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Redeia (REE) investor relations material
Redeia Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 revenues rose 4.6% year-over-year to €444M, driven by regulated business in Spain and higher commissioning net of subsidies.
EBITDA increased 5.8% to €339M, mainly from higher transmission revenues in the TSO segment.
Net profit grew 1.8% to €140M, with higher D&A offset by non-recurring regulatory adjustments.
Investments surged 38% to €350M, focused on TSO projects supporting the energy transition.
Sustainability leadership reinforced, ranking in the top 1% globally and launching a new 2026-2029 Sustainability Plan.
Financial highlights
Revenues: €444M (+4.6% YoY); EBITDA: €339M (+5.8% YoY); Net profit: €140M (+1.8% YoY).
Net debt at €5,569M (+1.7% from Dec 2025); FFO: €298M (+17.3% YoY).
Interim dividend of €0.20/share distributed in January 2026; proposed AGM dividend of €0.8/share for 2025.
Equity increased to €5,513M (+3.7% from December 2025).
Operating cash flow after taxes (FFO) increased 17.6% to €298.3M.
Outlook and guidance
2026 targets: EBITDA > €1,250M, EBITDA margin >73%, net profit >€510M, net debt ~€6,000M.
TSO investments expected to reach €1.5Bn in 2026.
Strategic focus on decarbonisation, electrification, and infrastructure modernisation.
Final dividend of €0.60 per share proposed for early July, following an interim dividend of €0.20.
- Record investments and 37.2% profit growth set the stage for a €6.5B expansion plan.REE
Q4 2025 & Strategy update26 Feb 2026 - Record TSO investment and underlying growth offset regulatory-driven declines in H1 2024.REE
Q2 20242 Feb 2026 - Record investment and ESG focus offset regulatory-driven revenue and profit decline in 2024.REE
Q4 20247 Jan 2026 - Record investments, blackout scrutiny, and board accountability dominated the AGM.REE
AGM 202519 Dec 2025 - Revenue, EBITDA, and investments rose, with stable profit and ongoing regulatory changes.REE
Q2 20254 Nov 2025 - Record investments and stable EBITDA, but net profit down due to Hispasat divestment.REE
Q3 202529 Oct 2025 - Revenue down on regulatory changes, but record investment and ESG drive future growth.REE
Q3 202413 Jun 2025 - Q1 saw strong growth, record investments, and progress on energy transition projects.REE
Q1 20256 Jun 2025
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