Redeia (REE) Q2 2026 earnings summary

Executive summary

• H1 2026 saw strong investment in the transmission grid, with TSO investment up 12% year-over-year to EUR 631 million and total group investment at EUR 657 million, supporting industrial growth and energy transition.

• Revenue rose 7.1% year-over-year to EUR 869.2 million, EBITDA increased 5.8% to EUR 673 million, and net profit grew 4% to EUR 280.4 million, driven by regulated business performance.

• Net financial debt decreased by EUR 464.8 million to EUR 5,009 million, supported by strong cash generation and a EUR 500 million hybrid bond issuance.

• The company maintained a high grid availability rate of 97.97% and was recognized by S&P as one of the top 1% most sustainable companies globally, with 88% of funding linked to ESG criteria.

Financial highlights

• Group revenues increased by 7.1% year-over-year to EUR 869.2 million, mainly from regulated business in Spain.

• EBITDA rose 5.8% year-over-year to EUR 673 million, with 91% from regulated business.

• Net profit reached EUR 280.4 million, up 4% year-over-year.

• Net debt stood at EUR 5,009 million, EUR 465 million lower than 2025, with a net debt/EBITDA ratio of 3.9x and FFO/net debt at 22.1%.

• Dividend of EUR 0.8 per share booked for 2025; EUR 0.6 per share paid as final dividend.

Outlook and guidance

• Full-year 2026 net profit expected to exceed EUR 510 million, with a 2% dividend per share growth and EBITDA above EUR 1,250 million (>73% margin).

• TSO investment projected to reach or surpass EUR 1.5 billion for 2026.

• Strategic plan visibility may extend to 2031 after final CapEx plan approval.

• Net debt projected at approximately EUR 6,000 million by year-end 2026.