Redeia (REE) Q4 2025 & Strategy update earnings summary

Executive summary

• Achieved record TSO investment of €1,551.5 million in 2025, with total group investment at €1,626.2 million, supporting grid expansion and energy transition, nearly quadrupling the investment rate in four years.

• Revenues rose 4.2% year-over-year to €1,716 million, driven by regulated business in Spain and new remuneration rates.

• Net profit attributable to the parent increased 37.2% to €505.6 million, reflecting the absence of prior year impairment from Hispasat divestment.

• Completed the sale of Hispasat for €725 million, strengthening financial position and enabling further energy transition investments.

• Surpassed all objectives of the 2021-2025 strategic plan, positioning for the next phase with a robust financial and operational base.

Financial highlights

• EBITDA grew 4% year-over-year to €1,258 million, with 89% from regulated business.

• Net profit reached €506 million, up 37.2% from 2024, mainly due to the 2024 Hispasat impairment; profit from continuing operations rose 1.6%.

• Net group debt at year-end was €5,474 million, up €104.4 million from December 2024.

• EBITDA margin stood at 75.8%-76%.

• Dividend proposal: €0.80 per share, with €0.20 already paid as interim dividend.

Outlook and guidance

• Strategic plan 2026-2029 targets over €6.5 billion in investments, with over 90% allocated to domestic TSO, averaging €1.5 billion per year.

• EBITDA expected to grow at about 3-5% annually; TSO EBITDA to grow above 5% per year.

• Dividend policy assumes 2% annual growth, reaching €0.87 per share in 2029.

• RAB projected to reach €12 billion by 2029, and €14.4 billion including work in progress.

• No capital increase required to finance the plan; funding sourced from FFO, subsidies, hybrids, and net debt.