1H26 Results – In-line with expectations

研报英文原文证据摘录

1H26 Results – In-line with expectations

Update

July 29, 2026 06:31 AM GMT

Morgan Stanley Europe S.E., Paris Branch+MRedeia | Europe Arthur Sitbon, CFA

Equity Analyst

1H26 Results – In-line with Arthur.Sitbon@morganstanley.comMorgan Stanley & Co. International plc+ +33 1 42 90 71-03

Marina Fuentes Juan

Research Associateexpectations Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Robert Pulleyn

AlphaSignals Earnings Reaction Equity Analyst and Commodity Strategist

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

Unchanged In-line Largely unchanged Sarah E Lester, CFA

Impact to our thesis Financial results versus consensus Direction of next 12-month Equity Analyst

consensus EPS Sarah.Lester@morganstanley.com +44 20 7425-0551

Source: Company data, Morgan Stanley Research Arthur Descazeaud

Research Associate

Arthur.Descazeaud1@morganstanley.com +44 20 7677-1282

Key Takeaways

Redeia (REDE.MC, RED SQ)

We expect a neutral reaction from Redeia shares following the group's 1H26

Utilities | Spain

results.

Stock Rating Equal-weight

1H26 results are in-line with consensus expectations. Industry View Attractive

Price target €15.00

No comment on 2026 financial targets in the press release, but we expect them Shr price, close (Jul 28, 2026) €15.71

52-Week Range €17.68-14.15

to be confirmed later today in the conference call slides. Mkt cap, curr (mn) €8,491

Net debt (12/26e) (mn)* €5,770

EV, curr (mn)* €14,141

In-line 1H26 results. 1H26 net income came in at €280mn, in line with consensus of

* = GAAP or approximated based on GAAP

€279mn (albeit with few contributions) and 4% above our estimate of €271mn.

EBITDA trends also look broadly in-line with expectations. 1H26 EBITDA came at

€673mn, in-line with consensus of €671mn and slightly better than our estimate of

€662mn.