REN-Redes Energeticas Nacionais

Investor Presentation • May 9, 2024

UNAUDITED ACCOUNTS 09TH MAY 2024

UNAUDITED ACCOUNTS 09TH MAY 2024

KEY MESSAGES – FINANCIAL

€128.9M

-2.3% versus 1Q23 EBITDA

EBITDA decrease driven by:

• 1. Lower domestic performance (€-2.6M), as a result of the decrease in assets and opex remuneration and increase in OPEX.
• 1. Lower contribution from international business (€-0.5M).

€3.7M -71.1% versus 1Q23 Net Profit

Net Profit reached €3.7M, as a result of:

• 1. Decrease in EBIT (€-3.4M), and
• 2. Lower financial results (€-8.4M) of which €-3.0M due to unfavorable exchange rate differences
• 3. Lower taxes (€-3.1M) and higher levy (€+0.4M).

-2.9% versus 1Q23

• Net debt (excluding tariff

of €-70.7M in 1Q24 YoY.

deviations) recorded a reduction

• Average cost of debt increased to 2.8% (vs 2.4% in 1Q23)

Net Debt

(w/o tariff deviations)

€47.9M

+4.4% versus 1Q23 CAPEX

• CAPEX rose 4.4% in 1Q24, reflecting REN's continuous commitment towards energy transition.
• Transfers to RAB decreased in 1Q24 to €2.7M (€-5.6M vs 1Q23), in all business segments.

KEY MESSAGES – OPERATIONAL

Renewable energy sources (RES)

• Renewable Energy sources reached 88.6% of total supply (+16.6pp versus 1Q23).
• Electricity consumption remained stable (13.6 TWh).
• Natural gas consumption decreased by 10.1% (to 11.6 TWh).

Quality of service levels remained high

• The level of energy transmission losses in electricity increased 0.2pp versus 1Q23.
• Gas transmission combined availability rate remained at 100%.
• Innovation continues to be a priority in 2024. Subjects such as artificial intelligence and digitization will be the focus. Developments will continue in the areas of robotization, sustainability & circular economy, as well as the integration of renewable gases.

Committed to maintain elevated ESG performance

• REN maintained its AAA score on MSCI ESG Rating and improved its CDP Climate Change score from B to A-, as well as its Sustainalytics ESG Risk Rating score from 18.5 to 16.

PDIRG 2024-2033 | Project of Common Interest from EU

• Since early 2024, REN is concluding technical studies - and has already concluded a part of those – that support the PDIRG 2024-2033 investment proposal and that require Government approval to accommodate H2 blends in the NGS.
• Green H2 Corridor H2MED REN projects are now recognized as Project of Common Interest from EU. REN is preparing the applications to CEF financing, in a coordinated work with Enagás, GRTGás and Terega.

BUSINESS HIGHLIGHTS

COMBINED AVAILABILITY RATE REMAINED HIGH IN 1Q24, WITH LOW ENERGY TRANSMISSION LOSSES, IN THE CONTEXT OF GROWING ELECTRICITY AND LOWER GAS CONSUMPTION

FINANCIAL HIGHLIGHTS

DECREASE OF OPERATIONAL RESULTS AND NET PROFIT

EBITDA

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

¹Includes electricity regulatory incentives 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

DECREASE OF BASE RETURN ON RAB AND PORTUGUESE BOND YIELDS

Domestic Business

Base Return on RAB (RoR) ** - %

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

1Q24

KEY HIGHLIGHTS

INVESTMENT Domestic Business

CAPEX INCREASED, WHILE TRANSFERS TO RAB DECREASED IN 1Q24

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

1Q23

Electricity

• No relevant investments to report for the 1Q24.

Gas Transportation

• No relevant investments to report for the 1Q24.

Gas Distribution

• Investments for network expansion and densification, mostly for B2C and ongoing expansion to new industrial zones, with new prospects for B2B investments 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
• Increasingly higher biomethane producers interest in Portgás concession area
• Increased proximity with key stakeholders assuring timely information regarding renewable gases transition
• Investment plan for 2025-29 being prepared and technological Transformation on the move

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 €2.7M to €87.7M) and lower RoR of 5.24% (vs 5.26%)

Return on RAB evolution breakdown - €M

Decrease in return on RAB justified by a lower RoR of 5.25% (vs 5.68%), and smaller asset base (by €37.5M to a total of €807.4M)

Decrease return on RAB attributed to a lower RoR (from 5.65% to 5.88%), despite the higher asset base (+€6.6M to a total of €494.6M)

OPEX

OPEX DECREASED 1.4% YOY, WHILE CORE OPEX GREW 1.6%

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

Domestic Business

Core OPEX ¹ evolution - €M KEY HIGHLIGHTS

CORE EXTERNAL COSTS

• Electricity costs decreased 0.4M€, of which 0.2M€ in LNG Terminal
• The decrease in electricity costs was partially offset by increases in other cost natures, such as maintenance costs

PERSONNEL COSTS

• General increases and headcount increase (+4% growth YoY, achieving 746 people in March 2024), driven by operational areas growth

NON-CORE COSTS

• Pass-through costs (costs accepted in the tariff) decreased €1.0M of which €-2.0M in costs with cross-border and €+0.5M in subsoil occupation levy

ELECTRICITY

Domestic Business

INCREASE IN ELECTRICITY EBITDA, MOSTLY JUSTIFIED WITH HIGHER ASSETS AND OPEX REMUNERATION, REGULATORY INCENTIVE AND OTHER REVENUES

¹ Excludes Opex remuneration related to pass-through costs | ²Includes €1,098.8M of Electricity without premium (€1,050.0M for 1Q23), €925,0M of Electricity with premium (€980.8M for 1Q23) and €173.5M of Lands (€185.6M in 1Q23) | 3. RoR for Electricity with premium was 6.0% in 1Q24 (6.0% in 1Q23), and for other Lands 0.4% in 1Q24 (0.4% in 1Q23)

GAS TRANSPORTATION Domestic Business

GAS TRANSMISSION EBITDA DECREASE MAINLY EXPLAINED BY LOWER RAB REMUNERATION AND LOWER OPEX CONTRIBUTION

EBITDA breakdown - €M

GAS DISTRIBUTION

Domestic Business

GAS DISTRIBUTION EBITDA DECREASE MAINLY EXPLAINED BY LOWER OPEX CONTRIBUTION AND LOWER RAB REMUNERATION

CHILE HIGHLIGHTS International Business

SOLID PERFORMANCE FROM THE CHILEAN BUSINESSES, CONTRIBUTING 4.4%¹ TO TOTAL EBITDA IN 1Q24

¹ 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.

BELOW EBITDA

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

€63.2M

€0.4M (0.6%) Depreciation & Amortization

• Increase of €0.4M versus 1Q23, along with an increase in gross assets.

-€21.3M €8.4M (64.7%)

Financial results

• Decrease in Financial results (-€8.4M) to -€21.3M, mostly due to the increase in the average cost of debt to 2.8% (from 2.4% in 1Q23), and in net debt and exchange rate differences (-3.0M€)
• Increase in Net Debt by €479M to €2,670M

€40.6M €2.7(6.3%) Taxes

• Decrease in Income tax (-€3.1M to €12.1M) due to the lower EBT (-€11.8M) and higher extraordinary levy (+€0.4M to €28.5M), reflecting a higher regulated asset base.
• The Effective tax rate (including the levy) stood at 43.4%, 3.7pp above 1Q23.

NET PROFIT

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

KEY HIGHLIGHTS

• Decrease in EBITDA reflecting the decrease in contribution of both domestic (€-2.6M) and international businesses (€-0.5M).
• Negative effect of €8.4M from Financial Results reflecting the increase in cost of debt and in Net Debt, and the negative effect of exchange rate differences
• Decrease in taxes of €3.1M reflecting lower EBT

DEBT

NET DEBT DECREASED DRIVEN BY OPERATING CASH FLOWS AND TARIFF DEVIATIONS

¹ Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | ² Includes 1,359M€ of available commercial paper programs and loans, and also 80M€ of credit lines available (automatically renewed), and 41M€ 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.

ESG PERFORMANCE AT A GLANCE

	INDICATOR	UNIT	1Q2024	1Q2023	YoY
	Energy consumption	GJ	1 304 921	1 135 603	15%
nt	Greenhouse gas emissions (scope 1 and 2)	tCO2eq	25 979	33 627	-23%
e m n	Intensity of greenhouse gas emissions (scope 1 and 2)	tCO2 / GWh	0.97	1.21	-20%
o vir n	Turnover aligned with EU taxonomy	%	66.5	64.3	2 pp
E	Capex aligned with EU taxonomy	%	86.5	78.6	8 pp
	Opex aligned with EU taxonomy	%	65.2	64.5	1 pp
al	Employees	No	759	724	5%
ci o S	Women in 1st and 2nd line management positions	%	29.1	29.1	0 pp
	Accident frequency index (Global REN)1	No	2.7	2.7	0 pp
e c n a n er v o G	Board of Directors	No	15	15	-
	Board independence	%	47	43	4 pp
	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

• Renewable production reached new highs in the first quarter of 2024, representing 89% of energy consumption
• "Gold Standard" awarded for the third consecutive year by the Oil and Gas Methane Partnership for REN's commitment to reduce methane emissions
• Improvement in CDP Supply Engagement rating from B in 2022 to A- in 2023
• Supply chain awareness sessions regarding Science Based Targets and Environmental Product Declarations
• Renewal of biodiversity commitments under act4nature Portugal

• Launch of REN's Ambassadors "Plug-in programme", which aims to bring the company closer to academia
• 3 projects recognized by REN's AGIR Award, for their contribution to sustainable development
• REN's "Garrano horses in Cabreira Mountain" project highlighted in the international media (The Guardian, Agence France-Presse and Le Figaro)
• Donation of five vehicles to organizations in the social sector

• Green bonds emissions (300 million euros, maturing in 8 years and with an interest rate of 3.614%)
• Publication of the integrated annual report (aligned with the new GRI Standards, SASB, TCFD, EU Taxonomy and CSRD)
• The first edition of Caixa Geral de Depósitos "Prémio Caixa ESG" recognized REN's good governance practices in the "Transparency & Performance" category
• Launch of new ESG action plan internally

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	16.0	Emissions, Occupational health and safety, Land use and biodiversity, Human capital, and Carbon	March 2024
CCC-AAA	AAA	Biodiversity and land use, Carbon emissions, and Governance	March 2024
D-A	B	Not available	March 2024

CLOSING REMARKS

DECREASE IN DOMESTIC AND INTERNATIONAL OPERATIONAL RESULTS, REINFORCING COMMITMENT WITH SUSTAINABILITY AND IMPROVEMENT IN INTERNATIONAL ESG SCORES

• Decrease in EBITDA mostly reflecting the decrease in contribution of both domestic (€-

2.6M) and international businesses (€-0.5M).

• Decrease in Net Profit as a result of lower domestic EBITDA, lower contribution from international business, and lower financial results

• Net Debt (w/o tariff deviations) reduction despite the increase in average cost of debt.

• The General Shareholders' Meeting of May 09th approved, by a majority vote, a payment of a dividend in the amount of 9 cents per share (maintaining its annual remuneration plan of 15.4 cents per share paid in two tranches).

RESULTS BREAKDOWN

	1Q24	1Q23	2023	1Q24 / 1Q23
€M				Δ %	Δ Abs.
1) TOTAL REVENUES	212.3	215.8	988.3	-1.6%	-3.4
Revenues from assets	50.5	51.4	215.3	-1.8%	-0.9
Return on RAB	18.7	20.3	80.9	-7.7%	-1.6
Electricity1	1.1	1.1	4.6	2.7%	0.0
Gas Transportation	10.6	12.0	47.3	-11.7%	-1.4
Gas Distribution	7.0	7.2	29.0	-2.6%	-0.2
Lease revenues from hydro protection zone	0.2	0.2	0.7	-1.3%	0.0
Incentive to Improve Technical Performance (IMDT)	3.8	2.5	19.0	50.0%	1.3
Recovery of amortizations (net from subsidies)	23.4	23.9	95.5	-2.2%	-0.5
Subsidies amortization	4.4	4.5	19.2	-1.9%	-0.1
Revenues from Transemel	4.0	3.8	19.5	4.4%	0.2
Revenues of TOTEX	71.3	70.7	281.9	0.9%	0.7
Revenues of OPEX	32.1	37.3	153.7	-13.8%	-5.1
Other revenues	7.4	7.1	20.6	3.4%	0.2
Construction revenues (IFRIC 12)	47.1	45.5	297.4	3.3%	1.5
2) OPEX	43.4	44.2	202.8	-1.9%	-0.8
Personnel costs	15.8	15.1	65.2	4.3%	0.6
External supplies and services	19.5	21.6	114.9	-9.6%	-2.1
Other operational costs	8.1	7.5	22.7	7.9%	0.6
3) Construction costs (IFRIC 12)	39.9	39.5	267.8	1.0%	0.4
4) Depreciation and amortization	63.2	62.8	253.2	0.6%	0.4
5) Other	0.1	0.1	3.6	0.0%	0.0
6) EBIT (1-2-3-4-5)	65.6	69.1	260.8	-5.0%	-3.4
7) Depreciation and amortization	63.2	62.8	253.2	0.6%	0.4
8) EBITDA (6+7)	128.9	131.9	514.0	-2.3%	-3.0
9) Depreciation and amortization	63.2	62.8	253.2	0.6%	0.4
10) Financial result	-21.3	-12.9	-40.6	-64.7%	-8.4
11) Income tax expense	12.1	15.2	42.7	-20.5%	-3.1
12) Extraordinary contribution on energy sector	28.5	28.1	28.4	1.5%	0.4
13) NET PROFIT (8-9+10-11-12)	3.7	12.8	149.2	-71.1%	-9.1
14) Non recurrent items	0.0	0.0	-24.2	-100.0%	0.0
15) RECURRENT NET PROFIT (13+14)	3.7	12.8	125.0	-71.1%	-9.1

1 System management activity includes asset from transmission activity of the electricity segment, accepted by regulator outside Totex amount (power line Fernão Ferro-Trafaria 2)

OTHER OPERATIONAL REVENUES & COSTS BREAKDOWN

	1Q24	1Q23	2023	1Q24 / 1Q23
€M				Δ %	Δ Abs.
Other revenues	7.4	7.1	20.6	3.4%	0.2
Allowed incentives	0.2	0.2	0.9	-1.1%	0.0
Telecommunication sales and services rendered	2.2	2.1	7.9	1.9%	0.0
Consultancy services and other services provided	0.8	0.2	2.2	291.3%	0.6
Other revenues	4.2	4.6	9.6	-8.3%	-0.4
Other costs	8.1	7.5	22.7	7.9%	0.6
Costs with ERSE	3.4	3.1	13.0	10.2%	0.3
Other	4.7	4.4	9.7	6.2%	0.3

Includes revenues related to Electrogas' Net Profit proportion (€2.8M in 1Q24 and €3.8M in 1Q23)

EBITDA BREAKDOWN

Electricity Enondas (wave energy concession)

1 System management activity includes asset from transmission activity of the electricity segment, accepted by regulator outside Totex amount (power line Fernão Ferro-Trafaria 2)

		1Q24 1Q23	2023	1Q24 / 1Q23
€M				Δ %	Δ Abs.
1) REVENUES	143.6	137.0	665.5	4.9%	6.7
Revenues from assets	13.8	12.4	59.7	11.4%	1.4
Return on RAB1	1.1	1.1	4.6	2.7%	0.0
Lease revenues from hydro protection zone	0.2	0.2	0.7	-1.3%	0.0
Incentive to Improve Technical Performance (IMDT)	3.8	2.5	19.0	50.0%	1.3
Recovery of amortizations (net from subsidies)	5.3	5.5	21.9	-3.0%	-0.2
Subsidies amortization	3.4	3.1	13.7	9.5%	0.3
Revenues of TOTEX	71.3	70.7	281.9	0.9%	0.7
Revenues of OPEX	16.1	17.6	81.6	-8.6%	-1.5
Other revenues	1.9	1.0	-1.0	97.5%	0.9
Construction revenues (IFRIC 12)	40.5	35.3	243.3	14.5%	5.1
2) OPEX	18.3	20.3	105.4	-9.7%	-2.0
Personnel costs	4.7	4.7	19.4	-0.2%	0.0
External supplies and services	11.1	13.2	76.0	-15.8%	-2.1
Other operational costs	2.5	2.4	10.0	5.0%	0.1
3) Construction costs (IFRIC 12)	35.7	31.1	223.3	14.6%	4.5
4) Depreciation and amortization	41.7	40.5	163.6	2.8%	1.1
5) Other	0.0	0.0	-1.7	n.m.	0.0
6) EBIT (1-2-3-4-5)	48.0	45.1	175.0	6.5%	2.9
7) Depreciation and amortization	41.7	40.5	163.6	2.8%	1.1
8) EBITDA (6+7)	89.7	85.6	338.6	4.8%	4.1

EBITDA BREAKDOWN

	1Q24	1Q23	2023	1Q24 / 1Q23
€M				Δ %	Δ Abs.
1) REVENUES	37.9	45.8	191.2	-17.3%	-7.9
Revenues from assets	25.4	27.7	109.9	-8.2%	-2.3
Return on RAB	10.6	12.0	47.3	-11.7%	-1.4
Recovery of amortizations (net from subsidies)	13.9	14.3	57.2	-3.3%	-0.5
Subsidies amortization	1.0	1.4	5.4	-28.5%	-0.4
Revenues of OPEX	10.0	13.6	54.4	-26.5%	-3.6
Other revenues	-0.1	-0.3	-1.3	-81.6%	0.3
Consultancy services and other services provided	0.0	0.0	0.2	n.m.	0.0
Other	-0.1	-0.3	-1.5	-81.6%	0.3
Construction revenues (IFRIC 12)	2.5	4.8	28.2	-48.3%	-2.3
2) OPEX	8.3	8.8	34.4	-5.2%	-0.5
Personnel costs	2.0	2.2	8.7	-7.7%	-0.2
External supplies and services	4.8	5.0	19.7	-4.9%	-0.2
Other operational costs	1.6	1.6	6.0	-2.7%	0.0
3) Construction costs (IFRIC 12)	1.3	4.0	23.8	-68.1%	-2.7
4) Depreciation and amortization	14.8	15.5	62.4	-4.5%	-0.7
5) Other	0.0	0.0	0.0	n.m.	0.0
6) EBIT (1-2-3-4-5)	13.4	17.5	70.6	-23.1%	-4.0
7) Depreciation and amortization	14.8	15.5	62.4	-4.5%	-0.7
8) EBITDA (6+7)	28.2	33.0	133.0	-14.3%	-4.7

EBITDA BREAKDOWN

1Q24	1Q23	2023	1Q24 / 1Q23
			Δ %	Δ Abs.
21.2	22.7	88.2	-6.6%	-1.5
11.2	11.3	45.6	-0.5%	-0.1
7.0	7.2	29.0	-2.6%	-0.2
4.2	4.1	16.5	3.0%	0.1
0.0	0.0	0.1	11.4%	0.0
6.0	6.0	17.7	-0.1%	0.0
0.1	0.1	0.3	-26.4%	0.0
0.0	0.0	-0.1	n.m.	0.0
0.1	0.1	0.4	-13.1%	0.0
0.0	0.0	0.0	n.m.	0.0
3.9	5.3	24.6	-26.8%	-1.4
5.8	5.3	16.2	9.2%	0.5
1.0	1.0	4.3	1.8%	0.0
1.2	1.2	6.1	-3.8%	0.0
3.6	3.1	5.8	16.7%	0.5
3.0	4.4	20.8	-31.5%	-1.4
4.4	4.3	17.2	2.9%	0.1
0.0	0.0	0.4	n.m.	0.0
8.0	8.7	33.6	-8.4%	-0.7
4.4	4.3	17.2	2.9%	0.1
12.4	13.0	50.8	-4.7%	-0.6

EBITDA BREAKDOWN

Transemel (Excl. PPA)

€M	1Q24	1Q23	2023	1Q24 / 1Q23
				Δ %	Δ Abs.
1) REVENUES	4.2	3.9	20.7	7.0%	0.3
2) OPEX	1.0	1.3	5.1	-17.7%	-0.2
3) Depreciation and amortization	0.7	0.7	2.9	-11.8%	-0.1
4) Other	0.0	0.0	0.1	n.m.	0.0
5) EBIT (1-2-3-4)	2.5	2.0	12.6	29.9%	0.6
6) Depreciation and amortization	0.7	0.7	2.9	-11.8%	-0.1
7) EBITDA (6+7)	3.2	2.7	15.5	18.4%	0.5

EBITDA BREAKDOWN

Other

REN SGPS REN Serviços REN Telecom REN Trading REN PRO Aerio Chile SPA Apolo Chile SPA REN Finance BV

	1Q24	1Q23	2023	1Q24 / 1Q23
€M				Δ %	Δ Abs.
1) REVENUES	5.4	6.4	22.6	-14.8%	-0.9
Other revenues	5.4	6.4	22.6	-14.8%	-0.9
Allowed incentives	0.2	0.2	0.9	-1.1%	0.0
Telecommunication sales and services rendered	2.2	2.1	7.9	1.9%	0.0
Consultancy services and other services provided	0.1	0.1	0.5	84.1%	0.0
Other	2.9	4.0	13.3	-26.1%	-1.0
2) OPEX	10.0	8.6	41.7	15.3%	1.3
Personnel costs	7.8	7.0	31.8	11.4%	0.8
External supplies and services	1.9	1.5	9.5	29.7%	0.4
Other operational costs	0.2	0.1	0.4	59.6%	0.1
3) Depreciation and amortization	1.7	1.8	7.1	-4.3%	-0.1
4) Other	0.1	0.1	4.9	0.0%	0.0
5) EBIT (1-2-3-4)	-6.3	-4.1	-31.0	-52.8%	-2.2
6) Depreciation and amortization	1.7	1.8	7.1	-4.3%	-0.1
7) EBITDA (5+6)	-4.6	-2.4	-23.9	-96.3%	-2.3

Includes the negative impacts of the PPAs¹ of Portgás (€1.3M in 1Q24 and 1Q23) and Transemel (€0.4M in 1Q24 and €0.5M in 1Q23)

¹ PPA - Purchase Price Allocation

CAPEX & RAB

	1Q24	1Q23	2023		1Q24 / 1Q23
€M				Δ %	Δ Abs.
CAPEX	47.9	45.9	301.5	4.4%	2.0
Electricity	40.5	35.3	243.3	14.5%	5.1
Gas Transportation	2.5	4.8	28.2	-48.3%	-2.3
Gas Distribution	3.9	5.3	24.6	-26.8%	-1.4
Transemel	0.9	0.4	5.1	126.3%	0.5
Other	0.2	0.1	0.3	106.4%	0.1
Transfers to RAB	2.7	8.3	222.6	-67.8%	-5.6
Electricity	0.8	2.3	171.0	-67.7%	-1.6
Gas Transportation	0.0	0.2	24.2	-98.6%	-0.2
Gas Distribution	1.9	5.7	27.3	-66.6%	-3.8
Average RAB	3,499.3	3,549.4	3,547.8	-1.4%	-50.0
Electricity	2,023.8	2,030.8	2,044.2	-0.3%	-7.0
With premium	925.0	980.8	959.8	-5.7%	-55.8
Without premium	1,098.8	1,050.0	1,084.4	4.7%	48.8
Land	173.5	185.6	181.1	-6.5%	-12.1
Gas Transportation	807.4	844.9	830.8	-4.4%	-37.5
Gas Distribution	494.6	488.0	491.8	1.3%	6.6
RAB e.o.p.	3,472.1	3,525.0	3,526.5	-1.5%	-52.8
Electricity	2,006.4	2,014.4	2,041.3	-0.4%	-8.1
With premium	918.1	973.8	931.9	-5.7%	-55.7
Without premium	1,088.3	1,040.7	1,109.4	4.6%	47.6
Land	172.1	184.1	174.9	-6.5%	-12.0
Gas Transportation	800.5	837.9	814.3	-4.5%	-37.4
Gas Distribution	493.2	488.6	496.0	0.9%	4.6

	1Q24	1Q23	2023	1Q24 / 1Q23
€M				Δ %	Δ Abs.
RAB's remuneration	47.8	49.3	197.3	-3.0%	-1.5
Electricity	30.1	30.0	120.3	0.4%	0.1
With premium	14.7	14.7	59.1	-0.3%	0.0
Without premium	15.4	15.2	61.3	1.0%	0.2
Land	0.2	0.2	0.7	-1.3%	0.0
Gas Transportation	10.6	12.0	47.3	-11.7%	-1.4
Gas Distribution	7.0	7.2	29.0	-2.6%	-0.2
RoR's RAB	5.3%	5.4%	5.4%		-0.1p.p.
Electricity	5.6%	5.6%	5.6%		0.0p.p.
With premium	6.0%	6.0%	6.0%		0.0p.p.
Without premium	5.2%	5.3%	5.3%		0.0p.p.
Land	0.4%	0.4%	0.4%		0.0p.p.
Gas Transportation	5.3%	5.7%	5.7%		-0.4p.p.
Gas Distribution	5.7%	5.9%	5.9%		-0.2p.p.

TARIFF DEVIATIONS

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	1Q24	1Q23	2023
Electricity	57.2	63.0	75.0
Trading	240.6	-257.7	238.8
Gas Transportation	-8.9	-55.3	-10.1
Gas Distribution	20.1	9.4	23.7
Total	309.0	-240.6	327.5

APPENDIX FUNDING SOURCES

		1Q24
€M	Current	Non Current	Total
Bonds	561.2	852.7	1,413.9
Bank borrowings	68.8	419.5	488.3
Commercial paper	420.0	326.0	746.0
Finance lease	1.7	2.8	4.4
TOTAL	1,051.7	1,601.0	2,652.6
Accrued interest	10.6	-	10.6
Prepaid interest	-3.2	-6.8	-10.0
TOTAL	1,059.0	1,594.2	2,653.2

• Bank loans are mostly composed of loans contracted with the European Investment Bank (EIB), which at 31 March 2024 amounted to 453,300 thousand euros (at 31 December 2023 it was 453,300 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 of 31st March 2024, the Group has twelve commercial paper programs in the amount of 2,175,000 thousand euros, of which 1,429,000 thousand euros are available for utilization. Of the total amount 900,000 thousand euros have a guaranteed placement. As of March 31st , 2024, an amount of 524,000 thousand euros is available (as of 31st December 2023 were available 300,000 thousand euros).
• During 2024, the Group issued a Green Bond in the amount of 300,000 thousand euros at a fixed rate.
• REN's financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge and Gearing.
• The effect of the foreign exchange rate exposure was not considered as this exposure is totally covered by hedge derivate in place. The average interest rates for borrowings including commissions and other expenses were 2.77% in 31st March 2024 and 2.49% in 31st December 2023.

DEBT & DEBT METRICS

	1Q24	1Q23	2023
Net Debt (€M)	2,670.4	2,191.5	2,748.7
Average cost	2.8%	2.4%	2.5%
Average maturity (years)	3.1	2.7	2.5
Net Debt / EBITDA	5.2x	4.2x	5.3x
DEBT BREAKDOWN
Funding sources
Bond issues	54.3%	72.3%	42.3%
EIB	16.7%	15.6%	16.4%
Commercial paper	27.5%	10.5%	39.9%
Other	1.5%	1.6%	1.4%
TYPE

RATING	Long Term	Short Term	Outlook	Date
Moody's	Baa2	-	Stable	22/12/2023
Fitch	BBB	F3	Stable	21/11/2023
Standard & Poor's	BBB	A-2	Stable	01/03/2024

Float	17%	25%	38%
Fixed	83%	75%	62%

CONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL POSITION

Thousand Euros	1Q24	Dec.23
Assets
Non-current assets
Property, plant and equipment	111,002	121,110
Intangible assets	4,100,544	4,120,617
Goodwill	2,505	2,770
Investments in associates and joint ventures	178,198	171,879
Investments in equity instruments at fair value through other comprehensive income	140,588	135,741
Derivative financial instruments	42,175	45,745
Other financial assets	6,164	6,164
Trade and other receivables	150,113	93,211
Deferred tax assets	57,268	53,437
	4,788,556	4,750,674
Current assets
Inventories	18,559	7,193
Trade and other receivables	733,946	721,129
Income tax recoverable	9,466	25,419
Derivative financial instruments	14,608	8,619
Asset related to the transitional gas price stabilization regime - Decree-Law 84- D/2022	208,362	228,789
Cash and cash equivalents	41,170	40,145
	1,026,110	1,031,294
Total Assets	5,814,666	5,781,968

Thousand Euros	1Q24	Dec.23
Equity
Shareholders' equity
Share capital	667,191	667,191
Own shares	-10,728	-10,728
Share premium	116,809	116,809
Reserves	349,997	356,691
Retained earnings	388,026	238,478
Other changes in equity	-5,561	-5,561
Net profit for the period	3,697	149,236
Total Equity	1,509,432	1,512,116
Thousand Euros	1Q24	Dec.23
Liabilities
Non-current liabilities
Borrowings	1,594,200	2,022,701
Liability for retirement benefits and others	75,799	75,855
Derivative financial instruments	44,646	52,006
Provisions	9,957	10,016
Trade and other payables	501,213	480,077
Deferred tax liabilities	105,963	107,905
	2,331,778	2,748,560
Current liabilities
Borrowings	1,059,006	710,941
Trade and other payables	684,675	572,961
Liability related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	208,362	228,789
Derivative financial instruments	21,414	8,601
	1,973,456	1,521,292
Total Liabilities	4,305,234	4,269,852
Total Equity and Liabilities	5,814,666	5,781,968

CONSOLIDATED FINANCIAL STATEMENTS

PROFIT AND LOSS

Thousand Euros	1Q24	1Q23
Sales	364	59
Services rendered	151,640	157,984
Revenue from construction of concession assets	46,817	45,404
Gains/(losses) from associates and joint ventures	2,831	3,862
Other operating income	9,455	8,597
Operating Income	211,107	215,907
Cost of goods sold	-309	-240
Costs with construction of concession assets	-39,946	-39,533
External supplies and services	-19,561	-21,611
Personnel costs	-15,717	-15,105
Depreciation and amortizations	-63,221	-62,815
Impairments	-94	-94
Other expenses	-7,815	-7,289
Operating costs	-146,664	-146,687
Operating results	64,443	69,220
Financial costs	-25,302	-17,183
Financial income	5,180	4,088
Financial results	-20,123	-13,096
Profit before income tax and ESEC	44,320	56,124
Income tax expense	-12,107	-15,237
Energy sector extraordinary contribution (ESEC)	-28,516	-28,101
Consolidated profit for the period	3,697	12,785
Attributable to:
Equity holders of the Company	3,697	12,785
Non-controlled interest	-	-
Consolidated profit for the period	3,697	12,785
Earnings per share (expressed in euro per share)	0.01	0.02

CONSOLIDATED FINANCIAL STATEMENTS

CASH FLOW

Thousand Euros	1Q24	1Q24
Cash flow from operating activities:
Cash receipts from customers	634,806	540,378
Cash paid to suppliers	-469,239	-630,636
Cash paid to employees	-16,748	-16,121
Income tax received/paid	-1,665	-3,844
Other receipts / (payments) relating to operating activities	-4,882	23,103
Net cash flows from operating activities (1)	142,272	-87,120
Cash flow from investing activities:
Receipts related to:
Investment grants	9,483	2,053
Dividends	1,477	1,477
Payments related to:
Property, plant and equipment	-589	-516
Intangible assets	-53,593	-53,035
Net cash flow used in investing activities (2)	-43,222	-50,020
Cash flow from financing activities:
Receipts related to:
Borrowings	2,000,000	-
Interests and other similar income	285	-
Payments related to:
Borrowings	-2,060,000	-10,000
Interests and other similar expense	-35,026	-16,960
Leasings	-753	-780
Interests of Leasings	-72	-18
Net cash from / (used in) financing activities (3)	-95,567	-27,757
Net (decrease) / increase in cash and cash equivalents
(1)+(2)+(3)	3,483	-164,899
Effect of exchange rates	-2,458	927
Cash and cash equivalents at the beginning of the year	40,145	365,292
Cash and cash equivalents at the end of the period	41,170	201,320
Detail of cash and cash equivalents
Cash	21	24
Bank deposits	41,150	201,296
	41,170	201,320

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