Redeia (BME:RED), the Spanish transmission system operator, reported first‑half 2026 results that were in line with its full‑year guidance and consensus expectations, yet its shares declined 2.3% after the release.
EBITDA for the period was €673 million, representing a 6 % year‑on‑year increase. This figure incorporates a €24 million one‑off item arising from a regulatory accounting change in Spain. Excluding this item, underlying EBITDA amounted to €649 million, which keeps the company on track to achieve its full‑year guidance that does not factor in the accounting adjustment.
The regulatory adjustment raised regulated revenue, but the increase was fully offset at the EBIT level by a comparable rise in depreciation, resulting in no net impact on EBIT.
Net income reached €280 million, up 4 % YoY, positioning the firm comfortably to meet its full‑year target of more than €510 million. Net debt stood at €5.0 billion, approximately a 10 % reduction year‑to‑date, driven by higher capital expenditure being more than offset by a recent hybrid issuance and receipt of subsidies.
Goldman Sachs analysts commented that they do not expect the results to materially change market expectations.
The share price decline despite meeting expectations suggests the market may have already priced in the performance or was seeking stronger results to justify current valuations.