Redeia obtained a net profit of €280.4 million in the first half, a 4% increase compared to the previous year. The company rules out any provisions for the blackout on April 28, 2025.
Redeia, the parent company of Red Eléctrica, has reported results for the first half of 2026 with a net profit of €280.4 million. This figure represents a 4% increase compared to the €269.4 million recorded in the same period of 2025, according to information submitted to the National Securities Market Commission (CNMV).
The company's revenues reached €869.2 million between January and June, a 7.1% increase compared to the previous year. If the share of profits from companies accounted for using the equity method is included, the figure rises to €900.5 million, representing a 6.8% increase.
The gross operating profit (EBITDA) grew by 5.8% compared to the first quarter of 2025, reaching €672.6 million. The company attributes this improvement to the strong performance of its core business, the management and operation of electrical infrastructures in Spain.
This segment contributed revenues of €779.6 million, a 9.1% increase compared to the same period last year. The company explains that this increase is mainly due to the commissioning of new facilities, once subsidies are deducted, and the rise in regulated revenues following the update of remuneration parameters for the period 2026-2028.
Additionally, the change in the regulatory useful life of repowering, which has been reduced from 40 to 8 years for the entire asset base since 2022, has had a positive impact of €24 million on the semester's revenues.
On the other hand, the fibre optic business saw its revenues decrease by 7.3%, down to €69 million. Redeia attributes this decline to the renegotiation of contracts in a market concentration context, although the impact was partially offset by the update of agreements linked to the CPI.
No provisions for the April 28 blackout
The company chaired by Beatriz Corredor has not accounted for any provisions in its accounts related to the blackout on April 28, 2025. After conducting internal analyses and based on technical reports from the Government and the European Network of Transmission System Operators for Electricity (ENTSO-E), as well as the opinion of its legal advisors, Redeia's management has ruled out recording any provisions.
In its communication to the market, Redeia states that
“It is unlikely that the aforementioned incident will involve the outflow of resources from the group in the future.”This decision comes despite the sanctioning file initiated by the National Commission on Markets and Competition (CNMC) against Red Eléctrica.
The company has submitted allegations to the file, arguing
“the procedural defects in which the initiation agreement incurs”and defending that the system operator has not committed the infringement attributed to it. Furthermore, Redeia points out that the CNMC has publicly acknowledged that, even if the breaches were proven,
“it cannot be stated that they are the cause of the incident on April 28, 2025, whose origin would have been multifactorial.”
Investment in the grid: over €630 million
The company has allocated over €630 million to investments in the grid during the semester, reinforcing its commitment to the modernization and expansion of electrical infrastructures. This investment is part of Redeia's strategic plan to improve grid capacity and facilitate the integration of renewable energies.
For investors and analysts, the absence of provisions for the blackout and the sustained growth in revenues are positive signals. The company maintains its forecasts for the entire year, relying on regulatory stability and the evolution of its regulated business.
Redeia will present its complete results for the first half in a conference with analysts in the coming days, where management is expected to detail the outlook for the second half of the year and the impact of ongoing investments.
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