Slide 1: Q1 2024 Results
Q1 2024 Results April 2024
Slide 2: Table of contents
Table of contents 1. Highlights & Q124 results. 2. Outlook for 2024. 3. Progress on Strategic Plan 2021-2025. Q124 Results. April 2024
Slide 3: Highlights & Q124 results
1 Highlights & Q124 results Q124 Results. April 2024
Slide 4: A strong growth in TSO investments continues
A strong growth in TSO investments continues Sustainable development of transmission network: Regulatory developments investing €119 M. Approval of CNMC calendar, which includes the modification of Leaders in the integration of renewable energies, Circular 2/2019, to make certain adjustments t
Slide 5: TSO relevant upcoming milestones in 2024
TSO relevant upcoming milestones in 2024 Estimated dates Hearing for modification of CNMC Circular 2/2019 to establish the financial Resolution on definitive remuneration rate for the transmission NECP* 2023-2030 New Planning 2025-2030 third regulatory period, remuneration for 2021. Update. draft. 2
Slide 6: Results impacted by the end of the regulatory useful life of pre-98 assets
Results impacted by the end of the regulatory useful life of pre-98 assets... Dividend proposed to the AGM amounts to €1 per share to be charged to 2023, fulfilling our commitment € 474 M €340 M €132 M Revenues* EBITDA Net Profit € 537 M in Q123 € 402 M in Q123 € 180 M in Q123 € 156 M € 4,892 M Inve
Slide 7: … and the rest of the businesses performing in line.
… and the rest of the businesses performing in line. P&L (€M) Q124 Q123 Δ€M Δ% EBITDA Q124 Q123 Δ€M Δ% Revenues* 474.3 537.2 -62.9 -11.7 TSO 239.1 304.4 -65.3 -21.5 Other income and OWC** 30.7 28.6 +2.1 +7.4 International 30.7 31.8 -1.0 -3.3 Operating expenses -165.4 -164.0 -1.4 +0.9 Satellite 33.0
Slide 8: Revenues decline 11.7% due to impact of pre-98 assets
Revenues decline 11.7% due to impact of pre-98 assets €M Regulated business Spain (-15.8%): lower transmission revenues due to the end of the regulatory 537 useful life of the pre-98 assets. System Operator grows by €1.2 M. 4 1 474 International business (-4.2%): good performance in Peru, partia
Slide 9: Operating expenses grew by 0.9%
Operating expenses grew by 0.9% Mainly due to higher personnel costs +0.9% €M 2 165 164 1 Non comparable + € 9 M +3.4% 1Q23 Operating costs Supplies and other operating Personnel costs 1Q24 Operating costs expenses Supplies and other operating expenses decreased slightly, due to lower asset mainte
Slide 10: EBITDA declines impacted by the TSO
EBITDA declines impacted by the TSO €M -15.5% 402 2 2 0 340 65 1 1Q23 EBITDA TSO International Satellite Fibre optics Other 1Q24 EBITDA Lower contribution from TSO mainly due to the effect of pre-98 assets. Slight decrease in the international business. Lower revenues are partially offset by low
Slide 11: Net Profit performance in line with expectations due to the impact of pre-98 assets
Net Profit performance in line with expectations due to the impact of pre-98 assets €M -26.7% 180 18 132 1 1 62 4 1Q23 Net profit EBITDA Amortisations and other Net financial results Corporate tax Minorities 1Q24 Net profit Higher amortisations and other, mainly in the satellite activity due to Am
Slide 12: TSO investments increase by 22% vs Q123
TSO investments increase by 22% vs Q123 Spanish transmission grid capex grows by 25% €M Progress on strategic TSO projects 155 156 Developments in the Interconnection with France. TSO Obtaining the Administrative Construction Authorisation International Approval (AAC) Galicia-Portugal interconne
Slide 13: Focus on balance sheet strength
Focus on balance sheet strength Net Debt decreases by 2% €M Operating Cash Flow 3.4 x € 411M ND/EBITDA 4,975 147 4,892 156 25 53 464 25.7 % FFO/ND FY2023 FFO Change in Investments working Dividends Other 1Q24 ‘A-’ capital Stable outlook Fitch & S&P FFO increased by 27.9% due to the collection of t
Slide 14: Sound financial structure and comfortable liquidity position
Sound financial structure and comfortable liquidity position 62% of ESG - linked financing Gross debt structure Maturities €M 3%3% Eurobond 9% 1,834 EIB 2000 11% Other long term bonds 1500 1,228 1,133 €6,160M Long term credits 1000 796 772 12% 63% USPP Euro EUR 398 10% 500 Other Divisa Currency 0 20
Slide 15: Outlook for 2024
2 Outlook for 2024 Q124 Results. April 2024
Slide 16: 2024: base year for future growth
2024: base year for future growth TSO will make the largest investment in history, assuming its responsibility as the backbone of the energy transition TSO Investment €M >150% ~ 1,000 877 830 825 672 564 532 493 439 421 414 392 413 415 426 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 17: 2024: base year for future growth
2024: base year for future growth Results impacted by termination of pre-98 assets 2024 Estimated results TSO EBITDA > € 1,300 M Termination of remuneration for pre-98 assets due to the Net Profit ~ € 500 M end of their regulatory useful life (- 307 M€) and start of REVU2 recognition for these fac
Slide 18: Progress on Strategic Plan 2021-2025
3 Progress on Strategic Plan 2021-2025 Q124 Results. April 2024
Slide 19: TSO investments reaching €3.9 Bn following the modification of the current National Transmission Plan
TSO investments reaching €3.9 Bn following the modification of the current National Transmission Plan Redeia's total investment of €5 Bn in the period 2021-25 Capex 2021-2025 Progress 2021 - Q124 €M Telecoms TSO ~3,900 M€ ~700 M€ ~5,000 ~4,800 4,400 42% +5 % ~ 3,900 51% 49% TSO +10 % ~ 3,700 Interna
Slide 20: Confirming our financial targets for the period 2021-2025
Confirming our financial targets for the period 2021-2025 Attractive shareholder remuneration and sound financial structure Financial efficiency 2025 Sustainable dividend policy EBITDA >70 1 € /share % MARGEN Floor €0.8 /share FFO/Net Debt RATIO >15 % Net Debt/EBITDA RATIO <5x 2021 2022 2023 2024 20
Slide 21: redeia
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Slide 22: Disclaimer
This document has been produced by Redeia, S.A. (hereinafter Redeia) for the sole This disclaimer should be taken into consideration by all the individuals or entities at purpose expressed herein. It should not in any event be construed as an offer of sale, whom this document is targeted and by thos