Bankinter | Key figures compared with consensus: EBITDA €1.258 billion (up 4%) versus an estimate of €1.259 billion; net banking income €506 million (up 0.1%) versus an estimate of €503 million; FFO €1.035 billion (down 12.9%); Net debt €5.474 billion compared to €5.370 billion in December 2024.
Bankinter analysis team’s view: Results in line. Positive factors in results: (i) Greater contribution from regulated electricity transmission activity (EBITDA up 4%) with a larger regulated asset base (RAB) and stable financial return (5.58%).
This activity accounts for 80% of the group’s EBITDA; (ii) Improvement in the contribution of the international business (up 6%) due to the positive performance of Argo (Brazil); (iii) Increase in fibre optics (up 3%) due to the effect of inflation on CPI-linked contracts. On the negative side, financial expenses rose significantly (up 23%) due to the increase in debt.
We maintain our buy recommendation following the results. Redeia will return to growth in earnings in the next regulatory period 2026-2031. This will be driven by two factors: (i) Growth in the regulated asset base, thanks to investments related to interconnections with France and the islands, the integration of new renewable energy capacity and the need to modernise the existing network; (ii) Improvement in the financial return on assets. An environment of higher long-term interest rates in recent years and the need to encourage investment in energy transition justify this improvement. The dividend yield is attractive (4.9% in 2026).
