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Redeia (REE) investor relations material
Redeia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for January–September 2025 rose 2.5% year-over-year to €1,218.1 million, with EBITDA up 3.0% to €950.9 million and EBIT up 3.8% to €615.6 million.
Achieved strong progress in international interconnections and new island links, with a national transmission grid availability index of 98.6%.
Advanced the Hispasat divestment, expected to close in Q4 2025, with results excluded from 2025 income statement.
Major investments in national electricity infrastructure drove a 47.6% increase in total investments to €967.5 million.
A severe electricity supply incident in April 2025 was swiftly resolved, with ongoing investigations and no current financial provision recognized.
Financial highlights
Revenues reached €1,262M, up 1.8% year-over-year; EBITDA grew 3.0% to €951M.
Net profit declined 4.6% to €390M, mainly due to the deconsolidation of Hispasat.
Investments surged 48% to €968M, with TSO investment up 52% to €915M.
Net debt increased 13% to €6,083M, reflecting higher investment activity.
Interim dividend of €0.20/share approved, payable January 7, 2026, with a floor of €0.80/share for 2025.
Outlook and guidance
2025 outlook aligns with strategic plan: EBITDA > €1,250M, net profit > €500M, net debt ~€5,700M.
TSO investment for 2021-2025 to exceed €4.2Bn, surpassing the €3.9Bn target.
Sustainable dividend policy with a floor of €0.8/share and net debt/EBITDA < 5x.
Regulatory changes are expected to impact remuneration rates and investment limits for transmission and distribution networks from 2026.
The 2025–2030 Electricity Planning Proposal foresees €13.6 billion in investments to meet national energy and climate objectives.
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