REN-Redes Energeticas Nacionais

Investor Presentation • May 9, 2024

UNAUDITED ACCOUNTS 09TH MAY 2024

UNAUDITED ACCOUNTS 09TH MAY 2024

OVERVIEW OF THE REBIOD

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 (w/o tariff deviations)

• Net debt (excluding tariff deviations) recorded a reduction of €-70.7M in 1Q24 YoY.
• Average cost of debt increased to 2.8% (vs 2.4% in 1Q23)

€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 PERFORMANCE

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 IN 1Q24

EBITDA

DECREASE IN EBITDA DRIVEN BY LOWER 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

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.

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

Electricity (GGS¹ Return on RAB 1Q23 RoR evolution 0.00 0.03 Asset base evolution Return on RAB 1Q24 1.12 1.15 €+0.03M (+2.7%)

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

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), higher net debt and exchange rate differences (-3.0M€).
• Net Debt increased by €479M to €2,670M, due to tariff deviations.

€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.

RENN

@ SHAPING A SUSTAINABLE FUTURE

Sample & Sher

ESG PERFORMANCE AT A GLANCE

	INDICATOR	UNIT		1Q2023	YoY
	Energy consumption	GJ	1 304 921	1 135 603	15%
nt e m n o vir n E al ci o S	Greenhouse gas emissions (scope 1 and 2)	tCO2eq	25 979	33 627	-23%
	Intensity of greenhouse gas emissions (scope 1 and 2)	tCO2 / GWh	0.97	1.21	-20%
	Turnover aligned with EU taxonomy	%	66.5	64.3	2 pp
	Capex aligned with EU taxonomy	%	86.5	78.6	8 pp
	Opex aligned with EU taxonomy	%	65.2	64.5	1 pp
	Employees	No	759	724	5%
	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

RENM

@ CLOSING REMARKS

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).

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