REN-Redes Energeticas Nacionais

Earnings Release • May 8, 2025

Overview of the Period

I

0.0% versus 1Q24

• With reduction in domestic performance (-€0.7M vs 1Q24), driven by the increase in core OPEX (+€2.3M), despite the increase in other revenues (+€0.2M) and assets and OPEX remuneration (+€1.3M)
• In parallel with higher contribution from the international business (+€0.7M).

€14.4M

+290.7% versus 1Q24

• Higher financial results (+€4.6M)
• Lower taxes reflecting essentially non-recurring effects (-€7.5M) and recovery of previous years taxes (-€1.8M).

• Net debt (excluding tariff deviations) recorded a 5.1% reduction in 1Q25 despite a slight increase in average cost of debt to 2.78% (versus 2.77%)
• Including tariff deviations, Net Debt was €2,334.6M (a decrease of 12.6% vs 1Q24).

€69.1M

+44.4% versus 1Q24

• Positive impacts from the domestic sectors of electricity and natural gas transmission as well as from international segment
• Transfers to RAB also increased, with a growth of €17.0M (€19.7M in 1Q25 versus €2.7M in 1Q24).

80.5%

• Renewable Energy sources reached 80.5% of total supply
• Electricity consumption in the national system registered an increase of 2.7% YoY while natural gas consumption decreased to 11.57 Twh.

• On April 28th, at 11h33, an incident caused the general failure of the Portuguese Electricity System
• The causes are still under investigation but all indications are it originated in the Spanish Electricity System

• The system was recuperated in under 12 hours.

• First Biomethane and Renewable Hydrogen Electronic Auction concluded for injection into gas networks

• Applications opened to AGIR Award 2025 on the topic "Support for Informal Carers"
• CDP score improves from A- to A
• REN Integrated Report 2024 finalized. The first in alignment with CSRD and ESRS

• Investment approval for initiating adaptations to accommodate blends of H2 with natural gas
• Agenda H2 Green Valley: project review due to timeline restrictions
• Conclusion of the call for interest to H2MED project
• Clean Industrial Deal
• Action Plan for Affordable Energy, based on: reducing energy costs; completing the Energy Union; attracting investment and ensuring delivery; enhancing crisis readiness.

Business performance

ு வ

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

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

DOMESTIC BUSINESS KEY HIGHLIGHTS

1. Includes other segment (except REN Gas H2 project) | 2. Includes REN Gas H2 project

Main investment projects:

Installation of a 60 kV line bay at Recarei Substation to connect a Wind power plant

Gas Transportation Gas Distribution

• Sines Terminal: replacement and upgrade of end-of-life equipment and systems
• Pipeline Network: replacement and upgrade of end-of-life equipment and systems in several locations

• 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; report for investments to adapt distribution network for H2 blending
• Higher biomethane producers interest in Portgás concession area
• New Continuous Construction Contract- NEC2025 bidding process, concluded awarding operations until 2029

DOMESTIC BUSINESS

Return on RAB increased driven by a higher asset base (by €5.7M to €93.4M) despite the lower RoR of 5.18% (vs 5.24%)

Return on RAB evolution breakdown - €M

Decrease in return on RAB justified by lower asset base (by €35.2M to a total of €772.2M) despite higher RoR of 5.27% (vs 5.25%)

Increase in return on RAB attributed to a higher RoR (from 5.65% to 5.67%), and higher asset base (+€0.5M to a total of €495.1M)

1. 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 758 people in March 2025), driven by operational areas growth

Core External Costs

• Electricity costs increase €1.2M, of which +€0.7M in LNG terminal
• Maintenance costs increase €0.5M, mainly in electricity business

Non-core Costs

Pass-through costs (costs accepted in the tariff) increased €7.8M of which €+0.5M in cross-boarder costs and €+5.5M in costs with Turbogás resulting from the end of PPA in March 2024

INTERNATIONAL BUSINESS

1. 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 (100%)

EBITDA increased YoY mainly driven by higher revenues

6.7 On April 21st, Acquisition of TENSA, a company that operates 190km of lines

Electrogas (100%)

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

€65.8M

+€2.6M (+4.1%)

1Q24: €63.2M

Increase of €2.6M versus 1Q24, along with an increase in gross assets.

Depreciation & Amortization Financial results -€16.8M +€4.6M (+21.4%)

1Q24: -€21.3M

Increase in Financial results

(+€4.6M) to -€16.8M, mostly due to the lower net debt (-€335.7M), despite the increase in the average cost of debt to 2.78% (from 2.77% in 1Q24) and lower interest on tariff deviation (-€0.6M)

Decrease in Income tax (-€8.6M to €3.5M) reflecting non-recurring fiscal effect and tax recovery of previous years, and lower extraordinary levy (-€0.1M to €28.4M), reflecting the evolution of regulated asset base

Net profit evolution breakdown - €M

3.7 14.4 0.1 4.6 0.1 8.6 Net Profit 1Q24 Δ EBITDA Δ Depreciation Δ Financial results Δ CESE Δ Income tax (excl. CESE) Net Profit 1Q25 -2.6 €10.7M (290.7%)

Decrease in taxes of €8.6M reflecting non-recurring fiscal effect related to the capitalization of operational companies, and lower CESE (-€0.1M)

Positive effect of €4.6M from Financial Results reflecting the lower net debt and favourable exchange rate differences

Increase in depreciation (+€2.6M€) reflecting the increase in gross assets

1. Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | 2. Includes €1,480M of available commercial paper programs and loans, and also €80M of credit lines available (automatically renewed), and €47M 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.

Analysts Average Price Target ¹

1Q24: €2.68 €2.88 +€0.2 (7.5%)

Total Shareholder Return (TSR) ²

* Source: Bloomberg, as of 31/03/2025 | 1. Data as of 31/03/2025 | 2. As of 31/03/2025. Cumulative TSR of 216.3% since REN's IPO (09/07/2007).

Shaping a Sustainable Future

III

	INDICATOR	UNIT	Q1 2025	Q1 2024	YoY
	Energy consumption	MWh	353 698	367 662	-4%
	Energy consumption (excluding electricity transmission losses and self-consumption)	MWh	43 607	46 782	-7%
	Greenhouse gas emissions (scope 1 and 2)	tCO2eq	30 273	26 425	15%
	Intensity of greenhouse gas emissions (scope 1 and 2)	tCO2 /GWh	1.11	0.93	19%
	Revenues aligned with EU Taxonomy	%	67.2	66.5	0.7 p.p.
	CAPEX aligned with EU taxonomy	%	89.6	87.3	2.3 p.p.
	OPEX aligned with EU taxonomy	%	69.8	65.2	4.6 p.p.
	Employees	No	775	759	2.1%
	Women in 1st line management positions	%	44	37	7 p.p.
	Accident frequency index (Global REN)1	No	1.9	2.5	-24%
	Board of Directors	No	15	15	-
	Board independence	%	47	47	-
	Women on the Board	%	33	33	-

1. Includes direct and indirect employees

• Renewable energy power production reached a new record in Portugal of 10,845 MW
• First Biomethane and Renewable Hydrogen Electronic Auction concluded for injection into gas networks

III

• 85% of the upratings on RNT lines to reinforce transmission capacity under Solar Agreements completed
• Wind energy production breaks records. On 19 March 2025, total production reached 112.4 GWh
• The first injections of renewable gases into the transport network should take place in the next 36 months
• Electricity consumption in the first three months of 2025 was the highest ever, with 14.1 TWh consumed

• "CAIS Recicla" project wins REN's AGIR award for supporting people experiencing homelessness
• The first REN Participatory Budget of 2025 supports three projects Alcochete Volunteer Firefighters, Cercimarco and Associação Rugas de Sorrisos
• Applications opened to AGIR Award 2025 on the topic "Support for Informal Carers"

• CDP score improves from A- to A
• REN included in Sustainalytics' 2025 ESG Top-Rated Companies List (Industry)
• APCER follow-up audit confirms REN's Integrated Management System certifications
• Portgás receives "Evolution Innovator" status for its progress in innovation for sustainability
• REN Green Finance Report 2024 finalized
• REN Integrated Report 2024 finalized. The first in alignment with CSRD and ESRS

HIGHEST ESC STANDARDS

Improving our performance in international ESG scores

	STCDP	S&P Global	SUSTAINALYTICS	MSCI (	ાડિક ESGD
SCALE	D-A	0-100	100-0	CCC-AAA	D-A
SCORE	* A	es	15.1	AAA*	B
STRENCHTS	Business strateqy, Emissions reductions initiatives, Governance, Opportunity disclosure, Environmental policies, Value chain enqaqement and Risk Disclosure	Transparency and reporting, Labor practices, Climate stratequ, 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	Biodiversity and land use, Carbon emissions, and Governance	Prime Status Risk & Opportunities (Environment), Labor, Health, & Safety and Audit & Risk Oversight
YOY
LATEST UPDATE	February 2025	December 2024	June 2024	March 2024	March 2025

V Closing Remarks

1 22

supporting and achieving energy policy and

transition targets.

€14.4M

+290.7% versus 1Q24

Increase in financial results in parallel with positive tax impacts.

€2,240.5M

-5.1% versus 1Q24

Net Debt reduction despite a slight increase in in the average cost of debt (2.78% versus 2.77% in 1Q24).

The General Shareholders' Meeting of April 15th approved, by a majority vote, a payment of a dividend in the amount of 9.3 cents per share (maintaining the annual remuneration plan of 15.7 cents per share, paid in two tranches).

segment.

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.

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• 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.
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• 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.
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08TH MAY 2025 UNAUDITED INFORMATION

Madalena Garrido – Head of IR Mariana Asseiceiro Telma Mendes

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

Avenida Estados Unidos da América, 55, 1749-061, Lisboa Telefone: +351 210 013 546

ir@ren.pt