Redeia Corporación (REE) Q3 2026 earnings summary

Executive summary

• 9M revenue was €1,312.9m, up 7.8%; revenue plus equity-accounted earnings was €1,352.4m, up 7.2%; EBITDA rose 5.3% to €1,001.4m and parent-attributable profit rose 5.3% to €410.3m.

• Stronger regulated Spanish TSO performance drove growth; regulated business accounted for 91% of EBITDA.

• Investment rose 17.7% to €1,138.9m; net financial debt increased €126.5m from December 2025 to €5,600.8m.

Financial highlights

• EBITDA reached €1,001.4m, up 5.3%; EBIT rose 1.9% to €627.0m and profit before tax increased 3.2% to €555.6m.

• Consolidated profit grew 3.9% to €428.6m; parent-attributable profit increased 5.3% to €410.3m.

• FFO increased 15.5% to €823.8m; operating cash flow reached €637.5m, up 6.4%.

• Operating expenses rose 10.0% to €486m; net Opex increased 12.8% to €351m, reflecting project progress and higher personnel costs.

• Financial result improved to -€72m from -€77m.

Outlook and guidance

• 2026 targets confirmed: EBITDA >€1,250M, EBITDA margin >73%, net profit >€510M, investment €1,500M, net debt ~€6,000M and DPS growth of 2%.

• Repowering useful-life change is expected to lift FY26 EBITDA to ~€1,300M, with the effect fully offset at D&A level.

• 2026–2029 dividend policy targets 2% annual growth, reaching €0.87 per share in 2029; the first Bay of Biscay interconnector link remains targeted for service in 2027.

• A new 2025–2030 transmission development plan is in preparation; the approved third amendment to the 2021–2026 plan amounts to €615m.