Enagas S.A. — Call Transcript 2026

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 AM. 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, and 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. 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. 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. 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. The gas system had 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%-20% since March 2025. There has been a 2.2% fall in conventional demand, mainly due to the lower use of cogeneration. 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%. 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, 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. 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, whilst also facilitating the incorporation of renewable gases into the system. Enagás's 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. 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%. 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. In 2025, green hydrogen has also achieved crucial milestones, and its deployment continues to move forward at speed, 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, European Commission's Executive Vice-President for a Clean, Just and Competitive Transition, stressed the full commitment of the European Commission towards H2med and to green hydrogen development. Cani Fernández, Chair of the National Commission 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 GW of electrolytic 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. 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 eight 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. 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, 'cause 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. According to ACER, it will increase operational production capacity sevenfold over the next 12 months, up to 2.7 GW. 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. 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 100 MW electrolyzer in Bilbao, as we roll out hydrogen infrastructures in line with our calendar. 2025 was a pivotal year for the H2med corridor. 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. 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 sub-sea 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 CelZa 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. 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 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. These were submitted last October to the Ten-Year Network Development Plan, or TYNDP, with a view to their inclusion in the third PCI list. 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. This 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 third 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. The results will be announced between May and June. In the Q2 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 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 May 23rd, 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. 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 June second, 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. 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 a fixed rate. As for the financial cost of our gross debt, it is 2.1%, lower than 2.24, where it was two point six percent. 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 their 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 BCM 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. 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 six hydrogen refueling stations within the ECOHYNET project. In addition, in the LNG bunkering business, construction on the Elysius carrier 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. 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 four points higher than the previous year. 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 triple B plus rating. We expect to carry out net investments of EUR 225 million, and we reiterate our commitment to continue to remunerate our shareholder, shareholders with a EUR 1 per share dividend. Now, I will 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. They play a decisive role in guaranteeing Spain and Europe's energy security under 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. 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 say, in a transformation of this scale, it is to be expected that as projects mature, timelines become clearer, they 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. 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. 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. 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 2027-2032 period? That's my first question. The second one deals with provisions. There, I have seen a shift of approximately EUR 70 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? 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. 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 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 guide, the government's 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. 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. 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 companies in Tallgrass Energy. I must highlight that both elements are directly related, Matthew. 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 asset were reverted. At any rate, there would be no negative impact in any scenario. And to reinforce the materialization of this positive scenario, we got insurance covering the contingency from several POVs. And last, you were asking about additional delays in hydrogen structures leading to a better dividend payout. Well, the company's 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 a 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 the 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, Matthew. Next question, please. 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 Nicholson with Bank of America. Please go ahead. 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? 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. 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 yes, 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. 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. These are our red lines. Second, if we consider any investment opportunity, this would have to meet the criteria defined in our strategic plan, 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. Many thanks for the answer. Many thanks, Julia, for your questions. We are ready to move on to the next one, please. Next question is from Arthur Sitbon with Morgan Stanley. Please go ahead. 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. 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 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 basis points, 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. 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 to count on this 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. 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 ICSID 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. According to what the tribunal has said for the TGP award, this should be released in the Q2 of this year, so that probably would be what would happen first. Arthur, we are not counting on cash inflows this year for our rights to be paid by the GSP award. 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 Exit Committee. Regarding the bigger, I will give the floor to Luis in a minute for a detailed net debt bridge. Addressing the bigger picture you were requesting for our 2020 C OpEx remuneration, 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. What we are pretty comfortable, and we are able to say, as, is that we consider that EBITDA and BDI will start to improve at the beginning of the next regulatory period. So Luis, please. 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 Funds From Operations of EUR 550 million. On top of that, we account with investments that are going to be close to EUR 220 million, as you see in the material that we report. Of course, the dividend of EUR 1 per share counts with around EUR 260 million of cash flows for dividends. And 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. And 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 2021-2024. So this is the main figures. I think it's important that at the end of 2026, we will finalize with our funds from operations net debt, adjusted by, 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. Thank you very much. Thank you very much for your question, Arthur. We are ready to take the next one. Next question is from Beatrice Gianola from Mediobanca. Please go ahead. Yes, good morning, everybody. Thanks for the presentation. Just to add 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 indicating something around 6.5%-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. 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 public consultation of this methodology, we would be around five, sorry, 6.48%, something like that. But this is not final, so we consider that we will be between 6.46 or 6.45-6.58. 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. 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, 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, 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 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, 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, the planning aspects, also of the hydrogen infrastructure, will be determined. So I insist on the four elements that the Vice Prime Minister Aagesen mentioned for this draft law, which are: the creation of the Spanish hydrogen 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, Beatrice. Thank you very much, Beatrice, for your question. We are ready to take the next one, please. Next question is from Ella Walker Hunt, from Citi. Please go ahead. 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. My second question relates to the, to green hydrogen. In your slide, you mentioned that 145MW of FIDs took place in 2025, and you expect 780MW 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 12GW target in 2030 in the national plan? Thank you. 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 amounting to EUR 3.1 billion, to an approximate amount of 4 GW. Some of those have already taken FID. In last year, in Spain, one hundred megawatts project by Repsol in Cartagena, took FID, plus this second project of Petronor of an additional 100MW. Those projects are already under construction. Other projects that have taken FID in recent months were the 10MW project in Bilbao, the first one, the 100MW is the second one. This 10MW is reaching the final stages of construction, and there is one Iberdrola project in operation in Puertollano, which is, if I'm not mistaken, a 20MW project. And 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 20MW project. In addition to that, we have our Mallorca project in operation, which is a small project. I think the capacity is 2.5MW, and there are other small projects in Spain. So I would say that under construction or in operation, we have around 300MW. In this year, 2026, we expect that at least 650 MW are going to reach FID. One hundred MW 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. And Moeve has announced that they intend to take this year the FID for their Onuba project in Huelva, with a total capacity of 400 MW. So we think that at least in this 2026, an additional 650 MW will take FID and will initiate construction, bringing the figure for projects under construction or in operation to 1GW in Spain in 2026. 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. Next question comes from James Brand with Deutsche Bank. Please go ahead. Hi, thank you for the presentation, and thank you for taking my question. Apologies if 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 new question and two clarifications. So 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 natural gas business, regulated business? How much is going into kind of hydrogen stuff, and to other stuff? That would be great. And then on the clarifications, the first one is on the GSP timeline. 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 6 months. So is it that we should expect a kind of 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 that the Spanish government is bringing in the coming, you know, months, 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 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. If, if that's the case, you know, we are we looking into 2027 before we get that, or might we get that earlier? Thank you very much. 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, 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 businesses, especially our investments in Star 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. 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. 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 January the twenty-eighth, 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 is 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. We have no further questions on the English side. Handing back over to the Spanish room once again for further questions. Gracias. Thank you. We have one more question. This question is from Jorge Alonso. Go ahead, Jorge. 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 your subsidiaries in the next, 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 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. 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. We don't include in our financial forecasts a sort of tactical take on how we think regulations 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 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. 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. As 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'll 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- Without hydrogen, that's the EUR 520 million is without the contribution of the hydrogen businesses, and the Enagás investees would contribute about EUR 170-180 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 possibility of divesting of our Peruvian business, it's true, as you said, Jorge, that Peru is not a strategic core investment for Enagás, and it doesn't really align with our focus on Spain and Europe, which underlies our strategic vision 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, 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.

Speaker 2: 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 AM. 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, and 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. Good morning, ladies and gentlemen, and welcome to Enagás' earnings presentation for 2025. good morning ladies and gentlemen and welcome to enagás' earnings presentation for 2025 We will also be sharing 2026 targets with you. we will also be sharing 2026 targets with you The documents have been filed with the stock exchange authorities at 7:36 AM. this morning, and are also available on our website, www.enagas.es. the documents have been filed with the stock exchange authorities at 7:36 am 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, and after that, we will open a Q&A session, in which we will try and answer your questions in as much detail as possible. arturo gonzalo aizpiri our chief executive officer of enagás will be running this call which we expect should take about 20 minutes and 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. thank you very much for your attention I'm going to hand it over to Arturo Gonzalo Aizpiri now. i'm going to hand it over to arturo gonzalo aizpiri now Good morning, ladies and gentlemen. good morning ladies and gentlemen Thanks very much for your attention. 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. And finally, I will go over the progress made in our ESG commitments, and I will present the company targets for 2026. 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'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. 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 And finally, I will go over the progress made in our ESG commitments, and I will present the company targets for 2026. 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. 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. 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. 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. 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. 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 The gas system had 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%-20% since March 2025. The gas system had 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 gas system had 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 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. 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. 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%-20% since March 2025. according to the grid operator combined cycle plants have increased their contribution to average daily cover of the spanish electricity system from 10%-20% since march 2025 There has been a 2.2% fall in conventional demand, mainly due to the lower use of cogeneration. 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%. There has been a 2.2% fall in conventional demand, mainly due to the lower use of cogeneration. there has been a 2.2% fall in conventional demand mainly due to the lower use of cogeneration An increase in total gas exports of 17.3%, especially to France, which increased 58.9%. 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. 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. 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 2025 we received natural gas and lng from 16 different points of origin In January 2026, total demand transported also went up 11.9%. 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, 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. All in all, our gas system is an outperformer in Europe. 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, and gas supply has not failed under any of these adverse circumstances. 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 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. 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. 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. 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. 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 All in all, our gas system is an outperformer in Europe. 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, whilst also facilitating the incorporation of renewable gases into the system. Enagás's regulatory vision is completely aligned with the guidance provided by both the CNMC and the government. 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. 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. 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, whilst also facilitating the incorporation of renewable gases into the 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 whilst also facilitating the incorporation of renewable gases into the system Enagás's regulatory vision is completely aligned with the guidance provided by both the CNMC and the government. enagás's 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. 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%. We need a remuneration framework similar to that of our European peers, with an after-tax IRR of between 6.5% and 7%, approximately. 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. 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. 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%. 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% 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. 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. 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. 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. 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 In 2025, green hydrogen has also achieved crucial milestones, and its deployment continues to move forward at speed, 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, European Commission's Executive Vice-President for a Clean, Just and Competitive Transition, stressed the full commitment of the European Commission towards H2med and to green hydrogen development. In 2025, green hydrogen has also achieved crucial milestones, and its deployment continues to move forward at speed, showcased in the fourth Enagás Hydrogen Day, where we could see the enormous political, regulatory, and industrial backing for hydrogen. in 2025 green hydrogen has also achieved crucial milestones and its deployment continues to move forward at speed 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. 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, European Commission's Executive Vice-President for a Clean, Just and Competitive Transition, stressed the full commitment of the European Commission towards H2med and to green hydrogen development. teresa ribera european commission's executive vice-president for a clean just and competitive transition stressed the full commitment of the european commission towards h2med and to green hydrogen development Cani Fernández, Chair of the National Commission 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 GW of electrolytic 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. Cani Fernández, Chair of the National Commission for Markets and Competition, explained that the CNMC is already working to align the Spanish framework with European targets. cani fernández chair of the national commission 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. 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 GW of electrolytic capacity in Spain. the spanish government has already awarded around eur 3.2 billion to projects representing a total of 4.1 gw of electrolytic 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. 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. 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. for these projects to materialize infrastructures are crucial 64% of the projects presented to the latest european hydrogen bank auction require hydrogen pipelines 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 eight 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. That is a European hydrogen network to connect them up. 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. 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. 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 eight top priority major energy infrastructures, the so-called energy highways with a dedicated fast-track procedure to speed up their delivery. also in the european grids 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 One of these energy highways is the H2med, which together with the Spanish Hydrogen Backbone, forms part of the Southwestern Hydrogen Corridor. one of these energy highways is the h2med which together with the spanish hydrogen backbone forms part of the southwestern hydrogen corridor 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, 'cause 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. 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. 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. a connected europe is crucial for a truly decarbonized competitive european union with full energy sovereignty It's something that cannot wait, 'cause nowadays, there's already industries that need these infrastructures and that are already incorporating hydrogen into their investment decisions and strategic plans. it's something that cannot wait 'cause 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. 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. in 2025 europe led in global hydrogen investments with $12 billion committed This is just the beginning. this is just the beginning Europe has embarked on a major investment cycle that will continue to build momentum. europe has embarked on a major investment cycle that will continue to build momentum According to ACER, it will increase operational production capacity sevenfold over the next 12 months, up to 2.7 GW. 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. 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 100 MW electrolyzer in Bilbao, as we roll out hydrogen infrastructures in line with our calendar. 2025 was a pivotal year for the H2med corridor. According to ACER, it will increase operational production capacity sevenfold over the next 12 months, up to 2.7 GW. according to acer it will increase operational production capacity sevenfold over the next 12 months up to 2.7 gw 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. 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 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. 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 100 MW electrolyzer in Bilbao, as we roll out hydrogen infrastructures in line with our calendar. 2025 was a pivotal year for the H2med corridor. one of the most recent and most notable transactions was the repsol petronor fid to install a second 100 mw electrolyzer in bilbao as we roll out hydrogen infrastructures in line with our calendar 2025 was a pivotal year for the h2med corridor 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. No other pan-European hydrogen infrastructure is showing progress on this scale, with four decisive milestones hit in 2025. 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. 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. 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. 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. 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 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 sub-sea 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 CelZa 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. 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. 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. and fourthly in the technical level progress has been truly remarkable We have successfully completed the geophysical studies for BarMar and confirmed that the sub-sea route is technically viable, and we are carrying out pre-FEED engineering, working with leading European engineering firms. we have successfully completed the geophysical studies for barmar and confirmed that the sub-sea 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 CelZa interconnection in Spain. we've also deployed the public participation plan for the celza 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. 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. 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 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. 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 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 6 Spanish engineering firms to develop the backbone network. 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. 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. 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. 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. 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. moreover enagás has proposed the inclusion of a further 4 additional sections in the network These were submitted last October to the Ten-Year Network Development Plan, or TYNDP, with a view to their inclusion in the third PCI list. 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. This 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 third 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. The results will be announced between May and June. These were submitted last October to the Ten-Year Network Development Plan, or TYNDP, with a view to their inclusion in the third PCI list. these were submitted last october to the ten-year network development plan or tyndp with a view to their inclusion in the third pci list 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. 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 This progress in the infrastructure will be accompanied by further progress on the political investment, regulatory, and technical fronts. this 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 third 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. just to mention a few this week we have the deadline for the third 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 The results will be announced between May and June. the results will be announced between may and june In the Q2 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 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 May 23rd, 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. In the Q2 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 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. in the q2 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 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. 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. 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 May 23rd, 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. as you know on may 23rd 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 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 June second, 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. 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. 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 June second, 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. subsequently on june second 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. 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. 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. 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 a fixed rate. As for the financial cost of our gross debt, it is 2.1%, lower than 2.24, where it was two point six percent. Our core after-tax profit was EUR 266.3 million, and our EBITDA, EUR 675.7 million, both above our budget targets. 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. if we consider one-offs 2025's net profit was eur 339.1 million There are four factors underlying this excellent 2025 performance. 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. 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%. 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. 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 a fixed rate. over 80% of this debt is a fixed rate As for the financial cost of our gross debt, it is 2.1%, lower than 2.24, where it was two point six percent. as for the financial cost of our gross debt it is 2.1% lower than 2.24 where it was two point six percent 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 their 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 BCM 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. Rating agencies, Standard & Poor's and Fitch, have rated Enagás BBB+ with a stable outlook. 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. 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 their excellent performance in the year. thirdly our subsidiaries have contributed eur 155.3 million to our ebitda which shows their 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 BCM of natural gas to Europe. the trans adriatic pipeline continues to be vital for supply security and since it went into commercial operation it has transported over 52 bcm of natural gas to europe The company has completed expansion in Greece, adding an additional 1.2 BCM in capacity since January 2026. 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. desfa was awarded a tender for eur 174.4 million in grants for its projects of common interest or pcis 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 six hydrogen refueling stations within the ECOHYNET project. In addition, in the LNG bunkering business, construction on the Elysius carrier 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. 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. 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 six hydrogen refueling stations within the ECOHYNET project. scale green energy has signed a grant agreement with cinea the european climate infrastructure and environment executive agency to develop six hydrogen refueling stations within the ecohynet project In addition, in the LNG bunkering business, construction on the Elysius carrier has been completed, and a final investment decision has been made to develop the Mistral tanker, which will start operating in 2028. in addition in the lng bunkering business construction on the elysius carrier 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. 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. 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 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 four points higher than the previous year. 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 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. 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. 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. 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. 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 four points higher than the previous year. that's four points higher than the previous year 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 triple B plus rating. The company has also been recognized as the best company in the world, in our sector, in gender equality by Equileap. 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. 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. 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. 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 triple B plus rating. we will keep our ffo over net debt ratio above 15% and therefore in line with our triple b plus rating We expect to carry out net investments of EUR 225 million, and we reiterate our commitment to continue to remunerate our shareholder, shareholders with a EUR 1 per share dividend. Now, I will 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. They play a decisive role in guaranteeing Spain and Europe's energy security under critical circumstances, and consistently throughout the year. We expect to carry out net investments of EUR 225 million, and we reiterate our commitment to continue to remunerate our shareholder, shareholders with a EUR 1 per share dividend. we expect to carry out net investments of eur 225 million and we reiterate our commitment to continue to remunerate our shareholder shareholders with a eur 1 per share dividend Now, I will finish with a few conclusions. now i will 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. 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. 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. the gas system and gas infrastructures have demonstrated more than ever They play a decisive role in guaranteeing Spain and Europe's energy security under critical circumstances, and consistently throughout the year. they play a decisive role in guaranteeing spain and europe's energy security under 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. 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 say, in a transformation of this scale, it is to be expected that as projects mature, timelines become clearer, they 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. 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. 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. 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 say, in a transformation of this scale, it is to be expected that as projects mature, timelines become clearer, they need to be adjusted. whatever harbingers of a hypothetical slowdown in hydrogen may say in a transformation of this scale it is to be expected that as projects mature timelines become clearer they 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. 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 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. 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. 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. 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. 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. 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. 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. thank you very much and now we are of course at your disposal to answer your questions

Speaker 10: 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. Ignacio, please go ahead. We're opening the Q&A session. we're opening the q&a session Please go ahead. please go ahead Thank you. thank you Ladies and gentlemen, the Q&A session starts now. ladies and gentlemen the q&a session starts now If you wish to participate, please press star one on your keyboard. if you wish to participate please press star one on your keyboard Thank you. thank you First question from Ignacio Doménech from JB Capital. first question from ignacio doménech from jb capital Ignacio, please go ahead. ignacio please go ahead

Speaker 5: 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 2027-2032 period? That's my first question. The second one deals with provisions. There, I have seen a shift of approximately EUR 70 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? Would this allow for a broader or more interesting dividend payout policy? Yes, hello, good morning, and thank you for taking my questions. 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. 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 2027-2032 period? as part of the regulation review i would like to understand which elements and remuneration risk not growing for the 2027-2032 period That's my first question. that's my first question The second one deals with provisions. the second one deals with provisions There, I have seen a shift of approximately EUR 70 million. there i have seen a shift of approximately eur 70 million I would like to understand where that shift comes from. i would like to understand where that shift comes from And third, about hydrogen. and third about hydrogen My question is, do you expect any additional delays in the backbone network FID? my question is do you expect any additional delays in the backbone network fid Would this allow for a broader or more interesting dividend payout policy? would this allow for a broader or more interesting dividend payout policy

Speaker 2: 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. Thank you, Ignacio. thank you ignacio I will now answer your questions. i will now answer your questions First of all, about the elements for the next regulatory and remuneration period. 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. 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. 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. 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 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 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 guide, the government's 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. 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. 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 close attention to operating expenses. 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 assets. 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. 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. 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. second we believe that we need to maintain a certain margin in opex as happens in other regulatory systems Third, the guide, the government's 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. third the guide the government's 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 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. In other words, encouraging or incentivizing operators to extend the life of assets rather than investing in substitution. 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. 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. 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. 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. 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. 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 for a possible tax break generated by the settlement of companies in Tallgrass Energy. I must highlight that both elements are directly related, Matthew. 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 asset were reverted. At any rate, there would be no negative impact in any scenario. And to reinforce the materialization of this positive scenario, we got insurance covering the contingency from several POVs. And last, you were asking about additional delays in hydrogen structures leading to a better dividend payout. 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 companies in Tallgrass Energy. 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 companies in tallgrass energy I must highlight that both elements are directly related, Matthew. i must highlight that both elements are directly related matthew 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 asset were reverted. 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 asset were reverted At any rate, there would be no negative impact in any scenario. at any rate there would be no negative impact in any scenario And to reinforce the materialization of this positive scenario, we got insurance covering the contingency from several POVs. and to reinforce the materialization of this positive scenario we got insurance covering the contingency from several povs And last, you were asking about additional delays in hydrogen structures leading to a better dividend payout. and last you were asking about additional delays in hydrogen structures leading to a better dividend payout Well, the company's 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 a 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 the 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, Matthew. Well, the company's 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. well the company's 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 a 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. if any delays should happen basically arising not from a change in targets or a 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 the sustainable, competitive dividend to be paid out, and if our conservative assumptions are met, it will go beyond 2026. so our commitment is the 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. 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, Matthew. well thank you for your question matthew Next question, please. Thank you. No more questions in Spanish. We will now take your questions in English, please. Next question, please. next question please Thank you. thank you No more questions in Spanish. no more questions in spanish We will now take your questions in English, please. we will now take your questions in english please

Speaker 10: Thank you. Moving on to questions on the English side. First question is from Julius Nicholson with Bank of America. Please go ahead. Thank you. thank you Moving on to questions on the English side. moving on to questions on the english side First question is from Julius Nicholson with Bank of America. first question is from julius nicholson with bank of america Please go ahead. please go ahead

Speaker 7: 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? 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. Great. great Thank you. thank you Thanks for the presentation. thanks for the presentation Just two questions for me. just two questions for me First of all, also on regulation. first of all also on regulation Could you just provide us with an update on the timeline? 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. 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. 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? 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. it'd be interesting to hear your thoughts Thank you. thank you

Speaker 8: 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 yes, 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. Thank you very much for your questions, Julius. 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. 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. 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 yes, in a few weeks. so she was not more precise than that but she said that this was not going to happen in a few days but yes 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. 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 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. These are our red lines. 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. 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. 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. 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. 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 T hese are our red lines. t hese are our red lines Second, if we consider any investment opportunity, this would have to meet the criteria defined in our strategic plan, 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. Many thanks for the answer. Many thanks, Julia, for your questions. We are ready to move on to the next one, please. Second, if we consider any investment opportunity, this would have to meet the criteria defined in our strategic plan, including reasonable profitability and alignment with the established investment requirements, a focus on Spain and Europe and on regulated assets. second if we consider any investment opportunity this would have to meet the criteria defined in our strategic plan 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. 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. many thanks for the answer Many thanks, Julia, for your questions. many thanks julia for your questions We are ready to move on to the next one, please. we are ready to move on to the next one please

Speaker 10: Next question is from Arthur Sitbon with Morgan Stanley. Please go ahead. Next question is from Arthur Sitbon with Morgan Stanley. next question is from arthur sitbon with morgan stanley Please go ahead. please go ahead

Speaker 1: 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. Hello. hello Thank you for taking my question. thank you for taking my question I have two. i have two The first one is on your net financial debt target for 2026. the first one is on your net financial debt target for 2026 It's broadly flat with the net debt achieved in 2025. it's broadly flat with the net debt achieved in 2025 So I just wanted to check. 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. 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? 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. 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. the second one is just thinking a little bit about the bigger picture of the regulatory review in gas networks 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 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 basis points, 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. I see that consensus expects significant growth in net income in 2027, close to 9%, at around EUR 255 million. 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. i imagine a lot of the contribution from hydrogen networks investments will be after 2027 So in that context, I was wondering what would be needed to have so much net income growth in 2027. 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 basis points, is going to be enough to have this 9% of net income growth? is it that the increase in allowed return that you're getting close to 100 basis points 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? or do you need other improvements in the regulatory framework to reach these types of numbers Thank you very much. thank you very much

Speaker 2: 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 to count on this 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. Thank you very much, Arthur. 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. 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. 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. 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 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, as you said. so we think it's better to not to count on this 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. 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 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 ICSID 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. 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 ICSID should release their resolution six months later. 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 icsid should release their resolution six months later If not, they have to inform every month about the expected date of this resolution. 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. 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. whichever things happens earlier we can continue optimizing our cash in the country According to what the tribunal has said for the TGP award, this should be released in the Q2 of this year, so that probably would be what would happen first. Arthur, we are not counting on cash inflows this year for our rights to be paid by the GSP award. 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 Exit Committee. Regarding the bigger, I will give the floor to Luis in a minute for a detailed net debt bridge. Addressing the bigger picture you were requesting for our 2020 C OpEx remuneration, we are not giving any guidance for 2027 yet. According to what the tribunal has said for the TGP award, this should be released in the Q2 of this year, so that probably would be what would happen first. according to what the tribunal has said for the tgp award this should be released in the q2 of this year so that probably would be what would happen first Arthur, we are not counting on cash inflows this year for our rights to be paid by the GSP award. arthur we are not counting on cash inflows this year for our rights to be paid by the gsp award 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 Exit Committee. 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 exit committee Regarding the bigger, I will give the floor to Luis in a minute for a detailed net debt bridge. regarding the bigger i will give the floor to luis in a minute for a detailed net debt bridge Addressing the bigger picture you were requesting for our 2020 C OpEx remuneration, we are not giving any guidance for 2027 yet. addressing the bigger picture you were requesting for our 2020 c opex remuneration 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. What we are pretty comfortable, and we are able to say, as, is that we consider that EBITDA and BDI will start to improve at the beginning of the next regulatory period. So Luis, please. We think that this is not the moment for that. 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. 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, as, is that we consider that EBITDA and BDI will start to improve at the beginning of the next regulatory period. what we are pretty comfortable and we are able to say as is that we consider that ebitda and bdi will start to improve at the beginning of the next regulatory period So Luis, please. so luis please

Speaker 8: 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 Funds From Operations of EUR 550 million. On top of that, we account with investments that are going to be close to EUR 220 million, as you see in the material that we report. Thank you, Arturo, and good morning, Arthur. 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? 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. 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 Funds From Operations of EUR 550 million. the main four steps are the following i think we have a funds from operations of eur 550 million On top of that, we account with investments that are going to be close to EUR 220 million, as you see in the material that we report. on top of that we account with investments that are going to be close to eur 220 million as you see in the material that we report Of course, the dividend of EUR 1 per share counts with around EUR 260 million of cash flows for dividends. And 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. And 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 2021-2024. So this is the main figures. Of course, the dividend of EUR 1 per share counts with around EUR 260 million of cash flows for dividends. of course the dividend of eur 1 per share counts with around eur 260 million of cash flows for dividends And we have working capital, a negative working capital of EUR 72 million. and 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. 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 And also, it's true that we are going to suffer also the lower tariff during the year. and 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 2021-2024. 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 2021-2024 So this is the main figures. so this is the main figures I think it's important that at the end of 2026, we will finalize with our funds from operations net debt, adjusted by, 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. I think it's important that at the end of 2026, we will finalize with our funds from operations net debt, adjusted by, by the rating agencies, higher than 20%. i think it's important that at the end of 2026 we will finalize with our funds from operations net debt adjusted by 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. 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 Thank you very much. Thank you very much for your question, Arthur. We are ready to take the next one. Thank you very much. thank you very much Thank you very much for your question, Arthur. thank you very much for your question arthur We are ready to take the next one. we are ready to take the next one

Speaker 10: Next question is from Beatrice Gianola from Mediobanca. Please go ahead. Next question is from Beatrice Gianola from Mediobanca. next question is from beatrice gianola from mediobanca Please go ahead. please go ahead

Speaker 3: Yes, good morning, everybody. Thanks for the presentation. Just to add 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 indicating something around 6.5%-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. Yes, good morning, everybody. yes good morning everybody Thanks for the presentation. thanks for the presentation Just to add a quick follow-up on the regulatory front. just to add 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. 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 indicating something around 6.5%-7% as a whole rate of return. i remember you indicating something around 6.5%-7% as a whole rate of return So just wondering if this number is still valid. 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? 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? 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. thank you very much

Speaker 8: 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 public consultation of this methodology, we would be around five, sorry, 6.48%, something like that. Thank you very much, Beatrice. thank you very much beatrice Regarding the expected rate of return, we are considering a value very, very close to 6.5%. 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. 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. 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 public consultation of this methodology, we would be around five, sorry, 6.48%, something like that. if we maintain the value initially disclosed in the public consultation of this methodology we would be around five sorry 6.48% something like that But this is not final, so we consider that we will be between 6.46 or 6.45-6.58. 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. But this is not final, so we consider that we will be between 6.46 or 6.45-6.58. but this is not final so we consider that we will be between 6.46 or 6.45-6.58 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 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. 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 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, 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. 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. 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, the next important step will be the draft law for the transposition of the European Hydrogen and Decarbonized Gas Package. and regarding our expectations for the regulatory frame for hydrogen investments i think that the 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. 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, 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 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. 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, 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. 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 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 the elements of the regulatory framework for hydrogen. 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. 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, 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, the planning aspects, also of the hydrogen infrastructure, will be determined. So I insist on the four elements that the Vice Prime Minister Aagesen mentioned for this draft law, which are: the creation of the Spanish hydrogen 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, Beatrice. 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, the planning aspects, also of the hydrogen infrastructure, will be determined. 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 the planning aspects also of the hydrogen infrastructure will be determined So I insist on the four elements that the Vice Prime Minister Aagesen mentioned for this draft law, which are: the creation of the Spanish hydrogen system, the national hydrogen system. so i insist on the four elements that the vice prime minister aagesen mentioned for this draft law which are the creation of the spanish hydrogen system the national hydrogen system Second, the creation of the regulated hydrogen market. second the creation of the regulated hydrogen market Third, the mechanisms to develop the infrastructures. third the mechanisms to develop the infrastructures And fourth, the incentivization or incentivizing of the hydrogen demand. 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. 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, Beatrice. thank you beatrice Thank you very much, Beatrice, for your question. We are ready to take the next one, please. Thank you very much, Beatrice, for your question. thank you very much beatrice for your question We are ready to take the next one, please. we are ready to take the next one please

Speaker 10: Next question is from Ella Walker Hunt, from Citi. Please go ahead. Next question is from Ella Walker Hunt, from Citi. next question is from ella walker hunt from citi Please go ahead. please go ahead

Speaker 4: 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. My second question relates to the, to green hydrogen. In your slide, you mentioned that 145MW of FIDs took place in 2025, and you expect 780MW 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 12GW target in 2030 in the national plan? Thank you. Good morning, all, and thank you for taking my questions. good morning all and thank you for taking my questions My first question relates to the 2026 guidance, the EBITDA guidance. 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? could i ask how much of that eur 620 million will be coming from affiliates versus the underlying business It's my first question. it's my first question My second question relates to the, to green hydrogen. my second question relates to the to green hydrogen In your slide, you mentioned that 145 MW of FIDs took place in 2025, and you expect 780 MW to take place in 2026. in your slide you mentioned that 145 mw of fids took place in 2025 and you expect 780 mw to take place in 2026 On those two points, could I just ask how many megawatts are actually operational today? 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 target in 2030 in the national plan? and how do we reconcile these things to the 12 gw target in 2030 in the national plan Thank you. thank you

Speaker 8: 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 amounting to EUR 3.1 billion, to an approximate amount of 4 GW. Some of those have already taken FID. In last year, in Spain, one hundred megawatts project by Repsol in Cartagena, took FID, plus this second project of Petronor of an additional 100MW. Those projects are already under construction. Thank you for your questions, Ella. 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 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. 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 amounting to EUR 3.1 billion, to an approximate amount of 4 GW. i can tell you that the spanish government has already awarded public funding amounting to eur 3.1 billion to an approximate amount of 4 gw Some of those have already taken FID. some of those have already taken fid In last year, in Spain, one hundred megawatts project by Repsol in Cartagena, took FID, plus this second project of Petronor of an additional 100 MW. in last year in spain one hundred megawatts project by repsol in cartagena took fid plus this second project of petronor of an additional 100 mw Those projects are already under construction. those projects are already under construction Other projects that have taken FID in recent months were the 10MW project in Bilbao, the first one, the 100MW is the second one. This 10MW is reaching the final stages of construction, and there is one Iberdrola project in operation in Puertollano, which is, if I'm not mistaken, a 20MW project. And 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 20MW project. In addition to that, we have our Mallorca project in operation, which is a small project. I think the capacity is 2.5MW, and there are other small projects in Spain. So I would say that under construction or in operation, we have around 300MW. Other projects that have taken FID in recent months were the 10MW project in Bilbao, the first one, the 100MW is the second one. other projects that have taken fid in recent months were the 10mw project in bilbao the first one the 100mw is the second one This 10 MW is reaching the final stages of construction, and there is one Iberdrola project in operation in Puertollano, which is, if I'm not mistaken, a 20MW project. this 10 mw is reaching the final stages of construction and there is one iberdrola project in operation in puertollano which is if i'm not mistaken a 20mw project And 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 MW project. and 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 mw project In addition to that, we have our Mallorca project in operation, which is a small project. 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. i think the capacity is 2.5 mw and there are other small projects in spain So I would say that under construction or in operation, we have around 300 MW. so i would say that under construction or in operation we have around 300 mw In this year, 2026, we expect that at least 650 MW are going to reach FID. One hundred MW 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. And Moeve has announced that they intend to take this year the FID for their Onuba project in Huelva, with a total capacity of 400 MW. So we think that at least in this 2026, an additional 650 MW will take FID and will initiate construction, bringing the figure for projects under construction or in operation to 1GW in Spain in 2026. In this year, 2026, we expect that at least 650 MW are going to reach FID. in this year 2026 we expect that at least 650 mw are going to reach fid One hundred MW coming from this Repsol Petronor project that took FID last month in January. one hundred mw 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 150 MW, will be taking FID. repsol has also announced that their tarragona project with a capacity of 150 mw will be taking fid You know that Enagás Renovable is also a partner in this project. you know that enagás renovable is also a partner in this project And Moeve has announced that they intend to take this year the FID for their Onuba project in Huelva, with a total capacity of 400 MW. and moeve has announced that they intend to take this year the fid for their onuba project in huelva with a total capacity of 400 mw So we think that at least in this 2026, an additional 650 MW will take FID and will initiate construction, bringing the figure for projects under construction or in operation to 1 GW in Spain in 2026. so we think that at least in this 2026 an additional 650 mw will take fid and will initiate construction bringing the figure for projects under construction or in operation to 1 gw in spain in 2026 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. This is what I can tell you now, but, our IR team can share with you more precise figures and estimates. 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 Thank you, Ella, for your question. thank you ella for your question Let's move on to the next one, please. let's move on to the next one please

Speaker 10: Next question comes from James Brand with Deutsche Bank. Please go ahead. Next question comes from James Brand with Deutsche Bank. next question comes from james brand with deutsche bank Please go ahead. please go ahead

Speaker 6: Hi, thank you for the presentation, and thank you for taking my question. Apologies if 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 new question and two clarifications. So 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 natural gas business, regulated business? How much is going into kind of hydrogen stuff, and to other stuff? That would be great. And then on the clarifications, the first one is on the GSP timeline. Hi, thank you for the presentation, and thank you for taking my question. hi thank you for the presentation and thank you for taking my question Apologies if there's a bit of background noise. apologies if there's a bit of background noise I'm in an airport. i'm in an airport Hopefully, you'll be able to hear me okay. hopefully you'll be able to hear me okay I had just kind of one new question and two clarifications. i had just kind of one new question and two clarifications So 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 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 natural gas business, regulated business? so how much is going into the natural gas business regulated business How much is going into kind of hydrogen stuff, and to other stuff? how much is going into kind of hydrogen stuff and to other stuff That would be great. that would be great And then on the clarifications, the first one is on the GSP timeline. and then on the clarifications the first one is on the gsp timeline 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 6 months. So is it that we should expect a kind of 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 that the Spanish government is bringing in the coming, you know, months, 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 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. I just want to clarify. 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 6 months. did you—you said the hearing would be in june and then i think you then expect a resolution within 6 months So is it that we should expect a kind of full decision, kind of, by the end of 2026 or maybe early 2027? so is it that we should expect a kind of full decision kind of by the end of 2026 or maybe early 2027 Or did I mishear you? or did i mishear you And then the other clarification is just on the timeline for hydrogen regulation. and then the other clarification is just on the timeline for hydrogen regulation You said you expect this law that the Spanish government is bringing in the coming, you know, months, I guess. you said you expect this law that the spanish government is bringing in the coming you know months i guess Do you expect that to also have kind of details on how the regulation will work? do you expect that to also have kind of details on how the regulation will work I'm guessing not. i'm guessing not So 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. so 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 If, if that's the case, you know, we are we looking into 2027 before we get that, or might we get that earlier? Thank you very much. If, if that's the case, you know, we are we looking into 2027 before we get that, or might we get that earlier? if if that's the case you know we are we looking into 2027 before we get that or might we get that earlier Thank you very much. thank you very much

Speaker 8: 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. Thank you very much. thank you very much Thank you very much, James. 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. 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. 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. 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. 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, 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 businesses, especially our investments in Star 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. For the new businesses and what we call the adjacent businesses, those close to our regulated business, but not being regulated themselves, 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. for the new businesses and what we call the adjacent businesses those close to our regulated business but not being regulated themselves 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 businesses, especially our investments in Star in Germany, around EUR 22 million. others meaning innovation funds and some international businesses especially our investments in star in germany around eur 22 million This is more or less the breakdown of that EUR 225 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. 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. 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. 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. 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. In that communication, the committee established that the resolution should take place six months after the hearings. in that communication the committee established that the resolution should take place six months after the hearings The hearings will take place in late June, early July, so we should get the resolution of the committee before year end. 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. 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. 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. 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 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 January the twenty-eighth, 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 is 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. After the law is passed, then the CNMC has to create the detailed regulatory framework through circulars similar to those of natural gas. 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 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 January the twenty-eighth, said that the CNMC is already working to be prepared to comply with the European framework. 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 january the twenty-eighth 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 is starting, as they deem it, necessary, the initial or preliminary works. 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 is starting as they deem it necessary the initial or preliminary works Thank you. thank you Thank you, James, for taking part. thank you james for taking part We are ready to take the next question, please. we are ready to take the next question please

Speaker 10: We have no further questions on the English side. Handing back over to the Spanish room once again for further questions. We have no further questions on the English side. we have no further questions on the english side Handing back over to the Spanish room once again for further questions. handing back over to the spanish room once again for further questions

Speaker 9: Gracias. Thank you. We have one more question. This question is from Jorge Alonso. Go ahead, Jorge. Gracias. gracias Thank you. thank you We have one more question. we have one more question This question is from Jorge Alonso. this question is from jorge alonso Go ahead, Jorge. go ahead jorge

Speaker 2: 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 your subsidiaries in the next, 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 is no longer going to be a core geography and that you might divest, I suppose, at some point? Yes, good morning. yes good morning Thank you for the presentation and the Q&A. thank you for the presentation and the q&a I have two questions. 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. 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? 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? could you have some upsides over those targets in the plan And the second question is, what are your expectations for your affiliates, or your subsidiaries in the next, in the next couple of years, and your investees, both in terms of earnings, but also in terms of cash flow generation? and the second question is what are your expectations for your affiliates or your subsidiaries in the next 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 is no longer going to be a core geography and that you might divest, I suppose, at some point? 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 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. 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. We don't include in our financial forecasts a sort of tactical take on how we think regulations should evolve or where we think it will go. Thank you very much, Jorge, for those questions. 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. 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 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. 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. 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 regulations should evolve or where we think it will go. we don't include in our financial forecasts a sort of tactical take on how we think regulations 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 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. 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. As for the contribution of our investees, I mentioned that next year we expect them to contribute EUR 165 million to the EBITDA, approximately. 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. 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 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. 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 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. 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 As for the contribution of our investees, I mentioned that next year we expect them to contribute EUR 165 million to the EBITDA, approximately. as 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'll 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- 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'll start to see revenue from the new hydrogen businesses. 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'll 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- 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- Without hydrogen, that's the EUR 520 million is without the contribution of the hydrogen businesses, and the Enagás investees would contribute about EUR 170-180 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 possibility of divesting of our Peruvian business, it's true, as you said, Jorge, that Peru is not a strategic core investment for Enagás, and it doesn't really align with our focus on Spain and Europe, which underlies our strategic vision since the 2022 strategic plan. Without hydrogen, that's the EUR 520 million is without the contribution of the hydrogen businesses, and the Enagás investees would contribute about EUR 170-180 million of that total per year. without hydrogen that's the eur 520 million is without the contribution of the hydrogen businesses and the enagás investees would contribute about eur 170-180 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. 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 possibility of divesting of our Peruvian business, it's true, as you said, Jorge, that Peru is not a strategic core investment for Enagás, and it doesn't really align with our focus on Spain and Europe, which underlies our strategic vision since the 2022 strategic plan. as for possibility of divesting of our peruvian business it's true as you said jorge that peru is not a strategic core investment for enagás and it doesn't really align with our focus on spain and europe which underlies our strategic vision 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, 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. 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. 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. 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 Thank you very much, Jorge, for your question. thank you very much jorge for your question There are no further questions in this call. there are no further questions in this call Thank you very much, everyone, for participating in this Enagás earnings presentation and for your questions. 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. and of course you- we're always available in investor relations Thank you. thank you