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    Is Enagás’ 2025 Gas Demand Upgrade Reshaping The Investment Case For Enagás (BME:ENG)?

    Simply Wall St·01/05/2026 23:15:28
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    • In late 2025, Enagás reported that natural gas demand in Spain was expected to increase by 6.3% year-over-year in 2025, pointing to stronger utilization of its transmission and storage network.
    • This upgraded demand outlook highlights how Enagás’ core regulated gas activities and emerging energy-transition projects could gain support from a busier system.
    • With Spanish gas demand now projected to rise 6.3% in 2025, we’ll examine how this shapes Enagás’ investment narrative and earnings visibility.

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    Enagás Investment Narrative Recap

    To own Enagás, you need to believe in the resilience of Spain’s regulated gas infrastructure while it gradually pivots toward hydrogen and other low carbon networks. The 6.3% projected gas demand increase in 2025 supports short term earnings visibility for the core transmission and storage business, but does little to reduce the main risk that future regulatory decisions on remuneration for gas and hydrogen assets could constrain returns.

    The company’s 2025 guidance, targeting about €265 million in after tax profit and a €1 per share dividend, is the most relevant recent reference point for this demand upgrade. Stronger system use in 2025 could help Enagás stay within that guidance range, yet the larger question for investors remains how upcoming hydrogen regulation and remuneration will underpin the longer term returns on its planned €3.14 billion of energy transition investments.

    Yet investors should be aware that regulatory outcomes on future hydrogen and gas asset returns could still...

    Read the full narrative on Enagás (it's free!)

    Enagás’ narrative projects €846.0 million revenue and €248.2 million earnings by 2028.

    Uncover how Enagás' forecasts yield a €15.18 fair value, a 13% upside to its current price.

    Exploring Other Perspectives

    BME:ENG 1-Year Stock Price Chart
    BME:ENG 1-Year Stock Price Chart

    Four members of the Simply Wall St Community value Enagás between €15.18 and €18.75 per share, highlighting a wide band of conviction. You can weigh these views against the risk that future regulatory remuneration for gas and hydrogen assets may directly affect Enagás’ earnings profile and the timing of its transition story.

    Explore 4 other fair value estimates on Enagás - why the stock might be worth just €15.18!

    Build Your Own Enagás Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.