REN-Redes Energeticas Nacionais

Interim / Quarterly Report • Jul 29, 2025

Consolidated Financial Statements

30 June 2025

REN – Redes Energéticas Nacionais, SGPS, S.A.

INDEX

1.	FINANCIAL PERFORMANCE	3
	1.1 RESULTS FOR THE FIRST 6 MONTHS OF 2025 1.2 AVERAGE RAB AND CAPEX 1.3 MAIN GROUP EVENTS 1.4 QUARTELY STATEMENTS OF PROFIT AND LOSS AND COMPREHENSIVE INCOME FOR THE PERIODS FROM 1 APRIL TO 30 JUNE 2025 AND 2024	3 7 8 9
2.	CONSOLIDATED FINANCIAL STATEMENTS	11
3.	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2025	16
	1 GENERAL INFORMATION 2 BASIS OF PRESENTATION 3 MAIN ACCOUNTING POLICIES 4 SEGMENT REPORTING 5 TANGIBLE AND INTANGIBLE ASSETS 6 GOODWILL 7 INVESTMENTS IN ASSOCIATES AND JOIN VENTURES 8 INCOME TAX 9 FINANCIAL ASSETS AND LIABILITIES 10 INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 11 TRADE AND OTHER RECEIVABLES 12 DERIVATIVE FINANCIAL INSTRUMENTS 13 CASH AND CASH EQUIVALENTS 14 EQUITY INSTRUMENTS 15 RESERVES AND RETAINED EARNINGS 16 BORROWINGS 17 POS-EMPLOYMENT BENEFITS AND OTHERS BENEFITS 18 PROVISIONS FOR OTHER RISKS AND CHARGES 19 TRADE AND OTHER PAYABLES 20 SALES AND SERVICES RENDERED 21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES 22 OTHER OPERATING INCOME 23 EXTERNAL SUPPLIES AND SERVICES 24 PERSONNEL COSTS 25 OTHER OPERATING COSTS 26 FINANCIAL COSTS AND FINANCIAL INCOME 27 EXTRAORDINARY CONTRIBUTION OVER THE ENERGY SECTOR 28 EARNINGS PER SHARE 29 DIVIDENDS PER SHARE 30 CONTINGENT ASSETS AND LIABILITIES 31 RELATED PARTIES 32 DECREE-LAW NO. 84-D/2022–TRANSITORY GAS PRICE STABILIZATION REGIME56	16 19 19 20 23 26 27 29 33 36 37 38 42 43 43 44 45 47 48 48 49 50 50 50 51 51 51 52 52 52 53
	33 SUBSEQUENT EVENTS 34 EXPLANATION ADDED FOR TRANSLATION	56 56

1. FINANCIAL PERFORMANCE

1.1 RESULTS FOR THE FIRST 6 MONTHS OF 2025

In the first 6 months of 2025, net income reached 65.7 million euros, a 17.1 million euros increase over the same period of the previous year. Net income increased reflecting mainly the i) the decrease of 19.1 million euros in taxes and ii) the increase of 5.2 million euros in financial results (+18.8%), partially offset by iii) the decrease of 7.1 million euros in Group EBIT (-1.2 million euros in EBITDA).

Similarly to the previous years, the results for 2025 reflect the continuation of the Extraordinary Levy on the Energy Sector (28.4 million euros in 2025 and 28.3 million euros in 2024¹ ).

Investment was 150.0 million euros, a 10.8% y.o.y increase (+14.6 million euros) and transfers to RAB increased 20.4 million euros to 50.3 million euros. Average RAB decreased by 23.5 million euros (-0.7%), to 3,453.9 million euros.

The average cost of debt was 2.7%, 0.1p.p. below the previous year, and net debt reached 2,399.5 million euros, a 10.5% decrease (-280.3 million euros) over the same period of the previous year driven by the evolution of tariff deviations. Excluding the effect of tariff deviations, net debt decreased 4.9%.

MAIN INDICATORS (MILLIONS OF EUROS)	June 2025	June 2024	VAR.%
EBITDA	256.6	257.8	-0.5%
Financial results2	-22.5	-27.7	18.8%
Net income1	65.7	48.6	35.2%
Recurrent net income	64.7	47.5	36.2%
Total Capex	150.0	135.4	10.8%
Transfers to RAB3 (at historic costs)	50.3	29.9	68.1%
Average RAB (at reference costs)	3,453.9	3,477.4	-0.7%
Net debt	2,399.5	2,679.8	-10.5%
Net debt (without tariff deviations)	2,307.3	2,426.9	-4.9%
Average cost of debt	2.7%	2.8%	-0.1p.p.

¹ The full amount of the levy was recorded in the 1st quarter of 2025 and 2024, according to the Portuguese Securities Market Commission (CMVM) recommendations.

² The net costs of 2.7 million euros in June 2024 and net revenue of 2.8 million euros in June 2025 from electricity interconnection capacity auctions between Spain and Portugal – referred to as FTR (Financial Transaction Rights) were reclassified from Financial Results to Operational Revenues.

³ Includes direct acquisitions (RAB related).

Operational results – EBITDA

Domestic Power Transmission and Distribution Business

EBITDA for the domestic business reached 244.3 million euros in the first 6 months of 2025, a 0.6% (-1.6 million euros) decrease over the same period of the previous year.

EBITDA - TRANSMISSION (MILLIONS OF EUROS)	June 2025	June 2024	VAR.%
1) Revenues from assets	103.6	104.3	-0.6%
RAB remuneration	36.7	37.4	-1.8%
Lease revenues from hydro protection zone	0.3	0.3	-1.3%
Incentive for improvement of the TSO's technical performance	4.0	7.5	-46.7%
Solar agreements revenues	3.5	3.2	7.6%
Recovery of amortizations (net of investment subsidies)	48.0	46.7	2.8%
Amortization of investment subsidies	11.1	9.1	21.6%
2) Revenues from Totex	143.0	142.7	0.2%
3) Revenues from Opex	74.6	66.6	12.1%
4) Other revenues	10.6	8.1	30.3%
5) Own works (capitalised in investment)	14.6	14.9	-1.6%
6) Construction revenues (excl. own works) – Concession assets	132.4	114.8	15.3%
7) OPEX	102.2	91.5	11.7%
Personnel costs4	34.1	33.5	2.0%
External costs	68.0	58.0	17.3%
8) Construction costs – Concession assets	132.4	114.8	15.3%
9) Provisions/ (reversal)	0.0	0.0	n.m.
10) Impairments	-0.1	-0.8	-93.0%
11) EBITDA (1+2+3+4+5+6-7-8-9-10)	244.3	245.9	-0.6%

The decrease in EBITDA resulted mainly from:

• The decrease of 3.5 million euros (-46.7%) in Incentive for improvement of the TSO's technical performance in electricity, given the recognition of the regulator's publication values;
• The decrease of 0.7 million euros in RAB remuneration⁵ (-1.8%) arising mostly from:
  • o Decrease of 0.8 million euros in the remuneration of natural gas transmission regulated assets reflecting the reduction of 28.2 million euros (-3.5%) in natural gas transmission average RAB, and the decrease in the rate of return from 5.27% in June 2024 to 5.26% in June 2025 – as a result of the evolution of the yields of the Portuguese Republic 10Y Treasury Bills; and
  • o Increase of 0.1 million euros in the remuneration of electricity regulated assets (only General System Management activity and assets extra Totex model) reflecting (i) the increase of 5.4 million euros in average RAB (+6.3%), partially offset by the decrease in the rate of return from 5.25% in June 2024 to 5.20% in June 2025 – as a result of the evolution of the yields of the Portuguese Republic 10Y Treasury Bills;
• The increase of 10.7 million euros in Opex, of which +8.1 million euros in pass-through costs (costs not controllable by REN and fully recovered in the regulated tariff), reflecting the +10.7 million euros in costs with Turbogás resulting from the end of PPA at end of March 2024. Excluding pass-through costs, the Group domestic Core Opex increased 2.5 million euros.

⁴ Includes training and seminars costs

⁵ Excludes Electricity Transmission activity (TEE). Includes TEE assets accepted by the regulator as extra Totex model

These effects were partially offset by:

• The increase in Revenues from Opex of 8.0 million euros (+12.1%), reflecting the growth of 8.1 million euros in passthrough costs;
• The increase of 3.3 million euros in Recovery of amortizations, including investment subsidies (+5.8%);and
• The increase in Electricity Transmission Activity regulated revenues (+0.3 million euros), which is remunerated through a Totex model, reflecting the increase in the volume drivers, unitary prices evolution and annual change inflation, despite the decrease in the rate of return from 5.25% in June 2024 to 5.20% in June 2025.

With respect to domestic business, it is also important to note that the natural gas distribution business contributed with EBITDA of 25.0 million euros.

International Business

The EBITDA for international businesses reached 12.2 million euros in the first 6 months of 2025, a 0.3 million euros (+2.9%) increase over the same quarter of the previous year, resulting mainly from:

• The increase of 0.2 million euros (+2.6%) in the recognized income from the 42.5% stake held by REN in the Chilean company Electrogas;
• The decrease of 0.4 million euros (-6.1%) in EBITDA of Transemel an electrical power transmission company in Chile; and
• The recognition of an EBITDA of 0.6 million euros for 2 months of results of the new company Transmisora Energía Nacimiento (Tensa) acquired by the REN Group on 21 April 2025. Tensa is a company that operates in the Transmission of Electric Energy in Chile, with about 190km of electric transmission lines.

EBITDA - INTERNATIONAL (MILLIONS OF EUROS)	June 2025	June 2024	VAR.%
1) Revenues from the Transmission of Electrical Power	9.3	7.7	19.7%
2) Other revenues	6.0	5.9	2.8%
3) Own works (capitalized in investment)	0.7	0.5	29.4%
4) OPEX	3.8	2.3	66.8%
Personnel costs6	0.6	0.5	15.0%
External costs	3.1	1.7	83.1%
5) Impairments	0.0	0.0	n.m.
6) EBITDA (1+2+3-4-5)	12.2	11.9	2.9%

Net income

Overall, the Group's net income for the first 6 months of 2025 reached 65.7 million euros, a 17.1 million euros y.o.y. increase.

This increase reflects mostly the following effects:

• i) increase of 5.2 million euros in financial results (+18.8%) reflecting the decrease in net debt and in the average cost of debt by 0.1 p.p. to 2.7%. Net debt reached 2,399.5 million euros, a 10.5% decrease (-280.3 million euros), over the same period of the previous year driven by the evolution of tariff deviations. Excluding the effect of tariff deviations, net debt decreased 4.9%;
• ii) decrease of 19.1 million euros in taxes (-71.6%), reflecting the tax effect on the capitalization of operating companies (15.5 million euros), only recognised in 2024 at the end of the year, and recovery of taxes from previous years.

These effects were partially offset by the decrease of 7.1 million euros in Group EBIT (-1.2 million euros in EBITDA), of which -7.3 million euros in domestic business (-1.6 million euros in EBITDA) and +0.2 million euros in international business (+0.3 million euros in EBITDA).

Excluding non-recurring items, Net Income for the first 6 months of 2025 increased 17.2 million euros (+36.2%). Non-recurring items considered in the first 6 months of 2025 and 2024 are as follows: in 2025 i) gains with recovery of previous years taxes (1.0 million euros); and in 2024 i) gains with recovery of previous years taxes (1.1 million euros).

NET INCOME
(MILLIONS OF EUROS)	June 2025	June 2024	VAR.%
EBITDA	256.6	257.8	-0.5%
Depreciations and amortizations	132.4	126.5	4.7%
Financial results	-22.5	-27.7	18.8%
Income tax expenses	7.6	26.7	-71.6%
Extraordinary levy on the energy sector 7	28.4	28.3	0.3%
Net income	65.7	48.6	35.2%
Non-recurring items	-1.0	-1.1	-8.4%
Recurrent net income	64.7	47.5	36.2%

⁷ The full amount of the levy was recorded in the 1st quarter of 2025 and 2024, according to the Portuguese securities market commission (CMVM) recommendations.

1.2 AVERAGE RAB AND CAPEX

In the first 6 months of 2025, Capex reached 150.0 million euros, a 10.8% y.o.y. increase (+14.6 million euros), while transfers to RAB increased 20.4 million euros to 50.3 million euros.

In electricity, investment was 130.7 million euros, a 15.7% increase (+17.7 million euros) over the first 6 months of 2024, and Transfers to RAB were 40.6 million euros, a y.o.y. increase of 18.0 million euros. It should be highlighted the investments in the connection at 400 kV between Vieira do Minho - Ribeira de Pena - Feira (12.4 million de euros), the interconnection Minho-Galiza (11.6 million euros) and in Solar agreements with promotors (33.3 million euros), of which 10.1 million euros in connection of a Photovoltaic Power Plant in the Sines/Ourique area and 12.1 million euros in 400kV Fundão-Pocinho connection.

In natural gas transmission, investment reached 8.2 million euros, an increase of 0.1 million euros (+1.4%), and Transfers to RAB were 3.1 million euros, a 45.6% (+1.0 million euros) increase.

In natural gas distribution, investment was 8.2 million euros, 30% for new supply points and 57% with the expansion of the distribution network, and transfers to RAB increased 1.4 million euros (+27.8%) to 6.6 million euros.

Average RAB was 3,453.9 million euros, a 23.5 million euros (-0.7%) y.o.y decrease. In electricity, the average RAB (excluding lands) reached 2,024.9 million euros (+15.0 million euros, +0.7%), of which 863.3 million euros in assets remunerated at a premium rate of return, while lands reached 160.8 million euros (-11.3 million euros, -6.5%). In natural gas transmission, the average RAB was 773.3 million euros (-28.2 million euros, -3.5%), while in natural gas distribution the average RAB reached 494.9 million euros (+1.0 million euros, +0.2%).

1.3 MAIN GROUP EVENTS

February		REN recognized for excellence in environmental performance by Carbon Disclosure Project (CDP), a non-profit organization that manages the world's only independent environmental disclosure system.
April		REN acquires 100% of the electricity transmission company in Chile - Transmisora de Energía Nacimiento S.A. ("TENSA") for 71,4 million USD.
		As part of its policy of supporting local communities, REN has donated a vehicle to the Covilhã Volunteer Fire Brigade Humanitarian Association, reinforcing the company's commitment to preventing rural fires. This 4x4 will reinforce the Association's fleet of light fire-fighting vehicles.
May		REN – Redes Energéticas Nacionais was chosen by the Financial Times as one of the European companies that made the most progress in reducing greenhouse gas (GHG) emissions. In a five-year ranking, between 2018 and 2023, REN appears in the 'European Climate Leaders' as having reduced its total emissions by 46,1%.
June		Sines LNG terminal achieves the tank No. 90.000 was loaded at TGNL. This is a very significant number for an activity that began in 2004
		Electricity consumption reaches all-time high in the first half of the year. Between January and June, 26,229 GWh were consumed, exceeding the previous maximum of around 240 GWh, recorded in 2010
		REN Gás has been appointed on a transitional basis as the entity responsible for the planning, development, and management of the dedicated hydrogen network infrastructure in the national territory.

1.4 QUARTELY STATEMENTS OF PROFIT AND LOSS AND COMPREHENSIVE INCOME FOR THE PERIODS FROM 1 APRIL TO 30 JUNE 2025 AND 2024

Consolidated statements of profit and loss (unaudited information)

	Consolidated statements of profit and loss
(unaudited information)
(Amounts expressed in thousands of euros – teuros)
	01.04.2025 to	01.04.2024 to
	30.06.2025	30.06.2024
Sales	-	-
Services rendered	162,427	156,051
Revenue from construction of concession assets	80,279	82,817
Gains from associates and joint ventures	2,840	3,025
Other operating income	11,405	9,785
Operating income	256,952	251,678
Cost of goods sold Cost with construction of concession assets	(114) (72,661)	(137) (74,827)
External supplies and services	(27,622)	(26,919)
Employee compensation and benefit expense	(18,165)	(17,952)
Depreciation and amortizations	(66,573)	(63,241)
Provisions	-	(2)
Impairments	(95)	888
Other expenses	(6,599)	(5,344)
Operating costs	(191,827)	(187,535)
Operating results	65,125	64,143
Financial costs	(25,354)	(22,600)
Financial income	4,406	5,744
Investment income - dividends	11,166	11,999
Financial results	(9,782)	(4,858)
Profit before income taxes and ESEC	55,343	59,285
Income tax expense	(4,074)	(14,591)
Extraordinary contribution on energy sector (ESEC)	-	206
Net profit for the period	51,270	44,900
Attributable to:
Equity holders of the Company	51,270	44,900
Non-controlled interest	-	-
Consolidated profit for the period	51,270	44,900
Earnings per share (expressed in euro per share)	0.08	0.07

Consolidated statements of comprehensive income (unaudited information)

Consolidated statements of comprehensive income
(unaudited information)
(Amounts expressed in thousands of euros – teuros)
	01.04.2025 to	01.04.2024 to
	30.06.2025	30.06.2024
Net Profit for the year	51,270	44,900
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains / (losses)	(106)	(771)
Tax effect on actuarial gains / (losses)	31	231
Other changes in equity	-	(26)
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	(24,692)	8,797
Increase/(decrease) in hedging reserves - cash flow derivatives	(3,126)	(1,985)
Tax effect on hedging reserves	703	447
Gain/(loss) in fair value reserve - Investments in equity instruments at
fair value through other comprehensive income	(9,634)	(4,355)
Tax effect on items recorded directly in equity	2,190	924
Other changes in equity	-	44
Comprehensive income for the year	16,636	48,206
Attributable to:
Equity holders of the Company Non-controlling interests	16,636 -	48,206 -
	16,636	48,206

2. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 30 JUNE 2025 AND 31 DECEMBER 2024

(Amounts expressed in thousands of euros – teuros)

2. CONSOLIDATED FINANCIAL STATEMENTS (Amounts expressed in thousands of euros – teuros) Notes 5 5 6 7 9 and 10 9 and 12 9 9 and 11 8	CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 30 JUNE 2025 AND 31 DECEMBER 2024 (Translation of statements of financial position originally issued in Portuguese - Note 34) Jun 2025 134,784 4,278,864 1,968 161,945 139,379 24,314 6,009	Dec 2024
		123,584 4,220,632 2,268 182,067 137,858
		28,642
		6,017
	65,867	74,620
	51,075	47,606
	4,864,205	4,823,294
	2,607	2,538
9 and 11	271,157	485,026
9 and 12 32	- 3,481	1,554 3,481
9 and 13	37,343	40,477
	314,588	533,076
4	5,178,793	5,356,370
14	667,191	667,191
14	(10,728)	(10,728)
14 15	116,809 310,194	116,809 343,969
	334,834	287,699
14	(5,561)	(5,561)
	65,713	152,512
		1,551,891
9 and 16	1,477,909	1,617,353
17	75,435	72,847 30,740
18	11,650	11,922
9 and 19	628,727	578,650
8	95,085	104,063 2,415,575
9 and 16	934,703	914,415
9 and 19	425,130	465,445
32	3,481	2,086 3,481
9 and 12	-	3,477
7	1,385,536	1,388,904
4	3,700,341	3,804,479
	5,178,793	5,356,370
	9 and 12 8 and 9	1,478,452 25,999 2,314,805 22,222 The accompanying notes form an integral part of the consolidated statement of financial position as of 30 June 2025. The Board of Directors

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024
(Amounts expressed in thousands of euros – teuros)
(Translation of statements of profit and loss originally issued in Portuguese - Note 34)
		Period ended
	Notes	30.06.2025	30.06.2024
Sales	20	220	364
Services rendered	20	321,544	307,691
Revenue from construction of concession assets	21	146,997	129,634
Gains/(losses) from associates and joint ventures Other operating income	7 22	6,078 22,800	5,856 19,240
Operating income		497,639	462,785
Cost of goods sold		(347)	(445)
Costs with construction of concession assets	21	(132,376)	(114,773)
External supplies and services	23	(57,261)	(46,480)
Personnel costs	24	(34,466)	(33,669)
Depreciation and amortizations	5	(132,376)	(126,463)
Provisions	18	-	(2)
Impairments	6 and 11	64	793
Other expenses	25	(13,860)	(13,159)
Operating costs		(370,622)	(334,199)
Operating results		127,017	128,586
Financial costs	26	(43,700)	(47,902)
Financial income	26	7,210	10,924
Investment income - dividends	10	11,166	11,999
Financial results		(25,324)	(24,980)
Profit before income tax and ESEC		101,693	103,605
Income tax expense	8	(7,577)	(26,698)
Energy sector extraordinary contribution (ESEC)	27	(28,404)	(28,310)
Consolidated profit for the period		65,713	48,597
Attributable to:
Equity holders of the Company		65,713	48,597
Non-controlled interest		-	-
Consolidated profit for the period		65,713	48,597
Earnings per share (expressed in euro per share)	28	0.10	0.07

The accompanying notes form an integral part of the consolidated statement of profit and loss for the six-month period ended 30 June 2025.

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024

FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024 (Amounts expressed in thousands of euros – teuros)
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
(Translation of statements of other comprehensive income originally issued in Portuguese - Note 34)
		Period ended
	Notes	30.06.2025	30.06.2024
Consolidated Profit for the period		65,713	48,597
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains/(losses) - gross of tax		(1,743)	(363)
Tax effect on actuarial gains/(losses)	8	505	109
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations		(31,282)	(1,805)
Increase/(decrease) in hedging reserves - cash flow derivatives	12	(4,623)	(1,664)
Tax effect on hedging reserves	8 and 12	1,040	374
Gain/(loss) in fair value reserve - Investments in equity instruments at fair
value through other comprehensive income	10	1,520	491
Tax effect on items recorded directly in equity	8 and 10	(431)	(263)
Other changes in equity		-	44
Comprehensive income for the period		30,700	45,520
Attributable to:
		30,700	45,520
Equity holders of the company		-	-
Non-controlled interest		30,700	45,520

The accompanying notes form an integral part of the consolidated statement of comprehensive income for the six-month period ended 30 June 2025.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024

(Amounts expressed in thousands of euros – teuros)

							CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024
							(Amounts expressed in thousands of euros – teuros)
							(Translation of statements of changes in equity originally issued in Portuguese - Note 34)
							Attributable to shareholders
Changes in the year	Notes	Share capital (Note 14)	Own shares (Note 14)	Share premium (Note 14)	Legal Reserve (Note 15)	Fair Value reserve (Note 15)	Hedging reserve (Note 15)	Other reserves (Note 15)	Other changes in equity (Note 14)	Retained earnings (Note 15)	Profit for the year	Total
At 1 January 2024		667,191	(10,728)	116,809	141,378	39,461	37,071	138,781	(5,561)	238,478	149,236	1,512,116
Net profit of the period and other
comprehensive income		-	-	-	-	228	(1,291)	(1,805)	-	(210)	48,597	45,520
			-	-	-	-	-	-	-	149,236	(149,236)	-
								-	-	(102,150)	-	(102,150)
Transfer to other reserves Distribution of dividends	29	- -	-	-	-	-	-
At 30 June 2024		667,191	(10,728)	116,809	141,378	39,689	35,781	136,976	(5,561)	285,355	48,597	1,455,488
At 1 January 2025		667,191	(10,728)	116,809	141,378	42,399	21,625	138,567	(5,561)	287,699	152,512	1,551,891
Net profit of the period and other
comprehensive income		-	-	-	-	1,089	(3,583)	(31,282)	-	(1,238)	65,713	30,700
Transfer to other reserves Distribution of dividends	29	- -	- -	- -	- -	- -	- -	- -	- -	152,512 (104,140)	(152,512) -	- (104,140)

The accompanying notes form an integral part of the consolidated statement of changes in equity for the six-month period ended 30 June 2025.

CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024

(Amounts expressed in thousands of euros – teuros) (Translation of statements of cash flow originally issued in Portuguese - Note 34)

CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2025 AND 2024
(Amounts expressed in thousands of euros – teuros) (Translation of statements of cash flow originally issued in Portuguese - Note 34)
		Period ended
	Notes	30.06.2025	30.06.2024
Cash flow from operating activities:
Cash receipts from customers		1,024,967	a) 1,226,530
Cash paid to suppliers		(514,211)	a) (878,880)
Cash paid to employees		(44,220)	(42,443)
Income tax received/paid		817	(5,566)
Other receipts / (payments) relating to operating activities Net cash flows from operating activities (1)		(130,142) 337,210	(11,904) 287,737
Cash flow from investing activities:
Receipts related to: Investments in associates	7	180	400
Investment grants		89,275	20,089
Dividends		8,013	7,410
Payments related to:
Financial investments		(66,736)	-
Property, plant and equipment		(6,983)	(5,364)
Intangible assets		(144,356)	(145,300)
Net cash flow used in investing activities (2)		(120,606)	(122,765)
Cash flow from financing activities:
Receipts related to:
Borrowings		2,721,000	3,361,000
Interests and other similar income		534	610
Payments related to:
Borrowings		(2,826,199)	(3,417,849)
Interests and other similar expense		(54,171)	(50,096)
Lease liabilities		(1,405)	(1,190)
Interests of lease liabilities		(126)	(112)
Dividends	29	(61,688)	(59,698)
Net cash from / (used in) financing activities (3)		(222,056)	(167,336)
Net (decrease) / increase in cash and cash equivalents (1)+(2)+(3)		(5,451)	(2,364)
Effect of exchange rates		(1,047)	(1,657)
Cash and cash equivalents at the beginning of the year	13	39,977	40,145
Changes in the perimeter Cash and cash equivalents at the end of the period	13	3,864 37,343	- 36,125
Detail of cash and cash equivalents
Cash Bank deposits	13 13	23 37,320	21 36,104
		-
The transitional gas price stabilization regime - Decree-Law 84-D/2022	13		-

a) 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.

The accompanying notes form an integral part of the consolidated statement of cash flow for the six-month period ended 30 June 2025.

3. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2025

(Translation of notes originally issued in Portuguese - Note 34)

1 GENERAL INFORMATION

REN – Redes Energéticas Nacionais, SGPS, S.A. (referred to in this document as "REN", "REN SGPS" or "the Company" together with its subsidiaries, referred to as "the Group" or "the REN Group"), with head office in Avenida Estados Unidos da América, 55 – Lisbon, Portugal, resulted from the spin-off of the EDP Group, in accordance with Decree-Law no. 7/91 of 8 January and 131/94 of 19 May, approved by the Shareholders' General Meeting held on 18 August 1994, with the objective of ensuring the overall management of the Public Electric Supply System (PES).

Up to 26 September 2006 the REN Group's operations were concentrated on the electricity business through REN – Rede Eléctrica Nacional, S.A. On 26 September 2006, as a result of the unbundling transaction of the gas business, the Group went through a significant change with the purchase of assets and financial participations relating to the transport, storage and regasification of gas activities, comprising a new business.

In the beginning of 2007, the Company was transformed into a holding company and, renamed, after the transfer of the electricity business to a new company incorporated on 26 September 2006, REN – Serviços de Rede, S.A., which was simultaneously renamed to REN – Rede Eléctrica Nacional, S.A.

The Group presently has two main business segments, Electricity and Gas, and a secondary business of Telecommunications.

The Electricity business includes the following companies:

a) REN – Rede Eléctrica Nacional, S.A., incorporated on 26 September 2006, whose activities are carried out under a concession contract for a period of 50 years as from 2007 which establishes the overall management of the Public Electricity Supply System (Sistema Eléctrico de Abastecimento Público - SEP);

b) Enondas, Energia das Ondas, S.A. was incorporated on 14 October 2010, its capital being fully owned by REN - Redes Energéticas Nacionais, SGPS, S.A., and has as its activity the management of the concession for the exploration of a pilot area for the production of electric energy from sea waves;

c) Empresa de Transmisión Eléctrica Transemel, S.A. ("Transemel"), was acquired on 1 October 2019, following the expansion of the electricity business in Chile. The company's activity consists of providing electricity transmission and transformation services and the development, operation and commercialization of transmission systems, allowing free access to the different players in the electricity market in Chile; and

d) Transmisora de Energía Nacimiento, S.A. ("Tensa"), was acquired on 21 April 2025, continuing the expansion of the electricity business in Chile. Tensa is a company that owns and operates approximately 190 km of electricity transmission lines, mostly located in the Center-South zone of Chile. The assets were originally developed to serve the industrial units of the CMPC Group, one of the regional leaders in the forestry and paper production sector.

The Gas business includes the following companies:

a) REN Gás, S.A. was incorporated on 29 March 2011, with the corporate purpose of promoting, developing and carrying out projects and developments in the gas sector, as well as defining the overall strategy and coordination of the companies in which it has direct interests;

b) REN Gasodutos, S.A., was incorporated on 26 September 2006, whose the capital was paid up through the integration of the gas transport infrastructures (network, connections and compression);

c) REN Armazenagem, S.A., was incorporated on 26 September 2006, whose the capital was paid up through integration into the company of the gas underground storage assets;

d) REN Atlântico, Terminal de GNL, S.A., acquired under the acquisition of the gas business, previously designated as "SGNL – Sociedade Portuguesa de Gás Natural Liquefeito". The operations of this company comprise the supply, reception, storage and re-gasification of liquefied gas through the GNL marine terminal, being responsible for the construction, utilization and maintenance of the necessary infrastructures; and

e) REN Portgás Distribuição, S.A. ("REN Portgás"), acquired as part of the expansion of the gas business on 4 October 2017. The company's object is the public service operation of the regional distribution network for natural gas and its substitute gases in 29 municipalities in the northern coastal area of Portugal, in the districts of Porto, Braga, and Viana do Castelo, as well as the construction and maintenance of the respective infrastructures.

The operations of the companies indicated in b) to d) above are developed in accordance with the three concession contracts separately granted for periods of 40 years starting 2006. The company indicated in e) above develops its activities in accordance with one concession contract granted for 40 years starting 2008.

The telecommunications business is managed by RENTELECOM – Comunicações, S.A. ("RENTELECOM") whose activity is the establishment, management and operation of telecommunications infrastructures and systems, the rendering of telecommunications services and optimizing the optical fibre excess capacity of the installations owned by REN Group.

REN SGPS fully owns REN Serviços, S.A., a company whose purpose is the rendering of services in the energetic area and the general services of business development support to group companies and third parties, receiving a fee for the services rendered, as well as the management of financial participations in other companies.

On 10 May 2013, REN Finance, B.V. was incorporated, a company wholly owned by REN SGPS, headquartered in the Netherlands, whose corporate purpose is to participate, finance, collaborate and conduct the management of related companies.

Additionally, on 24 May 2013, together with China Electric Power Research Institute, a State Grid Group company, Centro de Investigação em Energia REN – State Grid, S.A. ("Centro de Investigação") was incorporated under a Joint Venture Agreement on which REN holds 1,500,000 shares representing 50% of the total share capital.

The purpose of this company is to implement a Research and Development centre in Portugal, dedicated to the research, development, innovation and demonstration in the areas of electricity transmission and systems management, the rendering of advisory services and education and training services as part of these activities, as well as performing all related activities and complementary services to its object.

On 14 December 2016, Aério Chile SPA was incorporated, a company fully owned by REN Serviços, S.A., headquartered in Santiago, Chile, whose purpose is to realize investments in assets, shares and rights of companies and associations.

In addition, on 21 November 2018, REN PRO, S.A. was incorporated, a company fully owned by REN, headquartered in Lisbon, whose purpose is to provide support services, namely administrative, logistical, communication and development support of the business, as well as business consulting, in a remunerated manner, either to companies that are in a group relation or to any third party, and IT consulting.

On 17 July 2019, Apolo Chile SPA was incorporated, a company fully owned by REN Serviços, S.A., headquartered in Santiago, Chile, whose purpose is to realize investments in assets, shares and rights of companies and associations of entities essentially related to the electric transmission sector.

As of 30 June 2025, REN SGPS also holds:

a) 42.5% interest in the share capital of the Chilean company, Electrogas, S.A., a provider of gas and other fuels transportation. The participation was acquired on 7 February 2017;

b) 40% interest in the share capital of OMIP - Operador do Mercado Ibérico (Portugal), SGPS, S.A. ("OMIP SGPS"), being its purpose the management of participations in other companies as an indirect way of exercising economic activities;

c) 10% interest in the share capital of OMEL - Operador do Mercado Ibérico de Energia, S.A., the Spanish pole of the Sole Operator;

d) 1% interest in the share capital of Red Eléctrica Corporación, S.A. ("REE"), entity in charge of the electricity network management in Spain;

e) 7.9% interest in the share capital of Coreso, S.A. ("Coreso"), entity that assists the European transmission system operators ("TSO"), in coordination and safety activities to ensure the reliability of Europe's electricity supply; and

f) Participations in the share capital of: (i) Hidroeléctrica de Cahora Bassa, S.A. ("HCB"), participation of 7.5%; (ii) MIBGÁS, S.A., participation of 6.67%; and (iii) MIBGÁS Derivatives, S.A., participation of 9.7%.

1.1. Consolidation perimeter

The following companies were included in the consolidation perimeter as of 30 June 2025 and 31 December 2024:

			Jun 2025		Dec 2024
Designation / adress	Country	Activity	% Owned Group	Individual	% Owned Group	Individual
Parent company: REN - Redes Energéticas Nacionais, SGPS, S.A.	Portugal	Holding company	-	-	-	-
Subsidiaries: REN - Rede Eléctrica Nacional, S.A.		National electricity transmission network operator (high and very
Av. Estados Unidos da América, 55 - Lisboa	Portugal	high tension)	100%	100%	100%	100%
Enondas-Energia das Ondas, S.A. Mata do Urso - Guarda Norte - Carriço- Pombal	Portugal	Management of the concession to operate a pilot area for the production of electric energy from ocean waves	100%	100%	100%	100%
RENTELECOM - Comunicações S.A. Av. Estados Unidos da América, 55 - Lisboa	Portugal	Telecommunications network operation	100%	100%	100%	100%
REN - Serviços, S.A. Av. Estados Unidos da América, 55 - Lisboa	Portugal	Back office and management of participations	100%	100%	100%	100%
REN Finance, B.V. De Cuserstraat, 93, 1081 CN Amsterdam	Netherlands	Participate, finance, collaborate, conduct management of companies related to REN Group	100%	100%	100%	100%
REN PRO, S.A. Av. Estados Unidos da América, 55 - Lisboa	Portugal	Communication and Sustainability, Marketing, Business Management, Business Development and Consulting and IT Projects	100%	100%	100%	100%
REN Atlântico, Terminal de GNL, S.A. Terminal de GNL - Sines	Portugal	Liquified Natural Gas Terminal maintenance and regasification operation	100%	100%	100%	100%
Owned by REN Serviços, S.A.: REN Gás, S.A. Av. Estados Unidos da América, 55 -12º - Lisboa	Portugal	Management of projects and ventures in the natural gas sector	100%	-	100%	-
Aério Chile SPA Santiago do Chile	Chile	Investments in assets, shares, companies and associations	100%	-	100%	-
Apolo Chile SPA Santiago do Chile	Chile	Investments in assets, shares, companies and associations	100%	-	100%	-
Owned by REN Gás, S.A.: REN - Armazenagem, S.A. Mata do Urso - Guarda Norte - Carriço- Pombal	Portugal	Underground storage developement, maintenance and operation	100%	-	100%	-
REN - Gasodutos, S.A. Estrada Nacional 116, km 32,25 - Vila de Rei - Bucelas	Portugal	National Natural Gas Transport operator and natural gas overall manager	100%	-	100%	-
REN Portgás Distribuição, S.A. Rua Linhas de Torres, 41 - Porto	Portugal	Distribution of natural gas	100%	-	100%	-
Owned by Apolo Chile SPA (99.99%) and Aerio Chile SPA (<0.001%): Empresa de Transmisión Eléctrica Transemel, S.A. Santiago do Chile	Chile	Transmission and transformation of electricity, allowing free access to different players in the electricity market in Chile	100%	-	100%	-
Owned by Empresa de Transmisión Eléctrica Transemel, S.A.:
Transmisora de Energía Nacimiento, S.A. Santiago do Chile	Chile	Transmission of electricity	100%	-	-	-

Changes in the consolidation perimeter

- June 2025

On 21 April 2025, the REN Group, specifically Empresa de Transmisión Eléctrica Transemel S.A., acquired the company Transmisora de Energía Nacimiento S.A. ("Tensa"), as mentioned in Notes 1 and 6.

There were no more changes to the consolidation perimeter in 2025 compared to that reported on 31 December 2024.

- December 2024

In the course of 2024, REN Trading, S.A. was merged into REN - Rede Eléctrica Nacional, S.A., through the global transfer of assets, as mentioned in the general information chapter.

1.2. Approval of quarterly consolidated financial statements

These interim consolidated financial statements were approved by the Board of Directors at a meeting held on 24 July 2025. The Board of Directors believes that the consolidated financial statements fairly present the financial position of the companies included in the consolidation, the consolidated results of their operations, their consolidated comprehensive income, the consolidated changes in their equity and their consolidated cash flows in accordance with the International Financial Reporting Standards for interim financial statements as endorsed by the European Union (IAS 34).

2 BASIS OF PRESENTATION

The consolidated financial statements for the six-month period ended 30 June 2025 were prepared in accordance with IAS 34 - Interim Financial Reporting Standards, therefore do not include all information required for annual financial statements so should be read in conjunction with the annual financial statements issued for the year ended 31 December 2024.

The Board of Directors evaluated the Group's going concern capability, based on all the relevant information, facts and circumstances, of financial, commercial and other natures, including subsequent events occurred after the financial statement report date.

In result of this assessment, the Board concludes that the Group has the adequate resources to proceed its activity, not intending to cease its operations in short term, and therefore considers adequate the use of a going concern basis in the preparation of the financial statements.

The consolidated financial statements are presented in thousands of euros – teuros, rounded to the thousand closer.

On the present date, and taking into account the above and Note 5 - Main Estimates and Judgments, disclosed in the annex to the 2024 consolidated financial statements, the Group does not foresee any changes in the most relevant estimates, in the case of Provisions, Assumptions Actuarial, Tangible and Intangible Fixed Assets, Impairment, Fair Value of Financial Instruments, Impairment of Goodwill and Tariff deviations.

There were no significant changes in the long-term expectation of recovery of the Group's investments and financial holdings.

3 MAIN ACCOUNTING POLICIES

The consolidated financial statements were prepared for interim financial reporting purposes (IAS 34), on a going concern basis from the books and accounting records of the companies included in the consolidation, maintained in accordance with the accounting standards in force in Portugal, adjusted in the consolidation process so that the financial statements are presented in accordance with interim Financial Reporting Standards as endorsed by the European Union in force for the years beginning as from 1 January 2025.

Such Financial Reporting standards include International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board ("IASB"), International Accounting Standards (IAS), issued by the International Accounting Standards Committee ("IASC") and respective IFRIC and SIC interpretations, issued by the International Financial Reporting Interpretation Committee ("IFRIC") and Standard Interpretation Committee ("SIC"), that have been endorsed by the European Union. The standards and interpretations are hereinafter referred generically to as IFRS.

The accounting policies used to prepare these consolidated financial statements are consistent, in all material respects, with the policies used to prepare the consolidated financial statements for the year ended 31 December 2024, as explained in the notes to the consolidated financial statements for 2024, except for the adoption of new effective standards for periods beginning on or after 1 January 2025.

The Group has not previously adopted any standard, interpretation or amendment that is not yet in force.

The estimates and assumptions with impact on REN's consolidated financial statements are continuously evaluated, representing at each reporting date the Board of Directors best estimates, considering historical performance, past accumulated experience and expectations about future events that, under the circumstances, are believed to be reasonable. There were no changes in the main estimates and judgments presented in relation to the six-month period ended on 30 June 2024 and compared to the year ended on 31 December 2024.

Adoption of new standards, interpretations, amendments and revisions

The following standards, interpretations, amendments and revisions have been endorsed by the European Union with mandatory application in effective for annual periods beginning on or after 1 January 2025:

Amendments to IAS 21 – The effects of changes in foreing exchange rates: lack of exchangeability

These amendments clarify the circunstances in which a currency is considered to be interchangeable and provide guidance on how to calculate the exchange rate when a currency is not exchangeable for another currency. This standard establishes that it must be disclosed how the financial performance, financial position and cash flows of the entity may be affected by the currency that is not exchangeable. This change has retrospective effects without restatement of the comparison, the impact of the transposition of financial information must be considered in retained earnings or foreign exchange reserve. The adoption of this standard is not expected to have significant impacts on REN's consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments (effective for annual periods beginning on or after 1 January 2026)

The Amendments to IFRS 9 come from the post-implementation review process of the "Classification and measurement" chapter, in which the IASB identified some aspects to clarify for better understanding them. The future adoption of this standard is not expected to have significant impacts on REN's consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity (effective for annual periods beginning on or after 1 January 2026)

The Amendments will clarify the application of "own-use" requirements, allow the use of hedge accounting and add new disclosure requirements. The future adoption of this standard is not expected to have significant impacts on REN's consolidated financial statements.

Standards and interpretations, amended or revised, not endorsed by the European Union

The following standards, interpretations, amendments and revisions, with mandatory application in future years, have not, until the date of preparation of these consolidated financial statements, been endorsed by the European Union:

Standard	Applicable for financial years	Resume
	beginning
IFRS 18 -	01-jan-27	The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information
Presentation and Disclosure in Financial Statements		that faithfully represents an entity's assets, liabilities, equity, income and expenses.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures	01-jan-27	The objective of IFRS 19 is to allow those in charge of the preparation of IFRS financial information without public exposure, but which are group subsidiaries reporting in IFRS and with listed securities, a reduction of the disclosures made while still complying with IFRS.
IFRS 1, IFRS 7, IFRS 9, IFRS 10 e IAS 7 - Annual Improvements to IFRS Accounting Standards—Volume 11	01-jan-26	The objective of this annual publication is to improve some of the existing standards. In this case were considered 5 standards (IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7) for which some changes and improvements are made.

These standards have not yet been endorsed by the European Union and, as such, have not been applied by the Group for the six-month period ended 30 June 2025.

4 SEGMENT REPORTING

The REN Group is organised in two main business segments, Electricity and Gas and one secondary segment. The electricity segment includes the transmission of electricity in very high voltage, overall management of the public electricity system and management of the power purchase agreements (PPA), the pilot zone for electricity production from sea wave and the transmission and transportation of electricity in Chile. The gas segment includes high pressure gas transmission and overall

management of the national gas supply system, as well as the operation of regasification at the LNG Terminal, the distribution of gas in low and medium pressure and the underground storage of gas.
Although the activities of the LNG Terminal and underground storage can be seen as separate from the transport of gas and
overall management of the national natural gas supply system, since these operations provide services to the same users and
they are complementary services, it was considered that it is subject to the same risks and benefits.
The telecommunications segment is presented separately although it does not qualify for disclosure.
The results by segment for the six-month period ended 30 June 2025 were as follows:
	Electricity	Gas	Telecommunications	Others	Eliminations	Consolidated
			4,774	23,969	(28,518)	321,764
Sales and services provided Inter-segments	219,278 984	102,259 3,852	-	23,682	(28,518)	-
Revenues from external customers	218,294	98,407	4,774	288	-	321,764
Revenue from construction of concession assets	130,653	16,344	-	-	-	146,997
Cost with construction of concession assets	(120,287)	(12,089)	-	-	-	(132,376)
Gains / (losses) from associates and joint ventures	-	-	-	6,078	-	6,078
External supplies and services	(55,396)	(24,559)	(1,608)	(7,278)	31,580	(57,261)
Personnel costs	(10,852)	(6,832)	(320)	(16,462)	-	(34,466)
Other expenses and operating income Operating cash flow	12,530 175,927	(797) 74,326	(90) 2,756	14 6,321	(3,063) -	8,593 259,330
Non reimbursursable expenses
Depreciation and amortizations	(90,509)	(41,761)	(0)	(106)	-	(132,376)
Impairments	8	-	244	(189)	-	64
Financial results
Financial income	9,164	1,068	204	52,215	(55,442)	7,210
Financial costs	(10,096)	(10,150)	(1)	(78,893)	55,442	(43,700)
Profit before income tax and ESEC	84,494	23,483	3,202	(9,486)	-	101,693
Income tax expense	(9,571)	(2,823)	(724)	5,541	-	(7,577)
Energy sector extraordinary contribution (ESEC) Profit for the period	(18,454) 56,469	(9,950) 10,710	- 2,478	- (3,944)	- -	(28,404) 65,713

The results by segment for the six-month period ended 30 June 2024 were as follows:

208,680 99,545 4,006 23,437 (27,613) 308,055 641 Inter-segments 3,835 - 23,136 (27,613) - 208,039 Revenues from external customers 95,710 4,006 301 - 308,056 112,939 16,695 - - - 129,634 Cost with construction of concession assets (102,429) (12,344) - - - (114,773) Gains / (losses) from associates and joint ventures - - - 5,856 - 5,856 External supplies and services (45,121) (23,343) (1,307) (7,266) 30,556 (46,480) Personnel costs (10,788) (6,563) (200) (16,119) - (33,669) Other expenses and operating income 10,172 (1,244) (118) (230) (2,944) 5,636 173,453 72,745 2,382 5,678 - 254,258 - 64 - 11,935 - 11,999 (85,452) Depreciation and amortizations (40,920) - (91) - (126,463) Provisions (2) - - - - (2) - Impairments 982 - (189) - 793 7,552 Financial income 1,111 265 62,060 (60,065) 10,924 (9,839) Financial costs (12,214) (2) (85,913) 60,065 (47,902) 85,712 21,769 2,645 (6,520) - 103,605 (22,835) (5,587) (618) 2,341 - (26,698) (18,173) (10,137) - - - (28,310) 44,703 6,045 2,027 (4,178) - 48,597 Inter-segment transactions are carried out under normal market conditions, equivalent to transactions with third parties. Revenue included in the segment "Others" is essentially related to the services provided by the management and back office to Group entities as well as third parties. Assets and liabilities by segment as well as capital expenditures for the six-month period ended 30 June 2025 were as follows: Telecommunications Electricity Gas Others Eliminations Consolidated Group investments held 21,668 1,151,628 - 3,813,627 (4,986,923) - 3,010,873 1,402,270 - 505 - 4,413,648 Property, plant and equipment and intangible assets Other assets 516,396 85,293 21,894 3,469,172 (3,327,609) 765,145		Electricity	Gas	Telecommunications	Others	Eliminations	Consolidated
	Sales and services provided
	Revenue from construction of concession assets
	Operating cash flow
	Investment income - dividends
	Non reimbursursable expenses
	Financial results
	Profit before income tax and ESEC
	Income tax expense
	Energy sector extraordinary contribution (ESEC)
	Profit for the period
	Segment assets

Financial income Financial costs Profit before income tax and ESEC	7,552
		1,111	265	62,060	(60,065)	10,924
	(9,839)	(12,214)	(2)	(85,913)	60,065	(47,902)
	85,712	21,769	2,645	(6,520)	-	103,605
Income tax expense	(22,835)	(5,587)	(618)	2,341	-	(26,698)
Energy sector extraordinary contribution (ESEC)	(18,173)	(10,137)	-	-	-	(28,310)
Inter-segment transactions are carried out under normal market conditions, equivalent to transactions with third parties. Revenue included in the segment "Others" is essentially related to the services provided by the management and back office to Group entities as well as third parties. Assets and liabilities by segment as well as capital expenditures for the six-month period ended 30 June 2025 were as follows:
Group investments held	21,668	1,151,628	-	3,813,627	(4,986,923)
Property, plant and equipment and intangible assets	3,010,873	1,402,270	-	505	-
Other assets	516,396	85,293	21,894	3,469,172	(3,327,609)
	3,548,936	2,639,191	21,894	7,283,304	(8,314,532)
	1,181,756	781,290	10,969	5,053,935	(3,327,609)	3,700,341
	133,558	16,387	-	37	-	149,982
Capital expenditure - property, plant and equipment (Note 5)	2,898	43	-	37	-	- 4,413,648 765,145 5,178,793 2,979
Capital expenditure - intangible assets (Note 5)	130,653	16,344	-	-	-	146,997
Segment assets Total assets Total liabilities Capital expenditure - total Investments in associates (Note 7)	-	-	-	159,256	-	159,256

Assets and liabilities by segment at 31 December 2024 as well as investments on tangible assets and intangible assets were as follows:

			Telecommunications
	Electricity	Gas		Others	Eliminations	Consolidated
Segment assets
Group investments held	-	1,141,366	-	3,826,554	(4,967,919)	-
Property, plant and equipment and intangible assets	2,915,998	1,427,644	1	574	-	4,344,216
Other assets	487,769 3,403,766	178,178 2,747,188	18,912 18,913	4,237,773 8,064,900	(3,910,478) (8,878,397)	1,012,154 5,356,370
Total assets
Total liabilities	1,081,538	905,760	9,966	5,717,692	(3,910,478)	3,804,479
Capital expenditure - total	317,676	50,346	-	347	-	368,368
Capital expenditure - property, plant and equipment (Note 8)	12,857	761	-	347	-	13,965
Capital expenditure - intangible assets (Note 8)	304,819	49,584	-	-	-	354,403
Investments in associates (Note 10)	-	-	-	179,337	-	179,337

The captions of the statement of financial position and profit and loss for each segment result of the amounts considered directly in the individual financial statements of each company that belongs to the Group included in the perimeter of each segment, corrected with the eliminations of the inter-segment transactions.

5 TANGIBLE AND INTANGIBLE ASSETS

During the six-month period ended 30 June 2025, the changes in tangible and intangible assets were as follows:

			Property, plant and equipment					Intangible assets
	Transmission and electronic equipment	Transport equipment	Office equipment	Property, plant and equipment	Assets in progress	Total	Concession assets	Concession assets in progress	Other intangible assets	Total
Cost:
At 1 January 2025	111,041	876	841	1,386		24,878 139,023	9,238,047	282,080	51,990	9,572,118
Changes in perimeter	11,757		-	- -	6,988	18,745	-	-	44,662	44,662
Additions	-	37	27	-	2,921	2,985	19,604	127,393	-	146,997
Disposals, write-offs, impairments and other reclassifications	-	(65)	(6)	-	-	(70)	(2,251)	-	-	(2,251)
Transfers	-	-	-	-	-	-	30,893	(30,893)	-	-
Exchange rate differences	(7,560)	(1)	(17)	(10)	(1,481)	(9,069)	-	-	(3,417)	(3,417)
At 30 June 2025	115,238	848	845	1,376		33,306 151,613	9,286,293	378,581	93,236	9,758,109
Accumulated depreciation:
At 1 January 2025	(14,534)	(389)	(487)	(27)		- (15,438)	(5,350,250)	-		(1,235) (5,351,485)
Changes in perimeter	(982)	-	-	-	-	(982)	-	-	-	-
Depreciation charge	(2,183)	(91)	(26)	(6)		- (2,306)	(130,027)	-	(43)	(130,070)
Depreciation of disposals,
impairments, write-offs and other	-	65	6	-	-	71	2,219	-	-	2,219
reclassifications
Exchange rate differences	1,811	-	14	1	-	1,826	-	-	92	92
At 30 June 2025	(15,889)	(415)	(493)	(32)		- (16,829)	(5,478,058)	-		(1,186) (5,479,244)
Net book value:
At 1 January 2025	96,507	487	353	1,359		24,878 123,584	3,887,797	282,080	50,755	4,220,632
At 30 June 2025	99,350	433	352	1,344		33,306 134,784	3,808,234	378,581	92,050	4,278,864

The changes in tangible and intangible assets in the in the year ended 31 December 2024 were as follows:

			Property, plant and equipment				Intangible assets
	Transmission	Transport	Office	Property, plant	Assets in	Concession	Concession	Other
	and electronic	equipment	equipment	and equipment in	Total progress	assets	assets in	intangible	Total
Cost:	equipment			progress			progress	assets
At 1 January 2024	114,246	910	862	1,372	17,161 134,552	9,003,292	225,324	55,433	9,284,050
Additions	-	317	54	-	13,593 13,965	26,068	328,335	-	354,403
Disposals, write-offs and impairments	-	(351)	(70)	-	- (420)	(62,892)	-	-	(62,892)
Transfers	4,818	-	11	24	(4,852) -	271,579	(271,579)	-	-
Exchange rate differences At 31 December 2024	(8,022) 111,041	(1) 876	(17) 841	(10) 1,386	(1,024) (9,074) 24,878 139,023	- 9,238,047	- 282,080	(3,443) 51,990	(3,443) 9,572,118
Accumulated depreciation:
At 1 January 2024	(12,402)	(498)	(523)	(17)	- (13,441)	(5,162,478)	-	(954)	(5,163,432)
Depreciation charge	(3,814)	(180)	(46)	(10)	- (4,049)	(250,280)	-	(361)	(250,641)
Depreciation of disposals, impairments, write-offs and other	-	287	68	-	- 355	62,508	-	-	62,508
reclassifications
Exchange rate differences	1,682	1	14	-	- 1,697	-	-	80	80
At 31 December 2024	(14,534)	(389)	(487)	(27)	- (15,438)	(5,350,250)	-	(1,235)	(5,351,485)
Net book value:
At 1 January 2024	101,843	413	339	1,355	17,161 121,110	3,840,814	225,324	54,479	4,120,617
At 31 December 2024	96,507	487	353	1,359	24,878 123,584	3,887,797	282,080	50,755	4,220,632
					The main additions verified in the periods ended 30 June 2025 and 31 December 2024 are as follows:
						Jun 2025	Dec 2024
	Electricity segment:
	Power line construction (220 KV, 150 KV and others)					7,652	34,546
	Power line construction (400 KV)					57,524	135,403
	Construction of new substations					8,416	26,899
	Substation Expansion					27,403	60,486
	Other renovations in substations					1,845	3,942
	Telecommunications and information system					4,772	10,387
	Buildings related to concession					2,298	3,343
						2,904	12,857
	Transmission and transformation of electricity in Chile Other assets					20,744	29,813

-	287	68	-	- 355	62,508	-	-	62,508
				The main additions verified in the periods ended 30 June 2025 and 31 December 2024 are as follows:
Electricity segment: Power line construction (220 KV, 150 KV and others)					7,652	34,546
Power line construction (400 KV)					57,524	135,403
Construction of new substations					8,416	26,899
Substation Expansion					27,403	60,486
Other renovations in substations					1,845	3,942
Telecommunications and information system					4,772	10,387
Buildings related to concession					2,298	3,343
					2,904	12,857
Transmission and transformation of electricity in Chile
Other assets					20,744	29,813
Gas segment:
Expansion and improvements to gas transmission network					6,331	15,571
Construction project of cavity underground storage of gas in Pombal					766	2,437
Construction project and operating upgrade - LNG facilities					1,076	5,715
Gas distribution projects					8,171	25,861
Others segments:
Other assets				Total of additions	81 149,982	1,108 368,368

The main transfers that were concluded and began activity during the periods ended 30 June 2025 and 31 December 2024 are as follows:

	Jun 2025	Dec 2024
Electricity segment:
Power line construction (220 KV, 150 KV and others)	3,267	34,625
Power line construction (400 KV)	13,325	97,566
Substation Expansion	3,781	75,992
Other renovations in substations	443	3,572
Telecommunications and information system	378	8,806
Buildings related to concession	-	2,685
Transmission and transformation of electricity in Chile	-	4,852
Other assets under concession	-	5,741
Gas segment:
Expansion and improvements to gas transmission network	2,075	11,466
Construction project of cavity underground storage of gas in Pombal	203	1,685
Construction project and operating upgrade - LNG facilities	715	9,797
Gas distribution projects	6,705	19,644
Total of transfers	30,893	276,431
The tangible and intangible assets in progress at 30 June 2025 and 31 December 2024 are as follows:
	Jun 2025	Dec 2024
Electricity segment:
Power line construction (400 KV, 220 KV, 150 KV and others)	222,948	174,198
Substation Expansion	69,271	40,747
New substations projects	34,975	26,560
	6,581	4,291
Buildings related to concession
Transmission and transformation of electricity in Chile	32,500	24,116
Other projects	11,286	9,270
Gas segment:

The tangible and intangible assets in progress at 30 June 2025 and 31 December 2024 are as follows:

Gas segment:
The tangible and intangible assets in progress at 30 June 2025 and 31 December 2024 are as follows:
Electricity segment: Power line construction (400 KV, 220 KV, 150 KV and others)	222,948	174,198
Substation Expansion New substations projects	69,271 34,975	40,747 26,560
Buildings related to concession	6,581	4,291
Transmission and transformation of electricity in Chile	32,500	24,116
Other projects Gas segment:	11,286	9,270
Expansion and improvements to natural gas transmission network	17,437	13,272
Construction project of cavity underground storage of gas in Pombal	4,252	3,697
Construction project and operating upgrade - LNG facilities	1,790	1,433
Gas distribution projects	10,043	8,612
Others segments:
Other assets	805	761

Borrowing costs capitalized on intangible assets in progress in the period ended 30 June 2025 amounted to 2,770 thousand euros (7,381 thousand euros as of 31 December 2024), while management costs and others amounted to 11,851 thousand euros (24,007 thousand euros as of 31 December 2024) (Note 21). The average rate of the financial costs capitalized was of 0.22%.

The net book value of the property, plant and equipment and intangible assets, related with transport equipements, acquired through finance lease contracts at 30 June 2025 and 31 December 2024 was as follows:

		Jun 2025			Dec 2024
		Accumulated			Accumulated
	Cost	depreciation and	Net book value	Cost	depreciation and	Net book value
		amortization			amortization
Initial value	12,531	(5,426)	7,105	9,247	(4,366)	4,881
Additions Disposals and write-offs	254 (1,722)	- 1,685	254 (37)	4,365 (1,081)	1,368	- 4,365 288
Depreciation charge	-	(1,363)	(1,363)	-	(2,428)	(2,428)
Final value	11,063	(5,104)	5,960	12,531	(5,426)	7,105
6 GOODWILL
Goodwill represents the difference between the amount paid for the acquisition and the net assets fair value of the companies
acquired, with reference to the acquisition date, and at 30 June 2025 and 31 December 2024 is detailed as follows:
		Year of	Acquisition
				%	Jun 2025	Dec 2024
Subsidiaries		acquisition	cost
		2006	32,580	100%	188	377
REN Atlântico, Terminal de GNL, S.A.
				100%	1,780	1,891
Empresa de Transmisión Eléctrica		2019	155,482
Transemel, S.A.
					1,968	2,268

6 GOODWILL

	Cost		depreciation and amortization				depreciation and amortization		Net book value
6 GOODWILL Goodwill represents the difference between the amount paid for the acquisition and the net assets fair value of the companies acquired, with reference to the acquisition date, and at 30 June 2025 and 31 December 2024 is detailed as follows: REN Atlântico, Terminal de GNL, S.A.	Subsidiaries		Year of acquisition 2006		Acquisition cost 32,580	% 100%	Jun 2025	188	Dec 2024 377
Empresa de Transmisión Eléctrica Transemel, S.A.			2019		155,482	100%		1,780	1,891
								1,968	2,268
The movement for the periods ended 30 June 2025 and 31 December 2024 was: Subsidiaries	At 1 January 2024	Increases	Decreases	Exchange rate differences	At 31 December 2024	Increases	Decreases	Exchange rate differences	At 30 June 2025
REN Atlântico, Terminal de GNL, S.A.	755	-	(377)	-	377	-	(189)	-	188
								(111)	1,780
Empresa de Transmisión Eléctrica Transemel, S.A.	2,015	-	-	(124)	1,891	-	-

Subsidiaries	At 1 January 2024
Transemel, S.A.

On 21 April 2025, the REN Group, specifically Empresa de Transmisión Eléctrica Transemel S.A., acquired the entire share capital of Transmisora de Energía Nacimiento S.A. "Tensa", from Inversiones CMPC S.A. and Empresas CMPC S.A. (together "CMPC"), for the amount of 71,470 thousand US dollars.

Tensa is a chilean company that owns and operates approximately 190 km of electricity transmission lines, mostly located in the Center-South of Chile.

The acquisition respects the strict financial discipline that guides REN Group operations, ensuring sustained profitability and the preservation of credit metrics compatible with maintaining a rating investment grade.

The purchase price allocation (PPA) process is underway and has not resulted in the recognition of Goodwill, as follows:

Acquisition value	62,278
Fair value of assets acquired and liabilities assumed	62,278

7 INVESTMENTS IN ASSOCIATES AND JOIN VENTURES

		Goodwill
										-
7 At 30 June 2025 and 31 December 2024, the financial information regarding the financial interest held is as follows: Equity method: Associate: OMIP - Operador do Mercado Ibérico (Portugal), SGPS, S.A. Electrogas, S.A.	INVESTMENTS IN ASSOCIATES AND JOIN VENTURES Activity Holding company Gas transportation	Head office Lisbon Chile	Share capital 2,610 18,145	Current assets 479 11,094	30 June 2025 Non-current assets 30,425 19,632	Current liabilities 1,197 3,466	Non-current liabilities - 3,880	Revenues 520 23,481	Net profit/(loss) 320	Share capital 29,707	% 40	Carrying amount 11,676	Group share of profit / (loss) 103
									14,155	23,379	42.5	147,580 159,256	6,016 6,119
Joint venture: Centro de Investigação em Energia REN - STATE GRID, S.A.	Research & development	Lisbon	3,000	6,420	291	1,327	-	841	(81)	5,384	50	2,689	(40)
												161,945	6,078
					31 December 2024
	Activity	Head office	Share capital	Current assets	Non-current assets	Current liabilities	Non-current liabilities	Revenues	Net profit/(loss)	Share capital	%	Carrying amount	Group share of profit / (loss)
Equity method: Associate:
OMIP - Operador do Mercado Ibérico (Portugal), SGPS, S.A.	Holding company	Lisbon	2,610	606	30,034	289	-	1,448	1,066	30,351	40	11,933	432
Electrogas, S.A.	Gas transportation	Chile	20,470	13,074	24,165	3,806	4,903	46,777	26,805	28,530	42.5	167,404 179,337	11,392 11,824
Joint venture: Centro de Investigação em Energia
REN - STATE GRID, S.A.	Research & development	Lisbon	3,000	6,986	27	1,544	4	1,682	19	5,465	50	2,729 182,067	9 11,833

Associates

The changes in the caption "Investments in associates" during the periods ended 30 June 2025 and 31 December 2024 was as follows:

169,157 11,824 10,066 (11,289) (400) (21) 179,337 6,119 (19,223) (6,797) (180) 159,256
Investments in associates At 1 de January de 2024 Effect of applying the equity method Currency translation reserves Dividends of Electrogas Receipt of supplementary obligations of OMIP Other changes in equity At 31 December 2024 Effect of applying the equity method Currency translation reserves Dividends Receipt of supplementary obligations of OMIP At 30 June 2025
The proportional value of the OMIP, SGPS, S.A. includes the effect of the adjustment resulting of changes to the Financial
Investments in joint ventures
At 1 January 2024 2,721
Effect of applying the equity method 9
Dividends distribution (2)
At 31 December 2024 2,729
The movement in the caption "Investments in joint ventures" during the periods ended 30 June 2025 and 31 December 2024 Effect of applying the equity method (40)

The proportional value of the OMIP, SGPS, S.A. includes the effect of the adjustment resulting of changes to the Financial Statement of the previous year, made after the equity method application.

Joint ventures

The movement in the caption "Investments in joint ventures" during the periods ended 30 June 2025 and 31 December 2024 was as follows:

Investments in joint ventures
At 1 January 2024	2,721
Effect of applying the equity method	9
Dividends distribution	(2)
At 31 December 2024	2,729
Effect of applying the equity method	(40)

Following a joint agreement of technology partnership between REN – Redes Energéticas Nacionais and the State Grid International Development (SGID), in May 2013 an R&D centre in Portugal dedicated to power systems designed – Centro de Investigação em Energia REN – STATE GRID, S.A. ("Centro de Investigação") was incorporated, being jointly controlled by the above mentioned two entities.

The Research Centre aims to become a platform for international knowledge, a catalyst for innovative solutions and tools, applied to the planning and operation of transmission power.

At 30 June 2025 and 31 December 2024, the financial information of the joint venture was as follows:

				30 June 2025
	Cash and cash equivalents	Current financial liabilities	Non-current financial liabilities	Depreciations and amortizations	Financial income	Financial costs	Income tax- (cost) / income
Joint venture: Centro de Investigação em Energia
REN - STATE GRID, S.A.	5,779	6	-	(13)	53	(1)	(2)
				31 December 2024
	Cash and cash equivalents	Current financial liabilities	Non-current financial liabilities	Depreciations and amortizations	Financial income	Financial costs	Income tax- (cost) / income
Centro de Investigação em Energia REN - STATE GRID, S.A.	5,550	41	4	(31)	91	(6)	(3)
Joint venture:

8 INCOME TAX

REN is taxed based on the special regime for the taxation of group companies, which includes all companies located in Portugal that REN detains directly or indirectly ate least 75% of the share capital, which should give at more than 50% of the voting rights, and comply with the conditions of the article 69º of the Corporate Income Tax law.

In accordance with current legislation, tax returns are subject to review and correction by the tax authorities for a period of four years (five years for social security), except when there are tax losses, tax benefits granted or tax inspections, claims or appeals in progress, in which case the period can be extended or suspended, depending on the circumstances. Consequently, the Company's tax returns for the years from 2021 to 2024 are still subject to review.

The Company's Board of Directors understands that possible corrections to the tax returns resulting from tax reviews /inspections carried out by the tax authorities will not have a significant effect on the financial statements as of 30 June 2025 and 31 December 2024.

In the six-month period ended 30 June 2025, the Group is subject to Corporate Income Tax, at an average rate, taking into account the base rate of 20%, which will be increased by a municipal surcharge of up to a maximum of 1.5% on taxable income, and a state surcharge of (i) 3% of taxable profit between 1,500 thousand euros and 7,500 thousand euros; (ii) of 5% over the taxable profit in excess of 7,500 thousand euros and up to 35,000 thousand euros; and (iii) 9% for taxable profits in excess of 35,000 thousand euros, which results in a maximum aggregate tax rate of 30.5%.

The tax rate used in the valuation of temporary taxable and deductible differences as of 30 June 2025, was updated for each Company included in the consolidation perimeter, using the average tax rate expected in accordance with future perspective of taxable profits of each company recoverable in the next periods.

Pillar Two legislation is applicable in the various jurisdictions in which the Group operates. The Group has carried out an assessment of the potential exposure to Pillar Two income taxes. The assessment is based on the most recent financial information of the Group's companies. Based on this assessment, the effective tax rates in all jurisdictions in which the Group operates are higher than 15% and Management is not aware of any fact or event that could change this conclusion. As such, the Group's exposure to the new Pillar Two legislation is not expected, except for potential additional reporting obligations.

Income tax registered in the periods ended 30 June 2025 and 30 June 2024 was as follows:

	Jun 2025	Jun 2024
Current income tax	24,223	26,782
Adjustments of income tax from previous years	(4,776)	(1,130)
Deferred income tax	(11,870)	1,046
Income tax	7,577	26,698
The amount of 4,776 thousand euros on 30 June 2025 refers essentially to the recovery of corporate income tax from previous
Reconciliation between tax calculated at the nominal tax rate and tax recorded in the consolidated statement of profit and loss
	Jun 2025	Jun 2024
Consolidated profit before income tax	101,693	103,605
Permanent differences:

The amount of 4,776 thousand euros on 30 June 2025 refers essentially to the recovery of corporate income tax from previous years and tax benefits.

Reconciliation between tax calculated at the nominal tax rate and tax recorded in the consolidated statement of profit and loss is as follows:

The amount of 4,776 thousand euros on 30 June 2025 refers essentially to the recovery of corporate income tax from previous
Reconciliation between tax calculated at the nominal tax rate and tax recorded in the consolidated statement of profit and loss
	Jun 2025	Jun 2024
Consolidated profit before income tax	101,693	103,605
Permanent differences:
Non deductible/taxable costs/income	(51,373)	16,591
Timing differences:
Tariff deviations	36,249	(3,871)
Provisions and impairment	(279)	(245)
Revaluations	(2,603)	(4,730)
Pension, helthcare assistence and life insurance plans	786	(135)
Derivative financial instruments	362	97
Others	868	892
Taxable income	85,703	112,203
Income tax	16,214	20,706
	6,105	3,937
State surcharge tax	1,581	1,829
Municipal surcharge	324	309
Autonomous taxation		26,782
Current income tax	24,223
Deferred income tax	(11,870)	1,046
Adjustments of income tax from previous years	(4,776)	(1,130)
Income tax	7,577	26,698

Income tax

The caption "Income tax" payable and receivable at 30 June 2025 and 31 December 2024 is as follows:

	Jun 2025	Dec 2024
Income tax:
Corporate income tax - estimated tax	(24,223)	(15,373)
Corporate income tax - payments on account	1,795	10,132
Income withholding tax by third parties	393	3,112
Income recoverable / (payable)	(187)	42
Income tax recoverable / (payable)	(22,222)	(2,086)
The effect of the changes in the deferred tax captions in the years presented was as follows:
	Jun 2025	Dec 2024
Impact on the statement of profit and loss:
Deferred tax assets	1,220	(3,986)
Deferred tax liabilities	10,650	(2,022)
	11,870	(6,008)
Impact on equity:
Deferred tax assets Deferred tax liabilities	2,248 (1,672)	(1,844) 5,865

Deferred taxes

The effect of the changes in the deferred tax captions in the years presented was as follows:

Income tax:
			Jun 2025	Dec 2024
	Impact on the statement of profit and loss:
Deferred tax assets			1,220		(3,986)
Deferred tax liabilities			10,650		(2,022)
Impact on equity:			11,870		(6,008)
Deferred tax assets			2,248		(1,844)
Deferred tax liabilities			(1,672)		5,865
			576		4,021
	Net impact of deferred taxes		12,446		(1,987)
Provisions and Impairments	Pensions	Tariff deviations	Derivative financial

Change in deferred tax assets – June 2025

	Impact on the statement of profit and loss:
				11,870		(6,008)
	Impact on equity:
				576		4,021
The changes in deferred tax by nature were as follows:
Change in deferred tax assets – June 2025	Provisions and Impairments	Pensions	Tariff deviations	Derivative financial instruments	Revalued assets	Others	Total
At 1 January 2025	2,746	21,041	15,281	(2,457)	7,916	3,078	47,606
Increase/decrease through reserves	-	505	-	-	-	1,743	2,248
Reversal through profit and loss	(56)	-	-	(9)	(765)	-	(830)
Increase through profit and loss	-	247	1,801	-	-	2	2,050
Change in the period	(56)	752	1,801	(9)	(765)	1,745	3,468
At 30 June 2025	2,690	21,793	17,082	(2,466)	7,151	4,823	51,075

Change in deferred tax assets – December 2024

	Provisions and Impairments	Pensions	Tariff deviations	Derivative financial instruments	Revalued assets		Others	Total
At 1 January 2024	2,355	22,726	16,683	(2,516)	10,814		3,374	53,437
Increase/decrease through reserves	-	(1,934)	-	-		-	89	(1,844)
Reversal through profit and loss Increase through profit and loss	(92) 484	- 248	(1,797) 395	- 58	(2,898)	-	(388) 3	(5,175) 1,188
Change in the period	392	(1,685)	(1,402)	58	(2,898)		(296)	(5,831)
At 31 December 2024	2,746	21,041	15,281	(2,457)	7,916		3,078	47,606
Deferred tax assets at 30 June 2025 correspond essentially to: (i) to liabilities for benefit plans granted to employees; (ii) tariff deviations liabilities to be settled in subsequent years; and (iii) revalued assets.
Evolution of deferred tax liabilities – June 2025
	Tariff deviations	Revaluations	Fair value		Investments in equity instruments at fair value through other comprehensive income	Derivative financial instruments	Others	Total
At 1 January 2025	40,556	13,445	42,979		3,533	6,203	(2,654)	104,063
Changes in the perimeter	- -	- -		- -	- 2,100	- (1,040)	1,161 -	1,161 1,060

Evolution of deferred tax liabilities – June 2025

	Provisions and
Deferred tax assets at 30 June 2025 correspond essentially to: (i) to liabilities for benefit plans granted to employees; (ii) tariff deviations liabilities to be settled in subsequent years; and (iii) revalued assets. Evolution of deferred tax liabilities – June 2025					Investments in equity instruments at fair value	Derivative
					through other comprehensive income	financial instruments	Others	Total
At 1 January 2025	40,556	13,445	42,979		3,533	6,203	(2,654)	104,063
Changes in the perimeter	-	-		-	-	-	1,161	1,161
Increase/decrease through equity	-	-		-	2,100	(1,040)	-	1,060
Reversal trough profit and loss	(9,300)	(564)		(1,012)	-	-	(90)	(10,966)
Increase through profit and loss	-	-		-	-	-	316	316
Exchange rate differences	-	-		-	-	-	(549)	(549)
Change in the period	(9,300)	(564)	(1,012)		2,100	(1,040)	838	(8,978)
At 30 June 2025	31,256	12,881	41,967		5,634	5,163	(1,816)	95,085
Evolution of deferred tax liabilities – December 2024	Tariff deviations	Revaluations	Fair value		Investments in equity instruments at fair value through other	Derivative financial	Others	Total
					comprehensive income	instruments
At 1 January 2024	35,885	14,605		44,862	4,350	10,687	(2,484)	107,905
Increase/decrease through equity	-	-		-	(818)	(4,484)	-	(5,302)
Reversal trough profit and loss	-	(1,160)		(1,882)	-	-	326	(2,716)
Increase through profit and loss	4,671	-		-	-	-	67	4,738
Exchange rate differences	-	-		-	-	-	(563)	(563)

Evolution of deferred tax liabilities – December 2024

				through other
Evolution of deferred tax liabilities – December 2024				Investments in equity	Derivative
				instruments at fair value through other comprehensive income	financial instruments	Others	Total
At 1 January 2024	35,885	14,605	44,862	4,350	10,687	(2,484)	107,905
Increase/decrease through equity	-	-	-	(818)	(4,484)	-	(5,302)
Reversal trough profit and loss	-	(1,160)	(1,882)	-	-	326	(2,716)
Increase through profit and loss	4,671	-	-	-	-	67	4,738
Exchange rate differences	-	-	-	-	-	(563)	(563)
Change in the period	4,671	(1,160)	(1,882)	(818)	(4,484)	(170)	(3,842)

Deferred tax liabilities relating to revaluations result from revaluations made in preceding years under legislation. The effect of these deferred taxes reflects the non-tax deductibility of 40% of future depreciation of the revaluation component (included in the assets considered cost at the time of the transition to IFRS).

The legal documents that establish these revaluations were the following:

	Legislation (revaluation)
Electricity segment	Gas segment
Decree-Law nº 430/78	Decree-Law nº 140/2006
Decree-Law nº 399-G/81	Decree-Law nº 66/2016
Decree-Law nº 219/82
Decree-Law nº 171/85
Decree-Law nº 118-B/86
Decree-Law nº 111/88
Decree-Law nº 7/91 Decree-Law nº 49/91

9 FINANCIAL ASSETS AND LIABILITIES

- June 2025

			Decree-Law nº 219/82 Decree-Law nº 171/85 Decree-Law nº 118-B/86 Decree-Law nº 111/88 Decree-Law nº 7/91 Decree-Law nº 49/91 Decree-Law nº 264/92
9 financial assets and liabilities:			FINANCIAL ASSETS AND LIABILITIES The accounting policies for financial instruments in accordance with the IFRS 9 categories have been applied to the following
- June 2025
	Notes	Financial assets at amortized cost	Financial assets at fair value - Equity instruments through other comprehensive income	Financial assets/liabilities at fair value - Profit for the year	Other financial assets/liabilities	Total carrying amount	Fair value
Assets
Cash and cash equivalents	13	-	-	-	37,343	37,343	37,343
Trade and other receivables	11	337,025	-	-	-	337,025	337,025
Other financial assets		-	-	5,978	31	6,009	6,009
Investments in equity instruments at fair value	10	-	139,379	-	-	139,379	139,379
through other comprehensive income
Derivative financial instruments Assets related to the transitional gas price	12	-	-	24,314	-	24,314	24,314
stabilization regime - Decree-Law 84-D/2022	32	-	-	-	3,481	3,481	3,481
		337,025	139,379	30,292	40,855	547,550	547,550
Liabilities
Borrowings	16	-	-	-	2,412,612	2,412,612	2,378,305
Trade and other payables	19	-	-	-	461,154	461,154	461,154
Drivative financial instruments	12	-	-	25,999	-	25,999	25,999
Liability related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32	- -	- -	- 25,999	3,481 2,877,247	3,481 2,903,246	3,481 2,868,939

- December 2024

	Notes	Financial assets at amortized cost	Financial assets at fair value - Equity instruments through other comprehensive income	Financial assets/liabilities at fair value - Profit for the year	Other financial assets/liabilities	Total carrying amount	Fair value
Assets
Cash and cash equivalents	13	-	-	-	40,477	40,477	40,477
Trade and other receivables	11	559,646	-	-	-	559,646	559,646
Other financial assets		-	-	5,986	30	6,017	6,017
Investments in equity instruments at fair value
through other comprehensive income	10	-	137,858	-	-	137,858	137,858
Derivative financial instruments	12	-	-	30,196	-	30,196	30,196
Assets related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32	-	-	-	3,481	3,481	3,481
		559,646	137,858	36,182	43,989	777,675	777,675
Liabilities
Borrowings	16	-	-	-	2,531,768	2,531,768	2,528,667
Trade and other payables	19	-	-	-	488,557	488,557	488,557
Drivative financial instruments	12	-	-	34,218	-	34,218	34,218
Liability related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32	-	-	-	3,481	3,481	3,481
		-	-	34,218	3,023,806	3,058,023	3,054,922

Loans obtained, as referred to in Note 3.6 to the annual consolidated financial statements for the period ended on 31 December 2024 are measured, initially at fair value and subsequently at amortized cost, except for those which it has been contracted derivative fair value hedges (Note 12) which are measured at fair value. Nevertheless, REN proceeds to the disclosure of the fair value of the caption Borrowings, based on a set of relevant observable data, which fall within Level 2 of the fair value hierarchy.

The fair value of borrowings and derivatives is calculated by the method of discounted cash flows, using the curve of interest rate on the date of the statement of financial position in accordance with the characteristics of each loan.

The range of market rates used to calculate the fair value ranges between 1.9210% and 2.6912% (maturities of one month and twelve years, respectively).

The fair value of borrowings contracted by the Group at 30 June 2025 is 2,378,305 thousand euros (at 31 December 2024 was 2,528,667 thousand euros), of which 275,722 thousand euros are recorded partly at amortized cost and includes an element of fair value resulting from movements in interest rates (at 31 December 2024 was 570,331 thousand euros).

Estimated fair value – assets and liabilities measured at fair value

The following table presents the Group's assets and liabilities measured at fair value at 30 June 2025 in accordance with the following hierarchy levels of fair value:

• Level 1: the fair value of financial instruments is based on net market prices as of the date of the statement of financial position;
• Level 2: the fair value of financial instruments is not determined based on active market quotes but using valuation models. The main inputs of the models are observable in the market in relation to derivative finantial instruments;
• Level 3: the fair value of financial instruments is not determined based on active market quotes, but using valuation models, whose main inputs are not observable in the market.

During the six-month period ended 30 June 2025, there was no transfer of financial assets and liabilities between fair value
hierarchy levels.
				Jun 2025			Dec 2024
					Total	Level 1	Level 2	Level 3	Total
		Level 1	Level 2	Level 3
Assets:
Investments in equity instruments at fair value	Shares	98,279	-	37,506	135,785	89,344	-	44,920	134,264
through other comprehensive income Financial assets at fair value	Cash flow hedge derivatives		24,314	-	24,314	-	30,196	-	30,196
Other financial assets	Treasury funds	- 5,978	-	-	5,978	5,896	-	-	5,896
		104,257	24,314	37,506	166,076	95,240	30,196	44,920	170,356
Liabilities:
Financial liabilities at fair value	Loans	-	275,722	-	275,722	-	570,331	-	570,331
Financial liabilities at fair value	Fair value hedge derivatives	-	25,999	-	25,999	-	34,218	-	34,218
		-	301,721	-	301,721	-	604,548	-	604,548

For this purpose, REN has opted for a revenue approach, which reflects current market expectations regarding future amounts. The fair value of the investment amounted to 37,506 thousand euros for the six-month period ended on 30 June 2025.

With respect to the current receivables and payables balances, its carrying amount corresponds to a reasonable approximation of its fair value.

The non-current accounts receivable and accounts payable refers, essentially, to tariff deviations which amounts are communicated by ERSE, being its carrying amount a reasonable approximation of its fair value, given that they include the time value of money, being incorporated in the next two years tariffs.

Financial risk management

Up until 30 June 2025, there were no significant changes regarding the financial risk management of the Company compared to the risks disclosed in the consolidated financial statements as of 31 December 2024. A description of the risks can be found in Section 4 - Financial Risk Management of the consolidated financial statements for the year ended 2024.

10 INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

10 INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH
OTHER COMPREHENSIVE INCOME
The assets recognised in this caption at 30 June 2025 and 31 December 2024 corresponds to equity interests held on strategic
entities for the Group, which can be detailed as follows:
				Head office			Book value
			City	Country	% owned	Jun 2025		Dec 2024
OMEL - Operador del Mercado Ibérico de Energia (Pólo Espanhol)			Madrid	Spain	10.00%		3,167	3,167
Redeia Corporación, S.A.			Madrid	Spain	1.00%		98,279	89,344
			Maputo	Mozambique	7.50%		37,506	44,920
Hidroeléctrica de Cahora Bassa ("HCB")					7.90%		164	164
Coreso, S.A.			Brussels	Belgium
MIBGAS, S.A.			Madrid	Spain	6.67%		202	202
MIBGÁS Derivatives, S.A.			Madrid	Spain	9.70%		49	49
Association HyLab - Green Hydrogen Collaborative Laboratory			Sines	Portugal	12.50%	139,379	13	13 137,858
The changes in this caption were as follows:
	OMEL	HCB	REE	Coreso	MIBGÁS	MIBGÁS Derivatives	HyLab	Total

The changes in this caption were as follows:
						MIBGÁS
	3,167	51,410	80,735	164	202	49	15	135,741
	-	(6,490)	8,610	-	-	-	-	2,120
	-	-	-	-	-	-	(2)	(2)
	3,167	44,920	89,344	164	202	49	13	137,858
At 1 January 2024 Fair value adjustments Others At 31 December 2024 At 1 January 2025	3,167	44,920	89,344	164	202	49	13	137,858
Fair value adjustments	-	(7,414)	8,934	-	-	-	-	1,520

Redeia Corporación, S.A. is the transmission system operator of electricity in Spain. The Group acquired 1% of equity interests in Redeia Corporación, S.A. as part of the agreement signed by the Portuguese and Spanish Governments. Redeia Corporación S.A. is a listed company in Madrid`s index IBEX 35– Spain and the financial asset was recorded on the statement of financial position at the market price on 30 June 2025.

REN holds 2,060,661,943 shares representing 7.5% of the stock capital and voting rights of Hidroeléctrica de Cahora Bassa, SA, a company incorporated under Mozambican law, at the HCB, as a result of fulfilling the conditions of the contract entered into on April 9, 2012, between REN, Parpública - Participações Públicas, SGPS, SA, CEZA - Companhia Eléctrica do Zambeze, SA and EDM - Electricidade de Moçambique, EP. This participation was initially recorded at its acquisition cost (38,400 thousand euros) and subsequently adjusted to its fair value (Note 9).

REN Company holds a financial stake in the Coreso's share capital, a Company which is also hold by other important European TSO's which, as initiative of the Coordination of Regional Security (CRS), assists the TSO's in the safely supply of electricity in Europe. In this context, Coreso develops and executes operational planning activities that involve the analysis and coordination of the European regional electricity network, with a focus on the coordination of services, ranging from coordination several days in advance to close to real time.

On 30 June 2025, REN also holds a 6.67% financial interest in the share capital of MIBGÁS, SA, acquired during the first half of 2016, a company in charge of the development of the natural gas wholesale market operator in the Iberian Peninsula.

As part of the process of creating the Single Operator of the Iberian Electricity Market (Operador Único do Mercado Ibérico de Eletricidade – OMI) in 2011 and in accordance with the provisions of the agreement between the Portuguese Republic and the Kingdom of Spain on the establishment of an Iberian electricity market, the Company acquired 10% of the capital stock of OMEL, Operador del Mercado Iberico de Energia, SA, a Spanish operator of the sole operator, for a total value of 3,167 thousand euros.

On 30 June 2025, REN also holds a 9.7% financial interest, acquired for the amount of 48 thousand euros, of the share capital of MIBGÁS Derivatives, SA, the management company of the organized futures market natural gas, spot products of liquefied natural gas and spot products in underground storage in the Iberian Peninsula.

On 30 June 2025, REN also holds 12.5 Founder Participation Units in the HyLab – Green Hydrogen Collaborative Laboratory Association, acquired for the amount of 13 thousand euros. This is a non-profit association governed by private law, whose object is the scientific and technological development of Green Hydrogen, covering the various components of the value chain, namely production, transport, distribution, storage and end uses.

These investments (OMEL, MIBGÁS, MIBGÁS Derivatives, Coreso and HyLab) are recognised at fair value through other comprehensive income, however, as there are no available market price for these investments and as it is not possible to determine the fair value of the period using comparable transactions, these investments are recorded at acquisition value, and there is no indicator at this date that this value is not representative of the fair value, as describe in Note 3.6 - Financial Assets and Liabilities of the consolidated financial statements for the year ended 2024.

REN understands that there is no evidence of impairment loss regarding the investments of OMEL, Coreso, MIBGÁS, MIBGÁS Derivatives and HyLab at 30 June 2025.

REN Portgás holds other financial interests, which are recorded at the acquisition cost in the amount of 14 thousand euros, deducted of impairment losses, with a net value of zero thousand euros.

The adjustments to investments in equity instruments at fair value through other comprehensive are recognised in the equity caption "Fair value reserve". This caption at 30 June 2025 and 31 December 2024 is as follows:

	These investments (OMEL, MIBGÁS, MIBGÁS Derivatives, Coreso and HyLab) are recognised at fair value through other comprehensive income, however, as there are no available market price for these investments and as it is not possible to determine the fair value of the period using comparable transactions, these investments are recorded at acquisition value, and there is no indicator at this date that this value is not representative of the fair value, as describe in Note 3.6 - Financial Assets and Liabilities of the consolidated financial statements for the year ended 2024.
	REN understands that there is no evidence of impairment loss regarding the investments of OMEL, Coreso, MIBGÁS, MIBGÁS
	REN Portgás holds other financial interests, which are recorded at the acquisition cost in the amount of 14 thousand euros, deducted of impairment losses, with a net value of zero thousand euros.
	Name
	AMPORTO - Área Metropolitana do Porto
	AREA ALTO MINHO - Ag. Reg. Energia e Amb. Alto Minho
	ADEPORTO - Agência de Energia do Porto
	caption "Fair value reserve". This caption at 30 June 2025 and 31 December 2024 is as follows: Fair value reserve (Note 15)
	1 January 2024	39,461
	Changes in fair value	2,120
	Tax effect	818
	31 December 2024	42,399
	1 January 2025	42,399
	Changes in fair value	1,520
	Tax effect	(431)
	30 June 2025	43,488
	In the six-month period ended 30 June 2025, the amount of 11,166 thousand euros recognised in the consolidated income statement of profit and loss is related to dividends from shareholdings held by the REN Group. The details of dividends by entity for the six-month periods ended 30 June 30, 2025 and 2024 is as follows:
		Jun 2025	Jun 2024
		3,249	3,938
Redeia Corporación, S.A.
	Hidroeléctrica de Cahora Bassa, S.A	7,784	7,928
	OMEL - Operador del Mercado Ibérico de Energia (Pólo Espanhol)	133	68
MIBGÁS, S.A.		- 11,166	64 11,999

In the six-month period ended 30 June 2025, the amount of 11,166 thousand euros recognised in the consolidated income statement of profit and loss is related to dividends from shareholdings held by the REN Group.

The details of dividends by entity for the six-month periods ended 30 June 30, 2025 and 2024 is as follows:

	Fair value reserve
	(Note 15)
	In the six-month period ended 30 June 2025, the amount of 11,166 thousand euros recognised in the consolidated income statement of profit and loss is related to dividends from shareholdings held by the REN Group. The details of dividends by entity for the six-month periods ended 30 June 30, 2025 and 2024 is as follows:
		Jun 2025	Jun 2024
Redeia Corporación, S.A.		3,249	3,938
Hidroeléctrica de Cahora Bassa, S.A		7,784	7,928
	OMEL - Operador del Mercado Ibérico de Energia (Pólo Espanhol)	133	68
MIBGÁS, S.A.		-	64

11 TRADE AND OTHER RECEIVABLES

The caption "Trade and other receivables" at 30 June 2025 and 31 December 2024 are as follows:

		Jun 2025			Dec 2024
	Current	Non-current	Total	Current	Non-current	Total
Trade receivables	209,058	575	209,633	394,462	574	395,036
Impairment of trade receivables Trade receivables net	(3,158) 205,901	- 575	(3,158) 206,475	(3,410) 391,053	- 574	(3,410) 391,626
Tariff deviations	64,354	65,293	129,647	93,529	74,046	167,575
State and Other Public Entities	904	-	904	444	-	444

This transaction related to CMEC is set up as an "Agent" transaction, being off set in the REN consolidated income statement.

12 DERIVATIVE FINANCIAL INSTRUMENTS

At 30 June 2025 and 31 December 2024, the REN Group had the following derivative financial instruments:

The most relevant balances included in the trade and other receivables caption as of 30 June 2025 are: (i) the receivable of E Redes Distribuição de Eletricidade, S.A. in the amount of 66,588 thousand euros (116,125 thousand euros at 31 December 2024), (ii) the receivable of Galp Gás Natural, S.A., in the amount of 6,536 thousand euros (5,167 thousand euros at 31 December 2024), (iii) the receivable of EDP – Gestão da Produção de Energia, S.A., in the amount of 803 thousand euros (5.407 thousand euros at 31 December 2024), (iv) the receivable of EDP – Energias de Portugal, S.A., in the amount of 1,422 thousand euros (1,157 thousand euros at 31 December 2024), (v) the receivable of Endesa Generación, S.A., in the amount of 9,615 thousand euros (9,615 thousand euros at 31 December 2024) and (vi) the amount of 9,652 thousands euros regarding Social Tariff, not yet invoiced by 30 June 2025 (17,350 thousand euros at 31 December 2024).
In the "Trade and other receivables" at 30 June 2025, also stands out the amounts not yet invoiced of the activity of the Market Manager (MIBEL – Mercado Ibérico de Electricidade), in the amount of 17,010 thousand euros (25,091 thousand euros at 31 December 2024), the amount to invoice to EDP Distribuição de Energia, S.A., of 6,857 thousand euros (7,787 thousand euros at 31 December 2024) regarding the CMEC, also reflected in the caption "Suppliers and other accounts payable" (Note 19) and on 31 December 2024, the amount of 42,452 thousand euros relating to the payment of dividends as an advance on profits.
This transaction related to CMEC is set up as an "Agent" transaction, being off set in the REN consolidated income statement.
12 DERIVATIVE FINANCIAL INSTRUMENTS At 30 June 2025 and 31 December 2024, the REN Group had the following derivative financial instruments:
			30 June 2025
		Assets		Liabilities
	Notional	Current	Non-current	Current	Non-current
Derivatives designated as cash flow hedges
Interest rate swaps	300,000 tEUR	- -	24,314 24,314	- -	- -
Derivatives designated as fair value hedges
Interest rate swaps	300,000 tEUR	-	-	-	25,999
		-	-	-	25,999
Derivative financial instruments		-	24,314	-	25,999
			31 December 2024
		Assets		Liabilities
Derivatives designated as cash flow hedges	Notional	Current	Non-current	Current	Non-current
Interest rate swaps	600,000 tEUR	1,554	28,642	-	-
		1,554	28,642	-	-
Derivatives designated as fair value hedges
Interest rate swaps	600,000 tEUR	-	-	3,477	30,740
		-	-	3,477	30,740
Derivative financial instruments		1,554	28,642	3,477	30,740
The valuation of the derivative financial instruments portfolio is based on fair value valuations performed by specialized external

The amount recognized in this item refers to:

four interest rate swap contracts negotiated by REN SGPS to hedge the interest rate fluctuation risk.

Counterparties to derivative contracts are international financial institutions with a solid credit rating and first-rate national institutions.
For the purpose of effectiveness testing of the designated hedging relationships, REN applies the "Dollar offset method" and the linear regression statistical method as methodologies. The effectiveness ratio is given by comparing the changes in fair value of the hedging instrument with the changes in fair value of the hedged item (or hypothetical derivative instrument simulating the conditions of the hedged item).
For the purpose of calculating ineffectiveness, the total change in fair value of the hedging instruments is considered.
The disclosed amount includes receivable or payable accrued interest, at 30 June 2025 related to these financial instruments, in the net amount payable of 92 thousand euros (at 31 December 2024 it was 2,021 thousand euros payable). The characteristics of the derivative financial instruments negotiated at 30 June 2025 and 31 December 2024 were as follows:
		Notional	Currency	REN pays	REN receives	Maturity	Fair value at
Cash flow hedge:							Jun 2025	Dec 2024
Interest rate swaps		300,000 tEUR	EUR	[0.051%;0.052%]	[Euribor 6m]	[apr-2029]	24,314 24,314	30,196 30,196
Fair value hedge: Interest rate swaps		300,000 tEUR	EUR	[Euribor 6m]	[0.611%; 0.6285%]	[feb-2025]	-	(3,477)
Interest rate swaps		300,000 tEUR	EUR	[Euribor 6m]	[-0.095%]	[apr-2029]	(25,999)	(30,740)
							(25,999)	(34,217)
						Total	(1,685)	(4,020)
The periodicity of the cash flows, paid and received, from the derivative financial instruments portfolio is semiannual and annual for cash flow hedging contracts, semiannual and annual for fair value hedging contracts.
The breakdown of the notional of derivatives at 30 June 2025 is presented in the following table:
		2025		2026	2027 2028	2029	Following years	Total
Interest rate swap (cash flow hedge)			-	-	-	- 300,000	-	300,000
Interest rate swap (fair value hedge)			-	-	-	- 300,000	-	300,000
	Total		-	-	-	- 600,000	-	600,000
The breakdown of the notional of derivatives on 31 December 2024 is presented in the following table:
		2025		2026	2027 2028	2029	Following years	Total
Interest rate swap (cash flow hedge)			300,000	-	-	- 300,000	-	600,000
Interest rate swap (fair value hedge)	Total		300,000 600,000	- -	- -	- 300,000 - 600,000	- -	600,000 1,200,000

			Following years	Total

The periodicity of the cash flows, paid and received, from the derivative financial instruments portfolio is semiannual and annual for cash flow hedging contracts, semiannual and annual for fair value hedging contracts. The breakdown of the notional of derivatives at 30 June 2025 is presented in the following table:
					Following years	Total
The breakdown of the notional of derivatives on 31 December 2024 is presented in the following table:					Following years	Total
Interest rate swap (cash flow hedge) Interest rate swap (fair value hedge)	300,000 300,000	- -	- -	- 300,000 - 300,000	- -	600,000 600,000

Swaps:

Cash Flow Hedge - Interest Rate Swaps

Cash flow hedging instruments Bond Issue (Euro Medium Term Notes)1 Bond Issue (Euro Medium Term Notes)2	12/02/2025 16/04/2029	300,000 tEUR 300,000 tEUR	2.5% 0.50%	- 299,078	306,574 299,675	16 16
	Maturity	Hedged notional	Interest rate	Hedged carrying amount - Jun 2025	Hedged carrying amount - Dec 2024	Note
As of 30 June 2025, the Group has a total of two cash flow hedging interest rate swap contracts for a total amount of 300,000 thousand euros (as of 31 December 2024 it was 600,000 thousand euros related to four swap contracts). The hedged risk is the variable rate index associated to the interest payments of the loans. Credit risk is not being hedged. The fair value of the interest rate swaps, at 30 June 2025, is positive 24,314 thousand euros (at 31 December 2024 it was positive 30,196 thousand euros). The derivatives described above, in a total amount of 300,000 thousand euros (at 31 December 2024 it was 600,000 thousand euros), are designated to hedge an aggregated exposure composed by the net effect of floating rate debt and interest rate swaps designated as fair value hedging instruments. The amount recognised in reserves, relating to the cash flow hedges referred to above, was 22,945 thousand euros (at 31 December 2024 it was 27,568 thousand euros). The hedged instruments of cash flow hedging relationships present the following conditions:
The Group hedges the interest rate risk associated with the fluctuation of the market interest rate index (Euribor) on a portion of future debt interest payments through the designation of interest rate swaps, in order to transform floating rate payments into fixed rate payments.

Comprehensive Income:

- June 2025

This hedged instrument is designated jointly with derivatives of fair value hedging amounting to 300,000 thousand Euros (see conditions on the table above) in an aggregate exposure hedge to Euribor 6 months in the period from 2023 to 2025 and, as such, eligible for cash flow hedge.
2 This hedged instrument is designated jointly with derivatives of fair value hedging amounting to 300,000 thousand Euros (see conditions on the table above) in an aggregate exposure hedge to Euribor 6 months in the period from 2023 to 2029 and, as such, eligible for cash flow hedge.
Comprehensive Income:
The movements recorded in the statement of comprehensive income through the application of cash flow hedges were as follows:
- June 2025 Cash flow hedging instruments	Change in the fair value of hedging instruments (*)	Of which: effective amount recorded in hedge reserves	Hedging inefficiency recorded in profit for the year		Coverage reserve reclassifications to results for the year
Swaps of interest rate	(4,623)	(4,623)		-
	(4,623)	(4,623)		-

• June 2024

	Change in the fair
Cash flow hedging instruments	value of hedging	Of which: effective amount recorded in hedge	Hedging inefficiency recorded in profit for	Coverage reserve reclassifications to
	instruments (*)	reserves	the year	results for the year
	(3,434)	(3,434)	-	-
	8,551	1,770	(2,151)	8,932
	5,117	(1,664)	(2,151)	8,932
Swaps of interest rate Swaps of exchange rate and interest rate (*) Does not include accrued interest and hedging inefficiency.

Hedging Reserve:

The movements recognised in the hedging reserve (note 15) were as follows:

Cash flow hedging instruments	Change in the fair value of hedging instruments (*)	Of which: effective amount recorded in hedge reserves		Hedging inefficiency recorded in profit for the year	Coverage reserve reclassifications to results for the year
	5,117		(1,664)	(2,151)	8,932
The movements recognised in the hedging reserve (note 15) were as follows:
		Fair value	Deferred taxes	Hedging reserves
			impact
1 January 2024		47,758	(10,687)		37,071
Changes in fair value and ineffectiveness		(19,930)		4,484	(15,446)
31 December 2024		27,828		(6,203)	21,625
1 January 2025		27,828		(6,203)	21,625
Changes in fair value and ineffectiveness		(4,623)		1,040	(3,583)

Fair Value Hedge

- June 2025

The Group hedges the interest rate risk associated with the fluctuation of market interest rate index (Euribor) on the fair value of interest payments on fixed-rate debt by negotiating interest rate swaps where it pays a variable rate and receives a fixed rate in order to convert fixed-rate debt payments into variable-rate payments. As of 30 June 2025, the Group has a total of two fair value hedging derivative contracts amounting to 300,000 thousand Euros (as of 31 December 2024 it was 600,000 thousand euros related to four swap contracts). The hedged risk corresponds to the change in fair value of debt issues attributable to movements in the market interest rate index (Euribor). Credit risk is not being hedged). As of 30 June 2025, the fair value of interest rate swaps designated as fair value hedging instruments was negative 25,999 thousand euros (as of 31 December 2024 it was negative 34,218 thousand euros). Changes in the fair value of hedged items arising from interest rate risk are recognised in the income statement in order to offset changes in the fair value of the hedging instrument, which are also recognised in the income statement. The hedged items of fair value hedging relationships have the following conditions:
- June 2025
Maturity	Hedged notional	Interest rate	Carrying amount	Accumulated Fair value adjustment	Variation of the year-end 2025	Note
Fair value hedging instruments
12/02/2025						16
16/04/2029						16
Bond Issue (Euro Medium Term Notes) Bond Issue (Euro Medium Term Notes)		300,000 tEUR 300,000 tEUR	2.50% 0.50%	300,000 274,800		- (1,396) 24,278 (3,995) 24,278 (5,391)

• June 2024

		Hedged	Interest		Accumulated	Variation of the
	Maturity	notional	rate	Carrying amount	Fair value	year-end 2024	Note
Fair value hedging instruments					adjustment
Bond Issue (Euro Medium Term Notes)	12/02/2025	300,000 tEUR	2.50%	297,055	5,587	(3,314)	16
Bond Issue (Euro Medium Term Notes)	16/04/2029	300,000 tEUR	0.50%	259,419	39,341	1,969	16
					44,928	(1,345)
As of 30 June 2025, the change in fair value of the debt related to interest rate risk recognized in the income statement was negative 5,391 thousand euros (at 30 June 2024 it was negative 1,345 thousand euros), resulting in an ineffective component, after considering the effect of the hedged items in the income statement, of approximately negative 362 thousand euros (at 30 June 2024 it was negative 97 thousand euros). The recognized ineffectiveness is related to the effect of the fixed leg spread of the hedging instruments that is not reflected in the hedged item.
Comprehensive Income:
The movements recorded in the statement of comprehensive income through the application of fair value hedges were as
follows:
- June 2025
					Hedging inefficiency
		Fair value hedging instruments			recorded in profit for
					the period
	Swaps of interest rate				(362)
- June 2024					Hedging inefficiency

Comprehensive Income:

- June 2025

	Hedging inefficiency
Fair value hedging instruments	recorded in profit for
	the period
	Hedging inefficiency
	recorded in profit for
	the period
	(97)

Hedging inefficiency
recorded in profit for
the period

13 CASH AND CASH EQUIVALENTS

The amounts considered as cash and cash equivalents in the consolidated statements of cash flows for the periods ended 30 June 2025 and 31 December 2024 are as follows:

		the period
		Hedging inefficiency
		recorded in profit for
		the period
	13 CASH AND CASH EQUIVALENTS
	The amounts considered as cash and cash equivalents in the consolidated statements of cash flows for the periods ended 30
Cash		Jun 2025 23	Dec 2024 10
Bank deposits		37,320	40,467
	Cash and cash equivalents in the statement of financial position	37,343	40,477
Bank overdrafts (Note 16)		-	(500)
	The transitional gas price stabilization regime - Decree-Law 84-D/2022 (Note 32)	-	-

As of 30 June 2025 and 31 December 2024, there are no cash and cash equivalents that are not available for the Group to use.

14 EQUITY INSTRUMENTS

As of 30 June 2025 and 31 December 2024, REN's subscribed and paid up share capital is as of 667,191,262 shares of 1 euro each.

	As of 30 June 2025 and 31 December 2024, REN's subscribed and paid up share capital is as of 667,191,262 shares of 1 euro
	Jun 2025			Dec 2024
	Number of shares	Share capital	Number of shares	Share capital
	667,191,262	667,191	667,191,262	667,191
Share Capital	The caption "Other changes in equity" in the period ended 30 June 2025 amounted to 5,561 thousand euros.
	Additionally, and following the share capital increase in 2017, the caption "Share Premium" in the period ended 30 June 2025
	At 30 June 2025 and 31 December 2024, REN SGPS had the following own shares:
		Number of
Own shares		shares 3,881,374	Proportion 0.6%	Amount (10,728)

The caption "Other changes in equity" in the period ended 30 June 2025 amounted to 5,561 thousand euros.

Additionally, and following the share capital increase in 2017, the caption "Share Premium" in the period ended 30 June 2025 amounted to 116,809 thousand euros.

At 30 June 2025 and 31 December 2024, REN SGPS had the following own shares:

Number of

No own shares were acquired or sold in the period ended 30 June 2025.

In accordance with the Commercial Company Code (Código das Sociedades Comerciais) REN SGPS must at all times ensure that there are sufficient Equity Reserves to cover the value of own shares, in order to limit the amount of reserves available for distribution.

15 RESERVES AND RETAINED EARNINGS

The caption "Reserves" in the amount of 310,194 thousand euros includes:

• Legal reserve: The Commercial Company Code in place requires that at least 5% of the net profit must be transferred to this reserve until it has reached 20% of the share capital.This reserve is not distributable except in case of the company's liquidation but can be used to increase capital or to absorb losses after all the other reserves have been used up. On 30 June 2025 this caption amounts to 141,378 thousand euros (141,378 thousand euros on 31 December 2024);
• Fair value reserve: includes changes in the fair value of available for sale financial assets (43,488 thousand euros positive), as detailed in Note 10 (42,399 thousand euros on 31 December 2024);
• Hedging reserve: includes changes in the fair value of hedging derivative financial instruments when cash flow hedge is effective (positive 18,042 thousand euros) as detailed in Note 12 (21,625 thousand euros on 31 December 2024); and
• Other reserves: This caption is changed by (i) application of the results of previous years, being available for distribution to shareholders; except for the limitation set by the Companies Code in respect of own shares (Note 14), (ii) exchange rate changes associated to the financial investment whose functional currency is Dollar; (iii) exchange variation of assets and liabilities of financial investments in subsidiaries, namely the exchange rate effect of converting Chilean Peso to Euro and (iv) changes in equity of associates recorded under the equity method. On 30 June 2025, this caption amounts to 107,286 thousand euros (138,567 thousand euros on 31 December 2024).

In accordance with the Portuguese legislation: (i) increases in equity as a result of the incorporation of positive fair value (fair value reserves and hedging reserves) can only be distributed to shareholders when the correspondent assets have been sold, exercised, extinct, settled or used; and (ii) income and other positive equity changes recognized as a result of the equity method can only be distributed to shareholders when paid-up. Portuguese legislation establishes that the difference between the equity method income and the amount of paid or deliberated dividends is equivalent to legal reserve.

16 BORROWINGS

Bonds			Jun 2025			Dec 2024
		Current	Non-current	Total	Current	Non-current	Total
		-	874,471	874,471	500,000	868,987		1,368,987
Bank Borrowings		64,235	480,045	544,280	69,389	500,090		569,479
Commercial Paper		865,000	125,000	990,000	320,000	250,000		570,000
Bank overdrafts (Note 13)		-	-	-	500		-	500
Leases liabilities		2,021	3,807	5,828	2,190	4,485		6,676
		931,256	1,483,324	2,414,579	892,080	1,623,563		2,515,643
Accrued interest		9,379	-	9,379	27,429		-	27,429
Prepaid interest		(5,932)	(5,415)	(11,346)	(5,094)	(6,210)		(11,304)
Borrowings		934,703	1,477,909	2,412,612	914,415	1,617,353		2,531,768
The borrowings settlement plan was as follows:
2025		2026	2027	2028	2029		Following years	Total
Debt - Non current	-	50,557	101,018	334,202		483,658	513,889	1,483,324
Debt - Current	785,222 785,222	146,034 196,591	- 101,018	- 334,202		- 483,658	- 513,889	931,256 2,414,579

785,222	196,591	101,018	334,202	483,658	513,889	2,414,579

	Leases liabilities	2,021	3,807	5,828	2,190	4,485	6,676
		931,256	1,483,324	2,414,579	892,080 1,623,563		2,515,643
Accrued interest		9,379	-	9,379	27,429	-	27,429
Prepaid interest		(5,932)	(5,415)	(11,346)	(5,094)	(6,210)	(11,304)
Borrowings		934,703	1,477,909	2,412,612	914,415 1,617,353		2,531,768
		The borrowings settlement plan was as follows:
	785,222	196,591	101,018	334,202	483,658	513,889	2,414,579
			Detailed information regarding bond issues as of 30 June 2025 is as follows:
				30 June 2025
	Issue date	Maturity	Initial amount	Outstanding amount	Interest rate	Periodicity of interest payment
		'Euro Medium Term Notes' programme emissions
	18/01/2018	18/01/2028	tEUR 300,000	tEUR 300,000	Fixed rate EUR 1.75%	Annual
	16/04/2021	16/04/2029	tEUR 300,000 (i)	tEUR 300,000	Fixed rate EUR 0.50%	Annual
	27/02/2024	27/02/2032	tEUR 300,000	tEUR 300,000	Fixed rate EUR 3.50%	Annual

At 30 June 2025, the Group has eleven commercial paper programs in the amount of 2,225,000 thousand euros, of which 1,235,000 thousand euros are available for utilization. Of the total amount, 1,025,000 thousand euros have a guaranteed placement. As of 30 June 2025 are available for utilization 755,000 thousand euros (as of 31 December 2024 were available an amount of 775,000 thousand euros).

During 2025, the Group reimbursed the Bond in the amount of 500,000 thousand euros.

In 2025, the Group cancelled a Revolving Credit Facility with SMBC Bank EU AG in the amount of 150,000 thousand euros.

Bank loans are mostly composed of loans contracted with the European Investment Bank (EIB). As of 30 June 2025, the borrowings from EIB amounted to 509,280 thousand euros (at 31 December 2024 it was 534,479 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 a result of the fair value hedge related to the debt emission in the amount of 300,000 thousand euros, fair value changes concerning interest rate risk were recognized directly in statement of profit and loss, in an amount of 5,391 thousand euros (negative) (at 30 June 2024 was 1,345 thousand euros negative).

The Company's financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge, Leverage and Gearing ratios.

The bank loans with BEI include also covenants related with rating and other financial ratios in which the Group may be called upon to present an acceptable guarantee in the event of rating and financial ratios below the established values.

As of 30 June 2025, the Group cumplies with all the covenants to which it is contractually bound.

Group and its subsidiaries are a part of certain financing agreements and debt issues, which include change in control clauses typical in this type of transactions (including, though not so expressed, changes in control as a result of takeover bids) and essential to the realization of such transactions on the appropriate market context. In any case, the practical application of these clauses is limited to considering the legal ownership of shares of REN restrictions. Following the legal standards and usual market practices, contractual terms and free market competition, establish that neither REN nor its counterparts in borrowing agreements are authorized to disclose further information regarding the content of these financing agreements. Jun 2025 Dec 2024 6,117 7,133

There is a currency hedge, the currency valuation of the loan was excluded from the maturity analysis presented.

The average interest rates for borrowings including commissions and other expenses were 2.66% at 30 June 2025 and 2.75% at 31 December 2024.

Leases

Minimal payments regarding lease contacts and the carrying amount of the finance lease liabilities as of 30 June 2025 and 31 December 2024 are as follows:

		upon to present an acceptable guarantee in the event of rating and financial ratios below the established values.
Group and its subsidiaries are a part of certain financing agreements and debt issues, which include change in control clauses typical in this type of transactions (including, though not so expressed, changes in control as a result of takeover bids) and essential to the realization of such transactions on the appropriate market context. In any case, the practical application of these clauses is limited to considering the legal ownership of shares of REN restrictions. Following the legal standards and usual market practices, contractual terms and free market competition, establish that neither REN nor its counterparts in borrowing agreements are authorized to disclose further information regarding the content of these financing agreements.
There is a currency hedge, the currency valuation of the loan was excluded from the maturity analysis presented.
The average interest rates for borrowings including commissions and other expenses were 2.66% at 30 June 2025 and 2.75%
Minimal payments regarding lease contacts and the carrying amount of the finance lease liabilities as of 30 June 2025 and 31
	Jun 2025	Dec 2024
Lease liabilities - minimum lease payments
No later than 1 year	2,165	2,407
Later than 1 year and no later than 5 years	3,952	4,726
	6,117	7,133
Future finance charges on leases	(289)	(457)
	5,828	6,676
Present value of lease liabilities
	Jun 2025	Dec 2024
The present value of lease liabilities is as follows
No later than 1 year	2,021	2,190
Later than 1 year and no later than 5 years	3,807	4,485
	5,828	6,676

17 POS-EMPLOYMENT BENEFITS AND OTHERS BENEFITS

REN – Rede Eléctrica Nacional, S.A. grants supplementary retirement, early-retirement and survivor pensions (hereinafter referred to as Pension Plan), provides its retirees and pensioners with a health care plan on a similar basis to that of its serving personnel, and grants other benefits such as long service award, retirement award and a death subsidy (referred to as "Other benefits"). The long service award is applicable to all Group companies.

At 30 June 2025 and 31 December 2024, the Group had the following amounts recorded relating to liabilities for retirement and other benefits:

Jun 2025 Dec 2024 39,124 36,634 36,311 36,214 75,435 72,847
Liability on statement of financial position Pension plan Healthcare plan and other benefits

The reconciliation of the remeasurement of the net benefit liability is as follows:

Liability on statement of financial position
	75,435	72,847
	Jun 2025	Dec 2024
Initial balance	72,847	75,855
Current service costs and Net interest on net defined benefit liability2,237		4,646
Actuarial gains/(losses):
- impact on the statement of profit and loss	-	(32)
- impact on equity	1,743	(4,071)
Benefits paid	(1,392)	(3,551)
Final balance	75,435	72,847
During the six-month periods ended 30 June 2025 and 2024, the following operating expenses were recorded regarding benefit
	Jun 2025		Jun 2024
Charges to the statement of profit and loss (Note 24)
Pension plan		1,476	1,531
Healthcare plan and other benefits	2,237	761	792 2,323

During the six-month periods ended 30 June 2025 and 2024, the following operating expenses were recorded regarding benefit plans with employees:

Charges to the statement of profit and loss (Note 24)
	2,237	2,323

The amounts reported at 30 June 2025 and 2024 result from the projection of the actuarial valuation made on 31 December 2024 and 2023, for the six-month periods ending 30 June 2025 and 2024, considering the estimated salaries for 2025 and 2024, respectively.

The actuarial assumptions used to calculate the post-employment benefits are considered by the REN Group and the entity specialized in the actuarial valuation reports to be those that best meet the commitments established in the Pension plan, and related retirement benefit liabilities, and are as follows:

		2024	2023
Annual discount rate		Full Yield Curve	Full Yield Curve
		(single rate equivalent: 3.50%)	(single rate equivalent: 3.34%)
	Expected percentage of serving employees elegíble for early retirement (more than 60 years of age and 36 years in service) - by Collective work agreement	20.00%	20.00%
Management act	Expected percentage of serving employees elegible for early retirement - by	10.00%	10.00%
		4.80% from 2025 and	5.00% by 2024,
Rate of salary increase		2,80% from 2026	4.80% by 2025 and 2.80% from 2026
Pension increase		2.30% from 2025	5.00% by 2024 2.30% from 2025
Future increases of Social Security Pension amount		2.30% from 2025	5.00% by 2024 2.30% from 2025
Inflation rate		2.30%	2.30%
Medical trend		2.30%	2.30%
Management costs (per employee/year)		358 euros	353 euros
Expenses medical trend		2.30%	2.30%
Retirement age (number of years)		66 years and 7 months	66 years and 4 months
Mortality table		TV 99/01	TV 99/01
	18 PROVISIONS FOR OTHER RISKS AND CHARGES
follows:	The changes in provisions for other risks and charges in the periods ended 30 June 2025 and 31 December 2024 were as
		Jun 2025 Dec 2024
	Begining balance	11,922 10,016
	Exchange rate differences	(73) (69)
	Increases	- 2,848
		- (588)
	Reversing
	Utilization Ending balance	(199) (285) 11,650 11,922

18 PROVISIONS FOR OTHER RISKS AND CHARGES

	Jun 2025	Dec 2024
Begining balance	11,922	10,016
Exchange rate differences	(73)	(69)
Increases		2,848
Reversing		(288)
Utilization	(199)	(285)
Ending balance	11,650	11,922

19 TRADE AND OTHER PAYABLES

19 TRADE AND OTHER PAYABLES
The caption "Trade and other payables" at 30 June 2025 and 31 December 2024 was as follows:
		Jun 2025			Dec 2024
	Current	Non current	Total	Current	Non current	Total
Trade payables
	152,948	-	152,948	193,533	-	193,533
Current suppliers
Other creditors
Other creditors	89,262	32,104	121,366	20,564	31,374	51,938
Tariff deviations	6,326	31,095	37,421	9,501	23,730	33,230
Fixed assets suppliers	81,629	-	81,629	105,692	-	105,692
Trade receivables advances (guarantees)	17,643	145	17,788	17,418	153	17,571
Tax payables (i)	24,873	-	24,873	62,240	-	62,240
Deferred income
Grants related to assets	24,140	387,511	411,651	27,655	370,739	398,394
Bilateral agreements	-	176,503	176,503	-	151,155	151,155
Others	20,968	1,369	22,337	22,061	1,499	23,560
Accrued costs
Holidays and holidays subsidies	7,340	-	7,340	6,780	-	6,780
Trade and other payables	425,130	628,727	1,053,857	465,445	578,650	1,044,095

The caption "Trade and other payables" includes: (i) the amount of 22,206 thousand euros of investment projects not yet invoiced (34,198 thousand euros at 31 December 2024); (ii) the amount of 17,010 thousand euros from the activity of the Market Manager, MIBEL – Mercado Ibérico de Electricidade, (26,645 thousand euros at 31 December 2024); (iii) the amount of 6,857 thousand euros of "CMEC – Custo para a Manutenção do Equilíbrio Contratual" to be invoiced by EDP – Gestão da Produção de Energia, S.A. (7,787 thousand euros at 31 December 2024), also reflected in the caption "Trade receivables" (Note 11); (iv) the amount of 12,903 thousands euros of E-Redes Distribuiçao de Eletricidade, S.A. (33,144 thousands euros at 31 December 2024); (v) the amount of 8,262 thousands euros of Empresa de Eletricidade da Madeira, S.A. (17,262 thousands euros at 31 December 2024); (vi) the amount of 10,520 thousands euros of Eletricidade dos Açores, S.A. (14,976 thousands euros at 31 December 2024) and (vii) the amount of 12,169 thousands euros of SU Eletricidade S.A. (12,169 thousands euros at 31 December 2024).

This transaction related to "CMEC" sets a pass-through in the consolidated income statement of REN, fact for which it is compensated in that statement.

The caption "Other creditors" includes: (i) the amount of 8,844 thousand euros (9,906 thousand euros at 31 December 2024) related with the Efficiency Promotion Plan on Energy Consumption ("PPEC"), which aims to financially support initiatives that promote efficiency and reduce electricity consumption, which should be used to finance energy efficiency projects, according to the evaluation metrics defined by ERSE, (ii) the responsibility for the extraordinary contribution on the energy sector in the amount of 28,404 thousand euros (Note 27) (at 30 June 2024 was 28,516 thousand euros) and (iii) the amount of 62,560 thousand euros related to the exceptional and temporary mechanism for adjusting electricity production costs.

20 SALES AND SERVICES RENDERED

Sales and services rendered recognized in the consolidated statement of profit and loss for the six-month period ended 30 June 2025 and 2024 is as follows:

	Jun 2025	Jun 2024
Goods:
Domestic market	220	364
	220	364
Services - Domestic market:
Electricity transmission and overall systems management	208,691	199,743
Gas transmission	40,542	40,014
Gas distribution	31,360	30,991
Regasification	14,921	14,197
Underground gas storage	11,584	10,507
Telecommunications network	4,555	3,642
Commercial Agent's Margin - REN Trading	-	574
Others	615	276
Services - External market (Chile):
Transmission and transformation of electricity	9,276	7,747
	321,544	307,691
Total sales and services rendered	321,763	308,056
21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES
As part of the concession contracts treated under IFRIC 12, the construction activity is subcontracted to specialized suppliers.
Therefore the Group obtains no margin in the construction of these assets. The detail of the revenue and expenses with the
		Jun 2024
	Jun 2025
Revenue from construction of concession assets
Acquisitions	132,376	114,773
Own work capitalised :
Financial expenses (Note 5)	2,770	3,114
Overhead and management costs (Note 5)	11,851	11,746
	146,997	129,634

21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES

As part of the concession contracts treated under IFRIC 12, the construction activity is subcontracted to specialized suppliers. Therefore the Group obtains no margin in the construction of these assets. The detail of the revenue and expenses with the acquisition of concession assets as of 30 June 2025 and 2024 were as follows:

Services - External market (Chile):
Transmission and transformation of electricity	9,276	7,747
	321,544	307,691
	Jun 2025	Jun 2024
Revenue from construction of concession assets
Acquisitions	132,376	114,773
Own work capitalised :
Financial expenses (Note 5)	2,770	3,114
Overhead and management costs (Note 5)	11,851	11,746
21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES As part of the concession contracts treated under IFRIC 12, the construction activity is subcontracted to specialized suppliers. Therefore the Group obtains no margin in the construction of these assets. The detail of the revenue and expenses with the	146,997	129,634
Cost of construction of concession assets
Acquisitions	132,376	114,773

22 OTHER OPERATING INCOME

The caption "Other operating income" loss for the six-month period ended 30 June 2025 and 2024 is as follows:

The caption "Other operating income" loss for the six-month period ended 30 June 2025 and 2024 is as follows:
Jun 2025 Jun 2024 Recognition of investment subsidies in profit and loss 11,103 9,134
4,545 4,167
4,159 4,139
1,329
1,664 1,656
22,800 19,240
Jun 2025 Jun 2024
Costs of end PPA - Pass through iii) 14,257 3,539
Cross border interconnection costs ii) 11,661 15,448
Fees relating to external entities i) 10,142 9,194 7,051 5,367
The caption "External supplies and services" for the six-month period ended 30 June 2025 and 2024 is as follows:

23 EXTERNAL SUPPLIES AND SERVICES

The caption "External supplies and services" for the six-month period ended 30 June 2025 and 2024 is as follows:

Recognition of investment subsidies in profit and loss	11,103	9,134
The caption "External supplies and services" for the six-month period ended 30 June 2025 and 2024 is as follows:
	Jun 2025	Jun 2024
Costs of end PPA - Pass through iii)	14,257	3,539
Cross border interconnection costs ii)	11,661	15,448
Fees relating to external entities i)	10,142	9,194
Maintenance costs	7,051	5,367
Gas transport subcontracts	3,474	3,064
Electric energy costs	3,232	2,205
Insurance costs	2,476	2,604
Security and surveillance	1,312	1,298
Travel and transportation costs	783	754
Advertising and communication costs	473	360
Gas operation - Pass through iii) Other	69 2,330	- 2,647

i) The fees paid to external entities refer to specialized work and fees paid by REN for contracted services and specialized studies. ii) The cross border interconnection costs refer to the cost assumed on cross-border trade in electricity.

iii) The costs with Turbogás – Produtora Energética S.A. arising from the termination of the PPA contract at the end of March 2024.

24 PERSONNEL COSTS

Personnel costs for the six-month period ended 30 June 2025 and 2024 are as follows:

	Jun 2025		Jun 2024
Remuneration:
Board of directors		1,629	1,718
Personnel	24,104		23,386
	25,733		25,104
Social charges and other expenses:
Social security costs		4,868	4,755
Post-employement and other benefits cost (Note 17)		2,237	2,323
Social support costs		1,481	1,320
Other		147	167
		8,733	8,565
Total personnel costs	34,466		33,669
The Corporate bodies' remuneration includes remunerations paid to the Board of Directors as well as the General Shareholders
Other operating costs for the six-month period ended 30 June 2025 and 2024 are as follows: Jun 2025		Jun 2024
ERSE operating costs i)	7,193	6,895
Underground occupancy tax	4,545	4,167
Donations and quotizations Others	1,308 815	1,139 959

The Corporate bodies' remuneration includes remunerations paid to the Board of Directors as well as the General Shareholders meeting attendance.

25 OTHER OPERATING COSTS

Other operating costs for the six-month period ended 30 June 2025 and 2024 are as follows:

	13,860	13,159
	Jun 2025	Jun 2024
Financial costs
Interest on bonds issued	10,424	12,920
Interest on commercial paper issued	12,011	15,630
Other borrowing interests	9,960	11,931
Derivative financial instruments Exchange rate differences	801 1,423	3,089 970

i) The caption "ERSE operating costs" corresponds to ERSE's operating costs, to be recovered through electricity and gas tariffs.

26 FINANCIAL COSTS AND FINANCIAL INCOME

Financial costs and financial income for the six-month period ended 30 June 2025 and 2024 are as follows:

	13,860	13,159
	Jun 2025	Jun 2024
Financial costs
Interest on bonds issued	10,424	12,920
Interest on commercial paper issued	12,011	15,630
Other borrowing interests	9,960	11,931
Derivative financial instruments Exchange rate differences	801 1,423	3,089 970
Other financing expenditure	9,080	3,362
	43,700	47,902
Financial income
Other financial investments	5,802	8,760
Interest income	1,360	2,163
Exchange rate differences	48 7,210	- 10,924

27 EXTRAORDINARY CONTRIBUTION OVER THE ENERGY SECTOR

Law no. 83-C/2013 of 31 December introduced a specific contribution of entities operating in the energy sector, called Extraordinary Contribution over the Energy Sector ("ECES"), that was extended by Law no. 82-B / 2014, of 31 December, Law no. 7-A / 2016, of 30 March, Law no. 114/2017, of 29 December, Law no. 71/2018, 31 December, Law no. 2/2020, of 31 March, Law no. 75-B/2020, of 31 December, Law no. 99/2021, of 31 December 2021, Law no. 24-D/2022 of 30 December 2022, Law no. 82/2023, of 29 December 2023 and Law no. 45-A/2024 of 31 December 2024.

The regime introduced is aimed at financing mechanisms that promote systemic sustainability of the sector through the setting up of a fund with the main objective of reducing the tariff deficit. The entities subject to this regime are, among others, entities that are dealers of transport activities or distribution of electricity and natural gas.

The calculation of the ECES is levied on the value of the assets with reference to the first day of the financial year 2025 (1 January 2025) that include cumulatively, the tangible fixed assets, intangible assets, with the exception of industrial property elements, and financial assets related with regulated activities. In the case of regulated activities, the ECES is levied on the value of regulated assets (i.e. the amount recognized by ERSE in the calculation of the allowed income with reference to 1 January 2025) if it is greater than the value of those assets, over which the rate of 0.85% is applied.

To the extent that it is a present obligation whose facts originating already occurred, with timing and amounts certain or ascertainable, REN recorded liabilities in the amount of 28,404 thousand euros (Note 19) (for the six-month period ended 30 June 2024 was 28,310 thousand euros) against a cost in the statement of profit and loss.

28 EARNINGS PER SHARE

Earnings per share were calculated as follows:

The regime introduced is aimed at financing mechanisms that promote systemic sustainability of the sector through the setting up of a fund with the main objective of reducing the tariff deficit. The entities subject to this regime are, among others, entities
The calculation of the ECES is levied on the value of the assets with reference to the first day of the financial year 2025 (1 January 2025) that include cumulatively, the tangible fixed assets, intangible assets, with the exception of industrial property elements, and financial assets related with regulated activities. In the case of regulated activities, the ECES is levied on the value of regulated assets (i.e. the amount recognized by ERSE in the calculation of the allowed income with reference to 1 January 2025) if it is greater than the value of those assets, over which the rate of 0.85% is applied.
To the extent that it is a present obligation whose facts originating already occurred, with timing and amounts certain or
ascertainable, REN recorded liabilities in the amount of 28,404 thousand euros (Note 19) (for the six-month period ended 30
		Jun 2025	Jun 2024
Consolidated net profit used to calculate earnings per share	(1)	65,713	48,597
Number of ordinary shares outstanding during the period (Note 14)	(2)	667,191,262	667,191,262
Effect of treasury shares (Note 14) Number of shares in the period	(3)	3,881,374 663,309,888	3,881,374 663,309,888
Basic earnings per share (euro per share)	(1)/(3)	0.10	0.07

The basic earnings per share are the same as the diluted earnings as there are no situations that could origin dilution effects.

29 DIVIDENDS PER SHARE

On 15 April 2025, the General Meeting approved the distribution of dividends to shareholders, based on the result for the 2024 financial year, in the amount of 104,749 thousand euros (0.157 euros per share), including the dividend attributable to own shares in the amount of 609 thousand euros, with the amount of 104,140 thousand euros having been paid to shareholders (the amount of 42,452 thousands euros paid in 2024, as an advance on profits, and the amount of 61,688 thousands euros in 2025).

On 9 May 2024, the General Meeting approved the distribution of dividends to shareholders, based on the result for the 2023 financial year, in the amount of 102,747 thousand euros (0.154 euros per share), including the dividend attributable to own shares in the amount of 597 thousand euros, with the amount of 102,150 thousand euros having been paid to shareholders (the amount of 42,452 thousands euros paid in 2023, as an advance on profits, and the amount of 59,698 thousands euros in 2024).

30 CONTINGENT ASSETS AND LIABILITIES

30.1. Contingent liabilities

Tejo Energia - Produção e Distribuição de Energia Eléctrica, SA ("Tejo Energia") and Turbogás – Produtora Energética S.A. ("Turbogás") formed the counterparties of the non-terminated Power Purchase Agreements (PPAs), which were concluded in the concern and for the benefit of the National Electric System (SEN). These entities expressed to REN - Rede Eléctrica Nacional, SA ("REN Eléctrica") and REN Trading SA ("REN Trading") when it was operating, as commercial agent, their intention to renegotiate the respective PPAs. In order to reflect the amounts of costs to pay to this producer, which in their understanding are due to producer, incurred with (i) financing the social tariff; (ii) with the tax on petroleum and energy products and the carbon tax; and (iii) in the case of Turbogás also the costs incurred with the financing of the Extraordinary Contribution on the Energy Sector ("CESE").

According to the PPA, Tejo Energia and Turbogás operated as producers and sellers, and REN Trading as purchaser of the energy produced in power plants, assuring that it was placed on the market in a neutral position. REN Eléctrica is jointly and severally liable with REN Trading, regarding the execution of the PPA with Tejo Energia and Turbogás. According to the

30.2. Guarantees given

thousand euros.	information received, the total costs incurred by these companies until 30 June 2025 amounts to, approximately, 155,300
	REN Trading was extinguished by incorporation into REN Eléctrica, as a results of their merger. REN Eléctrica considers that, with the existing legal framework, the possibility of renegotiating the PPA depends on recognizing of associated charges can be considered as part of the general costs of the national electricity system, when they occur during the execution of these PPA, the only way to guarantee the economic neutrality of REN's contractual position.
	The processes were filed by Tejo Energia and Turbogás and are being contested by REN Eléctrica, pending their outcome.
30.2. Guarantees given
	At 30 June 2025 and 31 December 2024, the REN Group had given the following bank guarantees:
Beneficiary European Investment Bank	Scope To guarantee loans	Jun 2025 128,630	Dec 2024 147,929
General Directorate of Energy and Geology	To guarantee compliance with the contract relating to the public service concession	27,681	24,028
Tax Authority and Customs	Ensure the suspension of tax enforcement proceedings	15,091	16,890
Judge of District Court	Guarantee for expropriation processes	9,557	7,278
Mibgás	To guarantee the liabilities incurred from the participation in the gas organized market	4,000	4,000
Portuguese State	Guarantee for litigation	2,514	2,514
Municipal Council of Maia	Guarantee for litigation	1,564	1,564
Municipal Council of Seixal	Guarantee for litigation	1,316	1,316
Municipal Council of Odivelas	Guarantee for litigation	1,119	1,119
Infraestruturas de Portugal	Guarantee for litigation	916	895
Municipal Council of Porto	Guarantee for litigation	368	368
Municipal Council of Silves	Guarantee for expropriation processes	352	352
NORSCUT - Concessionária de Auto estradas	To guarantee prompt payment of liabilities assumed by REN in the contract ceding utilization	200	200
EDP - Gestão da Produção de Energia, S.A.	Guarantee obligations assumed by the Payer in the contract for the Provision of Communications Services	123	123
Lisbon Maritime Customs	Constitution of debts for customs duties and other charges	115	115
Others (loss then 100 thousand Euros)	Guarantee for litigation	267	270

31 RELATED PARTIES

Main shareholders

At 30 June 2025 and 31 December 2024, the shareholder structure of REN Group was as follows:

		Jun 2025		Dec 2024
		Number of		Number of
		shares	%	shares	%
	State Grid Corporation of China	166,797,815	25.0%	166,797,815	25.0%
Pontegadea Inversiones, S.L.		80,100,000	12.0%	80,100,000	12.0%
Lazard Asset Management, LLC		49,692,561	7.5%	51,346,447	7.7%
	Fidelidade - Companhia de Seguros, S.A.	35,496,424	5.3%	35,496,424	5.3%
Corporación Masaveu, S.A.		33,365,398	5.0%	-	-
Redeia Corporación, S.A.		33,359,563	5.0%	33,359,563	5.0%
Own shares		3,881,374	0.6%	3,881,374	0.6%
Others		264,498,127	39.6%	296,209,639	44.4%
		667,191,262	100%	667,191,262	100%
	The Board of Directors of REN, SGPS was considered, in accordance with IAS 24, to be the only key members in the
	REN has not established any specific retirement benefit system for the Board of Directors.
	Remuneration of the Board of Directors of REN, SGPS in the six-month period ended 30 June 2025 amounted to 1,544 thousand
	euros (1,523 thousand euros at 30 June 2024), as shown in the following table:
			Jun 2025	Jun 2024
			932	910
	Remuneration and other short term benefits
	Management bonuses (estimate)		613 1,544	613 1,523

Management remuneration

The Board of Directors of REN, SGPS was considered, in accordance with IAS 24, to be the only key members in the Management of the Group.

REN has not established any specific retirement benefit system for the Board of Directors.

Remuneration of the Board of Directors of REN, SGPS in the six-month period ended 30 June 2025 amounted to 1,544 thousand euros (1,523 thousand euros at 30 June 2024), as shown in the following table:

1,544	1,523

Transaction of shares by the members of the Board of Directors

During the period ended 30 June 2025, there were no transactions carried out by members of the Board of Directors.

Transactions with Group or dominated companies

In its activity, REN maintains transactions with Group entities or with dominated parties. The terms in which these transactions are held are substantially identical to those practiced between independent parties in similar operations.

In the consolidation process, the amounts related to such transactions or open balances are eliminated in the financial statements.

The main transactions held between Group companies were: (i) borrowings and shareholders loans; and (ii) shared services namely, legal services, administrative services and informatics.

Balances and transactions held with shareholders, associates and other related parties

During the six-month periods ended 30 June 2025 and 2024, Group REN carried out the following transactions with reference shareholders, qualified shareholders and related parties:

Revenue

	Jun 2024
	551
379	165
	707
7	12
	1,435
	Jun 2024
70	86
149	106
	866
1,908
4,601	1,203
64	70
6,791	2,330
	Jun 2025 1,984 504 2,874 Jun 2025

Expenses

Other operating income
	2,874	1,435
External supplies and services and others expenses
Invoicing received - CMS Rui Pena & Arnauti)	64	70
	6,791	2,330
The balances at 30 June 2025 and 31 December 2024 resulting from transactions with related parties were as follows:
	Jun 2025	Dec 2024
Trade and other receivables
Redeia Corporación S.A. (Group) - Dividends	3,249	1,083
State Grid Group	16	53
Redeia Corporación S.A. (Group) - Trade receivables	25	91
MIBGÁS S.A.	2	3

Balance

The balances at 30 June 2025 and 31 December 2024 resulting from transactions with related parties were as follows:

	2,874	1,435
External supplies and services and others expenses
Invoicing received - CMS Rui Pena & Arnauti)	64	70
	6,791	2,330
	Jun 2025	Dec 2024
Trade and other receivables
Redeia Corporación S.A. (Group) - Dividends	3,249	1,083
State Grid Group	16	53
Redeia Corporación S.A. (Group) - Trade receivables	25	91
MIBGÁS S.A.	2	3
OMEL-Operador Mercado Ibérico Energia Polo Español.S.A.	4	4
The balances at 30 June 2025 and 31 December 2024 resulting from transactions with related parties were as follows:	3,296	1,234
Trade and other payables
Redeia Corporación S.A. (Group) - Trade payables	359	200
State Grid Group OMIP, S.A.	105 52	266 57
CMS - Rui Pena & Arnaut 10	31	18

i) Entity related to the Administrator José Luís Arnaut. During 2025, the contract for the provision of legal advisory services in the area of law and public procurement, approved by the board of directors of the company REN Serviços, SA and awarded to the law firm CMS Rui Pena and Arnaut, an entity related to the Director José Luís Arnaut, remained in force. The contract was signed in 2023, for a period of three years.

32 DECREE-LAW NO. 84-D/2022–TRANSITORY GAS PRICE STABILIZATION REGIME

The Portuguese State, through Decree-Law no. 84-D/2022, of 9 December 2022, established a transitional regime to stabilize the price of natural gas for consumption carried out in 2023, through the discount on the price of natural gas , equivalent to the difference between the price of the energy component, shown on the invoice, and its reference value, as provided for in article 3 of this decree-law.

The beneficiaries of the transitional price stabilization regime are legally constituted legal persons, consumers of high, medium and low pressure gas at delivery points with annual consumption greater than 10,000 m3, with the exception of the entities referred to in number 2 of article 2.th.

The discount is applied directly by the suppliers in the month following the billing of the respective consumption, once the invoice has been paid by the customer, and the discount must be expressly identified on the invoice in which it is reflected.

Suppliers inform, on the first working day of each week, the Global Technical Manager of the National Gas System ("GTG") regarding the quantities and discount values to be applied to the billing issued in the previous week, including the total consumption of their portfolio from clients. Based on the information transmitted, the GTG transfers, within ten days to the suppliers, the amounts referring to the support to be granted for each identified billing cycle.

As mentioned in the aforementioned Decree-Law, more precisely in Article 7, it is the responsibility of REN Gasodutos, as Global Technical Manager of the National Gas System, to interact with suppliers in order to operationalize the application of this decree- law. It is REN Gasodutos' responsibility to transfer the funds provided by the Portuguese State for the purposes of this decree-law, and such amounts cannot be used for other purposes. The amount transferred by the Government is deposited in a dedicated bank account, with accounting separation in relation to other activities carried out by the Company.

On 29 December 2022, the Company received the amount of 1,000,000 thousand euros, recorded under the caption Transitory gas price stabilization regime - Decree-Law no. 84-D/2022, both in assets and in liabilities, taking into account the need for accounting separation in relation to the other activities carried out by the Company, as mentioned above and mentioned in paragraph 3 of article 7 of the aforementioned decree-law.

Payments of the amounts corresponding to natural gas consumption billed in 2023 began in February of the same year and were settled by the end of 2024, in accordance with article 10 of Decree-Law 84-D/2022. If the amount transferred under this Decree-Law is not exhausted, REN transfers the respective remainder in favor of the Portuguese State, as referred to in paragraph 5 of article 7 of the referred Decree-Law.

Until 30 June 2025, the Company has made payments in accordance with the aforementioned Decree-Law, as well as the reimbursement of the amount of 900,000 thousands euros to the Portuguese State, in accordance with Order no. 10727/2023 and Order no. 8420/2024, and the respective interests, and on 30 June 2025 the amount recorded in "Transitional gas price stabilization regime - Decree-Law 84-D/2022", both in assets and in liabilities, is 3,481 thousand euros.

33 SUBSEQUENT EVENTS

There were no other events that gave rise to adjustments or additional disclosures in the Company's consolidated financial statements for the six-month period ended 30 June 2025.

34 EXPLANATION ADDED FOR TRANSLATION

These consolidated financial statements are a translation of financial statements originally issued in Portuguese in accordance with IAS 34 – Interim Financial Reporting. In the event of discrepancies, the Portuguese language version prevails.

Pedro Mateus

The Board of Directors

Rodrigo Costa Ana Pinho

(Chairman of the Board of Directors and Chief Executive Officer)

João Faria Conceição Jorge Magalhães Correia (Member of the Board of Directors and Chief Operational Officer)

Gonçalo Morais Soares Maria Estela Barbot (Member of the Board of Directors and Chief Financial Officer)

Guangchao Zhu José Luis Arnaut

(Vice-President of the Board of Directors designated by State Grid International Development Limited)

Yang Qu Ana da Cunha Barros

Gonçalo Gil Mata Dulce Mota

Manuel Sebastião (Member of the Board of Directors)

(Member of the Board of Directors)

(Member of the Board of Directors)

(Member of the Board of Directors)

(Member of the Board of Directors)

Mingyi Tang Rosa Freitas Soares (Member of the Board of Directors) (Member of the Board of Directors and of the Audit Committee President)

(Member of the Board of Directors) (Member of the Board of Directors and of the Audit Committee)

(Member of the Board of Directors) (Member of the Board of Directors and of the Audit Committee)

Note – The remaining pages of this Report & Accounts were initialled by the members of the Executive Committee and by the Certified Accountant, Pedro Mateus.

4. APPENDIX

4.1 Declaration of Conformity

DECLARATION PROVIDED IN THE ARTICLE 29.º-J (1) (C)

OF THE PORTUGUESE SECURITIES CODE

In accordance with and for the purposes of article 29.º-J (1) (c) of the Portuguese Securities Code, each one of the members of the Board of Directors of REN – Redes Energéticas Nacionais, SGPS, S.A., nominally identified below, has underwritten the declaration transcribed hereafter ⁸ :

"I hereby declare, pursuant to and for the purposes specified in Article 29.º-J, No. 1, paragraph c) of the Portuguese Securities Code, to the best of my knowledge, and serving as and in the scope of the functions assigned to me, based on the information made available to me, that the consolidated financial statements have been prepared in accordance with the applicable accounting standards, thus providing a true and fair view of the assets and liabilities, financial position and results of REN - Redes Energéticas Nacionais, SGPS, S.A. and of the companies included in its scope of consolidation, and that the management report relating to the first half of 2025 faithfully describes the evolution of the business, the performance and position of the Company and those companies, within such period, and the impact on the respective financial statements, also containing a description of the main future risks and uncertainties."

Lisbon, 24th July 2025

Rodrigo Costa (Chaiman of the Board of Directors and Chief Executive Officer) João Faria Conceição (Member of the Board of Directors and Chief Operational Officer) Gonçalo Morais Soares (Member of the Board of Directors and Chief Financial Officer)

⁸ The original of the mentioned individual statements are available, for consultation, at the Company's head office.

Guangchao Zhu (Vice-President of the Board of Directors designated by State Grid International Development Limited) Rosa Freitas Soares (Member of the Board of Directors and President of the Audit Committee) Ana da Cunha Barros (Member of the Board of Directors and of the Audit Committee) Dulce Mota (Member of the Board of Directors and of the Audit Committee) Mingyi Tang (Member of the Board of Directors) Yang Qu (Member of the Board of Directors) Jorge Magalhães Correia (Member of the Board of Directors) Manuel Sebastião (Member of the Board of Directors) Gonçalo Gil Mata (Member of the Board of Directors) Ana Pinho (Member of the Board of Directors) Maria Estela Barbot (Member of the Board of Directors) José Luis Arnaut (Member of the Board of Directors)

4.2 List of qualified shareholdings [Item c) of no. 1 of Article 9 of CMVM'S Regulation no. 5/2008

Based on the communications submitted to the Company, in particular in accordance with Article 16 of the Securities Code and CMVM Regulation No 5/2008, with reference to 30 June 2025, shareholders having a qualifying holding (representing at least 5% of REN's share capital), calculated in accordance with Article 20 of the Securities Code, were as follows:

STATE GRID CORPORATION OF CHINA	NO OF SHARES	% SHARE CAPITAL WITH VOTING RIGHTS
Directly	0	0%
Through State Grid Europe Limited (SGEL), fully owned and controlled by State Grid International Development Limited (SGID), which is controlled by State Grid Corporation of China	166 797 815	25.0%
Total attributable	166 797 815	25.0%

PONTEGADEA INVERSIONES S.L.9	NO OF SHARES	% SHARE CAPITAL WITH VOTING RIGHTS
Directly	80 100 000	12.0%
Indirectly	0	0%
Total attributable	80 100 000	12.0%

LAZARD ASSET MANAGEMENT LLC	NO OF SHARES	% SHARE CAPITAL WITH VOTING RIGHTS
Directly	0	0
Indirectly10	49 692 56111	7,4%
Total attributable	49 692 561	7,4%

⁹ In accordance with the communication sent by the company on 30 July 2021, Pontegadea Inversiones S.L. is controlled by Mr. Amancio Ortega Gaona, to whom the 12.006% voting rights in REN are attributed, pursuant to article 20(1)(b) of the Securities Code. ¹⁰ This qualified shareholding, calculated under Article 20 of the Securities Code, is held by Lazard Asset Management LLC on behalf of Clients, and is attributable to it since it agreed with the Clients that it would exercise the voting rights. The qualified shareholding is also attributable to (i) Lazard Freres & Co, which holds the total share capital of the firstly mentioned company; (ii) Lazard Group LLC, which

holds the total share capital of the secondly mentioned company; and (iii) Lazard Limited, company with shares admitted to trading in the NYSE market, as controlling entity of the abovementioned company.

¹¹ In accordance with information made available by Lazard Asset Management LLC in June 30th, 2025.

FIDELIDADE COMPANHIA DE SEGUROS, S.A.12/13	NO OF SHARES	% SHARE CAPITAL WITH VOTING RIGHTS
Directly	35 176 796	5.27%
Through Via Directa – Companhia de Seguros, S.A., which is controlled by Fidelidade	119 889	0.02%
Through Companhia Portuguesa de Resseguros, S.A., which is controlled by Fidelidade	37 537	0.01%
Through Fidelidade Assistência – Companhia de Seguros, S.A., which is controlled by the common shareholder Longrun14	98 732	0.01%
Through Multicare – Seguros de Saúde, S.A., which is controlled by the common shareholder Longrun15	63 470	0.01%
Total attributable	35 496 424	5.32%

REDEIA CORPORACIÓN, S.A.	NO OF SHARES	% SHARE CAPITAL WITH VOTING RIGHTS
Directly	0	0%
Through its branch Red Eléctrica Internacional, S.A.U.	33 359 563	5.0%
Total attributable	33 359 563	5.0%

CORPORACIÓN MASAVEU, S.A.	NO OF SHARES	% SHARE CAPITAL WITH VOTING RIGHTS
Directly	33 365 398	5.001%
Indirectly	0	0%
Total attributable	33 365 398	5.001%

¹²This qualified shareholding, calculated under Article 20 of the Securities Code, is also attributable to LongRun Portugal, S.G.P.S., S.A., Millenium Gain Capital, Fosun Financial Holdings Limited, Fosun International Limited, Fosun Holdings Limited, Fosun International Holdings, Ltd. and to Mr. Guo Guangchang, as natural or legal persons ou control directly or indirectly Fidelidade – Companhia de Seguros, S.A.

¹³ According to information provided by Fidelidade Companhia de Seguros, S.A. on July 2, 2025, with reference to June 30, 2025.

¹⁴ Longrun holds, also, 80% of the share capital of Fidelidade Assistência – Companhia de Seguros, S.A.

¹⁵ Longrun holds, also, 80% of the share capital of Multicare – Seguros de Saúde, S.A.

4.3 Limited review Report prepared by an auditor registered at the stock exchange commission (Comissão do Mercado de Valores Mobiliários) on the half year consolidated information

4.4 Report and opinion of the Audit Committee in respect of the consolidated half year information (regarding the six month period ended 30th June 2025)

Within the scope of the responsibilities attributed, the Audit Committee, during the first semester of 2025, accompanied the development of the activity of REN – Redes Energéticas Nacionais, S.G.P.S., S.A. (the "Company") and its participated companies, ensured compliance with the law, regulations and articles of association, oversaw the fulfillment of the accounting policies and practices and supervised the process of preparation and disclosure of the financial information, the legal review of accounts and the effectiveness of the internal control and risk management systems. It further supervised the activity of the Statutory Auditor and the External Auditor, including their independence and impartiality.

Within the limits of the powers of the Audit Committee and pursuant to the provisions of the nr. 1 of article 29-J of the Securities Market Code, of the article 423-F, nr. 1, g), and of the article 420, nr. 6, both of the Commercial Companies Code, it is hereby declared that as far as this Committee is aware, the Management Report and the Individual and Consolidated Financial Statements of the Company for the period of six months ended on June 30, 2025 were prepared in accordance with the applicable accounting standards, reflecting a true and fair view of the assets and liabilities, the financial position and results of REN - Redes Energéticas Nacionais, SGPS, S.A. and the companies included in the consolidation perimeter. Additionally, the Management Report faithfully states the evolution of the business, performance and position of the Company and the group, complies with applicable legal, accounting and statutory requirements and, whenever justified, contains a description of the main risks and uncertainties they face.

The Audit Committee examined the consolidated financial information included in the Management Report and the financial statement for the period of six months ended on June 30, 2025 of REN – Redes Energéticas Nacionais, S.G.P.S., S.A., which comprise the Consolidated Statement of Financial Position (that reflects total assets of 5,178,793 thousand Euros and total equity of 1,478,452 thousand Euros, including a consolidated net profit of 65,713 thousand Euros), the Consolidated Statements of Profit and Loss, Comprehensive Income, Changes in Equity and Cash Flows for the half year then ended and the corresponding Notes.

The Audit Committee also examined and agreed with the Limited Review Report on the above mentioned consolidated half year information prepared by the Statutory Auditor and by the External Auditor.

Within the context of the analysis undertaken, the Audit Committee further supervised the compliance and adequacy of the accounting policies, procedures, practices and adopted valuation criteria, as well as the regulatory and quality of the Company´s accounting information.

In light of the above, it is the opinion of the Audit Committee that the consolidated financial information for the period of six months ended on June 30, 2025 abide by applicable accounting, legal and statutory provisions, therefore it recommends its approval.

Lisbon, 24th July 2025

The Audit Committee

Rosa Maria Soares (Chairman)

Ana Barros (Member)

Dulce Mota (Member)

4.5 Contacts

At REN we are happy to pursue a policy of facilitating direct access to the Group's corporate bodies. Feel free to contact us at the following contacts:

Investor Relations Office

Madalena Garrido – Head of Office - madalena.garrido@ren.pt Telma Mendes - telma.mendes@ren.pt Mariana Asseiceiro - mariana.asseiceiro@ren.pt

REN - Redes Energéticas Nacionais, SGPS, S.A. Investor Relations Office Avenida dos Estados Unidos da América, 55 1749-061 LISBOA – Portugal Telephone: +351 21 001 35 46 E-mail: ir@ren.pt

Communication and Sustainability

Margarida Ferreirinha - margarida.ferreirinha@ren.pt

REN - Redes Energéticas Nacionais, SGPS, S.A. Communication and Sustainability Avenida dos Estados Unidos da América, 55 1749-061 LISBOA - Portugal Telephone: +351 21 001 35 00 E-mail: comunicacao@ren.pt