Redeia slows its profits by 4% after skyrocketing investment and still does not make provisions for the blackout

Redeia, parent company of Red Eléctrica de España (REE), confirms a slowdown in its profits. The company chaired by Beatriz Corredor notifies a net profit of 389.8 million euros in the first nine months of the year, which represents a drop of 4.6% compared to the same period of the previous year, in line with the group’s forecasts. The group’s turnover, which includes all its income, reached 1,218.1 million, which represents an increase of 2.5% compared to the same period last year.

However, if there is one aspect that stands out above the rest on your balance sheet, it is your investments. According to the presentation filed this Tuesday with the National Securities Market Commission (CNMV), The group has disbursed 967.5 million in this period, 47.6% more than a year ago. Of these, the bulk went to electricity transportation infrastructures in Spain, which reached 834 million euros, almost 59% more than in the first nine months of 2024.

Still not assuming provisions due to the blackout

In the information sent to the National Securities Market Commission (CNMV), the group chaired by Beatriz Corredor reiterated, as in the first half of the year, that based on the internal analyzes carried out with the currently existing information and the opinion of the Redeia Legal Services Directorate and its independent legal advisors on the electricity blackout on April 28, “the administrators estimate that it is not likely that the aforementioned incident will involve the outflow of resources from the group in the future, therefore that no provision has been recorded in the financial statements“.

However, he adds that, given that various investigations are still underway, including that of the National Markets and Competition Commission (CNMC), “This estimate made by the administrators could be modified in the future.” Following the thread of the blackout, the group recalls that the European Network of Electricity Transmission System Operators (ENTSOE) published a first technical report that identifies a “multifactorial” origin, and is preparing a final report, scheduled for the first quarter of 2026, which will include a detailed analysis of the causes of the incident and its recommendations to avoid similar situations in the future.

As far as its business is concerned, this period has been marked by the sale of 89.68% of Hispasat to Indra. Regarding the operation, which is already in the hands of Competition, Redeia highlights that until the closing of the operation, the assets and liabilities related to the satellite business remain on the balance sheet as well as those of 2024 and Hispasat’s 2025 results do not affect the group’s income statement.

Finally, the company’s board of directors has approved the distribution of an interim dividend of 0.20 euros per share charged to 2025 resultswhich will be paid in January 2026, in line with the dividend policy established in its strategic plan until 2025. The group’s remuneration policy establishes a floor of 0.80 euros per share for the dividend charged to the results of the current year.