REN-Redes Energeticas Nacionais

Investor Presentation • Jul 25, 2024

UNAUDITED ACCOUNTS 25TH JULY 2024

UNAUDITED ACCOUNTS 25TH JULY 2024

OVERVIEW OF THE REBIOD

KEY MESSAGES – FINANCIAL

€257.8M -2.7% versus 1H23 EBITDA

EBITDA decrease driven by:

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

€48.6M -22.9% versus 1H23 Net Profit

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

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

€2,426.9M +3.8% versus 1H23

Net Debt (w/o tariff deviations)

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

€135.4M +21.1% versus 1H23 CAPEX

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

KEY MESSAGES – OPERATIONAL

Renewable energy sources

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

Quality of service levels remained high

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

Reinforced sustainability commitments

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

Renewable Gases developments

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

@ BUSINESS PERFORMANCE

BUSINESS HIGHLIGHTS

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

FINANCIAL HIGHLIGHTS

DECREASE OF OPERATIONAL RESULTS AND NET PROFIT

EBITDA

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

¹Includes electricity regulatory incentives (IMDT) and Solar agreements revenues and excludes Opex remuneration related to pass-through costs | ²Includes REN Trading incentives, telecommunication sales and services rendered, interest on tariff deviation, consultancy revenues and other services provided, OMIP and Nester results | ³ Includes Apolo SpA and Aerio Chile SpA costs | ⁴ This value does not take into consideration the impact from the segment "Other", which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V. | ⁵ Refers to Portgás

ROR EVOLUTION

Domestic Business

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

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

INVESTMENT Domestic Business

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

CAPEX - €M

Electricity

• Refurbishment of two 220 kV overhead line (OHL) connections
• Installation of a 400 kV line bay at Tavira Substation, 220 kV line bays at Pocinho and Ferro Substations, and a 60 kV line bay at Porto Alto Substation to connect photovoltaic solar power plants;
• Installation of new 150 kV and 60 kV bays for a power transformer at the Ourique Substation and a 400 kV line bay at Tavira Substation.

Gas Transportation

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

Gas Distribution

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

KEY HIGHLIGHTS

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

RAB RETURNS Domestic Business

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

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

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

OPEX Domestic Business

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

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

Core OPEX ¹ evolution - €M KEY HIGHLIGHTS

CORE EXTERNAL COSTS

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

PERSONNEL COSTS

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

NON-CORE COSTS

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

CHILE HIGHLIGHTS International Business

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

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

BELOW EBITDA

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

€126.5M €0.7M (0.6%)

Depreciation & Amortization

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

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

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

€55.0M €4.4M (7.4%) Taxes

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

NET PROFIT

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

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

DEBT

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

¹ Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | ² Includes €1,198M of available commercial paper programs and loans, and also €80M of credit lines available (automatically renewed), and €36M of cash and cash equivalents | ³The debt maturity was obtained in an exercise where all of REN's financial instruments, either currently issued or available to issue, are used, from the longer to the shorter maturity, up to the total amount of REN's outstanding debt.

RENN

@ SHAPING A SUSTAINABLE FUTURE

Sur St & Stres

ESG PERFORMANCE AT A GLANCE

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

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

ESG HIGHLIGHTS

REN IS STRONGLY COMMITTED WITH SUSTAINABILITY

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

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

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

Note: Unaudited ESG information

HIGHEST ESG STANDARDS

IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES

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

RENM

@ CLOSING REMARKS

CLOSING REMARKS

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

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

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

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

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

DISCLAIMER

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

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

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

CONTACTS

VISIT OUR WEB SITE AT WWW.REN.PT

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

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