Bankinter Analysis The 2029 Strategic Plan aims to achieve average annual growth of 3% in net banking income (NBI) and 2% in total operating profit (TOP) over the 2025–29 period. The RAB will grow at an annual average of 7% and the financial return will also improve over this period (from 5.58% to 6.58%). Despite improvements in the RAB and financial return, earnings growth is moderate due to certain factors…

Link Securities | In relation to the information published yesterday by the credit rating agency Standard & Poor’s, Redeia (RED) reports that the agency has decided to downgrade Redeia’s long-term credit rating to ‘BBB+’ from ‘A-’, maintaining a “stable” outlook. With this decision, the agency resolves its ‘CreditWatch negative’ of 26 June 2025. Following this announcement, Redeia and Red Electrica de España, Sociedad Anónima Unipersonal change their long-term rating to…

Renta 4 | The factors that led Fitch to downgrade Redeia’s credit rating from A- to BBB+ focus on the increased investment that the company plans to make in the coming years as a result of its ambitious strategic plan, which will lead to a temporary deterioration in the company’s credit ratios while it is being implemented. Conclusion: Despite the downgrade, Fitch maintains a stable outlook and views Redeia’s regulated…

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…

Renta 4 | The National Commission on Markets and Competition (CNMC) has presented a proposal for a new methodology to calculate the Financial Remuneration Rate for electricity transmission activities. Although the proposed 6.58% for the 2026-2031 period is an improvement on the previous rate of 5.58%, it is below the 7-8% requested by companies. Although it is in line with our estimate (6.55%), Redeia’s ability to improve profitability through operational…

Renta 4 | Approaching interesting tactical levels, formed by the lows of January this year, which converge at €15.10 with the upward trend line from the lows of 2020. The chart below shows the reactions over the last ten years to exceeded readings in the weekly indicators, resulting in significant rebounds after a few months. We would place protective stops below €14.75, giving some margin to the aforementioned support zone.