Slide 1: Q1 26 Results
redeia Valuing the essentials Q126 Results April, 2026
Slide 2: Index
Index 1. Q1 2026 results. 2. 2026 Outlook. Q1 2026 results. April 2026. 2
Slide 3: Q1 2026 Results
Q1 2026 Results iS V, a OR yy
Slide 4: Key figures
Key figures The dividend proposed to the AGM amounts to € 0.8 per share for 2025, in line with our commitment to the market € 444 M € 339 M € 140 M Revenues* EBITDA Net Profit € 424 M in Q125 € 320 M in Q125 € 138 M in Q125 € 350 M € 5.569 M Investments Net Debt € 254 M in Q125 € 5.474 M in Dec.2025
Slide 5: Results driven by TSO evolution
Results driven by TSO evolution P&L (€M) 1Q26 1Q25 Δ% EBITDA breakdown by business Revenues1 444 424 +4.6 % 1% Other revenues and OWC2 41 36 +12.6 % Operating expenses -146 -140 +4.0 % 7% Net Opex -105 -104 +1.0 % 8% TSO Gross operating profit (EBITDA) 339 320 +5.8 % International D&A and other -124
Slide 6: Revenues increased thanks to the regulated business in Spain
Revenues increased thanks to the regulated business in Spain €M +4.6 % 30 444 424 8 2 0 1Q25 1T25 TSO International Optical fibre Fiber optic Other, corporate and 1T26 1Q26 consolidation adjustments Regulated business in Spain: increased due to higher commissioning net of subsidies, higher regulat
Slide 7: Operating expenses evolution
Operating expenses evolution Increased by 3.6% excluding expenses with offsetting in other operating income €M + 4.0 % + 4, 1% + 3. 5,66 % % 7 6 146 140 141 1 6 Expenses with offsetting in other operating income 1T25 1Q25 Salto de Chira Projects for third Personnel expenses Other expenses 1Q26 1T26
Slide 8: EBITDA grew by 5.8% thanks to the increase in TSO revenues
EBITDA grew by 5.8% thanks to the increase in TSO revenues and the evolution of expenses €M +5.8 % 30 339 320 7 3 1 1T25 1Q25 TSO International Optical Fiber fibre optic Other 1T26 1Q26 Higher contribution from TSO due to higher transmission revenues. International business declines due to the e
Slide 9: Net Profit increased by 1.8%
Net Profit increased by 1.8% 0,0% €M 1.8 % 19 138 1 140 14 1 3 NetB.profit 1Q25 Net 1Q25 EBITDA Depreciation, amortisation D&A and otherand other Financial Financialincome result Corporate IS tax Minority interests Net Net profit 1Q26 income Higher D&A and other due to an increase in assets in ope
Slide 10: TSO investments grow by 43%
TSO investments grow by 43% More interconnections and storage to advance the Energy Transition Progress on TSO strategic projects €M 350 +38% Work continues on the Interconnection with France, with the first link scheduled to come into service in 2027. TSO 254 Progress on the second Peninsula-Ba
Slide 11: Net Debt stood at €5,569 M (+1.7 %)
Net Debt stood at €5,569 M (+1.7 %) Higher investments are offset by cash generation and the collection of subsidies linked to congestion rents and PRTR funds Operating Cash Flow €M €149 M 108 5,474 350 97 5,569 4.4 x 19.4 % 150 312 ND/EBITDA FFO/ND 298 BBB+ Stable outlook Fitch and S&P 2025 FFO Cha
Slide 12: Sound financial structure and liquidity position
Sound financial structure and liquidity position 82% of funding linked to ESG criteria Gross debt structure Maturities 1% 2% Eurobonds €M 3,574 EIB 21% Other loans long and credits - term loanstoand lps credits 1,242 € 6.478 M USPP 567 814 218 61 61% Other 14% 8% 2026 2027E 2027 2028E 2028 2029 2029
Slide 13: 2026 Outlook
x ie) e) Co re) ») O WO N je) N
Slide 14: Outlook for 2026
Outlook for 2026 Targets included in the new strategic plan 2026 - 2029 2026E EBITDA > € 1,250 M TSO investments will reach EBITDA Margin > 73 % € 1.5 Bn Net Profit > € 510 M Net Debt ~ € 6,000 M Q1 2026 results. April 2026. 14
Slide 15: Disclaimer
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 16: redeia
redeia Valuing the essentials red eléctrica reintel redinter elewit