Redeia reported full-year results for FY25 that broadly matched market expectations and showed modest operational growth alongside higher investment spending.
Operational and earnings highlights
The company registered EBITDA of €1.3 billion for the year, a 4% increase compared with the prior year and in line with analyst forecasts. Net income for the period was €506 million, which also met consensus estimates and was unchanged from the prior year.
Investment and capital expenditure
Investment activity accelerated materially during the year. Redeia recorded capital expenditures of €1.5 billion, a 40% increase versus the previous year. Management indicated that capex is expected to remain at roughly €1.5 billion annually over the coming years.
Balance sheet and leverage
Net debt stood at €5.5 billion at year end, coming in about 2% below analyst consensus. This represented a reduction of €0.6 billion compared with the nine-month figure, largely influenced by a Hispasat-related payment of €0.7 billion recorded in the fourth quarter. The company reported a Net Debt to EBITDA ratio of 4.4x.
Upcoming presentation
Redeia has scheduled a results presentation for Thursday at 11:30 CET. The company is expected to provide further detail on its strategic plan spanning 2026 to 2029 during that briefing.
Summary of the numbers
- EBITDA: €1.3 billion - up 4% year-on-year, matching analyst expectations.
- Net income: €506 million - in line with consensus and flat versus prior year.
- Capital expenditures: €1.5 billion - a 40% increase year-on-year; expected to remain about €1.5 billion annually.
- Net debt: €5.5 billion - 2% below analyst consensus; down €0.6 billion from the nine-month level due in part to a €0.7 billion Hispasat-related payment in 4Q.
- Net Debt to EBITDA: 4.4x.
Context and next steps
Investors and market participants will have access to the company presentation on Thursday at 11:30 CET, where Redeia is expected to outline the details of its 2026-2029 strategic plan.