Redeia continues to accelerate its investment plan to strengthen Spain’s electricity transmission grid, thus assuming its role as an accelerator of the ecological transition and a driver of the country’s industrial expansion. Of the €602.7 million invested by the group in the first half of 2025, €564.2 million have been allocated to the development of the transmission grid and the operation of the electricity system.

This investment in the TSO exceeds the amount invested in the first half of the previous year by 33.9% . The investment effort dedicated to developing the country’s transport network has been particularly intense, with €517 million allocated to this area, 41% more than the €366.7 million investment in the same half of last year.

The group is thus continuing with the investment roadmap it set at the beginning of the year. Its main objective, as endorsed at the last Shareholders’ Meeting on June 30, is to exceed €1.4 billion by the end of the year, a historic figure for the company.

First semester milestones

With this momentum, Red Eléctrica is making progress in the execution of strategic projects contemplated in the current electricity planning . In these first six months of the year, significant milestones have been achieved in infrastructure, such as the interconnection between Spain and France across the Bay of Biscay, with significant progress on the land side. In the area of interconnections, those linking Tenerife with La Gomera and the Peninsula with Ceuta are also noteworthy: in both, submarine cable laying will begin this summer.

On the other hand, recent commissionings are also notable, such as that of the southern axis of Ibiza, essential for strengthening the security and quality of the island’s electricity supply, and that of the Calera y Chozas substation in Toledo, which is of great importance for strengthening the area’s productive network and for rail transport. Regarding industrial development, the new Abrera substation in Barcelona and the Espartal expansion in Zaragoza have been commissioned, and the first phase of the Saguntum 220 kV substation has been completed, with electromechanical assembly already underway.

Furthermore, beyond planning, Red Eléctrica continues at a good pace with the construction of the Salto de Chira reversible pumped storage plant in Gran Canaria.

Income and results

Thanks to this strong investment drive, the company continues its revenue growth path. Specifically, revenue (revenue and profits from companies accounted for using the equity method) reached €843.3 million , 2.2% higher than the €825.6 million recorded at the end of the first half of 2024.

By activity, the management and operation of national electricity infrastructure closed the half-year with revenues of €714.9 million, 3.4% higher than the same period of the previous year. International electricity transmission activity reached €72.2 million, while fiber optics generated revenues of €74.5 million.

Gross operating profit (EBITDA)  reached €636 million, 2.8% higher than at the end of the first half of 2024, while net operating profit (EBIT) stood at €416.2 million, 3.7% higher, and group net profit at €269.5 million, in line with the same period of the previous year. It is important to note that consolidated profit from continuing operations grew by 1.5 %.

Regarding net financial debt , as of June 30, 2025, it stood at €5,539.4 million, €169.6 million higher, due to the significant investments made during the year, which were partially offset by cash flow generated from its operations and by the subsidies received for approximately €21 million within the framework of the electrical interconnection project between Spain and France.

The half-yearly accounts have been reviewed by the group auditor (EY), who has issued a favorable opinion on them.

Regarding the dividend , on July 8, Redeia paid the final dividend for the 2024 financial year of €0.60 per share. Thus, the total dividend paid for that financial year amounts to €0.80 per share, as stipulated in the Group’s Strategic Plan.

80% of the group’s financing is sustainable

In line with its commitment to continue linking its financing to ESG criteria, the company has increased its financial debt contracted with sustainable criteria to 80% , growing from the 69% reached in December 2024. In this way, Redeia exceeds the 60% target it had set for 2025 and advances towards the horizon of 100% set for 2030.

As part of this commitment, the group has continued to advance its Comprehensive Impact Strategy (EIIR), through which Redeia promotes regional development and has already launched 239 initiatives in both Spain and Latin America, with a budget of approximately €17 million.