on 13-Feb-2026 13 February 2026 Midcap Research When AI threatens the moat #2: Our selection of "AI risk-proof" long ideas Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com Marie Line Fort +33 1 42 13 85 21 marie-line.fort@bernsteinsg.com Philippe Lorrain +33 1 42 14 75 16 philippe.lorrain@bernsteinsg.com Victor Acitores +34 915 893 901 victor.acitores@bernsteinsg.com +44 20 7676 8355 will.kirkness@bernsteinsg.com Marios Pastou +44 20 7676 6881 marios.pastou@bernsteinsg.com Building on o ...

Core Viewpoint - Enagas is exploring opportunities to acquire regulated energy assets in Europe that align with its hydrogen-focused strategy while ensuring the maintenance of its dividend policy and credit ratings [1] Group 1: Company Strategy - Enagas is shifting its focus towards hydrogen infrastructure and is open to M&A operations that support this strategy [1] - The company has previously divested assets in the United States, Chile, and Mexico to concentrate on Spain and Europe [1] - Enagas has cut dividends and reduced debt to finance its transition into managing hydrogen infrastructure [1] Group 2: Potential Acquisitions - Enagas is in discussions to acquire a 32% stake in Terega from Singapore's GIC, which is involved in a planned hydrogen pipeline between Spain and France [1] - The CEO highlighted that Terega is a well-known partner in daily operations and major projects, making it a suitable candidate for acquisition if conditions are favorable [1] - The company prioritizes maintaining its dividend policy and credit ratings while pursuing investment opportunities [1]

Core Viewpoint - Lithuania's gas transmission system operator Amber Grid has established a natural gas transportation agreement to the Kaliningrad region, adhering to international agreements and EU regulations, with a contract duration until December 31, 2030 [1] Group 1: Agreement Details - The new transit service conditions are set for five years, with service prices regulated by the National Energy Regulatory Council [1] - The permissible revenue level for 2026 is approximately €30 million [1] Group 2: Capacity and Regulations - The contract allows for a capacity of 10.5 million m³ per day at the exit point to the Kaliningrad region [2] - Commercial gas trading remains prohibited under Lithuanian law, ensuring that the volume of gas entering and exiting the pipelines is strictly accounted for [2]