REN-Redes Energeticas Nacionais

Earnings Release • Jun 26, 2023

Results Presentation 2022 07th March 2023

Unaudited information

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

OVERVIEW OF THE PERIOD

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks Key messages – Financial 1. Higher RoR's driving an increase in domestic revenues (+€31.2M);

• EBITDA rose 5.7% versus 2021, standing at €487.3M, mostly driven by:
• 1. Strong performance in the international business (+€6.1M).

• Net Profit increased 15% YoY, standing at €111.8M, as a result of improved operating performance, with an EBIT growth of 8.7% to €238.0M. This was partly offset by lower financial results (-€1.4M), higher taxes (+€2.2M) and higher levy (+€1.0M) due to higher regulated asset base. • Average RAB increased €7.0M to €3,609.8M. Total Capex stood at €201.5M vs €247.1M in 2021, and Transfers to RAB amounted to €163.3M, a decrease of €145.8M.

• Net Debt (adjusted for tariff deviations) reduction to €2,543M (-3.3% vs 2021) due to a robust operating cash-flow.
• REN signed a two-tranche loan financing with the EIB of €450m (12-year maturity).

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

• Key messages Operational • Renewable energy sources (RES) reached 49.4% of the total supply in 2022 (-10.2pp versus 2021), despite the significant drop in hydro generation, as a result of the severe drought that affected the Iberian Peninsula throughout most of the year. • Electricity consumption increased 1.8% whilst natural gas consumption fell 3.2%. • The levels of service quality remained high. The level of energy transmission losses in electricity stayed in line with 2021, while the gas

• transmission combined availability rate reached 100%.

• Innovation continued to be a priority with important developments in 2022, such as dynamic network planning or digital twin network analysis tools, augmented reality assisted equipment or drones for O&M support.

• REN continued committed to support and develop the energy policy defined by the Government, as one of its key players.

• Submission of science based targets for scope 1 and scope 2, and definition of new ESG targets for 2030 regarding scope 3 emissions and Non-Greenhouse Gas emissions (-25% for both, with the baseline year of 2021). • Consistent improvement across International ESG ratings, highlighting REN's commitment to achieve sustainability targets. • Strong effort in recruiting new operational skilled staff to support every transition objective. • Portugal, Spain and France agreed to develop the first H2 green corridor of RepowerEU (the H2MED project). • Studies are underway to certify the existing gas infrastructure for H2 blending capability. • Under the "H2 Green Valley" Agenda, REN is designing an H2 pipeline backbone with a capacity to produce of up to 2GW of electrolyzer production in Sines.

BUSINESS PERFORMANCE

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks Business highlights

HIGH LEVEL OF SERVICE QUALITY AND COMBINED AVAILABILITY INDICATOR, WITH LOWER ENERGY TRANSMISSION LOSSES, IN THE CONTEXT OF GROWING ELECTRICITY CONSUMPTION

NOTE: These figures are representative of the Portuguese activities alone

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks Financial highlights

¹ Refers only to Domestic RAB

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks Consolidated View

INCREASE IN EBITDA DRIVEN BY ASSETS AND OPEX REMUNERATION IN DOMESTIC BUSINESS AND BY STRONG INTERNATIONAL BUSINESS PERFORMANCE

1. Includes electricity regulatory incentives (in 2021 €26.9M from the Incentive for the Rationalization of Economic Investments, and in 2022 €20.0M from the Incentive to the Improvement of the TSO Technical Performance) 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 takes into consideration the impact from the segment "Other", which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V. | 5. Refers to Portgás

2021

2022

0.3% 2.2%

Source: Bloomberg; REN * Electricity data collected from Oct-21 to Sep-22; Gas data collected from Jan-22 to Dec-22

2022 Results Presentation (unaudited accounts)

-1

0

1

2

3

4.5

Electricity

Gas

Gas

Distribution

Transportation

2021

2022

2021

2022

2021

2022

4.7

4.5

4.7

5.5

5.3

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

Investment

Domestic Business

TRANSFERS TO RAB AND CAPEX DECREASED, DUE TO SOME PROJECT DELAYS

2022 Results Presentation (unaudited accounts)

Key Highlights

Electricity

• of equipment and systems at the end-of-life • Pipeline Network and Carriço Storage: replacement and upgrade of equipment and systems at the end-of-life • 220 kV connection between Rio Maior and Carvoeira substations; 150 kV connection between Fernão Ferro and Trafaria (underground cable plus overhead line) • Installation of a new transformer 400/60 kV, 170 MVA at Estremoz, and 150/60 kV, 126 MVA at Falagueira Substations • Refurbishment of the OHL 400 kV connection between Alcochete and Fanhões • 400 kV line bays at Lagoaça, Sines, Estremoz, Alcochete, Falagueira and Ribatejo Substations to connect photovoltaic solar power plants • Improvement in Command, Control and Protection Systems at several Substations • Investments for network expansion and densification mostly for B2C, reaching more than 400k clients in 2022 • Ongoing expansion to new industrial zones, with new prospects for B2B investments closely monitored to provide both natural gas price visibility and client comfort regarding network costs • Decarbonizing and digitalization plan on the move with encouraging first results on H2 infrastructure readiness • New investment plan 2023-27 delivered to DGEG and ERSE under revision
• Technological Transformation on the move

Gas Distribution 28.6

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

RAB Evolution

²⁰²² Results Presentation (unaudited accounts)

Domestic Business

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

Domestic Business

RAB Returns

RAB REMUNERATION INCREASED ACROSS ALL BUSINESSES DRIVEN MOSTLY BY THE INCREASE IN THE RATE OF RETURN

1 Only General System Management (GGS) activity, assets extra Totex model and Enondas | 2. he transfer of power line Fernão Ferro-Trafaria 2 , accepted by the regulator as extra Totex model, with average RAB in 2022 of €22.1M

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

OPEX

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

Domestic Business

CORE EXTERNAL COSTS

• LNG Terminal electricity costs that reflect the rising price of electricity (+€6.0M) • Maintenance costs reduction (-€2.8M) 122.3

PERSONNEL COSTS

• Headcount increase (+2% grow YoY, achieving 710 people in 2022), driven by operational areas growth

NON-CORE COSTS

• Pass-through costs (costs accepted in the tariff) decreased €10.0M of which -€5.8M corresponds to the acquisition of operation gas related to the beginning of the Mibgás in 2021, -€0.9M in costs with cross-border and system services costs, and -€4.2M in costs with ERSE

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

Below EBITDA

FINANCIAL RESULTS WITH A SLIGHT DECREASE DESPITE LOWER NET DEBT

• Increase of €7.3M versus 2021, along with an increase in gross assets.

• Decrease of Financial Results (€1.4M) to -€44.0M, mostly due to an increase in the average cost of debt to 1.8% (from 1.6% in 2021) and the recognition of interest on tariff deviations of €7.1M. • Decrease in Net Debt by €318M to €2,044M. • Increase in dividends from HCB (€1.3M).

Net Profit

NET PROFIT INCREASED AS A RESULT OF HIGHER EBITDA, PARTIALLY OFFSET BY LOWER FINANCIAL RESULTS AND HIGHER DEPRECIATIONS, TAXES AND CESE

Key Highlights

• Increase in EBITDA reflecting the positive contribution of both domestic (+€20.3M) and international businesses (+€6.1M). 111.8
• Negative effect of €1.4M from Financial Results as a consequence of higher cost of debt, and interest on tariff deviations impact, despite the lower net debt and higher dividends from associates.
• Higher charge by CESE (Δ€1.0M), reflecting the higher regulated asset base.

2022 Results Presentation (unaudited accounts)

17

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

Debt

NET DEBT IMPROVEMENT DUE TO A HIGHER OPERATING CASH FLOW AND TARIFF DEVIATIONS OVERTAKING THE OUTFLOWS OF INVESTMENT AND FINANCING ACTIVITIES

1. Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | 2. Includes loans (1.9%) and leasing (0.2%)

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks Share price & Shareholder Return

1. Business performance

REN'S SHARE CLOSED THE YEAR WITH A TSR OF 7.1% CONTINUING TO PROVIDE A POSITIVE RETURN ABOVE THE SECTOR

2021-2024 STRATEGIC PLAN EXECUTION & OUTLOOK

1. RRP: Resilience and Recovery Plan; ²SBTi: Science Based Target initiative

2. 2021-24 Strategic Plan execution & Outlook

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks 3. 2021-24 Strategic Plan execution & Outlook Strategic Plan Targets

DURING 2022, REN HAS SUCCESSFULLY MET ITS 2021-24 BUSINESS PLAN TARGETS

A: Actuals; BP: Business Plan

2022 Results Presentation (unaudited accounts)

Key Highlights

target

target

EBITDA above target driven by domestic business assets remuneration and international business performance Surpassed

Net profit surpassed target as a result of the strong performance of the Company's EBITDA

Positive evolution of Net Debt due to extraordinary Tariff Deviations. This effect could be potentially reversed during 2023 Surpassed

target

Total capex in line with the BP yearly target, mainly driven by investments in the domestic electricity transmission network

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks 3. 2021-24 Strategic Plan execution & Outlook Recent developments on REN's CAPEX Plan

REN WILL CONTINUE TO SUPPORT THE DEPLOYMENT OF NEW RENEWABLE GENERATION CAPACITY

Electricity CAPEX announced in 2021 Capital Markets Day

€150-175 M / year over 2021-24 to support solar and onshore wind developments

CAPEX Plan already approved

Investment opportunities for the 2030 horizon

Direct Agreements with Solar PV promoters 1

• In 2021, REN established 14 direct agreements with Solar PV promoters to connect 3.5 GW of new capacity until 20261 • In addition, during 2023-24, REN will prepare the second batch of Solar Direct • The Portuguese Government announced the intention to auction 10 GW of wind offshore • REN is currently performing a preliminary assessment of the onshore / offshore
• Agreements, with CAPEX execution starting post-2025

Wind offshore 2

• capacity until 2030
• transmission infrastructure needs

Second batch of Solar Direct

preparation

10 GW of wind offshore to be auctioned by 2030

¹The necessary investment to connect the 3.5 GW of capacity agreed with Solar PV promoters is included in REN's domestic electricity investment target of €150-175 M / year announced in the 2021 Capital Markets Day

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks 3. 2021-24 Strategic Plan execution & Outlook Recent developments on REN's CAPEX Plan

THE CURRENT CONTEXT LED TO A PUSH TOWARDS STRENGTHENING EU ENERGY SECURITY AND DECARBONIZING THE GAS INFRASTRUCTURE

€40-45 M / year over 2021-24 in transmission and

€40 M until 2026 to prepare REN's gas

2022 Results Presentation (unaudited accounts)

Potential new investment opportunities for the 2030 horizon Hydrogen readiness • Given current market and regulatory demands, REN is reassessing the announced €40 M investment to prepare its gas infrastructure for hydrogen blending 5 • Projects submitted to the European Union's call for PCIs aimed at developing the hydrogen pipeline that will connect Portugal to Spain and other complementary infrastructure, enabling the hydrogen corridor between Portugal, Spain France and Germany "H2 Green Valley" agenda • Development of an hydrogen pipeline backbone in Sines to connect up to 2 GW of hydrogen capacity (project granted under the Resilience and Recovery Plan) 2 Underground storage facilities • Construction of two additional gas storage facilities H2-ready to strengthen the country's energy security 3 Gas CAPEX announced in 2021 Capital Markets Day infrastructure for hydrogen distribution gas facilities • Installation of the necessary transshipment infrastructure to address the growing levels of activity of REN's LNG Terminal 4 Transshipment infrastructure in Sines LNG Terminal 1 H2MED Interconnection and Portuguese Hydrogen backbone REN's Investment >€500m CAPEX

24

SHAPING A SUSTAINABLE FUTURE

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks ESG performance at a glance

27

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks

ESG highlights

REN IS STRONGLY COMMITTED WITH SUSTAINABILITY

• Calculation of scope 3 emissions and integration of Transemel
• Promotion of meetings with suppliers regarding REN's ESG aims
• Submission of SBTs (Science Based Targets)
• Fleet electrification (34% in 2022 vs 28% in 2021)
• Development of a biodiversity strategy
• Implementation of nature-based solutions and reforestation with native species
• Awarded the Gold Standard by OGMP 2.0 (Oil and Gas Methane Partnerships) for our commitment and action to reduce methane emissions
• CSR and Sustainability Strategy were distinguished at APEE (Portuguese Association of Corporate Ethics) the labour force
• New organizational and planning model for
• Reinforcement of the equality, inclusion, and diversity plan
• Flexible and integrated well-being programs
• 7 master thesis receive the REN Award for their contribution to the development of the energy sector

• Fostering of operational innovation projects

• Review of the Regulatory Compliance Plan

• Review of the main ethics and anti-corruption policies
• Review of the process of identifying, characterizing, prioritizing and quantifying climate-related risks and opportunities
• Supplier Code of Conduct update
• Definition and publication of the Stakeholder Relationship Policy
• New stakeholder feedback mechanism

Adoption of the integrated report model (according to the IIRC), as well as the new GRI Standards, SASB Standards, TCFD and EU Taxonomy

01 – Overview of the Period 02 – Business Performance 03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future 05 – Closing Remarks Highest ESG Standards

01 –	Overview of the Period	02 – Business Performance		03 – 2021-2024 Strategy Plan Execution & Outlook 04 – Shaping a Sustainable Future	05 – Closing Remarks
		Highest ESG Standards		IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES
	Scale	Score	YOY	Strengths	Latest assessment
	0-100	62		Innovation, environmental reporting, and social reporting	December 2022
	D-A	B		Governance, business strategy, financial planning, scenario analysis, and scope 1 and 2 emissions	December 2022
	100-0	18.3		Emissions, occupational health and safety, land use and biodiversity, human capital, and carbon	February 2023
	CCC-AAA	A		Biodiversity and land use, carbon emissions, and governance	April 2022
	D-A	B		Community outreach, occupational health and safety	September 2022

2022 Results Presentation (unaudited accounts)

31

Disclaimer

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 REN and it should be read as a 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 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.

restrictions:

• 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. 3. 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. 4. 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. 6. 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. 7. 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. 8. 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.