Enagás faces a future of stability at the top. According to various sources familiar with the situation, the company’s shareholders plan to renew the main management positions at the ordinary shareholders’ meeting in 2026, which is usually held between the end of March and the beginning of April.
Specifically, these sources assume that the company’s president, Antonio Llardén, and its CEO, Arturo Gonzalo Aizpiri, will renew their mandate for four more years. Enagás sources have declined to comment and point out that this decision corresponds to its owners. Among the main shareholders of Enagás, the State Society of Industrial Participations (SEPI) stands out, which holds 5% of the share capital. Amancio Ortega, owner of Inditex and the richest man in Spain according to Forbes, adds another 5% of the capital. The third largest shareholder is BlackRock. The largest investment manager in the world has 4.36% of the shares, according to the records of the National Securities Market Commission (CNMV). The rest of the capital is widely distributed among minority shareholders.
Although nothing can be taken for granted yet, in the business and political environment the issue has been on the table for weeks. At this point, deadlines are tightening. One month before the meeting, that is, between the end of February and the beginning of March, the appointment proposals must be approved at the February board of directors. And by then, the council itself must make its proposals and these must be validated by the Sustainability and Appointments Commission.
If the renewal is confirmed, it would be the second term for the CEO, who was appointed CEO in 2022 after his time at Repsol. Currently, Arturo Gonzalo Aizpiri is immersed in the execution of the strategic plan that the company deployed, focused on Europe and on growing in new vectors such as renewable gases, among which the company’s commitment to hydrogen stands out. Aizpiri was appointed when Teresa Ribera was still Minister for the Ecological Transition and enjoys good institutional relations at the highest level. On January 28, the Third Vice President and Minister for the Ecological Transition, Sara Aagesen, will open the 4th Hydrogen Day, an event organized by Enagás itself.
Llardén changed category in 2022. The manager became non-executive president and handed over all powers to Gonzalo Aizpiri, who has assumed a leading role in the management of the company while the president occupies a position more focused on the institutional part. Both leaders enjoy good harmony.
Renewal of directors
In addition to the president and the CEO of the gas company, four other directors will be renewed at the shareholders meeting. In 2022, Ana Palacio was renewed for the third time as an independent director. If her presence is extended for four more years, she will foreseeably change category and become an external director, a status acquired by those directors who exceed three terms and are no longer independent due to their relationship with the company, according to the good governance rules dictated by the CNMV. The sources consulted indicate that Ana Palacio, coordinating director and president of the Sustainability and Appointments committee, is highly appreciated within the company for her knowledge and contributions to the international geopolitical panorama, a key factor for the company’s strategic movements.
In addition, María Teresa Costa, Clara García Fernández-Muro, Manuel González and David Sandalow, appointed to the 2022 board, will have to renew their votes. The sources consulted indicate that it is normal for there to be a high percentage of continuity, although the final decision will be confirmed in just over a month.
In 2025, . Last year, various companies owned and controlled by the State gave rise to positions close to public powers and Catalan parties, which sought to exert their influence beyond the Congress of Deputies, where their votes have been necessary for the Government to carry out different legislative initiatives.
In 2024, José Montilla, José Blanco and Cristóbal Gallego, who are currently halfway through their second term, also renewed as directors of Enagás.
In the last year, Enagás has risen 13% on the stock market after the correction suffered since 2022. The company’s action is highly correlated with interest rates, and when these rise, the company’s shares usually fall, given that it is considered a safe asset within the variable income due to its stability of results and its generous shareholder remuneration policy.
Until September 30, 2025, the last time it published results, Enagás obtained a net profit of 262.8 million euros, including positive extraordinary items, and a recurring profit in line with the annual target of 265 million. Gross operating profit (ebitda) remained in line with forecasts, at around 670 million euros for the full year. The net debt remained at 2,347 million euros. The company maintains its guidelines for fiscal year 2025, with expectations of meeting profit and dividend objectives.
