REN-Redes Energeticas Nacionais

Earnings Release • Nov 10, 2023

Results Depos

10th November 2023

OVERVIEW OF THE PERIOD 01

Key messages - Financial

• EBITDA grew 9.6% YoY, standing at €395.5M, driven by:
• (1) domestic business performance (+€27.7M), as a result of the increase in assets and opex remuneration (+€21.4M), other revenues (+€2.9M) and lower core OPEX (-€3.4M) due to lower electricity prices;
• (2) increase in contribution of international business, of which €5.3M in Transemel and €1.5M in Electrogas.
• Net Profit achieved €96.2M, an increase of €14.8M (+18.2% vs 9M22), supported by higher EBIT (+€32.4M). This was partially offset by lower financial results (-€9.7M), higher taxes (+€7.7M) and higher levy (+€0.1M).

• Net Debt increased to €2,464.0M (+€522.5M YoY) mainly due to tariff deviations outflows. If we exclude this impact, Net Debt decreased 9.9% (-€252.7M) to €2,290.4M, since the end of 2022.

• Capex increased by €51.1M to €177.1M, compared to the same period of last year, and Transfers to RAB decreased by €34.1M to €49.1M.

• Average RAB stood at €3,510.9M, -2.6% YoY, driven by higher amortizations, mainly in electricity (-€54.0M) and gas transportation (-€45.2M).

Key messages - Operational

• In 9M23, Renewable energy sources (RES) contributed 55.2% to the overall energy supply, up from 44.2% in 9M22. Over the same period, photovoltaic energy production grew by 43%, with REN playing an important role in this transition to renewable energy sources.
• Electricity consumption remained almost flat YoY (37.5TWh), while natural gas consumption fell by 19.7% (to 38.0TWh).
• There was a high level of quality service provided: in electricity, the average interruption time was 0.31 minutes (+0.2 minutes YoY), while in gas transportation, the combined availability rate remained at 100%.

• REN submitted the Green H2 Corridor H2MED projects to the Project of Common Interest (PCI) of the EU. Currently, REN is waiting for its technical analysis and recognition in the final PCI list of funding applications.

• The natural gas tariffs and prices approved by ERSE last June for the 2023-2024 gas year became effective on October 1, 2023, through September 30, 2024. The final price on the regulated market has increased by an average of 0.6%.

02

BUSINESS PERFORMANCE

Business highlights

RENEWABLE ENERGY ACCOUNTED FOR 55.2% OF ELECTRICITY CONSUMPTION

Financial highlights

POSITIVE NET PROFIT EVOLUTION DRIVEN BY ROBUST OPERATIONAL PERFORMANCE

1 Refers only to Domestic RAB

EBITDA

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

EBITDA evolution breakdown - €M

1. 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 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

Domestic Business

RoR Evolution

BASE RETURN ON RAB HAS BEEN GROWING STEADILY, ON THE BACK OF RISING PORTUGUESE BOND YIELDS

SOURCE: Bloomberg; REN

* Electricity data collected from Oct-22 to Sep-23; Gas data collected from Jan-23 to Dec-23

Investment

CAPEX INCREASED IN 9M23, WHILE TRANSFERS TO RAB DECREASED

CAPEX - €M

Key Highlights

Electricity

• Installation of a second Transformer 400/60 kV, 170 MVA, at the Alcochete Substation
• Installation of one 400 kV and two 150 kV line bays at the Sines Substation to provide electrical power supply to the client's facilities
• Installation of a 400 kV line bay at the Sines Substation, a 220 kV line bay at the Valdigem Substation, and a 60 kV line bay at the Pereiros Substation to connect photovoltaic solar power plants

Gas Distribution

• Asset Management ISO 55000 Certification achieved. Together with Quality, Environment, Security, Innovation and Business Continuity are the core for the 6G Program
• Investments for network expansion and densification mostly for B2C, incentivizing building decarbonization through future renewable gases
• 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 results on H2 infrastructure readiness (20% H2 in 4Q 2023 and 100% H2 for 2024)

Domestic Business

RAB Evolution

DECREASE IN AVERAGE RAB REFLECTING HIGHER AMORTIZATION, MOSTLY IN ELECTRICITY AND GAS TRANSPORTATION BUSINESS

RAB Returns

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

Return on RAB evolution breakdown - €M

and higher RoR of 5.27%

(vs 4.75%)

3.49 -1.93 33.94 35.49 €+1.55M (+4.6%)

• Increase in return on RAB justified by a higher RoR of 5.69% (vs 5.16%), despite the smaller asset base (decreased by €45.2M to a total of €831.7M)

Domestic Business

• Return on RAB increase attributed to a higher rate of return (from 5.36% to 5.89%) and higher asset base (+€6.8M to a total of €488.9M)

1 Only General System Management (GGS) activity, assets extra Totex model and Enondas | 2. Reflects power line Fernão Ferro – Trafaria 2 accepted by the regulator outside Totex (+€21.3M)

Domestic Business

OPEX

OPEX INCREASED 25.5% YOY, WHILE CORE OPEX DROPPED 4.0%

Core OPEX¹ evolution - €M Key Highlights

CORE EXTERNAL COSTS

• LNG Terminal electricity costs decreased reflecting lower electricity prices (-€9.6M)
• The decrease is electricity costs was partially offset by increases in other cost, such as IT costs, legal costs and other services

PERSONNEL COSTS

• General increases and headcount increase (+4% growth YoY, achieving 729 people in September 2023), driven by growth across operational areas

NON-CORE COSTS

• Pass-through costs (costs accepted in the tariff) increased €30.9M of which +€25.1M in costs with cross-border

Domestic Business

Electricity

INCREASE IN ELECTRICITY EBITDA, MOSTLY JUSTIFIED WITH HIGHER ASSETS AND OPEX REMUNERATION

1. Excludes Opex remuneration related to pass-through costs | 2. Includes €1,041.0M of Electricity without premium (€1,024.9M for 9M22), €966.8M of Electricity with premium (€1,024.5M for 9M22) and €182.6M of Lands (€194.8M in 9M22) | 3. RoR for Electricity with premium was 6.0% in 9M23 (5.5% in 9M22), and for other Lands 0.4% in 9M23 (0.3% in 9M22)

Gas Transmission Domestic Business

GAS TRANSMISSION EBITDA GROWTH MAINLY EXPLAINED BY HIGHER OPEX CONTRIBUTION

Gas Distribution

GAS DISTRIBUTION EBITDA INCREASE MAINLY EXPLAINED BY HIGHER RAB REMUNERATION

Domestic Business

International Business

Chile Highlights

SOLID PERFORMANCE FROM THE CHILEAN BUSINESSES, CONTRIBUTING 5.3%¹ TO TOTAL EBITDA IN 9M23

21.9 9.4 12.5 Transemel (100%) International Electrogas (42.5%)

Contribution to EBITDA 9M23 - €M

• EBITDA increased YoY mainly driven by higher revenues

TRANSEMEL (100%)

1. 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.

Below EBITDA

DECREASE IN FINANCIAL RESULTS, REFLECTING THE INCREASE IN THE AVERAGE COST OF DEBT

Depreciation & Amortization

$$
\left(\text{f188.7}\right)_{(1.2\%)}^{2.2} \leftarrow
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9M22: €186.5M

• Increase of €2.2M versus 9M22, along with an increase in gross assets.

Financial results

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9M22: €-25.8M

• Decrease of Financial results (€9.7M) to -€35.5M, mostly due to the increase in the average cost of debt to 2.4% (from 1.7% in 9M22), partially offset by dividends from HCB (an increment of +€0.2M YoY).
• Increase in Net Debt by €522M to €2,464M.

Taxes

9M22: €67.1M

• Increase in Income tax (+€7.7M to €46.8M) due to higher EBT (+€22.7M to €171.2M) and higher extraordinary levy (+€0.1M to €28.1M), reflecting a higher regulated asset base.
• The Effective tax rate (including the levy) stood at 39.7%, 0.8 pp below last year.
• Taxes in 9M23 benefited from tax recovery (+€1.8M) of previous years (€2.5M in 9M22).

Net Profit

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

Net profit evolution breakdown - €M

Key Highlights

• Increase in EBITDA reflecting the positive contribution of both domestic (+€27.7M) and international businesses (+€6.9M).
• Negative effect of €9.7M from Financial Results as a consequence of higher cost of debt, and higher net debt.

Debt

NET DEBT INCREASED DRIVEN BY TARIFF DEVIATIONS OUTFLOWS

1. Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | 2. Includes €1,351M of available commercial paper programs and loans, and also €80M of credit lines available (automatically renewed), and €39M of cash and cash equivalents | 3. Includes loans (1.4%) and leasing (0.2%) | 4. The theoretical debt maturity was obtained in an exercise where all of REN's financial instruments, either currently issued or available to issue, are used, from the longer to the shorter maturity, up to the total amount of REN's outstanding debt

REN IS STRONGLY COMMITTED WITH SUSTAINABILITY

ENVIRONMENTAL

ACHIEVEMENTS

Carbon neutral by 2040 -50% CO2 emissions by 2030 vs. 2019

>1/3 of women in 1st line management positions by 2030

Increasing ESG weight in managers' performance metrics already by 2022

100% of new bond emissions to be green

Climate | New policy to renew IT equipment with savings of around 208 tCO² /year

Mobility | Achievement of 42% of electrified fleet

Energy | Installation of the first solar photovoltaic self-consumption unit (250 kW at the Sines LNG Terminal) and start of installation of two other units (1 MW at the Ermesinde substation, concluding in november 2023; and 2 MW at the Riba d'Ave substation, concluding in the first quarter of 2024)

People | Organizational climate survey with around 90% of employee participation

Gender equality | Publication of the 2024 gender equality plan

Corporate social responsibility | Donation of seven vehicles for the defense of the forest against fires and 94 since 2009

Stakeholders | Organization of three ESG and sustainability talks "Encontros com o Futuro", in Lisbon and Porto, in partnership with Jornal Público

Asset management | Certification of the asset management system according to ISO 55001 (REN Portgás)

Grid | Launch of the offshore coalition for energy and nature – Mediterranean Sea (Med OCEaN)

$(03 - Closing Remarks)$ $(04 - Appendix)$

e en

Highest ESG Standards

trensition

IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES

	SCALE	SCORE	YoY	STRENGTHS	LATEST ASSESSMENT
S&P Global	$0 - 100$	62		Innovation, environmental reporting, and social reporting	December 2022
WCDP	$D-A$	B		Governance, business strategy, financial planning, scenario analysis, and scope 1 and 2 emissions	December 2022
SUSTAINALYTICS	$100 - 0$	18.3		Emissions, occupational health and safety, land use and biodiversity, human capital, and carbon	February 2023
MSCI	CCC-AAA	AAA		Biodiversity and land use, carbon emissions, and governance	March 2023
ISS ESG	D-A	B		Community outreach, occupational health and safety	September 2023

CLOSING REMARKS 03

Closing Remarks REN CONTINUES TO PROVIDE SOLID RESULTS AND RETURNS, ALONG WITH HIGH LEVEL OF EXECUTION AND SERVICE QUALITY

• Both domestic and international businesses improved their performance, supporting the increase in EBITDA of 9.6% YoY, to €395.5M.

• With a higher EBIT, Net Profit increased to €96.2M (+18.2% YoY). This was partially offset by lower financial results, higher taxes, and a higher CESE.

• As part of the energy transition, CAPEX remained high at €177.1M, up 40.5% from 9M22, and transfers to RAB were €49.1M (-41.0%).

• In October, REN formalized a MoU to develop H2MED project with Enagás, GRTgaz, Teréga and also OGE has committed to support this first hydrogen corridor in Europe, which will remain the focus of this European energy cooperation efforts.

• According to its strategic plan, REN will pay an interim dividend for the financial year 2023, until the end of the year.

• Net Debt dropped to €2,290.4M (-€160.3M YoY), excluding tariff deviations.

APPENDIX FINANCIALS 04

Appendix RESULTS BREAKDOWN

	9M23	9M22	2022	9M23 / 9M22
€M				Δ %	Δ Abs.
1) TOTAL REVENUES	690.3	579.5	823.0	19.1%	110.8
Revenues from assets	153.8	145.9	209.4	5.4%	7.9
Return on RAB	60.4	55.5	75.8	8.8%	4.9
Electricity1	3.3	2.2	3.0	52.4%	1.1
Gas Transportation	35.5	33.9	46.2	4.6%	1.6
Gas Distribution	21.6	19.4	26.6	11.4%	2.2
Lease revenues from hydro protection zone	0.5	0.5	0.7	-1.4%	0.0
Incentive to Improve Technical Performance (IMDT)	7.5	5.6	20.0	33.3%	1.9
Recovery of amortizations (net from subsidies)	71.9	70.7	94.7	1.7%	1.2
Subsidies amortization	13.6	13.6	18.3	-0.2%	0.0
Revenues from Transemel	15.6	9.8	13.3	59.5%	5.8
Revenues of TOTEX	212.1	203.6	271.0	4.2%	8.6
Revenues of OPEX	114.2	78.4	103.2	45.7%	35.9
Other revenues	20.1	18.9	28.3	6.7%	1.3
Construction revenues (IFRIC 12)	174.4	123.0	197.9	41.8%	51.4
2) OPEX	139.5	111.0	157.4	25.7%	28.5
Personnel costs	46.4	43.7	59.6	6.2%	2.7
External supplies and services	74.9	54.8	82.0	36.6%	20.0
Other operational costs	18.2	12.5	15.9	46.0%	5.7
3) Construction costs (IFRIC 12)	154.9	106.8	175.1	45.0%	48.1
4) Depreciation and amortization	188.7	186.5	249.3	1.2%	2.2
5) Other	0.5	0.8	3.2	-35.5%	-0.3
6) EBIT	206.7	174.3	238.0	18.6%	32.4
7) Depreciation and amortization	188.7	186.5	249.3	1.2%	2.2
8) EBITDA	395.5	360.9	487.3	9.6%	34.6
9) Depreciation and amortization	188.7	186.5	249.3	1.2%	2.2
10) Financial result	-35.5	-25.8	-44.0	-37.6%	-9.7
11) Income tax expense	46.8	39.1	54.3	19.8%	7.7
12) Extraordinary contribution on energy sector	28.1	28.0	28.0	0.4%	0.1
13) NET PROFIT	96.2	81.4	111.8	18.2%	14.8
14) Non recurrent items	26.4	25.6	24.9	3.2%	0.8
15) RECURRENT NET PROFIT	122.6	107.0	136.7	14.6%	15.6

NON RECURRENT ITEMS

• 9M23
• i) Extraordinary energy sector levy. as established in the 2023 State budget law (€28.1M);
• ii) Taxes recovery from previous years (€1.8M).

9M22

i) Extraordinary energy sector levy. as established in the 2022 State budget law (€28.0M); ii)Taxes recovery from previous

years (€2.5M).

Appendix

OTHER OPERATIONAL REVENUES & COSTS BREAKDOWN

	9M23	9M22		2022		9M23 / 9M22
€M				Δ %	Δ Abs.
Other revenues	20.1	18.9	28.3	6.7%	1.3
Allowed incentives	0.7	0.6	0.9	25.9%	0.1
Telecommunication sales and services rendered	6.0	5.9	7.8	2.3%	0.1
Consultancy services and other services provided	0.9	2.0	2.7	-52.8%	-1.0
Other revenues	12.5	10.5	16.8	19.2%	2.0
Other costs	18.2	12.5	15.9	46.0%	5.7
Costs with ERSE	9.8	5.0	6.7	93.8%	4.7
Other	8.5	7.5	9.2	13.7%	1.0

Includes revenues related to Electrogas' Net Profit proportion (€9.4M in 9M23 and €7.9M in 9M22).

Appendix EBITDA

BREAKDOWN

Electricity Enondas (wave energy concession)

	9M23		9M22 2022		9M23 / 9M22
€M				Δ %	Δ Abs.
1) REVENUES	450.0	362.4	529.0	24.2%	87.6
Revenues from assets	37.1	33.1	57.2	11.9%	4.0
RAB1 Return on	3.3	2.2	3.0	52.4%	1.1
Lease revenues from hydro protection zone	0.5	0.5	0.7	-1.4%	0.0
Incentive to Improve Technical Performance (IMDT)	7.5	5.6	20.0	33.3%	1.9
Recovery of amortizations (net from subsidies)	16.4	15.4	20.8	6.4%	1.0
Subsidies amortization	9.4	9.5	12.7	-0.4%	0.0
Revenues of TOTEX	212.1	203.6	271.0	4.2%	8.6
Revenues of OPEX	58.8	29.1	40.3	102.0%	29.7
Other revenues	3.1	2.9	6.1	6.0%	0.2
Construction revenues (IFRIC 12)	138.8	93.6	154.3	48.3%	45.2
2) OPEX	71.4	38.3	58.4	86.6%	33.2
Personnel costs	14.2	13.3	17.9	6.5%	0.9
External supplies and services	49.7	22.4	37.0	121.8%	27.3
Other operational costs	7.5	2.6	3.6	195.2%	5.0
3) Construction costs (IFRIC 12)	125.2	82.0	138.2	52.6%	43.2
4) Depreciation and amortization	121.7	120.5	161.0	1.0%	1.2
5) Other	0.1	0.5	1.5	-72.5%	-0.4
6) EBIT (1-2-3-4-5)	131.5	121.1	169.8	8.6%	10.4
7) Depreciation and amortization	121.7	120.5	161.0	1.0%	1.2
8) EBITDA (6+7)	253.2	241.6	330.8	4.8%	11.7

1 System management activity includes asset from transmission activity of the electricity segment. accepted by regulator outside Totex amount (power line Fernão Ferro-Trafaria 2)

Appendix EBITDA BREAKDOWN

	9M23	9M22	2022	9M23 / 9M22
€M				$\Delta\%$	$\Delta$ Abs.
1) REVENUES	140.9	124.1	168.5	13.5%	16.8
Revenues from assets	82.7	80.7	108.8	2.4%	2.0
Return on RAB	35.5	33.9	46.2	4.6%	1.6
Recovery of amortizations (net from subsidies)	43.1	42.7	57.1	1.0%	0.4
Subsidies amortization	4.1	4.1	5.4	$-0.2%$	0.0
Revenues of OPEX	41.0	35.8	46.3	14.7%	5.3
Other revenues	$-0.5$	$-0.8$	$-1.0$	$-45.1%$	0.4
Consultancy services and other services provided	0.2	0.1	0.1	185.7%	0.1
Other	$-0.6$	$-0.9$	$-1.2$	$-27.9%$	0.3
Construction revenues (IFRIC 12)	17.6	8.4	14.5	109.5%	9.2
2) OPEX	24.7	33.5	43.7	$-26.3%$	$-8.8$
Personnel costs	6.5	6.1	8.4	6.5%	0.4
External supplies and services	13.7	22.9	29.5	$-40.0%$	$-9.2$
Other operational costs	4.4	4.5	5.8	$-0.9%$	0.0
3) Construction costs (IFRIC 12)	15.1	6.3	11.4	139.1%	8.8
4) Depreciation and amortization	46.6	46.2	61.7	0.9%	0.4
5) Other	0.0	0.0	0.0	n.m.	0.0
6) EBIT $(1-2-3-4-5)$	54.5	38.1	51.7	43.0%	16.4
7) Depreciation and amortization	46.6	46.2	61.7	0.9%	0.4
8) EBITDA $(6+7)$	101.1	84.3	113.3	19.9%	16.8

9M23 Results Report

LnJ

Appendix EBITDA BREAKDOWN

	9M23 9M22		2022		9M23 / 9M22
€M				Δ %	Δ Abs.
1) REVENUES	65.8	67.1	89.7	-1.9%	-1.3
Revenues from assets	34.0	32.0	43.4	6.3%	2.0
Return on RAB	21.6	19.4	26.6	11.4%	2.2
Recovery of amortizations (net from subsidies)	12.3	12.5	16.8	-1.7%	-0.2
Subsidies amortization	0.1	0.1	0.1	12.6%	0.0
Revenues of OPEX	14.4	13.5	16.6	6.6%	0.9
Other revenues	0.2	0.8	1.0	-71.4%	-0.6
Adjustments previous years	-0.1	0.6	0.6	- 115.4%	-0.7
Other services provided	0.3	0.2	0.3	59.4%	0.1
Other	0.0	0.0	0.1	n.m.	0.0
Construction revenues (IFRIC 12)	17.2	20.7	28.6	-17.2%	-3.6
2) OPEX	12.4	10.8	13.9	14.5%	1.6
Personnel costs	3.1	2.9	4.0	6.6%	0.2
External supplies and services	3.8	3.2	4.8	19.9%	0.6
Other operational costs	5.5	4.7	5.1	15.7%	0.7
3) Construction costs (IFRIC 12)	14.5	18.5	25.5	-21.2%	-3.9
4) Depreciation and amortization	12.9	13.1	17.5	-1.4%	-0.2
5) Other	0.0	0.0	0.1	n.m.	0.0
6) EBIT (1-2-3-4-5)	26.1	24.8	32.7	5.1%	1.3
7) Depreciation and amortization	12.9	13.1	17.5	-1.4%	-0.2
8) EBITDA (6+7)	38.9	37.8	50.2	2.9%	1.1

Appendix EBITDA BREAKDOWN

(Excl. PPA)

	9M23	9M22	2022	9M23/9M22
€M				$\Delta\%$	$\Delta$ Abs.
1) REVENUES	16.4	10.0	13.7	63.6%	6.4
2) OPEX	3.8	2.9	4.9	34.5%	1.0
3) Depreciation and amortization	2.3	1.6	2.1	44.5%	0.7
4) Other	0.1	0.0	0.1	n.m.	0.1
5) EBIT $(1-2-3-4)$	10.3	5.6	6,6	82.0%	4.6
6) Depreciation and amortization	2.3	1.6	2.1	44.5%	0.7
7) EBITDA $(6+7)$	12.5	7.2	8.7	73.9%	5.3

9M23 Results Report

LnJ

Appendix EBITDA BREAKDOWN

Other

REN SGPS REN Serviços REN Telecom REN Trading REN PRO Aerio Chile SPA Apolo Chile SPA REN Finance BV

	9M23	9M22	2022	9M23 / 9M22
€M				Δ %	Δ Abs.
1) REVENUES	17.2	15.9	22.2	8.2%	1.3
Other revenues	17.2	15.9	22.2	8.2%	1.3
Allowed incentives	0.7	0.6	0.9	25.9%	0.1
Telecommunication sales and services rendered	6.0	5.9	7.8	2.3%	0.1
Consultancy services and other services provided	0.2	1.0	1.3	-75.8%	-0.8
Other	10.3	8.5	12.1	21.2%	1.8
2) OPEX	27.2	25.6	36.5	6.2%	1.6
Personnel costs	21.8	20.8	28.6	4.7%	1.0
External supplies and services	5.1	4.5	7.5	13.4%	0.6
Other operational costs	0.3	0.3	0.4	7.5%	0.0
3) Depreciation and amortization	5.3	5.3	7.0	0.6%	0.0
4) Other	0.3	0.3	1.5	0.0%	0.0
5) EBIT (1-2-3-4)	-15.6	-15.3	-22.8	2.1%	-0.3
6) Depreciation and amortization	5.3	5.3	7.0	0.6%	0.0
7) EBITDA (5+6)	-10.3	-10.0	-15.8	2.9%	-0.3

Includes the negative impacts of the PPAs¹ of Portgás (€3.9M in 9M23 and 9M22) and Transemel (€1.3M in 9M23 and €1.2M 9M22)

¹ PPA - Purchase Price Allocation

RENM

$\left( 04 - \text{Appendix} \right)$

Appendix
CAPEX & RAB

	9M23	9M22	2022		9M23 / 9M22
€M				$\Delta\%$	$\Delta$ Abs.
CAPEX	177.1	126.0	201.5	40.5%	51.1
Electricity	138.8	93.6	154.3	48.3%	45.2
Gas Transportation	17.6	8.4	14.5	109.5%	9.2
Gas Distribution	17.2	20.7	28.6	$-17.2%$	$-3.6$
Transemel	3.5	3.2	3.9	9.1%	0.3
Other	0.1	0.1	0.2	$-39.0%$	$-0.1$
Transfers to RAB	49.1	83.2	163.3	$-41.0%$	$-34.1$
Electricity	29.9	64.0	125.3	$-53.3%$	$-34.1$
Gas Transportation	2.5	1.6	11.6	52.1%	0.8
Gas Distribution	16.8	17.6	26.5	$-4.9%$	$-0.9$
Average RAB	3,510.9	3,603.3	3,609.8	$-2.6%$	$-92.4$
Electricity	2,007.7	2,049.4	2,057.7	$-2.0%$	$-41.7$
With premium	966.8	1,024.5	1,019.9	$-5.6%$	$-57.7$
Without premium	1,041.0	1,024.9	1,037.8	1.6%	16.0
Land	182.6	194.8	193.3	$-6.3%$	$-12.3$
Gas Transportation	831.7	876.9	874.7	$-5.2%$	$-45.2$
Gas Distribution	488.9	482.1	484.0	1.4%	6.8
RAB e.o.p.	3,447.9	3,558.5	3,573.5	$-3.1%$	$-110.6$
Electricity	1,968.3	2,028.3	2,046.8	$-3.0%$	$-59.9$
With premium	945.7	1,003.2	993.9	$-5.7%$	$-57.4$
Without premium	1,022.6	1,025.1	1,052.9	$-0.2%$	$-2.5$
Land	178.0	190.2	187.2	$-6.4%$	$-12.3$
Gas Transportation	811.3	856.4	852.0	$-5.3%$	$-45.1$
Gas Distribution	490.2	483.6	487.5	1.4%	6.6

	9M23	9M22	2022		9M23/9M22
€M				$\Delta\%$	$\Delta$ Abs.
RAB's remuneration	147.7	134.7	181.4	9.7%	13.0
Electricity	90.1	80.8	107.9	11.4%	9.2
With premium	44.3	40.4	53.9	9.6%	3.9
Without premium	45.8	40.4	54.0	13.3%	5.4
Land	0.5	0.5	0.7	$-1.4%$	0.0
Gas Transportation	35.5	33.9	46.2	4.6%	1.6
Gas Distribution	21.6	19.4	26.6	11.4%	2.2
RoR's RAB	5.4%	4.9%	4.9%		0.5p.p.
Electricity	5.6%	5.1%	5.1%		0.5p.p.
With premium	6.0%	5.5%	5.5%		0.5p.p.
Without premium	5.3%	4.7%	4.7%		0.5p.p.
Land	0.4%	0.3%	0.3%		0.0p.p.
Gas Transportation	5.7%	5.2%	5.3%		0.5p.p.
Gas Distribution	5.9%	5.4%	5.5%		0.5p.p.

LπJ

Appendix

TARIFF DEVIATIONS

The value of the tariff deviations is paid in full and with interest over a two year period from the moment it is created .

€M	9M23	9M22	2022
Electricity	67.7	54.4	60.2
Trading	98.9	-481.1	-494.6
Gas Transportation	-13.5	-92.1	-76.4
Gas Distribution	20.4	9.5	11.5
Total	173.5	-509.2	-499.4

Appendix FUNDING SOURCES

€M	Current	Non Current	9M23
Bonds	63 251	1 033 524	1 096 775
Bank borrowings	68 548	288 381	356 929
Commercial paper	481 000	484 000	965 000
Leases	1 554	2 764	4 319
TOTAL	614 353	1 808 669	2 423 023
Accrued interest	19 812	-	19 812
Prepaid interest	-2 380	-2 767	-5 147
TOTAL	631 785	1 805 903	2 437 688

• REN's total liquidity reached €1,470M, including credit facilities, loans, non-used commercial paper programmes, cash and bank deposits.
• Bank loans are mostly composed of loans contracted with the European Investment Bank (EIB), which at 30 September 2023 amounted to 321,929 thousand Euros (at 31 December 2022 it was 371,583 thousand Euros).
• The Group also has credit lines negotiated and not used in the amount of 80,000 thousand Euros, maturing up to one year, which are automatically renewable periodically (if they are not resigned in the contractually specified period for that purpose).
• As of 30 September 2023, the Group has twelve commercial paper programs in the amount of 2,175,000 thousand Euros, of which 1,210,000 thousand Euros are available for utilization. Of the total amount 900,000 thousand Euros have a guaranteed placement. As of September 30, 2023, an amount of 366,000 thousand Euros is available (600,000 thousand Euros were available as of December 31, 2022).
• The Company's financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge, Leverage and Gearing.
• The effect of the foreign exchange rate exposure was not considered as this exposure is totally covered by hedge derivate in place.

Appendix DEBT & DEBT METRICS

	9M23	9M22	2022
Net Debt (€M)	2,464.0	1,941.5	2,043.7
Average cost	2.4%	1.7%	1.8%
Average maturity (years)	2.5	3.2	3.0
Net Debt / EBITDA	4.7x	4.0x	4.2x
DEBT BREAKDOWN
Funding sources
Bond issues	46.9%	71.4%	72.0%
EIB	12.9%	16.2%	15.5%
Commercial paper	38.6%	10.4%	10.4%
Other	1.6%	2.0%	2.0%
TYPE
Float	31%	30%	29%
Fixed	69%	70%	71%

RATING	Long Term	Short Term	Outlook	Date
Moody's	Baa2	-	Stable	27/07/2022
Fitch	BBB	F3	Stable	14/10/2022
Standard & Poor's	BBB	A-2	Stable	23/03/2023

Appendix MARKET INFORMATION

CMVM: MAIN PRESS RELEASES (from January 2023)

• Jan-05 Issuance of 150 million euros of credit facility agreement with EIB
• Feb-10 Resignation of office as member of the board of directors of REN
• Mar-07 2022 annual consolidated results unaudited accounts
• Mar-07 Resignation and co-optation of members of the Board of Directors
• Mar-21 Changes in 2023 financial calendar
• Mar-24 Notice to Convene the Annual General Shareholders Meeting and proposals of resolution
• Mar-24 Accounts reporting documents referring to the financial year ended on 31st of December 2022 Unofficial version Unaudited Item 2 of the Agenda for the Annual General Shareholders Meeting
• Mar-24 Corporate Governance Report included in the Integrated Report 2022
• Apr-02 ERSE technical note: tariffs and prices for natural gas for the 2023-2024 gas year and parameters for the 2024-2027 regulatory period
• Apr-27 2023 first quarter consolidated results
• Apr-27 Report and Accounts 1Q2023
• Apr-27 Resolutions approved at the Annual General Shareholders Meeting
• May-03 Payment of dividends of the 2022 financial year
• Jun-02 Tariffs and prices for natural gas for the 2023-2024 gas year and parameters for the regulatory period between the years 2024 and 2027
• Jul-20 2023 first half consolidated results
• Jul-21 Report and Accounts 1H2023
• Aug-11 Changes in 2023 financial calendar

Sep-18 REN's Gender Equality Plan 2024

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Financial Statements

FINANCIAL POSITION

Thousand Euros	Sep 2023	Dec 2022
ASSETS
Non-current assets
Property, plant and equipment	123 573	127 816
Intangible assets	4 063 564	4 077 471
Goodwill	4 156	4 515
Investments in associates and joint ventures	180 150	180 770
Investments in equity instruments at fair value through other comprehensive income	135 263	145 715
Derivative financial instruments	76 003	80 564
Other financial assets	174	179
Trade and other receivables	353 345	55 666
Deferred tax assets	49 412	69 803
	4 985 640	4 742 499
Current assets
Inventories	5 130	5 134
Trade and other receivables	336 123	327 764
Current income tax recoverable	2 929	10 671
Derivative financial instruments	1 845	236
Asset related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	936 514	1 000 000
Cash and cash equivalents	39 426	365 292
	1 321 967	1 709 097
Total assets	6 307 607	6 451 596

Thousand Euros	Sep 2023	Dec 2022
EQUITY
Shareholders' equity
Share capital	667 191	667 191
Own shares	-10 728	-10 728
Share premium	116 809	116 809
Reserves	381 368	396 065
Retained earnings	247 133	241 987
Other changes in equity	-5 561	-5 561
Net profit for the period	96 242	111 771
Total equity	1 492 454	1 517 534
LIABILITIES
Non-current liabilities
Borrowings	1 805 903	1 695 362
Liability for retirement benefits and others	63 742	64 939
Derivative financial instruments	70 666	73 464
Provisions	11 952	10 576
Trade and other payables	466 521	450 297
Deferred tax liabilities	109 850	115 064
	2 528 634	2 409 702
Current liabilities
Borrowings	631 785	638 944
Trade and other payables	708 067	885 416
Liability related to the transitional gas
price stabilization regime - Decree-Law 84-D/2022	936 514	1 000 000
Derivative financial instruments	10 153	0
	2 286 519	2 524 360
Total liabilities	4 815 153	4 934 062

Consolidated Financial Statements

PROFIT AND LOSS

Thousand Euros	Sep 2023	Sep 2022
Sales	179	96
Services rendered	488 303	429 640
Revenue from construction of concession assets	173 561	122 715
Gains/(losses) from associates and joint ventures	9 984	8 288
Other operating income	22 679	20 698
Operating income	694 706	581 438
Cost of goods sold	-653	-630
Costs with construction of concession assets	-154 867	-106 807
External supplies and services	-75 140	-55 014
Personnel costs	-46 117	-43 482
Depreciation and amortizations	-188 721	-186 549
Provisions	-239	-526
Impairments	-283	-283
Other expenses	-17 573	-11 855
Operating costs	-483 593	-405 147
Operating results	211 113	176 291
Financial costs	-59 570	-43 623
Financial income	11 133	7 536
Investment income - dividends	8 542	8 338
Financial results	-39 895	-27 749
Profit before income tax and ESEC	171 218	148 542
Income tax expense	-46 842	-39 094
Energy sector extraordinary contribution (ESEC)	-28 134	-28 021
Consolidated profit for the period	96 242	81 426

Attributable to:

Equity holders of the Company	96 242	81 426
Non-controlled interest	0	0
Consolidated profit for the period	96 242	81 426
Earnings per share (expressed in euro per share)	0.14	0.12

Consolidated Financial Statements

CASH FLOW

Thousand Euros	Sep 2023	Sep 2022
Cash flow from operating activities:
Cash receipts from customers	1 455 729	2 585 189
Cash paid to suppliers	-1 727 762	-1 821 647
Cash paid to employees	-59 016	-55 760
Income tax received/paid	-17 382	-63 221
Other receipts / (payments) relating to operating activities	121 421	-31 203
Net cash flows from operating activities (1)	-227 010	613 358
Cash flow from investing activities:
Receipts related to:
Investments in associates	231	391
Investment grants	50 705	78 999
Dividends	21 006	15 859
Payments related to:
Property, plant and equipment	-3 512	-6 109
Intangible assets	-161 688	-142 549
Net cash flow used in investing activities (2)	-93 257	-53 409
Cash flow from financing activities:
Receipts related to:
Borrow ings	2 040 500	915 000
Interests and other similar income	3 014	0
Payments related to:
Borrow ings	-1 935 154	-1 254 942
Interests and other similar expense	-50 905	-36 638
Leasings	-1 841	-1 845
Interests of Leasings	-78	-22
Dividends	-59 698	-102 150
Net cash from / (used in) financing activities (3)	-4 162	-480 597
Net (decrease) / increase in cash and cash equivalents (1)+(2)+(3)	-324 429	79 353
Effect of exchange rates	-1 437	269
Cash and cash equivalents at the beginning of the year	365 292	398 759
Cash and cash equivalents at the end of the period	39 426	478 381
Detail of cash and cash equivalents
Cash	21	24
Bank deposits	39 405	478 357
	39 426	478 381

These amounts include payments and receipts relating to activities in which the Group acts as agent, income and costs being reversed in the consolidated statement of profit and loss.

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 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.

RENM

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