Redeia Corporacion Sa · BME:RED
Redeia Corporacion Sa — FY 2025 Earnings Presentation
50 slides from Redeia Corporacion Sa's earnings presentation, Feb 26, 2026
Slide 1: Strategic Plan 2026 - 2029
Strategic Plan 2026 - 2029 February 2026
Slide 2: Index
Index 1. FY 2025 Results 2. A new scenario 3. Our sustainable commitment 2029 4. Strategy 2026-2029 5. Financial targets 6. Conclusions Strategic Plan 2026-2029. February 2026. 2
Slide 3: FY 2025 Results
FY 2025 Results iS V, a OR yy
Slide 4: 2025 Highlights
2025 Highlights All - time record TSO investment exceeding € 1,550 M TSO Other TSO investments reach €1,551 M. Total group investment Completion of Hispasat divestment. Collection of €725 M, the amounts to €1,626 M. price agreed for the transaction. Sustainable development of the transmission
Slide 5: Incident of 28 April
Incident of 28 April The restoration process was carried out swiftly and without incidents in the transmission grid On 17 June the Ministry of Ecological Transition and Demographic Challenge issued a report approved by the National Security Council, and on 18 June the report of Red Eléctrica, as S
Slide 6: Results in line with expectations for the year
Results in line with expectations for the year P&L (€M) FY25 FY24 Δ% EBITDA breakdown by business Revenues1 1,716 1,648 +4.2 % 2% Other revenues and OWC2 190 169 +12.5 % Operating expenses -648 -606 +6.8 % 9% Net Opex -458 -437 +4.6 % 9% TSO Gross operating profit (EBITDA) 1,258 1,210 +4.0 % Interna
Slide 7: Revenues increase thanks to regulated business in Spain
Revenues increase thanks to regulated business in Spain €M +4.2 % 1,648 71 1 0.2 1,716 3 2024 TSO International Fiber fibre Optical optic Other, corporate and 2025 consolidation adjustments Regulated business Spain (+5.1%): improvement due to higher revenues from the application of the new financi
Slide 8: Operating expenses evolution
Operating expenses evolution €M + 6.8 % + 4, 1% + 5.6 % 24 648 606 7 613 11 2024 Expenses Expenditure with against Personnel Staff costs Other Other expenses expenditure 2025 Operational offsetting in other revenue expenses expenditure operating income Higher expenses with offsetting in other oper
Slide 9: EBITDA grew by 4.0% thanks to the increase in TSO revenues
EBITDA grew by 4.0% thanks to the increase in TSO revenues and the evolution of expenses €M +4.0 % 1,210 34 6 3 5 1,258 2024 TSO International Optical Fiber fibre optic Other 2025 Greater contribution from TSO due to higher transmission revenues. International business increased as a result of l
Slide 10: Profit from continued operations increased 1.6%
Profit from continued operations increased 1.6% The evolution of Net Profit is conditioned by the impairment recorded in 2024 following Hispasat divestment agreement 0,0% €M 37. 2 % 138 506 48 10 368 3 20 16 NetB.profit Net 2024 2024 EBITDA Depreciation, Financial Financial Rdo. IS tax Corporate Dis
Slide 11: Net Debt stood at €5,474 M (+1.9%)
Net Debt stood at €5,474 M (+1.9%) Higher investments have been offset by cash generation, the collection of funds from the sale of Hispasat and dividends received from Group companies €M Operating Cash Flow € 1,013 M 461 4.4 x 18.9 % 1,626 ND/EBITDA FFO/ND 5,370 5,474 725 167 78 21 'A-' Stable outl
Slide 12: Fulfilment of the 2021 - 2025 Strategic Plan
Fulfilment of the 2021 - 2025 Strategic Plan Exceeding our targets Targets 2021 - 25 Achievements 2025 TSO investments €3.3 Bn TSO investments €4.4 Bn Group investments €4.4 Bn Group Investments €5.4 Bn EBITDA margin > 70 % EBITDA margin 76 % Net Debt/EBITDA <5 x Net Debt/EBITDA 4.4 x FFO/Net Debt >
Slide 13: A new scenario
A new scenario 2
Slide 14: Electrification is unstoppable
Electrification is unstoppable Growth in electricity demand exceeds that of global energy demand Average annual growth Average annual growth In Spain, the growth in electricity demand of global demand of global electricity demand will come from new consumption M TWh 4,00% 1 Data Processing Centres 3
Slide 15: Networks, a key factor in the energy transition
Networks, a key factor in the energy transition Enabling greater electrification, improving security of supply, reducing external energy dependence and generating economic benefits for society Global investment in grids $ Bn ~ 650 ~ 500 390 Strong growth in global investment in grids to 2035 due to
Slide 16: Political and regulatory support
Political and regulatory support Decarbonization: a growth driver for Europe European Grids Package • Aiming to facilitate and accelerate the construction and Energy Highways modernization of energy infrastructures. • Optimizing European and national planning. • Covering both electricity interconnec
Slide 17: Red Eléctrica role as TSO in the system operation will be key
Red Eléctrica role as TSO in the system operation will be key Guaranteeing the quality and security of supply Future role of the System Operator • Adapting to the new environment and new technologies. • Distributed energy: decentralized energy resources. • More active consumers and new services to e
Slide 18: PNIEC 2030 sets targets at national level
PNIEC 2030 sets targets at national level To contribute to EU ambitions PNIEC 2023-30 targets Emissions Reduction of GHG emissions by 2030 vs 2005: 55 % PNIEC 2030 GW Installed capacity by 2025 Renewables PNIEC 2030 targets Renewables in final energy consumption: 48% 76 Renewables in electricity gen
Slide 19: Proposed National Transmission Plan 2025 - 2030
Proposed National Transmission Plan 2025 - 2030 with investments over € 13 Bn Defining TSO investments for the coming years, with an unprecedented volume Guiding principles Investment breakdown • Maximizing the use of the existing grid. • Deployment of new renewable installations. 25 % 8 % Other Rei
Slide 20: Main projects of the 2025 - 2030 National Transmission Plan
Main projects of the 2025 - 2030 National Transmission Plan Maximizing the use of transmission grid and more grid to accelerate the energy transition Links with the Iberian Peninsula and between islands • Reinforcement of the Peninsula-Balearic Islands link. Main actions Peninsula • Ibiza-Formentera
Slide 21: Proposed National Transmission Plan 2025 - 2030
Proposed National Transmission Plan 2025 - 2030 Main actions Reinforcement of Asturias Ring Spain - France interconnection transmission grid in Bay of Biscay western Asturias Transmission grid Spain – Andorra reinforcement Interconnection Reinforcement Pyrenees area Renewables integration transmissi
Slide 22: Estimated implementation of 2025 - 2030 Planning
Estimated implementation of 2025 - 2030 Planning In 2031, the entire plan, €13.1 Bn, will be in service or under implementation. Red Eléctrica could commission €11.1 Bn in an environment of improvements in the regulatory framework for processing, keeping €2 Bn in execution In 2025-2030 Red Eléctri
Slide 23: Stable environment in Brazil, Chile and Peru
Stable environment in Brazil, Chile and Peru Stable and predictable regulatory frameworks for the transmission business • Financial stability of the electricity sector. • Robust regulatory frameworks, with unbundling of activities and independence of regulators. Inflation protection. • Centralized t
Slide 24: The telecommunications sector in Spain is marked by technological evolution
The telecommunications sector in Spain is marked by technological evolution and market movements Opportunities for Reintel • Sector consolidation of large and local operators. • Providers of data centres and • Cybersecurity: priority to network security, implementing submarine cables . stricter meas
Slide 25: Our sustainable commitment 2029
Our sustainable commitment 2029 2
Slide 26: Making the energy transition a reality means promoting sustainability
Making the energy transition a reality means promoting sustainability New Redeia Sustainability Plan 2026 - 2029: networks for sustainable transformation 2 main ambitions Energy model of the future 7 strategic Management levers vectors 5 management Generate positive impact levers 26
Slide 27: Sustainability Plan 2026 - 2029
Sustainability Plan 2026 - 2029 ENERGY MODEL OF THE FUTURE Sustainable Electrification and Connectivity: Security and resilience infrastructure & carbon decarbonisation of Interconnections and of the electricity system footprint reduction the economy telecommunications Net Zero in 2050. Facilitate g
Slide 28: ESG Excellence
ESG Excellence Redeia in the "Top 1%" of the most sustainable companies in the world according to S&P Year 2025 89 AAA 82 7.5 B+ A 70.6 Redeia Score Sector average 41 6 4.4 41 3 C C DJSI Sustainalytics FTSE 4 Good MSCI ISS ESG CDP Electric Conventional Gas and Utilities Industry utilities Electric u
Slide 29: Strategy 2026 - 2029
Strategy 2026 - 2029 3
Slide 30: Strategic Pillars 2026 - 2029
Strategic Pillars 2026 - 2029 Integrating shared value creation • >90% of investment earmarked for TSO to implement National Transmission Plan. Grid management and operation of the electricity system guaranteeing the quality and security of supply. • Consolidating our international regulated activit
Slide 31: Group investments in 2026 - 2029 will exceed €6.5 Bn
Group investments in 2026 - 2029 will exceed €6.5 Bn With historic levels in the TSO Group investments TSO investments €M 2% 3% 2% +36 % 6,000 4,400 TSO € 6,500 M International Fiber optic Optical fibre Other 93 % Plan 2021-2025 Plan 2026-2029 Average annual investment +70 % 100 % of TSO capex € 1,5
Slide 32: Significant growth of the asset base in Spain
Significant growth of the asset base in Spain Driven by investments to enable the energy transition Evolution of RAB + Work in progress Main projects commissioned by 2029 €M Submarine HVDC interconnection Bay of Biscay. +30 % New 400 kV alternating current (AC) 400 kV axis: 14,400 • Andalucia-Ca
Slide 33: Efficient supply chain management mitigating execution risks
Efficient supply chain management mitigating execution risks The visibility of investments for the coming years allows us to anticipate • Diagnosis of risks and planning of new purchasing strategies. • Geographical diversification of suppliers. • Framework contracts with suppliers in the medium and
Slide 34: New regulatory period 2026 - 2031
New regulatory period 2026 - 2031 FRR improves by 100 bp compared to the previous period Partial recognition of work in progress: Financial remuneration rate FRR: 6.58 %. singular projects, cost of debt (3.35 %), 5 years Comparison of capex unit values - real cost. 34 Update of CAPEX unit values: +6
Slide 35: Consolidating our presence in Latin America
Consolidating our presence in Latin America Opportunities for growth and increased optionality Priorities for the period Since 1999 • Maintenance of the current structure in the countries 1,600 km of grids where we are present. 3rd transmission player in the country • Investments in reinforcement an
Slide 36: Leading the Spanish dark fibre optic market
Leading the Spanish dark fibre optic market Stable and predictable model Priorities for the period • Maintain positioning as a benchmark supplier. Investments in the period 2026 - 29 • Strengthening commercial relationships with a long- term customer focus. € 110 M • Capturing new customers. • Devel
Slide 37: Driving technological innovation and digitalization as efficiency levers
Driving technological innovation and digitalization as efficiency levers Focus on technological innovation and digitalization • Increasing operational efficiency of processes, primarily in the TSO. • Boosting and increasing security of supply and cyber security. Innovation investments in 2026 - 29 t
Slide 38: Key financial figures 2029
Key financial figures 2029 Dividend grows by 2 % annually over the period to €0.87/share 2025 2026E 2029E Dividend policy 2 % annual growth EBITDA € 1,258 M > € 1,250 M >5% CAGR 25 - 29 €/share 0.87 EBITDA Margin 76 % > 73 % > 74 % Net Profit € 506 M > € 510 M ~3% CAGR 25 - 29 0.8 Net Debt € 5,474 M
Slide 39: Group growth driven by TSO momentum
Group growth driven by TSO momentum 93% of EBITDA comes from regulated business in 2029 EBITDA breakdown by business 2% 7% EBITDA 9% 7% CAGR 25 - 29 > 5 % 9% 2025 2029E > 90 % 80 % 86 % Regulated business EBITDA TSO International Fiber optic Optical fibre Other and adjustments 39
Slide 40: Financial targets
Financial targets 4
Slide 41: TSO average gross investment of € 1.5 Bn per year
TSO average gross investment of € 1.5 Bn per year RAB growth of more than 30 % RAB + Work in progress breakdown Transmission RAB evolution €M €M CAGR + 6.4 % +30 % 10,800 11,400 14,400 10,200 9,200 8,900 2,400 11,000 Transmission work in progress 600 Work in Progress Salto de Chira 1,800 Salto de Ch
Slide 42: Transmission RAB will reach € 11,400 M
Transmission RAB will reach € 11,400 M Red Eléctrica will commission € 4,400 M during the period Evolution of RAB transmission P&L €M + € 2,500 M Work in progress transmission €M 4,400 11,400 + € 600 M 1,600 8,900 300 2,400 Average WIP 1,800 € 2,000 M Cierre 2025 Closing 2025 Closing 2029E Cierre 20
Slide 43: Financing the plan without the need to increase capital
Financing the plan without the need to increase capital Sources and uses of funds 2026 - 2029 Sources € 9.4 Bn Uses € 9.4 Bn 25 % 3% 8% 19 % 16 % 70 % 14 % 45 % FFO Subsidies Hybrids Net Debt increase Increase Net Debt Other Working capital Current assets Dividend Investment Note: estimated calendar
Slide 44: Competitive and diversified sources of finance
Competitive and diversified sources of finance More than 90 % sustainable financing at year - end 2029 3,180 Gross debt + hybrids per instrument Maturities M€ Hybrids 8% International Hybrids 19% Bonds 36% subsidiaries 5% 1,238 ECP 3% 666 749 Bank financing 38% 10% ICO 3% 217 2025 2029E Internationa
Slide 45: Financial ratios 2029
Financial ratios 2029 Compatible with the maintenance of a strong credit rating FFO/Net Debt > 14 % Net Debt/EBITDA < 5.5 x Net Debt/RAB 1 < 60 % 1) Rating agency criteria. RAB + work in progress + book value of equity-accounted investees. 45
Slide 46: Conclusions
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Slide 47: RAB grows by 35% in the period 2025 - 2029
RAB grows by 35% in the period 2025 - 29 Expanding transmission grid to meet the growing needs of the electricity system RAB evolution €M +35 % Financing the investment plan 12,000 without the need to increase capital 8,900 Dividend growing by 2% annually to €0.87/share in 2029 RAB closing 2025 RAB
Slide 48: Laying the foundations for long-term growth
Laying the foundations for long - term growth RAB will exceed €15 Bn by 2031 thanks to new assets in service 2025 2026E 2029E Strong growth in RAB to 2031 RAB transmission Transmission RAB + € 8.9 Bn € 9.2 Bn 12.0 Bn € + Salto de Chira Salto de Chira >15 Bn € CAGR 25 - 29 EBITDA €1,258 M >€1,250 M >
Slide 49: This document has been prepared by Redeia Corporación, S.A. (hereinafter, Redeia) for the sole
This document has been prepared by Redeia Corporación, S.A. (hereinafter, communicated or registered with the Spanish National Securities Market Redeia) for the sole purpose set forth herein. It may not, under any Commission, which consultation is recommended by Redeia. circumstances, be construed a
Slide 50: redeia
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