Redeia (REE) Q1 2026 earnings summary

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.