实时全球研报

Redeia 1H26: Model update

发布日期: 2026-07-29研究机构: Bernstein公司 / 股票: RED.SQ报告页数: 17原文语言: English证据页码: 1

研报英文原文证据摘录

29 July 2026

Jorge Alonso Suils

+34 915 893 913

European Utilities & Clean Energy jorge.alonso@bernsteinsg.com

Ken-Ree ChoongRedeia +44 20 7676 8243

Rating ken-ree.choong@bernsteinsg.com

Outperform Specialist Sales

Gareth Williams

Price Target +44 20 7762 5256

gareth.b.williams@bernsteinsg.com

RED.SQ 18.60 EUR (18.00 OLD)

In this short note, we present our updated Redeia model following 1H26 results.

Close Date 28 Jul 2026

1H26 results: Revenues increased +7% YoY, broadly in line with expectations, driven by RED.SQ Close Price (EUR) 15.71

the domestic regulated business, where higher new-asset commissioning, updated 2026-28 Price Target (EUR) 18.60

remuneration parameters and a one-off €24m boost from the change in regulatory useful life Upside/(Downside) 18%

of repowering assets (40 years to 8 years) lifted revenues (though EBIT neutral impact). EBITDA 52-Week Range 17.68/14.15

increased 6% YoY, in line with consensus, due to the improvement in the regulated business EDME 1,606.72

(explained above), partially offset by weaker performance from LatAm transmission (negative FYE Dec

FX impact) and fiber optic (contract renegotiations). Net profit reached €280m, +4% YoY and Div Yield 5.2%

in line with consensus, as the slight boost at the Revenue level was offset by the neutral impact Market Cap (EUR) (M) 8,306

of the regulatory useful life change at the EBIT level while below EBIT items were also broadly EV (EUR) (M) 14,533

in line with expectations. Performance YTD 1M 6M 12M

Absolute (%) 1.2 2.5 6.6 (10.0)

Guidance: Redeia reiterated its 2026 guidance, targeting EBITDA above €1,250m, net profit EDME (%) 9.1 1.3 6.5 17.8

above €510m and net debt of ~€6bn, broadly in the range of expectations. BERN estimates Relative (%) (7.9) 1.1 0.1 (27.8)

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