated with sealing the Castor wells and indexed to demand (audited). Note 2: The deconsolidation of TGE had a positive effect on the PPA, which improved by €14.3 M. Note 3: Includes the impact of capital gains from the sale of Soto la Marina (€5.1 M) and Sercomgas (€9.6 M), the revaluation due to the acquisition of 51% of Axent (€16.9 M) and the increase in the fair value of GSP as a result of the favourable rectification of the award notified in the first half of the year (€41.2 M). Note 4: Corresponds to the accounting loss on the sale of Tallgrass Energy, broken down into a - €356.2 M impact on the financial result (including €42 M in translation differences) and a - €7.5 M impact on corporate income tax. Capital loss due to the GSP award, broken down into a -€326.3 M impact on financial results and a €80.6 M positive impact on corporate income tax. Note 5: At the end of December 2025, CASTOR revenues amounted to €125.9 M, while costs amounted to -€119.9 M. Note 6: The annual EBITDA target of €265 M included the impact of the sale of Soto de la Marina for €5.1 M. ▪ Impact of the regulatory framework (-€57 M) on revenues offset by an increase in other regulated revenues (mainly from the sealing of the Castor wells, offset at EBITDA level in the expense line5). ▪ Efficiency plan: recurring operating expenses slightly below 2024 and below the maximum annual growth target (~ +1.5% CAGR 2024-2026). ▪ Excluding the effect of the deconsolidation of TGE and SLM in 1H2024, the result from affiliates as of 31 December 2024 would be €169.2 M. ▪ EBITDA above the target for the year (€670 M) due to the effectiveness of the Efficiency Plan in terms of expenses and the good performance of Affiliates. ▪ Improvement in financial results, associated with debt reduction. ▪ Average cost of gross debt 2.1% (vs. 2.6% in 2024). ▪ Recurring Net Profit above annual target (€265 M)6.
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01 02 03 04 05 21 03 03.2 Cost Efficiency Plan Effectiveness of the Efficiency Plan: comprehensive control of operating and financial expenses 21 ▪ Recurring operating expenses are down -0.6% compared to 2024, as a result of the implementation of the company's Cost Efficiency Plan. ▪ The evolution of recurring operating expenses in 2025 is below the maximum annual growth target of ~+1.5% CAGR for the period 2024-2026. Control of recurring operating expenses Financial result ▪ Control of financial expenses with more than 80% of debt at fixed rates. ▪ Financial cost of gross debt as of 31 December at 2.1% (vs. 2.6% in 2024). (€58.9 million) (€46.8 million) 2024 2025 €302.9 million €301.0 million €302.9 million €301.0 million 2024 2025 -0.6% -20.5%
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01 02 03 04 05 22 03 03.3 Cash flows and net debt evolution Cash flow generation and net debt evolution in line with debt target 22 Net debt December 2025 Net Debt December 2024 Note 1: The change in working capital was mainly influenced by lower invoiced premiums and toll adjustments. On 4 December 2025, the Supreme Court ruled in favour of Enagás, recognising its right to receive payment for the operation and maintenance of the Castor storage facility. Following this positive ruling, payment for the operation and maintenance of the storage facility, amounting to €125 M, is expected in the 2026 financial year. Note 2: The breakdown of investments in Spain is as follows: Natural gas infrastructure (regulated business) -€57.7 M; Hydrogen infrastructure -€10.7 M; New and adjacent businesses -€112.5 M (includes the investment in Axent amounting to -€38.8 M); Others -€7.3 M; Divestment +€17.2 M (mainly Sercomgas). Note 3: On 9 July, the US tax authority (Internal Revenue Service) notified Enagás of the issuance of the requested certificate certifying that a loss had been generated in the US from the sale of TGE and that therefore no tax was applicable. On 15 July, Enagás received ~USD 100 M, which was deposited in an escrow account. Note 4: "Others" mainly includes: i) Exchange rate variation from December to December +€54.3 M (+€56.8 M in cash, -€2.5 M in gross debt), ii) purchase of treasury shares for the flexible employee remuneration plan (+€18.3 M), iii) Updating of contracts subject to IFRS 16 (+€33 M), iv) payment of other financial liabilities (+€11.6 M), v) effects of change in consolidation method (-€3.4 M). FFO Working Capital Net Investment Dividend payment Others €2.404 bn €2.475 bn €261 M €260 M€472 M Dividends from affiliates €164 M €111 M Business in Spain (€171.1 M)2 International business €96.5 M3 €636 M €75 M 41
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01 02 03 04 05 23 03 58 120 500 750 52 52 46 46 46 36 2026 2027 2028 2029 2030 2031 Institutional debt Capital markets Bank debt 03.4 Financial structure Financial structure at the end of 2025 Credit rating agencies S&P and Fitch have confirmed Enagás's BBB+ rating with a stable outlook 23Note 1: The maturity chart does not include IFRS 16, ~€25 million per year until 2031. €727 M Cash €1.550 bn Club Deal (maturity January 2030) €238 M Operating lines (average maturity ~3 years) 38 Liquidity: €2,515 M Type of debt 38 Leverage Debt maturities (€M)1 4.7 years Average life of debt 12% Leases (IFRS 16) 74% Capital markets 9% Institutional debt 5% Commercial banking Financial cost of gross debt: 2.1% More than 80% of debt at fixed rates Dec. 2025 Dec. 2024 Net debt €2.475 bn €2.404 bn Net debt/adjusted EBITDA 3.6x 3.3x FFO/Net debt 25.7% 28.7% Financial cost of gross debt 2.1% 2.6% 98% EUR 2% USD
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01 02 03 04 05 24 03 03.5 Affiliates Good performance of affiliates 24 TAP ▪ TAP has been in operation for five years, transporting more than 52 bcm to Europe and strengthening security of supply. ▪ Completion of expansion in Greece, adding 1.2 bcm per year from January 2026 and strengthening Europe's energy security and diversification. Stade ▪ Progress in the construction of two 240,000 m³ LNG storage tank , also equipped to operate with renewable ammonia, reinforcing the flexible and sustainable nature of the project. Desfa Enagás Renovable Scale Green Energy ▪ Projects in which EGR participates with Repsol, Moeve or CIP have received ~53% of the aid in the latest PERTE Valles del H2 (~€650 M). ▪ FID approved: Repsol – Cartagena H2 project (100 MW; EGR stake 24.5%; IPCEI aid €155 M) and Miramundo biomethane project (81 GWh; EGR stake 50%). ▪ €174.4 M in subsidies granted for PCI projects. ▪ Inauguration of the Komotini and Ampelia compressor stations. ▪ Launch of the Vertical Corridor as a new alternative supply route from Greece to Ukraine. ▪ Completion of the Alisios LNG vessel (100% Enagás). ▪ Signing of contracts and FID for the new Mistral vessel (100% Enagás), operational in 2028. ▪ CINEA grant for the CO₂ – COnet2Sea project for a liquid CO₂ vessel. ▪ CINEA grant for the deployment of six hydrogen stations. Contribution of affiliates to the income statement €155.3 M and to cash flow €164 M.
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01 02 03 04 05 25 03 03.5 Affiliates Asset rotation 25 Soto La Marina Axent ▪ Closure of the sale of the stake in the Mexican company Estación de Compresión Soto La Marina in Mexico for $17 M (~€15.2 M). ▪ Net capital gain of €5.1 M. ▪ Acquisition of 51% of Axent (company that owns the fibre optic network and high-capacity services), giving Enagás 100% ownership of its share capital. ▪ Price paid: €37.8 M. ▪ The transaction has generated a positive impact on Net Profit of ~€17 M in 2025, mainly due to the accounting revaluation of the previous stake. Sercomgas ▪ Closure of the sale of Sercomgas (Enagás Emprende start-up created in 2018 and sold in the third quarter of 2025) for €11.2 M. ▪ Net capital gain of €9.6 M.
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01 02 03 04 05 26 03 03.6 Advances in sustainability ESG leadership The main ESG ratings recognise Enagás as one of the leading companies in the sector in terms of sustainability 26 Management Report Consolidated 2025 prepared by: ESG Ratings1 Score Relative Position S&P Global (CSA 2025) MSCI ISS - ESG Sustainalytics ESG Risk Rating Equileap 91/100 A (7.1/10) B (71.03/100) 16.3 Low Risk 2 79 2nd Gas Utilities Top 60% Utilities 1st Decile Gas & Electricity Network Operators 2nd Gas Utilities 2nd worldwide 1st in Spain 1 Score and relative position as of 12 February 2025. 2 Sustainalytics ESG Risk Rating gives lower scores to companies with lower exposure and better ESG performance. 3 Directive on sustainability reporting by companies. Pending transposition into Spanish law. ▪ Compliant with Law 11/2018 on non-financial information and diversity and the European Taxonomy of sustainable activities. ▪ Using EFRAG's Sustainability Standards as a voluntary framework within the CSRD framework3 . ▪ Internal Control System for Sustainability Information.
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01 02 03 04 05 27 03 03.6 Progress in sustainability Advancing the decarbonisation of the company and the value chain 27 Decarbonisation of the value chain (t CO2 e)2 Net Zero 2040 commitment in own operations Scope 1 and 2 emissions reduction targets Scope 3 emissions reduction targets Net Zero 2050 commitment across the entire value chain 304,758 256,281 151,160 23,162 2018 2025 2030 2040 16% 50% 92% Net Zero3 825,211 706,851 618,908 412,606 82,522 2021 2025 2030 2040 2050 14% 25% 50% 90% Net Zero3 Decarbonisation of own operations (t CO2 e)1 Note 1: In accordance with the Science Based Targets Initiative (SBTi) methodology and compatible with limiting global warming to 1.5 °C. The Scope 1 and 2 emissions reduction targets include the Global Methane Alliance's commitment to reduce methane emissions from our activities by 45% in 2025 and 60% in 2030, compared to 2015 levels. Note 2: In accordance with the SBTi methodology and aligned with a "well below 2 °C" scenario until 2030 and compatible with limiting global warming to 1.5 °C by 2050. Note 3: Reduction of at least 90% of our CO2 emissions and compensation for residual emissions with nature-based solution projects.
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2026 Targets
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01 02 03 04 05 29 04 04. 2026 Targets 2026 Targets 29 Recurring net profit ~€235 M Financial structure FFO/DN > 15% compatible with BBB+ credit rating Dividend €1.00 per share EBITDA ~€620 M Net debt ~€2.4 bn Investments expected1 ~€225 M Note 1: The breakdown of the investment figure is as follows: Natural gas infrastructure (regulated business) ~ -€100 M; Hydrogen infrastructure ~ -€50 M; New and adjacent businesses ~ -€55 M; and Others ~ -€20 M.
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Conclusions
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01 02 03 04 05 31 01 05 31 Conclusions 2025, a year of key milestones that have consolidated Enagás' low risk profile and solid balance sheet. Spain and Europe are stepping up their commitment to green hydrogen, with the designation of hydrogen corridors as Energy Highways and the announcement of the creation of a regulated national hydrogen system. Enagás' infrastructure plays a fundamental role in the security of the energy system in Spain and the EU. The 2027-2032 Regulatory Framework will establish a reasonable return that encourages the long-term sustainability of gas infrastructure due to its critical role in the energy transition and security of supply. The annual results, which exceeded the established targets, show the company's very positive performance and the high level of execution of the 2025-2030 Strategic Update. 2026 is the year when the investment cycle in hydrogen takes off as a key vector for the decarbonisation of Europe, with strong growth in installed capacity and investment decisions. The operating and financial expense efficiency plan, together with the strong performance of the affiliates, were key factors in the 2025 results. The Spanish hydrogen backbone and H2med are progressing at cruising speed in their administrative, engineering and commercial development, confirming technical feasibility and commissioning dates.
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Disclaimer This document may contain market assumptions, information from various sources and forward-looking statements regarding the financial conditions, operating results, business, strategy and plans of Enagás S.A. and its subsidiaries. Such assumptions, information and forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from such assumptions and forward- looking statements as a result of various factors. Enagás, S.A. makes no representations or warranties regarding the accuracy, completeness or precision of the information contained herein. This report should not be construed as a promise or statement regarding the past, present or future situation of the company or its group. Analysts and investors are cautioned not to place undue reliance on forward-looking statements, which involve significant assumptions and subjective opinions and may therefore prove to be incorrect. Enagás undertakes no obligation to update the information contained herein or to correct any inaccuracies it may contain; nor does it undertake to disclose the results of any revisions that may be made to such forward-looking statements to reflect events or circumstances after the date of this presentation, including, but not limited to, changes in Enagás' business or strategic acquisitions, or to reflect the impact of unexpected events or changes in its assessments or assumptions.
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Thank you very much 17 February 2026 Reliable energy for a decarbonised future