Redeia, the Spanish grid operator that owns Red Eléctrica de España, reported net profit of €410.3 million for the first nine months of 2026, a 5.3% increase from the €389.8 million booked in the same stretch a year earlier, according to Valencia Plaza. The company also sharply increased spending on its networks, with total investment climbing 17.7% to €1.1389 billion.
The results, published on Wednesday, show a group combining modest earnings growth with a heavy build-out of electricity infrastructure. Revenue, measured as turnover plus the share of profit from equity-accounted companies, reached €1.3524 billion, up 7.2% from €1.262 billion at the end of September 2025.
Why it matters
Redeia sits at the centre of Spain's energy transition. Its transmission lines, substations and cross-border links determine how much renewable power can reach consumers and how well the Spanish system can trade electricity with its neighbours. The investment figures therefore carry weight beyond the balance sheet: they indicate how quickly physical infrastructure is being built behind national decarbonisation targets.
The company's spending surge also comes as grid operators across Europe face pressure to expand capacity for wind and solar generation. Valencia Plaza notes that Redeia is raising capital expenditure while carrying a net financial debt of €5.6008 billion, 2.3% above the level at the close of 2025. The company attributes the increase to its faster investment pace, partly offset by cash generated from operations, €500 million raised through a hybrid bond issued on 15 April, and subsidy receipts.
Where the money went
Almost all of the group's capital spending went to Red Eléctrica. The Spanish subsidiary received €1.092 billion, up 19.3% year on year and close to 96% of the group total, directed at strengthening and expanding the national electricity transmission network and running the power system.
By business line, the management and operation of Spanish electricity infrastructure generated turnover of €1.1768 billion, a rise of 9.7%. International electricity transmission contributed €97.9 million in turnover and results from investee companies, while the fibre-optic business brought in €104.0 million. Group EBITDA came to €1.0014 billion, up 5.3%.
The company, chaired by Beatriz Corredor, listed several projects under way. On the Spain–France link running through the Bay of Biscay, all submarine cables have now been laid off the Biscay coast, and underground cabling between Gatika and Lemoiz is progressing. Work on the second Peninsula–Balearic Islands connection advanced with the start in October of construction to bury the final stretch of the Sant Martí–Alcúdia line. A new 400 kV interconnection between Portugal and Galicia has entered service.
Redeia is also building capacity to connect renewable generation, with 43 positions due to be commissioned before the end of the year, and is developing the Salto de Chira reversible pumped-storage plant in the Canary Islands. Permitting and construction work continues on synchronous compensators included in grid planning and later amendments to it.
Shareholder payout and what to watch
The board approved an interim dividend of €0.2040 per share against 2026 results, payable on 7 January. Valencia Plaza reports that the payment fits the company's dividend policy under its 2026–2029 strategic plan, which targets annual growth of 2% to reach €0.87 per share in 2029.
Investors will be watching whether the accelerated network spending continues through the fourth quarter and how the debt load develops as projects such as the Bay of Biscay interconnector move toward completion.
