Redeia posted a net profit of 689.6 million euros for 2023, up 3.7% from 664.7 million euros in the previous year, according to the company. This result surpasses the annual targets and signals strong momentum for the group in the near term (Source: Redeia annual results 2023).
The group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 1,507.8 million euros by year-end 2023, marking a 1.1% rise. This performance underscores Redeia’s earnings resilience and its ability to convert top-line progress into cash flow, supporting ongoing investments and shareholder value (Source: Redeia annual results 2023).
Looking at the full-year 2023 financial goals, Redeia anticipated EBITDA above 1.5 billion euros and a net profit in line with the prior year, which registered nearly 665 million euros in earnings. The company confirmed its strategy to increase investments, aiming to strengthen the electricity transport network, the backbone of Spain’s green transition, with total investments of 996.2 million euros in 2023, of which 825 million euros were allocated to Red Eléctrica (Source: Redeia annual results 2023).
These investor figures show a 55% increase in investment versus the previous year, easily meeting the year-end objective of surpassing 700 million euros in investments. Redeia’s capital allocation reflects a commitment to expanding capacity, improving efficiency, and supporting long-term energy infrastructure growth (Source: Redeia annual results 2023).
Growth across all businesses
The company’s total revenues and equity-method income rose 3.1%, reaching 2,129.2 million euros, with gains across all segments. The electric infrastructure management and operation segment closed the year with revenues above 1,625 million euros, up 1.6% year over year. Higher transport activity and system operations contributed to the top-line improvement, with transport adding 16.2 million euros and system operations adding 8.7 million euros versus 2022 as a primary driver of growth for Red Eléctrica (Source: Redeia annual results 2023).
In addition, Redinter, the international electrical transmission arm, reported revenues of 135.7 million euros in 2023, up 14.8% from the end of 2022 when taking into account the results of associated companies (Source: Redeia annual results 2023).
Meanwhile, Hispasat posted a 9.1% year-over-year increase in revenue, reaching 249.3 million euros in 2023. This satellite business acceleration was driven by Amazonas Nexus’s contribution starting in July, valued at 22 million euros, and by revenues from Axess Networks, acquired in 2022 as part of the satellite business investment plan. In the fiber segment, Reintel also grew its revenue by 5.2% versus 2022 (Source: Redeia annual results 2023).
On the financing side, net financial debt at year-end stood at 4,975.4 million euros. The company maintains a robust financial position with diversified funding sources and a credit rating of A- from S&P and Fitch, underscoring strong credit metrics and access to capital (Source: Redeia annual results 2023).
A dividend of one euro in 2023
Regarding the dividend, Redeia’s board plans to propose to the General Shareholders’ Meeting a dividend of 1 euro charged to 2023 results. Of this, 0.2727 euros per share has already been paid as an interim dividend on January 5. The supplementary dividend of 0.7273 euros is expected to be disbursed in July (Source: Redeia annual results 2023).