Redeia: Expect small consensus upgrades, but you need to wait longer for the real good news. H1 2026 review

Research evidence excerpt

Redeia: Expect small consensus upgrades, but you need to wait longer for the real good news. H1 2026 review

J P M O R G A N Europe Equity Research

29 July 2026

Redeia Neutral

REDE.MC, RED SM

Expect small consensus upgrades, but you need to wait Price (28 Jul 26):€15.71

longer for the real good news. H1 2026 review Price Target (Dec-27):€17.00

We expect the shares to continue to moderate the earlier weakness post the release European Utilities & Clean Energy

ACof H1 numbers, as we believe that the call should have confirmed that there is some Javier Garrido

upside risk to the >€510m FY26 net income target, while the longer term (34-91) 516-1557

expectations of higher capex and growth remain unchanged and management javier.x.garrido@jpmorgan.com

stated that there is some hope that the regulation could be improved within the J.P. Morgan Securities plc

current regulatory period. Specialist Sales contact details:

• Small upside risk in 2026 guidance. In the call management made a good Ian Mitchell - Specialist Sales -

effort to explain why the 2026 net income is not going to be double the H1 net European Energy

(44-20) 7134-1356

income (see table below). However, most of the reasons are well known: 1) ian.e.mitchell@jpmorgan.com

seasonality in maintenance opex towards H2, 2) higher debt and slightly higher

cost of financing; and 3) the only unknown is some seasonality in the results

from International businesses. However, the latter simply means that the

positive surprise of H1 cannot be extrapolated, but it is still a psoitive for the

FY, as it will not disappear. In the end, we believe the conclusion is clear: H1

results were slightly better than the market expected and this means that there

is upside risk to Bloomberg consensus, which sits a tad below the >€510m net