REN - Redes Energeticas Nacionais (RENE) Q4 2025 earnings summary

Executive summary

• EBITDA reached €516.1M, up 2.0% year-over-year, driven by strong domestic and international performance.

• Net profit increased 4.8% to €159.8M, supported by improved financial results and lower cost of debt.

• CAPEX surged 28.9% to €474.9M, reflecting higher investments in electricity, gas infrastructure, and international expansion.

• All 2024-27 business plan targets were met or exceeded, with significant progress on energy transition and sustainability goals.

• 2025 was a challenging but successful year, with strong operational and financial performance despite external disruptions.

Financial highlights

• Revenues grew 6.8% year-over-year to €1,107.1M.

• EBITDA: €516.1M (+2.0% YoY); Net profit: €159.8M (+4.8% YoY); CAPEX: €474.9M (+28.9% YoY).

• Net debt stable at €2,520.6M, with average cost of debt reduced to 2.50% from 2.75%.

• Total shareholder return in 2025 was 41.8%, outperforming European and Portuguese indices.

• Dividend proposed at €0.16/share, up 2% from 2024.

Outlook and guidance

• 2026-27 EBITDA target raised to €540-560M, up to 12% above previous guidance.

• Net profit guidance for 2026-27 is €150-160M, up to 50% above prior targets, maintaining a conservative approach.

• CAPEX for 2026-27 expected at €450-550M annually, reflecting accelerated electricity investment.

• Net debt expected to rise slightly due to higher regulated CAPEX, but credit metrics remain strong and investment grade.

• Regulatory and fiscal changes, including higher RoR and tax incentives, expected to add €40M/year to net income.