Portugal · Delayed Price · Currency is EUR REN - Redes Energéticas Nacionais, SGPS Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw EBITDA and net profit growth, driven by regulatory changes and tax wins, with strong operational performance in Portugal and Chile. Electricity demand and renewables penetration rose, while CapEx delays from storms are not expected to impact full-year investment.
Fiscal Year 2025
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2025 saw strong financial and operational results, with EBITDA up 2% and net income up nearly 5% year-over-year. CapEx guidance was raised for 2026-2027, and credit metrics improved, supported by favorable regulation and a stable tax environment.
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Third quarter results were stable, with net income up due to tax incentives and net debt declining. CapEx is accelerating, especially in electricity, while regulatory and tax changes are expected to further support growth and shareholder returns.
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EBITDA remained stable at €256.6M for H1 2025, while net profit surged 35% due to recurring tax incentives. CapEx and investments in hydrogen infrastructure are set to grow, with regulatory clarity and tax recoveries expected to further support performance.
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First quarter results were stable and in line with expectations, with net profit up due to tax incentives and lower levy. The April 28 blackout was managed effectively, with no compensation claims or immediate regulatory impact, and strong CapEx is expected for the year.
Fiscal Year 2024
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Strong operational and financial performance in 2024, with EBITDA of €506 million and net income up 2%. Renewables reached 70% of Portugal's electricity mix, CAPEX rose over 20%, and a 2% dividend increase was announced, reflecting confidence in sustained growth.
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EBITDA and net income declined year-over-year, but results were in line with expectations. CapEx rose 20% and renewables penetration reached 73%, with strong execution and supportive regulatory outlook. Net debt is decreasing versus year-end.
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EBITDA fell 2.7% to €257.8M and net profit dropped 23% year-over-year, while CapEx rose 21% amid project delays. Renewables hit a record 82.1% share in Portugal, and net debt decreased, with financial sustainability improving through extended loan maturities.