-0.5% versus 1H24

A reduction in domestic performance (-€1.6M vs 1H24), driven by the increase in core OPEX (+€2.5M) and decrease in assets and OPEX remuneration (-€0.5M), and increase in other revenues (+€1.5M)

Increase from the international business contribution (+€0.3M).

€65.7M

+35.2% versus 1H24

Higher financial results (+€5.2M)
Lower taxes reflecting essentially fiscal effects (-€15.5M) and recovery of previous years taxes (-€3.4M).
Recent positive news on CESE

-4.9% versus 1H24

Net debt (excluding tariff deviations) recorded a 4.9% reduction in 1H25 in parallel with a slight decrease in average cost of debt to 2.66% (versus 2.78%)
Including tariff deviations, Net Debt reached €2,399.5M (a decrease of 10.5% vs 1H24).

€150.0M

+10.8% versus 1H24

CAPEX increased by 10.8% in 1H25, reflecting mostly positive impacts from the domestic sector of electricity
Transfers to RAB accelerated, with a growth of €20.4M (€50.3M in 1H25 versus €29.9M in 1H24).

77.3%

Renewable Energy sources reached 77.3% of total supply in 1H25, with hydro representing 36%, wind 26%, solar 11% and biomass 5%
Electricity consumption registered an increase of 2.2% versus 1H24
Natural gas consumption increased 10.1%.

REN maintains a strong focus on innovation, with particular emphasis on areas such as digitalization, artificial intelligence, robotization, sustainability, the circular economy, and the integration of renewable gases.

Iberian Peninsula blackout in 28 April (following the blackout and in response to supply security concerns, CCGT usage increased – resulting in a substantial rise in Scope 2 emissions)
REN was recognized as one of the Climate Leaders in Europe for 2025 by the Financial Times
REN honoured by the Covilhã Fire Brigade
CDP Supplier Engagement score improves from B to A
REN Gás appointed as provisional Portuguese entity in charge for planning, develop and manage the future national hydrogen infrastructure
ERSE approved pilot project to test the first H2 Blending Station in RNTG
Agenda H2 Green Valley still waiting for decision on project review and H2MED project studies continue to be developed
Announcement of the Clean Industrial Deal and Action Plan for Affordable Energy
Public Consultation on the EU Grid Package

This value does not take into account the blackout event from 28th April.

1. Refers only to Domestic RAB | 2. Includes tariff deviations

1H25 65.1% 21.2% 4.5% 9.2% 20.5% 4.3% 66.0% 1H24 9.1%

Electricity International Gas Distribution⁵ Gas Transportation

EBITDA contribution by business segment ⁴ - %

Includes electricity regulatory incentives and excludes OPEX remuneration related to pass-through costs | 2. Includes 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 excludes the segment "Other" from the denominator, which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V. | 5. Refers to Portgás

DOMESTIC BUSINESS

Source: Bloomberg | 2. Electricity data collected from Oct. 23 to Sep. 24; Gas data collected from Jan. 24 to Dec. 24.

DOMESTIC BUSINESS KEY HIGHLIGHTS

Transfers to RAB - €M

Electricity

Main investment projects:

Installation of a 60 kV line bay at Recarei Substation to connect a wind power plant
Opening of the existing 400 kV OHL Recarei–Paraimo at Feira Substation
Installation of two bays 400 kV at Feira Substation to connect the OHL to Recarei and Paraimo Substations

Gas Transportation Gas Distribution

Pipeline Network: replacement and upgrade of end-of-life equipment and systems; efficiency improvement projects
Sines terminal: replacement and upgrade of end-of-life equipment and systems
Carriço Storage: replacement and upgrade of end-of-life equipment and systems
Investments for network expansion and densification
Technological Transformation ("Enter" Program) and AI adoption program
Decarbonizing and digitalization plan in progress on H2 infrastructure readiness
Ongoing expansion to new industrial zones and increased proximity with key stakeholders
Higher biomethane producers interest in Portgás concession area
New Continuous Construction Contract (NEC2025) operations already initiated
Includes other segment (except REN Gas H2 project) | 2. Includes REN Gas H2 project

DOMESTIC BUSINESS

Return on RAB increased driven by a higher asset base (by €5.4M to €92.2M) despite the lower RoR of 5.20% (vs 5.25%)

Return on RAB evolution breakdown - €M

Decrease in return on RAB justified by lower asset base (by €22.8M to a total of €773.3M) and lower RoR of 5.26% (vs 5.27%)

Return on RAB in line attributed to a lower RoR (from 5.67% to 5.66%), and higher asset base (+€1.0M to a total of €494.9M)

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

KEY HIGHLIGHTS

Personnel Costs

General increases and headcount increase (+2% growth YoY, achieving 770 people in June 2025), driven by operational areas growth

Core External Costs

Electricity costs increase €0.8M, of which +€0.6M in LNG terminal
Maintenance costs increase €1.1M, mainly in electricity business

Non-core Costs

Pass-through costs (costs accepted in the tariff) increased €8.1M of which €+10.7M in costs with Turbogás resulting from the end of PPA in March 2024 and €-3.8M in cross-boarder costs

Business performance

DOMESTIC BUSINESS

Excludes OPEX remuneration related to pass-through costs | 2. Includes €1,161.6M of Electricity without premium (€1,091.9M for 1H24), €863.3M of Electricity with premium (€918.1M for 1H24) and €160.8M of Lands (€172.1M in 1H24) | 3. RoR for Electricity with premium was 6.0% in 1H25 (6.0% in 1H24), and for other Lands 0.4% in 1H25 (0.4% in 1H24)

	2. Business performance	II
DOMESTIC BUSINESS				€8.2M 1H24: €8.6M	€-0.3M (-3.9%)
		EBITDA breakdown - €M +€1.4M (2.5%)		€3.1M 1H24 : €2.1M	€1.0M (45.6%)
56.2	-0.8	0.9	57.6 1.4	€773.3M 1H24 : €801.5M	€-28.2M (-3.5%)
		-0.1		5.3% 1H24: 5.3%	-0.01pp
EBITDA 1H24	Δ RAB remuneration	Δ Opex Δ Other assets contribution revenues	Δ Other revenues EBITDA 1H25	€10.3M	€0.6M (6.0%)

1H24: €9.7M

DOMESTIC BUSINESS

Business performance

INTERNATIONAL BUSINESS

Contribution to EBITDA 1H25 - €M

This value excludes the segment "Other" from the denominator, which includes REN SGPS, REN Serviços, REN Telecom, REN Trading, REN PRO and REN Finance B.V.

Transemel & Tensa (100%)

EBITDA increased YoY mainly driven by the recognition of €0.6M for 2 months of results of the new company Tensa, acquired by REN Group on April 2025

Electrogas (100%)

EBITDA increased YoY, driven by a slight increase in revenues (higher transported volume, despite lower tariff) and positive exchange rate differences

€+5.9M (+4.7%)

1H24: €126.5M

-€22.5M

€5.2M (+18.8%)

1H24: -€27.7M

Increase in Financial results (+€5.2M) to -€22.5M, mostly due to the lower net debt (-€280.3M), and decrease in the average cost of debt to 2.66% (from 2.78% in 1H24)

Decrease in Income tax (-€19.1M to €7.6M) reflecting fiscal effect related to the capitalization of operational companies (€ 15.5M) and tax recovery of previous years, and higher extraordinary levy (+€0.1M to €28.4M), reflecting the evolution of regulated asset base

Decrease in taxes of €19.1M reflecting fiscal effect related to the capitalization of operational companies, and higher CESE (+€0.1M)

Positive effect of €5.2M from Financial Results reflecting the lower net debt and lower average cost of debt
Increase in depreciation (+€5.9M€) reflecting the increase in gross assets

Excludes effects of hedging on yen denominated debt, accrued interest and bank overdrafts | 2. Includes €1,460M of available commercial paper programs and loans, and also €80M of credit lines available (automatically renewed), and €37M 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.

Annualized closing prices ¹ - %

Analysts Average Price Target ²

1H24: €2.80 €3.08 +€0.28 (10.0%)

Source: Bloomberg, as of 30/06/2025 | 2. As of 22/07/2025 | 3. Cumulative TSR since 01/01/2025 to 30/06/2025 | 4. Cumulative TSR since 01/01/2024 to 30/06/2024 | Cumulative TSR of 260.5% since REN's IPO (9th July 2007)

III

INDICATOR	UNIT	1H25	1H24	YoY
Energy consumption	MWh	675 489	683 769	-1%
Energy consumption (excluding electricity transmission losses and self-consumption)	MWh	1 973	1 072	84%
Greenhouse gas emissions (scope 1 and 2)	tCO2eq	58 388	47 281	23%
Intensity of greenhouse gas emissions (scope 1 and 2)	tCO2 /GWh	86.4	69.1	25%
Revenues aligned with EU Taxonomy	%	67.5	67.4	0.1 p.p.
CAPEX aligned with EU taxonomy	%	89.6	88.6	1 p.p.
OPEX aligned with EU taxonomy	%	71.2	64.3	6.9 p.p.
Employees	No	787	774	1.7%
Women in 1st line management positions	%	41.7	37.0	4.7 p.p.
Accident frequency index (Global REN) 1	No	5.2	4.0	30%
Board of Directors	No	15	15	-
Board independence	%	47	47	-
Women on the Board	%	33	33	-

Includes direct and indirect employees

Electricity consumption reaches record high in the first half of the year (77% FER in final electricity consumption)

III

Iberian Peninsula blackout in 28 April (following the blackout and in response to supply security concerns, CCGT usage increase resulting in a substantial rise in Scope 2 emissions)
Self Consumption energy from RES reached 2,0 GWh (+84%) (4,8 MW installed power in renewable capacity)
85% of the upratings on RNT lines to reinforce transmission capacity under Solar Agreements completed
Transemel renews its commitment to HuellaChile in the fight against climate change for the fourth consecutive year
REN Gás temporarily appointed to manage hydrogen infrastructure in Portugal
REN was recognized as one of the Climate Leaders in Europe for 2025 by the Financial Times
REN is implementing a Work-Life Balance Management System based on the Family-Responsible Company standard (EFR-1001) and has published its Work-Life Balance Policy
REN donates 4x4 vehicle to the Águeda and Covilhã Fire Brigade
REN honoured by the Covilhã Fire Brigade
In the first half of the year, 117 REN volunteers dedicated a total of 702 hours to volunteer work
REN and the Portuguese Firefighters League trained 140 firefighters in wildfire and electrical infrastructure safety
Supply chain engagement included two sustainability sessions with over 110 participants, and the completion of the third edition of the Sustainability Academy with 19 companies and 29 participants

REN has been recognised by TIME magazine and Statista as one of the 500 Most Sustainable Companies in the World in 2025
CDP Supplier Engagement score improves from B to A
The 2024 Integrated Report was awarded Silver in the VEGA Digital Awards and Bronze at the Lusophone Creativity Awards

D-A	0-100	100-0	CCC-AAA	D-A
A	63	15.7	AAA	B
Business strategy, Emissions reductions initiatives, Governance, Opportunity disclosure, Environmental policies, Value chain engagement and Risk Disclosure	Transparency and reporting, Labor practices, Climate strategy, Occupational Health & Safety, Business ethics and Materiality	Included in 2025 ESG Top Rated Companies List Emissions, Occupational health and safety, Land use and biodiversity, Human capital, and Carbon	Carbon emissions, Corporate Governance and Human Capital Development	Prime Status Risk & Opportunities (Environment), Labor, Health, & Safety and Audit & Risk Oversight

February 2025	December 2024	July 2025 1	March 2025	March 2025

III

The 0.6-point reduction reflects the impact of the Iberian blackout. A full review of the rating is expected later this year.

Lower operational performance of the domestic business alongside positive contribution from the international segment

Increase in financial results in parallel with positive tax impacts

+10.8% versus 1H24

CAPEX and Transfers to RAB increased in the first half of the year

€2,307.3M -4.9% versus 1H24

Net Debt reduction in parallel with decrease in in the average cost of debt (2.66% versus 2.78% in 1H24)

€M				Δ %	Δ Abs.
1) TOTAL REVENUES	494.8	465.5	1,036.2	6.3%	29.3
Revenues from assets	103.6	104.3	213.7	-0.6%	-0.7
Return on RAB	36.7	37.4	74.5	-1.8%	-0.7
Electricity1	2.4	2.3	4.8	5.3%	0.1
Gas Transportation	20.3	21.1	41.8	-3.7%	-0.8
Gas Distribution	14.0	14.0	28.0	0.0%	0.0
Lease revenues from hydro protection zone	0.3	0.3	0.7	-1.3%	0.0
Incentive to Improve Technical Performance (IMDT)	4.0	7.5	18.5	-46.7%	-3.5
Solar agreements revenues	3.5	3.2	6.7	7.6%	0.2
Recovery of amortizations (net from subsidies)	48.0	46.7	94.4	2.8%	1.3
Subsidies amortization	11.1	9.1	19.0	21.6%	2.0
Revenues from electricity transmission in Chil2	9.3	7.7	15.5	19.7%	1.5
Revenues of TOTEX	143.0	142.7	284.7	0.2%	0.3
Revenues of OPEX	74.6	66.6	135.2	12.1%	8.0
Other revenues	16.6	14.0	31.5	18.8%	2.6
Construction revenues (IFRIC 12)	147.7	130.2	355.7	13.5%	17.5
2) OPEX	105.9	93.8	206.1	13.0%	12.2
Personnel costs	34.8	34.0	69.5	2.2%	0.7
External supplies and services	57.0	46.1	112.9	23.5%	10.8
Other operational costs	14.2	13.6	23.7	4.4%	0.6
3) Construction costs (IFRIC 12)	132.4	114.8	323.0	15.3%	17.6
4) Depreciation and amortization	132.4	126.5	254.7	4.7%	5.9
5) Other	-0.1	-0.8	1.0	-92.0%	0.7
6) EBIT	124.2	131.3	251.4	-5.4%	-7.1
7) Depreciation and amortization	132.4	126.5	254.7	4.7%	5.9
8) EBITDA	256.6	257.8	506.1	-0.5%	-1.2
9) Depreciation and amortization	132.4	126.5	254.7	4.7%	5.9
10) Financial result	-22.5	-27.7	-61.2	18.8%	5.2
11) Income tax expense	7.6	26.7	15.0	-71.6%	-19.1
12) Extraordinary contribution on energy sector	28.4	28.3	22.7	0.3%	0.1
13) NET PROFIT	65.7	48.6	152.5	35.2%	17.1
14) Non recurrent items	-1.0	-1.1	-5.1	8.4%	-0.1
15) RECURRENT NET PROFIT	64.7	47.5	147.4	36.2%	 17.2

1H25 1H24 2024 1H25 / 1H24

Non recurrent items

1H25

Taxes recovery from previous years (€1.0M)

1H24

Taxes recovery from previous years (€1.1M)

2024

Taxes recovery from previous years (€5.1M)

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

	1H25	1H24		1H25 / 1H24
€M				Δ %	Δ Abs.
Other revenues	16.6	14.0	31.5	18.8%	2.6
Allowed incentives	0.0	0.6	0.6	-100.0%	-0.6
Telecommunication sales and services rendered	4.8	4.0	8.6	19.2%	0.8
Consultancy services and other services provided	1.7	1.6	3.8	0.5%	0.0
Other revenues	10.2	7.7	18.5	31.3%	2.4
Other costs	14.2	13.6	23.7	4.4%	0.6
Costs with ERSE	7.2	6.9	13.8	4.3%	0.3
Other	7.0	6.7	9.9	4.5%	0.3

Includes revenues related to Electrogas' Net Profit proportion (€6.0M in 1H25 and €5.9M in 1H24)

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

	1H25	1H24	2024	1H25 / 1H24
€M				Δ %	Δ Abs.
1) REVENUES	351.8	327.5	741.2	7.4%	24.3
Revenues from assets	30.0	31.0	66.8	-3.3%	-1.0
Return on RAB1	2.4	2.3	4.8	5.3%	0.1
Lease revenues from hydro protection zone	0.3	0.3	0.7	-1.3%	0.0
Incentive to Improve Technical Performance (IMDT)	4.0	7.5	18.5	-46.7%	-3.5
Solar agreements revenues	3.5	3.2	6.7	7.6%	0.2
Recovery of amortizations (net from subsidies)	10.7	10.6	21.2	1.4%	0.1
Subsidies amortization	9.1	7.1	15.0	27.6%	2.0
Revenues of TOTEX	143.0	142.7	284.7	0.2%	0.3
Revenues of OPEX	44.4	37.8	78.7	17.7%	6.7
Other revenues	3.6	3.0	6.2	20.9%	0.6
Construction revenues (IFRIC 12)	130.7	112.9	304.8	15.7%	17.7
2) OPEX	54.5	44.7	102.9	22.0%	9.8
Personnel costs	10.3	10.0	20.2	3.1%	0.3
External supplies and services	38.5	29.5	71.9	30.2%	8.9
Other operational costs	5.7	5.1	10.8	11.7%	0.6
3) Construction costs (IFRIC 12)	120.3	102.4	282.7	17.4%	17.9
4) Depreciation and amortization	88.3	83.3	168.1	5.9%	4.9
5) Other	0.0	0.0	1.1	n.m.	0.0
6) EBIT (1-2-3-4-5)	88.7	97.1	186.3	-8.6%	-8.3
7) Depreciation and amortization	88.3	83.3	168.1	5.9%	4.9
8) EBITDA (6+7)	177.0	180.4	354.4	-1.9%	-3.4

	1H25	1H24	2024		1H25 / 1H24
€M				Δ %	Δ Abs.
1) REVENUES	80.3	77.8	168.6	3.2%	2.5
Revenues from assets	50.9	50.8	101.8	0.2%	0.1
Return on RAB	20.3	21.1	41.8	-3.7%	-0.8
Recovery of amortizations (net from subsidies)	28.6	27.7	56.2	3.2%	0.9
Subsidies amortization	1.9	1.9	3.9	0.0%	0.0
Revenues of OPEX	20.0	19.1	40.7	4.5%	0.9
Other revenues	1.3	-0.2	2.3	-914.0%	1.4
Consultancy services and other services provided	0.0	0.0	0.0	n.m.	0.0
Other	1.3	-0.2	2.3	-914.0%	1.4
Construction revenues (IFRIC 12)	8.2	8.1	23.7	1.4%	0.1
2) OPEX	17.2	16.1	36.6	6.4%	1.0
Personnel costs	4.6	4.4	9.1	4.9%	0.2
External supplies and services	9.5	8.7	21.3	9.3%	0.8
Other operational costs	3.1	3.1	6.2	0.3%	0.0
3) Construction costs (IFRIC 12)	5.6	5.5	18.2	1.3%	0.1
4) Depreciation and amortization	30.1	29.6	59.3	2.0%	0.6
5) Other	0.0	0.0	0.0	n.m.	0.0
6) EBIT (1-2-3-4-5)	27.4	26.6	54.6	3.1%	0.8
7) Depreciation and amortization	30.1	29.6	59.3	2.0%	0.6
8) EBITDA (6+7)	57.6	56.2	113.9	2.5%	1.4

	1H25	1H24	2024	1H25 / 1H24
€M				Δ %	Δ Abs.
1) REVENUES	41.5	41.0	87.4	1.1%	0.4
Revenues from assets	22.8	22.5	45.1	1.2%	0.3
Return on RAB	14.0	14.0	28.0	0.0%	0.0
Recovery of amortizations (net from subsidies)	8.7	8.4	17.0	3.2%	0.3
Subsidies amortization	0.1	0.1	0.1	5.3%	0.0
Revenues of OPEX	10.2	9.7	15.8	4.9%	0.5
Other revenues	0.3	0.2	0.7	90.6%	0.2
Adjustments previous years	0.0	0.0	0.1	n.m.	0.0
Other services provided	0.2	0.2	0.4	-5.1%	0.0
Other	0.1	0.0	0.2	- 524.0%	0.2
Construction revenues (IFRIC 12)	8.2	8.6	25.9	-5.4%	-0.5
2) OPEX	9.9	9.3	16.6	6.7%	0.6
Personnel costs	2.3	2.2	4.7	2.4%	0.1
External supplies and services	2.9	2.5	6.4	13.4%	0.3
Other operational costs	4.8	4.5	5.4	5.2%	0.2
3) Construction costs (IFRIC 12)	6.5	6.8	22.1	-4.8%	-0.3
4) Depreciation and amortization	9.1	8.8	17.8	3.0%	0.3
5) Other	0.0	0.0	-0.1	n.m.	0.0
6) EBIT (1-2-3-4-5)	16.0	16.1	31.1	-0.7%	-0.1
7) Depreciation and amortization	9.1	8.8	17.8	3.0%	0.3
8) EBITDA (6+7)	25.0	24.9	48.8	0.6%	0.1

(Excl. PPA)

	1H25	1H24	2024	1H25 / 1H24
€M				Δ %	Δ Abs.
1) REVENUES	10.0	8.3	16.8	20.5%	1.7
2) OPEX	3.7	2.2	5.2	66.7%	1.5
3) Depreciation and amortization	1.4	1.3	2.7	2.1%	0.0
4) Other	0.0	0.0	0.6	n.m.	0.0
5) EBIT (1-2-3-4)	4.9	4.7	8.4	3.9%	0.2
6) Depreciation and amortization	1.4	1.3	2.7	2.1%	0.0
7) EBITDA (5+6)	6.2	6.0	11.0	3.5%	0.2

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

	1H25	1H24	2024	1H25 / 1H24
€M				Δ %	Δ Abs.
1) REVENUES	11.3	10.9	22.3	3.6%	0.4
Other revenues	11.3	10.9	22.3	3.6%	0.4
Allowed incentives	0.0	0.6	0.6	-100.0%	-0.6
Telecommunication sales and services rendered	4.8	4.0	8.6	19.2%	0.8
Consultancy services and other services provided	0.3	0.3	0.7	-4.4%	0.0
Other	6.3	6.1	12.4	3.6%	0.2
2) OPEX	20.6	21.4	44.8	-3.7%	-0.8
Personnel costs	17.0	16.9	34.3	0.4%	0.1
External supplies and services	3.4	3.9	9.6	-13.2%	-0.5
Other operational costs	0.3	0.6	0.9	-57.0%	-0.4
3) Depreciation and amortization	3.6	3.4	6.9	3.3%	0.1
4) Other	-0.1	-0.8	-0.6	-93.0%	0.7
5) EBIT (1-2-3-4)	-12.8	-13.1	-28.8	-2.6%	0.3
6) Depreciation and amortization	3.6	3.4	6.9	3.3%	0.1
7) EBITDA (5+6)	-9.2	-9.7	-21.9	-4.7%	0.5

Includes the negative impacts of the PPAs¹ of Portgás (€2.6M in 1H25 and 1H24) and Transemel (€0.8M in 1H25 and 1H24) and Tensa (€0.1 in 1H25)

¹ PPA - Purchase Price Allocation

1H25	1H24	2024		1H25 / 1H24
			Δ %	Δ Abs.
150.0	135.4	368.4	10.8%	14.6
130.7	112.9	304.8	15.7%	17.7
8.2	8.1	23.7	1.4%	0.1
8.2	8.6	25.9	-5.4%	-0.5
2.9	5.2	12.9	-44.1%	-2.3
0.1	0.6	1.1	-86.1%	-0.5
50.3	29.9	296.1	68.1%	20.4
40.6	22.6	252.4	79.5%	18.0
3.1	2.1	23.8	45.6%	1.0
6.6	5.2	19.9	27.8%	1.4
3,453.9	3,477.4	3,509.5	-0.7%	-23.5
2,024.9	2,009.9	2,046.7	0.7%	15.0
863.3	918.1	904.3	-6.0%	-54.8
1,161.6	1,091.9	1,142.4	6.4%	69.8
160.8	172.1	169.3	-6.5%	-11.3
773.3	801.5	797.5	-3.5%	-28.2
494.9	493.8	496.1	0.2%	1.0
3,409.7	3,428.3	3,493.8	-0.5%	-18.6
1,997.7	1,978.6	2,052.1	1.0%	19.1
849.8	904.3	876.8	-6.0%	-54.5
1,147.9	1,074.3	1,175.3	6.9%	73.6
158.1	169.3	163.6	-6.6%	-11.2
760.6	788.8	781.6	-3.6%	-28.2
493.3	491.7	496.4	0.3%	1.6

	1H25	1H24	2024		1H25 / 1H24
€M				Δ %	Δ Abs.
RAB's remuneration	94.7	95.7	190.8	-1.1%	-1.0
Electricity	60.0	60.3	120.4	-0.4%	-0.2
With premium	29.2	29.4	58.7	-0.8%	-0.2
Without premium	30.9	30.8	61.7	0.1%	0.0
Land	0.3	0.3	0.7	-1.3%	0.0
Gas Transportation	20.3	21.1	41.8	-3.7%	-0.8
Gas Distribution	14.0	14.0	28.0	0.0%	0.0
RoR's RAB	5.3%	5.3%	5.3%		0.0p.p.
Electricity	5.5%	5.6%	5.6%		-0.1p.p.
With premium	6.0%	6.0%	6.0%		-0.1p.p.
Without premium	5.2%	5.3%	5.2%		-0.1p.p.
Land	0.4%	0.4%	0.4%		0.0p.p.
Gas Transportation	5.3%	5.3%	5.2%		0.0p.p.
Gas Distribution	5.7%	5.7%	5.6%		0.0p.p.

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	1H25	1H24	2024
Electricity	45.9	75.9	94.7
Trading		159.5
Gas Transportation	18.0	-5.1	8.5
Gas Distribution	28.3	22.7	31.1
Total	92.2	253.0	134.3

€M	Current	Non Current	1H25
Bonds	0.0	874.5	874.5
Bank borrowings	64.2	480.0	544.3
Commercial paper	865.0	125.0	990.0
Leases liabilities	2.0	3.8	5.8
TOTAL	931.3	1,483.3	2,414.6
Accrued interest	9.4	0.0	9.4
Prepaid interest	-5.9	-5.4	-11.3
TOTAL	934.7	1,477.9	2,412.6

Bank loans are mostly composed of loans contracted with the European Investment Bank (EIB), which at 30th June 2025 amounted to 509,280 thousand Euros (at 31st December 2024 it had the amount of 534.479 thousand Euros).
The Group also has credit lines negotiated 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 30th June 2025, the Group has eleven commercial paper programs in the amount of 2,225,000 thousand Euros, of which 1,235,000 thousand Euros are available for utilization. Of the total amount, 1,025,000 thousand Euros have a guaranteed placement. As of 30th June 2025, an amount of 755,000 thousand euros is available (at 31st December 2024 the availabe amount was 775,000 thousand Euros).
REN's financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge, leverage ratios and Gearing.
The average interest rates for borrowings including commissions and other expenses were 2.66% at 30th June 2025 and 2.75% at 31st December 2024.

	1H25	1H24
Net Debt (€M)	2,399.5	2,679.8
Average cost	2.66%	2.78%
Net Debt / EBITDA	4.7x	5.2x
DEBT BREAKDOWN
Funding sources
Bond issues	36.9%	51.6%
EIB	20.9%	15.8%
Commercial paper	40.6%	31.2%
Other	1.7%	1.5%
TYPE
Float	58%	32%
Fixed	42%	68%

RATING	Long Term	Short Term	Outlook	Date
Moody's	Baa2	-	Stable	22/12/2023
Fitch	BBB	F2	Stable	05/09/2024
Standard & Poor's	BBB	A-2	Stable	06/09/2024

Thousand Euros	Jun.25	Dec.24
Assets
Non-current assets
Property, plant and equipment	134,784	123,584
Intangible assets	4,278,864	4,220,632
Goodwill	1,968	2,268
Investments in associates and joint ventures	161,945	182,067
Investments in equity instruments at fair value through other comprehensive income	139,379	137,858
Derivative financial instruments	24,314	28,642
Other financial assets	6,009	6,017
Trade and other receivables	65,867	74,620
Deferred tax assets	51,075	47,606
	4,864,205	4,823,294
Current assets
Inventories	2,607	2,538
Trade and other receivables	271,157	485,026
Derivative financial instruments	-	1,554
Asset related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	3,481	3,481
Cash and cash equivalents	37,343	40,477
	314,588	533,076

Thousand,Euros	Jun.25	Dec.24
Equity
Shareholders' equity
Share capital	667,191	667,191
Own shares	-10,728	-10,728
Share premium	116,809	116,809
Reserves	310,194	343,969
Retained earnings	334,834	287,699
Other changes in equity	-5,561	-5,561
Net profit for the period	65,713	152,512
Total Equity	1,478,452	1,551,891

Liabilities

Non-current liabilities

Borrowings	1,477,909	1,617,353
Liability for retirement benefits and others	75,435	72,847
Derivative financial instruments	25,999	30,740
Provisions	11,650	11,922
Trade and other payables	628,727	578,650
Deferred tax liabilities	95,085	104,063
	2,314,805	2,415,575
Current liabilities
Borrowings	934,703	914,415
Trade and other payables	425,130	465,445
Income tax payable	22,222	2,086
Liability related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	3,481	3,481
Derivative financial instruments	-	3,477
	1,385,536	1,388,904
Total Liabilities	3,700,341	3,804,479
Total Equity and Liabilities	5,178,793	5,356,370

Thousand Euros	30/06/2025	30/06/2024
Sales	220	364
Services rendered	321,544	307,691
Revenue from construction of concession assets	146,997	129,634
Gains/(losses) from associates and joint ventures	6,078	5,856
Other operating income	22,800	19,240
Operating income	497,639	462,785
Cost of goods sold	-347	-445
Costs with construction of concession assets	-132,376	-114,773
External supplies and services	-57,261	-46,480
Personnel costs	-34,466	-33,669
Depreciation and amortizations	-132,376	-126,463
Provisions	-	-2
Impairments	64	793
Other expenses	-13,860	-13,159
Operating costs	-370,622	-334,199

Operating results	127,017	128,586
Financial costs	-43,700	-47,902
Financial income	7,210	10,924
Investment income - dividends	11,166	11,999
Financial results	-25,324	-24,980

Profit before income tax and ESEC	101,693	103,605

Income tax expense	-7,577	-26,698
Energy sector extraordinary contribution (ESEC)	-28,404	-28,310
Consolidated profit for the period	65,713	48,597

Attributable to:
Equity holders of the Company	65,713	48,597
Consolidated profit for the period	65,713	48,597
Earnings per share (expressed in euro per share)
	0.10	0.07

	Thousand Euros	30/06/2025	30/06/2024
	Cash flow from operating activities:
	Cash receipts from customers	1,024,967	1,226,530
	Cash paid to suppliers	-514,211	-878,880
	Cash paid to employees	-44,220	-42,443
	Income tax received /paid	817	-5,566
	Other receipts / (payments) relating to operating activities	-130,142	-11,904
	Net cash flows from operating activities (1)	337,210	287,737
	Cash flow from investing activities:
	Receipts related to:
	Investments in associates	180	400
	Investment grants	89,275	20,089
	Dividends	8,013	7,410
	Payments related to:
	Acquisition of a subsidiary	-62,872	-
	Property, plant and equipment	-6,983	-5,364
	Intangible assets	-144,356	-145,300
	Net cash flow used in investing activities (2)	-116,742	-122,765
	Cash flow from financing activities:
	Receipts related to:
	Borrowings	2,721,000	3,361,000
	Interests and other similar income	534	610
	Payments related to:
	Borrowings	-2,826,199	-3,417,849
	Interests and other similar expense	-54,171	-50,096
	Lease liabilities	-1,405	-1,190
	Interests of lease liabilities	-126	-112
	Dividends	-61,688	-59,698
	Net cash from / (used in) financing activities (3)	-222,056	-167,336
	Net (decrease) / increase in cash and cash equivalents (1)+(2)+(3)	-1,588	-2,364
	Effect of exchange rates	-1,047	-1,657
	Cash and cash equivalents at the beginning of the year	39,977	40,145
	Changes in the perimeter	-	-
	Cash and cash equivalents at the end of the period	37,343	36,125
	Detail of cash and cash equivalents
	Cash	23	21
	Bank deposits	37,320	36,104
24TH JULY 2025 UNAUDITED INFORMATION		37,343	36,125

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 presentation, and it should be read as presentation, 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.