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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.
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Q3 2025 earnings summary29 Oct, 2025

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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Frequently asked questions

Red Electrica Corporacion S.A. engages in the electricity transmission, and system operation and management of the transmission network for the electricity system in Spain and internationally. It is involved in the development, construction, operation, and maintenance of fixed assets; and regulation activities, such as the coordination of production, consumption and transport of energy through electricity networks. The company is also involved in the provision of services to third parties; traffic control of energy from renewable sources; production of electrical energy from renewable sources; export and import of electric energy; leasing of land for energy projects; agency activities; representation activities with producers and consumers of electricity operating in the IBEX or markets outside Spain; and develop cloud computing applications. In addition, it is engaged in repowering process, which consists in changing existing wind turbines with new ones that have higher unit power.

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