The company achieved profits of US$848 million, 108% more than the US$408 million in 2024, while EBITDA was US$1.465 billion, 37% more than the previous year and the highest figure ever achieved by the company.
The National Petroleum Company (Enap) published its financial statements as of December 31st, 2025, with historic results. It has now completed five consecutive years of profits, more than doubling the earnings obtained in the previous year. The state owned company reached US$848 million, 108% more than the US$408 million achieved in 2024.
Accordingly, over the period from 2021 to 2025, ENAP generated profits of US$2.537 billion. This figure represents a significant increase compared to the previous period, when the company reported consecutive profits for five years, between 2013 and 2017. During that cycle, the company achieved a total of US$668 million in accumulated profits.
The consolidated EBITDA in 2025 reached US$1.465 billion, 37% more than the US$1.066 billion in 2024. Up until then, the highest EBITDA in Enap's history was in 2023 with US$1.414 billion.
The company also underscored a US$450 million reduction in debt. “In 2025, we ended the year with total gross financial debt of US$3.103 billion and a net financial debt to EBITDA ratio of 1.8 times,” said the general manager Julio Friedmann.
As for international operations, the company reported pre-tax earnings of US$175 million, mainly in Egypt and Ecuador.
The general manager also added "Enap has demonstrated in recent years that, with planning and foresight, it is capable of achieving historic results. None of this is the result of chance. We have achieved a sustained increase in our production capacity by focusing on operational excellence, active cost management, and accelerating new sources of revenue. We have had five consecutive years of profits and have the lowest level of debt in more than a decade. All this is thanks to a long-term strategy and the hard work of the workers at the company."
The reasons
Among the main reasons explaining the positive figures for 2025 we can find: higher sales of valuable own production, driven by a change in the sales mix and optimization of logistics and financial costs, as part of the debt reduction process that the state owned company has implemented in recent years; as well as better average international refining margins.
“This reflects a combination of efficient management; the ambition to improve our operations, which has allowed us to increase the production of valuable assets; all this together with a good decision making. Today, Enap is an example of how state owned companies can be profitable and have efficient and competitive management,” as stated by Friedmann.
Milestones 2025
During the year commemorating the 80th anniversary of the discovery of oil, ENAP achieved significant advances in its strategic planning.
- Fifth consecutive year of profitability, achieving the lowest debt level since 2010 and consistently expanding production capacity.
- The sale of ENAP Sipetrol Argentina.
- The establishment of a dedicated management unit to develop logistics as a new line of business, aimed at enhancing the efficiency and profitability of our assets.
- The long-term agreement for the supply of crude oil from Vaca Muerta (Argentina).
- The new oil finding in its operations in Ecuador.
- The launch of ENAP Renewable Diesel (produced from used cooking oil) as part of the new products portfolio supporting the energy transition.
- Advances in the construction of the first green hydrogen plant of the company, scheduled to begin operations this year.