Redeia (AO) | Hold | Comments from Analyst Meeting

Research evidence excerpt

Redeia (AO) | Hold | Comments from Analyst Meeting

ning could, potentially, modestly

accelerate regulated EBITDA and RAB growth.

Blackout risk receding

Management expressed increasing confidence regarding the financial and legal implications of the April 2025 blackout.

Without providing a figure, management indicated that quantified claims received to date remain well below early market/press

estimates, while many notifications are precautionary rather than formal compensation claims.

Management also highlighted that the CNMC has opened 66 investigations across the sector, with only one involving Redeia

directly, reinforcing the view that the event was systemic and multifactorial rather than attributable to a single operator. The

process is expected to extend over several years, but the perceived downside risk has continued to diminish, according to

management.

Cautious optimism regarding regulatory uplift

Redeia continues to challenge the new remuneration framework through both a formal appeal before the Supreme Court and

direct engagement with the CNMC.

Direct discussions focus on inflation treatment, remuneration of work in progress (WIP) and selected methodological aspects of

the new model, partly following the CNMC's revised approach in gas regulation.

Management believes the forthcoming renewal of the CNMC leadership creates an opportunity to reopen technical discussions,

but repeatedly cautioned against assuming any near-term regulatory changes.

The 2025-30E Mandatory Transmission Investment Plan remains on track for approval by year-end. Management dismissed

proposals to liberalise transmission ownership as politically driven and unlikely to resolve Spain's permitting bottleneck.

IMPORTANT.