24TH JULY 2025 UNAUDITED INFORMATION

-0.5% versus 1H24

A reduction in domestic performance (-€1.6M vs 1H24), driven by the increase in core OPEX (+€2.5M) and decrease in assets and OPEX remuneration (-€0.5M), and increase in other revenues (+€1.5M)

Increase from the international business contribution (+€0.3M).

€65.7M

+35.2% versus 1H24

Higher financial results (+€5.2M)
Lower taxes reflecting essentially fiscal effects (-€15.5M) and recovery of previous years taxes (-€3.4M).
Recent positive news on CESE

-4.9% versus 1H24

Net debt (excluding tariff deviations) recorded a 4.9% reduction in 1H25 in parallel with a slight decrease in average cost of debt to 2.66% (versus 2.78%)
Including tariff deviations, Net Debt reached €2,399.5M (a decrease of 10.5% vs 1H24).

€150.0M

+10.8% versus 1H24

CAPEX increased by 10.8% in 1H25, reflecting mostly positive impacts from the domestic sector of electricity
Transfers to RAB accelerated, with a growth of €20.4M (€50.3M in 1H25 versus €29.9M in 1H24).

77.3%

Renewable Energy sources reached 77.3% of total supply in 1H25, with hydro representing 36%, wind 26%, solar 11% and biomass 5%
Electricity consumption registered an increase of 2.2% versus 1H24
Natural gas consumption increased 10.1%.

REN maintains a strong focus on innovation, with particular emphasis on areas such as digitalization, artificial intelligence, robotization, sustainability, the circular economy, and the integration of renewable gases.

Iberian Peninsula blackout in 28 April (following the blackout and in response to supply security concerns, CCGT usage increased – resulting in a substantial rise in Scope 2 emissions)
REN was recognized as one of the Climate Leaders in Europe for 2025 by the Financial Times
REN honoured by the Covilhã Fire Brigade
CDP Supplier Engagement score improves from B to A
REN Gás appointed as provisional Portuguese entity in charge for planning, develop and manage the future national hydrogen infrastructure
ERSE approved pilot project to test the first H2 Blending Station in RNTG
Agenda H2 Green Valley still waiting for decision on project review and H2MED project studies continue to be developed
Announcement of the Clean Industrial Deal and Action Plan for Affordable Energy
Public Consultation on the EU Grid Package

This value does not take into account the blackout event from 28th April.

1. Refers only to Domestic RAB | 2. Includes tariff deviations

1H25 65.1% 21.2% 4.5% 9.2% 20.5% 4.3% 66.0% 1H24 9.1%

EBITDA contribution by business segment⁴ - %

Electricity International Gas Distribution⁵ Gas Transportation

Includes electricity regulatory incentives and excludes OPEX remuneration related to pass-through costs | 2. Includes REN Trading incentives, telecommunication sales and services rendered, interest on tariff deviation, consultancy revenues and other services provided, OMIP and Nester results | 3. Includes Apolo SpA and Aerio Chile SpA costs | 4. This value excludes the segment "Other" from the denominator, which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V. | 5. Refers to Portgás

DOMESTIC BUSINESS

Source: Bloomberg | 2. Electricity data collected from Oct. 23 to Sep. 24; Gas data collected from Jan. 24 to Dec. 24.

DOMESTIC BUSINESS KEY HIGHLIGHTS

Transfers to RAB - €M

Electricity

Main investment projects:

Installation of a 60 kV line bay at Recarei Substation to connect a wind power plant
Opening of the existing 400 kV OHL Recarei–Paraimo at Feira Substation
Installation of two bays 400 kV at Feira Substation to connect the OHL to Recarei and Paraimo Substations

Gas Transportation Gas Distribution

Pipeline Network: replacement and upgrade of end-of-life equipment and systems; efficiency improvement projects
Sines terminal: replacement and upgrade of end-of-life equipment and systems
Carriço Storage: replacement and upgrade of end-of-life equipment and systems
Investments for network expansion and densification
Technological Transformation ("Enter" Program) and AI adoption program
Decarbonizing and digitalization plan in progress on H2 infrastructure readiness
Ongoing expansion to new industrial zones and increased proximity with key stakeholders
Higher biomethane producers interest in Portgás concession area
New Continuous Construction Contract (NEC2025) operations already initiated
Includes other segment (except REN Gas H2 project) | 2. Includes REN Gas H2 project

DOMESTIC BUSINESS

Return on RAB increased driven by a higher asset base (by €5.4M to €92.2M) despite the lower RoR of 5.20% (vs 5.25%)

Return on RAB evolution breakdown - €M

Decrease in return on RAB justified by lower asset base (by €22.8M to a total of €773.3M) and lower RoR of 5.26% (vs 5.27%)

Return on RAB in line attributed to a lower RoR (from 5.67% to 5.66%), and higher asset base (+€1.0M to a total of €494.9M)

Calculated as OPEX minus pass-through costs (e.g., ITC mechanism, NG transportation costs, ERSE costs and subsoil occupation levies)

KEY HIGHLIGHTS

Personnel Costs

General increases and headcount increase (+2% growth YoY, achieving 770 people in June 2025), driven by operational areas growth

Core External Costs

Electricity costs increase €0.8M, of which +€0.6M in LNG terminal
Maintenance costs increase €1.1M, mainly in electricity business

Non-core Costs

Pass-through costs (costs accepted in the tariff) increased €8.1M of which €+10.7M in costs with Turbogás resulting from the end of PPA in March 2024 and €-3.8M in cross-boarder costs

INTERNATIONAL BUSINESS

Contribution to EBITDA 1H25 - €M

This value excludes the segment "Other" from the denominator, which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V.

Transemel & Tensa (100%)

EBITDA increased YoY mainly driven by the recognition of €0.6M for 2 months of results of the new company Tensa, acquired by REN Group on April 2025

Electrogas (100%)

EBITDA increased YoY, driven by a slight increase in revenues (higher transported volume, despite lower tariff) and positive exchange rate differences

€+5.9M (+4.7%)

1H24: €126.5M

-€22.5M

€5.2M (+18.8%)

1H24: -€27.7M

Increase in Financial results (+€5.2M) to -€22.5M, mostly due to the lower net debt (-€280.3M), and decrease in the average cost of debt to 2.66% (from 2.78% in 1H24)

Decrease in Income tax (-€19.1M to €7.6M) reflecting fiscal effect related to the capitalization of operational companies (€ 15.5M) and tax recovery of previous years, and higher extraordinary levy (+€0.1M to €28.4M), reflecting the evolution of regulated asset base

Decrease in taxes of €19.1M reflecting fiscal effect related to the capitalization of operational companies, and higher CESE (+€0.1M)

Positive effect of €5.2M from Financial Results reflecting the lower net debt and lower average cost of debt
Increase in depreciation (+€5.9M€) reflecting the increase in gross assets

Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | 2. Includes €1,460M of available commercial paper programs and loans, and also €80M of credit lines available (automatically renewed), and €37M of cash and cash equivalents | 3. The debt maturity was obtained in an exercise where all of REN's financial instruments, either currently issued or available to issue, are used.

Annualized closing prices ¹ - %

Analysts Average Price Target ²

1H24: €2.80 €3.08 +€0.28 (10.0%)

1H25 ³ 32.7% 1H24 ⁴ REN -1.5% Total Shareholder Return (TSR)

Source: Bloomberg, as of 30/06/2025 | 2. As of 22/07/2025 | 3. Cumulative TSR since 01/01/2025 to 30/06/2025 | 4. Cumulative TSR since 01/01/2024 to 30/06/2024 | Cumulative TSR of 260.5% since REN's IPO (July 9th 2007).

III

INDICATOR	UNIT	1H25	1H24	YoY
Energy consumption	MWh	675 489	683 769	-1%
Energy consumption (excluding electricity transmission losses and self-consumption)	MWh	1 973	1 072	84%
Greenhouse gas emissions (scope 1 and 2)	tCO2eq	58 388	47 281	23%
Intensity of greenhouse gas emissions (scope 1 and 2)	tCO2 /GWh	86.4	69.1	25%
Revenues aligned with EU Taxonomy	%	67.5	67.4	0.1 p.p.
CAPEX aligned with EU taxonomy	%	89.6	88.6	1 p.p.
OPEX aligned with EU taxonomy	%	71.2	64.3	6.9 p.p.
Employees	No	787	774	1.7%
Women in 1st line management positions	%	41.7	37.0	4.7 p.p.
Accident frequency index (Global REN) 1	No	5.2	4.0	30%
Board of Directors	No	15	15	-
Board independence	%	47	47	-
Women on the Board	%	33	33	-

Includes direct and indirect employees

Electricity consumption reaches record high in the first half of the year (77% FER in final electricity consumption)

III

Iberian Peninsula blackout in 28 April (following the blackout and in response to supply security concerns, CCGT usage increase resulting in a substantial rise in Scope 2 emissions)
Self Consumption energy from RES reached 2,0 GWh (+84%) (4,8 MW installed power in renewable capacity)
85% of the upratings on RNT lines to reinforce transmission capacity under Solar Agreements completed
Transemel renews its commitment to HuellaChile in the fight against climate change for the fourth consecutive year
REN Gás temporarily appointed to manage hydrogen infrastructure in Portugal
REN was recognized as one of the Climate Leaders in Europe for 2025 by the Financial Times
REN is implementing a Work-Life Balance Management System based on the Family-Responsible Company standard (EFR-1001) and has published its Work-Life Balance Policy
REN donates 4x4 vehicle to the Águeda and Covilhã Fire Brigade
REN honoured by the Covilhã Fire Brigade
In the first half of the year, 117 REN volunteers dedicated a total of 702 hours to volunteer work
REN and the Portuguese Firefighters League trained 140 firefighters in wildfire and electrical infrastructure safety
Supply chain engagement included two sustainability sessions with over 110 participants, and the completion of the third edition of the Sustainability Academy with 19 companies and 29 participants

REN has been recognised by TIME magazine and Statista as one of the 500 Most Sustainable Companies in the World in 2025
CDP Supplier Engagement score improves from B to A
The 2024 Integrated Report was awarded Silver in the VEGA Digital Awards and Bronze at the Lusophone Creativity Awards

D-A	0-100	100-0	CCC-AAA	D-A
A	63	15.7	AAA	B
Business strategy, Emissions reductions initiatives, Governance, Opportunity disclosure, Environmental policies, Value chain engagement and Risk Disclosure	Transparency and reporting, Labor practices, Climate strategy, Occupational Health & Safety, Business ethics and Materiality	Included in 2025 ESG Top Rated Companies List Emissions, Occupational health and safety, Land use and biodiversity, Human capital, and Carbon	Carbon emissions, Corporate Governance and Human Capital Development	Prime Status Risk & Opportunities (Environment), Labor, Health, & Safety and Audit & Risk Oversight

February 2025	December 2024	July 2025 1	March 2025	March 2025

III

The 0.6-point reduction reflects the impact of the Iberian blackout. A full review of the rating is expected later this year.

Lower operational performance of the domestic business alongside positive contribution from the international segment

Increase in financial results in parallel with positive tax impacts

+10.8% versus 1H24

CAPEX and Transfers to RAB increased in the first half of the year

€2,307.3M -4.9% versus 1H24

Net Debt reduction in parallel with decrease in in the average cost of debt (2.66% versus 2.78% in 1H24)

This document has been prepared by REN – Redes Energéticas Nacionais, SGPS, S.A (the "Company") and its purpose is merely informative. As such, this document may be amended and supplemented at the discretion of presentation, and it should be read as presentation, overview of the matters addressed or contained herein.

By attending the meeting where this presentation takes place, or by reading the presentation slides, you acknowledge and agree to be bound by the following conditions and restrictions:

1. This presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation do not constitute, or form part of a public offer, private placement or solicitation of any kind by REN, or by any of REN's shareholders, to sell or purchase any securities issued by REN.
1. The purpose of this document is merely of informative nature and this presentation, and all materials, documents and information used herein or distributed to investors in the context of this presentation may not be used in the future in connection with any offer in relation to securities issued by REN without REN's prior consent.
1. Any decision to invest in any securities of the Company or any of its affiliates or subsidiaries in any offering (public or private) should be made solely on the basis of the information to be contained in the relevant prospectus, key investor information or final offering memorandum provided to the investors and to be published in due course in relation to any such offering and/or public information on the Company or any of its affiliates or subsidiaries available in the market.
1. This document may also contain statements regarding the perspectives, objectives, and goals of REN, namely concerning ESG (Environmental, Social & Governance) objectives, including with respect to energy transition, carbon intensity reduction or carbon neutrality. An ambition expresses an outcome desired or intended by REN, it being specified that the means to be deployed may not depend solely on REN and shall be considered as non-binding and for information purposes only.
1. This presentation contains forward-looking statements regarding future events and the future results of REN. Accordingly, neither REN nor any other person can assure that its future results, performance or events will meet those expectations, nor assume any responsibility for the accuracy and completeness of the forward-looking statements.
1. Forward-looking statements include, among other things, statements concerning the potential exposure of REN to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections, and assumptions. All statements other than historical facts may be deemed to be, forward-looking statements. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements.
1. Any information and forward-looking statements contained in this document made by or on behalf of REN speak only with regard to the date they are made or presented.
1. REN does not undertake to update the information and the forward-looking statements, particularly, to reflect any changes in REN's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.