Slide 1: Results FY 2024 February 2025
Results FY 2024 February 2025
Slide 2: Agenda
1. Redeia: present and future of the Energy Transition. 2. Asset rotation. 3. Other highlights and 2024 results. 4. Outlook for 2025. Results FY 2024 February 2025
Slide 3: Redeia: present and future of the Energy Transition
1 Results FY 2024 February 2025 3
Slide 4: Reconfiguration of the geopolitical chessboard
• Reconfiguration of the geopolitical chessboard . Change in US- China-Russia relations. • Ukraine scenario. Uncertainty. • Contrasting US-EU visions • Trade (protectionism vs. globalism). • Climate and energy independence. • Migratory movements. • European Union, new challenges: • Industrial compet
Slide 5: 2024, the warmest year on the planet
2024, the warmest year on the planet (Copernicus Global Climate Report 2024). Increase of 1.5 degrees above pre-industrial levels. Climate change, unquestionable reality: extreme phenomena. Droughts, floods, cyclones, fires in the Amazon and the Mediterranean... In Spain: Dana. Human tragedy
Slide 6: European Union and Spain regulatory developments
European Union Spain New College of Commissioners of the European Public consultation on the modification of the network Commission. December 2024. investment limit. Implementation of the electricity market reform. Processing of the draft law on the CNE re-establishment. Competitiveness Co
Slide 7: CNMC and upcoming regulatory milestones in 2025
Takeover of 5 new members of the Board of the National Commission for Markets and Competition (CNMC). Relevant upcoming milestones in 2025 Approval of the CNE Law. Resolution on definitive transmission remuneration for 2022, 2023 and 2024. The process of the CNMC circulars for the period 26-
Slide 8: The Planning process 2025-2030
The Planning process 2025-2030 Renewable installed capacity The transmission network will play an essential role in the energy transition to integrate renewables, reduce 62 GW wind capacity vs 50 GW previously. emissions and decrease energy dependence. 76 GW solar capacity vs 39 GW previously.
Slide 9: Record share of renewable energy in the Spanish mix
Nuclear, 20.0% Record share of renewable energy, generating Hydro, 13.3% 57% of the Spanish electricity mix in 2024, almost six points more than in 2023. Coal, 1.2% Renewable Wind, 23.2% Wind energy has been the leader with 23% of the Fuel+Gas, 1.7% 56.8% Solar photovoltaic, generation structure
Slide 10: Integration of renewable production into the grid
Cecre, 18 years as a benchmark in the integration of renewables. In 2024, more than 98% of renewable production integrated into the mainland grid, higher than in neighbouring countries. Active demand response service SRAD. 3rd auction of this balancing mechanism. Guaranteed security of supply.
Slide 11: Strengthening the industrial network
Strengthening the industrial network. Spain has a historic and unprecedented opportunity to be at the forefront of the Güeñes-Ichaso energy transition. Lousame-Tibo Ciudad Rodrigo, Mangraners-Espluga-Begues Grijota, Inter. España - Francia We have put into service or initiated strategic Tordesil
Slide 12: Consolidating our DNA as a neutral manager of essential infrastructures
Consolidating our DNA as a neutral manager of essential infrastructures. Current context of the European satellite sector: it is positioned around security and defence. Strengthening the group's financial position to support the energy transition and industrial development in Spain through Red
Slide 13: Boosting the Energy Transition
Boosting the Energy Transition, The largest dark fibre optic maximising the safe integration of network for universal renewables into the electricity system so connectivity. that Spain advances in its decarbonisation objectives. Consolidating our platform in Positioning itself as an important player
Slide 14: Sustainability continues to guide all our decisions
Progress on the Sustainability Plan 2024 14 lines of action to achieve our 2030 ambition. In 2024, the degree of implementation has reached 79.9%. Pioneers in reporting At the forefront in the implementation of the CSDR, which broadens the scope and quality of sustainability reporting. Yesterd
Slide 15: ESG ratings
Redeia Score Sector average 85 AAA 82 8.1 74 B A 70.6 45 5,9 53 4,4 41 C C 3 Moody's DJSI Sustainalytics FTSE 4 Good MSCI ISS ESG CDP Analytics Gas and Gas and Electricity Electricity Conventional Utilities Industry electricity electricity - utilities utilities electric sector utilities utilities Sc
Slide 16: Leaving things better than we found them
Looking for the positive impact Deploying networks with the territory's consensus and active listening: respecting its landscape, its biodiversity, its historical, archaeological and cultural heritage, its way of life and customs. +130 social and environmental initiatives launched with a positiv
Slide 17: Supporting Spain in its energy transformation
Supporting Spain in its energy transformation Thanks to a good management model, we overcame 2024, a critical year in which we managed to triple the investment of 5 years ago. In 2024, TSO investments exceed €1.1 Bn (+34% vs. 2023). In 2025, we will reach levels never seen before in the compan
Slide 18: Asset rotation
2 Results FY 2024 February 2025 18
Slide 19: Sale of Hispasat stake to Indra
• Scope of the transaction: on 31 January 2025, Redeia's Board of Directors agreed with Indra to sell its 89.68% stake in Hispasat's share capital. • The closing of the transaction is subject to approval by the Council of Ministers, competition authorities and other regulators, and is expected in 20
Slide 20: Accounting and financial impact of the Hispasat sale
Reclassification of the different income statement items to a single line "Profit for the period P&L from discontinued operations", which includes the difference between the cost of net assets and the selling price (- € 137 M). Reclassification as assets and liabilities held for sale. Balance
Slide 21: Other highlights and 2024 results
3 Results FY 2024 February 2025 21
Slide 22: TSO Remuneration highlights 2024
TSO Remuneration highlights 2024 Sustainable development of the transmission network: Public consultation on the financial remuneration rate for 579 km of circuit and 219 positions. electricity transmission and natural gas regasification for the regulatory period 2026-2031. High levels of qual
Slide 23: Net income excluding Hispasat capital loss
€M €M 125 1,335 >1,300 137 505 ~ 500 1,210 368 Reported EBITDA Hispasat EBITDA EBITDA including Estimated EBITDA 2024 Hispasat 2024 Reported Net Profit Impact of asset Net profit excluding Estimated Net Profit 2024 turnover rotation asset asset turnover rotation 2024 Net income would have reached €
Slide 24: P&L results excluding pre-98 effect
Results excluding pre-98 effect P&L (€M) FY24 FY23 3 Δ% Revenues1 1,648 1,880 -12.4 % Other income and OWC2 169 122 +38.1 % € M Operating expenses -606 -620 -2.3 % Revenues Net Opex -437 -498 -12.2 % € 1,620 M in FY23* Gross operating profit (EBITDA) 1,210 1,382 -12.4 % D&A and other -449 -425 +5.7
Slide 25: Revenues evolution
€M - 12.4% +1.7% 1,880 1,620 31 0.2 1,648 260 2 1 FY23 Pre-98 impact FY23FY23 proforma TSO exc. TSOpre-98 International Optical fibre Fibre optic Other, corporate FY24 proforma exc. pre-98 and consolidation adjustments Regulated business Spain: excluding pre-98 assets, TSO revenues grew by € 31 M
Slide 26: Operating expenses evolution
€M - 2.3% + 4,1% - 8.7% 32 12 664 3 620 606 Expenses with income Not comparable 61 offsetting entry FY23 Salto de Chira Projects for third Comparable Opex Personnel Staff costs Other expenditure Rest of the costs FY24 Advance progress parties and others expenses Higher expenses with offsetting in
Slide 27: EBITDA evolution
€M -12.4% +7.8% 1,382 95 1,210 1,122 260 4 2 1 FY23 Pre-98 impact EBITDA FY23 TSOpre-98 TSO exc. International Optical fibre Fibre optic Other FY24 proforma exc. pre-98 Lower contribution from TSO due to the impact of pre-98 assets. Excluding this effect, it increased by € 95 M (+11%) thanks to th
Slide 28: Net profit evolution
€M - 46.6% Profit from continued operations 690 exc. pre-98 527 46 172 24 14 10 368 495 137 31 B.Net NetProfit FY23 EBITDA Depreciation Financial Amortizations Rdo. Financial IS tax Corporate Hispasat Discontinued Minorities Minority Net Profit B.Net FY24 FY23 FY24 FY23 and and other other result Ha
Slide 29: Investments and progress of TSO strategic projects
Progress of TSO strategic projects €M Progress on the interconnection with France (€ 167 M), with the first link scheduled to come into service in 2027. Major investment concentrated on the Peninsula-Balearic interconnection (€ 72 M), and Peninsula-Ceuta (€ 25 M), progress in TSO the manufacture
Slide 30: Operating cash flow and net debt
€M Operating Cash Flow € 956 M 573 5,370 4,975 1,173 200 196 232 ND/EBITDA FFO/ND 1,187 'A-' FY23 FFO Changes in Investments Dividends Congestion Other FY24 Stable outlook working rents capital Fitch and S&P FFO increased by 16% due to the collection of the 2022 income tax refund (€ 193 M), mainly
Slide 31: Debt structure and maturities
3% 2% Eurobonds €M 2,477 13% EIB Other long-term loans and credits 1,169 1,110 12% USPP 779 750 Other 69% 10% 2025 2026 2027 2028 2029-following 8% Euro 90% Currency Fixed Type Fixed rate 5% 92% Type Variable Variable rate 31% Loans 36% Credit facilities Syndicated loans Cost of debt Average life Ca
Slide 32: Green bond issues and financing
January 2024: issue of a € 500 M green bond with a 10- year maturity and a yield of 3.070%. July 2024: first issue of a senior green bond of Redeia Corporación for € 500 M with a maturity of 8 years and a yield of 3.458%. of institutional shareholding is During 2024, the EIB has continued to s
Slide 33: Outlook for 2025
4 Results FY 2024 February 2025 33
Slide 34: Tripling in 2025 the investment effort vs 2020
€M > 1462 1,105 877 830 825 672 564 Tripling in 2025 the 493 532 439 414 421 392 413 405 426 investment effort vs 2020. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Strategic Plan 2021-2025 Results FY 2024 February 2025 34
Slide 35: Sustainable dividend policy: floor €0.8/share
2025 Estimated figures after Hispasat disposal Sustainable dividend policy Floor € 0.8 /share 2024 2025 Results FY 2024 February 2025 35
Slide 36: Results FY 2024 February 2025
Results FY 2024 February 2025 36
Slide 37: Results FY 2024 February 2025
Results FY 2024 February 2025
Slide 38: 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