Q4 2025 Enagas SA Earnings Call

February 17, 2026

Speaker #1: Buenos días.

Speaker #2: Good morning, ladies and gentlemen, and welcome to ENAG's earnings presentation for 2025. We will also be sharing 2026 targets with you. The documents have been filed with the stock exchange authorities at 7:36 this morning, and are also available on our website, www.enagas.es.

Arturo Gonzalo Aizpiri: Good morning, ladies and gentlemen, and welcome to Enagás' earnings presentation for 2025. We will also be sharing 2026 targets with you. The documents have been filed with the stock exchange authorities at 7:36 this morning and are also available on our website, www.enagas.es. Arturo Gonzalo Aizpiri, our Chief Executive Officer of Enagás, will be running this call, which we expect should take about 20 minutes. After that, we will open a Q&A session, in which we will try and answer your questions in as much detail as possible. Thank you very much for your attention. I'm going to hand it over to Arturo Gonzalo Aizpiri now. Good morning, ladies and gentlemen. Thanks very much for your attention.

Operator: Good morning, ladies and gentlemen, and welcome to Enagás' Earnings Presentation for 2025. We will also be sharing 2026 targets with you. The documents have been filed with the stock exchange authorities at 7:36 this morning and are also available on our website, www.enagas.es. Arturo Gonzalo Aizpiri, our Chief Executive Officer of Enagás, will be running this call, which we expect should take about 20 minutes. After that, we will open a Q&A session, in which we will try and answer your questions in as much detail as possible.

Speaker #2: Arturo Gonzalo, Chief Executive Officer of Enagás, will be running this call, which we expect should take about 20 minutes. After that, we will open a Q&A session in which we will try to answer your questions in as much detail as possible.

Speaker #2: Thank you very much for your attention. I'm going to hand it over to Arturo Gonzalez Gonzalo now. Good morning, ladies and gentlemen. Thanks very much for your attention.

Operator: Thank you very much for your attention. I'm going to hand it over to Arturo Gonzalo Aizpiri now.

Arturo Gonzalo Aizpiri: Good morning, ladies and gentlemen. Thanks very much for your attention. I'd like to welcome you to this earnings presentation, in which I am joined by our CFO, Luis Romero, our Board Secretary and CLO, Diego Trillo, our Chief Officer for Institutional and Investor Relations and Communications, Felisa Martín, our Head of Investor Relations, César García, and our Head of Management Control and Business Analysis, Natalia Mora-Gil. I'll start my presentation covering the main milestones in the implementation of our strategic plan this year, and then I will speak about the main highlights of our financial results, which, as you will have noticed, have outperformed the year's budget targets.

Speaker #2: I'd like to welcome you to this earnings presentation, in which I am joined by our CFO, Luis Romero; our Board Secretary and CLO, Diego Trillo; our Chief Officer for Institutional and Investor Relations and Communications, Felisa Martín; our Head of Investor Relations, César García; and our Head of Management Control and Business Analysis, Natalia Mora Gil.

Arturo Gonzalo Aizpiri: I'd like to welcome you to this earnings presentation, in which I am joined by our CFO, Luis Romero, our Board Secretary and CLO, Diego Trillo, our Chief Officer for Institutional and Investor Relations and Communications, Felisa Martín, our Head of Investor Relations, César García, and our Head of Management Control and Business Analysis, Natalia Mora-Gil. I'll start my presentation covering the main milestones in the implementation of our strategic plan this year, and then I will speak about the main highlights of our financial results, which, as you will have noticed, have outperformed the year's budget targets. Finally, I will go over the progress made in our ESG commitments, and I will present the company targets for 2026.

Speaker #2: I'll start my presentation covering the main milestones in the implementation of our strategic plan this year, and then I will speak about the main highlights of our financial results, which, as you will have noticed, have outperformed this year's budget targets.

Speaker #2: And finally, I will go over the progress made in our ESG commitments, and I will present the company targets for 2026. It's been a year since we disclosed our strategy update, and 2025 has been a year of consolidation for Enagás, in which we have made rapid progress along the three main lines of our strategy, which you may recall are: supply security for Spain and Europe, financial and operating expense control under our efficiency plan, and the development of green hydrogen infrastructures.

Arturo Gonzalo Aizpiri: Finally, I will go over the progress made in our ESG commitments, and I will present the company targets for 2026. It's been a year since we disclosed our strategy update, and 2025 has been a year of consolidation for Enagás, in which we have made rapid progress along the three main lines of our strategy, which you may recall, are: supply security for Spain and Europe, financial and operating expense control under our efficiency plan, and the development of green hydrogen infrastructures. Today, we are sharing yearly performance, exceeding the targets we had set, demonstrating our ability and the speed at which we can execute our strategy. As you can see, 2025 was a year full of key milestones, in which we have proven more than ever, what a key role we play in supply, security, and decarbonization for Spain and Europe.

Arturo Gonzalo Aizpiri: It's been a year since we disclosed our strategy update, and 2025 has been a year of consolidation for Enagás, in which we have made rapid progress along the three main lines of our strategy, which you may recall, are: supply security for Spain and Europe, financial and operating expense control under our efficiency plan, and the development of green hydrogen infrastructures. Today, we are sharing yearly performance, exceeding the targets we had set, demonstrating our ability and the speed at which we can execute our strategy. As you can see, 2025 was a year full of key milestones, in which we have proven more than ever, what a key role we play in supply, security, and decarbonization for Spain and Europe.

Speaker #2: Today, we are sharing yearly performance, exceeding the targets we had set, demonstrating our ability and the speed at which we can execute our strategy.

Speaker #2: As you can see, 2025 was a year full of key milestones, in which we have proven more than ever what a key role we play in supply security and decarbonization for Spain and Europe.

Speaker #2: The gas system had a 100% supply guarantee and availability, and made a decisive contribution to getting the electricity grid back up in operation after the blackout here in Spain.

Arturo Gonzalo Aizpiri: The gas system had a 100% supply guarantee and availability, and made a decisive contribution to getting the electricity grid back up in operation after the blackout here in Spain. The critical role of natural gas and gas infrastructures in ensuring the security of the energy system overall has remained evident throughout the year, within a robust operational framework, which will continue to apply in 2026. The total demand transported by the Spanish gas system, that's domestic demand plus exports, increased by 7.4% in 2025. This figure includes 33.4% increase in gas demand for electricity generation. According to the grid operator, combined cycle plants have increased their contribution to average daily cover of the Spanish electricity system from 10% to 20% since March 2025.

Speaker #2: The critical role of natural gas and gas infrastructures in ensuring the security of the energy system overall has remained evident throughout the year within a robust operational framework, which will continue to apply in 2026.

Speaker #2: The total demand transported by the Spanish gas system—that's domestic demand plus exports—increased by 7.4% in 2025. This figure includes a 33.4% increase in gas demand for electricity generation. According to the grid operator, combined cycle plants have increased their contribution to average daily cover of the Spanish electricity system from 10% to 20% since March 2025.

Speaker #2: There has been a 2.2% fall in conventional demand, mainly due to the lower use of cogeneration. And an increase in total gas exports of 17.3%, especially to France, which increased 58.9%.

Arturo Gonzalo Aizpiri: There has been a 2.2% fall in conventional demand, mainly due to the lower use of cogeneration, and an increase in total gas exports of 17.3%, especially to France, which increased 58.9%. These figures clearly show that gas infrastructures are critical, not just for supply security in Spain, but also for the rest of Europe. Spain is increasingly consolidating its strategic role as an entry port for gas into Europe, and the Spanish gas system continues to stand out for its enormous flexibility. In 2025, we received natural gas and LNG from 16 different points of origin. In January 2026, total demand transported also went up 11.9%.

Speaker #2: And these figures clearly show that gas infrastructure is critical, not just for supply security in Spain, but also for the rest of Europe.

Speaker #2: Spain is increasingly consolidating its strategic role as an entry port for gas into Europe, and the Spanish gas system continues to stand out for its enormous flexibility.

Speaker #2: In 2025, we received natural gas and LNG from 16 different points of origin. In January 2026, total demand transported also went up 11.9%. Also, the gas system has shown enormous resilience in the face of extreme weather phenomena, which have taken place both in 2025 and in 2026 so far.

Arturo Gonzalo Aizpiri: Also, the gas system has showed enormous resilience in the face of extreme weather phenomena, which have taken place both in 2025 and in 2026 so far, and gas supply has not failed under any of these adverse circumstances. There's also tremendous interest in the long-term outlook for the Spanish gas system. Currently, there's 2,100 offloading slots for LNG in Spanish regasification plants and about 1,000 loading slots between now and 2040. All of these numbers reflect just how sound the Spanish gas system is, generating an EUR 800 million surplus between 2022 and 2024. This robust financial health has had a knock-on effect, bringing tolls down by 42% for domestic consumers and 70% for industry between 2021 and 2024, according to Eurostat figures.

Speaker #2: And gas supply has not failed under any of these adverse circumstances. There's also tremendous interest in the long-term outlook for the Spanish gas system.

Speaker #2: Currently, there are 2,100 offloading slots for LNG in Spanish regasification plants, and about 1,000 loading slots between now and 2040. All of these numbers reflect just how sound the Spanish gas system is, generating an €800 million surplus between 2022 and 2024.

Speaker #2: This robust financial health has had a knock-on effect, bringing tolls down by 42% for domestic consumers and 70% for industry between 2021 and now.

Speaker #1: 2024 . According to Eurostat figures . All in all , I gas system is an outperformer in Europe , Spain is one of the EU countries with the most competitive tolls and analyze according to the European Council of Energy regulators , is the most efficient TSL in Europe As you know , the Cnmc is shortly going to announce the 2027 , 2032 regulatory framework for the gas system .

Arturo Gonzalo Aizpiri: All in all, our gas system is an outperformer in Europe. Spain is one of the EU country with the most competitive tolls, and Enagás, according to the European Council of Energy Regulators, is the most efficient TSO in Europe. As you know, the CNMC is shortly going to announce the 2027-2032 regulatory framework for the gas system. Both the standards laid down by the regulator and the government's energy policy guidelines explicitly highlight the need for the Spanish gas system to be properly remunerated, so that it can go on playing its crucial role in guaranteeing supply security in Spain and supporting the energy transition, while also facilitating the incorporation of renewable gases into the system. Enagás' regulatory vision is completely aligned with the guidance provided by both the CNMC and the government.

Speaker #1: Both the standards laid down by the regulator and the government's energy policy guidelines explicitly highlight the need for the Spanish gas system to be properly remunerated so that it can go on playing its crucial role in guaranteeing supply security in Spain and supporting the energy transition, whilst also facilitating the incorporation of renewable gases into the system.

Speaker #1: In a regulatory vision is completely aligned with the guidance provided by both the Cnmc and the government We need a remuneration framework similar to that of our European peers , with an after tax IRR of between 6.5 and 7% , approximately .

Arturo Gonzalo Aizpiri: We need a remuneration framework similar to that of our European peers, with an after-tax IRR of between 6.5% and 7%, approximately. For this, the following parameters must be applied: a financial rate of return of approximately 6.5%, identical to that of the electricity system. Sufficient return to cover the maintenance and operation expenses of gas assets, calculated prospectively to cover the expected OpEx of future years, plus a suitable margin. The costs of the current regulatory period for gas were set using real numbers for 2018 and 2019, and they've not been updated since, despite a cumulative inflation of over 20%.

Speaker #1: And for this, the following parameters must be applied: if the financial rate of return is approximately 6.5%, or identical to that of the electricity system; sufficient return to cover the maintenance and operation expenses of gas assets, calculated prospectively to cover the expected opex of future years, plus a suitable margin.

Speaker #1: The cost of the current regulatory period for gas was set using real numbers for 2018 and 2019, and they've not been updated since.

Speaker #1: Despite a cumulative inflation of over 20%, the incentive promotes the extension of the useful life of assets, so that facility owners will maintain these assets available to the system in spite of the regulatory use life being over, without needing to carry out replacement or substitution investments.

Arturo Gonzalo Aizpiri: An incentive promoting the extension of the useful life of assets, so that facility owners will maintain these assets available to the system in spite of the regulatory useful life being over, without needing to carry out replacement or substitution investments. A mechanism to allow the gas system to contribute to the overall security of the energy system, focusing especially on the role of gas in providing continuity and backup for the electricity grid, taking into account the growing impact and maintenance of infrastructures of extreme weather events. Having a reasonable remuneration framework is crucial for the sustainability of gas infrastructures, industrial competitiveness, the security of the energy system as a whole, and the development of renewable gases such as biomethane and green hydrogen.

Speaker #1: A mechanism to allow the gas system to contribute to the overall security of the energy system, focusing especially on the role of gas in providing quality and backup for the electricity grid, taking into account the growing impact in the maintenance of infrastructures of extreme weather events.

Speaker #1: Having a reasonable remuneration framework is crucial for the sustainability of gas infrastructures, industrial competitiveness, the security of the energy system as a whole, and the development of renewable gases such as biomethane and green hydrogen.

Speaker #1: In 2025, green hydrogen has also achieved crucial milestones, and its deployment continues to move forward at speed, as showcased in the fourth Enagas Hydrogen Day, where we could see the enormous political, regulatory, and industrial backing for hydrogen.

Arturo Gonzalo Aizpiri: In 2025, green hydrogen has also achieved crucial milestones, and its deployment continues to move forward at speed, as showcased in the fourth Enagás Hydrogen Day, where we could see the enormous political, regulatory, and industrial backing for hydrogen. The Third Vice President of the Spanish government and Minister for Ecological Transition and the Demographic Challenge, Sara Aagesen, announced the presentation of a draft bill to establish a national Spanish hydrogen system, a new regulated market, and the tools needed to develop the infrastructure required, as well as to boost hydrogen demand. Teresa Ribera, Executive Vice President of the European Commission for a clean, just, and competitive transition, stressed the full commitment of the European Commission towards H2med and to green hydrogen development.

Speaker #1: The Third Vice President of the Spanish Government and Minister for Environmental Transition and Demographic Challenge, Sara, announced the presentation of a draft bill to establish a national Spanish hydrogen system.

Speaker #1: A new regulated market and the tools needed to develop the infrastructure required , as well as to boost hydrogen demand . The Teresa Rivera , Executive vice president of the European Commission for a clean , Just and Competitive Transition , stressed the full commitment .

Speaker #1: The European Commission, towards H2 men and to green hydrogen development, and Anthony Fernandez, chair of the National Committee for Markets and Competition, explained that the CNMC is already working to align the Spanish framework with European targets.

Speaker #1: Spain and Europe are showing unprecedented financial support as well. The Spanish government has already awarded around €3.2 billion to projects representing a total of 4.1 GW of electrolyser capacity in Spain. Spain is set to produce the most competitive green hydrogen in Europe, as confirmed by the first two European Hydrogen Bank auctions.

Arturo Gonzalo Aizpiri: Cani Fernández, Chair of the National Committee for Markets and Competition, explained that the CNMC is already working to align the Spanish framework with European targets. Spain and Europe are showing unprecedented financial support as well. The Spanish government has already awarded around EUR 3.2 billion to projects, representing a total of 4.1 gigawatts of electrolyzer capacity in Spain. Spain is set to produce the most competitive green hydrogen in Europe, as confirmed by the first two European Hydrogen Bank auctions. In the next funding round, Spanish projects will receive an additional EUR 415 million, approved by the Ministry for Ecological Transition and the Demographic Challenge under the auction as a service mechanism. For these projects to materialize, infrastructures are crucial. 64% of the projects presented to the latest European Hydrogen Bank auction require hydrogen pipelines.

Speaker #1: In the next funding round , Spanish projects will receive an additional €415 million approved by the Ministry for Environmental Transition and the Demographic challenge under the auction as a service mechanism for these projects to materialise , infrastructures are crucial .

Speaker #1: Sixty-four percent of the projects presented to the latest European Hydrogen Bank auction require hydrogen pipelines. That is, a European hydrogen network to connect them up.

Speaker #1: Green hydrogen is an essential pillar of the European project, as the European Commission has demonstrated with each of its major initiatives in 2025.

Speaker #1: In its roadmaps such as the Competitiveness Compass and the Clean Industrial Deal . As in the 2028 2034 Multiannual Financial Framework to be agreed by the member states this year , in which the Commission proposes to increase funding for cross-border energy infrastructure Fivefold to €30 billion , with hydrogen infrastructures playing a prominent role .

Arturo Gonzalo Aizpiri: That is a European hydrogen network to connect them up. Green hydrogen is an essential pillar of the European project, as the European Commission has demonstrated with each of its major initiatives in 2025. In its roadmaps, such as the Competitiveness Compass and the Clean Industrial Deal, as in the 2028-2034 multiannual financial framework to be agreed by the member states this year, in which the Commission proposes to increase funding for cross-border energy infrastructure fivefold to EUR 30 billion, with hydrogen infrastructures playing a prominent role. Also in the European grids package and in the 8 top priority major energy infrastructures, the so-called energy highways, with a dedicated fast track procedure to speed up their delivery. One of these energy highways is the H2med, which, together with the Spanish Hydrogen Backbone, forms part of the Southwestern Hydrogen Corridor.

Speaker #1: Also in the European grid package and in the eight top priority . Major energy infrastructures . The so-called energy highways , with a dedicated fast track procedure to speed up their delivery .

Speaker #1: One of these energy highways is the H2 men , which , together with the Spanish hydrogen backbone , forms part of the southwestern hydrogen corridor .

Speaker #1: These infrastructures , both developed by noise in 2025 to cured the Connecting Europe facility , funds , requested from Cinia for studies and engineering , for a total of €75.8 million .

Speaker #1: A connected Europe is crucial for a truly decarbonized, competitive European Union with full energy sovereignty, and it's something that cannot wait because nowadays there are already industries that need these infrastructures and that are already incorporating hydrogen into their investment decisions and strategic plans.

Arturo Gonzalo Aizpiri: These infrastructures, both developed by Enagás in 2025, secured the Connecting Europe Facility funds requested from CINEA for studies and engineering for a total of EUR 75.8 million. A connected Europe is crucial for a truly decarbonized, competitive European Union with full energy sovereignty. It's something that cannot wait, because nowadays there's already industries that need these infrastructures and that are already incorporating hydrogen into their investment decisions and strategic plans. According to the Hydrogen Council's Global Hydrogen Compass 2025 report, the hydrogen industry globally has already committed $110 billion in investments, with over 500 hydrogen projects at an advanced stage of maturity.... In 2025, Europe led in global hydrogen investments with $12 billion committed. This is just the beginning. Europe has embarked on a major investment cycle that will continue to build momentum.

Speaker #1: According to the Hydrogen Council's Global Hydrogen Compass 2025 report, the hydrogen industry globally has already committed $110 billion in investments, with over 500 hydrogen projects at an advanced stage of maturity. In 2025, Europe led in global hydrogen investments with $12 billion committed.

Speaker #1: But this is just the beginning. Europe has embarked on a major investment cycle that will continue to build momentum. According to Acer.

Speaker #1: It will increase operational production capacity sevenfold over the next 12 months, up to 2.7 GW. And in the last two years, final investment decisions have been taken for 2.6 GW of electrolyzer capacity, and a further 7 GW are expected to reach financial close or enter construction in 2026.

Arturo Gonzalo Aizpiri: According to ACER, it will increase operational production capacity sevenfold over the next 12 months, up to 2.7GW. In the last two years, final investment decisions have been taken for 2.6GW of electrolyzer capacity, and a further 7GW are expected to reach financial close or enter construction in 2026. Spain has a great deal to contribute in the construction of a European hydrogen economy, with highly significant investments that have been announced in recent weeks and are scheduled for this year. One of the most recent and most notable transactions was the Repsol Petronor FID to install a second 100MW electrolyzer in Bilbao. As we roll out hydrogen infrastructures in line with our calendar, 2025 was a pivotal year for the H2med corridor.

Speaker #1: And Spain has a great deal to contribute in the construction of a European hydrogen economy, with highly significant investments that have been announced in recent weeks and are scheduled for this year.

Speaker #1: One of the most recent and most notable transactions was the Repsol Petronor fight to install a second 100 megawatt electrolyser in Bilbao . As we roll out hydrogen infrastructures in line with our calendar , 2025 was a pivotal year for the H2 med Corridor .

Speaker #1: No other pan-European hydrogen infrastructure is showing progress on this scale, with four decisive milestones hit in 2025. Strong backing from Europe and the member states, as well as receiving CF funding and being included amongst the energy highways.

Speaker #1: H2 med has been recognised by France and Germany as a flagship project As part of the Southwestern Corridor , recently , the French Minister for Environmental Transition and Sustainable Development stressed that H2 and I quote , is much more than a simple transport infrastructure .

Arturo Gonzalo Aizpiri: No other pan-European hydrogen infrastructure is showing progress on this scale, with four decisive milestones hit in 2025. Strong backing from Europe and the member states, as well as receiving CEF funding and being included amongst the energy highways. H2MED has been recognized by France and Germany as a flagship project as part of the Southwestern Corridor. Recently, the French Minister for Environmental Transition and Sustainable Development stressed that H2MED, and I quote, "Is much more than a simple transport infrastructure. It is one of the keystones in France's strategic planning." Sound interest from Europe's industrial ecosystem, as demonstrated in the launch in Berlin of the H2MED Alliance, bringing together 50 leading partners from across the European value chain.

Speaker #1: It is one of the keystones in France's strategic planning. Sound interest from Europe's industrial ecosystem has been demonstrated in the launch in Berlin of the H2 Med Alliance, bringing together 50 leading partners from across the European value chain.

Speaker #1: Thirdly, H2Med has now become a business reality and, together with our partners, we have established a clear corporate structure through the.

Speaker #1: Bar Ma, SPV, and the appointment of the CEO and the executive team. And fourthly, the technical level progress has been truly remarkable.

Speaker #1: We have successfully completed the geophysical studies for Biomarker and confirmed that the subsea route is technically viable, and we are carrying out pre-FEED engineering, working with leading European engineering firms.

Arturo Gonzalo Aizpiri: Thirdly, H2MED has now become a business reality, and together with our partners, we have established a clear corporate structure through the BarMar SPV and the appointment of the CEO and the executive team. And fourthly, in the technical level, progress has been truly remarkable. We have successfully completed the geophysical studies for BarMar and confirmed that the subsea route is technically viable, and we are carrying out pre-FEED engineering, working with leading European engineering firms. We've also deployed the public participation plan for the Celsa interconnection in Spain. In short, we continue to take all necessary steps to ensure that H2MED can connect the immense renewable energy potential of the Iberian Peninsula with Europe's major industrial centers. To this end, Spain will have fully operational domestic infrastructure, the Spanish Hydrogen Backbone, which continues to grow on schedule.

Speaker #1: We've also deployed the public participation plan for the Celsa interconnection in Spain. In short, we continue to take all necessary steps to ensure that H2Med can connect the immense renewable energy potential of the Iberian Peninsula with Europe's major industrial centres.

Speaker #1: To this end , Spain will have fully operational domestic infrastructure . The Spanish hydrogen backbone , which continues to grow on schedule . We have already completed the conceptual engineering and awarded the basic and detailed engineering contracts for the network and for the three compression stations we are working with six Spanish engineering firms to develop the backbone network .

Speaker #1: We have launched the Public Participation Plan, the largest such effort ever undertaken in Spain. It has already been set in motion across nine autonomous communities and over 300 municipalities, with institutional backing at the highest level from regional presidents and the Government of Spain.

Arturo Gonzalo Aizpiri: We have already completed the conceptual engineering and awarded the basic and detailed engineering contracts for the network and for the 3 compression stations. We are working with 6 Spanish engineering firms to develop the backbone network. We have launched the Public Participation Plan, the largest such process ever undertaken in Spain. It has already been set in motion across 9 autonomous communities and over 300 municipalities, with institutional backing at the highest level from regional presidents and the government of Spain, underscoring that it is a truly strategic nationwide project and with strong support from industry and civil society. In 2026, we will complete this public consultation participation plan. We will finalize the extended basic engineering for the compression stations and develop the detailed engineering for all the pipeline sections. Moreover, Enagás has proposed the inclusion of a further 4 additional sections in the network.

Speaker #1: Underscoring that it is truly a strategic nationwide project and with strong support from industry and civil society. In 2026, we will complete this public consultation.

Speaker #1: Participation plan. We will finalize the extended basic engineering for the compression stations and develop the detailed engineering for all the pipeline sections. Moreover, Enagás has proposed the inclusion of a further four additional sections in the network.

Speaker #1: These were submitted last October to the ten-year Network Development Plan, or tinged with a view to their inclusion in the third PCI list.

Speaker #1: And as for H2 , med , in 2026 , we will launch the feed phase for Biomar , complete the environmental studies and the conceptual engineering for the Barcelona Compression Station , and complete the detailed engineering and the environmental impact assessment for Celsa This progress in the infrastructure will be accompanied by further progress on the political , investment , regulatory and technical fronts , just to mention a few .

Arturo Gonzalo Aizpiri: These were submitted last October to the Ten-Year Network Development Plan, or TYNDP, with a view to their inclusion in the said PCI list. And as for H2med, in 2026, we will launch the feed phase for BarMar, complete the environmental studies and the conceptual engineering for the Barcelona Compression Station, and complete the detailed engineering and the environmental impact assessment for CelZa. Progress in the infrastructure will be accompanied by further progress on the political, investment, regulatory, and technical fronts. Just to mention a few, this week, we have the deadline for the European Hydrogen Bank auction, with EUR 1.3 billion in funding, to which we will add, apart from the EUR 415 million I've already mentioned, provided by Spain, another EUR 1.3 billion provided by Germany, and the results will be announced between May and June.

Speaker #1: This week we have the deadline for the bank auction, with €1.3 billion in funding, to which we will add, apart from the €415 million I've already mentioned provided by Spain, another €1.3 billion provided by Germany, and the amount to be announced between May and June.

Speaker #1: The second quarter of 2026 . The European Commission will publish the final second PCI list , and it will also be the year in which the third Renewable Energy Directive , Red three , will be transposed , as well as the hydrogen and Decarbonized gases package into the legislation of the member states .

Speaker #1: A crucial step for the European hydrogen network. All of this goes to show that 2026 will be a crucial turning point for the take-off of hydrogen.

Arturo Gonzalo Aizpiri: In Q2 2026, the European Commission will publish the final second PCI list, and it will also be the year in which the third Renewable Energy Directive, RED III, will be transposed, as well as the Hydrogen and Decarbonized Gases Package, into the legislation of the member states, a crucial step for the European Hydrogen Network. All of this goes to show that 2026 will be a crucial turning point for the takeoff of hydrogen. Before going into the detailed results of our earnings, let me speak to what's going on with our arbitration cases in Peru. As you know, on 23 May, CIADI once again found in our favor in the arbitration on the gas pipeline in southern Peru, or GSP, and in fact increased the amount of the award to $303 million.

Speaker #1: And going into the detailed results of our earnings , let me speak to what's going on with our arbitration cases in Peru . As you know , on May 23rd , CT once again found in our favour in the arbitration on the gas pipeline in southern Peru , or GSP .

Speaker #1: And in fact increased the amount of the award to 303 million USD . In this way , the updated the fair value of the claim , generating an immediate net capital gain in our books at that time of €41.2 million .

Speaker #1: Subsequently , on June 2nd , CAD , as predicted , lodged a request for annulment of the award filed by the Republic of Peru , which meant enforcement was automatically suspended on a provisional basis .

Arturo Gonzalo Aizpiri: In this way, they updated the fair value of the claim, generating an immediate net capital gain in our books at that time of EUR 41.2 million. Subsequently, on 2 June, CIADI, as predicted, lodged a request for annulment of the award filed by the Republic of Peru, which meant enforcement was automatically suspended on a provisional basis. The ad hoc committee and the schedule for the court's annulment proceedings have already been defined, and the hearings have been set for the end of June 2026. So this year, we also expect CIADI to notify us of its ruling on the TGP award. Let me now go over the most relevant figures of our 2025 financial performance.

Speaker #1: The ad hoc committee and the schedule for the court's annulment proceedings have already been defined, and the hearings have been set for the end of June 2026.

Speaker #1: So this year , we also expect to notify us of its ruling on the TGP award . Let me now go over the most relevant figures of our 2025 financial performance Our core after tax profit was €266.3 million in our EBITDA , €675.7 million , both above our budget targets .

Arturo Gonzalo Aizpiri: Let me now go over the most relevant figures of our 2025 financial performance. Our core after-tax profit was EUR 266.3 million, and our EBITDA, EUR 675.7 million, both above our budget targets. If we consider one-offs, 2025's net profit was EUR 339.1 million. There are four factors underlying this excellent 2025 performance. First, the effectiveness of Enagás' efficiency plan, which has brought down core operating expenses by 0.6% versus 2024 levels. Second, improved financial revenues, with financial expenses down 20.5%. We ended the year with our net debt at EUR 2.47 billion, well within our annual budget forecast. Over 80% of this debt is at fixed rate. As for the financial cost of our gross debt, it is 2.1%, lower than 2024, where it was 2.6%.

Speaker #1: If we consider one offs 2025 net profit was €339.1 million . There are four factors underlying this excellent 2025 performance . First , the effectiveness of analysis , efficiency plan , which has brought down core operating expenses by 0.6% versus 2024 levels .

Arturo Gonzalo Aizpiri: Our core after-tax profit was EUR 266.3 million, and our EBITDA, EUR 675.7 million, both above our budget targets. If we consider one-offs, 2025's net profit was EUR 339.1 million. There are four factors underlying this excellent 2025 performance. First, the effectiveness of Enagás' efficiency plan, which has brought down core operating expenses by 0.6% versus 2024 levels. Second, improved financial revenues, with financial expenses down 20.5%. We ended the year with our net debt at EUR 2.47 billion, well within our annual budget forecast. Over 80% of this debt is at fixed rate. As for the financial cost of our gross debt, it is 2.1%, lower than 2024, where it was 2.6%.

Speaker #1: Second , improved financial revenues with financial expenses down 20.5% . We ended the year with a net debt at €2.47 billion . Well within our annual budget forecast , over 80% of this debt is at fixed rate .

Speaker #1: As for the financial cost of our gross debt, it is 2.1% lower than 2.24%, which is 2.6%. The rating agencies Standard & Poor's and Fitch have rated analysis triple B plus with a stable outlook.

Speaker #1: R FFO to net debt ratio is 25.7% and we maintain an extraordinary solid liquidity position of over €2.51 billion . Thirdly , our subsidiaries have contributed €155.3 million to our EBITDA , which shows excellent performance in the year .

Arturo Gonzalo Aizpiri: The rating agencies, Standard & Poor's and Fitch, have rated Enagás BBB+ with a stable outlook. Our FFO to net debt ratio is 25.7%, and we maintain an extraordinary solid liquidity position of over EUR 2.51 billion. Thirdly, our subsidiaries have contributed EUR 155.3 million to our EBITDA, which shows excellent performance in the year. The Trans Adriatic Pipeline continues to be vital for supply security, and since it went into commercial operation, it has transported over 52 BCMs of natural gas to Europe. The company has completed expansion in Greece, adding an additional 1.2 BCM in capacity since January 2026. DESFA was awarded a tender for EUR 174.4 million in grants for its projects of common interest, or PCIs.

Speaker #1: The Trans Adriatic Pipeline continues to be vital for supply and security, and since it went into commercial operation, it has transported over 52 bcm of natural gas to Europe.

Speaker #1: The company has completed expansion in Greece, adding an additional 1.2 bcm in capacity since January 2026. Thus far, it was awarded a tender for €174.4 million.

Speaker #1: In grants for its projects of common interest, or PCI, and last year we set up Scale Green Energy to develop infrastructures that will contribute to the decarbonisation of shipping and overland transport, and to the rollout of logistic chains around CO2 and ammonia.

Speaker #1: Scale Green Energy has signed a grant agreement with Cinia, the European Climate, Infrastructure and Environment Executive Agency, to develop six hydrogen refueling stations within the Eco project.

Arturo Gonzalo Aizpiri: And last year, we set up Scale Green Energy to develop infrastructures that will contribute to the decarbonization of shipping and overland transport, and to the rollout of logistic chains around CO2 and ammonia. Scale Green Energy has signed a grant agreement with CINEA, the European Climate Infrastructure and Environment Executive Agency, to develop 6 hydrogen refueling stations within the EcoHighNet project. In addition, in the LNG bunkering business, construction on the Alisios LNG has been completed, and a final investment decision has been made to develop the Mistral tanker, which will start operating in 2028. And fourthly, our asset rotation operations have had a very positive impact on our earnings. The sale of our stake in the Soto La Marina compression station in Mexico, for EUR 15.2 million, has brought in net capital gains of EUR 5.1 million.

Speaker #1: In addition, in the LNG bunkering business, construction on the Alicia's carrier has been completed, and the final investment decision has been made to develop the Mistral tanker, which will start operating in 2028.

Speaker #1: And fourthly, our asset rotation operations have had a very positive impact on our earnings. The sale of our stake in the Soto La Marina compression station in Mexico for €15.2 million has brought in net capital gains of €5.1 million.

Speaker #1: The acquisition of 51% of Accent's share capital for €38.3 million, bringing our stake to 100%, has triggered a positive impact on after-tax profit of approximately €17 million due to a revaluation of our previously held stake on our books, and the sale of certain gas has brought in a net capital gain of €9.6 million in 2025.

Arturo Gonzalo Aizpiri: The acquisition of 51% of Axent share capital for EUR 37.8 million, bringing our stake to 100%, has triggered a positive impact on after-tax profit of approximately EUR 17 million, due to a reevaluation of our previously held stake on our books. The sale of Sercomgas has brought in a net capital gain of EUR 9.6 million. In 2025, we have continued to meet our ESG commitments, environment, social, and corporate governance. Thanks to this, as you can see in the presentation, we continue to hold leadership positions in the key sustainability indexes worldwide. Just to mention two: recent examples, in the latest assessment by the Dow Jones Best in Class Index, we were given a score of 91 out of 100. That's 4 points higher than the previous year.

Speaker #1: We have continued to meet our ESG commitments Environment , social and corporate governance . Thanks to this . As you can see in the presentation , we continue to hold leadership positions in the key sustainability indexes worldwide , just to mention two .

Speaker #1: Recent examples in the latest assessment by the Dow Jones Best in Class Index: we were given a score of 91 out of 100.

Speaker #1: That's four points higher than the previous year. And the company has also been recognized as the best company in the world in our sector, in gender equality, by Equilibrium.

Speaker #1: We also took significant steps forward in 2025 to become a net zero company by 2040. And this year, we will continue to move towards achieving this goal.

Speaker #1: On the basis of these figures today, we are announcing our targets for 2026: a core after-tax profit of approximately €235 million.

Arturo Gonzalo Aizpiri: The company has also been recognized as the best company in the world, in our sector, in gender equality by Equileap. We also took significant steps forward in 2025 to become a net zero company by 2040, and this year we will continue to move towards achieving this goal. On the basis of these figures, today we are announcing our targets for 2026. A core after-tax profit of approximately EUR 235 million, and to close the year with net debt at a similar level to that of 2025, of around EUR 2.4 billion, and an EBITDA of EUR 620 million. We will keep our FFO over net debt ratio above 15%, and therefore in line with our BBB+ rating.

Speaker #1: And to close the year with net debt at a similar level to that of 2025, of around €2.4 billion, and an EBITDA of €620 million.

Speaker #1: We will keep our f net debt ratio above 15% and therefore in line with our triple B+ rating , we expect to carry out net investments of €225 million , and we reiterate our commitment to continue to remunerate our shareholders , shareholders with a €1 per share dividend .

Speaker #1: I will finish with a few conclusions. This has been a year of consolidation for Enagas, in which we have enhanced our risk profile, both for our financial and business positions, maintaining a robust balance sheet compatible with paying out a sustainable dividend.

Arturo Gonzalo Aizpiri: We expect to carry out net investments of EUR 225 million, and we reiterate our commitment to continue to remunerate our shareholders, shareholders with a EUR 1 per share dividend. Now, we'll finish with a few conclusions. This has been a year of consolidation for Enagás, in which we have enhanced our risk profile, both for our financial and business positions, maintaining a robust balance sheet compatible with paying out a sustainable dividend. We are posting annual results above our targets, where we've achieved a high degree of execution with regards to our 2025/2030 strategic update, and our investee companies have had an outstanding performance. The gas system and gas infrastructures have demonstrated more than ever, that they play a decisive role in guaranteeing Spain and Europe's energy security under critical circumstances, and consistently throughout the year.

Speaker #1: We are posting annual results above our targets, where we've achieved a high degree of execution with regard to our 2025 and 2030 strategic update, and our investee companies have had an outstanding performance.

Speaker #1: The gas system and gas infrastructure have demonstrated more than ever . They play a decisive role in guaranteeing Spain and Europe's energy security and the critical circumstances and consistently throughout the year , in line with what the Cnmc has already published and the government's energy policy guidance , we expect a regulatory framework for 2027 2032 that will establish a reasonable return comparable to that of our European peers , which will support the long term sustainability of gas infrastructures .

Speaker #1: Europe and Spain are intensifying 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. Whatever harbingers of a hypothetical slowdown in hydrogen may stay in a transformation of this scale, it is to be expected that, as projects mature, timelines become clearer and need to be adjusted.

Arturo Gonzalo Aizpiri: In line with what the CNMC has already published and the government's energy policy guidance, we expect a regulatory framework for 2027/2032, that will establish a reasonable return comparable to that of our European peers, which will support the long-term sustainability of gas infrastructures. Europe and Spain are intensifying 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. Whatever harbingers of a hypothetical slowdown in hydrogen may stay in a transformation of this scale, it is to be expected that as projects mature, timelines become clearer and need to be adjusted. But what is beyond a doubt is that we are currently witnessing a growth phase in investments and the consolidation of infrastructure deployment, which will form the European Hydrogen Network.

Speaker #1: But what is beyond a doubt is that we are currently witnessing a growth phase in investments and the consolidation of infrastructure deployment, which will form the European hydrogen network.

Speaker #1: Hydrogen is essential for Europe's competitive decarbonization and Europe's strategic autonomy , and it's already growing strongly in other parts of the world . The European Union is deploying new mechanisms to avoid falling behind , falling behind and to reinforce this investment cycle from enagas .

Speaker #1: We've already begun developing our own infrastructure , achieving significant technical business and commercial progress . Hydrogen is a strategic project as recognized by European and national institutions , regional administrations and major industrial players , Enagas will continue to do its utmost so that this project , crucial for Spain and for Europe , will become a reality as soon as possible .

Arturo Gonzalo Aizpiri: Hydrogen is essential for Europe's competitive decarbonization and Europe's strategic autonomy, and it's already growing strongly in other parts of the world. The European Union is deploying new mechanisms to avoid falling behind, and to reinforce this investment cycle. From Enagás, we've already begun developing our own infrastructure, achieving significant technical, business, and commercial progress. Hydrogen is a strategic project, as recognized by European and national institutions, regional administrations, and major industrial players. Enagás will continue to do its utmost so that this project, crucial for Spain and for Europe, will become a reality as soon as possible. Thank you very much, and now we are, of course, at your disposal to answer your questions.

Speaker #1: Thank you very much. And now we are, of course, at your disposal to answer your questions.

Speaker #2: For opening the Q&A session , please go ahead Thank you . Ladies and gentlemen , the QA session starts now . If you wish to participate , please press Star One in your keyboard .

Arturo Gonzalo Aizpiri: Thank you very much, and now we are, of course, at your disposal to answer your questions.

Speaker #2: Thank you First question from Ignacio Lumenick from Chevy Capital . Ignacio , please go ahead Yes . Hello . Good morning . Thank you for taking my questions .

Operator: We're opening the Q&A session. Please go ahead. Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to participate, please press star one on your keyboard. Thank you. First question from Ignacio Doménech, from JB Capital Markets. Ignacio, please go ahead. Yes. Hello, good morning, and thank you for taking my questions. I have several questions about the regulation review and part of your earnings call. As part of the regulation review, I would like to understand which elements... And remuneration, risk not growing for the 27/32 period. That's my first question. The second one deals with provisions. There, I have seen a shift of approximately EUR 17 million. I would like to understand where that shift comes from. And third... about hydrogen. My question is, do you expect any additional delays in the backbone network FID?

Speaker #2: I have several questions about the regulation review, and part of your earnings call as part of the regulation review. I would like to understand which elements are revenue generation risks, not growing for the 2027-2032 period.

Ignacio Doménech: Yes. Hello, good morning, and thank you for taking my questions. I have several questions about the regulation review and part of your earnings call. As part of the regulation review, I would like to understand which elements... And remuneration, risk not growing for the 27/32 period. That's my first question. The second one deals with provisions. There, I have seen a shift of approximately EUR 17 million. I would like to understand where that shift comes from. And third... about hydrogen. My question is, do you expect any additional delays in the backbone network FID?

Speaker #2: That's my first question . The second one . Deals with provisions . There . I have seen a shift of approximately 70 million .

Speaker #2: I would like to understand where that shift comes from . And third . About hydrogen My question is , do you expect any additional delays in the backbone network ?

Speaker #2: FID And with this , allow for a broader or more interesting dividend payout policy Thank you . Ignacio , I will now answer your questions First of all , about the elements for the next regulatory and remuneration period We consider that and the energy policy guidelines approved by the government last November It was considered convenient to maintain high regulation stability So we can expect adjustments for certain parameters .

Operator: Would this allow for a broader or more interesting dividend payout policy? Thank you, Ignacio. I will now answer your questions. First of all, about the elements for the next regulatory and remuneration period. We consider that in the energy policy guidelines approved by the government last November, it was considered convenient to maintain high regulation stability. So we can expect adjustments for certain parameters, but no big changes in the regulatory landscape. We believe that to deal with or to meet the guidances from this government policy and in the preliminary consultation by the CNMC for the gas system, four elements need to be considered to turn that principle of sufficient payout maintained.

Ignacio Doménech: Would this allow for a broader or more interesting dividend payout policy?

Arturo Gonzalo Aizpiri: Thank you, Ignacio. I will now answer your questions. First of all, about the elements for the next regulatory and remuneration period. We consider that in the energy policy guidelines approved by the government last November, it was considered convenient to maintain high regulation stability. So we can expect adjustments for certain parameters, but no big changes in the regulatory landscape. We believe that to deal with or to meet the guidances from this government policy and in the preliminary consultation by the CNMC for the gas system, four elements need to be considered to turn that principle of sufficient payout maintained.

Speaker #2: But no big changes. And the regulatory landscape, we believe that to deal with or to meet the guidelines from this government policy and in the preliminary, preliminary consultation by the CNMV for the gas system, four elements need to be considered to turn that principle of sufficient payout maintained to provide optimum maintenance of the gas system to support the entire energy system and the electricity system.

Speaker #2: While at the same time deploying natural gases . These four elements are the following . First , paying close attention to operating expenses , we know that most investments have been made in the gas system , so most operations are optimum maintenance and running of the asset .

Operator: To provide optimum maintenance of the gas system, to support the entire energy system, and the electricity system, while at the same time deploying natural gases. These four elements are the following: First, paying a close attention to operating expenses. We know that most investments have been made in the gas system, so most operations are optimum maintenance and running of the assets. We believe that this element must be contemplated under a perspective view. Otherwise, we would have to face, as we did in the latest period, to cost increase. Second, we believe that we need to maintain a certain margin in OpEx, as happens in other regulatory systems. Third, the government's guidelines on energy policy focus intensely in setting up incentives, extending assets useful life once they've come to the end of their regulatory life cycle.

Arturo Gonzalo Aizpiri: To provide optimum maintenance of the gas system, to support the entire energy system, and the electricity system, while at the same time deploying natural gases. These four elements are the following: First, paying a close attention to operating expenses. We know that most investments have been made in the gas system, so most operations are optimum maintenance and running of the assets. We believe that this element must be contemplated under a perspective view. Otherwise, we would have to face, as we did in the latest period, to cost increase. Second, we believe that we need to maintain a certain margin in OpEx, as happens in other regulatory systems. Third, the government's guidelines on energy policy focus intensely in setting up incentives, extending assets useful life once they've come to the end of their regulatory life cycle.

Speaker #2: We believe that this element must be a contemplated under a perspective view . Otherwise we would have to face , as we did in the latest period , to cost increase .

Speaker #2: Second , we believe that we need to maintain a certain margin and opex as happens in other regulatory systems . Third , the guide , the government to guidelines on energy policy focus intently in setting up incentives , extending assets , useful life once they've come to the end of their regulatory life cycle .

Speaker #2: In other words, encouraging or incentivizing operators to extend the life of assets rather than investing in substitutions. So, we believe that the critical life cycle will be a key element.

Speaker #2: At the same time , a similar mechanism to the present Ares . Yes , and needs to be maintained to a remunerate . The availability of the gas system to participate in the general energy system , specifically in the electricity system , particularly since OpEx come mostly from dealing with extreme weather events , which can be contemplated in .

Operator: In other words, encouraging or incentivizing operators to extend the life of assets rather than investing in substitution. So we believe that the critical life cycle will be a key element. At the same time, a similar mechanism to the present RCS needs to be maintained to remunerate the availability of the gas system, to participate in the general energy system, specifically in the electricity system. Particularly since OpEx come mostly from dealing with extreme weather events, which can be contemplated in this continuity figure for compensation in terms of sustainability for the energy system. Second, you were asking about a shift in the provisions in our note. Well, 2025 financial statements do include a provision of EUR 116 million under the line, other long-term obligations.

Arturo Gonzalo Aizpiri: In other words, encouraging or incentivizing operators to extend the life of assets rather than investing in substitution. So we believe that the critical life cycle will be a key element. At the same time, a similar mechanism to the present RCS needs to be maintained to remunerate the availability of the gas system, to participate in the general energy system, specifically in the electricity system. Particularly since OpEx come mostly from dealing with extreme weather events, which can be contemplated in this continuity figure for compensation in terms of sustainability for the energy system. Second, you were asking about a shift in the provisions in our note.

Speaker #2: In this continuity , figure . For compensation in terms of sustainability for the energy system . Second , you are asking asking about a shift in the provisions in our note .

Speaker #2: Well , 2025 financial statements do include a provision of €116 million under the line . Other long term obligations . This provision is connected to a right of collection for the same sum booked as an asset , deriving for a possible tax break generated by the settlement of the companies .

Speaker #2: In tall energy I must highlight that both elements are directly related to Matthew . Therefore , the impact for Enagas would be positive if this tax break is materialized and the provision is reverted , or at most neutral .

Arturo Gonzalo Aizpiri: Well, 2025 financial statements do include a provision of EUR 116 million under the line, other long-term obligations. This provision is connected to a right of collection for the same sum, booked as an asset, deriving from a possible tax break generated by the settlement of companies in Tallgrass Energy. I must highlight that both elements are directly related, Ignacio. Therefore, the impact for Enagás would be positive if this tax break is materialized and the provision is reverted, or at most neutral, if this tax break did not come to happen and both the provision and the assets were reverted. At any rate, there would be no negative impact in any scenario. To reinforce the materialization of this positive scenario, we got insurance covering the contingency from several POVs.

Operator: This provision is connected to a right of collection for the same sum, booked as an asset, deriving from a possible tax break generated by the settlement of companies in Tallgrass Energy. I must highlight that both elements are directly related, Ignacio. Therefore, the impact for Enagás would be positive if this tax break is materialized and the provision is reverted, or at most neutral, if this tax break did not come to happen and both the provision and the assets were reverted. At any rate, there would be no negative impact in any scenario. To reinforce the materialization of this positive scenario, we got insurance covering the contingency from several POVs. Last, you were asking about additional delays in hydrogen structures leading to a better dividend payout.

Speaker #2: If this tax break did not come to happen in both the provision and the asset were reverted at any rate , there would no , there would be no negative impact in any scenario .

Speaker #2: And to reinforce the materialization of this positive scenario, we got insurance covering the contingency from several POVs. And last, you were about additional delays in hydrogen structures leading to a better dividend payout.

Speaker #2: Well , the company strategy entails maintaining a sufficiently solid balance to organically tackle the investment plan for hydrogen CapEx . And at the same time , keep our rating and our dividend policy stable , if any delays should happen Basically , arising not from a change in targets or strategy , either in Europe or Spain , or any gas , but stemming from administrative tasks like a permits and environmental impact assessment .

Arturo Gonzalo Aizpiri: Last, you were asking about additional delays in hydrogen structures leading to a better dividend payout.

Operator: Well, the company's strategy entails maintaining a sufficiently solid balance to organically tackle the investment plan for a hydrogen CapEx, and at the same time, keep our rating and our dividend policy stable. If any delays should happen-

Luis Romero: Well, the company's strategy entails maintaining a sufficiently solid balance to organically tackle the investment plan for a hydrogen CapEx, and at the same time, keep our rating and our dividend policy stable. If any delays should happen basically arising not from a change in targets or strategy, either in Europe or Spain or Enagás, but stemming from administrative tasks like permits and environmental impact assessments. We will save that spread for future years when the investment ultimately takes place. So our commitment is a sustainable, competitive dividend to be paid out, and if our conservative assumptions are met, it will go beyond 2026. But the elbow room we might eventually get from some punctual delay in hydrogen infrastructures, we would save as a margin to keep deploying that CapEx in future years.

Speaker #2: We will save that spread for future years, when the investment ultimately takes place. So our commitment is a sustainable, competitive dividend to be paid out.

Luis Romero: ... basically arising not from a change in targets or strategy, either in Europe or Spain or Enagás, but stemming from administrative tasks like permits and environmental impact assessments. We will save that spread for future years when the investment ultimately takes place. So our commitment is a sustainable, competitive dividend to be paid out, and if our conservative assumptions are met, it will go beyond 2026. But the elbow room we might eventually get from some punctual delay in hydrogen infrastructures, we would save as a margin to keep deploying that CapEx in future years. Well, thank you for your question, Ignacio. Next question, please. Thank you. No more questions in Spanish. We will now take your questions in English, please.

Speaker #2: And if our conservative assumptions are met , it will go beyond 2026 . But the elbow room , we might eventually get from some punctual delay and hydrogen infrastructures , we would save as a As a margin to keep deploying that CapEx in future years .

Speaker #2: Well , thank you for your question , Ignacio . Next question please Thank you . No more questions in Spanish . We will now take your questions in English , please

Speaker #3: Thank you. Moving on to questions on the English side. First question is from Julius Nicholson with Bank of America. Please go ahead.

Speaker #4: Great . Thank you . Thanks for the presentation . Just two questions for me . First of all , also on regulation , could you just provide us with an update on the timeline ?

Arturo Gonzalo Aizpiri: Well, thank you for your question, Ignacio. Next question, please.

Operator: Thank you. No more questions in Spanish. We will now take your questions in English, please. Thank you. Moving on to questions on the English side. First question is from Julius Nickelsen with Bank of America. Please go ahead.

Speaker #4: I know that the draft has been delayed, but any indication would be really useful for when we have to look out for the draft to come out. And then the second one is on capital allocation as well.

[Equity Research Analyst] (Bank of America): Thank you. Moving on to questions on the English side. First question is from Julius Nickelsen with Bank of America. Please go ahead.

Speaker #4: You just talked about the dividend, but in terms of M&A, is that something that you assess at the current moment given the balance sheet strength, or do you want to keep the buffer for any hydrogen investments?

Julius Nickelsen: Great. Thank you. Thanks for the presentation. Just two questions for me. First one, also on regulation. Could you just provide us with an update on the timeline? I know that the draft has been delayed, but any indication would be really useful for when we have to look out for the draft to come out. And then, the second one is on, capital allocation as well. You just talked about the dividend, but in terms of M&A, is that something that you assess at the current moment, given the balance sheet strength, or, do you want to keep the buffer for any hydrogen investments? It'd be interesting to hear your thoughts. Thank you.

Speaker #4: Would be interesting to hear your thoughts. Thank you.

Speaker #5: Thank you very much for your questions , Julius First of all , talking about the regulation and you you were asking for some update on on the timeline this past week .

Speaker #5: The Director of the Energy Services of the CNMC, in a public event, announced that the draft circular proposals will be subject to public consultation in the coming weeks.

Luis Romero: Thank you very much for your questions, Julius. First of all, talking about the regulation, and you were asking for some update on the timeline. This past week, the director of the energy services of the CNMC, in a public event, announced that the draft circular proposals will be subject to public consultation in the coming weeks. So she was not more precise than that, but she said that this was not going to happen in a few days, but just in a few weeks. So we expect that this could happen, Julius, probably in March or April, and this would be necessary to have the circulars approved, finally approved, let's say, something like by October, by the start of the next gas year, as we define it.

Speaker #5: So she was not more precise than that. But she said that this was not going to happen in a few days.

Speaker #5: But yes , in a few weeks . So we expect that this could happen . Julius probably in in March or April and this would be necessary to have the circulars approved , finally approved .

Speaker #5: Let's say something like by October , by the start of the next gas year , as we as we define it . So I think that the Cnmc is following the calendar and we will have the proposal March , April , and we will have the final , the final version before the summer .

Speaker #5: And we will have the circulars finally approved in October . This is our best estimate . Of course , Julius . And this is absolutely up to the Cnmc regarding capital allocation and the possibility of considering opportunities in in M&A .

Luis Romero: So I think that the CNMC is following the calendar, and we will have the proposal March, April, and we will have the final version before the summer, and we will have the circulars finally approved in October. This is our best estimate, of course, Julius, and this is absolutely up to the CNMC. Regarding capital allocation and the possibility of considering opportunities in M&A, well, two strong messages here. First of all, the absolute priority of Enagás is ensuring, as I said, the development of the company's organic plan in renewable hydrogen, the sustainability of the dividend policy, and the maintenance of solid credit ratings. This is our... These are our red lines.

Speaker #5: Well , two strong messages here . First of all , the absolute priority of of Enagas is ensuring , as I said , the development of the companies organic plan in renewable hydrogen , the sustainability of the dividend policy and the maintenance of solid credit ratings .

Speaker #5: This is our these are our red lines . Second , if we consider any investment opportunity , this would have to meet the criteria defined in our strategic , including reasonable profitability and alignment with the established investment requirements .

Speaker #5: Our focus is on Spain and Europe, and on regulated assets. So we are assessing the opportunities that may arise in the market, but with nothing specific in our plans and always considering these strict requirements. Many thanks for the answer.

Luis Romero: Second, if we consider any investment opportunity, this would have to meet the criteria defined in our strategic, including reasonable profitability and alignment with the established investment requirements, a focus on Spain and Europe, and on regulated assets. So we are assessing the opportunities that may arise in the market, but with nothing specific in our plans, and always considering these strict requirements.

Speaker #5: Many thanks , Julia , for your questions . We are ready to move on to the next one . Please .

Speaker #3: Next question is from Arthur Sitbon with Morgan Stanley. Please go ahead.

Speaker #6: Hello. Thank you for taking my question. I have two. The first one is on your net financial debt target for 2026.

Speaker #6: It's broadly flat with with net debt achieved in 2025 . So I just wanted to check basically , it seems to me that there is no cash inflow expected from from Peru in 2026 .

[Equity Research Analyst] (Bank of America): Many thanks for the answer. Many thanks, Julius, for your questions. We are ready to move on to the next one, please.

Arturo Gonzalo Aizpiri: Many thanks for the answer. Many thanks, Julius, for your questions. We are ready to move on to the next one, please.

Operator: ... Next question is from Arthur Sitbon with Morgan Stanley. Please go ahead.

Operator: Next question is from Arthur Sitbon with Morgan Stanley. Please go ahead.

Speaker #6: And that that that would come later . I was just wondering if this is just conservative assumptions that you're making , or if it's a genuine expectation that that you won't receive cash in in 2026 .

Arthur Sitbon: Hello, thank you for taking my question. I have two. The first one is on your net financial debt target for 2026. It's broadly flat with the net debt achieved in 2025. So I just wanted to check. Basically, it seems to me that there is no cash inflow expected from Peru in 2026, and that would come later. I was just wondering if this is just a conservative assumption that you're making or if it's a genuine expectation that you won't receive cash in 2026? That's the first question. The second one is just thinking a little bit about the bigger picture of the regulatory review in gas networks.

Speaker #6: That's the first question. The second one is just thinking a little bit about the bigger picture of the regulatory review in gas networks.

Speaker #6: I see that consensus expects significant growth in net income in 2027—close to 9%, at around €255 million. I imagine a lot of the contribution from hydrogen networks investments will be after 2027.

Speaker #6: So in that context , I was wondering what would be needed to have so much net income growth in 2027 ? Is it that the increase in allowed return that you're getting close to 100 bips is going to be enough to have this 9% of net income growth ?

Arthur Sitbon: I see that consensus expects significant growth in net income in 2027, close to 9%, at around EUR 255 million. I imagine a lot of the contribution from hydrogen networks investments will be after 2027. So in that context, I, I was wondering, what would be needed to have so much net income growth in 2027? Is it that the increase in allowed return that you're getting, close to 100 bps, is going to be enough to have this 9% of net income growth? Or do you need other improvements in the regulatory framework to reach these types of numbers? Thank you very much.

Speaker #6: Or do you need other improvements in the regulatory framework to reach these types of numbers? Thank you very much.

Speaker #5: Thank you very much , Arthur Regarding our net debt , I will ask Luis , our CFO , to give you a detailed net debt bridge for this year .

Speaker #5: But in general terms, we are not counting on getting cash inflows from the GSP award in 2026. We are counting on those for 2030.

Luis Romero: Thank you very much, Arthur. Regarding our net debt, I will ask Luis, our CFO, to give you a detailed net debt bridge for this year. But in general terms, we are not counting on getting cash inflows from the GSP award in 2026. We are counting on those for 2030. So we are being conservative, you are right, but we are putting ourselves in a very prudent, very conservative stance. So we think it's better to not count on this money coming earlier just for the sake of being conservative, as you said. But what I would like to mention here is that we expect to continue optimizing our cash in Peru coming from the dividends of TGP.

Arturo Gonzalo Aizpiri: Thank you very much, Arthur. Regarding our net debt, I will ask Luis, our CFO, to give you a detailed net debt bridge for this year. But in general terms, we are not counting on getting cash inflows from the GSP award in 2026. We are counting on those for 2030. So we are being conservative, you are right, but we are putting ourselves in a very prudent, very conservative stance. So we think it's better to not count on this money coming earlier just for the sake of being conservative, as you said. But what I would like to mention here is that we expect to continue optimizing our cash in Peru coming from the dividends of TGP.

Speaker #5: So we are being conservative . You are right , but we are putting ourselves in a very prudent , very conservative stance . So we think it's better to not to count on this , this money coming earlier just for the sake of being conservative .

Speaker #5: As you said. But what I would like to mention here is that we expect to continue optimizing our cash in Peru, and this is coming from the dividends of TGP.

Speaker #5: And as I said, we are expecting that the final hearing for the GSP annulment appeal will take place in June or July this year, and the ad hoc committee created by ICSID should release the resolution six months later.

Speaker #5: If not , they have to inform every month about the expected date of this resolution . So when this happens and we are pretty sure that in the result will be positive for us , we can continue optimizing our cash in the country or when the award for the arbitration is received and provided that it's positive for gas .

Luis Romero: As I said, we are expecting that the final hearing for the GSP annulment appeal will take place in June, July this year, and the ad hoc committee created by ICST should release their resolution six months later. If not, they have to inform every month about the expected date of this resolution. So when this happens, and we are pretty sure that the result will be positive for Enagás, we can continue optimizing our cash in the country, or when the award for the TGP arbitration is received, and provided that it's positive for Enagás, as we are sure it will be, then this can happen as well. Whichever things happens earlier, we can continue optimizing our cash in the country.

Arturo Gonzalo Aizpiri: As I said, we are expecting that the final hearing for the GSP annulment appeal will take place in June, July this year, and the ad hoc committee created by ICST should release their resolution six months later. If not, they have to inform every month about the expected date of this resolution. So when this happens, and we are pretty sure that the result will be positive for Enagás, we can continue optimizing our cash in the country, or when the award for the TGP arbitration is received, and provided that it's positive for Enagás, as we are sure it will be, then this can happen as well. Whichever things happens earlier, we can continue optimizing our cash in the country.

Speaker #5: As we are sure it will be , then this can happen as well . Whichever things happens earlier , we can continue optimizing our cash in the country According to what the tribunal has said , for the award , this should be released in the second quarter of this year .

Speaker #5: So that would be probably would what would happen first . So , Arthur , we are not counting on cash inflows . This year for our rights to be paid by the GSP award .

Speaker #5: But yes, we are expecting to continue optimizing our cash in Peru once the award is released or once the annulment appeal is resolved by the exit committee.

Luis Romero: According to what the tribunal has said for the TGP award, this should be released in the Q2 of this year, so that would be probably what would happen first. So Arthur, we are not counting on cash inflows this year for our rights to be paid by the GSP award. But yes, we are expecting to continue optimizing our cash in Peru once the TGP award is released or once the annulment appeal is resolved by the ICST committee. And regarding the bigger picture, I will give the floor to Luis in a minute for a detailed net debt bridge. But addressing the bigger picture you were requesting for our 2023 OPEX remuneration, we are not giving any guidance for 2027 yet.

Arturo Gonzalo Aizpiri: According to what the tribunal has said for the TGP award, this should be released in the Q2 of this year, so that would be probably what would happen first. So Arthur, we are not counting on cash inflows this year for our rights to be paid by the GSP award. But yes, we are expecting to continue optimizing our cash in Peru once the TGP award is released or once the annulment appeal is resolved by the ICST committee. And regarding the bigger picture, I will give the floor to Luis in a minute for a detailed net debt bridge. But addressing the bigger picture you were requesting for our 2023 OPEX remuneration, we are not giving any guidance for 2027 yet.

Speaker #5: And regarding the The big I will let the . I will give the floor to Luis in a minute for a detailed net debt breach , but addressing the bigger picture , you were requesting for our 2023 OpEx remuneration .

Speaker #5: We are not giving any guidance for 2027 yet. We think that this is not the moment for that. We are still in the process of knowing the circulars for the next regulatory period, and we are still in discussions with the regulator.

Speaker #5: What we are pretty comfortable and we are able to say, as is, that we consider that EBITDA—and I will start to improve at the beginning of the next regulatory period.

Luis Romero: We think that this is not the moment for that. We are still in the process of knowing the circulars for the next regulatory period, and we are still in discussions with the regulator. What we are pretty comfortable, and we are able to say, is that we consider that EBITDA and EBITDA will start to improve at the beginning of the next regulatory period. So, Luis, please.

Arturo Gonzalo Aizpiri: We think that this is not the moment for that. We are still in the process of knowing the circulars for the next regulatory period, and we are still in discussions with the regulator. What we are pretty comfortable, and we are able to say, is that we consider that EBITDA and EBITDA will start to improve at the beginning of the next regulatory period. So, Luis, please.

Speaker #5: So , Luis , please

Speaker #7: Thank you . Arturo , and good morning , Arthur . Yes . To to understand well , what is the expected evolution of the net debt between 2025 , 2026 that we we expected that is going to maintained really flat .

Speaker #7: Probably close to $2.4 billion. As always has been our commitment, when we present the update of the plan in February 2025, the main four steps are the following.

Speaker #7: I think we have a foreign operation of €550 million. On top of that, we account with an investment that is going to be close to €220 million.

Diego Trillo: Thank you, Arturo, and good morning, Arthur. Just to understand well, what is the expected evolution of the net debt between 2025, 2026, that we expected that is going to be maintained really flat, no? Probably close to EUR 2.4 billion, as always has been our commitment, no, when we present the update of the solid plan in February 2025. The main four steps are the following: I think we have a fund from operation of EUR 550 million. On top of that, we account with an investment that are going to be close to EUR 220 million euros, as you see in the material that we report.

Luis Romero: Thank you, Arturo, and good morning, Arthur. Just to understand well, what is the expected evolution of the net debt between 2025, 2026, that we expected that is going to be maintained really flat, no? Probably close to EUR 2.4 billion, as always has been our commitment, no, when we present the update of the solid plan in February 2025. The main four steps are the following: I think we have a fund from operation of EUR 550 million. On top of that, we account with an investment that are going to be close to EUR 220 million euros, as you see in the material that we report.

Speaker #7: As you see in the material that we report, and of course, the dividend of €1 per share. Count with around €250 million of cash flows for dividends.

Speaker #7: And we have a working capital , a negative working capital of 72 million . This is going to be the result of , first , the cash inflow of the O&M for the of of Castor that we expect to collect this year after the positive sentence of the of the court and also , it is true that we are going to suffer also the lower tariff during the year .

Diego Trillo: Of course, the dividend of EUR 1 per share counts with around EUR 260 million of cash flows for dividends. We have working capital, a negative working capital of EUR 72 million. This is going to be the results of, first, the cash inflow of the O&M of Castor, that we expect to collect this year after the positive sentence of the court. Also, it's true that we are going to suffer also the lower tariff during the year. That is going to be the final year, where all the adjustments made by the regulator is going to be allowed to practically eliminate all the surplus generating in the natural gas system between 2021 and 2024. So this is the main figures.

Luis Romero: Of course, the dividend of EUR 1 per share counts with around EUR 260 million of cash flows for dividends. We have working capital, a negative working capital of EUR 72 million. This is going to be the results of, first, the cash inflow of the O&M of Castor, that we expect to collect this year after the positive sentence of the court. Also, it's true that we are going to suffer also the lower tariff during the year. That is going to be the final year, where all the adjustments made by the regulator is going to be allowed to practically eliminate all the surplus generating in the natural gas system between 2021 and 2024. So this is the main figures.

Speaker #7: That is going to be the final year where all the adjustments made in by the regulator are going to be allowed to practically eliminate all the surplus generated in the natural gas system between 2021 and 2024.

Speaker #7: So this is the main figures . I think it's important that at the end of 2026 , we will finalize with our net debt adjusted by by the rating agencies , higher than 20% .

Speaker #7: And this is something that gives a lot of comfort. And the company will be really unleveraged, with the capacity to face all the CapEx program in hydrogen and also sustain the dividend policy.

Speaker #8: Thank you very much. Thank you very much for your—

Speaker #5: For your question , Arthur .

Diego Trillo: I think it's important that at the end of 2026, we will finalize with our funds from operations net debt adjusted by the rating agencies higher than 20%, and this is something that give a lot of comfort, and the company will be really unleveraged, with the capacity to face all the CapEx program in hydrogen and also sustain the dividend policy.

Luis Romero: I think it's important that at the end of 2026, we will finalize with our funds from operations net debt adjusted by the rating agencies higher than 20%, and this is something that give a lot of comfort, and the company will be really unleveraged, with the capacity to face all the CapEx program in hydrogen and also sustain the dividend policy.

Speaker #8: We are

Speaker #5: To take the next one.

Speaker #3: Next question is from Beatrice Gianola from Mediobanca. Please go ahead.

Speaker #9: Yes . Good morning everybody . Thanks for the presentation . Just had a quick follow up on the regulatory front . Just wondering if you can provide us with an indication on the rate of return that you are expecting would be approved by the CMC or least proposed by the CMC .

Luis Romero: Thank you very much. Thank you very much for your question, Arthur. We are ready to take the next one.

Diego Trillo: Thank you very much. Thank you very much for your question, Arthur. We are ready to take the next one.

Speaker #9: I remember you indicated something around 6.5 or 7% as a whole , a rate of return . So just wondering if this number is still valid and then just wanted to understand which are your expectations in terms of a regulatory framework for the hydrogen part , meaning how would you expect the authority to reflect to somehow reflect in the new regulatory update ?

Operator: Next question is from Beatrice Gianola, from Mediobanca. Please go ahead.

Beatrice Gianola: Yes, good morning, everybody. Thanks for the presentation. Just had a quick follow-up on the regulatory front. Just wondering if you can provide us with an indication on the rate of return that you are expecting would be approved by the CNMC, or at least proposed by the CNMC. I remember you indicated something around 6.5 or 7% as a whole rate of return. So just wondering if this number is still valid. And then just wanted to understand, which are your expectations in terms of a regulatory framework for the hydrogen part? Meaning, how would you expect the authority to reflect, to somehow reflect in the new regulatory update, the development of the hydrogen grid? Thank you very much.

Speaker #9: The development of the hydrogen grid? Thank you very much.

Speaker #5: Thank you very much , Beatrice . Regarding the expected rate of return , we are considering a value very , very close to 6.5% .

Speaker #5: You know that the methodology of the rate of return has already been approved. In general terms, this methodology is common to the electricity and gas systems.

Speaker #5: However , the last circular approved by the Cnmc determines precisely the exact value for the are load return for the electricity system , which is , I think 6.58 , but it doesn't give the final figure for the gas system because there is one adjustment coefficient that has not a final value , and that will be determined in the circular .

Luis Romero: Thank you very much, Beatrice. Regarding the expected rate of return, we are considering a value very, very close to 6.5%. You know that the methodology of the rate of return has already been approved, being, in general terms, this methodology common to the electricity and gas systems. However, the last circular approved by the CNMC determines precisely the exact value for the allowed return for the electricity system, which is, I think, 6.58%, but it doesn't give the final figure for the gas system, because there is one adjustment coefficient that has not a final value, and that will be determined in the circular for the gas system remuneration. If we maintain the value initially disclosed in the initial public consultation of this methodology, we would be around five... Sorry, 6.48%, something like that.

Arturo Gonzalo Aizpiri: Thank you very much, Beatrice. Regarding the expected rate of return, we are considering a value very, very close to 6.5%. You know that the methodology of the rate of return has already been approved, being, in general terms, this methodology common to the electricity and gas systems. However, the last circular approved by the CNMC determines precisely the exact value for the allowed return for the electricity system, which is, I think, 6.58%, but it doesn't give the final figure for the gas system, because there is one adjustment coefficient that has not a final value, and that will be determined in the circular for the gas system remuneration. If we maintain the value initially disclosed in the initial public consultation of this methodology, we would be around five... Sorry, 6.48%, something like that.

Speaker #5: For the gas system, remuneration. If we maintain the value initially disclosed in the initial public consultation of this methodology, we would be around five.

Speaker #5: Sorry , 6.48 , something like that . But this is not final . So we consider that we will be between 6.46 or 6.4 5 to 6.58 .

Speaker #5: So this is why we've said in our in our speech , in my initial statement that we are counting on a rate of return very close to 6.5% , which is the value that is included in our financial projections as approved in February 2025 .

Luis Romero: But this is not final, so we consider that we will be between 6.46 or 6.45 to 6.58. So this is why we've said in our, in our speech, in my initial statement, that we are counting on a rate of return very close to 6.5%, which is the value that is included in our financial projections, as approved in February 2025 in our strategic update. So I think this is a good message, that Enagás is being very conservative when assessing what the new regulation is going to bring.... And I think that this same idea may be extended to the other elements of the remuneration, period.

Arturo Gonzalo Aizpiri: But this is not final, so we consider that we will be between 6.46 or 6.45 to 6.58. So this is why we've said in our, in our speech, in my initial statement, that we are counting on a rate of return very close to 6.5%, which is the value that is included in our financial projections, as approved in February 2025 in our strategic update. So I think this is a good message, that Enagás is being very conservative when assessing what the new regulation is going to bring.... And I think that this same idea may be extended to the other elements of the remuneration, period.

Speaker #5: In our strategic update. So, I think this is a good message that Enagás is being very conservative when assessing what the new regulation is going to bring, and I think that this same idea may be extended to the other elements of the remuneration period.

Speaker #5: So we are being very conservative, and we think that our regulatory vision is very much aligned to the criteria set by the CNMC and by the Ministry.

Speaker #5: The Spanish government, in their respective position documents that were published last year and regarding our expectations for the regulatory framework, hydrogen investments, I think that the next important step will be the draft law for the transposition of the European hydrogen and decarbonized gas package.

Luis Romero: So we are being very conservative, and we think that our regulatory vision is very much aligned to the criteria set by the CNMC and by the ministry, the Spanish government, in their respective position documents that were published last year. And regarding our expectations for the regulatory frame for hydrogen investments, I think that the next important step will be the draft law for the transposition of the European hydrogen and decarbonized gas package. You know that this is where the regulatory framework is going to be established in the member states. And in the case of Spain, the Vice Prime Minister, Sara Aagesen, in the fourth Enagás Hydrogen Day, as I have mentioned in my speech, she announced that in the coming...

Arturo Gonzalo Aizpiri: So we are being very conservative, and we think that our regulatory vision is very much aligned to the criteria set by the CNMC and by the ministry, the Spanish government, in their respective position documents that were published last year. And regarding our expectations for the regulatory frame for hydrogen investments, I think that the next important step will be the draft law for the transposition of the European hydrogen and decarbonized gas package. You know that this is where the regulatory framework is going to be established in the member states. And in the case of Spain, the Vice Prime Minister, Sara Aagesen, in the fourth Enagás Hydrogen Day, as I have mentioned in my speech, she announced that in the coming...

Speaker #5: You know that this is a where the regulatory framework is going to be established in the member states and in the case of Spain , the vice prime minister , Sarah Jackson , in the fourth Enagas Hydrogen Day .

Speaker #5: As I have mentioned in my speech , she announced that in the in the coming she said in the near future and it will be subject to public consultation , the draft law transposing all these elements of the European hydrogen and Decarbonized gas package .

Speaker #5: So, we will know there the initial model of the Spanish government for all the elements of the regulatory framework for hydrogen, and in that law, the new tasks that have to be developed by the CNMC regarding hydrogen will also be established.

Luis Romero: She said in the near future, it will be subject to public consultation, the draft law transposing all these elements of the European hydrogen and decarbonized gas package. So we will know there the initial model of the Spanish government for all, all the elements of the regulatory framework for hydrogen. And in that law, the new tasks that have to be developed by the CNMC regarding hydrogen will also be established. So we cannot give you, Beatriz, a first version of which the model will be, except the European directive itself, in which many aspects of the regulation, the access mechanisms, the balance mechanisms for the system, the planning aspects, also, of the hydrogen infrastructure will be determined.

Arturo Gonzalo Aizpiri: She said in the near future, it will be subject to public consultation, the draft law transposing all these elements of the European hydrogen and decarbonized gas package. So we will know there the initial model of the Spanish government for all, all the elements of the regulatory framework for hydrogen. And in that law, the new tasks that have to be developed by the CNMC regarding hydrogen will also be established. So we cannot give you, Beatriz, a first version of which the model will be, except the European directive itself, in which many aspects of the regulation, the access mechanisms, the balance mechanisms for the system, the planning aspects, also, of the hydrogen infrastructure will be determined.

Speaker #5: So we cannot give you . Beatrice a first version of which the model will be except the European directive itself , in which many aspects of the regulation , the access mechanisms , the balance mechanisms for the system and the planning aspects also of the hydrogen infrastructure infrastructure will be determined .

Speaker #5: So I insist on the four elements that the Vice Prime Minister mentioned for this draft law, which are the creation of the hydrogen Spanish system, the national hydrogen system.

Speaker #5: Second , the creation of the regulated hydrogen market . Third , the mechanisms to develop the infrastructures And fourth , the incentivisation or incentivizing of the hydrogen demand .

Luis Romero: So I insist on the four elements that the Vice Prime Minister Aagesen mentioned for this draft law, which are: the creation of the hydrogen Spanish system, the national hydrogen system. Second, the creation of the regulated hydrogen market. Third, the mechanisms to develop the infrastructures. And fourth, the incentivization or incentivizing of the hydrogen demand. But we will know this in, we think, in the coming weeks or few months, because the Vice Prime Minister Aagesen said that this will happen in the near future. Thank you, Beatriz. Thank you very much, Beatriz, for your question. We are ready to take the next one, please.

Arturo Gonzalo Aizpiri: So I insist on the four elements that the Vice Prime Minister Aagesen mentioned for this draft law, which are: the creation of the hydrogen Spanish system, the national hydrogen system. Second, the creation of the regulated hydrogen market. Third, the mechanisms to develop the infrastructures. And fourth, the incentivization or incentivizing of the hydrogen demand. But we will know this in, we think, in the coming weeks or few months, because the Vice Prime Minister Aagesen said that this will happen in the near future.

Speaker #5: But we will know this if we think in the coming weeks or few months, because the Vice Prime Minister said that this will happen in the near future.

Speaker #5: Thank you . Beatrice Thank you very much , Beatrice , for your question . We are ready to take the next one . Please

Speaker #3: Next question is from Ella Walker Hunt from Citi. Please go ahead.

Speaker #10: Good morning . All and thank you for taking my questions . My first question relates to the 2026 guidance . The EBITDA guidance .

Speaker #10: Can I ask how much of that 620 million will be coming from affiliates versus the underlying business ? It's my first question , and my second question relates to the to green hydrogen .

Diego Trillo: Thank you, Beatriz. Thank you very much, Beatriz, for your question. We are ready to take the next one, please.

Speaker #10: So, in your slides, you mentioned that 145 MW of FIDs took place in 2025. And you expect 780 MW to take place in 2026.

Operator: Next question is from Ella Walker Hunt, from Citi. Please go ahead.

Operator: Next question is from Ella Walker-Hunt, from Citi. Please go ahead.

Ella Walker-Hunt: Good morning, all, and thank you for taking my questions. My first question relates to the 2026 guidance, the EBITDA guidance. Could I ask how much of that EUR 620 million will be coming from affiliates versus the underlying business? It's my first question. And my second question relates to green hydrogen. So, in your slide, you mentioned that 145 megawatts of FIDs took place in 2025, and you expect 780 megawatts to take place in 2026. On those two points, could I just ask, how many megawatts are actually operational today? And how do we reconcile these things to the 12 gigawatts target in 2030 in the national plan? Thank you.

Speaker #10: On those two points, could I just ask how many megawatts are actually operational today? And how do we reconcile these things to the 12 GW with a target in 2030?

Speaker #10: In the national plan? Thank you.

Speaker #5: Thank you for your questions , Ella . Regarding our EBITDA guidance , we estimate that in 2026 , the contribution from our affiliates will be around €165 million .

Speaker #5: Regarding the current operational capacity of Electrolysers in in Spain , as of today , I cannot give you right away the exact figure I can tell you that the Spanish government has already awarded public funding to amounting to €3.1 billion to an approximate amount of four gigawatts , some of those have already taken FID in last year in Spain , one 100MW project by Repsol in Cartagena took five plus .

Luis Romero: Thank you for your questions, Ella. Regarding our EBITDA guidance, we estimate that in 2026, the contribution from our affiliates will be around EUR 165 million. Regarding the current operational capacity of electrolyzers in Spain, as of today, I cannot give you right away the exact figure. I can tell you that the Spanish government has already awarded public funding to... amounting to EUR 3.1 billion to an approximate amount of 4GW. Some of those have already taken FID. In last year, in Spain, 100 megawatts project by Repsol in Cartagena took FID, plus this second project of Petronor of an additional 100 megawatts. Those projects are already under construction.

Arturo Gonzalo Aizpiri: Thank you for your questions, Ella. Regarding our EBITDA guidance, we estimate that in 2026, the contribution from our affiliates will be around EUR 165 million. Regarding the current operational capacity of electrolyzers in Spain, as of today, I cannot give you right away the exact figure. I can tell you that the Spanish government has already awarded public funding to... amounting to EUR 3.1 billion to an approximate amount of 4GW. Some of those have already taken FID. In last year, in Spain, 100 megawatts project by Repsol in Cartagena took FID, plus this second project of Petronor of an additional 100 megawatts. Those projects are already under construction.

Speaker #5: This second project of Petronor of an additional 100MW . Those projects are already under construction and other projects that have taken FID in recent months , where the ten year , the ten megawatt project in Bilbao , the first one , the 100 megawatt , is the second one .

Speaker #5: This ten megawatts is reaching the final stages of construction and there are there is one Iberdrola project in operation in Puerto Llano , which is , if I'm not mistaken , a 20 megawatt project .

Luis Romero: Other projects that have taken FID in recent months were the 10-megawatt project in Bilbao, the first one, the 100-megawatt is the second one. This 10 megawatts is reaching the final stages of construction, and there is one Iberdrola project in operation in Portellano, which is, if I'm not mistaken, a 20-megawatt project. There is also, under construction, one project by BP in their Castellón refinery, together with Iberdrola, which is also, if I'm not mistaken, a 20 megawatts project. In addition to that, we have our Mallorca project in operation, which is a small project. I think the capacity is 2.5 megawatts, and there are other small projects in Spain. So I would say that under construction or in operation, we have around 300 megawatts.

Speaker #5: And there is also under construction one project by BP in their Castilian refinery , together with which is also , if I'm not mistaken , a 20MW project .

Arturo Gonzalo Aizpiri: Other projects that have taken FID in recent months were the 10-megawatt project in Bilbao, the first one, the 100-megawatt is the second one. This 10 megawatts is reaching the final stages of construction, and there is one Iberdrola project in operation in Portellano, which is, if I'm not mistaken, a 20-megawatt project. There is also, under construction, one project by BP in their Castellón refinery, together with Iberdrola, which is also, if I'm not mistaken, a 20 megawatts project. In addition to that, we have our Mallorca project in operation, which is a small project. I think the capacity is 2.5 megawatts, and there are other small projects in Spain. So I would say that under construction or in operation, we have around 300 megawatts.

Speaker #5: In addition to that, we have our Mallorca project in operation, which is a small project. I think the capacity is 2.5 MW, and there are other small projects in Spain.

Speaker #5: So I would say that, under construction or in operation, we have around 300 MW. And in this year, 2026, we expect that at least 650 MW are going to reach FID; a 100 MW coming from this Repsol Petronor project that took FID last month in January.

Speaker #5: Repsol has also announced that their Tarragona project, with a capacity of 150 MW, will be taking FID. You know that Nagar Renewable is also a partner in this project, and Mweb has announced that they intend to take FID this year.

Luis Romero: In this year, 2026, we expect that at least 650MW are going to reach FID. 100MW coming from this Repsol Petronor project that took FID last month in January. Repsol has also announced that their Tarragona project, with a capacity of 150MW, will be taking FID. You know that Enagás Renovable is also a partner in this project. Moeve has announced that they intend to take this year the FID for their Onuba project in Huelva, with a total capacity of 400MW. So we think that at least in this 2026, an additional 650MW will take FID and will initiate construction, bringing the figure for projects under construction or in operation to 1GW in Spain in 2026.

Arturo Gonzalo Aizpiri: In this year, 2026, we expect that at least 650MW are going to reach FID. 100MW coming from this Repsol Petronor project that took FID last month in January. Repsol has also announced that their Tarragona project, with a capacity of 150MW, will be taking FID. You know that Enagás Renovable is also a partner in this project. Moeve has announced that they intend to take this year the FID for their Onuba project in Huelva, with a total capacity of 400MW. So we think that at least in this 2026, an additional 650MW will take FID and will initiate construction, bringing the figure for projects under construction or in operation to 1GW in Spain in 2026.

Speaker #5: The FID for their Onuba project in Velva, with a total capacity of 400 MW. So we think that at least in 2026, an additional 650 MW will take FID and will initiate construction, bringing the figure for projects under construction or in operation to one gigawatt in Spain in 2026.

Speaker #5: This is what I can tell you now, but our team can share with you more precise figures and estimates. Thank you, Ella.

Speaker #5: Thank you for your question. Let's move on to the next one, please.

Speaker #3: Next question comes from James Brand with Deutsche Bank. Please go ahead.

Speaker #11: Hi. Thank you for the presentation, and thank you for accepting my apologies. If there's a bit of background noise, I'm in an airport.

Luis Romero: This is what I can tell you now, but our IR team can share with you more precise figures and estimates. Thank you, Ella. Thank you, Ella, for your question. Let's move on to the next one, please.

Arturo Gonzalo Aizpiri: This is what I can tell you now, but our IR team can share with you more precise figures and estimates. Thank you, Ella.

Speaker #11: Hopefully you'll be able to hear me . Okay . I had a kind of one one question and two clarifications . So the new question is for the 225 million of investments that you're planning for 2026 .

Diego Trillo: Thank you, Ella, for your question. Let's move on to the next one, please.

Speaker #11: Could you give us a breakdown of the different areas that's going into? So, how much is going into the natural gas business, the regulated business?

Operator: Next question comes from James Brand with Deutsche Bank. Please go ahead.

James Brand: Hi, thank you for the presentation, and thank you for taking my question. Apologies, there's a bit of background noise. I'm in an airport. Hopefully, you'll be able to hear me okay. I had, just kind of one, one new question and, and two clarifications. So the, the new question is, for the EUR 225 million of investments that you're planning for 2026, could you give us a breakdown of the different areas that's going into? So how much is going into the, the natural gas business, regulated business? How much is going into kind of hydrogen stuff, how much going to other stuff? That'll be great. And then on the clarifications, the first one is on the GFP timeline.

Speaker #11: How much is going into kind of hydrogen stuff to go to other stuff? That would be great. And then on the classifications, the first one is on the GFP timeline.

Speaker #11: I just want to verify, you said the hearing would be in June, and then I think you don't expect a resolution within six months.

Speaker #11: So, is it that we should expect a kind of a full decision by the end of 2026, or maybe early 2027?

Speaker #11: Or did I mishear you? And then, the other clarification is just on the timeline for hydrogen regulation. You said you expect this law from the Spanish government to be coming in the coming months.

James Brand: I just want to clarify, did you-- you said the hearing would be in June, and then I think you then expect a resolution within six months. So is it that we should expect a kind of a full decision, kind of by the end of 2026 or maybe early 2027, or did I mishear you? And then the other clarification is just on the timeline for hydrogen regulation. You said you expect this law for the Spanish government to be coming in the coming, you know, months, I, I guess. Do you expect that to also have kind of details on how the regulation will work? I, I'm guessing not. So I'm, I'm guessing for you to have full visibility on the regulation, you need this law, and then the CNMC needs to start a process of determining the regulatory framework after that.

Speaker #11: I guess. Do you expect that to also have kind of details on how the regulation will work? I'm guessing not. So, I'm guessing you'd have full visibility on the regulation.

Speaker #11: You need this law and then the Cnmc needs to start a process of determining the regulatory framework . After that . And if that's the case , you know , we are we're looking into 2027 before we get that .

Speaker #11: Or might we get that earlier? Thank you very much.

Speaker #5: Thank you very much, thank you very much, James. Regarding the planned investment amount for 2026, those €225 million, the breakdown is as follows.

James Brand: If that's the case, you know, are we looking into 2027 before we get that, or might we get that earlier? Thank you very much.

Speaker #5: The natural gas infrastructure , meaning the regulated business we estimate something around €97 million , mainly CapEx , something like €47 million . And the rest going to the the CapEx muscle and others for hydrogen infrastructure .

Luis Romero: Thank you very much. Thank you very much, James. Regarding the planned investment amount for 2026, those EUR 225 million, the breakdown is as follows: The natural gas infrastructure, meaning the regulated business, we estimate something around EUR 97 million, mainly CapEx, something like EUR 47 million, and the rest going to the GTS, CapEx, Musel, and others. For hydrogen infrastructure, we are planning around EUR 49 million. You know, we are entering the main phase of the feed engineering investments for BarMar, and we are entering also the detailed and extended engineering for the Spanish backbone. So that's why the investment in hydrogen infrastructure increases in 2026. For the new businesses and what we call the adjacent businesses, those close to our regulated business, but not being regulated themselves.

Arturo Gonzalo Aizpiri: Thank you very much. Thank you very much, James. Regarding the planned investment amount for 2026, those EUR 225 million, the breakdown is as follows: The natural gas infrastructure, meaning the regulated business, we estimate something around EUR 97 million, mainly CapEx, something like EUR 47 million, and the rest going to the GTS, CapEx, Musel, and others. For hydrogen infrastructure, we are planning around EUR 49 million. You know, we are entering the main phase of the feed engineering investments for BarMar, and we are entering also the detailed and extended engineering for the Spanish backbone. So that's why the investment in hydrogen infrastructure increases in 2026. For the new businesses and what we call the adjacent businesses, those close to our regulated business, but not being regulated themselves.

Speaker #5: We are planning around €49 million. You know, we are entering the main phase of the FEED engineering investments for Burma. And we are entering also the detailed and extended engineering for the Spanish backbone.

Speaker #5: So that's why the investment in hydrogen infrastructure increases in 2026 for the new businesses. And what we call the adjacent businesses, those close to our regulated business, but not being regulated themselves.

Speaker #5: We are planning around €55 million , mainly for scale green energy and around €28 million for the new bunkering vessel . The Mistral LNG bunkering vessel , and the rest in other concepts and others , meaning innovation funds and some international businesses , especially our investments in study in Germany around €22 million .

Luis Romero: We are planning around EUR 55 million, mainly for Scale Green Energy, around EUR 28 million for the new bunkering vessel, the Mistral, LNG bunkering vessel, and the rest in other concepts. Others, meaning innovation funds and some international business, especially our investments in Stade, in Germany, around EUR 22 million. This is more or less the breakdown of that EUR 225 million. Regarding the clarifications, if I took my notes correctly, first of all, you were asking about GSP. You know that for the annulment appeal, the ICSID designates an ad hoc committee. This committee approved the calendar for the process, and this was already communicated to the parties in the process. In that communication, the committee established that the resolution should take place six months after the hearings.

Arturo Gonzalo Aizpiri: We are planning around EUR 55 million, mainly for Scale Green Energy, around EUR 28 million for the new bunkering vessel, the Mistral, LNG bunkering vessel, and the rest in other concepts. Others, meaning innovation funds and some international business, especially our investments in Stade, in Germany, around EUR 22 million. This is more or less the breakdown of that EUR 225 million. Regarding the clarifications, if I took my notes correctly, first of all, you were asking about GSP. You know that for the annulment appeal, the ICSID designates an ad hoc committee. This committee approved the calendar for the process, and this was already communicated to the parties in the process. In that communication, the committee established that the resolution should take place six months after the hearings.

Speaker #5: This is more or less the the breakdown of that €225 million . And regarding the clarifications , if I took my notes correctly , first of all , you were asking about GSP The , you know that for the annulment appeal , the exit designates an ad hoc committee .

Speaker #5: This committee approved the calendar for the process , and this was already communicated to the parties in in the process . And in that communication , the committee established that the resolution should take place six months after the hearings .

Speaker #5: The hearings will take place in late June , early July . So we should get the the resolution of the committee and before year end .

Speaker #5: But if there is any delay that may happen, then the committee will inform every month of the expected date of the resolution.

Speaker #5: So we we expect that it should happen if perhaps after that six months period . But not extending too much , that period , because this has been the intention declared formally by the tribunal Regarding the regulation , the hydrogen regulation timeline , as I said , the draft law should be subject to public consultation by the government in the near future , meaning that a few weeks or a few months after the law is passed , then the Cnmc has to create the detailed regulatory framework through circulars similar to those of natural gas , but the Cnmc is already aware that this future responsibilities are around the corner and the Cnmc has declared and the president of the Cnmc , Carney Fernandez , in our hydrogen Day on January the 28th , said that the CMC is already working to be prepared to comply with the European framework .

Luis Romero: The hearings will take place in late June, early July, so we should get the resolution of the committee before year-end. But if there is any delay that may happen, then the committee will inform every month of the expected date of the resolution. So we expect that it should happen, if perhaps after that six months period, but not extending too much that period, because this has been the intention declared formally by the tribunal. Regarding the regulation, the hydrogen regulation timeline, as I said, the draft law should be subject to public consultation by the government in the near future, meaning that a few weeks or a few months. After the law is passed, then the CNMC has to create the detailed regulatory framework through circulars similar to those of natural gas.

Arturo Gonzalo Aizpiri: The hearings will take place in late June, early July, so we should get the resolution of the committee before year-end. But if there is any delay that may happen, then the committee will inform every month of the expected date of the resolution. So we expect that it should happen, if perhaps after that six months period, but not extending too much that period, because this has been the intention declared formally by the tribunal. Regarding the regulation, the hydrogen regulation timeline, as I said, the draft law should be subject to public consultation by the government in the near future, meaning that a few weeks or a few months. After the law is passed, then the CNMC has to create the detailed regulatory framework through circulars similar to those of natural gas.

Speaker #5: So the Cnmc doesn't have a formal mandate yet and doesn't have the final regulatory framework that will arise from the transposition of the directive , but is already aware that this new tasks are going to be assigned to the Cnmc and as they deem it , a necessary , the the initial or preliminary works .

Luis Romero: But the CNMC is already aware that these future responsibilities are around the corner, and the CNMC has declared, and the president of the CNMC, Cani Fernández, in our Hydrogen Day on 28 January, said that the CNMC is already working to be prepared to comply with the European framework. So the CNMC doesn't have a formal mandate yet and doesn't have the final regulatory framework that will arise from the transposition of the directive, but is already aware that these new tasks are going to be assigned to the CNMC and starting as they deem it necessary, the initial or preliminary works. Thank you. Thank you, James, for taking part. We are ready to take the next question, please.

Arturo Gonzalo Aizpiri: But the CNMC is already aware that these future responsibilities are around the corner, and the CNMC has declared, and the president of the CNMC, Cani Fernández, in our Hydrogen Day on 28 January, said that the CNMC is already working to be prepared to comply with the European framework. So the CNMC doesn't have a formal mandate yet and doesn't have the final regulatory framework that will arise from the transposition of the directive, but is already aware that these new tasks are going to be assigned to the CNMC and starting as they deem it necessary, the initial or preliminary works. Thank you.

Speaker #5: Thank you, thank you, James, for taking part. We are ready to take the next question. Please.

Speaker #3: We have no further questions on the English side. Handing back over to the Spanish room once again for further questions. Gracias.

Speaker #1: Thank you . We have one more question . This question is from Jorge Alonso . Go ahead . Jorge . Yes . Good morning .

Diego Trillo: Thank you, James, for taking part. We are ready to take the next question, please.

Speaker #1: Thank you for the presentation and the Q&A . I have two questions . The first is considering the situation . Well , the talks that you're having with the regulator and gas demand levels and so on Do you think it might be conservative or very conservative to offset the targets that you have ?

Operator: We have no further questions on the English side. Handing back over to the Spanish room once again for further questions.

Beatrice Gianola: Gracias. Tenemos

Operator: Thank you. We have one more question. This question is from Jorge Alonso. Go ahead, Jorge.

Speaker #1: And the strategic plan? Could you have some upside over those targets in the plan? And the second question is, what are your expectations for your affiliates or your subsidiaries in the next couple of years?

Arturo Gonzalo Aizpiri: Yes, good morning. Thank you for the presentation and the Q&A. I have two questions. The first is: considering the situation, well, the talks that you're having with the regulator and gas demand levels and so on, do you think it might be conservative or very conservative to have set the targets that you have in the strategic plan? Could you have some upsides... over those targets in the plan? And the second question is... What are your expectations for your affiliates or, or your subsidiaries in the next couple of years, and your investees, both in terms of earnings but also in terms of cash flow generation? And my final question: do you still think, although you don't deem it necessary for the plan, that Peru-...

[Analyst]: Yes, good morning. Thank you for the presentation and the Q&A. I have two questions. The first is: considering the situation, well, the talks that you're having with the regulator and gas demand levels and so on, do you think it might be conservative or very conservative to have set the targets that you have in the strategic plan? Could you have some upsides... over those targets in the plan? And the second question is... What are your expectations for your affiliates or, or your subsidiaries in the next couple of years, and your investees, both in terms of earnings but also in terms of cash flow generation? And my final question: do you still think, although you don't deem it necessary for the plan, that Peru-...

Speaker #1: And your investees , both in earnings but also in terms of cash flow generation and my final question Do you still think , although you don't deem it necessary for the plan , that Peru is no longer going to be a court geography and that you might divest , I suppose , at some point Thank you very much , Jorge .

Arturo Gonzalo Aizpiri: is no longer going to be a core geography, and that you might divest, I suppose, at some point? Thank you very much, Jorge, for those questions. As for your first question, I think that as far as we're concerned, what we should do, is to provide some guidance about how the regulatory model might evolve, but to always be very conservative, look at the actual needs of the gas system, and comparable with our peers in Europe. And their remuneration levels, considering that Enagás is the most efficient TSO in Europe. And so I think that our forecast is definitely prudent and conservative, but it's also very well-founded, and we do hold on to the same guidance that we presented last year with our strategic review. I think that's the best guarantee for investors.

[Analyst]: is no longer going to be a core geography, and that you might divest, I suppose, at some point?

Speaker #1: For those questions, as for your first question, I think that as far as we're concerned, what we should do is to provide some guidance about how the regulatory model might evolve.

Speaker #1: But to always be very conservative, look at the actual needs of the gas system and compare with our peers in Europe and their remuneration levels, considering that Enagás is the most efficient TSO in Europe.

Arturo Gonzalo Aizpiri: Thank you very much, Jorge, for those questions. As for your first question, I think that as far as we're concerned, what we should do, is to provide some guidance about how the regulatory model might evolve, but to always be very conservative, look at the actual needs of the gas system, and comparable with our peers in Europe. And their remuneration levels, considering that Enagás is the most efficient TSO in Europe. And so I think that our forecast is definitely prudent and conservative, but it's also very well-founded, and we do hold on to the same guidance that we presented last year with our strategic review. I think that's the best guarantee for investors.

Speaker #1: And so I think that our forecast is definitely prudent and conservative. But it's also very well founded, and we do hold on to the same guidance that we presented last year with our strategic review.

Speaker #1: I think that's the best guarantee for investors. We don't include in our financial forecasts a sort of tactical take on how we think regulation should evolve or where we think it will go.

Speaker #1: We are always very much aligned with the views expressed by the regulator and the government , which is also regulator . Since , as you know , under ground storage is the responsibility of the government in this regulatory framework .

Arturo Gonzalo Aizpiri: We don't include in our financial forecast a sort of tactical take on how we think regulation should evolve or where we think it will go. We are always very much aligned with the views expressed by the regulator and the government, which is also a regulator, since, as you know, underground storage is the responsibility of the government in this regulatory framework. And so we've not updated our guidance, which we shared in February 2025, because we think it's very solid and well supported by data and a benchmark of other regulatory systems and other operators in Europe. And so we think the best thing we can do for the market is to be rigorous and conservative, and maintain stability in our guidance in terms of our financial forecasts.

Speaker #1: And so we've not updated our guidance, which we shared in February of 2025, because we think it's very solid and well supported by data and a benchmark of other regulatory systems and other operators in Europe.

Speaker #1: And so we think the best thing we can do for the market is to be rigorous and conservative, and maintain stability in our guidance in terms of our financial forecasts for the contribution of our investees. I mentioned that next year, we expect them to contribute approximately €165 million to the EBITDA.

Speaker #1: I wouldn't extend that guidance to following years , but I do want to make a comment because it has a lot to do with the sustainability of our dividend policy , how we see the average FFO for the 27 , 20 , 30 period , where the legacy businesses come in , as well as the regulated businesses and the gas businesses and the Investees , and also we will start to see revenue from the new hydrogen businesses Our expectation for the average FFO between 27 and €3,520 million , on average , in that period , and as I have said , starting to see growth in our EBITDA and our PDI during that period .

Arturo Gonzalo Aizpiri: For the contribution of our investees, I mentioned that, next year, we expect them to contribute EUR 165 million to the EBITDA, approximately. I wouldn't extend that guidance to following years, but I do want to make a comment because it has a lot to do with the sustainability of our dividend policy, how we see the average FFO for the 2027-2030 period, where the legacy businesses come in, as well as the regulated businesses, and the gas businesses, and the investees, and also we will start to see revenue from the new hydrogen businesses. Our expectation for the average FFO between 2027 and 2030 is EUR 520 million on average in that period, and as I've said, starting to see growth in our EBITDA and our BDI during that period, and we would...

Speaker #1: And we would without hydrogen , that's the 520 million is without the contribution of the hydrogen businesses . And Vienna Gas Investees would contribute about 170 , 180 million of that total per year .

Speaker #1: We think that's a prudent conservative outlook , which is well aligned with our concept of a sustainable dividend beyond 2026 . As long as , of course , as these conservative assumptions apply with regards to the regulatory model .

Arturo Gonzalo Aizpiri: Without hydrogen, that's the EUR 520 million is without the contribution of the hydrogen businesses, and the Enagás investees would contribute about EUR 170 to 180 million of that total per year. We think that's a prudent, conservative outlook, which is well aligned with our concept of a sustainable dividend beyond 2026, as long as, of course, these conservative assumptions apply with regards to the regulatory model. As for the possibility of divesting of our Peruvian business, it's true, as you said, Jorge, that Peru is not a strategic core investment for Enagás. It doesn't really align with our focus on Spain and Europe, which underlies our strategic vision since the 2022 strategic plan.

Speaker #1: And as for possibility of divesting of our Peruvian business , it's true , as you said , that Peru is not a strategic investment for agus And it doesn't really align with our focus on Spain and Europe , which underlies our strategic vision .

Speaker #1: Since the 2022 strategic plan, however, we still have ongoing litigation in Peru. And so, we will focus on the correct resolution of this litigation.

Speaker #1: And after that, we might consider the possibility of a divestment. But our priority now is to complete the process, which is about to come to an end.

Speaker #1: But as I've said, there are still some appeals and some milestones that we have to go through in the arbitration process. Thank you very much, Jorge.

Speaker #1: Thank you very much , Jorge , for your question . There are no questions . And this call , thank you very much , everyone , for participating in this evening's earnings presentation and for your questions .

Arturo Gonzalo Aizpiri: However, we still have ongoing litigation in Peru, and so we will focus on the correct resolution of this litigation, and after that, we might consider the possibility of a divestment. But our priority now is to complete the process, which is about to come to an end. But as I've said, there's still some appeals and some milestones that we have to go through in the arbitration process. Thank you very much, Jorge. Thank you very much, Jorge, for your question. There are no further questions in this call. Thank you very much, everyone, for participating in this Enagás earnings presentation and for your questions. And of course, you- we're always available in investor relations. Thank you.

Diego Trillo: ugh in the arbitration process. Thank you very much, Jorge. Thank you very much, Jorge, for your question. There are no further questions in this call. Thank you very much, everyone, for participating in this Enagás earnings presentation and for your questions. And of course, you- we're always available in investor relations. Thank you.

Q4 2025 Enagas SA Earnings Call

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