Redeia continues its planned investments to strengthen Spain’s electricity transmission infrastructure, which is key to the country’s energy and industrial transformation. From January to September 2025, the company allocated €834 million to this activity, almost 59% more than in the same period of 2024. Overall, investment in Red Eléctrica – transmission and system operation – totaled €915 million as of September 30, progressing towards its commitment to invest over €1.4 billion in the TSO (Transmission System Operation) by 2025.
Globally, the group’s total investments during the first nine months of the year amounted to 967.5 million euros, 47.6% more than in the same period of 2024.
Progress across the territory
This roadmap highlights significant progress during the third quarter on projects such as the electrical interconnection between Spain and France across the Bay of Biscay; the interconnection axis with Portugal through Galicia; and the links between the Iberian Peninsula and Ceuta and between La Gomera and Tenerife, where the laying of both routes took place this summer (in the case of Ceuta, the second cable will be installed this autumn). Similarly, from June to September, recent commissionings also stand out, such as the expansion of the Benahadux substation (Almería), essential for the electricity supply of the Mediterranean corridor, and the Pesoz substation (Principality of Asturias), which reinforces the supply to Western Asturias and increases renewable energy integration capacity. In Navarre, Red Eléctrica recently began construction of the Tierra Estella-Muruarte line, essential for supplying industry, which has been declared of regional interest.
Income and results
So far this year, Redeia has maintained its growth rate: in total, the revenues accumulated in the first nine months of the year (turnover and the share in profits of companies valued by the equity method) have reached 1,262 million euros, 1.8% more than the 1,239.5 million recorded between January and September 2024
By activity, the management and operation of national electricity infrastructure reached a turnover of 1,073.1 million euros, which is 3.2% more than that recorded in the same period of 2024. Meanwhile, international electricity transmission reached a turnover and a result of the investee companies of 104.3 million euros and fiber optics generated 111.8 million euros.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €950.9 million in the first nine months of the current fiscal year, 3% higher than in the same period of 2024. Net operating profit (EBIT) stood at €615.6 million, 3.8% higher, and the group’s net profit amounted to €389.8 million, in line with the company’s forecasts. Net profit from continuing operations remained unchanged at €412.5 million for the period January-September 2024 and in line with the group’s projections.
On the other hand, net financial debt, as of the end of September, stands at 6,083.4 million euros, 13.3% (713.6 million) more than on December 31, 2024, which is mainly due to the strong pace of investment.
Regarding the dividend, the Board of Directors has approved the distribution of an interim dividend of €0.20 per share from the 2025 results, payable in January 2026, in line with the dividend policy established in the company’s strategic plan until 2025. This policy establishes a floor of €0.80 per share for the dividend from the 2025 financial year results.
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 2024. In this way, Redeia surpasses the interim target of 60% that it had set for 2025 and moves towards the 100% target set for 2030.
Within this framework, this September Redeia launched its sixth green bond issue, totaling 500 million euros, financing that will allow it to accelerate its investments in electricity networks to meet new demands and continue consolidating the ecological transition in Spain.
Finally, in accordance with this Sustainability commitment, the company is driving infrastructure development while promoting a positive impact on the surrounding area through its Comprehensive Impact Strategy, which has already mobilized €18 million to launch more than 250 social and environmental initiatives in both Spain and Latin America. This was highlighted during the 2025 Sustainability Conference, held this October, where the company announced that, having completed its current strategic Sustainability plan, it is now designing a new one with a 2029 horizon.
