Redeia Corporacion SA

RED

Equity

ISIN ES0173093024 / Valor 33077347

BME Bolsas y Mercados Espanoles - Renta Variable (2026-10-02)

EUR 14.80+0.48%

Redeia Corporacion SA
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About company

Redeia Corporación is a Spanish infrastructure group that principally develops, operates and maintains high‑voltage electricity transmission networks and system‑operation services through its transmission system operator, while also owning and managing complementary telecommunications infrastructure such as satellite and fiber assets. The company’s core business centers on planning, building and running grid assets and interconnections that provide regulated, concession‑style revenues in Spain and through selective international investments; alongside that platform it offers satellite and telecom services aimed at broadcasters, government and wholesale customers. Redeia is a publicly traded company listed in Madrid and generates most of its cash flow from long‑lived network operations rather than commodity energy trading.

Summarized from source with an LLMView SourceSector: Energy

Key figures

H1 2026 revenue €869.2m (H1 2025: €811.9m). Operating profit €422.6m (H1 2025: €416.2m). Profit for period €292.5m; profit attributable to equity holders €280.4m (H1 2025: €269.5m). Basic EPS €0.49 (H1 2025: €0.50).

Profitability & costs

Operating performance maintained: depreciation & amortisation rose to €266.6m (H1 2025: €233.9m). Net finance cost improved to €45.0m (H1 2025: €48.6m) and income tax was €85.2m for the period.

Cash, debt & leverage

Cash and cash equivalents €938.2m (up from €546.2m). Net debt €5.009bn; leverage ratio (net debt / (equity + net debt)) 46.3% versus 50.7% at 31 Dec 2025 — a clear deleveraging move in H1.

Investing / CAPEX

Additions to intangible assets and PP&E (ex-IFRS16) totalled €593m in H1 2026 (H1 2025: €553m). The Group capitalised €36.8m of operating expenses and €14.3m of finance costs. Net cash used in investing activities was €408.4m.

Financing & equity actions

Issued €500m of subordinated perpetual notes in April 2026 (green). Other equity instruments rose to €1,000m. Share buybacks of ~830k shares (~€12.3m) and share deliveries of ~€5.8m were executed under the buyback programme. Net cash from financing activities was €281.7m; dividends and other equity payments were ~€118.0m.

Regulation, ratings & sector matters

Second transmission regulatory period (2026–2031) began with CNMC circulars setting the remuneration methodology. Royal Decree‑Law 7/2026 and RD 88/2026 introduced measures affecting grid use, planning flexibility and the TSO’s datahub role. Credit agencies downgraded Redeia to BBB+ (S&P and Fitch) in H1 2026 (outlook stable).

Audit note & contingencies

Ernst & Young issued a limited‑review conclusion (no material misstatement identified) but emphasised Note 20 regarding the severe electricity system incident of 28 April 2025 — directors currently consider an outflow of resources unlikely but that assessment could change. Interim statements should be read alongside the 2025 annual consolidated financial statements.

Summarized from source with an LLMView Source

Key figures

-8.92%1Y

1.20%3Y

-14.7%5Y

Performance

16.5%1Y

17.0%3Y

18.4%5Y

Volatility