Redeia Corporacion Sa · BME:RED
Redeia Corporacion Sa — H1 2025 Earnings Presentation
23 slides from Redeia Corporacion Sa's earnings presentation, Jul 30, 2025
Slide 1: Results H1 2025
Results H1 2025 July 2025
Slide 2: 1. Highlights 2. H1 2025 results 3. 2025 Outlook
1. Highlights 2. H1 2025 results 3. 2025 Outlook Results H1 2025 July 2025
Slide 3: Highlights
redeia (I) Highlights Results H1 2025 e July 2025
Slide 4: Other highlights
TSO Other highlights Progress in the Hispasat divestment. Estimated closing of the Incident April 28. transaction in 4Q 2025. Progress in the development of international interconnections and new inter-island links. Support from the European Investment Bank (EIB) in financing strategic proje
Slide 5: Red Eléctrica acted with the utmost responsibility and professionalism
On June 17, the Ministry of Ecological Transition and Demographic Challenge issued a report approved by the National Security Council, and on June 18 the report of Red Eléctrica, as System Operator, was issued in compliance with the regulations in force (Operating Procedure 9). Both reports conc
Slide 6: Greater capacities and means for the system to be able to control voltage
Main recommendations proposed by the SO Approved measures Greater capacities and means for the system to be able to Approval of new MAPs of the 2021-2026 Planning with an control voltage continuously and dynamically. additional investment of €750 M, to increase the resilience of the electricity
Slide 7: Proposed Circular on methodology for the financial remuneration rate (FRR)
Proposed Circular that establishes the methodology for calculating the financial remuneration rate (FRR) and places it at 6.46%, compared to the current 5.58%. Deadline for submitting allegations until August 4. Current regulatory period New regulatory period proposal Risk-free rate Risk-free ra
Slide 8: FRR consultation timeline
Public consultation on FRR Ministry Report calculation methodology Adequacy Guidance (Optional) End of FRR allegation period New CNMC proposal to Adoption of Circular the Council of State FRR calculation methodology FRR consultation July October December Public consultation on transmission New CNMC
Slide 9: Results H1 2025
redeia 2 Results H1 2025 Results H1 2025 e July 2025
Slide 10: Revenues, EBITDA, Net income, Investments, Net Debt, FFO
€ 843 M € 636 M €269 M Revenues* EBITDA Net income €826 M in H1 24 €619 M in H1 24 €269 M in H1 24 € 603 M € 5,539 M €473 M Investments Net Debt FFO €449 M in H1 24 €5,370 M in Dec.2024 €635 M in H1 24 Note: Year 2024 restated according to the reclassification of Hispasat as a result of discontinued
Slide 11: 89% of EBITDA from regulated business
P&L (€M) H1 25 H1 24 3 Δ% EBITDA breakdown by business Revenues1 843 826 +2.2% Other revenues and OWC2 81 73 +11.2% 2.3% Operating expenses -288 -280 +3.1% Net Opex -207 -207 +0.2% 9.1% Gross operating profit (EBITDA) 636 619 +2.8% 9.4% TSO D&A and other -220 -217 +1.1% International Net operating p
Slide 12: Regulated business in Spain
€M +2.2 % 24 843 826 1 2 3 H1 24 1S24 TSO International Fiber Fiberoptics optic Other, corporate and H1 25 1S25 consolidation adjustments Regulated business in Spain (+3.4%): improvement due to higher revenues from the application of a financial rate of return in line with the draft published by t
Slide 13: Higher expenses with offsetting in other operating income
€M + 3.1 % + 4,1% + 2.4 % 2 288 282 5 280 12 14 Expenses withwith Expenses balancing income entry Non-comparable in revenues offsetting entry H1 24 1S24 Progress Salto deSalto Chirade Projects for third Personnel expenses Other expenses H1 25 1S25 Chira parties and others Higher expenses with offs
Slide 14: Higher contribution from TSO due to higher transmission revenues
€M +2.8 % 21 636 619 2 1 1 H1 24 1S24 TSO International Optical fiber Fiber optic Others H1 25 1S25 Higher contribution from TSO due to higher transmission revenues. Slight decrease in the international business due to the evolution of the exchange rate in Brazil. At constant exchange rates it g
Slide 15: Higher amortization and other due to higher operating assets
€M 17 269 2 0.1 269 10 1 4 B.Net NetProfit 1H24 EBITDA Amortizationand Depreciation and Financial Financial result income Corporate IS Discontinued Minority interests Net Net Profit1H25 income H1 24 amortization other Tax operations H1 25 Higher amortization and other due to higher operating asset
Slide 16: TSO strategic projects
TSO strategic projects 603 Progress on the interconnection with France, with commissioning €M of the first link scheduled for 2027 (€158 M), and progress on the new Peninsula - Balearic Islands interconnection (€10 M). 449 564 TSO Work continues on the Tenerife - La Gomera (€20 M), Peninsula - I
Slide 17: ND/EBITDA and FFO/ND
€M Operating Cash Flow €548 M 4.5 x 18.5% 119 5,539 ND/EBITDA FFO/ND 5,370 603 5 'A-' 473 75 Stable outlook - Fitch CreditWatch negative - S&P FY24 FFO Changes in Investments Dividends Other H1 25 1S25 working capital Note: ratios are calculated based on EBITDA and FFO for the last 12 months. Ratios
Slide 18: Debt structure and maturities
3% 2% €M 2,633 Eurobonds 24% EIB Other long-term loans and credits 1,162 1,106 899 USPP 57% Other 313 14% 2025 2026 2027 2028 2029-following 21% 9% 79% 91% Fixed Rate Euro Variable Rate Currency 20% 19% Loans Credit facilities 2.20 % 4.9 years Cost of debt Average maturity 28% 32% Syndicated loans 2
Slide 19: 2025 Outlook
redeia 6) 2025 Outlook Results H1 2025 e July 2025
Slide 20: Unprecedented investment effort in the history of the company
€M > 1462 1,105 877 830 825 672 564 Unprecedented 532 493 439 414 421 392 413 405 426 investment effort in the history of the company 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Strategic Plan 2021-2025 Results H1 2025 July 2025 20
Slide 21: Estimated figures for 2025 after the sale of Hispasat
Estimated figures for 2025 after the sale of Hispasat Sustainable dividend policy Floor €0.8/share 2024 2025 Results H1 2025 July 2025 21
Slide 22: Valuing the essentials
redeia Valuing the essentials red eléctrica reintel hispasat redinter elewit
Slide 23: This document has been prepared by Redeia Corporación, S.A.
This document has been prepared by Redeia Corporación, S.A. (hereinafter, whom this document is addressed, as well as by those who consider that they Redeia) for the sole purpose set forth herein. It may not, under any have to make decisions or issue or disseminate opinions regarding securities circ