REN-Redes Energeticas Nacionais

Earnings Release • Jul 25, 2024

UNAUDITED ACCOUNTS 25TH JULY 2024

UNAUDITED ACCOUNTS 25TH JULY 2024

KEY MESSAGES – FINANCIAL

€257.8M -2.7% versus 1H23 EBITDA

EBITDA decrease driven by:

• 1. Lower domestic performance (€-2.4M), reflecting the decrease in assets and opex remuneration, despite an increase in other revenues;
• 1. Lower year-on-year contribution from international business (€-4.7M), due to a one-off +€4.0M revenue in 1H23.

€48.6M -22.9% versus 1H23 Net Profit

Net Profit reached €48.6M, impacted by the following:

• 1. Decrease in EBIT (€-7.8M);
• 2. Lower financial results (€-11.0M);
• 3. Lower income tax (€-4.6M), a result of a lower EBT, and higher extraordinary levy (€+0.2M).

€2,426.9M +3.8% versus 1H23

Net Debt (w/o tariff deviations)

• Net debt (excluding tariff deviations) recorded an increase of €87.8M in 1H24 YoY.
• Average cost of debt increased to 2.78% (versus 2.37% in 1H23).

€135.4M +21.1% versus 1H23 CAPEX

• CAPEX increased by 21.1% in 1H24, driven by the electricity segment.
• Transfers to RAB decreased in 1H24 to €29.9M (versus €33.1M in 1H23), despite an increase in the electricity segment.

KEY MESSAGES – OPERATIONAL

Renewable energy sources

• Renewable energy sources reached 82.1% of total consumption supply.
• Electricity consumption increased to 25.6 TWh (+1.6%).
• Natural gas consumption decreased by 19.0% (to 19.9 TWh).

Quality of service levels remained high

• The average interruption time in the electricity segment was 0.00 min (versus 0.05 min in 1H23).
• Gas transmission combined availability rate remained at 100%.
• Innovation remains a priority for REN, with a strong emphasis on topics such as artificial intelligence and digitization. Further developments will occur in the areas of robotization, sustainability, and the circular economy, along with the integration of renewable gases.

Reinforced sustainability commitments

• Stepping-up ESG targets to accelerate our environmental, social and governance commitments and positive impact.
• REN improved its Sustainalytics ESG Risk Rating score from 16 to 15.1.

Renewable Gases developments

• The Portuguese Government launched the first auction for blending renewable gases into the gas system, namely 150 GWh/year for biomethane and 120 GWh/year for hydrogen.
• Regarding H2MED, REN continues its cooperation with Enagás, GRTGás and Terega, aiming to apply for CEF studies funding.
• In the H2 Green Valley Agenda, REN continues working on the project's key activities and will assess how delays in some H2 industrial projects in Sines affect the Agenda's timeline.

BUSINESS HIGHLIGHTS

SERVICE QUALITY LEVELS REMAINED HIGH IN 1H24. RENEWABLE ENERGY SOURCES IN CONSUMPTION SUPPLY REACHED 82.1%, IN THE CONTEXT OF GROWING ELECTRICITY CONSUMPTION

FINANCIAL HIGHLIGHTS

DECREASE OF OPERATIONAL RESULTS AND NET PROFIT

EBITDA

DECREASE IN EBITDA DRIVEN BY ASSETS AND OPEX REMUNERATION IN THE DOMESTIC BUSINESS AND BY A DECREASE IN INTERNATIONAL BUSINESS RESULTS

¹Includes electricity regulatory incentives (IMDT) and Solar agreements revenues and excludes Opex remuneration related to pass-through costs | ²Includes 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 does not take 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

ROR EVOLUTION Domestic Business

DECREASE OF BASE RETURN ON RAB, IN LINE WITH PORTUGUESE BOND YIELD PERFORMANCE

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

INVESTMENT Domestic Business

CAPEX INCREASED BY 19.7%, WHILE TRANSFERS TO RAB DECREASED BY 9.6%

CAPEX - €M

Electricity

• Refurbishment of two 220 kV overhead line (OHL) connections
• Installation of a 400 kV line bay at Tavira Substation, 220 kV line bays at Pocinho and Ferro Substations, and a 60 kV line bay at Porto Alto Substation to connect photovoltaic solar power plants;

KEY HIGHLIGHTS

• Installation of new 150 kV and 60 kV bays for a power transformer at the Ourique Substation and a 400 kV line bay at Tavira Substation.

Gas Transportation

• Pipeline Network: Replacement and upgrade of end-of-life equipment and systems in several locations;
• Sines and Carriço Terminals: Replacement and upgrade of end-of-life equipment and systems.

Gas Distribution

• Investments for network expansion and densification, mostly for B2C, incentivizing building decarbonization through future renewable gases
• Ongoing expansion to new industrial zones and technological Transformation ("Enter>" Program) on the move
• Decarbonizing and digitalization plan on the move with encouraging results on H2 infrastructure readiness
• Investment plan for 2025-29 and also the report for investments to adapt the distribution network for H2 blending, both delivered to the Portuguese government
• Increasingly higher biomethane producers interest in Portgás concession area and increased proximity with key stakeholders

¹Transfers to RAB values include direct acquisitions RAB related (gross of subsidies)

RAB RETURNS Domestic Business

RAB REMUNERATION DECREASED IN GAS BUSINESSES DRIVEN MOSTLY BY THE DECREASE IN THE RATE OF RETURN

• Return on RAB increased driven by a higher asset base (by €2.4M to €86.7M), despite a lower RoR of 5.25% (vs 5.26%)
• Decrease in return on RAB justified by a lower RoR of 5.27% (vs 5.67%), and smaller asset base (by €37.2M to a total of €801.5M)

• Decrease in return on RAB attributed to a lower RoR (from 5.87% to 5.67%), despite a higher asset base (+€5.2M to a total of €493.8M)

1. Only General System Management (GGS) activity, assets extra Totex model and Enondas

OPEX Domestic Business

OPEX DECREASED BY 1.1% YOY, WHILE CORE OPEX GREW BY 1.7%

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

Core OPEX ¹ evolution - €M KEY HIGHLIGHTS

CORE EXTERNAL COSTS

• Maintenance costs decreased €1.2M, mainly in electricity maintenance costs
• Electricity costs decreased €0.8M, of which €0.7M in LNG Terminal

PERSONNEL COSTS

• General increases and headcount increase (+5% growth YoY, achieving 758 people in June 2024), driven by operational areas growth

NON-CORE COSTS

• Pass-through costs (costs accepted in the tariff) decreased €2.0M of which €-6.5M in costs with cross-border and €+3.5M in costs with Turbogás resulting from the end of PPA in March 2024

ELECTRICITY

Domestic Business

INCREASE IN ELECTRICITY EBITDA, MOSTLY JUSTIFIED WITH SOLAR AGREEMENTS REVENUES, HIGHER ASSETS AND OPEX REMUNERATION, REGULATORY INCENTIVE AND OTHER REVENUES

¹ Excludes Opex remuneration related to pass-through costs, Regulatory incentive (IMDT) and Solar agreements revenues | ²Includes €1,091.9M of Electricity without premium (€1,048.0M for 1H23), €918.1M of Electricity with premium (€973.8M for 1H23) and €172.1M of Lands (€184.1M in 1H23) | 3. RoR for Electricity with premium was 6.0% in 1H24 (6.0% in 1H23), and for other Lands 0.4% in 1H24 (0.4% in 1H23)

GAS TRANSPORTATION Domestic Business

GAS TRANSMISSION EBITDA DECREASE MAINLY EXPLAINED BY LOWER RAB REMUNERATION AND LOWER OPEX CONTRIBUTION

EBITDA breakdown - €M

GAS DISTRIBUTION

Domestic Business

GAS DISTRIBUTION EBITDA DECREASE MAINLY EXPLAINED BY LOWER OPEX CONTRIBUTION AND LOWER RAB REMUNERATION

CHILE HIGHLIGHTS International Business

SOLID PERFORMANCE FROM THE CHILEAN BUSINESSES, CONTRIBUTING 4.3%¹ TO TOTAL EBITDA IN 1H24

¹ This value does not take 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 AVERAGE COST OF DEBT, AND DECREASE IN TAXES

€126.5M €0.7M (0.6%)

Depreciation & Amortization

• Increase of €0.7M versus 1H23, along with an increase in gross assets.

-€27.7M €11.0M (65.7%) Financial results

• Decrease in Financial results (-€11.0M) to -€27.7M, mostly due to the increase in the average cost of debt to 2.8% (from 2.4% in 1H23) and in net debt
• Increase in Net Debt by €286M to €2,680M.

€55.0M €4.4M (7.4%) Taxes

• Decrease in Income tax (-€4.6M to €26.7M) due to the lower EBT (-€18.8M) and higher extraordinary levy (+€0.2M to €28.3M), reflecting a higher regulated asset base.
• The Effective tax rate (including the levy) stood at 39.4%, 2.4 p.p. above 1H23.
• Taxes in 1H24 benefited from tax recovery of previous years of €1.1M (€1.6M in 1H23).

NET PROFIT

NET PROFIT DECREASED AS A RESULT OF LOWER FINANCIAL RESULTS AND LOWER EBITDA

KEY HIGHLIGHTS

• Decrease in EBITDA reflecting the decrease in contribution of both domestic (-€2.4M) and international businesses (-€4.7M).
• Negative effect of €11.0M from Financial Results reflecting essentially the increase in cost of debt and in Net Debt.
• Decrease in taxes of €4.6M reflecting lower EBT.

DEBT

NET DEBT DECREASED VS. 2023 YEAR-END DRIVEN BY OPERATING CASH FLOWS AND TARIFF DEVIATIONS

¹ Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | ² Includes 1,198M€ of available commercial paper programs and loans, and also 80M€ of credit lines available (automatically renewed), and 36M€ of cash and cash equivalents | ³The 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.

ESG PERFORMANCE AT A GLANCE

	INDICATOR	UNIT	1H2024	1H2023	YoY
	Energy consumption	GJ	2 421 811	2 077 963	17%
nt	Greenhouse gas emissions (scope 1 and 2)	tCO2eq	45 253	68 791	-34%
e m n	Intensity of greenhouse gas emissions (scope 1 and 2)	tCO2 / GWh	0.85	1.25	-32%
o vir n E	Turnover aligned with EU taxonomy	%	67.4	65.4	2 pp
	Capex aligned with EU taxonomy	%	87.6	82.2	5 pp
	Opex aligned with EU taxonomy	%	64.3	69.9	-6 pp
al	Employees	No	774	737	5%
ci o S	Women in 1st and 2nd line management positions	%	29.1	28.6	0.5 pp
	Accident frequency index (Global REN)1	No	3.9	3.6	0.3 pp
e c n	Board of Directors	No	15	14	7%
a n er v o G	Board independence	%	47	43	4 pp
	Women on the Board	%	33	36	-3 pp

Note: Unaudited ESG information | ¹ Includes direct and indirect employees

ESG HIGHLIGHTS

REN IS STRONGLY COMMITTED WITH SUSTAINABILITY

• Renewables' share of consumption is the highest in 45 years, representing 82% of electricity consumption
• Natural gas consumption fell by 19%, as a result of a 66% drop in the electricity market
• Power for self-consumption reaches 3.9 MW (vs. 0.9 in 1H23)
• Reduction of SF⁶ emissions in Portugal and Chile by 13%
• 59% of electrified fleet
• Increased the frequency of methane systematic leaks program in REN Portgás (3y vs. 4y)

• "Healthy Workplace (level 1)" seal awarded by the Portuguese Psychological Association
• Strengthening of commitment with gender equality with renewal of membership with iGEN - Organizations for Equality Forum
• Training session with firefighters and other civil protection officials in Tábua on wildfires and electrical infrastructure safety
• Launch of free sustainability training academia for suppliers
• Local event to launch the partnership to support the preservation of Ermelo orange trees (Minho), involving local stakeholders, media and 100 children in planting 1,350 trees

• Gold seal in cybersecurity awarded by SGS Portugal (under the Digital Maturity Certification)
• Publication of the Sustainability at a glance and Sustainability overview
• Publication of the Sustainability Policy
• Integrated report 2023 awarded Silver in the Vega Digital Awards
• REN's website awarded in three categories in the Communicator Awards (user experience, structure and navigation, and energy sector) and Bronze in Prémios Lusófonos da Criatividade

Note: Unaudited ESG information

HIGHEST ESG STANDARDS

IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES

Scale	Score	Strengths	Latest update
D-A	A	Governance, Opportunity disclosure, Risk management processes, and Targets	February 2024
0-100	60	Transparency and reporting, Business ethics, Innovation management, Resource efficiency and circularity, Climate strategy, and Labour practices	February 2024
100-0	15.1	Emissions, Occupational health and safety, Land use and biodiversity, Human capital, and Carbon	June 2024
CCC-AAA	AAA	Biodiversity and land use, Carbon emissions, and Governance	March 2024
D-A	B	Not available	March 2024

CLOSING REMARKS

DECREASE IN DOMESTIC AND INTERNATIONAL OPERATIONAL RESULTS, WITH AN INCREASE IN CAPEX TO SUPPORT THE ENERGY TRANSITION

• Lower operational performance in both domestic (€-2.4M) and international (€-4.7M) businesses.

• Decrease in Net Profit, resulting from a lower domestic EBITDA, decrease in operational performance from international business, and financial results reduction.

• Net Debt (w/o tariff deviations) increase, along with a rise in the average cost of debt.

• CAPEX remained high at €135.4M (€ +23.6M) while transfers to RAB decreased to €29.9M (-9.6% versus 1H23).

RESULTS BREAKDOWN

	1H24		2023	1H24 / 1H23
€M		1H23		Δ %	Δ Abs.
1) TOTAL REVENUES	465.5	456.7	988.3	1.9%	8.8
Revenues from assets	104.3	102.6	215.3	1.7%	1.7
Return on RAB	37.4	40.3	80.9	-7.3%	-2.9
Electricity1	2.3	2.2	4.6	2.7%	0.1
Gas Transportation	21.1	23.8	47.3	-11.2%	-2.7
Gas Distribution	14.0	14.3	29.0	-2.4%	-0.3
Lease revenues from hydro protection zone	0.3	0.3	0.7	-1.3%	0.0
Incentive to Improve Technical Performance (IMDT)	7.5	5.0	19.0	50.0%	2.5
Solar Agreements revenues	3.2	0.0	0.0	n.m	3.2
Recovery of amortizations (net from subsidies)	46.7	47.9	95.5	-2.4%	-1.1
Subsidies amortization	9.1	9.1	19.2	0.8%	0.1
Revenues from Transemel	7.7	11.8	19.5	-34.5%	-4.1
Revenues of TOTEX	142.7	141.3	281.9	1.0%	1.4
Revenues of OPEX	66.6	78.2	153.7	-14.8%	-11.6
Other revenues	14.0	13.7	20.6	2.0%	0.3
Construction revenues (IFRIC 12)	130.2	109.2	297.4	19.2%	21.0
2) OPEX	93.8	95.1	202.8	-1.4%	-1.3
Personnel costs	34.0	31.4	65.2	8.3%	2.6
External supplies and services	46.1	50.3	114.9	-8.3%	-4.2
Other operational costs	13.6	13.4	22.7	1.7%	0.2
3) Construction costs (IFRIC 12)	114.8	96.4	267.8	19.1%	18.4
4) Depreciation and amortization	126.5	125.8	253.2	0.6%	0.7
5) Other	-0.8	0.4	3.6	-287.9%	-1.2
6) EBIT (1-2-3-4-5)	131.3	139.1	260.8	-5.6%	-7.8
7) Depreciation and amortization	126.5	125.8	253.2	0.6%	0.7
8) EBITDA (6+7)	257.8	264.9	514.0	-2.7%	-7.1
9) Depreciation and amortization	126.5	125.8	253.2	0.6%	0.7
10) Financial result	-27.7	-16.7	-40.6	-65.7%	-11.0
11) Income tax expense	26.7	31.3	42.7	-14.6%	-4.6
12) Extraordinary contribution on energy sector	28.3	28.1	28.4	0.7%	0.2
13) NET PROFIT (8-9+10-11-12)	48.6	63.0	149.2	-22.9%	-14.4
14) Non recurrent items	-1.1	-1.6	-24.2	-33.2%	0.5
15) RECURRENT NET PROFIT (13+14)	47.5	61.5	125.0	-22.6%	-13.9

NON RECURRENT ITEMS

1H24

i)Taxes recovery from previous years (€1.1M)

1H23

i)Taxes recovery from previous years (€1.6M)

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)

OTHER OPERATIONAL REVENUES & COSTS BREAKDOWN

	1H24	1H23	2023	1H24 / 1H23
€M				Δ %	Δ Abs.
Other revenues	14.0	13.7	20.6	2.0%	0.3
Allowed incentives	0.6	0.5	0.9	19.3%	0.1
Telecommunication sales and services rendered	4.0	4.0	7.9	1.2%	0.0
Consultancy services and other services provided	1.6	0.5	2.2	241.2%	1.2
Other revenues	7.7	8.8	9.6	-11.7%	-1.0
Other costs	13.6	13.4	22.7	1.7%	0.2
Costs with ERSE	6.9	6.5	13.0	6.1%	0.4
Other	6.7	6.9	9.7	-2.4%	-0.2

Includes revenues related to
Electrogas' Net Profit proportion
(€5.9M in 1H24 and €6.8M in 1H23)

EBITDA BREAKDOWN

Electricity Enondas (wave energy concession)

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)

	1H24	1H23	2023	1H24 / 1H23
€M				Δ %	Δ Abs.
1) REVENUES	327.5	296.1	665.5	10.6%	31.4
Revenues from assets	31.0	24.8	59.7	25.4%	6.3
Return on RAB1	2.3	2.2	4.6	2.7%	0.1
Lease revenues from hydro protection zone	0.3	0.3	0.7	-1.3%	0.0
Incentive to Improve Technical Performance (IMDT)	7.5	5.0	19.0	50.0%	2.5
Solar Agreements revenues	3.2	0.0	0.0	n.m.	3.2
Recovery of amortizations (net from subsidies)	10.6	10.9	21.9	-3.2%	-0.3
Subsidies amortization	7.1	6.3	13.7	13.4%	0.8
Revenues of TOTEX	142.7	141.3	281.9	1.0%	1.4
Revenues of OPEX	37.8	40.0	81.6	-5.5%	-2.2
Other revenues	3.0	2.0	-1.0	48.0%	1.0
Construction revenues (IFRIC 12)	112.9	88.0	243.3	28.3%	24.9
2) OPEX	44.7	48.5	105.4	-7.9%	-3.8
Personnel costs	10.0	9.7	19.4	2.7%	0.3
External supplies and services	29.5	33.7	76.0	-12.3%	-4.2
Other operational costs	5.1	5.1	10.0	1.2%	0.1
3) Construction costs (IFRIC 12)	102.4	79.2	223.3	29.4%	23.3
4) Depreciation and amortization	83.3	81.1	163.6	2.8%	2.3
5) Other	0.0	0.1	-1.7	-100.0%	-0.1
6) EBIT (1-2-3-4-5)	97.1	87.2	175.0	11.4%	9.9
7) Depreciation and amortization	83.3	81.1	163.6	2.8%	2.3
8) EBITDA (6+7)	180.4	168.2	338.6	7.2%	12.2

EBITDA BREAKDOWN

	1H24	1H23	2023	1H24 / 1H23
€M				Δ %	Δ Abs.
1) REVENUES	77.8	91.7	191.2	-15.2%	-13.9
Revenues from assets	50.8	55.2	109.9	-8.1%	-4.5
Return on RAB	21.1	23.8	47.3	-11.2%	-2.7
Recovery of amortizations (net from subsidies)	27.7	28.7	57.2	-3.6%	-1.0
Subsidies amortization	1.9	2.7	5.4	-28.5%	-0.8
Revenues of OPEX	19.1	27.4	54.4	-30.2%	-8.3
Other revenues	-0.2	-0.3	-1.3	-37.6%	0.1
Consultancy services and other services provided	0.0	0.1	0.2	-100.0%	-0.1
Other	-0.2	-0.3	-1.5	-52.1%	0.2
Construction revenues (IFRIC 12)	8.1	9.3	28.2	-13.6%	-1.3
2) OPEX	16.1	16.6	34.4	-3.1%	-0.5
Personnel costs	4.4	4.5	8.7	-3.4%	-0.2
External supplies and services	8.7	9.1	19.7	-4.6%	-0.4
Other operational costs	3.1	3.0	6.0	2.1%	0.1
3) Construction costs (IFRIC 12)	5.5	7.7	23.8	-28.5%	-2.2
4) Depreciation and amortization	29.6	31.0	62.4	-4.7%	-1.5
5) Other	0.0	0.0	0.0	n.m.	0.0
6) EBIT (1-2-3-4-5)	26.6	36.3	70.6	-26.8%	-9.7
7) Depreciation and amortization	29.6	31.0	62.4	-4.7%	-1.5
8) EBITDA (6+7)	56.2	67.4	133.0	-16.6%	-11.2

EBITDA BREAKDOWN

		2023	1H24 / 1H23
			Δ %	Δ Abs. -3.8 -0.1 -0.3 0.2 0.0 -1.1 0.1 0.1 0.0 0.0 -2.7 -0.1 0.1 0.1 -0.3 -2.7 0.2 0.0 -1.3 0.2
41.0	44.9	88.2	-8.6%
22.5	22.6	45.6	-0.5%
14.0	14.3	29.0	-2.4%
8.4	8.2	16.5	2.8%
0.1	0.1	0.1	8.8%
9.7	10.8	17.7	-10.0%
0.2	0.1	0.3	44.8%
0.0	-0.1	-0.1	-100.0%
0.2	0.2	0.4	-6.9%
0.0	0.0	0.0	n.m.
8.6	11.3	24.6	-23.9%
9.3	9.4	16.2	-1.1%
2.2	2.1	4.3	6.8%
2.5	2.5	6.1	2.1%
4.5	4.8	5.8	-6.2%
6.8	9.5	20.8	-28.0%
8.8	8.6	17.2	2.7%
0.0	0.0	0.4	n.m.
16.1	17.4	33.6	-7.6%
8.8	8.6	17.2	2.7%
24.9	26.0	50.8	-4.2%	-1.1
	1H24	1H23

EBITDA BREAKDOWN

Transemel (Excl. PPA)

	1H24	1H23	2023	1H24 / 1H23
€M				Δ %	Δ Abs.
1) REVENUES	8.3	12.4	20.7	-33.0%	-4.1
2) OPEX	2.2	2.5	5.1	-9.3%	-0.2
3) Depreciation and amortization	1.3	1.5	2.9	-11.6%	-0.2
4) Other	0.0	0.1	0.1	n.m.	-0.1
5) EBIT (1-2-3-4)	4.7	8.3	12.6	-43.3%	-3.6
6) Depreciation and amortization	1.3	1.5	2.9	-11.6%	-0.2
7) EBITDA (6+7)	6.0	9.8	15.5	-38.4%	-3.8

EBITDA BREAKDOWN

Other

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

	1H24	1H23	2023	1H24 / 1H23
€M				Δ %	Δ Abs.
1) REVENUES	10.9	11.8	22.6	-7.2%	-0.8
Other revenues	10.9	11.8	22.6	-7.2%	-0.8
Allowed incentives	0.6	0.5	0.9	19.3%	0.1
Telecommunication sales and services rendered	4.0	4.0	7.9	1.2%	0.0
Consultancy services and other services provided	0.3	0.1	0.5	147.9%	0.2
Other	6.1	7.2	13.3	-16.2%	-1.2
2) OPEX	21.4	18.1	41.7	18.7%	3.4
Personnel costs	16.9	14.6	31.8	16.1%	2.3
External supplies and services	3.9	3.3	9.5	18.4%	0.6
Other operational costs	0.6	0.2	0.4	213.1%	0.4
3) Depreciation and amortization	3.4	3.6	7.1	-4.1%	-0.1
4) Other	-0.8	0.2	4.9	-520.3%	-1.0
5) EBIT (1-2-3-4)	-13.1	-10.0	-31.0	30.8%	-3.1
6) Depreciation and amortization	3.4	3.6	7.1	-4.1%	-0.1
7) EBITDA (5+6)	-9.7	-6.5	-23.9	50.2%	-3.2

Includes the negative impacts of the PPAs¹ of Portgás (€2.6M in 1H24 and 1H23) and Transemel (€0.8M in 1H24 and €0.9M in 1H23)

CAPEX & RAB

	1H24	1H23	2023	1H24 / 1H23
€M				Δ %	Δ Abs.
CAPEX	135.4	111.8	301.5	21.1%	23.6
Electricity	112.9	88.0	243.3	28.3%	24.9
Gas Transportation	8.1	9.3	28.2	-13.6%	-1.3
Gas Distribution	8.6	11.3	24.6	-23.9%	-2.7
Transemel	5.2	3.0	5.1	71.4%	2.2
Other	0.6	0.1	0.3	600.8%	0.5
Transfers to RAB	29.9	33.1	222.6	-9.6%	-3.2
Electricity	22.6	19.3	171.0	17.3%	3.3
Gas Transportation	2.1	2.2	24.2	-4.1%	-0.1
Gas Distribution	5.2	11.6	27.3	-55.3%	-6.4
Average RAB	3,477.4	3,533.2	3,547.8	-1.6%	-55.8
Electricity	2,009.9	2,021.8	2,044.2	-0.6%	-11.8
With premium	918.1	973.8	959.8	-5.7%	-55.7
Without premium	1,091.9	1,048.0	1,084.4	4.2%	43.9
Land	172.1	184.1	181.1	-6.5%	-12.0
Gas Transportation	801.5	838.7	830.8	-4.4%	-37.2
Gas Distribution	493.8	488.6	491.8	1.1%	5.2
RAB e.o.p.	3,428.3	3,492.7	3,526.5	-1.8%	-64.3
Electricity	1,978.6	1,996.4	2,041.3	-0.9%	-17.8
With premium	904.3	959.7	931.9	-5.8%	-55.4
Without premium	1,074.3	1,036.6	1,109.4	3.6%	37.7
Land	169.3	181.0	174.9	-6.5%	-11.8
Gas Transportation	788.8	825.5	814.3	-4.5%	-36.7
Gas Distribution	491.7	489.8	496.0	0.4%	1.9

	1H24	1H23	2023		1H24 / 1H23
€M				Δ %	Δ Abs.
RAB's remuneration	95.7	98.4	197.3	-2.7%	-2.7
Electricity	60.3	60.0	120.3	0.5%	0.3
With premium	29.4	29.5	59.1	-0.2%	0.0
Without premium	30.8	30.5	61.3	1.2%	0.4
Land	0.3	0.3	0.7	-1.3%	0.0
Gas Transportation	21.1	23.8	47.3	-11.2%	-2.7
Gas Distribution	14.0	14.3	29.0	-2.4%	-0.3
RoR's RAB	5.3%	5.4%	5.4%		-0.1p.p.
Electricity	5.6%	5.6%	5.6%		0.0p.p.
With premium	6.0%	6.0%	6.0%		0.0p.p.
Without premium	5.3%	5.3%	5.3%		0.0p.p.
Land	0.4%	0.4%	0.4%		0.0p.p.
Gas Transportation	5.3%	5.7%	5.7%		-0.4p.p.
Gas Distribution	5.7%	5.9%	5.9%		-0.2p.p.

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	1H24	1H23	2023
Electricity	75.9	66.5	75.0
Trading	159.5	7.9	238.8
Gas Transportation	-5.1	-33.7	-10.1
Gas Distribution	22.7	14.0	23.7
Total	253.0	54.6	327.5

APPENDIX FUNDING SOURCES

		1H24
€M	Current	Non Current	Total
Bonds	500.0	852.9	1,352.9
Bank borrowings	69.1	394.3	463.4
Commercial paper	360.0	487.0	847.0
Finance lease	1.7	2.8	4.5
TOTAL	930.8	1,737.1	2,667.8
Accrued interest	14.4	-	14.4
Prepaid interest	-4.9	-6.3	-11.2
TOTAL	940.3	1,730.7	2,671.0

• Bank loans are mostly composed of loans contracted with the European Investment Bank (EIB), which at 30th June 2024, the borrowings from EIB amounted to 428,381 thousand euros (at 31st December 2023 it was 453,300 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 30th June 2024, the Group has twelve commercial paper programs in the amount of 2,175,000 thousand euros, of which 1,328,000 thousand euros are available for utilization. Of the total amount 900,000 thousand euros have a guaranteed placement. As of 30th June 2024, an amount of 363,000 thousand euros is available (as of 31st December 2023 were available 300,000 thousand euros).
• During 2024, the Group issued a Green Bond in the amount of 300,000 thousand euros at a fixed rate and reimbursed the Bond in the amount of 10,000,000 thousand ienes.
• REN's financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge, Leverage ratios and Gearing.
• The effect of the foreign exchange rate exposure was not considered as this exposure is totally covered by hedge derivate in place. The average interest rates for borrowings including commissions and other expenses were 2.78% in 30th June 2024 and 2.49% in 31st December 2023.

DEBT & DEBT METRICS

	1H24	1H23	2023
Net Debt (€M)	2,679.8	2,393.7	2,748.7
Average cost	2.8%	2.4%	2.5%
Average maturity (years)	2.9	2.6	2.5
Net Debt / EBITDA	5.2x	4.5x	5.3x

DEBT BREAKDOWN

Funding sources
Bond issues	51.6%	48.2%	42.3%
EIB	15.8%	14.3%	16.4%
Commercial paper	31.2%	35.9%	39.9%
Other	1.5%	1.6%	1.4%
TYPE

RATING	Long Term	Short Term	Outlook	Date
Moody's	Baa2	-	Stable	22/12/2023
Fitch	BBB	F3	Stable	21/11/2023
Standard & Poor's	BBB	A-2	Stable	01/03/2024

Float	32%	29%	38%
Fixed	68%	71%	62%

CONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL POSITION

Thousand Euros	1H24	Dec.23
Assets
Non-current assets
Property, plant and equipment	119,834	121,110
Intangible assets	4,123,463	4,120,617
Goodwill	2,497	2,770
Investments in associates and joint ventures	176,658	171,879
Investments in equity instruments at fair value through other comprehensive income	136,233	135,741
Derivative financial instruments	39,838	45,745
Other financial assets	6,164	6,164
Trade and other receivables	140,065	93,211
Deferred tax assets	52,651	53,437
	4,797,403	4,750,674
Current assets
Inventories	2,429	7,193
Trade and other receivables	519,724	721,129
Income tax recoverable	2,575	25,419
Derivative financial instruments	11,844	8,619
Asset related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	213,904	228,789
Cash and cash equivalents	36,125	40,145
	786,602	1,031,294
Total Assets	5,584,005	5,781,968

Thousand Euros	1H24	Dec.23
Equity
Shareholders' equity
Share capital	667,191	667,191
Own shares	-10,728	-10,728
Share premium	116,809	116,809
Reserves	353,824	356,691
Retained earnings	285,355	238,478
Other changes in equity	-5,561	-5,561
Net profit for the period	48,597	149,236
Total Equity	1,455,488	1,512,116
Thousand Euros	1H24	Dec.23
Liabilities
Non-current liabilities
Borrowings	1,730,742	2,022,701
Liability for retirement benefits and others	76,966	75,855
Derivative financial instruments	41,875	52,006
Provisions	9,801	10,016
Trade and other payables	469,355	480,077
Deferred tax liabilities	107,513	107,905
	2,436,252	2,748,560
Current liabilities
Borrowings	940,275	710,941
Trade and other payables	528,666	572,961
Liability related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	213,904	228,789
Derivative financial instruments	9,420	8,601
	1,692,265	1,521,292
Total Liabilities	4,128,517	4,269,852
Total Equity and Liabilities	5,584,005	5,781,968

CONSOLIDATED FINANCIAL STATEMENTS

PROFIT AND LOSS

Thousand Euros	1H24	1H23
Sales	364	74
Services rendered	307,691	327,010
Revenue from construction of concession assets	129,634	108,674
Gains/(losses) from associates and joint ventures	5,856	7,025
Other operating income	19,240	16,237
Operating Income	462,785	459,021
Cost of goods sold	-445	-465
Costs with construction of concession assets	-114 773	96,370
External supplies and services	-46 480	-50,459
Personnel costs	-33 669	-31,226
Depreciation and amortizations	-126,463	-125,765
Provisions	-2	-232
Impairments	793	-189
Other expenses	-13,159	-12,910
Operating costs	-334,199	-317,615
Operating results	128,586	141,406
Financial costs	-47,902	-36,433
Financial income	10 924	8,916
Investment income - dividends	11 999	8,524
Financial results	-24,980	-18,994
Profit before income tax and ESEC	103,605	122,412
Income tax expense	-26,698	-31,280
Energy sector extraordinary contribution (ESEC)	-28,310	-28,101
Consolidated profit for the period	48,597	63,031
Attributable to:
Equity holders of the Company	48,597	63,031
Non-controlled interest	-	-
Consolidated profit for the period	48,597	63,031
Earnings per share (expressed in euro per share)	0.07	0.09

Cash flow from operating activities:

CONSOLIDATED FINANCIAL STATEMENTS

CASH FLOW

Cash receipts from customers 1,226,530 979,926 Cash paid to suppliers -878,880 -1,214,296 Cash paid to employees -42,443 -41,007 Income tax received/paid -5,566 -698 Other receipts / (payments) relating to operating activities -11,904 58,417 Net cash flows from operating activities (1) 287,737 -217,658 Cash flow from investing activities: Receipts related to: Investments in associates 400 - Investment grants 20,089 44,262 Dividends 7,410 7,480 Payments related to: Property, plant and equipment -5,364 -3,055 Intangible assets -145,300 -101,387 Net cash flow used in investing activities (2) -122,765 -52,699 Cash flow from financing activities: Receipts related to: Borrowings 3,361,000 969,000 Interests and other similar income 610 2,577 Payments related to: Borrowings -3,417,849 -930,654 Interests and other similar expense -50 096 -43,120 Leasings -1,190 -1,098 Interests of leasings -112 -31 Dividends -59,698 -59,698 Net cash from / (used in) financing activities (3) -167,336 -63,023 Net (decrease) / increase in cash and cash equivalents (1)+(2)+(3) -2,364 -333,382 Effect of exchange rates 1,657 641 Cash and cash equivalents at the beginning of the year 40,145 365,292 Cash and cash equivalents at the end of the period 36,125 32,551 Detail of cash and cash equivalents Cash 21 22 Bank deposits 36,104 32,529 36,125 32,551

Thousand Euros 1H24 1H23

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.

CONTACTS

VISIT OUR WEB SITE AT WWW.REN.PT

OR CONTACT US: Madalena Garrido – Head of IR Alexandra Martins Mariana Asseiceiro Telma Mendes

Avenida Estados Unidos da América, 55,1749-061, Lisboa - Portugal ir@ren.pt