Redeia (REE) Q2 2025 earnings summary

Executive summary

• Revenues rose 2.2–2.7% year-over-year to €843M, driven by regulated business and record TSO investments of €564M (+34%).

• EBITDA increased 2.8% to €636M, with 89% from regulated business; net profit stable at €269M.

• Major divestment of Hispasat agreed, with €725M expected in Q4 2025; assets classified as held for sale.

• April 2025 power outage led to rapid restoration; no provision recognized as actions were compliant; investigations ongoing.

• Recognized among top 5% of sustainable companies globally; updated green finance framework aligned to EU taxonomy.

Financial highlights

• Revenues: €811.9–843M (+2.2–2.7%); EBITDA: €636M (+2.8%); Net profit: €269–269.5M (stable year-over-year).

• Net financial debt increased to €5,539–5,540M (+3.1% from Dec 2024); FFO: €472.6–473M.

• Supplementary dividend of €0.6/share paid in July; total dividend for 2024 at €0.8/share.

• 94% of group investments are EU Taxonomy eligible.

Outlook and guidance

• 2025 investments expected to exceed €1.4Bn, with cumulative 2021–2025 investments above €4.2Bn.

• Confirmed 2025 targets: EBITDA > €1,250M, net profit > €500M, net debt ~€5,700M; dividend policy at €0.8/share.

• Regulatory changes underway, including proposed increase in financial remuneration rate to 6.46% for 2026–2031.