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Redeia Corporación (REE) investor relations material
Redeia Corporación Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M revenue was €1,312.9m, up 7.8%; revenue plus equity-accounted earnings was €1,352.4m, up 7.2%; EBITDA rose 5.3% to €1,001.4m and parent-attributable profit rose 5.3% to €410.3m.
Stronger regulated Spanish TSO performance drove growth; regulated business accounted for 91% of EBITDA.
Investment rose 17.7% to €1,138.9m; net financial debt increased €126.5m from December 2025 to €5,600.8m.
Financial highlights
EBITDA reached €1,001.4m, up 5.3%; EBIT rose 1.9% to €627.0m and profit before tax increased 3.2% to €555.6m.
Consolidated profit grew 3.9% to €428.6m; parent-attributable profit increased 5.3% to €410.3m.
FFO increased 15.5% to €823.8m; operating cash flow reached €637.5m, up 6.4%.
Operating expenses rose 10.0% to €486m; net Opex increased 12.8% to €351m, reflecting project progress and higher personnel costs.
Financial result improved to -€72m from -€77m.
Outlook and guidance
2026 targets confirmed: EBITDA >€1,250M, EBITDA margin >73%, net profit >€510M, investment €1,500M, net debt ~€6,000M and DPS growth of 2%.
Repowering useful-life change is expected to lift FY26 EBITDA to ~€1,300M, with the effect fully offset at D&A level.
2026–2029 dividend policy targets 2% annual growth, reaching €0.87 per share in 2029; the first Bay of Biscay interconnector link remains targeted for service in 2027.
A new 2025–2030 transmission development plan is in preparation; the approved third amendment to the 2021–2026 plan amounts to €615m.
- Record investments and strong ESG focus drive growth and sustainability through 2029.REE
Company presentation - Net profit rose 4% to EUR 280.4M as investments and sustainability advanced, with guidance confirmed.REE
Q2 2026 - Record investments, rising dividends, and all resolutions approved amid blackout discussions.REE
AGM 2026 - Revenue and EBITDA rose, investments surged, and sustainability leadership was reinforced.REE
Q1 2026 - Record investments and profit growth support an ambitious €6.5B expansion plan.REE
Q4 2025 & Strategy update - Record investments, blackout scrutiny, and board accountability dominated the AGM.REE
AGM 2025 - Revenue, EBITDA, and investments rose, with stable profit and ongoing regulatory changes.REE
Q2 2025 - Record TSO investment and underlying growth offset regulatory-driven declines in H1 2024.REE
Q2 2024 - Record investment and ESG focus offset regulatory-driven revenue and profit decline in 2024.REE
Q4 2024
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