BAKU, Azerbaijan, February 19. Spanish Enagás recorded total revenue of €913.2 million as of December 31, 2024, reflecting a 0.7% decline compared to 2023, Trend reports citing the data published by the company.
The decrease was primarily driven by the impact of the regulatory framework (-€44.4 million), though partially offset by gains from other regulated income sources, including COPEX and REVU.
Operating expenses fell slightly by €0.4 million (-0.1%) to €338.4 million in 2024. Excluding audited costs, recurring operating expenses remained broadly stable (+0.5%), aligning with the company's targeted annual growth rate of ~1% CAGR for the 2022-2026 period.
The contribution from affiliates stood at €185.8 million, down €13.7 million from €199.5 million in 2023, mainly due to the deconsolidation of Tallgrass. Adjusting for changes in the scope of consolidation (Tallgrass and Soto de la Marina), affiliate results would have improved by €10.8 million, largely driven by the Trans Adriatic Pipeline (TAP), which saw a €8.8 million boost following Enagás’ 4% stake acquisition from Axpo in July 2023.
Enagás’ EBITDA for 2024 stood at €760.7 million, reflecting a 2.5% decline from the previous year. However, excluding the deconsolidation of Tallgrass and Soto de la Marina, EBITDA would have increased by €4.9 million. Adjusting further for the 2023 deconsolidation impact of TGE and SLM (+€24.4 million), EBITDA as of December 31, 2024, reached €755.8 million, marking a 0.6% year-on-year increase.
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