Goldman Sachs Utilities Daily: Iberdrola and Enagas H1 Performance Analysis

Key Takeaways

• 1.Iberdrola reported a solid H1 with EBITDA of €8.05 bn (a 2.5% beat) and raised its full-year growth guidance.
• 2.Enagas met H1 performance expectations with EBITDA of €314 mn and reiterated its full-year guidance.
• 3.The firm highlights a potential 'earnings super-cycle' for the utility industry driven by AI-induced power demand and European electrification.

Table of Contents

• Iberdrola: Solid quarter, guidance “qualitatively” improved
• Enagas H1 results: FY guidance reiterated
• Iberdrola: Expanding in Finland: LT strategic positive; at a major premium vs recent transactions
• Engie: H1 2026 Preview: We see solid execution with net income upgrades to come
• Germany launches 4.5 GW gas tender
• EU hydropower sites can host 25 GW of new renewables without grid upgrades
• Other news
• Events to watch this week
• Research you need to read

Report data

Distribution of ratings/investment banking relationships — as of July 22, 2026.

Reports in this series

GS Utilities Daily is shown in chronological order through this edition, published on July 22, 2026.

Part of the GS Utilities Daily series — view all 33 editions

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