Redeia obtained a net profit of 180.4 million euros in the first quarter of the year, which represents a decrease of 0.9% compared to the same period of the previous year, a period in which it boosted its investments in all its businesses the company reported.

The group indicated that this result, in line with the group’s forecasts, “is mainly linked to the good performance of international electricity transmission operations.”

The joint sum of the turnover and the results of the investee companies of the company chaired by Beatriz Corredor reached 537.2 million euros in the period from January to March, with growth of 4.8% compared to the first quarter of the previous year.

The group’s growth in all businesses stands out, especially the positive evolution of the international electricity activity, where Redinter’s revenues have experienced an increase of 43.2%, due to the commissioning of the facilities in Peru and Chile, the better contribution from investee companies and the incorporation of new assets to the perimeter of the Brazilian Argo, among others.

Redeia’s gross operating result (Ebitda) stood at 401.8 million euros at the end of March, 1.6% more than in the same period of the previous year. The company indicated that the efforts made in terms of efficiency and the good evolution of the turnover and the contribution of the investee companies in the Redinter perimeter have contributed to this figure. The net operating result (Ebit) reached 271.6 million euros, 2.4% more.

The company’s net financial debt was 4,435.6 million euros at the end of March, 4.3% lower than the figure for the previous year. This decrease was mainly due to the issuance last January of a hybrid bond of 500 million euros with a coupon of 4.625% included in the group’s net worth.

This financing instrument has contributed to the fact that, at the end of March, 46% of the financing incorporated ESG criteria, compared to 42% in December 2022.

With regard to shareholder remuneration, on January 9 the company paid the interim dividend of 0.2727 euros per share charged to the results of 2022, the same amount that was distributed last year.

With regard to investments, from January to March 2023, its investments have reached 154.8 million euros, 27.6% more than the same period of the previous year.

The investment effort of its subsidiary Red Eléctrica to promote the ecological transition in Spain is particularly noteworthy. The company has allocated more than 114 million euros to the operation and transmission of electricity, which is 33% more than in the same period of 2022.

Of these, 95.1 million euros has been focused on the development of projects to reinforce and improve the transport network, 25% more than in the first quarter of 2022, and 15 million have been allocated to storage in the Canary Islands, compared to the 5.1 million euros invested in the same period of 2022.

Likewise, Red Eléctrica continues to advance in the execution of the current electrical Planning with the materialization of projects as relevant for the transition as the completion of the laying of the submarine link between Ibiza and Formentera; the laying of the first stone of the one that will unite Tenerife and La Gomera; or the commissioning of the new Cacicedo-Astillero underground power line in Cantabria.

Significant progress has also been made in the interconnection with France through the Bay of Biscay, with the award by Inelfe of the main contracts for the development of the project.

Likewise, the investment linked to the telecommunications activity stands out, through Hispasat, which has increased its figure compared to that of the first quarter of 2022, with 29.4 million euros compared to 17.7 million euros, due to the launch of the Amazonas Nexus satellite that took place on February 7.

Redeia already advanced last February, during the presentation of results, that 2023 will mark a turning point in the group’s investments. Specifically, the forecast of its subsidiary Red Eléctrica is to reach a volume of more than 700 million euros this year, approaching the all-time highs of 2010 and 2011.

The group thus increases its investment objectives of the strategic plan until 2025 to 4,800 million euros, compared to the originally presented horizon of 4,400 million euros, which represents a 10% increase in the investments of Red Eléctrica, Spanish TSO and column backbone of the ecological transition in Spain.