TAP, other affiliates boost Enagás EBITDA contribution by 23.9% in 2026

Photo: TAP/X

BAKU, Azerbaijan, October 20. The contribution of the Trans Adriatic Pipeline (TAP) and other equity-accounted companies to Spanish energy company Enagás’ earnings before interest, taxes, depreciation and amortization (EBITDA) rose 23.9% year-on-year to 145.8 million euros in the first nine months of 2026, the company said on October 20.

The contribution compares with 117.7 million euros in the same period of 2025, driven mainly by TAP's increased capacity and the acquisition of a 31.5% stake in French gas transmission operator Teréga, completed on July 30, Enagás said.

Enagás reported net profit of 204.1 million euros for January-September 2026, including a positive impact from the sale of a 40% stake in Enagás Renovable.

"Recurring net profit, excluding this effect, amounted to 195.8 million euros, in line with the company’s target of around 235 million euros for the full year," said the company.

Overall EBITDA reached 491.5 million euros in the first nine months, putting Enagás on track to meet its full-year target of 620 million euros.

The company said its regulated revenues were affected by the 2021-2026 regulatory framework, resulting in a reduction of 45.1 million euros.

"This was partly offset by a contribution of 5.4 million euros from the start of operations of the Alisios LNG vessel and 5.9 million euros from the consolidation of fiber-optic infrastructure company Axent," said Enagás.

Recurring operating expenses, excluding costs associated with new businesses, totaled 213.4 million euros, down 0.4% from the same period in 2025. Enagás attributed the result to its efficiency plan and expects expenses to remain in line with its full-year target, which envisages an increase of 1.5%. The cost of servicing gross debt fell to 2.1% as of September 30, 2026, from 2.2% a year earlier. More than 80% of the company’s debt carries fixed interest rates, with an average maturity of 3.9 years, Enagás said.

TAP is the European leg of the Southern Gas Corridor, transporting natural gas from Azerbaijan’s Shah Deniz field to European markets. The 878-kilometer pipeline starts at the Greek-Turkish border, crosses Greece and Albania, traverses the Adriatic Sea and reaches Italy’s southern coast.

In January 2026, TAP increased its annual transportation capacity by 1.2 billion cubic meters. The pipeline has transported more than 60 billion cubic meters of gas to date.

TAP’s shareholders are bp, SOCAR, Snam, Fluxys, and Enagás, each holding a 20% stake.