Enagás loses 210.8 million euros in the first semester

Anagas It lost $210.8 million in the first half of the year, compared with a profit of $176.8 million in the same period last year, the company told CNMV. Enagás attributed the results to the sale of its 30.2% stake in the company. tall grass energy In the amount of 1,018 million and caused an accounting deficit of 360 million. If this effect of asset rotation due to the sale of Tallgrass and the Morelos gas pipeline in Mexico is excluded, the profit would be 148 million. As of June 30, the company’s EBITDA reached 385.7 million, up 3.7% compared to the same period in 2023, which represents the first growth since the 2021 regulatory framework came into effect in 2026.

On the other hand, the company explained that it will reduce its debt by about 1,000 million euros in 2024 due to the influx of cash after the sale of its stake in Talgras, which will allow it to strengthen the balance sheet to face the new investment cycle in hydrogen and strengthen its dividend policy, he points out.

Enagás attributed the results to the sale of its 30.2% stake in Tallgrass Energy for $1,018 million, which resulted in an accounting loss of $360 million.

In a statement, Enagás defended the “high degree of implementation” of the strategic plan regarding the asset rotation plan to contribute to decarbonization and energy security in Spain and Europe, control of operational and financial costs and the renewable hydrogen timeline.

For the full year 2024, excluding the impact of asset turnover, Enagás expects to reach its EBITDA targets on the high side, between €750 and €760 million, and an EBIT of between €260 and €270 million. With the impact of asset turnover, the range would be between €730 and €740 million and losses of between €80 and €90 million. On the other hand, after the Tallgrass sale, the target debt at the end of 2024 is around €2.4 billion against the initially planned €3.4 billion.