RED ELECTRICA COR-UNSPON ADR Business Summary

Redeia Corporación, S.A. (formerly Red Eléctrica Corporación) operates as the sole Transmission System Operator (TSO) and manager of the Spanish electricity grid, generating the majority of its revenue through a regulated remuneration model based on asset availability and investment in national infrastructure. The company’s business is structured into three primary segments: national electricity transmission (Red Eléctrica), international infrastructure management in Latin America (Redinter), and telecommunications through the leasing of dark fiber-optic networks (Reintel). As of July 2026, Redeia is executing its 2026–2029 Strategic Plan, which prioritizes a historic €11.1 billion investment in grid resilience and renewable energy integration to support Spain's energy transition. Within the competitive landscape, Redeia maintains a unique monopoly as Spain's TSO, distinguishing it from integrated utilities like Iberdrola, EDP - Energias de Portugal, and Enel, while positioning it alongside European peers such as Terna and National Grid in the specialized infrastructure sector. Leadership is currently headed by Chairwoman Beatriz Corredor Sierra, a former Spanish Minister of Housing and experienced property registrar who has led the board since 2020. Chief Executive Officer Roberto García Merino, a veteran of the group since 2004, oversees operational execution and previously held senior roles in strategic planning and business diversification. The technical and digital roadmap is managed by Elena de Benavides, the Chief Innovation & Technology Officer, while Emilio Cerezo serves as the Chief Financial Officer. Founded in 1985 as the world’s first TSO, the company remains anchored by the Spanish state-owned holding company SEPI (Sociedad Estatal de Participaciones Industriales), which maintains a 20% stake. The board is characterized by a high degree of gender parity and professional diversity, reflecting its role as a critical institutional pillar of Spain’s strategic energy and digital infrastructure.