Redeia (REE) AGM 2026 summary

Opening remarks and agenda

• Meeting held exclusively online to ensure equal participation and resource efficiency.

• Chair and CEO outlined the agenda: strategy, management review, Q&A, and voting on resolutions.

• Addressed the challenging international context, including energy crisis risks and climate change impacts.

• Emphasized Spain's energy resilience and the need to strengthen energy self-sufficiency.

• External audit conducted to reinforce transparency in meeting procedures and vote counting.

Financial performance review

• Achieved record TSO investment in 2025: €1,550 million, up 40% from 2024.

• Revenue rose 4.2% to €1,716 million, driven by regulated business in Spain.

• Net income reached €506 million, up 37.2% year-on-year, with EBITDA margin at 75.8%.

• EBITDA increased by 4.0% to €1,258 million.

• Net financial debt at €5,474 million, with 85% fixed-rate and cost of debt at 2.24%.

• Sale of Hispasat for €725 million contributed to financial results.

Board and executive committee updates

• Board composition updated: two independent and two proprietary directors appointed.

• Board self-assessment and competency matrix updated to align with new strategic plan.

• Continued focus on board training and engagement with company teams.

• Gender parity maintained on the board; diversity initiatives recognized.

• Board strengthened its strategic role through innovative governance practices.