REN-Redes Energeticas Nacionais

Investor Presentation • Nov 14, 2024

UNAUDITED ACCOUNTS 14TH N O V E M B E R 2024

UNAUDITED ACCOUNTS 14TH N O V E M B E R 2024

OVERVIEW OF THE REBIOD

KEY MESSAGES – FINANCIAL

€388.5M -1.8% versus 9M23 EBITDA

EBITDA decrease, mainly due to:

• 1. Lower contribution from domestic business (€-2.5M), reflecting the decrease in assets and OPEX remuneration, as well as an increase in core OPEX, despite an increase in other revenues;
• 2. Lower performance from international business (€-4.4M), due to a +€3.9M one-off revenue in 9M23.

€84.2M -12.5% versus 9M23 Net Profit

Net Profit level impacted by:

• 1. Lower EBITDA (€-6.9M);
• 2. Decrease in financial results (€-10.9M);
• 3. Lower taxes (€-7.1M), a result of a lower EBT (€-19.2M).

€2,358.4M +3.0% versus 9M23 Net Debt (w/o tariff deviations)

• Net Debt (excluding tariff deviations) recorded an increase of €68.0M in 9M24 YoY;
• Average cost of debt increased to 2.78% (versus 2.43% in 9M23).

€212.9M +20.2% versus 9M23 CAPEX

• CAPEX increased by €35.8M in 9M24, primarily due to positive contributions from the domestic electricity segment and international operations;
• Transfers to RAB increased in 9M24 to €64.7M (+31.8% versus 9M23).

KEY MESSAGES – OPERATIONAL

73.0% +17.9 pp versus 9M23

Renewable energy sources

• Renewable energy sources reached 73.0% of total consumption supply.
• Electricity consumption increased to 38.1 TWh (+1.7% versus 9M23).
• Natural gas consumption decreased by 22.8% (to 29.3 TWh), even though domestic market consumption increased by 2.1%.

Quality of service levels remained high

• The average interruption time in the electricity segment was 0.01 min (versus 0.39 min in 9M23).
• The combined availability rate of gas transmission activity remained at 100%.
• REN maintains a strong focus on innovation, with particular emphasis on artificial intelligence. Further developments targeting the areas of digitalization, robotization, sustainability, and the circular economy, along with the integration of renewable gases.

Reinforced sustainability commitments

• REN has had all its infrastructure certified for the transport, distribution, and storage of hydrogen-natural gas blends, in line with the decarbonization targets set by the Portuguese government.
• REN was recognized as one of Europe's Climate Leaders for 2024 by the Financial Times and rose nine positions in the Merco ESG Responsibility Ranking of the most responsible companies in Portugal.
• In September, REN launched the first edition of its Sustainability Academy for suppliers.
• The 2023 Integrated Report received a Gold award at the Lusophone Creativity Awards (Editorial Design) and a Silver award at Vega Digital Awards (Owned Media & Annual Report).

Regulation highlights

• The revision of the National Energy and Climate Plan 2030 was approved by the Council of Ministers.
• The Portuguese government has submitted a bill for public consultation to partially transpose the Renewable Energy Directive (RED III) into Portuguese Law.
• The government also launched the first auction for blending renewable gases in the existing gas system, specifically 150 GWh/year of biomethane and 120 GWh/year for hydrogen.
• In close cooperation with Enagás, GRTGás, Terega and OGE, REN applied for CEF studies financing and announced the launch of a non-bidding call for interest.

@ BUSINESS PERFORMANCE

BUSINESS HIGHLIGHTS

SERVICE QUALITY PERFORMANCE REMAINED IN HIGH LEVELS IN 9M24. RENEWABLE ENERGY SOURCES IN CONSUMPTION SUPPLY REACHED 73.0%, ALONGSIDE WITH ELECTRICITY CONSUMPTION GROWTH

FINANCIAL HIGHLIGHTS

DECREASE OF OPERATIONAL RESULTS AND NET PROFIT

EBITDA

DECREASE IN EBITDA DRIVEN BY LOWER ASSETS AND OPEX REMUNERATION IN THE DOMESTIC BUSINESS, AS WELL AS A DECREASE IN INTERNATIONAL SEGMENT RESULTS

¹Includes electricity regulatory incentives (IMDT) and Solar agreements revenues and excludes OPEX remuneration related to pass-through costs | ²Includes REN Trading incentives, telecommunication sales and services rendered, interest on tariff deviation, consultancy revenues and other services provided, OMIP and Nester results | ³ Includes Apolo SpA and Aerio Chile SpA costs | ⁴ This value takes into consideration the impact from the segment "Other", which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V. | ⁵ Refers to Portgás

ROR EVOLUTION Domestic Business

DECREASE OF BASE RETURN ON RAB AND PORTUGUESE BOND YIELDS

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

INVESTMENT Domestic Business

CAPEX AND TRANSFERS TO RAB INCREASED YOY

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

Electricity

KEY HIGHLIGHTS

• Refurbishment of the overhead line (OHL) connection Batalha Ribatejo at 400 kV;
• Opening of the OHL Castelo Branco Ferro for the Fundão Substation and Installation of the 220 kV bays for those new connections;
• Improvement to the Command, Control, and Protection Systems at Pereiros Substation completed;
• Installation of a 150 kV line bay at Ferreira do Alentejo Substation and a 60 kV line bay at Tunes Substation to connect photovoltaic solar power plants.

Gas Transportation

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

Gas Distribution

• Investments for network expansion and densification, mostly for B2C, incentivizing building decarbonization through future renewable gases in parallel with ongoing expansion to new industrial zones;
• Technological Transformation ("Enter" Program) and AI adoption program on the move;
• Decarbonizing and digitalization plan on the move with encouraging results on H2 infrastructure readiness;
• Report for investments, to adapt the distribution network for up to 20% and 100% H2 blending, delivered to the Portuguese government;
• Investment plan 2025-29 under revision in order to meet the Regulator and Concession requirements;
• Increasingly higher biomethane producers interest in Portgás concession area and increased proximity with key stakeholders.

RAB RETURNS Domestic Business

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

• Return on RAB increased driven by a higher asset base (which rose by €2.0M to €85.4M), despite a slightly lower RoR of 5.23% (vs 5.27%).
• Decrease in return on RAB justified by a lower RoR of 5.22% (vs 5.69%), and smaller asset base (which decreased by €37.7M to a total of €794.0M).

35.49

€-4.23M (-11.9%)

• Decrease in return on RAB attributed to a lower RoR (from 5.89% to 5.65%), even though RAB increased by €5.3M to €494.2M.

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

OPEX Domestic Business

OPEX INCREASED 6.7% YOY, WHILE CORE OPEX GREW 2.6%

Core OPEX ¹ evolution - €M KEY HIGHLIGHTS

• Maintenance costs decreased by €0.9M, mainly in the electricity segment.
• Electricity costs decreased by €0.9M, of which €0.8M in LNG Terminal.

PERSONNEL COSTS

• General increases and headcount increase (+3% growth YoY, reaching 753 employees in September 2024), driven by growth in operational activity.

NON-CORE COSTS

• Pass-through costs (i.e., costs fully recovered through the tariff) increased by €6.9M of which €-6.5M in costs with cross-border and €+11.0M in costs with Turbogás resulting from the end of PPA in March 2024.

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

CHILE HIGHLIGHTS International Business

SOLID PERFORMANCE FROM THE CHILEAN BUSINESSES, CONTRIBUTING 4.2%¹ TO TOTAL EBITDA IN 9M24

¹ This value does not take into consideration the impact from the segment "Other", which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V.

BELOW EBITDA

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

€190.0M €1.3M (0.7%)

Depreciation & Amortization

• Increase of €1.3M versus 9M23, in line with the increase in gross assets.

-€46.4M -€10.9 (-30.7%) Financial results

• Financial results decreased by €10.9M to -€46.4M, primarily due to an increase in the average cost of debt to 2.8% (up from 2.4% in 9M23) and higher Net Debt.
• Increase in Net Debt by €104M to €2,568M.

€67.8M -€7.1M (-9.5%) Taxes

• Decrease in income tax (-€7.3M to €39.5M) due to the lower EBT (-€19.2M) and higher extraordinary levy (+€0.2M to €28.3M), reflecting a higher regulated asset base.
• The effective tax rate (including the levy) stood at 40.0%, 0.3 p.p. above 9M23.
• Taxes in 9M24 benefited from tax recovery of previous years of €1.3M (€1.8M in 9M23).

NET PROFIT

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

Net profit evolution breakdown - €M

KEY HIGHLIGHTS

• Decrease in EBITDA, reflecting a reduced contribution from both domestic (-€2.5M) and international businesses (-€4.4M).
• Negative impact of €10.9M from financial results, primarily due to higher cost of debt and increased Net Debt.
• Decrease in taxes by €7.1M, reflecting a lower EBT.

DEBT

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

¹ Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | ² Includes €1,505M of available commercial paper programs and loans, and also €80M of credit lines available (automatically renewed), and €29M of cash and cash equivalents | 3 The debt maturity was obtained in an exercise where all of REN's financial instruments, either currently issued or available to issue, are used, from the longer to the shorter maturity, up to the total amount of REN's outstanding debt.

RENN

@ SHAPING A SUSTAINABLE FUTURE

Sub art a 2011

ESG PERFORMANCE AT A GLANCE

	INDICATOR	UNIT	Q32024	Q32023	YoY
nt e m n o vir n E	Energy consumption	GJ	3 487 104	2 996 827	16%
	Greenhouse gas emissions (scope 1 and 2)	tCO2eq	72 836	109 455	-33%
	Intensity of greenhouse gas emissions (scope 1 and 2)	tCO2 / GWh	0.93	1.34	-31%
	Turnover aligned with EU taxonomy	%	67.4	65.3	2 pp
	CAPEX aligned with EU taxonomy	%	86.7	81.2	6 pp
	OPEX aligned with EU taxonomy	%	64.4	70.1	-6 pp
al ci o S	Employees	No	770	741	4%
	Women in 1st and 2nd line management positions	%	29.5	28.6	1 pp
	Accident frequency index (Global REN)1	No	4.0	5.4	-1 pp
e c n a n er v o G	Board of Directors	No	15	14	7%
	Board independence	%	47	43	4 pp
	Women on the Board	%	33	29	4 pp

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

ESG HIGHLIGHTS

REN IS STRONGLY COMMITTED WITH SUSTAINABILITY

• Renewables accounted for 73% of accumulated electricity consumption until September;
• REN was recognized as one of the Climate Leaders in Europe for 2024 by the Financial Times;
• The H2REN Workshop by REN, with stakeholders like DGEG, highlighted progress and key findings on preparing the National Gas System for decarbonization;
• Ongoing projects related to energy self-consumption units are expected to result in an installed capacity of 4.5 MW by the end of 2024;
• REN has had all its infrastructure certified for the transport, distribution, and storage of hydrogennatural gas blends, in line with the decarbonization targets set by the Portuguese government.

• REN has released a new Supplier Code of Conduct on its website, featuring enhanced ESG standards;
• The first edition of REN's Sustainability Academy for suppliers was launched in September and continued through October;
• Gender Equality Plan 2025 and Gender Indicator Monitoring Report 2020 - 2023 available on REN website;
• Nós Programme featured in Human Resources magazine.

• REN climbed nine positions in the Merco ESG Responsibility Ranking of the most responsible companies in Portugal;
• The 2nd edition of "Encontros com Futuro", in partnership with Jornal Público, was held in Lisbon and Porto;
• 2023 Integrated Report awarded Gold at the Lusophone Creativity Awards (Editorial Design) and Silver at Vega Digital Awards (Owned Media & Annual Report);
• Preparation of the 2024 Integrated Report in accordance with the new European Sustainability Reporting Standards (ESRS).

Note: Unaudited ESG information

HIGHEST ESG STANDARDS

IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES

RENM

@ CLOSING REMARKS

CLOSING REMARKS

DECREASE IN DOMESTIC AND INTERNATIONAL OPERATIONAL RESULTS, ALONGSIDE AN INCREASE IN CAPEX THAT REFLECTS REN'S COMMITMENT TO THE ENERGY TRANSITION AND SUPPORT FOR PORTUGAL'S ENERGY POLICY

• Lower operational performance in both domestic (€-2.5M) and international (€-4.4M) businesses.

• Decrease in net profit, driven by lower EBITDA, as well as a reduction in financial results.

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

• CAPEX level remained high, mainly due to the positive levels registered in the electricity and international segments.
• Transfers to RAB increased to €64.7M (+31.8% versus 9M23).

DISCLAIMER

This document has been prepared by REN – Redes Energéticas Nacionais, SGPS, S.A (the "Company") and its purpose is merely informative. As such, this document may be amended and supplemented at the discretion of REN and it should be read as a overview of the matters addressed or contained herein.

By attending the meeting where this presentation takes place, or by reading the presentation slides, you acknowledge and agree to be bound by the following conditions and restrictions:

• 1. This presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation do not constitute, or form part of a public offer, private placement or solicitation of any kind by REN, or by any of REN's shareholders, to sell or purchase any securities issued by REN.
• 1. The purpose of this document is merely of informative nature and this presentation and all materials, documents and information used herein or distributed to investors in the context of this presentation may not be used in the future in connection with any offer in relation to securities issued by REN without REN's prior consent.
• 1. Any decision to invest in any securities of the Company or any of its affiliates or subsidiaries in any offering (public or private) should be made solely on the basis of the information to be contained in the relevant prospectus, key investor information or final offering memorandum provided to the investors and to be published in due course in relation to any such offering and/or public information on the Company or any of its affiliates or subsidiaries available in the market.
• 1. This document may also contain statements regarding the perspectives, objectives, and goals of REN, namely concerning ESG (Environmental, Social & Governance) objectives, including with respect to energy transition, carbon intensity reduction or carbon neutrality. An ambition expresses an outcome desired or intended by REN, it being specified that the means to be deployed may not depend solely on REN and shall be considered as non-binding and for information purposes only.
• 1. This presentation contains forward-looking statements regarding future events and the future results of REN. Accordingly, neither REN nor any other person can assure that its future results, performance or events will meet those expectations, nor assume any responsibility for the accuracy and completeness of the forward-looking statements.
• 1. Forward-looking statements include, among other things, statements concerning the potential exposure of REN to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections, and assumptions. All statements other than historical facts may be deemed to be, forward-looking statements. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements.
• 1. Any information and forward-looking statements contained in this document made by or on behalf of REN speak only with regard to the date they are made or presented.
• 1. REN does not undertake to update the information and the forward-looking statements, particularly, to reflect any changes in REN's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

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