Redeia Corporación, S.A.

Group revenues increased 6.8% in the first half, driven mainly by the regulated business in Spain. EBITDA grew 5.8% year over year, or 2% on a comparable basis excluding the EUR 24 million positive impact from the change in the regulated useful life of repowerings; that EUR 24 million was fully neutralized at EBIT. Net profit reached EUR 280 million, up 4% year over year. Redeia invested EUR 657 million in H1, including EUR 631 million of TSO investment, and management expects TSO investment to reach and probably exceed EUR 1.5 billion in 2026. For the full year, management confirmed net profit above EUR 510 million and dividend per share growth of 2%.

Roberto García Merino framed the period as part of a structural opportunity for grids, citing electrification, renewables integration, AI/data centers and security of supply as reasons transmission investment must accelerate. He highlighted the approval of the grid investment cap and the EUR 615 million amendment to the current plan as positive steps that improve the framework for future planning, and he said the company is now at “cruise speed” in execution. His tone was constructive and confident, with repeated emphasis that Red Eléctrica is well positioned to support Spain’s energy transition and long-term grid needs.

Emilio Cerezo said revenues rose 6.8% on Spanish regulated activity, including new facilities, higher regulated system operator revenues, and a EUR 24 million benefit from the repowering useful-life change. He noted operating expenses increased 8.9%, EBITDA grew 5.8% (2% comparable), and net profit reached EUR 280 million, while financial result improved by EUR 4 million. He also pointed to solid cash generation of EUR 518 million, net debt of EUR 5.009 billion, 3.9x net debt/EBITDA, 22.1% FFO to net debt, and maintenance of BBB+ ratings from both S&P and Fitch; he said the company plans to close 2026 with debt around EUR 6 billion and an average interest rate of 2.45%.

Management said the formal appeal to the CNMC remains the main route for changes to the remuneration model, but they also believe some issues could be addressed through an amendment to the circular within the year, including an inflation adjustment. On the planning side, they said the final CapEx plan could be approved by year-end, and a broader update of the strategic plan may extend visibility to 2031 once the new planning is finalized. On 2026 profit guidance, management said first-half earnings should not simply be doubled because second-half maintenance is usually higher and international earnings may not repeat the unusually strong H1 performance.