Redeia (REE) Q2 2026 earnings summary

Executive summary

• H1 2026 saw strong investment in Spain’s transmission grid, with TSO investment up 12% year-over-year to EUR 631 million and total group investment at EUR 657 million, supporting industrial growth and the energy transition.

• Net profit grew 4% year-over-year to EUR 280.4 million, driven by regulated business, higher EBITDA, and strategic project execution.

• Revenues increased by up to 7.1% year-over-year, mainly from regulated business in Spain and higher commissioning net of subsidies.

• Maintained sector leadership in sustainability, ranking in the top 1% globally and advancing ESG-linked financing to 88%.

• High grid availability rate of 97.97% and continued progress on major interconnection and storage projects.

Financial highlights

• EBITDA rose 5.8% year-over-year to EUR 673 million, with 91% from regulated business.

• Net debt decreased by EUR 464.8 million to EUR 5,009.4 million, with a net debt/EBITDA ratio of 3.9x and FFO/net debt at 22.1%.

• Final dividend of EUR 0.6 per share paid, totaling EUR 0.8 per share for H1 2026.

• Operating cash flow after tax (FFO) reached EUR 546.2 million, up 15.6% year-over-year.

• Operating expenses increased by 8.9%, mainly due to higher personnel and maintenance costs.

Outlook and guidance

• Full-year 2026 net profit expected to exceed EUR 510 million, with EBITDA above EUR 1,250 million (>73% margin) and dividend per share growth of 2%.

• TSO investment projected to reach or surpass EUR 1.5 billion by year-end.

• Net debt projected at approximately EUR 6,000 million by year-end 2026.

• Strategic plan visibility may extend to 2031 after final CapEx plan approval.

• Target for 100% of financial debt to be ESG-linked by 2030; currently at 88%.