REN-Redes Energeticas Nacionais

Investor Presentation • May 13, 2024

RENA

CAPITAL MARKETS DAY 2024

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Agenda

The imperative of the Energy Transition

Rodrigo Costa (CEO)

Reinforcing our sustainability commitments

Enabling the Energy Transition

João Conceição (COO)

Delivering sustainable profitable growth

Gonçalo Morais Soares (CFO)

Closing remarks

Rodrigo Costa (CEO)

Rodrigo Costa The imperative of the Energy Transition

The Energy Transition is imperative

The world is moving to tackle climate change

1.5°C

limit to achieve climate neutrality, as committed in the Paris Agreement

+55%

CO2 emissions cut by 2030, established by the European Green Deal to facilitate the 2050 climate neutrality target

+60%

Expected EU power demand rise until 2030 driven by a shift towards electrification and green H, production

+600GW

Necessary wind and solar installed capacity increase by 2030 in line with EU Action Plan for Grids

+87GW

Cross-border transmission capacity needed in Europe by 2030 in line with EU Action Plan for Grids

The transition will not happen without grids

Global average annual T&D investments, B\$ 2022

Grid investment needs to accelerate and match investment in supply

IEA, November 23

Europe will only ensure its energy security and deliver on its climate ambitions A 11 if our power infrastructure expands and evolves to be fit for a decarbonized energy system. Grids need to be an enabler, not a bottleneck in the clean energy transition

Kadri Simson, Commissioner for Energy. November 23

Yet, the journey does not come without challenges

In the past decade, we have successfully adapted to evolving investment contexts

2015-17

Disciplined Tactical growth M&A Key Inorganic gas diversification milestones (Portgás and underground gas storage assets) Chile market entry (Electrogas) Chile (Transemel) Investment grade rating from all agencies Average investment, M€ 210 445

2018-20

Focus on domestic core (~155M€/year, avg.)

Reinforcement of investment in

1st wave of direct solar agreements signed (3.5GW)

2021-23

Domestic growth and ESG commitment

Investment growth at the core of the domestic Energy Transition (~245M€/year, avg.)

Reinforced ESG standards

First green bonds issuance (€300M)

250

Going forward, we will accelerate our commitments to enable the Energy Transition

8 REND

We are positioned in two of the leading regions on the energy transition path

Portugal

>25GW

RES capacity to be installed until 20301

~46€/MWh

solar utility-scale LCOE in Iberia2 in 2022

Green H2 production cost advantage vs. Central Europe3

>30GW

RES capacity to be installed until 2030

~42€/MWh

solar utility-scale LCOE in 2022

160 Mton

yearly green hydrogen production potential

Based on the latest national PNEC 23-30 draft

1. Spain as reference for Iberia

2. Considering 2022 and Germany as references (data from the European Hydrogen Observatory)

Source: REN, APREN, Plano Nacional Energia e Clima y Power Generation Costs 2022, World Bank; International Energy Agency

We remain committed to our role - at the center of the energy system to enable its transition

We are critical for ... Seamlessly integrating renewable capacity

Guaranteeing system flexibility amid rising intermittent sources

Delivering a robust and reliable grid performance

Ensuring security of supply, even in challenging times

1. Target from PNEC (June 2023)

2. Including data for mainland Portugal, Madeira and Azores

Renewable capacity2	6 GW	19 GW	44 GW
Electricity consumption from RES, %		71%	85%
	28%	ਾ
	2005	2023	2030 target1

3.1BE REN's cumulative investment in grid maintenance and expansion allowed Portugal to become a leader in renewables

We continue to focus on operational excellence to provide a robust and reliable grid for all

Quality and efficiency benchmark

We continue to deliver reliable and consistent value to all stakeholders

We are contributing to Portugal's economic growth

4 BE invested in Portuguese infrastructure since 2005

~42%1 average effective tax rate vs. 20% for PSI in 2020-22

~95% of payments directed to national suppliers/industry partners

+13 GW

of renewable capacity since 2000, providing lower production costs for the energy system

We are managing our environmental footprint

>4,000 ha

RENDA

replanted

since 2010

+1 M

trees of indigenous species planted since 2010

-45% scope 1 and 2 emissions reduction vs. 2019

We are committed to our communities

+1,500

indirect collaborators (service providers and contractors)

Stability

for industry partners, staying together even during challenging times (inflation, interest rates, geopolitical conflicts)

~750 employees in stable teams (>65% with bachelor degree)

100%

availability rate for gas transport in 2022, despite gas shortages throughout Europe

RENM Our strategy 2024-27

Reinforcing our sustainability commitments

Stepping-up ESG targets Fostering people excellence

Enabling the Energy Transition

Executing on the electricity transmission growth Unlocking the role of green gases Consolidating growth in Chile

Delivering sustainable profitable growth

Growing our asset base sustainably Maintaining strong credit ratings Ensuring attractive returns to our shareholders

Rodrigo Costa Reinforcing our sustainability commitments

Reinforcing our sustainability commitments

RENM Our strategy 2024-27

Enabling the Energy Transition

Delivering sustainable profitable growth

Stepping-up ESG targets

Fostering people excellence

We will continue to accelerate our environmental commitment

Our core commitments

Scope 1 and 2 emissions reduction target by 2030 vs. 2019

(vs. 50% 2021's -60% CMD target)

Scope 3 emissions reduction target by 2030 vs. 2021

-30%

Carbon neutral target 2040

Our path to achieve it

Fleet electrification (% of total) by 2030 30%

Renewable capacity for self-consumption by 2030

15MW

Reduce SF6 emissions by 2030 vs. 2023 -50%

Suppliers contracted volume compliant with SBTi by 2030

50%

Reduce CH4 emissions by 2030 vs. 2023

We are focused on improving our impact on society with new and reinforced commitments

Social

100%

women in first-line management positions by 2030

1/3

employees trained in ESG by 2030

BME

investment in communities by 20271

Governance

ESG as a key performance metric

across company (vs. for managers previously)

100% Green debt by 2030

1. Not including compensation measures

We will continue to foster internal people excellence across culture, talent and ways of working to attract and retain the capabilities needed

People excellence goals

Culture

People-oriented environment with a safety-first mindset

Talent

Enhancing capabilities through training and digitalization efforts

Ways of working

Promoting equality, inclusion, diversity, people development, and work-life balance

Zero

Tolerance for accidents with fatalities and technical incidents that could result in fatalities

Investment in employee capabilities by 2027

Remain in 1st tier of employee satisfaction1

João Conceição Enabling the Energy Transition -

Reinforcing our sustainability commitments

RENM Our strategy 2024-27

Enabling the Energy Transition

Unlocking the role

electricity transmission

Executing on the

growth

Consolidating growth in Chile

of green gases

Delivering sustainable profitable growth

We will step-up our investment

~25%

Electricity Gas C International

We will further enhance and expand the electricity grid in Portugal, recognizing its critical role as the Energy Transition backbone

Electricity transmission

Enabling the integration of additional renewable energy capacity into the system and accelerating its decarbonization

We will continue to connect Portugal's ambitious portfolio of new renewable projects while expanding grid capacity to foster economic growth

2024-27 investment plan for electricity grid expansion

Expanding grid capacity to meet the growing needs of large industrial consumers and reinforcing the Tâmega hydro plant connection

Adapting to enable rapid growth in RES and facilitate economic growth by allowing increased industrial activity

Enhancing our ability to manage flexibility by deploying innovative solutions and advanced grid planning - to reduce curtailment and diminish the need for redundant investments

Solar agreements will allow us to speed-up the Energy Transition, with a low risk profile, in line with the traditional regulatory framework

Electricity transmission - Solar Agreements

○ <150 MVA ○ 150-500 MVA ○ ○ >1,000 MVA ◎ ● 1st wave agreements ㅤ ● 2nd wave agreements

32

direct agreements signed with solar promotors since 2021 (two waves)

Similar returns

to the traditional requlated model, with guarantees providing low risk profile, with a short-term cash flow and promoters as counterparties

Simplified

grid connection and accelerate the Energy Transition

7.0GW

total capacity agreed with solar promoters

3.5GW

capacity of direct agreements (1st wave) connected by 2027

Expanding

project pipeline through additional direct agreements if necessary to enable the Energy Transition

Long-term, we are preparing to enable the introduction of offshore wind in the future energy mix

Electricity transmission - Offshore Wind

Strategically preparing ourselves with the necessary resources and expertise to start offshore transmission ventures towards the decade's end

Dedicated floating offshore team in place by 2024

2GW

2030 national plan target for offshore wind installed capacity

We will strengthen the gas infrastructure to ensure security of supply and be ready to enable green hydrogen and biomethane ramp-up

Gas infrastructure

Committed to ensuring security of supply through targeted investments in system efficiency and reliability, while developing/adapting infrastructure for green gases to accelerate decarbonization of key industrial sectors

The investment plan for green gases carries some degree of uncertainty despite domestic energy policies, yet with limited financial impact, underscoring the resilience of the plan

Annual average investment in gas infrastructure

M€/year

We are committed to proactively unlock the green gases opportunity by leveraging the current gas infrastructure and develop new dedicated one

Gas infrastructure

We will manage execution risk by mitigating inflation and volume risks across our value chain and proactively engaging with our stakeholders

We are taking concrete steps to address and mitigate risks

Reinforcement of procurement long-term strategic agreements for 2026 onwards

Forward-looking, inflation-indexed contracts to reserve critical materials and equipment

Lean tendering processes to ease pressure on suppliers

Engaging with key stakeholders to address issues and streamline processes 2-3x

increase in average annual kilometers of new transmission
line in 2024-27 (vs. 2021-23)

tons of steel required for metallic infrastructures in 2024-27 (equivalent to 25 de Abril bridge)

transmission line works contracted1 (to be built by 2027)

We will leverage digitalization and innovation to enable and empower our operations

Innovation strategy pillars and key initiatives

Quality and business continuity

Digital tools to improve system operations and flexibility management

Augmented and Virtual Reality solutions

Smart and digital networks

Drone, satellite and linear assets monitoring

Al for predictive maintenance

Automated robots

A stable and fair regulatory framework is essential to enable and promote the Energy Transition

Domestic core business

Regulatory models

Electricity transmission

2022-25 revenue-cap (TOTEX)

Natural gas and green gases

2024-27 price-cap (OPEX) and rate-of-return (CAPEX)

ರ	O C	ಗಿರ
г 1	6

Returns aligned with system goals, promoting system flexibility and creating value for the society

Stable parameters and adequate remuneration for increased investment to enable the Energy Transition

Regulation will be key in the next investment cycle to ensure...

Suitable incentives and efficiency targets to drive operational excellence, and asset availability

Ability to maximize capturing of European funding / support to decrease society transition's cost

Adaptation to the current macroeconomic context and geopolitical uncertainty

We are committed to consollidate Chile's footprint through stable organic growth

International business

Average annual international CAPEX, M€

transemel

100M€ project pipeline (80% secured in the past 2 years), with upcoming auctions valued at +1B€

Critical asset for Chile's energy transition, where gas continues to be a key element

31 REN)

Chilean footprint

Gonçalo Morais Soares Delivering sustainable profitable growth

Reinforcing our sustainability commitments

RENM Our strategy 2024-27

Enabling the Energy Transition

Delivering sustainable profitable growth

Growing our asset base sustainably

Maintaining strong credit ratings

Ensuring attractive returns to our shareholders

We successfully outperformed 2021-24 Business Plan targets and provided solid returns to investors

Avg. 2021-23 results outperformed last BP yearly targets
	Yearly targets	Avg. 2021-23
EBITDA	450-470M€	487ME V)
Recurrent net profit	90-105M€	110M€
Net debt	2.5-2.7B€	2.4BE 1)
Capex1	200-235M€	250ME

Outperformance driven by continued success in meeting key regulatory efficiency targets

1. Capex at total costs (including capitalized own works)

2. 1. Doesn't include reinvestment of dividends
3. 1. Considering four reference Southern European TSO peers

Total shareholder return2 (2019-23)

Average year-end dividend yield (2019-23)

Enabling the Energy Transition in Portugal and Chile will allow us to drive asset base growth

Electricity transmission Gas transport Gas distribution

Considering average RAB at reference costs

1. Transemel and Electrogas

2. REE and Cahora Bassa

We see our domestic RAB following the Energy Transition acceleration, with the 2024-27 cycle as an inflection point

Average RAB at reference costs, B€

Uptake in renewables capacity and impending green gases acceleration to drive significant investment growth in electricity and gas infrastructure, leading to up to +1% p.a. RAB growth during the 2023-27 period

We are also evolving our story, diversifying and de-risking our core business through increased investments in solar, green gases, and international

Additional levers of growth

Despite diversification, for the next cycle, we will concentrate on expanding through organic growth opportunities within our core businesses

Share of organic investment - 2018-23 avg. 0 2024-27 avg.

Our path in this strategic cycle will unlock EBITDA and net profit growth

1. Adjusted for non-recurring impacts from incentives and taxation

We will maintain our financial strategy, with focus on stability and prudency, to protect net profit

We are reinforcing our solid credit metrics consistent with investment grade rating

We have a predictable, attractive and sustainable dividend policy, and we are increasing our dividend per share 2% per annum until 2027

Dividend We are committed €/share to increase the dividend per share at 2% CAGR unti 2027 Stable dividend per share 0.163 0.154 0.154 2021-23 2024 2027

Firm commitment to strong fundamentals, fueled by significant investment growth to enable the Energy Transition

• Significant investment increase driving asset base growth
• Managing portfolio and execution risk carefully
• Stable and supportive regulatory framework
• Prudent debt management and commitment to maintain investment grade rating
• Predictable, sustainable and attractive dividend policy

0.163

2027

Rodrigo Costa Closing remarks

RENM Our strategy 2024-27

Reinforcing our sustainability commitments

Enabling the Energy Transition

Delivering sustainable profitable growth

We are up to the challenge

We are delivering on our commitments, recognizing we are a key force in driving the Energy Transition – investing to enable electrification efficiently and stably, delivering solid returns to investors, and serving societal interests

We have a significant investment plan for 2024-27 – 1.5-1.7B€ investment (up to 70% increase vs. previous cycle), continuing to enable the growth in renewables, strengthening infrastructure for green gases, and consolidating Chile's footprint

We will continue to deliver efficiently – leveraging on our digitally-enabled operations and managing for supply chain complexity

We are committed to our ESG targets – we are reinforcing our emission reduction targets – and to foster our people excellence practices through culture, talent and ways of working

We will deliver solid financials and sustainable profitable growth for our shareholders – growing our asset base sustainably, maintaining strong credit ratings and ensuring attractive returns to our shareholders

Muito obrigado!

RENM CAPITAL MARKETS DAY 2024