Company Reports

Redeia's first-half EBITDA was EUR 0.67 billion, up by about 6% year on year, in line with the first-quarter trend. Net profit increased by 4% to EUR 280 million. The company confirmed its 2026 EBITDA and net income guidance ahead of EUR 1.25 billion and EUR 0.51 billion, respectively.

In Redeia's first quarter, EBITDA grew about 6% year on year to EUR 0.34 billion and net income rose nearly 2% to EUR 140 million. The company confirmed its 2026 EBITDA and net income guidance ahead of EUR 1.25 billion and EUR 0.51 billion, respectively.

Redeia's 2025 net income was EUR 506 million, flat year on year and in line with the guidance. Its 2026–29 plan disappointed as investment guidance came in below expectations. Shares tumbled by nearly 6%.

Redeia operates Spain's electricity transmission grid. It is also involved in some noncore businesses like transmission lines in Brazil and a fiber-optic telecom network in Spain.

Redeia operates Spain's electricity transmission grid. It is also involved in some noncore businesses like transmission lines in Brazil and a fiber-optic telecom network in Spain.

The European utilities sector increased by nearly 8% since the end of September, outperforming the market by 5% due to stabilizing interest rates, solid third-quarter results, and hopes that artificial intelligence growth will boost electricity consumption in Europe.

Redeia's nine-month EBITDA grew by 3% to EUR 0.95 billion, in line with the first half. Net profit decreased by 4.6% to EUR 0.39 billion. The 2025 guidance was confirmed.

Redeia is the operator of the Spanish electricity transmission grid. It is also involved in some noncore businesses like transmission lines in Brazil and a fiber-optic telecom network in Spain.

European utilities shares decreased by 3% since the end of June, underperforming the market by about 6%.

Redeia's first-half EBITDA grew by nearly 3% at constant scope to EUR 636 million. Net profit was flat at EUR 285 million.

European utilities rose by 12% in the second quarter, outperforming the market by 10%.

Redeia's net profit increased by 4% in the first quarter. The firm confirmed its 2025 guidance.

On April 28 around midday, a sudden 60% drop of the power supply combined with a disruption in the connection with France caused a shutdown of the electricity grid in Spain and Portugal. The reason is still unknown. Power supply was fully restored on April 29.

Redeia's fully regulated electric transmission business has protected the company from the doldrums faced by most diversified European utilities between 2011 and 2016. During the 2014-19 regulatory period, Redeia has delivered 7% annual dividend growth.

European utilities increased by about 10% in the first quarter of 2025 thanks to good full-year results, attractive shareholder remuneration, and limited exposure to US tariffs. The latter was key in the material outperformance of the sector.

We confirm our EUR 17 fair value estimate after no-moat Redeia reported 2024 results in line with expectations and set 2025 guidance in line with our estimates. The dividend floor of EUR 0.80 is confirmed for 2024 and 2025. The shares look fairly valued.

We adjust our fair value estimate to EUR 17 from EUR 17.5 after no-moat Redeia agreed to sell its 90% stake in Hispasat to Hindra at a lower price than what it paid to acquire it in 2019. This vindicates our view that this purchase was an example of excessive diversification. Completion of the deal is expected over the course of 2025.

Redeia's fully regulated electric transmission business has protected the company from the doldrums faced by most diversified European utilities between 2011 and 2016. During the 2014-19 regulatory period, Redeia has delivered 7% annual dividend growth.

No-moat Redeia reported third-quarter results in line with expectations and confirmed its 2024 guidance. We maintain our EUR 17.50 fair value estimate and see the shares as slightly undervalued.

Redeia's fully regulated electric transmission business has protected the company from the doldrums faced by most diversified European utilities between 2011 and 2016. During the 2014-19 regulatory period, Redeia has delivered 7% annual dividend growth.