Redeia Corporacion Sa · BME:RED
Redeia Corporacion Sa — 9M 2025 Earnings Presentation
20 slides from Redeia Corporacion Sa's earnings presentation, October 2025
Slide 1: 9M 2025 results
9M 2025 results October 2025
Slide 2: Highlights, 9M 2025 results, 2025 Outlook
1. Highlights of the period. 2. 9M 2025 results. 3. 2025 Outlook. 9M 2025 results October 2025
Slide 3: 1. Highlights of the period
1 9M 2025 results October 2025
Slide 4: Highlights of the period: TSO and other highlights
TSO Other highlights Progress in the Hispasat divestment. Estimated closing of the Progress in the development of international transaction in Q4 2025. interconnections and new links between islands. National transmission grid availability index of 98.6%. Support from the European Investment
Slide 5: Proposed Circular on financial remuneration rate
Proposed Circular establishing the methodology for calculating the financial remuneration rate (FRR) setting it at 6.46%, compared to the current 5.58%. Current regulatory period New regulatory period proposal The CNMC has referred the draft Circular establishing the methodology for calculating
Slide 6: 2. 9M 2025 results
2 9M 2025 results October 2025
Slide 7: Key figures 9M 2025
€ 1,262 M € 951 M €390 M Revenues** EBITDA Net Profit €1,239 M in 9M24 €923 M in 9M24 €409 M in 9M24 € 968 M € 6,083 M €713 M Investments Net Debt FFO €656 M in 9M24 €5.370 M in Dec.2024 €928 M in 9M24 Note: 2024 restated in accordance with the reclassification of Hispasat as discontinued operations
Slide 8: P&L and EBITDA breakdown by business
P&L (€M) 9M25 9M243 Δ% EBITDA breakdown by business Revenues1 1,262 1,239 +1.8% Other revenues and OWC2 131 107 +22.2% 2.1% Operating expenses -442 -423 +4.4% 9.1% Net Opex -311 -316 -1.6 9.1% TSO Gross operating profit (EBITDA) 951 923 +3.0 International D&A and other -335 -330 +1.5 Fiber optic Net
Slide 9: Revenues by business
€M + 1.8 % 1,239 33 1,262 5 3 2 9M24 TSO International Fiber Fiber optics optic Other, corporate and 9M25 consolidation adjustments Regulated business Spain (+3.2%): improvement due to higher revenues from the application of a financial remuneration rate in line with the draft published by the CNM
Slide 10: Operating expenses
€M + 4.4 % + 4.1% + 2.1 % 7 2 442 423 12 433 2 Expenses with income Not comparable offsetting entry 9M24 Salto de Chira Projects for third Personnel expenses Other expenses 9M25 parties and others Higher expenses with offsetting in other operating income, mainly due to higher costs for third-party
Slide 11: EBITDA by business
€M +3.0 % 923 28 4 951 3 2 9M24 TSO International Fiberoptics Fiber optic Other 9M25 Greater contribution from TSO thanks to higher transmission revenues. Decline in international business mainly due to exchange rate movements in Brazil. The performance of fiber optic business was affected by
Slide 12: Net profit bridge
€M 0.0 - 4.6 % 27 409 390 5 15 7 19 0 NetNet 9M24 Profit 9M24 EBITDA Depreciationand Amortization and Financial Financialincome result IS Corporate Discontinued Minority interests Net profit 9M25 amortization otherand other Tax operations Higher D&A and other due to increased assets in operation.
Slide 13: Investments and TSO strategic projects
TSO strategic projects Progress on the interconnection with France, with 968 €M commissioning of the first link scheduled in 2027, and progress on the new mainland-Balearic Islands interconnection, reaching 656 its first milestone in cable manufacturing. TSO 915 International Work continues on t
Slide 14: Cash flow and net debt
€M Operating cash flow €599 M 4.9x 16.0% 455 6,083 ND/EBITDA FFO/ND 968 111 5,370 114 713 ‘A-’ Stable outlook - Fitch CreditWatch negative - S&P FY24 FFO Changes in Investments Dividends Other 9M25 working capital Note: ratios have been calculated based on EBITDA and FFO for the last 12 months. Rati
Slide 15: Debt structure and maturities
2% 3% Eurobonds €M 2,630 EIB 25% Other long-term loans and credits 1,250 USPP 1,017 899 56% Other 386 14% 2025 2026 2027 2028 2029-onwards 22% 9% 78% 91% Fixed rate Euro 4% Variable Rate Currency 32% 32% Credit Creditpolicies loans Syndicated loans 2.22% 4.6 years Loans Cost of debt Average life 2.2
Slide 16: 3. 2025 Outlook
3 9M 2025 results October 2025
Slide 17: 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 9M 2025 results October 2025 17
Slide 18: Sustainable dividend policy
Estimated figures for 2025 after the sale of Hispasat Sustainable dividend policy Floor €0.8/share 2024 2025 9M 2025 results October 2025 18
Slide 19: 9M 2025 results
9M 2025 results October 2025
Slide 20: Disclaimer
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