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Revenue Growth: Increased by 4.2%, driven by a EUR71 million rise in regulated revenue in Spain. EBITDA Growth: Increased by 4%, primarily due to higher contributions from the TSO. Net Profit: Reached EUR506 million, a 37.2% increase from 2024, influenced by the sale of Hispasat. Operating Expenses: Grew by 5.6%, reflecting increased activity and operational demands. Personnel Expenses: Increased due to a larger workforce and higher salary costs. Net Debt: EUR5.4 billion at year-end, an increase of EUR100 million from December 2024. EBITDA Margin: Stood at 75.8%. TSO Investments: Reached EUR4.4 billion, exceeding the initial target of EUR3.3 billion. Return on Equity: Expected to achieve at least 9%. Dividend Policy: Annual growth of 2% until reaching EUR0.87 per share in 2029. Investment Plan: EUR6.5 billion for 2026-2029, with EUR6 billion allocated to domestic transport activity. RAB Growth: Expected to reach EUR14.4 billion by 2029, a 35% increase from 2025. FFO to Net Debt Ratio: Above 14%. Net Debt to EBITDA Ratio: Below 5.5 times. Net Debt to RAB Ratio: Below 60%.

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Release Date: February 26, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Redeia Corporacion SA (RDEIF) achieved a record investment in TSO, exceeding EUR 1.5 billion in 2025, marking a 40% increase from 2024. The availability index of the national transmission network improved to 98.39% in 2025, surpassing the 98.06% achieved in 2024. The company completed the sale of its Hispasat stake for EUR 725 million, strengthening its financial position. Redeia Corporacion SA (RDEIF) maintained a solid EBITDA margin of 75.8% and exceeded its strategic plan objectives for 2021-2025. The company secured EUR 1.1 billion in loans and issued a half-billion green bond, enhancing its funding for strategic projects.

Negative Points

The company experienced a significant blackout on April 24, 2025, which was an unprecedented and multifactorial incident. International business performance declined due to challenges in Chile and unfavorable exchange rates between the dollar and the euro. Operating expenses grew by 5.6% due to increased activity and higher personnel costs, impacting overall profitability. The financial result worsened by EUR 20 million due to lower financial income compared to 2024. Net group's debt increased to EUR 5.4 billion by the end of 2025, representing a EUR 100 million rise from December 2024.

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Q & A Highlights

Q: Could you explain why the average CapEx drops after 2025 and whether there is any potential for increased investment levels beyond 2026? A: Roberto Garcia Merino, CEO, explained that the company has a clear investment horizon for the upcoming years, with an average annual investment of EUR1.5 billion during the 2026-2029 period. This represents a 70% increase compared to the previous plan. The company is confident in its execution capability and has secured critical supplies to support this investment level.

Q: Are there any plans for asset turnover or rotation in your funding strategy? A: Roberto Garcia Merino, CEO, stated that the company does not plan for asset turnover or rotation as part of the current strategy. The financial position is robust, allowing the company to fund its strategy plan without needing to sell assets. However, if investment pace accelerates, options like partial disinvestment of non-TSO related assets could be considered.

Q: What lessons have been learned from the blackout incident, and what measures are being implemented to prevent future occurrences? A: Roberto Garcia Merino, CEO, mentioned that the blackout was thoroughly analyzed, and reports confirmed that the transmission network operated correctly. The company is implementing new infrastructure and tools, such as synchronous compensators and STATCOMs, to enhance system resilience and prevent future incidents.

Q: Why does the strategic plan only extend to 2029, and not beyond? A: Roberto Garcia Merino, CEO, explained that the plan extends to 2029 due to the visibility and certainty of commitments within this period. While there is potential for projects beyond 2029, the company prefers to wait for the approval of new planning before making firm commitments beyond this timeframe.

Q: How does the company plan to maintain its credit rating amid increased investment and debt levels? A: Roberto Garcia Merino, CEO, stated that maintaining a solid credit rating is a priority. The company expects to remain at BBB+ based on financial ratios and recent reviews by rating agencies. The focus on regulated activities and financial discipline supports this expectation.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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