Slides
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Results H1 2026 July 2026
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Main palette Secondary palette 1. Sector environment 2. H1 2026 highlights 3. H1 2026 results 4. 2026 Outlook 5. Annex H1 2026 Results. July 2026. Index 2
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Sector environment 1
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Main palette Secondary palette The energy sector is entering an unprecedented grid investment cycle Security of supply • The geopolitical context reinforces the strategic role of electricity grids in integrating renewable energy as a local resource that provides energy autonomy and resilience. • Europe needs more robust grids, greater interconnection between countries, storage and digitalisation to guarantee continuity of supply and the resilience of the European energy system against physical and cyber threats. Energy transition Electrification + data centres The importance of investment in electricity grids, supported by the European Commission's Electrification Action Plan. Transmission and distribution Interconnections Storage and flexibility Digitalisation and cybersecurity Connection of new industrial demand, DC, EVs • Energy and climate targets require a massive rollout of electricity grids to enable the large-scale integration of renewables into the energy system. • There is a growing need for flexible grids capable of managing intermittent generation. • Electrification of transport, industry and HVAC is driving the structural recovery in demand. • AI and data centres are a new driver of growth and competitiveness. The current context supports the development of electricity grids for security of supply and the energy transition Note: HVAC - Heating, Ventilation, and Air Conditioning H1 2026 Results. July 2026. 4
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Main palette Secondary palette 15.4 45.9 28.7 33.5 20.7 20.7 7.1 7.1 26.3 26.3 15.6 13.6 Dic-2021 Dic-2022 Dic-2023 Dic-2024 Dic-2025 Junio-2026 113.7 147.1 Dec - 2021 Dec - 2022 Dec - 2023 Dec - 2024 Dec - 2025 June - 2026 Renewable share of the generation mix (as of 30 June) 18 % 22 % 19 % 14 % 19 % 8 % 2025 20 % 23 % 17 % 15 % 19 % 6 % 2026 Solar PV Wind Hydro + other renewables Combined cycle Nuclear Other non-renewables Spain, an electricity system gaining momentum Slight increase in the contribution of renewables to the generation mix 59.9 % 58.3 % Note: Data do not include estimated energy generated by self-consumption facilities. Renewable generation 30 June 2026 Renewable generation 30 June 2025 Installed capacity (GW) Source: Red Eléctrica +54 % Renewable installed capacity since 2021 H1 2026 Results. July 2026. 5
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Main palette Secondary palette 256.6 250.5 246.7 249.0 256.3 2021 2022 2023 2024 2025 Demand recovery National demand evolution (GWh) +2.9 % Peninsular peak demand H1 2026 Demand increased by 2.9% in 2025 Main demand growth drivers Source: Red Eléctrica. Transmission demand (busbars). Electrification variables Electrification and decarbonisation of industry Port electrification Transport electrification Railway corridors H2 Green hydrogen and derivatives production Residential demand Data processing centres 41,588 MW vs 40,070 MW H1 25 H1 2026 Results. July 2026. 6
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Main palette Secondary palette Need for investment in networks to support a more complex and demanding system 7 Transmission grid, critical infrastructure Grid investment Connect generation Integrating renewables and distributed generation where needed. 1 Meet new demand Supporting electrification, industry and mobility. 2 Reinforce the system Increasing resilience and control in a more complex grid. 3 Since early 2021, TSO investment has exceeded €5,000M H1 2026 Results. July 2026.
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H1 2026 highlights 2
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Main palette Secondary palette H1 2026 highlights TSO investment increased by 12% vs H1 2025 • Investment in the transmission grid reached €551M. • Availability rate of the national transmission grid reached 97.97 %. TSO Other • The Council of Ministers has approved the third Modification of Specific Aspects (MAPs) of the 2021-2026 Planning, amounting to €615M, including actions aimed at further increasing the resilience of the electricity system and reducing the cost of electricity for consumers. • Approval of the increase in the transmission network investment cap , required for the new 2025 –2030 Planning. • The Council of Ministers has entrusted Red Eléctrica with the construction of the pumped-storage hydroelectric plant in Güímar (Tenerife), with 200MW and an investment of over €1,000M over the next decade. • Collection of €154M in Recovery, Transformation and Resilience Plan funds and €158M in grants linked to congestion rents to support the financing of the France –Spain interconnection. • Issuance of a Non -Call 6 hybrid bond last April for €500M with an interest rate of 4.375 %. • Redeia ranks in the Top 1% of the world's most sustainable companies according to S&P's Sustainability Yearbook 2026 . 9 Strengthening the national grid to support the development of the industrial and productive sector +12 % vs H12025 6 €631 M TSO investment H1 2026 Results. July 2026.
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Main palette Secondary palette Key figures Final dividend payment of €0.6 per share on 1 July, reaching a total of €0.80 per share (1) Includes turnover and share in profits of companies accounted for using the equity method (TEN and Argo). € 901 M Revenues(1) €843M in H1 2025 € 280 M Net Profit €269M in H1 2025 € 657 M Investments €603M in H1 2025 € 673 M EBITDA €636M in H1 2025 € 546 M FFO €473M in H1 2025 € 5,009 M Net Debt €5,474M in Dec. 2025 H1 2026 Results. July 2026. 10
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Main palette Secondary palette 564 631 1S25 1S26 Progress on TSO strategic projects • Work continues on the Interconnection with France, with more than 50 % progress and the first link scheduled to come into service in 2027. • Progress on the second Peninsula-Balearic Islands interconnection. • Progress on La Sagra and Transmanchego axes to resolve technical restrictions and enable the integration of renewable energy in the La Mancha-Madrid corridor, with commissioning scheduled between 2026 and 2027. • Salto de Chira pumped-storage plant works continue on the hydraulic pipeline. Progress in civil works in the central cavern. 657 +9 % 603 €M TSO International Other Optic fibre TSO investments grow by 12 % More interconnections and storage to advance the Energy Transition 96 % of Group investments eligible under the European Taxonomy H1 25 H1 26 H1 2026 Results. July 2026. 11
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H1 2026 Results 3
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Main palette Secondary palette Results driven by TSO evolution (1) Includes turnover and share in profits of companies accounted for using the equity method (TEN and Argo). (2) OWC: Own work capitalised, work carried out by the company for fixed assets. P&L (€M) H1 26 H1 25 Δ % Revenues(1) 901 843 +6.8 % Other revenues and OWC(2) 86 81 +6.3 % Operating expenses -314 -288 +8.9 % Net Opex -228 -207 +9.9 % Gross operating profit (EBITDA) 673 636 +5.8 % D&A and other -250 -220 +13.7 % Net operating profit (EBIT) 423 416 +1.6 % Financial result -45 -49 -7.4 % Profit before taxes 378 368 +2.7 % Corporate tax -85 -83 +3.0 % Minority interests -12 -15 -21.2 % Net profit 280 269 +4.0 % 91 % of EBITDA from regulated business EBITDA breakdown by business 13 82 % 9 % 8 % 1 % TSO Internacional Fibra óptica Otros H1 2026 Results. July 2026. TSO International Other Optic fibre
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Main palette Secondary palette Revenues increased thanks to the regulated business in Spain €M +6.8 % Note: Revenues include turnover and share in profits of companies accounted for using the equity method (TEN and Argo). 14H1 2026 Results. July 2026. Regulated business in Spain: increased due to higher commissioning net of subsidies, higher regulated revenues from the system operation following the update of remuneration parameters for 2026 -28, and the change in the regulatory useful life of lines rep owering from 40 to 8 years, since 2022. This represents +€24M in H1 2026, including the non -recurring impact of the regularisation of pr evious years (+€18M). International: decreased due to lower projects for third parties in Chile, the impact of the euro -dollar exchange rate, as well as a lower result in Brazil due to higher financial expenses after the distribution of dividends in 2025. These effects were partially o ffset by the good performance in Peru and in TEN (Chile). Optic fibre business: declined due to the impact of contract renegotiation in a context of market concentration, partially offset by the positive effect of inflation in CPI -linked contracts. + 3.9 % 843 877 901 41 2 5 0 24 1S25 TSO Internacional Fibra óptica Otros, corporativo y ajustes consolidación 1S26 excluyendo repotenciaciones Repotenciaciones TSO 1S26 reportadoH1 25 TSO International Optic fibre Other, corporate and consolidated adjustments H1 26 excluding repowering TSO repowering H1 26 reported
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Main palette Secondary palette Operating expenses evolution + 5.6 % + 4.1% + 8.9 % Personnel expenses increased due to a higher average workforce as the Group expands to cope with TSO investments, and higher average wage costs. External expenses increased due to higher asset maintenance costs, system operation projects and other general costs. 15 €M + 7.6 % Expenses with offsetting in revenues Increased by 7.6 % excluding expenses with offsetting in other operating income H1 2026 Results. July 2026. 288 292 314 12 8 11 11 1S25 Salto de Chira Daños 2025 DANA Gastos de personal Gastos externos 1S26H1 25 2025 DANA damages Personnel expenses External expenses H1 26
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Main palette Secondary palette EBITDA grew thanks to the increase in TSO revenues and the evolution of expenses Higher contribution from the TSO due to higher transmission revenues. The impact of lines repowering is neutralised at EBIT level, as D&A increased by a similar amount. The international business declined due to the evolution of revenues despite lower operating expenses. The evolution of the optic fibre business is conditioned by lower revenues and higher operating costs compared with the previous year. €M +5.8 % 16H1 2026 Results. July 2026. 636 649 673 26 2 7 4 24 1S25 TSO Internacional Fibra óptica Otros 1S26 excluyendo repotenciaciones Repotenciaciones TSO 1S26 EBITDA reportadoH1 25 TSO International Optic fibre Other H1 26 excluding repowering TSO repowering H1 26 reported EBITDA
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Main palette Secondary palette Net Profit increased by 4.0 % Higher D&A and other due to more assets in operation and the change in the regulatory useful life of lines repowering (€24M). The financial result improved slightly thanks to the placement of cash surpluses, which improved financial income, and to lower financial expenses, mainly due to higher capitalisation of financial expenses in projects. The effective corporate tax rate, excluding the result of investees, was 24.6%, the same as in H1 2025. €M + 4.0 % 0.0 % 17H1 2026 Results. July 2026. 269 280 37 6 24 4 2 2 B. Neto 1S25 EBITDA Amortización y otros Amortización repotenciaciones Rdo. Financiero IS Minoritarios B.Neto 1S26EBITDA D&A and other D&A repowering Financial results H1 26 Net ProfitH1 25 Net Profit MinoritiesCorporate Tax
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Main palette Secondary palette Net Debt stood at €5,009M ( - 8.5 %) 22.1 % FFO/ND BBB+ Stable outlook Fitch and S&P 3.9 x ND/EBITDA Operating Cash Flow €518M €M Cash generation and the collection of grants offset higher investments 18 Note: ratios are calculated based on EBITDA and FFO for the last 12 months. The ratios do not include the Rating Agencies' methodology adjustments, among others, hybrid bonds. H1 2026 Results. July 2026. 5,474 5,009 546 28 657 118 312 500 90 2025 FFO Cambios capital circulante Inversiones Dividendos Subvenciones Bono híbrido Otros 1S26Changes in working capital Investments Dividends Grants Hybrid bond Other H1 26
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2026 Outlook 4
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Main palette Secondary palette Confirming our 2026 outlook In line with the targets of the 2026 - 2029 Strategic Plan EBITD A EBITDA Margin Net Profit Net Debt > €1,250M > €510M 2026E ~ €6,000M > 73 % 20 TSO investments will reach €1,500M H1 2026 Results. July 2026. Nota: The effect of the change in the repowering regulatory useful life, largely non-recurring, will place 2026E EBITDA at ~€1,300M, fully offset at D&A level. DPS +2 %
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Annex 5
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Main palette Secondary palette 58 % 1 % 15 % 23 % 2 % Other 81 % 19 % 91 % 9 % Sound financial structure and ample liquidity position 88 % of funding linked to ESG criteria Gross debt structure 2.35 % Cost of debt 2.20 % in H1 25 5.6 years Average maturity 4.9 years in H1 25 €3,217 M Liquidity Maturities €5,963 M €M H1 2026 Results. July 2026. 54 801 1,243 230 61 3,575 2026 2027E 2028E 2029E 2030E 2031E y siguientes 33 % 25 % 12 % 30 % 2031E - following years Eurobonds USPP Other long-term loans and credits EIB Fixed Rate Variable Rate Euro Currency Credit facilities Syndicated loans Cash and other liquid resources Loans 22
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Main palette Secondary palette This document has been prepared by Redeia Corporación, S.A. (hereinafter, Redeia) solely for the purpose stated herein. Under no circumstances may it be interpreted as an offer to sell, exchange or acquire, or as an invitation to make any type of offer, and specifically any offer to purchase securities issued by Redeia. Its content is merely informative and provisional, and the statements contained herein reflect the intentions, expectations and forecasts of Redeia or its management. Such content has not necessarily been verified with independent third parties and remains, in any event, subject to negotiation, changes and amendments. In this regard, neither Redeia nor any of its directors, officers, employees, consultants or advisers, or those of companies belonging to Redeia (all of them collectively referred to as the "Representatives"), shall be responsible for the accuracy, certainty, completeness and/or updating of the information or statements included in this document. Under no circumstances may any explicit or implicit representation or warranty by Redeia or the Representatives be inferred from its content. Likewise, neither Redeia nor any of the Representatives shall be liable in any way (including negligence) for any loss or damage that may arise from the use of this document or any information contained herein. Redeia also undertakes no commitment to publish any potential modifications or revisions to the information, data or statements contained in this document should changes in strategy or intentions occur, or should unforeseen events or circumstances arise that may affect them. This statement should be taken into account by all persons or entities to whom this document is addressed, as well as by those who consider that they must take decisions or issue or disseminate opinions relating to securities issued by Redeia, especially analysts using it, without prejudice to the possibility of consulting the public documentation and information communicated or registered with the Spanish National Securities Market Commission, which Redeia recommends. In addition to the financial information prepared in accordance with IFRS, this presentation includes certain Alternative Performance Measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415). These APMs are used with the aim of contributing to a better understanding of Redeia's financial performance, but they should only be considered as additional information and in no case replace financial information prepared in accordance with IFRS. Likewise, the way in which Redeia defines and calculates these APMs may differ from that of other entities using similar measures and, therefore, may not be comparable. For further information on these matters, including their definition or the reconciliation between the corresponding management indicators and the consolidated financial information prepared in accordance with IFRS, please refer to the information included in this presentation and the information available on the corporate website (https://www.redeia.com/en/shareholders-and-investors/financial- information/alternative-performance-measures). 24