REN-Redes Energeticas Nacionais

Investor Presentation • May 7, 2020

RESULTS REPORT 1Q20

7 th May

COVID-19 ON REN

2

Actions taken	Impacts on the business
	Capex and Transfers to RAB
70% of employees working remotely	• Delay in investment execution as a result of the temporary suspension of construction and design works and of the corresponding licensing processes;
	• Restarting of CAPEX works has already taken place, although with a probable slower rhythm of execution during the first months.
Dispatch functions and other critical processes operated without issues	Rate of return (RoR)
	• 10y Portuguese Government Bonds are now recovering from historically low level, with a positive impact on remuneration of regulated assets.
Suspension of all other functions and	Tariff deviations
works Donations of masks and other	• Possible increase in tariff deviations stock resulting from a potential decrease in consumption and possible tariff payment deferrals by consumers as a consequence of COVID-19 certified problems as defined by ERSE. The increase in tariff deviations stock has no impact on REN's revenues recognized in P&L, but reduces REN's
equipment	operational cash flow. Most of these tariff deviations are usually recovered up to two years later, as defined by ERSE's tariff code.
	The overall impact on REN's business is quite moderate

MAIN INDICATORS In 1Q20, EBITDA stood at €118.9M, 5.1% (€6.4M) lower when compared with the same period of the previous year. This was essentially driven by the reduction in the remuneration of the asset base, following the decrease in the Portuguese bond yield, the introduction of a new regulatory framework in gas, a lower RAB and the increase in OPEX. This outcome was partially offset by a positive contribution from the two businesses in Chile (€1.8M) and natural gas distribution (€0.2M);

There was however, a positive contribution from Financial Results (€1.9M), which benefited from a lower average cost of debt (1.8% in 1Q20, versus 2.3% in 1Q19);

REN continued to be penalized by the extraordinary energy sector levy (€28.2M), which, for the first time, included Portgás. Hence, the effective tax rate rose to 43.9%. Net Profit totaled €4.3M (-€8.9M) and excluding extraordinary effects, Recurrent Net Profit was €32.5M (-€5.2M);

Net Debt increased by €136.4M to €2,750.3M, as a result of the Transemel acquisition in October of last year and the consolidation of its debt.

1Q20 HIGHLIGHTS

€M	1Q20	1Q19	Δ%	Δ Abs.
EBITDA	118.9	125.3	-5.1%	-6.4
Financial Results	-13.6	-15.5	12.0%	1.9
Net Profit	4.3	13.2	-67.5%	-8.9
Recurrent Net Profit	32.5	37.6	-13.7%	-5.2
Average RAB	3,714.2	3,743.0	-0.8%	-28.8
CAPEX	27.0	16.8	60.5%	10.2
Net Debt	2,750.3	2,613.9	5.2%	136.4

CAPEX and RAB

€M	1Q20	1Q19	Δ%	Δ Abs.
Average RAB	3,714.2	3,743.0	-0.8%	-28.8
Electricity	2,054.0	2,036.9	0.8%	17.2
Land	222.5	235.1	-5.3%	-12.5
Natural gasT	960.1	1,003.0	-4.3%	-43.0
Natural gasD	477.6	468.1	2.0%	9.5
RAB end of period	3,689.6	3,718.1	-0.8%	-28.4
Electricity	2,038.2	2,020.8	0.9%	17.4
Land	221.0	233.5	-5.4%	-12.5
Natural gasT	953.1	996.0	-4.3%	-42.9
Natural gasD	477.3	467.8	2.0%	9.5
CAPEX	27.0	16.8	60.5%	10.2
Electricity	20.5	12.1	69.2%	8.4
Natural gasT	1.5	1.0	50.6%	0.5
Natural gasD	3.3	3.7	-10.7%	-0.4
Transemel	1.6	0.0		1.6
Other	0.1	0.0		0.1
RAB variation e.o.p.	-49.2	-49.6
Electricity	-31.7	-31.9
Land	-3.1	-3.1
Natural gasT	-13.9	-14.0
Natural gasD	-0.5	-0.6

CAPEX ROSE BY €10.2M TO €27.0M

Transemel contributed with €1.6M

CAPEX rose by €10.2M to €27.0M, of which the electricity business represents over 76%. Transfers to RAB increased by

Electricity transmission infrastructure teams concluded a new 60

• €1.2M to €4.9M;
• kV line bay at the Pocinho substation;
• of equipment;

In Natural Gas transportation and storage, investment was in line with budget, mainly focused in the refurbishment and upgrading

Investments in Portgás targeted network expansion and densification, mostly for B2C. Regarding B2B, the company continues to monitor new prospects, alongside with firm contracts. Network decarbonization process is on the move.

1) RoR is equal to the specific asset remuneration, divided by the average RAB;

2) Includes transfers to RAB of the connection to the off-shore wind project "Windfloat", which is remunerated at the base rate.

(€M)

(1) Transemel was consolidated from 1 October 2019; (2) Includes -Δ€0.15M of OPEX own works.

EBITDA DROPPED BY €6.4M TO €118.9M

RAB REMUNERATION WAS €6.1M BELOW 1Q19

Mainly due to the decrease in RoR (-€5.9M)

RAB REMUNERATION PORTGÁS (€M)

OPERATIONAL COSTS (€M)

OPERATIONAL COSTS AMOUNTED TO €32.8M Despite the positive variation in Portgás (-€2.3M)

(1) Includes the following main variations: €1.4M from maintenance costs with forest clearing, as a result of more demanding legislation; €0.8M from costs with NG transportation (pass through cost); €0.6M from ITC mechanism (pass through cost); €0.3M from donations of masks to the health authorities in March 2020, following COVID-19 pandemic; -€0.4M from lower electricity costs in the LNG Terminal.

CORE OPEX INCREASED BY €2.4M Portgás had a favourable evolution (-€0.6M)

9

(1) ITC - Inter Transmission System Operator Compensation for Transits; (2) Item related to Portgás.

€M	1Q20	1Q19	Δ%	Δ Abs.
EBITDA	118.9	125.3	-5.1%	-6.4
Depreciations and amortizations	59.9	58.5	2,3%	1.4
Financial Results	-13.6	-15.5	12.0%	1.9
Profit before income tax and levy	45.4	51.3	-11.6%	-5.9
Taxes	12.9	13.7	-5.7%	-0.8
Extraordinary levy	28.2	24.4	15.5%	3.8
Net Profit	4.3	13.2	-67.5%	-8.9
Recurrent Net Profit	32.5	37.6	-13.7%	-5.2

BELOW EBITDA Hurt by the rise in CESE, but in part offset by the drop in the average cost of debt

Depreciations and amortizations increased by 2.3% to €59.9M;

Income Tax was €12.9M (-€0.8M). The effective tax rate, excluding

Extraordinary levy (CESE) grew by 15.5% to €28.2M, which, for the

• the levy, was 28.4%, while in 1Q19 it was 26.6%;
• first time, included €4.1M from Portgás;
• aggregate tax rate was 31.5%;

In 1Q20, the Group was taxed at a Corporate Income Tax rate of 21%, increased by a municipal surcharge up to the maximum of 1.5% over the taxable profit; plus (i) a State surcharge of an additional 3% of taxable profit between €1.5M and €7.5M; (ii) an additional 5% of taxable profit in excess of €7.5M and up to €35.0M; and (iii) 9% over the taxable profit in excess of €35.0M. As a result, the maximum

The average cost of debt declined to 1.8%, from 2.3% in 1Q19;

Financial Results improved by 12.0%, despite a higher stock of debt, due to the Transemel acquisition and the consolidation of its debt.

With an increase in free cash flow (-€133.1M)

NET PROFIT STOOD AT €4.3M (-€8.9M) Despite better financials

Net Debt / EBITDA

• The cost of REN's debt was 1.8% due to REN's own risk profile. The Company's debt is investment grade by the three major rating agencies: S&P, Fitch and Moody's;
• The €685M maturing in 2020 are fully covered by REN´s undrawn credit facilities. Of these €685M, €268M refer to a long term bond maturing in October 2020 and this is already covered by a forward starting long term credit facility signed in April 2019. The remaining amount has mostly to do with short-term opportunistic funding that is fully covered by undrawn medium to long term credit facilities amounting to €565M. As of 31 March 2020 REN´s funding needs are fully covered for a period of 2.5 years.

1) Value adjusted by interest accruals and hedging on yen denominated debt.

REN IS FUNDED OVER THE NEXT TWO YEARS

In 1Q20, the average debt maturity was 3.45 years

The total amount of fixed assets concessions related declined to

Investments and goodwill (1) increased to €363.6M from €363.0M at the end of 2019. This item includes goodwill, available-for-sale financial assets, derivative financial instruments, investments in associates

Receivables (2) related to trade and other receivables, deferred tax assets and current income tax recoverable, reached €316.5M in 1Q20, a decrease

• €4,013.8M (this value includes investment subsidies);
• (including Electrogas) and other investments;
• from €362.3M at the end of 2019;
• versus €748.9M in 2019;
• deposits (€128.2M in 2019).

Other Assets (3) stood at €290.9M. This item consists of inventories, guarantee deposits, fixed assets and assets in progress (not RAB related);

Payables (4) include trade and other payables, deferred tax liabilities and income tax payable. These totalized €751.9M at the end of the period,

Other liabilities (5) stood at €132.4M. These include retirement and other benefit obligations, derivative financial instruments and guarantee

€M	1Q20	2019
Fixed assets c. related	4,013.8	4,023.4
Investments and goodwill1	363.6	363.0
Tariff deviations	224.8	214.5
Receivables2	316.5	362.3
Cash	37.9	21.0
Other3	290.9	321.0
Total assets	5,247.5	5,305.3
Shareholders equity	1,438.6	1,446.1
Debt (end of period)	2,813.1	2,869.5
Provisions	8.4	8.4
Tariff deviations	103.1	104.3
Payables4	751.9	748.9
Other5	132.4	128.2
Total equity and liabilities	5,247.5	5,305.3

BALANCE SHEET

TARIFF DEVIATIONS

1) Value adjusted to include the amount to be received from the FSSSE: €4.4M in 2019 and €2.9M in 1Q20.

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

€M	1Q20	2019
Electricity	30.4	38.7
Trading	159.9	138.1
1) Natural GasT	-57.2	-57.8
Natural Gas D	-8.6	-4.4
TOTAL	124.6	114.6

THE BALANCE OF TARIFF DEVIATIONS WAS €124.6M To be received from tariffs over the next two years

In 1Q20, with the coronavirus pandemic, the global economy suffered a deep contraction. However, REN maintained its financial strength and continued to present high liquidity and a very low average cost of debt;

REN's total liquidity reached €1,205M, including credit facilities, loans, non-

The Group had credit lines negotiated and not used in the amount of €80.0M, maturing up to one year, which are automatically renewed periodically (if they are not resigned in the contractually specified period

• used commercial paper programmes, cash and bank deposits;
• Bank borrowings were mainly represented by EIB loans (€439.6M);
• for that purpose);
• €1,300.0M, of which €858.5M were available for use;
• consolidated equity with the total consolidated regulated assets).

REN also had seven active commercial paper programmes in the amount of

REN's financial liabilities had the following main types of covenants: Cross Default, Pari Passu, Negative Pledge and Gearing (ratio of total

BORROWINGS

€M	Current	Non Current	TOTAL
Bonds	267.8	1,447.8	1,715.6
Bank borrowings	74.4	580.1	654.5
Commercial paper	441.5	0.0	441.5
Bank overdrafts	1.6	0.0	1.6
Finance lease	1.3	2.2	3.6
TOTAL	786.6	2,030.2	2,816.8
Accrued interest	19.1	0.0	19.1
Prepaid interest	-7.4	-15.4	-22.8
TOTAL	798.3	2,014.8	2,813.1

DIVERSIFIED FUNDING SOURCES

SHARE PERFORMANCE

ANALYST RECOMMENDATIONS(1)

CMVM: MAIN PRESS RELEASES (from January 2020)

• Average Price target €2.74
• Upside/Downside(+/-) 7.9%

Jan-09: Qualified shareholding from Great-West Lifeco

Feb-12: Summary of annual information disclosed in 2019

Feb-26: Qualified shareholding from The Capital Group Companies

Feb-27: Qualified shareholding from The Capital Group Companies

Mar-25: 2019 Consolidated results

MARKET INFORMATION

*Inception to date (July 09th 2007).

REN END OF PERIOD	1Q20	2019
Price (€)
Close	2.320	2.720
Average	2.579	2.570
High YTD	2.800	2.780
Low YTD	1.954	2.400
Variation YTD	-14.7%	11.8%
Market cap. (€M)	1,548	1,815
Number of shares	667,191,262	667,191,262
Own shares (mn)	3.9	3.9
Average Daily Volume YTD (€M)	3.4	1.4
Average Daily Volume YTD (th shares)	1,332	563
Performance indicators
Dividend yield	7.4%	6.3%
Total shareholder return YTD	-14.7%	19.6%
Cumulative total return*
REN	89.3%	122.0%
PSI20	-50.6%	-36.7%
EuroStoxx Utilities	4.3%	19.7%

Source: Bloomberg, Euronext

REN'S TOTAL MARKET CAP STOOD AT €1.5B

APPENDIX

* NON RECURRENT ITEMS:

1Q20: i) Extraordinary energy sector levy, as established in the 2019 State budget law (€28.2M);

1Q19: i) Extraordinary energy sector levy, as established in the 2018 State budget law (€24.4M).

	1Q20			1Q20/1Q19
€M		1Q19	2019	Δ %	Δ Abs.
1) TOTAL REVENUES	172.9	168.3	787.0	2.7%	4.6
Revenues from assets	106.4	111.9	445.1	-5.0%	-5.5
Return on RAB	42.1	48.2	189.2	-12.6%	-6.1
Electricity	25.4	28.0	108.9	-9.1%	-2.6
Natural gas	11.0	13.5	53.4	-18.8%	-2.5
Portgás	5.7	6.7	27.0	-15.0%	-1.0
Lease revenues from hydro protection zone	0.2	0.2	0.7	-1.2%	0.0
Economic efficiency of investments	6.3	6.3	25.0	0.0%	0.0
Recovery of amortizations (net from subsidies)	53.4	52.8	212.3	1.1%	0.6
Subsidies amortization	4.5	4.5	17.9	-0.3%	0.0
Revenues from Transemel	2.4	0.0	2.7		2.4
Revenues of OPEX	33.4	33.4	130.0	-0.1%	0.0
Other revenues	5.4	6.2	25.2	-12.3%	-0.8
Construction revenues (IFRIC 12)	25.3	16.8	183.9	50.5%	8.5
2) OPEX	32.8	30.5	134.4	7.6%	2.3
Personnel costs	13.6	13.6	55.3	-0.1%	0.0
External supplies and services	13.1	9.4	60.0	39.0%	3.7
Other operational costs	6.1	7.5	19.1	-17.9%	-1.3
3) Construction costs (IFRIC 12)	21.0	12.3	164.6	70.5%	8.7
4) Depreciations and amortizations	59.9	58.5	235.6	2.3%	1.4
5) Other	0.1	0.1	1.7	1.1%	0.0
6) EBIT	59.0	66.8	250.6	-11.7%	-7.8
7) Depreciations and amortizations	59.9	58.5	235.6	2.3%	1.4
8) EBITDA	118.9	125.3	486.2	-5.1%	-6.4
9) Depreciations and amortizations	59.9	58.5	235.6	2.3%	1.4
10) Financial result	-13.6	-15.5	-52.5	-12.0%	1.9
11) Income tax expense	12.9	13.7	54.8	-5.7%	-0.8
12) Extraordinary contribution on energy sector	28.2	24.4	24.4	15.5%	3.8
13) NET PROFIT	4.3	13.2	118.9	-67.5%	-8.9
14) Non recurrent items*	28.2	24.4	25.9	15.5%	3.8
15) RECURRENT NET PROFIT	32.5	37.6	144.8	-13.7%	-5.2

RESULTS BREAKDOWN

€M		1Q19	2019	1Q20/1Q19
				Δ %	Δ Abs.
Other revenues	5.4	6.2	25.2	-12.3%	-0.8
Allowed incentives	0.3	0.7	1.3	-51.1%	-0.3
Interest on tariff deviation	0.1	0.1	0.5	15.2%	0.0
Telecommunication sales and services rendered	1.7	1.5	6.6	11.9%	0.2
Consultancy services and other services provided	0.6	0.1	2.1		0.5
Other revenues*	2.7	3.7	14.6	-29.1%	-1.1
Other costs	6.1	7.5	19.1	-17.9%	-1.3
Costs with ERSE	2.8	2.6	11.1	8.2%	0.2
Other	3.4	4.9	8.1	-31.5%	-1.5

*Includes revenues related to Electrogas' Net Profit proportion (€2.0M in 1Q20 and €1.9M in 1Q19).

OTHER OPERATIONAL REVENUES AND COSTS BREAKDOWN

1) Includes Electricity and Enondas (wave energy concession).

€M		1Q19	2019	1Q20/1Q19
				Δ %	Δ Abs.
1) REVENUES	109.3	102.7	503.5	6.4%	6.6
Revenues from assets	70.5	73.0	289.3	-3.4%	-2.5
Return on RAB	25.4	28.0	108.9	-9.1%	-2.6
Lease revenues from hydro protection zone	0.2	0.2	0.7	-1.2%	0.0
Economic efficiency of investments	6.3	6.3	25.0	0.0%	0.0
Recovery of amortizations (net from subsidies)	35.7	35.6	142.8	0.2%	0.1
Subsidies amortization	3.0	3.0	12.0	-0.5%	0.0
Revenues of OPEX	17.0	16.7	68.6	2.0%	0.3
Other revenues	1.3	0.9	4.7	43.3%	0.4
Interest on tariff deviation	0.1	0.0	0.1	173.7%	0.1
Other	1.2	0.8	4.5	37.6%	0.3
Construction revenues (IFRIC 12)	20.5	12.1	140.9	69.2%	8.4
2) OPEX	13.2	10.5	55.4	25.7%	2.7
Personnel costs	4.4	4.4	17.8	-1.4%	-0.1
External supplies and services	6.7	4.1	29.2	62.2%	2.6
Other operational costs	2.2	2.0	8.5	10.1%	0.2
3) Construction costs (IFRIC 12)	17.3	8.7	126.5	98.9%	8.6
4) Depreciations and amortizations	38.6	38.5	154.3	0.1%	0.0
5) Other	0.0	0.0	1.2
6) EBIT (1-2-3-4-5)	40.2	44.9	166.0	-10.6%	-4.7
7) Depreciations and amortizations	38.6	38.5	154.3	0.1%	0.0
8) EBITDA (6+7)	78.8	83.5	320.3	-5.6%	-4.7

EBITDA BREAKDOWN (ELECTRICITY¹ )

€M	1Q20	1Q19		1Q20/1Q19
			2019	Δ %	Δ Abs.
1) REVENUES	38.4	39.3	175.0	-2.5%	-1.0
Revenues from assets	26.3	28.9	114.9	-8.9%	-2.6
Return on RAB	11.0	13.5	53.4	-18.8%	-2.5
Recovery of amortizations (net from subsidies)	13.9	13.9	55.6	-0.2%	0.0
Subsidies amortization	1.5	1.5	5.8	-0.1%	0.0
Revenues of OPEX	10.7	9.5	44.3	13.1%	1.2
Other revenues	-0.2	-0.1	-0.3		-0.1
Interest on tariff deviation*	-0.1	-0.1	-0.3	-6.8%	0.0
Consultancy services and other services provided	0.0	0.0	0.2
Other	-0.1	0.0	-0.2		-0.1
Construction revenues (IFRIC 12)	1.5	1.0	16.2	51.5%	0.5
2) OPEX	7.5	6.4	30.0	17.4%	1.1
Personnel costs	2.0	1.9	7.9	6.6%	0.1
External supplies and services	4.0	3.3	17.0	21.1%	0.7
Other operational costs	1.5	1.2	5.1	24.5%	0.3
3) Construction costs (IFRIC 12)	1.0	0.5	14.0	115.0%	0.5
4) Depreciations and amortizations	15.2	15.2	60.8	-0.1%	0.0
5) Other	0.0	0.0	0.1
6) EBIT	14.7	17.3	70.2	-15.0%	-2.6
7) Depreciations and amortizations	15.2	15.2	60.8	-0.1%	0.0
8) EBITDA	29.9	32.5	130.9	-8.1%	-2.6

EBITDA BREAKDOWN (NATURAL GAS TRANSPORTATION)

24 *A negative revenue is consistent with a negative tariff deviation.

€M				1Q2O/1Q19
	1Q20	1Q19	2019	Δ %	Δ Abs.
1) REVENUES	18.4	20.9	84.9	-11.9%	-2.5
Revenues from assets	9.5	10.0	40.9	-4.8%	-0.5
Return on RAB	5.7	6.7	27.0	-15.0%	-1.0
Recovery of amortizations (net from subsidies)	3.8	3.3	13.9	15.9%	0.5
Subsidies amortization	0.0	0.0	0.1
Revenues of OPEX	5.6	7.2	17.1	-22.4%	-1.6
Other revenues	0.0	0.1	0.1	-5.2%	0.0
Interest on tariff deviation	0.0	0.0	0.0	-40.3%	0.0
Adjustments previous years	0.0	0.0	-0.2
Other services provided	0.1	0.0	0.2	27.5%	0.0
Other	0.0	0.0	0.1	2.5%	0.0
Construction revenues (IFRIC 12)	3.3	3.7	26.9	-10.7%	-0.4
2) OPEX	4.1	6.4	14.4	-35,3%	-2.3
Personnel costs	1.1	1.1	4.1	-2.4%	0.0
External supplies and services	0.7	1.2	5.2	-41.4%	-0.5
Other operational costs	2.4	4.1	5.0	-42.1%	-1.7
3) Construction costs (IFRIC 12)	2.7	3.2	24.1	-14.5%	-0.5
4) Depreciations and amortizations	3.9	3.5	14.2	11.9%	0.4
5) Other	0.0	0.0	0.1
6) EBIT	7.7	7.9	32.2	-2.3%	-0.2
7) Depreciations and amortizations	3.9	3.5	14.2	11.9%	0.4
8) EBITDA	11.6	11.4	46.4	2.0%	0.2

* One-off related to the sale of LPG business.

EBITDA BREAKDOWN (PORTGÁS)

EBITDA BREAKDOWN (TRANSEMEL)

€M	1Q20	2019 As If*
1) REVENUES	2.4	2.7
2) OPEX	0.8	0.5
3) Depreciations and amortizations	0.4	0.4
4) EBIT	1.3	1.8
5) Depreciations and amortizations	0.4	0.4
6) EBITDA	1.7	2.2

* Transemel was consolidated from 1 October 2019.

* Includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO, Aerio Chile SPA, Apolo and REN Finance B.V.

				1Q20/1Q19
€M	1Q20	1Q19	2019	Δ %	Δ Abs.
1) TOTAL REVENUES	4.3	5.3	20.8	-18.9%	-1.0
Other revenues	4.3	5.3	20.8	-18.9%	-1.0
Allowed incentives	0.3	0.7	1.3	-51.1%	-0.3
Interest on tariff deviation	0.1	0.2	0.7	-37.1%	-0.1
Telecommunication sales and services rendered	1.7	1.5	6.6	11.9%	0.2
Consultancy services and other services provided	0.1	0.1	1.5	-7.7%	0.0
Other	2.1	2.8	10.7	-26.8%	-0.8
2) OPEX	7.2	7.2	34.1	-0.5%	0.0
Personnel costs	6.1	6.2	25.4	-0.8%	-0.1
External supplies and services	1.0	0.9	8.2	12.2%	0.1
Other operational costs	0.1	0.2	0.6	-57.9%	-0.1
3) Depreciations and amortizations	1.9	1.4	5.9	41.2%	0.6
4) Other	0.1	0.1	0.4	1.1%	0.0
5) EBIT	-4.9	-3.4	-19.6	44.9%	-1.5
6) Depreciations and amortizations	1.9	1.4	5.9	41.2%	0.6
7) EBITDA	-3.0	-2.0	-13.7	47.5%	-1.0

EBITDA BREAKDOWN (OTHER* )

(2) Transfers to RAB include direct acquisitions RAB related; (3) Includes transfers to RAB of the connection to the off-shore wind project "Windfloat", which is remunerated at the base rate.

					1Q20/1Q19
€M	1Q20	1Q19	2019	Δ %	Δ Abs.
CAPEX(1)	27.0	16.8	188.6	60.5%	10.2
Electricity	20.5	12.1	140.9	69.2%	8.4
Natural gasT	1.5	1.0	16.2	50.6%	0.5
Natural gasD	3.3	3.7	26.9	-10.7%	-0.4
Transemel	1.6		4.5		1.6
Other	0.1	0.0	0.1		0.1
Transfers to RAB(2)	4.9	3.7	190.6	32.2%	1.2
Electricity(3)	0.9	0.8	151.7	12.9%	0.1
Natural gasT	0.0	-0.1	12.7		0.1
Natural gasD	3.9	2.9	26.3	34.2%	1.0
Average RAB	3,714.2	3,743.0	3,753.3	-0.8%	-28.8
Electricity	2.054.0	2.036.9	2.061.4	0.8%	17.2
With premium	1,069.7	1,095.3	1,096.5	-2.3%	-25.5
Without premium(3)	968.5	925.5	964.9	4.6%	43.0
Land	222.5	235.1	230.4	-5.3%	-12.5
Natural gasT	960.1	1.003.0	988.5	-4.3%	-43.0
Natural gasD	477.6	468.1	473.0	2.0%	9.5
RAB e.o.p.	3.689.6	3.718.1	3,738.8	-0.8%	-28.4
Electricity	2.038.2	2.020.8	2.069.9	0.9%	17.4
With premium	1,069.7	1,095.3	1,083.6	-2.3%	-25.5
Without premium(3)	968.5	925.5	986.3	4.6%	43.0
Land	221.0	233.5	224.1	-5.4%	-12.5	(1) Total costs;
Natural gasT	953.1	996.0	967.0	-4.3%	-42.9
Natural gasD	477.3	467.8	477.8	2.0%	9.5

			2019	1Q20/1Q19
€M	1Q20	1Q19		Δ %	Δ Abs.
RAB's remuneration	42.3	48.4	189.9	-12.6%	-6.1
Electricity	25.4	28.0	108.9	-9.1%	-2.6
With premium	14.3	16.1	61.8	-11.2%	-1.8
Without premium	11.1	11.9	47.0	-6.3%	-0.7
Land	0.2	0.2	0.7	-1.2%	0.0
Natural gasT	11.0	13.5	53.4	-18.8%	-2.5
Natural gasD	5.7	6.7	27.0	-15.0%	-1.0
RoR's RAB	4.6%	5.2%	5.1%		-0.6p.p.
Electricity	5.0%	5.5%	5.6%		-0.5p.p.
With premium	5.3%	5.8%	5.6%		-0.5p.p.
Without premium	4.6%	5.1%	4,9%		-0.5p.p.
Land	0.3%	0.3%	0.3%		0.0p.p.
Natural gasT	4.6%	5.4%	5.4%		-0.8p.p.
Natural gasD	4.8%	5.7%	5.7%		-1.0p.p.

CAPEX AND RAB

RATING	Long term	Short term	Outlook	Date
Moody's	Baa3	-	Stable	24/07/2019
Standard & Poor's	BBB	A-2	Stable	19/11/2019
Fitch	BBB	F3	Stable	02/08/2019

	1Q20	1Q19	2019
Net Debt (€M)	2,750.3	2,613.9	2,826.0
Average cost	1.8%	2.3%	2.1%
Average maturity (years)	3.5	4.2	3.6
Net Debt / EBITDA	5.8x	5.2x	5.7x

DEBT BREAKDOWN

Funding sources
Bond issues	61%	65%	60%
EIB	16%	15%	15%
Loans	8%	8%	8%
Other	16%	12%	16%

TYPE

41%	37%	42%
59%	63%	58%

DEBT

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS Financial position (thousands of euros)

ASSETS EQUITY Non-current assets Shareholders' equity: Property, plant and equipment 119,610 125,649 Share capital 667,191 667,191 Intangible assets 4,181,169 4,214,916 Own shares -10,728 -10,728 Goodwill 5,875 5,969 Share premium 116,809 116,809 Investments in associates and joint ventures 178,353 172,278 Reserves 306,469 316,681 Investments in equity instruments at fair value through other comprehensive income 147,229 155,676 Retained earnings 360,118 242,853 Derivative financial instruments 30,349 27,229 Other changes in equity -5,561 -5,561 Other financial assets 78 71 Net profit for the period 4,302 118,899 Trade and other receivables 108,669 114,509 TOTAL EQUITY 1,438,600 1,446,144 Deferred tax assets 93,615 93,666 4,864,949 4,909,964 LIABILITIES Current assets Non-current liabilities Inventories 3,966 3,919 Borrowings 2,014,773 2,112,296 Trade and other receivables 333,036 353,725 Liability for retirement benefits and others 104,597 103,309 Current income tax recoverable 5,988 14,921 Derivative financial instruments 27,829 24,848 Derivative financial instruments 1,717 1,732 Provisions 8,416 8,416 Cash and cash equivalents 37,869 21,044 Trade and other payables 335,748 340,627 TOTAL ASSETS 5,247,524 5,305,305 Current liabilities Mar 2020 Dec 2019 Mar 2020 Dec 2019

4,864,949	4,909,964	LIABILITIES
382,575	395,341	Deferred tax liabilities	140,224	141,774
			2,631,587	2,731,269
		Borrowings	798,331	757,158
		Trade and other payables	379,005	370,733
			1,177,336	1,127,891
		TOTAL LIABILITIES	3,808,923	3,859,160
		TOTAL EQUITY AND LIABILITIES	5,247,524	5,305,305

CONSOLIDATED STATEMENTS Profit and loss (thousands of euros)

	Mar 2020	Mar 2019
Services rendered	138,079	139,084
Revenue from construction of concession assets	25,288	16,803
Gains / (losses) from associates and joint ventures	2,046	2,802
Other operating income	7,440	9,652
Operating income	172,854	168,341
Cost of goods sold	-165	-160
Cost with construction of concession assets	-21,032	-12,338
External supplies and services	-13,211	-9,499
Personnel costs	-13,493	-13,537
Depreciation and amortizations	-59,920	-58,550
Provisions	0	1
Impairments	-94	-94
Other expenses	-5,970	-7,313
Operating costs	-113,884	-101,491
Operating results	58,969	66,850
Financial costs	-14,953	-17,526
Financial income	1,341	1,981
Financial results	-13,611	-15,545
Profit before income tax and ESEC	45,358	51,305
Income tax expense	-12,891	-13,673
Energy sector extraordinary contribution (ESEC)	-28,165	-24,390
Net profit for the year	4,302	13,243
Attributable to:
Equity holders of the Company	4,302	13,243
Non-controlled interest	0	0
Consolidated profit for the year	4,302	13,243
Earnings per share (expressed in euro per share)	0.01	0.02

(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.

CONSOLIDATED STATEMENTS Cash flow (thousands of euros)

	Mar 2020	Mar 2019
Cash flow from operating activities
Cash receipts from customers	664,797	548,290
Cash paid to suppliers	-508,520	-423,709
Cash paid to employees	-15,106	-14,975
Income tax received/ paid	-2,195	-1,594
Other receipts/ (payments) relating to operating activities	-8,079	-18,462
Net cash flows from operating activities (1)	130,896	89,551
Cash flow from investing activities
Receipts related to:
Investment grants	184	569
Interests and other similar income	0	8
Dividends	1,477	1,477
Payments related to:
Financial investments	0	0
Property, plant and equipment	-1,926	-20
Intangible assets - Concession assets	-42,567	-36,673
Net cash flow used in investing activities (2)	-42,833	-34,639
Cash flow from financing activities
Receipts related to:
Borrowings	815,500	1,279,000
Payments related to:
Borrowings	-869,312	-1,328,271
Interests and other similar expense	-17,637	-19,549
Net cash from/ (used in) financing activities (3)	-71,449	-68,820
Net (decrease)/increase in cash and cash equivalents (1)+(2)+(3)	16,614	-13,909
Effect of exchange rates	-877	2
Cash and cash equivalents at the beginning of the year	20,521	34,096
Cash and cash equivalents at the end of the period	36,259	20,189
Detail of cash and cash equivalents
Cash	2 8	2 5
Bank overdrafts	-1,610	-346
Bank deposits	37,841	20,511
	36,259	20,190

DISCLAIMER

This presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation do not constitute, or form part of, a public offer, private placement or solicitation of any kind by REN, or by any of REN's shareholders, to sell or purchase any securities issued by REN and its purpose is merely of informative nature and this presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation may not be used in the future in connection with any offer in relation to securities issued by REN without REN's prior consent.

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Ana Fernandes – Head of IR Alexandra Martins Telma Mendes

Av. EUA, 55 1749-061 Lisboa Phone number: +351 210 013 546 ir@ren.pt