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Redeia (REE) investor relations material
Redeia Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Investments in the national transmission grid exceeded €560M in H1 2025, up 34% year-over-year, with a target of over €1.4B for the year, the highest in company history.
Revenue for H1 2025 rose between 2.2% and 2.7% year-over-year, with EBITDA up 2.8% and net profit stable at €269M.
The April 28 power outage highlighted the need for grid flexibility; rapid restoration demonstrated operational resilience, with no provision recognized as actions were compliant.
Divestment of Hispasat is expected to close in Q4, bringing in €725M and classified as held for sale with no impact on 2025 results.
Recognized among the top 5% most sustainable companies globally and updated green finance framework to align with EU taxonomy.
Financial highlights
Revenues grew 2.2–2.7% year-over-year to €811.9–843M; EBITDA rose 2.8% to €636M; net profit stable at €269M.
Net financial debt at June 30 was €5.54B, up €170M from year-end 2024 due to heavy investment.
Operating cash flow after taxes (FFO) was €472.6M, down due to a prior-year tax refund; adjusted FFO rose 6.8%.
Supplementary dividend of €0.6/share paid in July, total 2024 dividend €0.8/share.
94% of group investments are EU Taxonomy eligible.
Outlook and guidance
Year-end investment expected to exceed €1.4B, with cumulative 2021–2025 investment above €4.2B.
2025 guidance: EBITDA over €1.25B, net profit above €500M, net debt around €5.7B after Hispasat sale.
Average annual CapEx of €1.5B expected for 2026–2028, with high certainty for the next three years.
Dividend policy for 2025 remains at €0.8/share, with future policy to be reviewed in the next strategy plan.
Net debt/EBITDA expected to remain below 5x; FFO/net debt above 15%.
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