Consolidated Financial Statements

31 March 2025

REN – Redes Energéticas Nacionais, SGPS, S.A.

INDEX

1.		FINANCIAL PERFORMANCE	3
		1.1 RESULTS FOR THE FIRST 3 MONTHS OF 2025 1.2 AVERAGE RAB AND CAPEX	3 7
2.		CONSOLIDATED FINANCIAL STATEMENTS	8
3.		NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2025	13
	1	GENERAL INFORMATION	13
	2	BASIS OF PRESENTATION	16
	3	MAIN ACCOUNTING POLICIES	16
	4	SEGMENT REPORTING	17
	5	TANGIBLE AND INTANGIBLE ASSETS	20
	6	GOODWILL	23
	7	INVESTMENTS IN ASSOCIATES AND JOIN VENTURES	23
	8	INCOME TAX	25
	9	FINANCIAL ASSETS AND LIABILITIES	29
	10	INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER
	11	COMPREHENSIVE INCOME TRADE AND OTHER RECEIVABLES	31 33
	12	DERIVATIVE FINANCIAL INSTRUMENTS	34
	13	CASH AND CASH EQUIVALENTS	38
	14	EQUITY INSTRUMENTS	39
	15	RESERVES AND RETAINED EARNINGS	39
	16	BORROWINGS	40
	17	POS-EMPLOYMENT BENEFITS AND OTHERS BENEFITS	42
	18	PROVISIONS FOR OTHER RISKS AND CHARGES	43
	19	TRADE AND OTHER PAYABLES	44
	20	SALES AND SERVICES RENDERED	45
	21	REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES	45
	22	OTHER OPERATING INCOME	46
	23	EXTERNAL SUPPLIES AND SERVICES	46
	24	PERSONNEL COSTS	47
	25	OTHER OPERATING COSTS	47
	26	FINANCIAL COSTS AND FINANCIAL INCOME	47
	27	EXTRAORDINARY CONTRIBUTION OVER THE ENERGY SECTOR	48
	28	EARNINGS PER SHARE	48
	29	DIVIDENDS PER SHARE	48
	30	CONTINGENT ASSETS AND LIABILITIES	48
	31	RELATED PARTIES	49
	32	DECREE-LAW NO. 84-D/2022 – TRANSITORY GAS PRICE STABILIZATION REGIME52
	33	SUBSEQUENT EVENTS	52
	34	EXPLANATION ADDED FOR TRANSLATION	52

1. FINANCIAL PERFORMANCE

1.1 RESULTS FOR THE FIRST 3 MONTHS OF 2025

In the first 3 months of 2025, net income reached 14.4 million euros, a 10.7 million euros increase over the same period of the previous year. Net income increased reflecting mainly the i) decrease of 8.6 million euros in taxes and ii) the increase of 4.6 million euros in financial results (+21.4%), partially offset by iii) the decrease of 2.5 million euros in Group EBIT (+0.1 million euros in EBITDA).

Similarly to the previous years, the results for 2025 reflect the continuation of the Extraordinary Levy on the Energy Sector (28.4 million euros in 2025 and 28.5 million euros in 2024¹ ).

Investment was 69.1 million euros, a 44.4% y.o.y increase (+21.3 million euros) and transfers to RAB increased 17.0 million euros to 19.7 million euros. Average RAB decreased by 35.0 million euros (-1.0%), to 3,464.4 million euros.

The average cost of debt was 2.8%, in line with the previous year, and net debt reached 2,334.6 million euros, a 12.6% decrease (-335.7 million euros) over the same period of the previous year driven by the evolution of tariff deviations. Excluding the effect of tariff deviations, net debt decreased 5.1%.

MAIN INDICATORS (MILLIONS OF EUROS)	March 2025	March 2024	VAR.%
EBITDA	128.9	128.9	0.0%
Financial results2	-16.8	-21.3	21.4%
Net income1	14.4	3.7	290.7%
Recurrent net income	6.1	3.7	65.5%
Total Capex	69.1	47.9	44.4%
Transfers to RAB3 (at historic costs)	19.7	2.7	638.6%
Average RAB (at reference costs)	3,464.4	3,499.3	-1.0%
Net debt	2,334.6	2,670.4	-12.6%
Net debt (without tariff deviations)	2,240.5	2,361.4	-5.1%
Average cost of debt	2.8%	2.8%	0.0p.p.

¹ The full amount of the levy was recorded in the 1st quarter of 2025 and 2024, according to the Portuguese Securities Market Commission (CMVM) recommendations.

² The net costs of 1.2 million euros in March 2025 and March 2024 from electricity interconnection capacity auctions between Spain and Portugal – referred to as FTR (Financial Transaction Rights) were reclassified from Financial Results to Operational Revenues.

Operational results – EBITDA

Domestic Power Transmission and Distribution Business

EBITDA for the domestic business reached 122.2 million euros in the first 3 months of 2025, a 0.6% (-0.7 million euros) decrease over the same period of the previous year.

EBITDA - TRANSMISSION (MILLIONS OF EUROS)	March 2025	March 2024	VAR.%
1) Revenues from assets	51.5	50.5	2.1%
RAB remuneration	18.4	18.7	-1.8%
Lease revenues from hydro protection zone	0.2	0.2	-1.3%
Incentive for improvement of the TSO's technical performance	2.0	3.8	-46.7%
Solar agreements revenues	1.6	-	n.m.
Recovery of amortizations (net of investment subsidies)	24.0	23.4	2.6%
Amortization of investment subsidies	5.4	4.4	20.6%
2) Revenues from Totex	71.4	71.3	0.1%
3) Revenues from Opex	40.1	32.1	25.0%
4) Other revenues	4.4	4.6	-3.3%
5) Own works (capitalised in investment)	7.0	6.9	1.9%
6) Construction revenues (excl. own works) – Concession assets	59.7	39.9	49.5%
7) OPEX	52.4	42.4	23.8%
Personnel costs4	16.1	15.5	3.5%
External costs	36.4	26.8	35.6%
8) Construction costs – Concession assets	59.7	39.9	49.5%
9) Provisions/ (reversal)	0.0	0.0	n.m.
10) Impairments	-0.1	0.1	-258.5%
11) EBITDA (1+2+3+4+5+6-7-8-9-10)	122.2	122.9	-0.6%

The decrease in EBITDA resulted mainly from:

The decrease of 1.8 million euros in Incentive (-46.7%) for improvement of the TSO's technical performance in electricity, given the recognition of the regulator's publication values;
The decrease of 0.3 million euros in RAB remuneration⁵ (-1.8%) arising mostly from:
- o Decrease of 0.4 million euros in the remuneration of natural gas transmission regulated assets reflecting the reduction of 35.2 million euros (-4.4%) in natural gas transmission average RAB, despite the increase in the rate of return from 5.25% in March 2024 to 5.27% in March 2025 – as a result of the evolution of the yields of the Portuguese Republic 10Y Treasury Bills; and

⁴ Includes training and seminars costs

⁵ Exclui atividade de Transporte de Energia Elétrica (TEE). Inclui ativos da TEE, aceites como extra Totex

o Increase of 0.1 million euros in the remuneration of electricity regulated assets (only General System Management activity and assets extra Totex model) reflecting the increase of 5.7 million euros in average RAB (+6.4%), partially offset by the decrease in the rate of return from 5.24% in March 2024 to 5.18% in March 2025 – as a result of the evolution of the yields of the Portuguese Republic 10Y Treasury Bills;
The increase of 10.1 million euros in Opex, of which +7.8 million euros in pass-through costs (costs not controllable by REN and fully recovered in the regulated tariff), reflecting the +5.5 million euros in costs with Turbogás resulting from the end of PPA at end of March 2024 and +0.5 million euros in Cross Boarder cost. Excluding pass-through costs, the Group domestic Core Opex increased 2.3 million euros.

These effects were partially offset by:

The increase in Revenues from Opex of 8.0 million euros (+25.0%), reflecting the growth of 7.8 million euros in passthrough costs;
Revenues recognition of 1.6 million euros arising from bilateral agreements to connect solar plants to the grid. In June 2024, REN started to recognize in EBITDA the revenues related to Solar Agreements. REN has currently two waves of solar agreements underway. The revenues of these contracts are reflected in two different captions: (i) Revenues with "Subsidies amortizations" (neutral impact as they are fully offset by asset depreciation), and ii) "Solar agreements revenues" with positive impact in net income;and
The increase in Electricity Transmission Activity regulated revenues (+0.1 million euros), which is remunerated through a Totex model, reflecting the increase in the volume drivers, unitary prices evolution and annual change inflation, despite the decrease in the rate of return from 5.24% in March 2024 to 5.18% in March 2025.

With respect to domestic business, it is also important to note that the natural gas distribution business contributed with EBITDA of 12.7 million euros.

International Business

The EBITDA for international businesses reached 6.7 million euros in the first 3 months of 2025, a 0.7 million euros (+12.6%) increase over the same quarter of the previous year, resulting mainly from:

The increase of 0.3 million euros (+12.2%) in the recognized income from the 42.5% stake held by REN in the Chilean company Electrogas;
The increase of 0.4 million euros (+13.0%) in EBITDA of Transemel an electrical power transmission company in Chile.

EBITDA - INTERNATIONAL (MILLIONS OF EUROS)	March 2025	March 2024	VAR.%
1) Revenues from the Transmission of Electrical Power	4.2	4.0	5.5%
2) Other revenues	3.1	2.8	12.5%
3) Own works (capitalized in investment)	0.4	0.2	52.5%
4) OPEX	1.0	1.0	-4.4%
Personnel costs6	0.3	0.2	36.2%
External costs	0.7	0.8	-15.9%
5) Impairments	0.0	0.0	n.m.
6) EBITDA (1+2+3-4-5)	6.7	6.0	12.6%

⁶ Includes costs with training

Net income

Overall, the Group's net income for the first 3 months of 2025 reached 14.4 million euros, a 10.7 million euros y.o.y. increase.

This increase reflects mostly the following effects:

i) increase of 4.6 million euros in financial results (+21.4%) reflecting the decrease in net debt and favourable evolution of exchange rate differences. Net debt reached 2,334.6 million euros, a decrease of 335.7 million euros (-12.6%), over the same period of the previous year driven by the evolution of tariff deviations. Excluding the effect of tariff deviations, net debt decreased 5.1%;
ii) decrease of 8.6 million euros in taxes (-71.1%), reflecting the non-recurring tax effect on the capitalization of operating companies (7.5 million euros), only recognised in 2024 at the end of the year, and recovery of taxes from previous years.

These effects were partially offset by the decrease of 2.5 million euros in Group EBIT (+0.1 million euros in EBITDA), of which -3.3 million euros in domestic business (-0.7 million euros in EBITDA) and +0.8 million euros in international business (+0.7 million euros in EBITDA).

Excluding non-recurring items, Net Income for the first 3 months of 2025 increased 2.4 million euros (+65.5%). Non-recurring items considered in the first 3 months of 2025 are as follows: i) non-recurring tax effect on the capitalization of operating companies (7.5 million euros), only recognised in 2024 at the end of the year; and ii) gains with recovery of previous years taxes (0.8 million euros).

NET INCOME
(MILLIONS OF EUROS)	March 2025	March 2024	VAR.%
EBITDA	128.9	128.9	0.0%
Depreciations and amortizations	65.8	63.2	4.1%
Financial results	-16.8	-21.3	21.4%
Income tax expenses	3.5	12.1	-71.1%
Extraordinary levy on the energy sector 7	28.4	28.5	-0.4%
Net income	14.4	3.7	290.7%
Non-recurring items	-8.3	0.0	n.m.
Recurrent net income	6.1	3.7	65.5%

⁷ The full amount of the levy was recorded in the 1st quarter of 2025 and 2024, according to the Portuguese securities market commission (CMVM) recommendations.

1.2 AVERAGE RAB AND CAPEX

In the first 3 months of 2025, Capex reached 69.1 million euros, a 44.4% y.o.y. increase (+21.3 million euros), while transfers to RAB increased 17.0 million euros to 19.7 million euros.

In electricity, investment was 59.2 million euros, a 46.3% increase (+18.7 million euros) over the first 3 months of 2024, and Transfers to RAB were 15.9 million euros, a y.o.y. increase of 15.1 million euros. It should be highlighted the investments in the interconnection Minho-Galiza (5.8 million euros) and in Solar agreements with promotors (12.9 million euros), of which 4.2 million euros in connection of a Photovoltaic Power Plant in the Sines/Ourique area and 3.3 million euros in 400kV Fundão-Pocinho connection.

In natural gas transmission, investment reached 3.8 million euros, an increase of 1.3 million euros (+54.4%), and Transfers to RAB were 1.6 million euros.

In natural gas distribution, investment was 3.7 million euros, 35% for new supply points and 56% with the expansion of the distribution network, and transfers to RAB increased 0.3 million euros (+17.2%) to 2.2 million euros.

Average RAB was 3,464.4 million euros, a 35.0 million euros (-1.0%) y.o.y decrease. In electricity, the average RAB (excluding lands) reached 2,034.9 million euros (+11.1 million euros, +0.5%), of which 870.0 million euros in assets remunerated at a premium rate of return, while lands reached 162.2 million euros (-11.3 million euros, -6.5%). In natural gas transmission, the average RAB was 772.2 million euros (-35.2 million euros, -4.4%), while in natural gas distribution the average RAB reached 495.1 million euros (+0.5 million euros, +0.1%).

2. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 MARCH 2025 AND 31 DECEMBER 2024

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS





2. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF 31 MARCH 2025 AND 31 DECEMBER 2024
(Amounts expressed in thousands of euros – teuros)
(Translation of statements of financial position originally issued in Portuguese - Note 34)

ASSETS	Notes	Mar 2025	Dec 2024
Non-current assets
Property, plant and equipment Intangible assets	5 5	125,059 4,222,633	123,584 4,220,632
Goodwill	6	2,175	2,268
Investments in associates and joint ventures Investments in equity instruments at fair value through other comprehensive income	7 9 and 10	178,627 149,013	182,067 137,858
Derivative financial instruments	9 and 12	30,184	28,642
Other financial assets Trade and other receivables	9 9 and 11	6,013 77,526	6,017 74,620
Deferred tax assets	8	54,417	47,606
Current assets		4,845,647	4,823,294
Inventories		2,549	2,538
Trade and other receivables Derivative financial instruments	9 and 11 9 and 12	347,866 -	485,026 1,554
Asset related to the transitional gas price stabilization regime - Decree-Law 84-D/2022 Cash and cash equivalents	32 9 and 13	3,481 47,173	3,481 40,477
		401,069	533,076
Total assets	4	5,246,716	5,356,370
EQUITY
Shareholders' equity Share capital	14	667,191	667,191
Own shares	14	(10,728)	(10,728)
Share premium Reserves	14 15	116,809 344,752	116,809 343,969
Retained earnings		439,049	287,699
Other changes in equity Net profit for the period	14	(5,561) 14,443	(5,561) 152,512
Total equity		1,565,955	1,551,891
LIABILITIES Non-current liabilities
Borrowings Liability for retirement benefits and others	9 and 16 17	1,619,352 74,797	1,617,353 72,847
Derivative financial instruments	9 and 12	32,293	30,740
Provisions Trade and other payables	18 9 and 19	11,923 639,478	11,922 578,650
Deferred tax liabilities	8	102,011	104,063
Current liabilities		2,479,854	2,415,575
Borrowings	9 and 16	734,778	914,415
Trade and other payables Income tax payable	9 and 19 8 and 9	446,558 16,090	465,445 2,086
Liability related to the transitional gas price stabilization regime - Decree-Law 84-D/2022 Derivative financial instruments	32 9 and 12	3,481 -	3,481 3,477
	7	1,200,907	1,388,904
Total liabilities	4	3,680,761	3,804,479
Total equity and liabilities		5,246,716	5,356,370
The accompanying notes form an integral part of the consolidated statement of financial position as of 31 March 2025.

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros)

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS






CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE
THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024
(Amounts expressed in thousands of euros – teuros)
(Translation of statements of profit and loss originally issued in Portuguese - Note 34)
		Period ended
	Notes	31.03.2025	31.03.2024

Sales Services rendered	20 20	220 159,117	364 151,640
Revenue from construction of concession assets	21	66,718	46,817
Gains/(losses) from associates and joint ventures	7	3,239	2,831
Other operating income	22	11,395	9,455
Operating income		240,687	211,107
Cost of goods sold		(233)	(309)
Costs with construction of concession assets	21	(59,714)	(39,946)
External supplies and services	23	(29,639)	(19,561)
Personnel costs	24	(16,301)	(15,717)
Depreciation and amortizations Impairments	5 6 and 11	(65,804) 158	(63,221) (94)
Other expenses	25	(7,262)	(7,815)
Operating costs		(178,795)	(146,664)
Operating results		61,892	64,443

Financial costs Financial income	26 26	(18,346) 2,803	(25,302) 5,180
Financial results		(15,542)	(20,123)
Profit before income tax and ESEC		46,350	44,320

Income tax expense	8	(3,502)	(12,107)
Energy sector extraordinary contribution (ESEC) Consolidated profit for the period	27	(28,404) 14,443	(28,516) 3,697

Attributable to:
Equity holders of the Company		14,443	3,697
Non-controlled interest Consolidated profit for the period		- 14,443	- 3,697
			0.01
Earnings per share (expressed in euro per share)	28	0.02

The accompanying notes form an integral part of the consolidated statement of profit and loss for the three-month period ended 31 March 2025.

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME





FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros)
(Translation of statements of other comprehensive income originally issued in Portuguese - Note 34)
		Period ended
	Notes	31.03.2025	31.03.2024
Consolidated Profit for the period		14,443	3,697
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains/(losses) - gross of tax		(1,637)	408
Tax effect on actuarial gains/(losses)	8	475	(122)
Other changes in equity		-	26
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations		(6,590)	(10,602)
	12	(1,498)	321
Increase/(decrease) in hedging reserves - cash flow derivatives		337	(72)
Tax effect on hedging reserves	8 and 12
Gain/(loss) in fair value reserve - Investments in equity instruments at fair
value through other comprehensive income	10	11,154	4,846
Tax effect on items recorded directly in equity	8 and 10	(2,621)	(1,187)
Comprehensive income for the period		14,064	(2,685)

Attributable to:
Equity holders of the company Non-controlled interest		14,064 -	(2,685) -

The accompanying notes form an integral part of the consolidated statement of comprehensive income for the three-month period ended 31 March 2025.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros) (Translation of statements of changes in equity originally issued in Portuguese - Note 34)

									CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
									FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

							(Amounts expressed in thousands of euros – teuros)		(Translation of statements of changes in equity originally issued in Portuguese - Note 34)

							Attributable to shareholders
		Share	Own	Share	Legal	Fair Value	Hedging	Other	Other changes in	Retained	Profit for
		capital (Note 14)	shares (Note 14)	premium (Note 14)	Reserve (Note 15)	reserve (Note 15)	reserve (Note 15)	reserves (Note 15)	equity	earnings	the year	Total
Changes in the year									(Note 14)
	Notes
At 1 January 2024		667,191	(10,728)	116,809	141,378	39,461	37,071	138,781	(5,561)	238,478	149,236	1,512,116

Net profit of the period and other
comprehensive income		-	-	-	-	3,659	249	(10,602)	-	311	3,697	(2,685)
Transfer to other reserves		-	-	-	-	-	-	-	-	149,236	(149,236)	-
At 31 March 2024		667,191	(10,728)	116,809	141,378	43,120	37,320	128,180	(5,561)	388,026	3,697	1,509,432
At 1 January 2025		667,191	(10,728)	116,809	141,378	42,399	21,625	138,567	(5,561)	287,699	152,512	1,551,891

Net profit of the period and other
comprehensive income		-	-	-	-	8,533	(1,161)	(6,590)	-	(1,162)	14,443	14,064
Transfer to other reserves At 31 March 2025		- 667,191	- (10,728)	- 116,809	- 141,378	- 50,932	- 20,464	- 131,978	- (5,561)	152,512 439,049	(152,512) 14,443	- 1,565,955

The accompanying notes form an integral part of the consolidated statement of changes in equity for the three-month period ended 31 March 2025.

CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros)

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE THREE-MONTH




PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros) (Translation of statements of cash flow originally issued in Portuguese - Note 34)
			Period ended
	Notes	31.03.2025	31.03.2024
Cash flow from operating activities:
Cash receipts from customers		626,026	a) 634,806
Cash paid to suppliers Cash paid to employees		(295,654) (17,912)	a) (469,239) (16,748)
Income tax received/paid		(742)	(1,665)
Other receipts / (payments) relating to operating activities		(79,834)	(4,882)
Net cash flows from operating activities (1)		231,884	142,272
Cash flow from investing activities:
Receipts related to: Investment grants		75,095	9,483
Dividends	10	1,083	1,477
Payments related to:
Property, plant and equipment Intangible assets		(6,753) (97,736)	(589) (53,593)
Net cash flow used in investing activities (2)		(28,311)	(43,222)
Cash flow from financing activities:
Receipts related to:
Borrowings Interests and other similar income		1,094,000 474	2,000,000 285
Payments related to:
Borrowings		(1,254,000)	(2,060,000)
Interests and other similar expense		(36,042)	(35,026)
Lease liabilities Interests of lease liabilities		(824) (75)	(753) (72)
Net cash from / (used in) financing activities (3)		(196,468)	(95,567)
Net (decrease) / increase in cash and cash equivalents (1)+(2)+(3)		7,106	3,483
Effect of exchange rates		90	(2,458)
Cash and cash equivalents at the beginning of the year	13	39,977	40,145
Cash and cash equivalents at the end of the period	13	47,173	41,170
Detail of cash and cash equivalents Cash	13	25	21
Bank deposits	13	47,148	41,150
The transitional gas price stabilization regime - Decree-Law 84-D/2022	13	- 47,173	-
			41,170

a) These amounts include payments and receipts relating to activities in which the Group acts as agent, income and costs being reversed in the consolidated statement of profit and loss.

The accompanying notes form an integral part of the consolidated statement of cash flow for the three-month period ended 31 March 2025.

3. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2025

(Translation of notes originally issued in Portuguese - Note 34)

1 GENERAL INFORMATION

REN – Redes Energéticas Nacionais, SGPS, S.A. (referred to in this document as "REN", "REN SGPS" or "the Company" together with its subsidiaries, referred to as "the Group" or "the REN Group"), with head office in Avenida Estados Unidos da América, 55 – Lisbon, Portugal, resulted from the spin-off of the EDP Group, in accordance with Decree-Law no. 7/91 of 8 January and 131/94 of 19 May, approved by the Shareholders' General Meeting held on 18 August 1994, with the objective of ensuring the overall management of the Public Electric Supply System (PES).

Up to 26 September 2006 the REN Group's operations were concentrated on the electricity business through REN – Rede Eléctrica Nacional, S.A. On 26 September 2006, as a result of the unbundling transaction of the gas business, the Group went through a significant change with the purchase of assets and financial participations relating to the transport, storage and regasification of gas activities, comprising a new business.

In the beginning of 2007, the Company was transformed into a holding company and, renamed, after the transfer of the electricity business to a new company incorporated on 26 September 2006, REN – Serviços de Rede, S.A., which was simultaneously renamed to REN – Rede Eléctrica Nacional, S.A.

The Group presently has two main business segments, Electricity and Gas, and a secondary business of Telecommunications.

The Electricity business includes the following companies:

a) REN – Rede Eléctrica Nacional, S.A., incorporated on 26 September 2006, whose activities are carried out under a concession contract for a period of 50 years as from 2007 which establishes the overall management of the Public Electricity Supply System (Sistema Eléctrico de Abastecimento Público - SEP);

b) Enondas, Energia das Ondas, S.A. was incorporated on 14 October 2010, its capital being fully owned by REN - Redes Energéticas Nacionais, SGPS, S.A., and has as its activity the management of the concession for the exploration of a pilot area for the production of electric energy from sea waves; and

c) Empresa de Transmisión Eléctrica Transemel, S.A. ("Transemel"), was incorporated on 1 October 2019, following the expansion of the electricity business in Chile. The company's activity consists of providing electricity transmission and transformation services and the development, operation and commercialization of transmission systems, allowing free access to the different players in the electricity market in Chile.

The Gas business includes the following companies:

a) REN Gás, S.A. was incorporated on 29 March 2011, with the corporate purpose of promoting, developing and carrying out projects and developments in the gas sector, as well as defining the overall strategy and coordination of the companies in which it has direct interests;

b) REN Gasodutos, S.A., was incorporated on 26 September 2006, whose the capital was paid up through the integration of the gas transport infrastructures (network, connections and compression);

c) REN Armazenagem, S.A., was incorporated on 26 September 2006, whose the capital was paid up through integration into the company of the gas underground storage assets;

d) REN Atlântico, Terminal de GNL, S.A., acquired under the acquisition of the gas business, previously designated as "SGNL – Sociedade Portuguesa de Gás Natural Liquefeito". The operations of this company comprise the supply, reception, storage and re-gasification of liquefied gas through the GNL marine terminal, being responsible for the construction, utilization and maintenance of the necessary infrastructures; and

e) REN Portgás Distribuição, S.A. ("REN Portgás"), acquired as part of the expansion of the gas business on 4 October 2017. The company's object is the public service operation of the regional distribution network for natural gas and its substitute gases in 29 municipalities in the northern coastal area of Portugal, in the districts of Porto, Braga, and Viana do Castelo, as well as the construction and maintenance of the respective infrastructures.

The operations of the companies indicated in b) to d) above are developed in accordance with the three concession contracts separately granted for periods of 40 years starting 2006. The company indicated in e) above develops its activities in accordance with one concession contract granted for 40 years starting 2008.

The telecommunications business is managed by RENTELECOM – Comunicações, S.A. ("RENTELECOM") whose activity is the establishment, management and operation of telecommunications infrastructures and systems, the rendering of telecommunications services and optimizing the optical fibre excess capacity of the installations owned by REN Group.

REN SGPS fully owns REN Serviços, S.A., a company whose purpose is the rendering of services in the energetic area and the general services of business development support to group companies and third parties, receiving a fee for the services rendered, as well as the management of financial participations in other companies.

On 10 May 2013, REN Finance, B.V. was incorporated, a company wholly owned by REN SGPS, headquartered in the Netherlands, whose corporate purpose is to participate, finance, collaborate and conduct the management of related companies.

Additionally, on 24 May 2013, together with China Electric Power Research Institute, a State Grid Group company, Centro de Investigação em Energia REN – State Grid, S.A. ("Centro de Investigação") was incorporated under a Joint Venture Agreement on which REN holds 1,500,000 shares representing 50% of the total share capital.

The purpose of this company is to implement a Research and Development centre in Portugal, dedicated to the research, development, innovation and demonstration in the areas of electricity transmission and systems management, the rendering of advisory services and education and training services as part of these activities, as well as performing all related activities and complementary services to its object.

On 14 December 2016, Aério Chile SPA was incorporated, a company fully owned by REN Serviços, S.A., headquartered in Santiago, Chile, whose purpose is to realize investments in assets, shares and rights of companies and associations.

In addition, on 21 November 2018, REN PRO, S.A. was incorporated, a company fully owned by REN, headquartered in Lisbon, whose purpose is to provide support services, namely administrative, logistical, communication and development support of the business, as well as business consulting, in a remunerated manner, either to companies that are in a group relation or to any third party, and IT consulting.

On 17 July 2019, Apolo Chile SPA was incorporated, a company fully owned by REN Serviços, S.A., headquartered in Santiago, Chile, whose purpose is to realize investments in assets, shares and rights of companies and associations of entities essentially related to the electric transmission sector.

As of 31 March 2025, REN also holds:

a) 42.5% interest in the share capital of the Chilean company, Electrogas, S.A., a provider of gas and other fuels transportation. The participation was acquired on 7 February 2017;

b) 40% interest in the share capital of OMIP - Operador do Mercado Ibérico (Portugal), SGPS, S.A. ("OMIP SGPS"), being its purpose the management of participations in other companies as an indirect way of exercising economic activities;

c) 10% interest in the share capital of OMEL - Operador do Mercado Ibérico de Energia, S.A., the Spanish pole of the Sole Operator;

d) 1% interest in the share capital of Red Eléctrica Corporación, S.A. ("REE"), entity in charge of the electricity network management in Spain;

e) 7.9% interest in the share capital of Coreso, S.A. ("Coreso"), entity that assists the European transmission system operators ("TSO"), in coordination and safety activities to ensure the reliability of Europe's electricity supply; and

f) Participations in the share capital of: (i) Hidroeléctrica de Cahora Bassa, S.A. ("HCB"), participation of 7.5%; (ii) MIBGÁS, S.A., participation of 6.67%; and (iii) MIBGÁS Derivatives, S.A., participation of 9.7%.

1.1. Consolidation perimeter

		REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS

1.1. Consolidation perimeter
		The following companies were included in the consolidation perimeter as of 31 March 2025 and 31 December 2024:
Designation / adress	Country	Activity	Mar 2025 % Owned		Dec 2024 % Owned
			Group	Individual	Group	Individual
Parent company: REN - Redes Energéticas Nacionais, SGPS, S.A.	Portugal	Holding company	-	-	-	-
Subsidiaries: REN - Rede Eléctrica Nacional, S.A. Av. Estados Unidos da América, 55 - Lisboa	Portugal	National electricity transmission network operator (high and very high tension)	100%	100%	100%	100%
Enondas-Energia das Ondas, S.A. Mata do Urso - Guarda Norte - Carriço- Pombal	Portugal	Management of the concession to operate a pilot area for the production of electric energy from ocean waves	100%	100%	100%	100%
RENTELECOM - Comunicações S.A. Av. Estados Unidos da América, 55 - Lisboa	Portugal	Telecommunications network operation	100%	100%	100%	100%
REN - Serviços, S.A. Av. Estados Unidos da América, 55 - Lisboa	Portugal	Back office and management of participations	100%	100%	100%	100%
REN Finance, B.V. De Cuserstraat, 93, 1081 CN Amsterdam	Netherlands	Participate, finance, collaborate, conduct management of companies related to REN Group	100%	100%	100%	100%
REN PRO, S.A. Av. Estados Unidos da América, 55 - Lisboa	Portugal	Communication and Sustainability, Marketing, Business Management, Business Development and Consulting and IT Projects	100%	100%	100%	100%
REN Atlântico, Terminal de GNL, S.A. Terminal de GNL - Sines	Portugal	Liquified Natural Gas Terminal maintenance and regasification operation	100%	100%	100%	100%
Owned by REN Serviços, S.A.: REN Gás, S.A. Av. Estados Unidos da América, 55 -12º - Lisboa	Portugal	Management of projects and ventures in the natural gas sector	100%	-	100%	-
Aério Chile SPA Santiago do Chile	Chile	Investments in assets, shares, companies and associations	100%	-	100%	-
Apolo Chile SPA Santiago do Chile	Chile	Investments in assets, shares, companies and associations	100%	-	100%	-
Owned by REN Gás, S.A.: REN - Armazenagem, S.A. Mata do Urso - Guarda Norte - Carriço- Pombal	Portugal	Underground storage developement, maintenance and operation	100%	-	100%	-
REN - Gasodutos, S.A. Estrada Nacional 116, km 32,25 - Vila de Rei - Bucelas	Portugal	National Natural Gas Transport operator and natural gas overall manager	100%	-	100%	-
REN Portgás Distribuição, S.A. Rua Linhas de Torres, 41 - Porto	Portugal	Distribution of natural gas	100%	-	100%	-
Owned by Apolo Chile SPA (99.99%) and Aerio Chile SPA (<0.001%): Empresa de Transmisión Eléctrica Transemel, S.A. Santiago do Chile	Chile	Transmission and transformation of electricity, allowing free access to different players in the electricity market in Chile	100%	-	100%	-

Changes in the consolidation perimeter

- 2025

There were no changes to the consolidation perimeter in 2025 compared to that reported on 31 December 2024.

- 2024

In the course of 2024, REN Trading, S.A. was merged into REN - Rede Eléctrica Nacional, S.A., through the global transfer of assets, as mentioned in the general information chapter.

1.2. Approval of quarterly consolidated financial statements

These interim consolidated financial statements were approved by the Board of Directors at a meeting held on 8 May 2025. The Board of Directors believes that the consolidated financial statements fairly present the financial position of the companies included in the consolidation, the consolidated results of their operations, their consolidated comprehensive income, the consolidated changes in their equity and their consolidated cash flows in accordance with the International Financial Reporting Standards for interim financial statements as endorsed by the European Union (IAS 34).

2 BASIS OF PRESENTATION

The consolidated financial statements for the three-month period ended 31 March 2025 were prepared in accordance with IAS 34 - Interim Financial Reporting Standards, therefore do not include all information required for annual financial statements so should be read in conjunction with the annual financial statements issued for the year ended 31 December 2024.

The Board of Directors evaluated the Group's going concern capability, based on all the relevant information, facts and circumstances, of financial, commercial and other natures, including subsequent events occurred after the financial statement report date.

In result of this assessment, the Board concludes that the Group has the adequate resources to proceed its activity, not intending to cease its operations in short term, and therefore considers adequate the use of a going concern basis in the preparation of the financial statements.

The consolidated financial statements are presented in thousands of euros – teuros, rounded to the thousand closer.

On the present date, and taking into account the above and Note 5 - Main Estimates and Judgments, disclosed in the annex to the 2024 consolidated financial statements, the Group does not foresee any changes in the most relevant estimates, in the case of Provisions, Assumptions Actuarial, Tangible and Intangible Fixed Assets, Impairment, Fair Value of Financial Instruments, Impairment of Goodwill and Tariff deviations.

There were no significant changes in the long-term expectation of recovery of the Group's investments and financial holdings.

3 MAIN ACCOUNTING POLICIES

The consolidated financial statements were prepared for interim financial reporting purposes (IAS 34), on a going concern basis from the books and accounting records of the companies included in the consolidation, maintained in accordance with the accounting standards in force in Portugal, adjusted in the consolidation process so that the financial statements are presented in accordance with interim Financial Reporting Standards as endorsed by the European Union in force for the years beginning as from 1 January 2025.

Such Financial Reporting standards include International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board ("IASB"), International Accounting Standards (IAS), issued by the International Accounting Standards Committee ("IASC") and respective IFRIC and SIC interpretations, issued by the International Financial Reporting Interpretation Committee ("IFRIC") and Standard Interpretation Committee ("SIC"), that have been endorsed by the European Union. The standards and interpretations are hereinafter referred generically to as IFRS.

The accounting policies used to prepare these consolidated financial statements are consistent, in all material respects, with the policies used to prepare the consolidated financial statements for the year ended 31 December 2024, as explained in the notes to the consolidated financial statements for 2024, except for the adoption of new effective standards for periods beginning on or after 1 January 2025.

The Group has not previously adopted any standard, interpretation or amendment that is not yet in force.

The estimates and assumptions with impact on REN's consolidated financial statements are continuously evaluated, representing at each reporting date the Board of Directors best estimates, considering historical performance, past accumulated experience and expectations about future events that, under the circumstances, are believed to be reasonable. There were no changes in the main estimates and judgments presented in relation to the tree-month period ended on 31 March 2025 and compared to the year ended on 31 December 2024.

Adoption of new standards, interpretations, amendments and revisions

The following standards, interpretations, amendments and revisions have been endorsed by the European Union with mandatory application in effective for annual periods beginning on or after 1 January 2025:

Amendments to IAS 21 – The effects of changes in foreing exchange rates: lack of exchangeability

These amendments clarify the circunstances in which a currency is considered to be interchangeable and provide guidance on how to calculate the exchange rate when a currency is not exchangeable for another currency. This standard establishes that it must be disclosed how the financial performance, financial position and cash flows of the entity may be affected by the currency that is not exchangeable. This change has retrospective effects without restatement of the comparison, the impact of the transposition of financial information must be considered in retained earnings or foreign exchange reserve. The future adoption of this standard is not expected to have significant impacts on REN's consolidated financial statements.

Standards and interpretations, amended or revised, not endorsed by the European Union

The following standards, interpretations, amendments and revisions, with mandatory application in future years, have not, until the date of preparation of these consolidated financial statements, been endorsed by the European Union:

Standard	Applicable for financial years beginning	Resume
Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments	01-jan-26	The Amendments to IFRS 9 come from the post-implementation review process of the "Classification and measurement" chapter, in which the IASB identified some aspects to clarify for better understanding them.
IFRS 18 - Presentation and Disclosure in Financial Statements	01-jan-27	The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures	01-jan-27	The objective of IFRS 19 is to allow those in charge of the preparation of IFRS financial information without public exposure, but which are group subsidiaries reporting in IFRS and with listed securities, a reduction of the disclosures made while still complying with IFRS.
IFRS 1, IFRS 7, IFRS 9, IFRS 10 e IAS 7 - Annual Improvements to IFRS Accounting Standards—Volume 11	01-jan-26	The objective of this annual publication is to improve some of the existing standards. In this case were considered 5 standards (IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7) for which some changes and improvements are made.
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)	01-jan-26	The Amendments will clarify the application of "own-use" requirements, allow the use of hedge accounting and add new disclosure requirements.

These standards have not yet been endorsed by the European Union and, as such, have not been applied by the Group for the three-month period ended 31 March 2025.

4 SEGMENT REPORTING

The REN Group is organised in two main business segments, Electricity and Gas and one secondary segment. The electricity segment includes the transmission of electricity in very high voltage, overall management of the public electricity system and management of the power purchase agreements (PPA), the pilot zone for electricity production from sea wave and the transmission and transportation of electricity in Chile. The gas segment includes high pressure gas transmission and overall management of the national gas supply system, as well as the operation of regasification at the LNG Terminal, the distribution of gas in low and medium pressure and the underground storage of gas.

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS Although the activities of the LNG Terminal and underground storage can be seen as separate from the transport of gas and overall management of the national natural gas supply system, since these operations provide services to the same users and they are complementary services, it was considered that it is subject to the same risks and benefits. The telecommunications segment is presented separately although it does not qualify for disclosure. The results by segment for the three-month period ended 31 March 2025 were as follows: Electricity Gas Telecommunications Others Eliminations Consolidated Sales and services provided 107,678 51,196 2,809 11,455 (13,802) 159,337 Inter-segments 510 2,024 - 11,268 (13,802) Revenues from external customers 107,168 49,172 2,809 187 - 159,337 Revenue from construction of concession assets 59,229 7,488 - - - 66,718 Cost with construction of concession assets (54,226) (5,489) - - - (59,714) Gains / (losses) from associates and joint ventures - - - 3,239 - 3,239 Personnel costs (27,756) (13,106) (814) (3,563) 15,601 (29,639) Employee compensation and benefit expense (5,234) (3,195) (157) (7,714) - (16,301) Other expenses and operating income 6,352 (522) (88) (44) (1,798) 3,901 Operating cash flow 86,043 36,372 1,750 3,372 - 127,538 Non reimbursursable expenses Depreciation and amortizations (44,882) (20,869) - (53) - (65,804) Impairments 9 - 244 (94) - Financial results Financial income 3,405 489 105 25,870 (27,066) 2,803 Financial costs (1,052) (5,209) (1) (39,151) 27,066 (18,346) Profit before income tax and ESEC 43,523 10,783 2,099 (10,055) - 46,350 Income tax expense (4,839) (1,075) (540) 2,952 - (3,502) Energy sector extraordinary contribution (ESEC) (18,454) (9,950) - - - (28,404) Profit for the period 20,230 (243) 1,559 (7,103) - 14,443 The results by segment for the three-month period ended 31 March 2024 were as follows:















































Gas Telecommunications Others Eliminations Consolidated Electricity

	Electricity	Gas	Telecommunications	Others	Eliminations	Consolidated
Sales and services provided	101,711	50,333	2,167	11,046	(13,253)	152,004
Inter-segments	332	1,983	-	10,937	(13,253)	-
Revenues from external customers	101,379	48,349	2,167	109	-	152,004
Revenue from construction of concession assets	40,483	6,334	-	-	-	46,817
Cost with construction of concession assets	(35,654)	(4,292)	-	-	-	(39,946)
Gains / (losses) from associates and joint ventures	-	-	-	2,831	-	2,831
Personnel costs	(18,289)	(12,010)	(673)	(3,644)	15,055	(19,561)
Employee compensation and benefit expense	(5,033)	(3,027)	(83)	(7,575)	-	(15,717)
Other expenses and operating income	4,052	(772)	(118)	(29)	(1,802)	1,331
Operating cash flow	87,270	36,566	1,294	2,628	-	127,759
Non reimbursursable expenses
Depreciation and amortizations	(42,708)	(20,467)	-	(47)	-	(63,221)
Impairments	-	-	-	(94)	-	(94)
Financial results
Financial income	3,435	538	134	31,535	(30,463)	5,180
Financial costs	(4,846)	(6,131)	(1)	(44,787)	30,463	(25,302)
Profit before income tax and ESEC	43,153	10,505	1,427	(10,765)	-	44,320
Income tax expense	(10,970)	(2,648)	(334)	1,845	-	(12,107)
Energy sector extraordinary contribution (ESEC)	(18,336)	(10,180)	-	-	-	(28,516)
Profit for the period	13,847	(2,322)	1,093	(8,920)	-	3,697

Inter-segment transactions are carried out under normal market conditions, equivalent to transactions with third parties.

Revenue included in the segment "Others" is essentially related to the services provided by the management and back office to Group entities as well as third parties.

Assets and liabilities by segment as well as capital expenditures for the three-month period ended 31 March 2025 were as follows:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS











Assets and liabilities by segment as well as capital expenditures for the three-month period ended 31 March 2025 were as
follows:


	Electricity	Gas	Telecommunications	Others	Eliminations	Consolidated

Segment assets
Group investments held Property, plant and equipment and intangible assets	- 2,932,846	1,139,452 1,414,287	- -	3,821,792 559	(4,961,244) -	- 4,347,692
Other assets	547,550	93,179	33,544	3,539,194	(3,314,444)	899,023
Total assets	3,480,396	2,646,918	33,544	7,361,545	(8,275,687)	5,246,716

Total liabilities	1,159,013	812,146	23,538	5,000,506	(3,314,444)	3,680,761
Capital expenditure - total	61,598	7,512	-	37	-	69,147
Capital expenditure - property, plant and equipment (Note 5)	2,369	24	-	37	-	2,430
Capital expenditure - intangible assets (Note 5)	59,229	7,488	-	-	-	66,718
Investments in associates (Note 7)	-	-	-	175,900	-	175,900
Investments in joint ventures (Note 7)	-	-	-	2,727	-	2,727



Assets and liabilities by segment at 31 December 2024 as well as investments on tangible assets and intangible assets were
as follows:



				Others	Eliminations	Consolidated
	Electricity	Gas	Telecommunications
Segment assets
Group investments held	-	1,141,366	-	3,826,554	(4,967,919)	-
Property, plant and equipment and intangible assets	2,915,998	1,427,644	1	574	-	4,344,216
Other assets	487,769	178,178	18,912	4,237,773	(3,910,478)	1,012,154
Total assets	3,403,766	2,747,188	18,913	8,064,900	(8,878,397)	5,356,370
Total liabilities	1,081,538	905,760	9,966	5,717,692	(3,910,478)	3,804,479

Capital expenditure - total	317,676	50,346	-	347	-	368,368
Capital expenditure - property, plant and equipment (Note 5) Capital expenditure - intangible assets (Note 5)	12,857 304,819	761 49,584	- -	347 -	- -	13,965 354,403

Investments in associates (Note 7) Investments in joint ventures (Note 7)	- -	- -	- -	179,337 2,729	- -	179,337 2,729

Segment assets








Investments in associates (Note 7)	-	-	-	179,337	-	179,337
Investments in joint ventures (Note 7)	-	-	-	2,729	-	2,729

The captions of the statement of financial position and profit and loss for each segment result of the amounts considered directly in the individual financial statements of each company that belongs to the Group included in the perimeter of each segment, corrected with the eliminations of the inter-segment transactions.

5 TANGIBLE AND INTANGIBLE ASSETS

				REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS





	5 TANGIBLE AND INTANGIBLE ASSETS


				During the three-month period ended 31 March 2025, the changes in tangible and intangible assets were as follows:
			Property, plant and equipment					Intangible assets
	Transmission							Concession	Other
	and electronic	Transport	Office	Property, plant	Assets in	Total	Concession	assets in	intangible	Total
	equipment	equipment	equipment	and equipment	progress		assets	progress	assets
Cost:
At 1 January 2025	111,041	876	841	1,386		24,878 139,023	9,238,047	282,080	51,990	9,572,118
Additions	-	37	-	-	2,392	2,430	12,169	54,549	-	66,718
Disposals, write-offs, impairments and
other reclassifications	-	-	(4)	-	-	(4)	(336)	-	-	(336)
Transfers	-	-	-	-	-	-	7,576	(7,576)	-	-
Exchange rate differences	97	-	-	-	18	115	-	-	40	40
At 31 March 2025	111,138	914	836	1,386		27,288 141,563	9,257,455	329,054	52,030	9,638,539

Accumulated depreciation:
At 1 January 2025	(14,534)	(389)	(487)	(27)		- (15,438)	(5,350,250)	-	(1,235)	(5,351,485)
Depreciation charge	(1,004)	(45)	(13)	(3)	-	(1,065)	(64,717)	-	(22)	(64,739)
Depreciation of disposals,
impairments, write-offs and other	-	-	4	-	-	4	319	-	-	319
reclassifications
Exchange rate differences	(6)	-	-	-	-	(6)	-	-	(1)	(1)
At 31 March 2025 Net book value:	(15,544)	(434)	(496)	(30)		- (16,504)	(5,414,647)	-	(1,258)	(5,415,905)
At 1 January 2025	96,507	487	353	1,359		24,878 123,584	3,887,797	282,080	50,755	4,220,632

At 31 March 2025	95,594	479	340	1,356		27,288 125,059	3,842,808	329,054	50,773	4,222,633



				The changes in tangible and intangible assets in the in the year ended 31 December 2024 were as follows:


	Property, plant and equipment Transmission Property, plant						Intangible assets Concession Other
	and electronic	Transport	Office	and equipment in	Assets in	Total	Concession	assets in	intangible	Total
	equipment	equipment	equipment	progress	progress		assets	progress	assets
Cost:
At 1 January 2024	114,246	910	862	1,372		17,161 134,552	9,003,292	225,324	55,433	9,284,050
Additions	-	317	54	-	13,593	13,965	26,068	328,335	-	354,403
	-	(351)	(70)	-	-	(420)	(62,892)	-	-	(62,892)
Disposals, write-offs and impairments	4,818	-	11	24	(4,852)	-	271,579	(271,579)	-	-
Transfers										(3,443)
Exchange rate differences	(8,022)	(1)	(17)	(10)	(1,024)	(9,074)	-	-	(3,443)
At 31 December 2024	111,041	876	841	1,386		24,878 139,023	9,238,047	282,080	51,990	9,572,118

and electronic equipment	Transport equipment	Office equipment	and equipment in progress	Assets in progress	Total	Concession assets	assets in progress	intangible assets	Total

114,246	910	862	1,372			9,003,292	225,324	55,433	9,284,050
-	317	54	-	13,593	13,965	26,068	328,335	-	354,403
-	(351)		-	-	(420)	(62,892)	-	-	(62,892)
4,818	-	11	24	(4,852)	-	271,579	(271,579)	-	-
(8,022)	(1)		(10)	(1,024)	(9,074)	-	-	(3,443)	(3,443)
111,041	876	841	1,386			9,238,047	282,080	51,990	9,572,118

									(5,163,432)
									(250,641)

-	287	68	-	-	355	62,508	-	-	62,508

									80
									(5,351,485)

									4,120,617
96,507	487	353	1,359			3,887,797	282,080	50,755	4,220,632

	Transmission (12,402) (3,814) 1,682 (14,534) 101,843	(498) (180) 1 (389) 413		Property, plant (70) (17) (523) (17) (46) (10) 14 - (487) (27) 339 1,355	- -	17,161 134,552 24,878 139,023 - (13,441) (4,049) 1,697 - (15,438) 17,161 121,110 24,878 123,584	(5,162,478) (250,280) - (5,350,250) 3,840,814	The changes in tangible and intangible assets in the in the year ended 31 December 2024 were as follows: Concession - - - - 225,324	Other (954) (361) 80 (1,235) 54,479

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS








The main additions verified in the periods ended 31 March 2025 and 31 December 2024 are as follows:
	Mar 2025	Dec 2024
Electricity segment:
Power line construction (220 KV, 150 KV and others)	3,208	34,546
Power line construction (400 KV)	22,103	135,403
Construction of new substations	4,168	26,899
Substation Expansion	14,199	60,486
Other renovations in substations	1,044	3,942
Telecommunications and information system	1,784	10,387
Buildings related to concession	233	3,343
Transmission and transformation of electricity in Chile	2,369	12,857
Other assets	12,491	29,813
Gas segment:
Expansion and improvements to gas transmission network	3,088	15,571
Construction project of cavity underground storage of gas in Pombal	360	2,437
Construction project and operating upgrade - LNG facilities	377	5,715
Gas distribution projects	3,664	25,861
Others segments:
Other assets	61	1,108
Total of additions	69,147	368,368

The main additions verified in the periods ended 31 March 2025 and 31 December 2024 are as follows:

The main transfers that were concluded and began activity during the periods ended 31 March 2025 and 31 December 2024 are as follows:

Gas segment:







The main transfers that were concluded and began activity during the periods ended 31 March 2025 and 31 December 2024


Electricity segment:
Power line construction (220 KV, 150 KV and others)	604	34,625
Power line construction (400 KV)	90	97,566
Substation Expansion	2,193	75,992
Other renovations in substations	443	3,572
Telecommunications and information system	378	8,806
Buildings related to concession	-	2,685
Transmission and transformation of electricity in Chile Other assets under concession	- -	4,852 5,741
Gas segment:
Expansion and improvements to gas transmission network	1,240	11,466
Construction project of cavity underground storage of gas in Pombal	203	1,685
Construction project and operating upgrade - LNG facilities	134	9,797
Gas distribution projects	2,290	19,644

			REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS











The tangible and intangible assets in progress at 31 March 2025 and 31 December 2024 are as follows:

					Mar 2025	Dec 2024
Electricity segment:
Power line construction (400 KV, 220 KV, 150 KV and others)					198,984	174,198
Substation Expansion					56,853	40,747
New substations projects					30,728	26,560
Buildings related to concession					4,520	4,291
Transmission and transformation of electricity in Chile					26,345	24,116
Other projects					7,460	9,270
Gas segment:
Expansion and improvements to natural gas transmission network					15,150	13,272
Construction project of cavity underground storage of gas in Pombal					3,854	3,697
Construction project and operating upgrade - LNG facilities					1,676	1,433
Gas distribution projects					9,985	8,612
Others segments:
Other assets					785	761
			Total of assets in progress		356,340	306,958

Borrowing costs capitalized on intangible assets in progress in the period ended 31 March 2025 amounted to 1,364 thousand
euros (7,381 thousand euros as of 31 December 2024), while management costs and others amounted to 5,639 thousand euros
(24,007 thousand euros as of 31 December 2024) (Note 21). The average rate of the financial costs capitalized was of 0.23%.
The net book value of the property, plant and equipment and intangible assets, related with transport equipements, acquired
through finance lease contracts at 31 March 2025 and 31 December 2024 was as follows:

		Mar 2025			Dec 2024
		Accumulated			Accumulated
		depreciation and	Net book value	Cost	depreciation and	Net book value
	Cost	amortization			amortization
			7,105	9,247		(4,366)

Initial value Additions	12,531	(5,426)
	145	-	145	4,365		-

The tangible and intangible assets in progress at 31 March 2025 and 31 December 2024 are as follows:

	Others segments: Borrowing costs capitalized on intangible assets in progress in the period ended 31 March 2025 amounted to 1,364 thousand euros (7,381 thousand euros as of 31 December 2024), while management costs and others amounted to 5,639 thousand euros (24,007 thousand euros as of 31 December 2024) (Note 21). The average rate of the financial costs capitalized was of 0.23%. The net book value of the property, plant and equipment and intangible assets, related with transport equipements, acquired through finance lease contracts at 31 March 2025 and 31 December 2024 was as follows:





		Mar 2025			Dec 2024
		Accumulated			Accumulated
	Cost	depreciation and amortization	Net book value	Cost	depreciation and amortization	Net book value

Initial value Additions	12,531 145	(5,426) -	7,105 145	9,247 4,365	(4,366) -	4,881 4,365
Disposals and write-offs	(1,466)	1,429	(38)	(1,081)	1,368	288
Depreciation charge	-	(684)	(684)	-	(2,428)	(2,428)

6 GOODWILL

	REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS

6 GOODWILL
	Goodwill represents the difference between the amount paid for the acquisition and the net assets fair value of the companies
	acquired, with reference to the acquisition date, and at 31 March 2025 and 31 December 2024 is detailed as follows:	Year of	Acquisition
	Subsidiaries	acquisition	cost	%	Mar 2025	Dec 2024

	REN Atlântico, Terminal de GNL, S.A.	2006	32,580	100%	283	377
Transemel, S.A.	Empresa de Transmisión Eléctrica	2019	155,482	100%	1,892	1,891
					2,175	2,268
	The movement for the periods ended 31 March 2025 and 31 December 2024 was:
Subsidiaries	At 1 January 2024	Increases Decreases	Exchange rate differences	At 31 December Increases 2024	Decreases	Exchange At 31 March rate 2025 differences
REN Atlântico, Terminal de GNL, S.A.	755	- (377)	-	377	- (94)	-
Empresa de Transmisión Eléctrica Transemel, S.A.	2,015	- -	(124)	1,891	- -	1 1,892

Subsidiaries	At 1 January 2024

Transemel, S.A.

7 INVESTMENTS IN ASSOCIATES AND JOIN VENTURES

		Empresa de Transmisión Eléctrica

The movement for the periods ended 31 March 2025 and 31 December 2024 was:
Subsidiaries		At 1 January 2024

Transemel, S.A.

At 31 March 2025 and 31 December 2024, the financial information regarding the financial interest held is as follows:					31 March 2025	Current	Non-current						Group share of
	Activity	Head office	Share capital	Current assets	Non-current assets	liabilities	liabilities	Revenues	Net profit/(loss)	Share capital	%	Carrying amount	profit / (loss)
Equity method: Associate:
OMIP - Operador do Mercado Ibérico (Portugal), SGPS, S.A.	Holding company	Lisbon	2,610	559	30,424	297	-	479	399	30,686	40	12,067	134
Electrogas, S.A. Joint venture:	Gas transportation	Chile	19,664	20,059	22,281	3,370	4,451	11,940	7,310	34,519	42.5	163,833 175,900	3,107 3,241
Centro de Investigação em Energia REN - STATE GRID, S.A.	Research & development	Lisbon	3,000	6,872		23 1,431	4	420	(5)	5,460	50	2,727	(2)
												178,627	3,239
					31 December 2024	Current	Non-current						Group share of
		Head office	Share capital	Current assets	Non-current assets	liabilities	liabilities	Revenues	Net profit/(loss)	Share capital	%	Carrying amount	profit / (loss)
	Activity

	Holding company	Lisbon	2,610	606	30,034	289	-	1,448	1,066	30,351	40	11,933	432
OMIP - Operador do Mercado Ibérico (Portugal), SGPS, S.A. Electrogas, S.A.	Gas transportation	Chile	20,470	13,074	24,165	3,806	4,903	46,777	26,805	28,530	42.5	167,404 179,337	11,392 11,824
Equity method: Associate: Joint venture: Centro de Investigação em Energia REN - STATE GRID, S.A.	Research & development	Lisbon	3,000	6,986	27	1,544	4	1,682	19	5,465	50	2,729	9

Associates

The changes in the caption "Investments in associates" during the periods ended 31 March 2025 and 31 December 2024 was as follows:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS





The changes in the caption "Investments in associates" during the periods ended 31 March 2025 and 31 December 2024 was

Investments in associates

At 1 de January de 2024	169,157
Effect of applying the equity method	11,824
Currency translation reserves	10,066
Dividends of Electrogas (Note 31)	(11,289)
Receipt of supplementary obligations of OMIP	(400)
Other changes in equity	(21)
At 31 December 2024	179,337
Effect of applying the equity method	3,241
Currency translation reserves	(6,678)
At 31 March 2025	175,900
The proportional value of the OMIP, SGPS includes the effect of the adjustment resulting of changes to the Financial Statement


The movement in the caption "Investments in joint ventures" during the periods ended 31 March 2025 and 31 December 2024

Investments in joint ventures

At 1 January 2024	2,721
Effect of applying the equity method	9 (2)

Dividends distribution (Note 31)
At 31 December 2024	2,729
Effect of applying the equity method At 31 March 2025	(2) 2,727

The proportional value of the OMIP, SGPS includes the effect of the adjustment resulting of changes to the Financial Statement of the previous year, made after the equity method application.

Joint ventures

The movement in the caption "Investments in joint ventures" during the periods ended 31 March 2025 and 31 December 2024 was as follows:

Investments in joint ventures

At 1 January 2024	2,721
Effect of applying the equity method	9
Dividends distribution (Note 31)	(2)
At 31 December 2024	2,729
Effect of applying the equity method	(2)
At 31 March 2025	2,727

Following a joint agreement of technology partnership between REN – Redes Energéticas Nacionais and the State Grid International Development (SGID), in May 2013 an R&D centre in Portugal dedicated to power systems designed – Centro de Investigação em Energia REN – STATE GRID, S.A. ("Centro de Investigação") was incorporated, being jointly controlled by the above mentioned two entities.

The Research Centre aims to become a platform for international knowledge, a catalyst for innovative solutions and tools, applied to the planning and operation of transmission power.

At 31 March 2025 and 31 December 2024, the financial information of the joint venture was as follows:

			REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS


At 31 March 2025 and 31 December 2024, the financial information of the joint venture was as follows:
				31 March 2025
	Cash and cash equivalents	Current financial liabilities	Non-current financial liabilities	Depreciations and amortizations	Financial income	Financial costs	Income tax- (cost) / income
Joint venture:
Centro de Investigação em Energia REN - STATE GRID, S.A.	5,526	6	4	(4)	-	-	(2)
				31 December 2024
	Cash and cash equivalents	Current financial liabilities	Non-current financial liabilities	Depreciations and amortizations	Financial income	Financial costs	Income tax- (cost) / income
Joint venture:
Centro de Investigação em Energia REN - STATE GRID, S.A.	5,550	41	4	(31)	91	(6)	(3)

8 INCOME TAX

REN is taxed based on the special regime for the taxation of group companies, which includes all companies located in Portugal that REN detains directly or indirectly ate least 75% of the share capital, which should give at more than 50% of the voting rights, and comply with the conditions of the article 69º of the Corporate Income Tax law.

In accordance with current legislation, tax returns are subject to review and correction by the tax authorities for a period of four years (five years for social security), except when there are tax losses, tax benefits granted or tax inspections, claims or appeals in progress, in which case the period can be extended or suspended, depending on the circumstances. Consequently, the Company's tax returns for the years from 2021 to 2024 are still subject to review.

The Company's Board of Directors understands that possible corrections to the tax returns resulting from tax reviews /inspections carried out by the tax authorities will not have a significant effect on the financial statements as of 31 March 2025 and 31 December 2024.

In the three-month period ended 31 March 2025, the Group is subject to Corporate Income Tax, at an average rate, taking into account the base rate of 20%, which will be increased by a municipal surcharge of up to a maximum of 1.5% on taxable income, and a state surcharge of (i) 3% of taxable profit between 1,500 thousand euros and 7,500 thousand euros; (ii) of 5% over the taxable profit in excess of 7,500 thousand euros and up to 35,000 thousand euros; and (iii) 9% for taxable profits in excess of 35,000 thousand euros, which results in a maximum aggregate tax rate of 30.5%.

The tax rate used in the valuation of temporary taxable and deductible differences as of 31 March 2025, was updated for each Company included in the consolidation perimeter, using the average tax rate expected in accordance with future perspective of taxable profits of each company recoverable in the next periods.

Pillar Two legislation is applicable in the various jurisdictions in which the Group operates. The Group has carried out an assessment of the potential exposure to Pillar Two income taxes. The assessment is based on the most recent financial information of the Group's companies. Based on this assessment, the effective tax rates in all jurisdictions in which the Group operates are higher than 15% and Management is not aware of any fact or event that could change this conclusion. As such, the Group's exposure to the new Pillar Two legislation is not expected, except for potential additional reporting obligations.

Income tax registered in the periods ended 31 March 2025 and 31 March 2024 was as follows:

The amount of 1,810 thousand euros on 31 March 2025 refers essentially to the recovery of corporate income tax from previous years and tax benefits.

Reconciliation between tax calculated at the nominal tax rate and tax recorded in the consolidated statement of profit and loss is as follows:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS The amount of 1,810 thousand euros on 31 March 2025 refers essentially to the recovery of corporate income tax from previous Reconciliation between tax calculated at the nominal tax rate and tax recorded in the consolidated statement of profit and loss Consolidated profit before income tax Permanent differences: Non deductible/taxable costs/income Timing differences: Tariff deviations Provisions and impairment Revaluations Pension, helthcare assistence and life insurance plans Derivative financial instruments Others Taxable income	Mar 2025 46,350 (29,333) 35,340 (45) (1,315) 307	Mar 2024 44,320 9,292 21,178 (61) (1,777)



















		(531)
	174	(230)
	549	599
	52,028	72,523
Income tax	10,821	14,053
State surcharge tax Municipal surcharge	3,953 1,033	2,923 1,227
Autonomous taxation	186	163
Current income tax	15,992	18,365
Deferred income tax	(10,680)	(6,258)

Adjustments of income tax from previous years	(1,810)	-
Income tax	3,502	12,107
Effective tax rate	7.6%	27.3%




The caption "Income tax" payable and receivable at 31 March 2025 and 31 December 2024 is as follows:
	Mar 2025	Dec 2024
Income tax:
Corporate income tax - estimated tax	(15,992)	(15,373)
Corporate income tax - payments on account	1,618	10,132
Income withholding tax by third parties	370	3,112
Income recoverable / (payable)	(2,086)	42
Income tax recoverable / (payable)	(16,090)	(2,086)

Income tax

The caption "Income tax" payable and receivable at 31 March 2025 and 31 December 2024 is as follows:

Income tax:

Deferred taxes

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS






			Mar 2025	Dec 2024
Impact on the statement of profit and loss:
Deferred tax assets			6,314		(3,986)
Deferred tax liabilities			4,366		(2,022)
			10,680		(6,008)
Impact on equity:
Deferred tax assets			497		(1,844)
Deferred tax liabilities			(2,314)		5,865
			(1,817)		4,021

Net impact of deferred taxes			8,863		(1,987)




Provisions and Impairments	Pensions	Tariff deviations	Derivative financial

Change in deferred tax assets – March 2025

	Impact on the statement of profit and loss:


				10,680		(6,008)
	Impact on equity:






Change in deferred tax assets – March 2025	Provisions and Impairments	Pensions	Tariff deviations	Derivative financial instruments	Revalued assets	Others	Total
At 1 January 2025	2,746	21,041	15,281	(2,457)	7,916	3,078	47,606
Increase/decrease through reserves	-	475	-	-	-	22	497
Reversal through profit and loss	-	-	-	(51)	(382)	-	(433)
Increase through profit and loss	(56)	94	6,709	-	-	1	6,747
Change in the period	(56)	568	6,709	(51)	(382)	23	6,811
At 31 March 2025	2,690	21,609	21,990	(2,508)	7,534	3,102	54,417
Change in deferred tax assets – December 2024	Provisions and Impairments	Pensions	Tariff deviations	Derivative financial instruments	Revalued assets	Others	Total
At 1 January 2024	2,355	22,726	16,683	(2,516)	10,814	3,374	53,437
	-	(1,934)	-	-	-	89	(1,844)
Increase/decrease through reserves		-	(1,797)	-	(2,898)	(388)	(5,175)
Reversal through profit and loss	(92)		395	58	-	3 (296)	1,188 (5,831)
Increase through profit and loss	484	248
Change in the period	392	(1,685)	(1,402)	58	(2,898)

Change in deferred tax assets – December 2024

	Provisions and Impairments	Pensions	Tariff deviations	Derivative financial instruments	Revalued assets	Others	Total
At 1 January 2024	2,355	22,726	16,683	(2,516)	10,814	3,374	53,437
Increase/decrease through reserves		(1,934)				89	(1,844)
Reversal through profit and loss	(92)		(1,797)		(2,898)	(388)	(5,175)
Increase through profit and loss	484	248	395	58		3	1,188
Change in the period	392	(1,685)	(1,402)	28	(2,898)	(296)	(5,831)
At 31 December 2024	2,746	21,041	15,281	(2,457)	7,916	3,078	47,606

Evolution of deferred tax liabilities – March 2025

			REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS
	Tariff deviations	Evolution of deferred tax liabilities – March 2025 Revaluations	Fair value	Investments in equity instruments at fair value through other comprehensive income	Derivative financial instruments	Others	Total
At 1 January 2025	40,556	13,445	42,979	3,533	6,203	(2,654)	104,063
Increase/decrease through equity	-	-	-	2,621	(337)	-	2,284
Reversal trough profit and loss	(3,689)	(281)	(466)	-	-	70	(4,366)
Exchange rate differences	-	-	-	-	-	30	30
Change in the period	(3,689)	(281)	(466)	2,621	(337)	100	(2,052)
At 31 March 2025	36,867	13,164	42,513	6,156	5,866	(2,554)	102,011
		Evolution of deferred tax liabilities – December 2024
	Tariff deviations	Revaluations	Fair value	Investments in equity instruments at fair value through other comprehensive income	Derivative financial instruments	Others	Total
At 1 January 2024	35,885	14,605	44,862	4,350	10,687	(2,484)	107,905
Increase/decrease through equity	-	-	-	(818)	(4,484)	-	(5,302)
Reversal trough profit and loss	-	(1,160)	(1,882)	-	-	326	(2,716)
Increase through profit and loss	4,671	-	-	-	-	67	4,738
Exchange rate differences	-	-	-	-	-	(563)	(563)
Change in the period	4,671	(1,160)	(1,882)	(818)	(4,484)	(170)	(3,842)

Evolution of deferred tax liabilities – December 2024

				Investments in equity instruments at fair value through other comprehensive income	Derivative financial






	Tariff deviations	Evolution of deferred tax liabilities – December 2024 Revaluations	Fair value	Investments in equity instruments at fair value through other comprehensive income	Derivative financial instruments	Others	Total
At 1 January 2024	35,885	14,605	44,862	4,350	10,687	(2,484)	107,905
Increase/decrease through equity	-	-	-	(818)	(4,484)	-	(5,302)
Reversal trough profit and loss	-	(1,160)	(1,882)	-	-	326	(2,716)
Increase through profit and loss	4,671	-	-	-	-	67	4,738
Exchange rate differences	-	-	-	-	-	(563)	(563)
Change in the period	4,671	(1,160)	(1,882)	(818)	(4,484)	(170)	(3,842)
At 31 December 2024	40,556	13,445	42,979	3,533	6,203	(2,654)	104,063

		the assets considered cost at the time of the transition to IFRS). The legal documents that establish these revaluations were the following:		Deferred tax liabilities relating to revaluations result from revaluations made in preceding years under legislation. The effect of these deferred taxes reflects the non-tax deductibility of 40% of future depreciation of the revaluation component (included in
			Legislation (revaluation)
		Electricity segment		Gas segment
		Decree-Law nº 430/78		Decree-Law nº 140/2006
		Decree-Law nº 399-G/81		Decree-Law nº 66/2016
		Decree-Law nº 219/82
		Decree-Law nº 171/85
		Decree-Law nº 118-B/86
		Decree-Law nº 111/88
		Decree-Law nº 7/91

	Legislation (revaluation)



Decree-Law nº 219/82
Decree-Law nº 171/85
Decree-Law nº 118-B/86
Decree-Law nº 111/88
Decree-Law nº 7/91
Decree-Law nº 49/91
Decree-Law nº 264/92

9 FINANCIAL ASSETS AND LIABILITIES

- March 2025

9			FINANCIAL ASSETS AND LIABILITIES The accounting policies for financial instruments in accordance with the IFRS 9 categories have been applied to the following

financial assets and liabilities: - March 2025
	Notes	Financial assets at amortized cost	Financial assets at fair value - Equity instruments through other comprehensive income	Financial assets/liabilities at fair value - Profit for the year	Other financial assets/liabilities	Total carrying amount	Fair value
Assets
Cash and cash equivalents	13	-	-	-	47,173	47,173	47,173
Trade and other receivables	11	425,392	-	-	-	425,392	425,392
Other financial assets		-	-	5,982	30	6,013	6,013
Investments in equity instruments at fair value	10	-	149,013	-	-	149,013	149,013
through other comprehensive income
Derivative financial instruments	12	-	-	30,184	-	30,184	30,184
Assets related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32	-	-	-	3,481	3,481	3,481
		425,392	149,013	36,166	50,684	661,255	661,255
Liabilities
Borrowings	16	-	-	-	2,354,130	2,354,130	2,330,632
Trade and other payables	19	-	-	-	498,852	498,852	498,852
	12	-	-	32,293	-	32,293	32,293
Drivative financial instruments				-	3,481	3,481	3,481
Liability related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	32	-	-

- December 2024

	Notes	Financial assets at amortized cost	Financial assets at fair value - Equity instruments through other comprehensive income	Financial assets/liabilities at fair value - Profit for the year	Other financial assets/liabilities	Total carrying amount	Fair value
Assets
Cash and cash equivalents	13		- -	-	40,477	40,477	40,477
Trade and other receivables	11	559,646	-	-	-	559,646	559,646
Other financial assets			- -	5,986	30	6,017	6,017
Investments in equity instruments at fair value
through other comprehensive income	10	-	137,858	-	-	137,858	137,858
Derivative financial instruments	12		- -	30,196	-	30,196	30,196
Assets related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32		- -	-	3,481	3,481	3,481
		559,646	137,858	36,182	43,989	777,675	777,675
Liabilities
Borrowings	16		- -	-	2,531,768	2,531,768	2,528,667
Trade and other payables	19		- -	-	488,557	488,557	488,557
Drivative financial instruments	12		- -	34,218	-	34,218	34,218
Liability related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32		- -	-	3,481	3,481	3,481
		-	-	34,218	3,023,806	3,058,023	3,054,922

Loans obtained, as referred to in Note 3.6 to the annual consolidated financial statements for the period ended on 31 December 2024 are measured, initially at fair value and subsequently at amortized cost, except for those which it has been contracted derivative fair value hedges (Note 12) which are measured at fair value. Nevertheless, REN proceeds to the disclosure of the fair value of the caption Borrowings, based on a set of relevant observable data, which fall within Level 2 of the fair value hierarchy.

The fair value of borrowings and derivatives is calculated by the method of discounted cash flows, using the curve of interest rate on the date of the statement of financial position in accordance with the characteristics of each loan.

The range of market rates used to calculate the fair value ranges between 2.4150% and 2.7109% (maturities of one day and twelve years, respectively).

Estimated fair value – assets and liabilities measured at fair value

Level 1: the fair value of financial instruments is based on net market prices as of the date of the statement of financial position;
Level 2: the fair value of financial instruments is not determined based on active market quotes but using valuation models. The main inputs of the models are observable in the market in relation to derivative finantial instruments;
Level 3: the fair value of financial instruments is not determined based on active market quotes, but using valuation models, whose main inputs are not observable in the market.

The fair value of borrowings contracted by the Group at 31 March 2025 is 2,330,632 thousand euros (on 31 December 2024 was 2,528,667 thousand euros), of which 272,315 thousand euros are recorded partly at amortized cost and includes an element of fair value resulting from movements in interest rates (at 31 December 2024 was 570,331 thousand uros). Level 1: the fair value of financial instruments is based on net market prices as of the date of the statement of financial position; Level 2: the fair value of financial instruments is not determined based on active market quotes but using valuation models. The main inputs of the models are observable in the market in relation to derivative finantial instruments; Level 3: the fair value of financial instruments is not determined based on active market quotes, but using valuation models, whose main inputs are not observable in the market. Mar 2025 Dec 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investments in equity instruments at fair value Shares 100,499 - 44,920 145,419 89,344 - 44,920 134,264 through other comprehensive income Financial assets at fair value Cash flow hedge derivatives 30,184 - 30,184 - 30,196 - 30,196 - Treasury funds 5,982 - - 5,982 5,896 - - 5,896 106,481 30,184 44,920 181,585 95,240 30,196 44,920 170,356 Financial liabilities at fair value Loans - 272,315 - 272,315 - 570,331 - 570,331
Estimated fair value – assets and liabilities measured at fair value The following table presents the Group's assets and liabilities measured at fair value at 31 March 2025 in accordance with the following hierarchy levels of fair value: hierarchy levels. Assets: Other financial assets Liabilities:
  

During the three-month period ended 31 March 2025, there was no transfer of financial assets and liabilities between fair value











- 304,608 - 304,608 - 604,548 - 604,548
	Financial liabilities at fair value	Fair value hedge derivatives	-	32,293	-	32,293	-	34,218	-	34,218

For this purpose, REN has opted for a revenue approach, which reflects current market expectations regarding future amounts. The fair value of the investment amounted to 44,920 thousand euros for the three-month period ended on 31 March 2025.

With respect to the current receivables and payables balances, its carrying amount corresponds to a reasonable approximation of its fair value.

The non-current accounts receivable and accounts payable refers, essentially, to tariff deviations which amounts are communicated by ERSE, being its carrying amount a reasonable approximation of its fair value, given that they include the time value of money, being incorporated in the next two years tariffs.

Financial risk management

Up until 31 March 2025, there were no significant changes regarding the financial risk management of the Company compared to the risks disclosed in the consolidated financial statements as of 31 December 2024. A description of the risks can be found in Section 4 - Financial Risk Management of the consolidated financial statements for the year ended 2024.

10 INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

	REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS












10 INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH
OTHER COMPREHENSIVE INCOME


The assets recognised in this caption at 31 March 2025 and 31 December 2024 corresponds to equity interests held on strategic
entities for the Group, which can be detailed as follows:
				Head office			Book value
			City	Country	% owned	Mar 2025	Dec 2024

OMEL - Operador del Mercado Ibérico de Energia (Pólo Espanhol)			Madrid	Spain	10.00%	3,167
			Madrid	Spain	1.00%			3,167
Redeia Corporación S.A.						100,499		89,344
Hidroeléctrica de Cahora Bassa ("HCB")			Maputo	Mozambique	7.50%	44,920		44,920
Coreso, S.A.			Brussels	Belgium	7.90%	164		164
MIBGAS, S.A.			Madrid	Spain	6.67%	202		202
MIBGÁS Derivatives, S.A.			Madrid	Spain	9.70%	49		49
Association HyLab - Green Hydrogen Collaborative Laboratory			Sines	Portugal	12.50%	13		13
						149,013		137,858

The changes in this caption were as follows:

						MIBGÁS
	OMEL	HCB	REE	Coreso	MIBGÁS	Derivatives HyLab	Total

The changes in this caption were as follows:
						MIBGÁS
	3,167	51,410	80,735	164	202	49	15	135,741
	-	(6,490)	8,610	-	-	-	-	2,120
	-	-	-	-	-	-	(2)	(2)
	3,167	44,920	89,344	164	202	49	13	137,858
At 1 January 2024 Fair value adjustments Others At 31 December 2024 At 1 January 2025	3,167	44,920	89,344	164	202	49	13	137,858
Fair value adjustments	-	-	11,154	-	-	-	-	11,154

Redeia Corporación S.A. is the transmission system operator of electricity in Spain. The Group acquired 1% of equity interests in Redeia Corporación S.A. as part of the agreement signed by the Portuguese and Spanish Governments. Redeia Corporación S.A. is a listed company in Madrid`s index IBEX 35– Spain and the financial asset was recorded on the statement of financial position at the market price on 31 March 2025.

REN holds 2,060,661,943 shares representing 7.5% of the stock capital and voting rights of Hidroeléctrica de Cahora Bassa, SA, a company incorporated under Mozambican law, at the HCB, as a result of fulfilling the conditions of the contract entered into on April 9, 2012, between REN, Parpública - Participações Públicas, SGPS, SA, CEZA - Companhia Eléctrica do Zambeze, SA and EDM - Electricidade de Moçambique, EP. This participation was initially recorded at its acquisition cost (38,400 thousand euros) and subsequently adjusted to its fair value (Note 9).

REN Company holds a financial stake in the Coreso's share capital, a Company which is also hold by other important European TSO's which, as initiative of the Coordination of Regional Security (CRS), assists the TSO's in the safely supply of electricity in Europe. In this context, Coreso develops and executes operational planning activities that involve the analysis and coordination of the European regional electricity network, with a focus on the coordination of services, ranging from coordination several days in advance to close to real time.

On 31 March 2025, REN also holds a 6.67% financial interest in the share capital of MIBGÁS, SA, acquired during the first half of 2016, a company in charge of the development of the natural gas wholesale market operator in the Iberian Peninsula.

As part of the process of creating the Single Operator of the Iberian Electricity Market (Operador Único do Mercado Ibérico de Eletricidade – OMI) in 2011 and in accordance with the provisions of the agreement between the Portuguese Republic and the Kingdom of Spain on the establishment of an Iberian electricity market, the Company acquired 10% of the capital stock of OMEL, Operador del Mercado Iberico de Energia, SA, a Spanish operator of the sole operator, for a total value of 3,167 thousand euros.

On 31 March 2025, REN also holds a 9.7% financial interest, acquired for the amount of 48 thousand euros, of the share capital of MIBGÁS Derivatives, SA, the management company of the organized futures market natural gas, spot products of liquefied natural gas and spot products in underground storage in the Iberian Peninsula.

On 31 March 2025, REN also holds 12.5 Founder Participation Units in the HyLab – Green Hydrogen Collaborative Laboratory Association, acquired for the amount of 13 thousand euros. This is a non-profit association governed by private law, whose object is the scientific and technological development of Green Hydrogen, covering the various components of the value chain, namely production, transport, distribution, storage and end uses.

These investments (OMEL, MIBGÁS, MIBGÁS Derivatives, Coreso and HyLab) are recognised at fair value through other comprehensive income, however, as there are no available market price for these investments and as it is not possible to determine the fair value of the period using comparable transactions, these investments are recorded at acquisition value, and there is no indicator at this date that this value is not representative of the fair value, as describe in Note 3.6 - Financial Assets and Liabilities of the consolidated financial statements for the year ended 2024.

REN understands that there is no evidence of impairment loss regarding the investments of OMEL, Coreso, MIBGÁS, MIBGÁS Derivatives and HyLab at 31 March 2025.

REN Portgás holds other financial interests, which are recorded at the acquisition cost in the amount of 14 thousand euros, deducted of impairment losses, with a net value of zero thousand euros.

The adjustments to investments in equity instruments at fair value through other comprehensive are recognised in the equity caption "Fair value reserve". This caption at 31 March 2025 and 31 December 2024 is as follows:

	Name
AMPORTO - Área Metropolitana do Porto
	AREA ALTO MINHO - Ag. Reg. Energia e Amb. Alto Minho
ADEPORTO - Agência de Energia do Porto

	Fair value reserve (Note 15)
1 January 2024	39,461
Changes in fair value	2,120
Tax effect	818
31 December 2024	42,399
1 January 2025	42,399
Changes in fair value	11,154
Tax effect	(2,621)
31 March 2025	50,932

In the three-month period ended 31 March 2025, the is no amount recognized in the consolidated statement of profit and loss relative to associated companies' dividends. However, the amount of 1,083 thousand euros was received in 2025, related to dividends recognized during the year ended 31 December 2024.

11 TRADE AND OTHER RECEIVABLES

			REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS



























11 TRADE AND OTHER RECEIVABLES "Trade and other receivables" at 31 March 2025 and 31 December 2024 are as follows:		Mar 2025
	Current	Non-current	Total

Trade receivables	275,236	575	275,811
Impairment of trade receivables	(3,158)	-	(3,158)
Trade receivables net	272,079	575	272,653

Tariff deviations	74,897	76,951	151,848

State and Other Public Entities Trade and other receivables	891 347,866	- 77,526	891 425,392

The most relevant balances included in the trade and other receivables caption as of 31 March 2025 are: (i) the receivable of E-Redes Distribuição de Eletricidade, S.A. in the amount of 75,592 thousand euros (116,125 thousand euros at 31 December 2024), (ii) the receivable of Galp Gás Natural, S.A., in the amount of 5,864 thousand euros (5,167 thousand euros at 31 December 2024), (iii) the receivable of EDP – Gestão da Produção de Energia, S.A., in the amount of 851 thousand euros (5.407 thousand euros at 31 December 2024), (iv) the receivable of EDP – Energias de Portugal, S.A., in the amount of 914 thousand euros (1,157 thousand euros at 31 December 2024), (v) the receivable of Endesa Generación, S.A., in the amount of 9,615 thousand euros (9,615 thousand euros at 31 December 2024) and (vi) the amount of 9,390 thousands euros regarding Social Tariff, not yet invoiced by 31 March 2025. Mar 2025 Dec 2024 Begining balance (3,410) (4,195) Reclassifications - 25 Increases - (244)

In the "Trade and other receivables" at 31 March 2025, also stands out the amounts not yet invoiced of the activity of the Market Manager (MIBEL – Mercado Ibérico de Electricidade), in the amount of 24,156 thousand euros (25,091 thousand euros at 31 December 2024), the amount to invoice to EDP Distribuição de Energia, S.A., of 8,003 thousand euros (7,787 thousand euros at 31 December 2024) regarding the CMEC, also reflected in the caption "Suppliers and other accounts payable" (Note 19) and the amount of 42,452 thousand euros related to the payment of dividends as advance on profits.

This transaction related to CMEC is set up as an "Agent" transaction, being off set in the consolidated income statement.

Changes to the "Impairment losses for trade receivable and other accounts receivable" are as follows:

E-Redes Distribuição de Eletricidade, S.A. in the amount of 75,592 thousand euros (116,125 thousand euros at 31 December 2024), (ii) the receivable of Galp Gás Natural, S.A., in the amount of 5,864 thousand euros (5,167 thousand euros at 31 December 2024), (iii) the receivable of EDP – Gestão da Produção de Energia, S.A., in the amount of 851 thousand euros (5.407 thousand euros at 31 December 2024), (iv) the receivable of EDP – Energias de Portugal, S.A., in the amount of 914 thousand euros (1,157 thousand euros at 31 December 2024), (v) the receivable of Endesa Generación, S.A., in the amount of 9,615 thousand euros (9,615 thousand euros at 31 December 2024) and (vi) the amount of 9,390 thousands euros regarding In the "Trade and other receivables" at 31 March 2025, also stands out the amounts not yet invoiced of the activity of the Market Manager (MIBEL – Mercado Ibérico de Electricidade), in the amount of 24,156 thousand euros (25,091 thousand euros at 31
December 2024), the amount to invoice to EDP Distribuição de Energia, S.A., of 8,003 thousand euros (7,787 thousand euros at 31 December 2024) regarding the CMEC, also reflected in the caption "Suppliers and other accounts payable" (Note 19) and

This transaction related to CMEC is set up as an "Agent" transaction, being off set in the consolidated income statement.




	Mar 2025	Dec 2024
Begining balance	(3,410)	(4,195)
Reclassifications	-	25
Increases	-	(244)
Utilization	-	22
Reversing	252	982
Ending balance	(3,158)	(3,410)

12 DERIVATIVE FINANCIAL INSTRUMENTS

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS 12 DERIVATIVE FINANCIAL INSTRUMENTS












At 31 March 2025 and 31 December 2024, the REN Group had the following derivative financial instruments:
		31 March 2025

	Notional	Assets		Liabilities
		Current	Non-current	Current	Non-current
Derivatives designated as cash flow hedges
Interest rate swaps	300,000 TEUR	-	30,184	-	-
		-	30,184	-	-
Derivatives designated as fair value hedges
Interest rate swaps	300,000 TEUR	-	-	-	32,293
		-	-	-	32,293


Derivative financial instruments		-	30,184	-	32,293



			31 December 2024
		Assets		Liabilities
			Non-current	Current	Non-current

	Notional	Current
Derivatives designated as cash flow hedges
Interest rate swaps	600,000 TEUR	1,554	28,642	-	-
		1,554	28,642	-	-
Derivatives designated as fair value hedges
Interest rate swaps	600,000 TEUR	-	-	3,477	30,740

		-	-	3,477	30,740
Derivative financial instruments		1,554	28,642	3,477	30,740

- 32,293














-

30,740
30,740
30,740
The valuation of the derivative financial instruments portfolio is based on fair value valuations performed by specialized external

The amount recognized in this item refers to:

four interest rate swap contracts negotiated by REN SGPS to hedge the interest rate fluctuation risk.

Counterparties to derivative contracts are international financial institutions with a solid credit rating and first-rate national institutions.

For the purpose of effectiveness testing of the designated hedging relationships, REN applies the "Dollar offset method" and the linear regression statistical method as methodologies. The effectiveness ratio is given by comparing the changes in fair value of the hedging instrument with the changes in fair value of the hedged item (or hypothetical derivative instrument simulating the conditions of the hedged item).

For he purpose of calculating ineffectiveness, the total change in fair value of the hedging instruments is considered.

The disclosed amount includes receivable or payable accrued interest, at 31 March 2025 related to these financial instruments, in the net amount payable of 421 thousand euros (at 31 December 2024 it was 2,021 thousand euros payable).

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS












The characteristics of the derivative financial instruments negotiated at 31 March 2025 and 31 December 2024 were as follows:

	Notional		Currency	REN pays	REN receives		Maturity	Fair value at
								Mar 2025	Dec 2024
Cash flow hedge: Interest rate swaps	300,000 TEuros		EUR	[0.051%;0.052%]	[Euribor 6m]		[apr-2029]	30,184	30,196
								30,184	30,196
Fair value hedge:
Interest rate swaps Interest rate swaps	300,000 TEuros 300,000 TEuros		EUR EUR	[Euribor 6m] [Euribor 6m]	[0.611%; 0.6285%] [-0.095%]		[feb-2025] [apr-2029]	- (32,293)	(3,477) (30,740)
								(32,292)	(34,217)

							Total	(2,108)	(4,020)

The periodicity of the cash flows, paid and received, from the derivative financial instruments portfolio is semiannual and annual for cash flow hedging contracts, semiannual and annual for fair value hedging contracts.


The breakdown of the notional of derivatives at 31 March 2025 is presented in the following table:

								Following
		2025		2026	2027	2028	2029	years	Total

Interest rate swap (cash flow hedge)			-	-	-		- 300,000	-	300,000
Interest rate swap (fair value hedge)			-	-	-		- 300,000	-	300,000
	Total		-	-	-		- 600,000	-	600,000

The breakdown of the notional of derivatives on 31 December 2024 is presented in the following table:

		2025		2026	2027	2028	2029	Following	Total
								years

Interest rate swap (cash flow hedge)			300,000	-	-		- 300,000	-	600,000
Interest rate swap (fair value hedge)	Total		300,000 600,000	- -	- -		- 300,000 - 600,000	- -	600,000 1,200,000

			Following years	Total

30,184 Fair value hedge: The periodicity of the cash flows, paid and received, from the derivative financial instruments portfolio is semiannual and annual for cash flow hedging contracts, semiannual and annual for fair value hedging contracts. The breakdown of the notional of derivatives at 31 March 2025 is presented in the following table: Following years The breakdown of the notional of derivatives on 31 December 2024 is presented in the following table: Following years Interest rate swap (cash flow hedge) 300,000 - - - 300,000 - Interest rate swap (fair value hedge) 300,000 - - - 300,000 - Total 600,000 - - - 600,000 -	30,196 1,200,000 Swaps: Cash Flow Hedge - Interest Rate Swaps








							Total




							Total
							600,000
							600,000

Swaps:

Cash Flow Hedge - Interest Rate Swaps

The Group hedges the interest rate risk associated with the fluctuation of the market interest rate index (Euribor) on a portion of future debt interest payments through the designation of interest rate swaps, in order to transform floating rate payments into fixed rate payments.

At 31 March 2025, the Group has a total of two cash flow hedging interest rate swap contracts for a total amount of 300,000 thousand euros (at 31 December 2024 it was 600,000 thousand euros). The hedged risk is the variable rate index associated to the interest payments of the loans. Credit risk is not being hedged.

The fair value of the interest rate swaps, at 31 March 2025, is positive 30,184 thousand euros (at 31 December 2024 it was positive 30,196 thousand euros).

The derivatives described above, in a total amount of 300,000 thousand euros (at 31 December 2024 it was 600,000 thousand euros), are designated to hedge an aggregated exposure composed by the net effect of floating rate debt and interest rate swaps designated as fair value hedging instruments.

The amount recognised in reserves, relating to the cash flow hedges referred to above, was 26,070 thousand euros (at 31 December 2024 it was 27,568 thousand euros).

The hedged instruments of cash flow hedging relationships present the following conditions:

	REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS



The hedged instruments of cash flow hedging relationships present the following conditions:
	Maturity	Hedged notional	Interest rate	Hedged carrying amount - Mar 2025	Hedged carrying amount - Dec 2024	Note

Comprehensive Income:

- March 2025

1 This hedged instrument is designated jointly with derivatives of fair value hedging amounting to 300,000 thousand Euros (see conditions on the table above) in an aggregate exposure hedge to Euribor 6 months in the period from 2023 to 2029 and, as such, eligible for cash flow hedge.
Comprehensive Income:
The movements recorded in the statement of comprehensive income through the application of cash flow hedges were as

follows: - March 2025
	Change in the fair	Of which: effective	Hedging inefficiency		Coverage reserve
Cash flow hedging instruments	value of hedging	amount recorded in hedge	recorded in profit for		reclassifications to
	instruments (*)	reserves	the year		results for the year
Swaps of interest rate	(1,498)	(1,498)		-

- March 2024

Comprehensive Income:
The movements recorded in the statement of comprehensive income through the application of cash flow hedges were as follows:
- March 2025
	Change in the fair	Of which: effective amount recorded in hedge	Hedging inefficiency recorded in profit for	Coverage reserve reclassifications to
Cash flow hedging instruments	value of hedging instruments (*)	reserves	the year	results for the year
(*) Does not include accrued interest and hedging inefficiency.	(1,498)	(1,498)	-	-
- March 2024
Cash flow hedging instruments	Change in the fair value of hedging instruments (*)	Of which: effective amount recorded in hedge reserves	Hedging inefficiency recorded in profit for the year	Coverage reserve reclassifications to results for the year
Swaps of interest rate	(517)	(517)	-	-
Swaps of exchange rate and interest rate	(3,047)	839	(1,100)	(2,786)

Hedging Reserve:

The movements recognised in the hedging reserve (note 15) were as follows:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS









The movements recognised in the hedging reserve (note 15) were as follows:


	Fair value	Deferred taxes	Hedging reserves
		impact
1 January 2024	47,758	(10,687)	37,071
Changes in fair value and ineffectiveness	(19,930)	4,484	(15,446)
31 December 2024	27,828	(6,203)	21,625

1 January 2025	27,828	(6,203)	21,625
Changes in fair value and ineffectiveness	(1,498)	337	(1,161)
31 March 2025	26,330	(5,866)	20,464

Fair Value Hedge

- March 2025

Fair Value Hedge
The Group hedges the interest rate risk associated with the fluctuation of market interest rate index (Euribor) on the fair value of interest payments on fixed-rate debt by negotiating interest rate swaps where it pays a variable rate and receives a fixed rate in order to convert fixed-rate debt payments into variable-rate payments.
At 31 March 2025, the Group has a total of two fair value hedging derivative contracts amounting to 300,000 thousand euros (31 December 2024 it was 600,000 thousand euros). The hedged risk corresponds to the change in fair value of debt issues attributable to movements in the market interest rate index (Euribor). Credit risk is not being hedged. At 31 March 2025, the fair value of interest rate swaps designated as fair value hedging instruments was negative 32,293 thousand euros (as of 31 December 2024 it was negative 34,218 thousand euros). Changes in the fair value of hedged items arising from interest rate risk are recognised in the income statement in order to offset
changes in the fair value of the hedging instrument, which are also recognised in the income statement.
The hedged items of fair value hedging relationships have the following conditions:
- March 2025

	Maturity	Hedged notional	Interest rate	Carrying amount	Accumulated Fair value adjustment	Variation of the year-end 2025	Note
Fair value hedging instruments
Bond Issue (Euro Medium Term Notes)	12/02/2025	300,000 TEuros	2.50%	300,000	-	(1,396)	16
Bond Issue (Euro Medium Term Notes)	16/04/2029	300,000 TEuros	0.50%	272,439	27,685	(588)	16
					27,685	(1,984)

- March 2024

- March 2024

The hedged items of fair value hedging relationships have the following conditions:

- March 2025
	Maturity	Hedged notional	Interest rate	Carrying amount	Accumulated Fair value adjustment	Variation of the year-end 2025	Note
Fair value hedging instruments


					27,685	(1,984)

- March 2024
	Maturity	Hedged notional	Interest rate	Carrying amount	Accumulated Fair value adjustment	Variation of the year-end 2024	Note
Fair value hedging instruments
Bond Issue (Euro Medium Term Notes)	12/02/2025	300,000 TEuros	2.50%	297,380	7,909	(992)	16
Bond Issue (Euro Medium Term Notes)	16/04/2029	300,000 TEuros	0.50%	261,981	38,704	1,332	16
					46,613	340

As of 31 March 2025, the change in fair value of the debt related to interest rate risk recognized in the income statement was negative 1,984 thousand euros (at 31 March 2024 it was positive 340 thousand euros), resulting in an ineffective component, after considering the effect of the hedged items in the income statement, of approximately negative 174 thousand euros (at 31 March 2024 it was positive 230 thousand euros). The recognized ineffectiveness is related to the effect of the fixed leg spread of the hedging instruments that is not reflected in the hedged item.

Comprehensive Income:

- March 2025

Hedging inefficiency Fair value hedging instruments recorded in profit for the period Swaps of interest rate (174)


	The movements recorded in the statement of comprehensive income through the application of fair value hedges were as

March 2024

	Hedging inefficiency
Fair value hedging instruments	recorded in profit for the period

13 CASH AND CASH EQUIVALENTS

Hedging inefficiency Fair value hedging instruments recorded in profit for the period Hedging inefficiency Fair value hedging instruments recorded in profit for the period Swaps of interest rate 230











13 CASH AND CASH EQUIVALENTS
	The amounts considered as cash and cash equivalents in the consolidated statements of cash flows for the periods ended 31 March 2025 and 31 December 2024 are as follows:

Mar 2025 Dec 2024
Cash 25 Bank deposits 47,148		10 40,467
Cash and cash equivalents in the statement of financial position 47,173		40,477
Bank overdrafts (Note 16) -		(500)
The transitional gas price stabilization regime - Decree-Law 84-D/2022 (Note 32) - Cash and cash equivalents in cash flow statement 47,173		- 39,977

14 EQUITY INSTRUMENTS

As of 31 March 2025 and 31 December 2024, REN's subscribed and paid up share capital is as of 667,191,262 shares of 1 euro each.

	REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS







	As of 31 March 2025 and 31 December 2024, REN's subscribed and paid up share capital is as of 667,191,262 shares of 1

	Mar 2025		Dec 2024

	Number of shares	Share capital	Number of shares	Share capital
Share Capital	667,191,262	667,191	667,191,262	667,191


	The caption "Other changes in equity" in the period ended 31 March 2025 amounted to 5,561 thousand euros.

	Additionally, and following the share capital increase in 2017, the caption "Share Premium" in the period ended 31 March 2025
	At 31 March 2025 and 31 December 2024, REN SGPS had the following own shares:
		Number of
		shares	Proportion	Amount

The caption "Other changes in equity" in the period ended 31 March 2025 amounted to 5,561 thousand euros.

Additionally, and following the share capital increase in 2017, the caption "Share Premium" in the period ended 31 March 2025 amounted to 116,809 thousand euros.

At 31 March 2025 and 31 December 2024, REN SGPS had the following own shares:

Number of

No own shares were acquired or sold in the period ended 31 March 2025.

In accordance with the Commercial Company Code (Código das Sociedades Comerciais) REN SGPS must at all times ensure that there are sufficient Equity Reserves to cover the value of own shares, in order to limit the amount of reserves available for distribution.

15 RESERVES AND RETAINED EARNINGS

The caption "Reserves" in the amount of 344,752 thousand euros includes:

Legal reserve: The Commercial Company Code in place requires that at least 5% of the net profit must be transferred to this reserve until it has reached 20% of the share capital. This reserve can only be used to cover losses or to increase capital. On 31 March 2025 this caption amounts to 141,378 thousand euros (141,378 thousand euros on 31 December 2024);
Fair value reserve: includes changes in the fair value of available for sale financial assets (50,932 thousand euros positive), as detailed in Note 10 (42,399 thousand euros on 31 December 2024);
Hedging reserve: includes changes in the fair value of hedging derivative financial instruments when cash flow hedge is effective (positive 20,464 thousand euros) as detailed in Note 12 (21,625 thousand euros on 31 December 2024); and
Other reserves: This caption is changed by (i) application of the results of previous years, being available for distribution to shareholders; except for the limitation set by the Companies Code in respect of own shares (Note 14), (ii) exchange rate changes associated to the financial investment whose functional currency is Dollar; (iii) exchange variation of assets and liabilities of financial investments in subsidiaries, namely the exchange rate effect of converting Chilean Peso to Euro and (iv) changes in equity of associates recorded under the equity method. On 31 March 2025, this caption amounts to 131,978 thousand euros (138,567 thousand euros on 31 December 2024).

In accordance with the Portuguese legislation: (i) increases in equity as a result of the incorporation of positive fair value (fair value reserves and hedging reserves) can only be distributed to shareholders when the correspondent assets have been sold, exercised, extinct, settled or used; and (ii) income and other positive equity changes recognized as a result of the equity method can only be distributed to shareholders when paid-up. Portuguese legislation establishes that the difference between the equity method income and the amount of paid or deliberated dividends is equivalent to legal reserve.

16 BORROWINGS

was as follows:								The segregation of borrowings between current and non-current and by nature, as of at 31 March 2025 and 31 December 2024
			Mar 2025			Dec 2024
		Current	Non-current	Total	Current	Non-current	Total
Bonds			- 871,059	871,059	500,000	868,987		1,368,987
	Bank Borrowings	69,389	500,090	569,479	69,389	500,090		569,479
	Commercial Paper	660,000	250,000	910,000	320,000	250,000		570,000
	Bank overdrafts (Note 17)	-	-	-	500		-	500
	Leases liabilities	2,063	4,070	6,133	2,190	4,485		6,676
		731,452	1,625,219	2,356,671	892,080	1,623,563	2,515,643
	Accrued interest	6,181	-	6,181	27,429		-	27,429
	Prepaid interest	(2,855)	(5,867)	(8,722)	(5,094)	(6,210)		(11,304)
	Borrowings	734,778	1,619,352	2,354,130	914,415	1,617,353	2,531,768
	The borrowings settlement plan was as follows: 2025	2026	2027	2028	2029		Following years	Total
Debt - Non current	-	196,566	100,952	359,592		452,564	513,889	1,623,563
Debt - Current	730,900	552	-	-		-	-	731,452
	730,900	196,556	100,984	359,665		454,677	513,889	2,356,671

730,900	196,556	100,984	359,665	454,677	513,889	2,356,671

Commercial Paper 660,000 250,000 910,000 320,000 250,000 570,000 Bank overdrafts (Note 17) - - - 500 - 500 Leases liabilities 2,063 4,070 6,133 2,190 4,485 6,676 731,452 1,625,219 2,356,671 892,080 1,623,563 2,515,643 Accrued interest 6,181 - 6,181 27,429 - 27,429 Prepaid interest (2,855) (5,867) (8,722) (5,094) (6,210) (11,304)






Borrowings 734,778 1,619,352 2,354,130 914,415 1,617,353 2,531,768
The borrowings settlement plan was as follows:

730,900 196,556 100,984 359,665 454,677 513,889 2,356,671
Detailed information regarding bond issues as of 31 March 2025 is as follows:

31 March 2025
Periodicity of Issue date Maturity Initial amount Outstanding amount Interest rate interest payment
'Euro Medium Term Notes' programme emissions
18/01/2018 18/01/2028 TEUR 300,000 TEUR 300,000 Fixed rate EUR 1.75% Annual
16/04/2021 16/04/2029 TEUR 300,000 (i) TEUR 300,000 Fixed rate EUR 0.50% Annual
27/02/2024 27/02/2032 TEUR 300,000 TEUR 300,000 Fixed rate EUR 3.50% Annual

At 31 March 2025, the Group has eleven commercial paper programs in the amount of 2,225,000 thousand euros, of which 1,315,000 thousand euros are available for utilization. Of the total amount, 1,025,000 thousand euros have a guaranteed placement. As of 31 March 2025 are available for utilization 775,000 thousand euros (as of 31 December 2024 were available the same amount of 775,000 thousand euros).

During 2025, the Group reimbursed the Bond in the amount of 500,000 thousand euros.

Bank loans are mostly composed of loans contracted with the European Investment Bank (EIB). As of 31 March 2025, the borrowings from EIB amounted to 534,479 thousand euros (at 31 December 2024 it was 534,479 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 a result of the fair value hedge related to the debt emission in the amount of 300,000 thousand euros, fair value changes concerning interest rate risk were recognized directly in statement of profit and loss, in an amount of 1,984 thousand euros (negative) (at 31 March 2024 was 340 thousand euros (positive)).

The Company's financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge, leverage ratios and Gearing.

The bank loans with BEI include also covenants related with rating and other financial ratios in which the Group may be called upon to present an acceptable guarantee in the event of rating and financial ratios below the established values.

As of 31 March 2025, the group complies with all the covenants to which it is contractually bound.

REN and its subsidiaries are a part of certain financing agreements and debt issues, which include change in control clauses typical in this type of transactions (including, though not so expressed, changes in control as a result of takeover bids) and essential to the realization of such transactions on the appropriate market context. In any case, the practical application of these clauses is limited to considering the legal ownership of shares of REN restrictions. Following the legal standards and usual market practices, contractual terms and free market competition, establish that neither REN nor its counterparts in borrowing agreements are authorized to disclose further information regarding the content of these financing agreements. Mar 2025 Dec 2024 6,493 7,133

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 2.78% at 31 March 2025 and 2.75% at 31 December 2024.

Leases

Minimal payments regarding lease contacts and the carrying amount of the finance lease liabilities as of 31 March 2025 and 31 December 2024 are as follows:

upon to present an acceptable guarantee in the event of rating and financial ratios below the established values.	The bank loans with BEI include also covenants related with rating and other financial ratios in which the Group may be called

REN and its subsidiaries are a part of certain financing agreements and debt issues, which include change in control clauses typical in this type of transactions (including, though not so expressed, changes in control as a result of takeover bids) and essential to the realization of such transactions on the appropriate market context. In any case, the practical application of these clauses is limited to considering the legal ownership of shares of REN restrictions. Following the legal standards and usual market practices, contractual terms and free market competition, establish that neither REN nor its counterparts in borrowing agreements are authorized to disclose further information regarding the content of these financing agreements.
The effect of the foreign exchange rate exposure was not considered as this exposure is totally covered by hedge derivate in
The average interest rates for borrowings including commissions and other expenses were 2.78% at 31 March 2025 and 2.75%
Minimal payments regarding lease contacts and the carrying amount of the finance lease liabilities as of 31 March 2025 and 31
	Mar 2025	Dec 2024
Lease liabilities - minimum lease payments
No later than 1 year	2,235	2,407
Later than 1 year and no later than 5 years	4,258	4,726
	6,493	7,133
Future finance charges on leases	(360)	(457)
Present value of lease liabilities	6,133	6,676
	Mar 2025	Dec 2024
The present value of lease liabilities is as follows
No later than 1 year	2,063	2,190
Later than 1 year and no later than 5 years	4,070	4,485

17 POS-EMPLOYMENT BENEFITS AND OTHERS BENEFITS

REN – Rede Eléctrica Nacional, S.A. grants supplementary retirement, early-retirement and survivor pensions (hereinafter referred to as Pension Plan), provides its retirees and pensioners with a health care plan on a similar basis to that of its serving personnel, and grants other benefits such as long service award, retirement award and a death subsidy (referred to as "Other benefits"). The long service award is applicable to all Group companies. Mar 2025 Dec 2024

At 31 March 2025 and 31 December 2024, the Group had the following amounts recorded relating to liabilities for retirement and other benefits:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS


17 POS-EMPLOYMENT BENEFITS AND OTHERS BENEFITS
REN – Rede Eléctrica Nacional, S.A. grants supplementary retirement, early-retirement and survivor pensions (hereinafter referred to as Pension Plan), provides its retirees and pensioners with a health care plan on a similar basis to that of its serving personnel, and grants other benefits such as long service award, retirement award and a death subsidy (referred to as "Other At 31 March 2025 and 31 December 2024, the Group had the following amounts recorded relating to liabilities for retirement

	Mar 2025	Dec 2024
Liability on statement of financial position
Pension plan	38,656	36,634
Healthcare plan and other benefits	36,141	36,214
	74,797	72,847

The reconciliation of the remeasurement of the net benefit liability is as follows:

REN – Rede Eléctrica Nacional, S.A. grants supplementary retirement, early-retirement and survivor pensions (hereinafter referred to as Pension Plan), provides its retirees and pensioners with a health care plan on a similar basis to that of its serving personnel, and grants other benefits such as long service award, retirement award and a death subsidy (referred to as "Other At 31 March 2025 and 31 December 2024, the Group had the following amounts recorded relating to liabilities for retirement Liability on statement of financial position Healthcare plan and other benefits 36,141 36,214






74,797 72,847

Mar 2025 Dec 2024
Initial balance 72,847 75,855
Current service costs and Net interest on net defined benefit liability2,237 4,646
Actuarial gains/(losses):
- impact on the statement of profit and loss (1,118) (32)
- impact on equity 1,637 (4,071)
Benefits paid (805) (3,551)
Final balance 74,797 72,847

During the three-month periods ended 31 March 2025 and 2024, the following operating expenses were recorded regarding
Mar 2025 Mar 2024
Charges to the statement of profit and loss (Note 28)
Pension plan 738 766
Healthcare plan and other benefits 380 396
1,118 1,162

During the three-month periods ended 31 March 2025 and 2024, the following operating expenses were recorded regarding benefit plans with employees:

Charges to the statement of profit and loss (Note 28)


	1,118	1,162

The amounts reported at 31 March 2025 and 2024 result from the projection of the actuarial valuation made on 31 December 2024 and 2023, for the three-month periods ending 31 March 2025 and 2024, considering the estimated salaries for 2025 and 2024, respectively.

	REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS







The actuarial assumptions used to calculate the post-employment benefits are considered by the REN Group and the entity
specialized in the actuarial valuation reports to be those that best meet the commitments established in the Pension plan, and related retirement benefit liabilities, and are as follows:

	2024	2023
Annual discount rate	Full Yield Curve	Full Yield Curve
	(single rate equivalent: 3.50%)	(single rate equivalent: 3.34%)
Expected percentage of serving employees elegíble for early retirement (more than 60 years of age and 36 years in service) - by Collective work agreement	20.00%	20.00%
Expected percentage of serving employees elegible for early retirement - by	10.00%	10.00%
Management act
Rate of salary increase	4.80% from 2025 and	5.00% by 2024, 4.80% by 2025 and
	2,80% from 2026	2.80% from 2026
		5.00% by 2024
Pension increase	2.30% from 2025	2.30% from 2025
		5.00% by 2024
Future increases of Social Security Pension amount	2.30% from 2025	2.30% from 2025
Inflation rate		2.30% 2.30%

Medical trend		2.30% 2.30%
Management costs (per employee/year)	358 euros	353 euros

Expenses medical trend		2.30% 2.30%
Retirement age (number of years)	66 years and 7 months	66 years and 4 months
Mortality table	TV 99/01	TV 99/01



18 PROVISIONS FOR OTHER RISKS AND CHARGES
The changes in provisions for other risks and charges in the periods ended 31 March 2025 and 31 December 2024 were as
follows:
	Mar 2025 Dec 2024
Begining balance	11,922 10,016
Exchange rate differences	1 (69)
Increases	- 2,848
Reversing	- (588)
Utilization	- (285)
	11,923 11,922
Ending balance

18 PROVISIONS FOR OTHER RISKS AND CHARGES

	Mar 2025	Dec 2024
Begining balance	11,922	10,016
Exchange rate differences	1	(64)
Increases		2,848
Reversing		(288)
Utilization		(285)
Ending balance	11,923	11,922

19 TRADE AND OTHER PAYABLES

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS











19 TRADE AND OTHER PAYABLES


The caption "Trade and other payables" at 31 March 2025 and 31 December 2024 was as follows:
		Mar 2025			Dec 2024
	Current	Non current	Total	Current	Non current	Total
Trade payables
			151,571
Current suppliers	151,571	-		193,533	-	193,533

Other creditors
Other creditors	111,136	31,785	142,921	20,564	31,374	51,938
Tariff deviations	8,150	47,618	55,767	9,501	23,730	33,230
Fixed assets suppliers Trade receivables advances (guarantees)	59,282 17,646	- 153	59,282 17,799	105,692 17,418	- 153	105,692 17,571

Tax payables (i)	45,413	-	45,413	62,240	-	62,240
Deferred income
Grants related to assets	23,312	383,930	407,242	27,655	370,739	398,394
Bilateral agreements	-	174,558	174,558	-	151,155	151,155
Others	21,751	1,434	23,185	22,061	1,499	23,560

Accrued costs Holidays and holidays subsidies	8,297	-	8,297	6,780	-	6,780
Trade and other payables	446,558	639,478	1,086,036	465,445	578,650	1,044,095

The caption "Trade and other payables" includes: (i) the amount of 28,122 thousand euros of investment projects not yet invoiced (34,198 thousand euros at 31 December 2024); (ii) the amount of 27,037 thousand euros (26,645 thousand euros at 31 December 2024) from the activity of the Market Manager (MIBEL – Mercado Ibérico de Electricidade); (iii) the amount of 8,003 thousand euros of "CMEC – Custo para a Manutenção do Equilíbrio Contratual" to be invoiced by EDP – Gestão da Produção de Energia, S.A. (7,787 thousand euros at 31 December 2024), also reflected in the caption "Trade receivables" (Note 11); (iv) the amount of 12,866 thousands euros of E-Redes Distribuiçao de Eletricidade, S.A. (33,144 thousands euros at 31 December 2024); (v) the amount of 8,262 thousands euros of Empresa de Eletricidade da Madeira, S.A. (17,262 thousands euros at 31 December 2024); (vi) the amount of 10,520 thousands euros of Eletricidade dos Açores, S.A. (14,976 thousands euros at 31 December 2024) and (vii) the amount of 12,169 thousands euros of SU Eletricidade S.A. (12,169 thousands euros at 31 December 2024).

This transaction related to "CMEC" sets a pass-through in the consolidated income statement of REN, fact for which it is compensated in that statement.

The caption "Other creditors" includes: (i) the amount of 9,473 thousand euros (9,906 thousand euros at 31 December 2024) related with the Efficiency Promotion Plan on Energy Consumption ("PPEC"), which aims to financially support initiatives that promote efficiency and reduce electricity consumption, which should be used to finance energy efficiency projects, according to the evaluation metrics defined by ERSE, (ii) the responsibility for the extraordinary contribution on the energy sector in the amount of 28,404 thousand euros (Note 27) (at 31 March 2024 was 28,516 thousand euros) and (iii) the amount of 62,560 thousand euros related to the exceptional and temporary mechanism for adjusting electricity production costs.

20 SALES AND SERVICES RENDERED

Sales and services rendered recognized in the consolidated statement of profit and loss for the three-month period ended 31 March 2025 and 2024 is as follows:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS







Sales and services rendered recognized in the consolidated statement of profit and loss for the three-month period ended 31

	Mar 2025	Mar 2024
Goods:
Domestic market	220 220	364 364
Services - Domestic market:
Electricity transmission and overall systems management	102,810	97,180
Gas transmission	20,260	20,393
Gas distribution	15,807	15,527
Regasification	7,409	5,321
Underground gas storage	5,697	7,109
Telecommunications network	2,590	1,803
Commercial Agent's Margin - REN Trading	-	231
Others	350	101

Services - External market (Chile):
Transmission and transformation of electricity	4,195	3,976
	159,117	151,640

Total sales and services rendered	159,336	152,004


21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES

As part of the concession contracts treated under IFRIC 12, the construction activity is subcontracted to specialized suppliers.
Therefore the Group obtains no margin in the construction of these assets. The detail of the revenue and expenses with the acquisition of concession assets as of 31 March 2025 and 2024 were as follows:

	Mar 2025	Mar 2024

Revenue from construction of concession assets		39,946
Acquisitions	59,714
Own work capitalised :
Financial expenses (Note 5)	1,364	1,381
Overhead and management costs (Note 5)	5,639	5,490
	66,718	46,817

21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES

As part of the concession contracts treated under IFRIC 12, the construction activity is subcontracted to specialized suppliers. Therefore the Group obtains no margin in the construction of these assets. The detail of the revenue and expenses with the acquisition of concession assets as of 31 March 2025 and 2024 were as follows:

Services - External market (Chile):
Transmission and transformation of electricity	4,195	3,976
	159,117	151,640



	Mar 2025	Mar 2024
Revenue from construction of concession assets
Acquisitions	59,714	39,946
21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES As part of the concession contracts treated under IFRIC 12, the construction activity is subcontracted to specialized suppliers. Therefore the Group obtains no margin in the construction of these assets. The detail of the revenue and expenses with the acquisition of concession assets as of 31 March 2025 and 2024 were as follows: Own work capitalised :
Financial expenses (Note 5)	1,364	1,381
Overhead and management costs (Note 5)	5,639	5,490
	66,718	46,817

Cost of construction of concession assets
Acquisitions	59,714 59,714	39,946 39,946

22 OTHER OPERATING INCOME

The caption "Other operating income" loss for the three-month period ended 31 March 2025 and 2024 is as follows:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS







The caption "Other operating income" loss for the three-month period ended 31 March 2025 and 2024 is as follows:
	Mar 2025	Mar 2024
Recognition of investment subsidies in profit and loss	5,365	4,447
Underground occupancy tax	2,779	3,224
Supplementary income	1,890	497
	685	144
Disposal of unused materials
Others	677
	11,395





		1,142 9,455
	Mar 2025	Mar 2024
Costs of end PPA- Pass through iii)	7,532	-
Cross border interconnection costs ii)	7,180	6,697
The caption "External supplies and services" for the three-month period ended 31 March 2025 and 2024 is as follows: Fees relating to external entities i)	3,813	3,785
Maintenance costs Electric energy costs	2,784 2,554	1,982 1,239

23 EXTERNAL SUPPLIES AND SERVICES

The caption "External supplies and services" for the three-month period ended 31 March 2025 and 2024 is as follows:

Recognition of investment subsidies in profit and loss	5,365	4,447








	Mar 2025	Mar 2024
Costs of end PPA- Pass through iii)	7,532	-
Cross border interconnection costs ii)	7,180	6,697
Fees relating to external entities i)	3,813	3,785
Maintenance costs	2,784	1,982
Electric energy costs	2,554	1,239
The caption "External supplies and services" for the three-month period ended 31 March 2025 and 2024 is as follows: Gas transport subcontracts	2,019	1,935
Insurance costs	1,132	1,232
Security and surveillance	647	651
Travel and transportation costs	396	304
Advertising and communication costs	281	248
Other	1,302	1,488

i) The fees paid to external entities refer to specialized work and fees paid by REN for contracted services and specialized studies.

ii) The cross border interconnection costs refer to the cost assumed on cross-border trade in electricity.

iii) The costs with Turbogás – Produtora Energética S.A. arising from the termination of the PPA contract at the end of March 2024.

24 PERSONNEL COSTS

Personnel costs for the three-month period ended 31 March 2025 and 2024 are as follows:

Personnel costs for the three-month period ended 31 March 2025 and 2024 are as follows: Mar 2025 Mar 2024 Remuneration: Board of directors 809 Personnel 11,341 12,150 Social charges and other expenses: Social security costs 2,347 Post-employement and other benefits cost (Note 17) 1,118 Social support costs 629 Other 56 4,151 Total personnel costs 16,301
Other operating costs for the three-month period ended 31 March 2025 and 2024 are as follows:
846 10,756 11,602 2,239 1,162 643 71 4,114 15,717 The Corporate bodies' remuneration includes remunerations paid to the Board of Directors as well as the General Shareholders




















REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS

The Corporate bodies' remuneration includes remunerations paid to the Board of Directors as well as the General Shareholders meeting attendance.

25 OTHER OPERATING COSTS

Other operating costs for the three-month period ended 31 March 2025 and 2024 are as follows:

7,262	7,815

i) The caption "ERSE operating costs" corresponds to ERSE's operating costs, to be recovered through electricity and gas tariffs.

26 FINANCIAL COSTS AND FINANCIAL INCOME

Financial costs and financial income for the three-month period ended 31 March 2025 and 2024 are as follows:

	7,262	7,815


	Mar 2025	Mar 2024
Financial costs
Interest on bonds issued	5,863	6,026
Interest on commercial paper issued	5,814	8,749
Other borrowing interests	5,239	6,029
Derivative financial instruments	504	1,303
Exchange rate differences	-	1,886
Other financing expenditure	925	1,309
	18,346	25,302
Financial income
Other financial investments	1,903	3,834
Interest income	883	1,346
Exchange rate differences	18 2,803	- 5,180

27 EXTRAORDINARY CONTRIBUTION OVER THE ENERGY SECTOR

Law no. 83-C/2013 of 31 December introduced a specific contribution of entities operating in the energy sector, called Extraordinary Contribution over the Energy Sector ("ECES"), that was extended by Law no. 82-B / 2014, of 31 December, Law no. 7-A / 2016, of 30 March, Law no. 114/2017, of 29 December, Law no. 71/2018, 31 December, Law no. 2/2020, of 31 March, Law no. 75-B/2020, of 31 December, Law no. 99/2021, of 31 December 2021, Law no. 24-D/2022 of 30 December 2022, Law no. 82/2023, of 29 December 2023 and Law no. 45-A/2024 of 31 December 2024.

The regime introduced is aimed at financing mechanisms that promote systemic sustainability of the sector through the setting up of a fund with the main objective of reducing the tariff deficit. The entities subject to this regime are, among others, entities that are dealers of transport activities or distribution of electricity and natural gas.

The calculation of the ECES is levied on the value of the assets with reference to the first day of the financial year 2025 (1 January 2025) that include cumulatively, the tangible fixed assets, intangible assets, with the exception of industrial property elements, and financial assets related with regulated activities. In the case of regulated activities, the ECES is levied on the value of regulated assets (i.e. the amount recognized by ERSE in the calculation of the allowed income with reference to 1 January 2025) if it is greater than the value of those assets, over which the rate of 0.85% is applied. Mar 2025 Mar 2024

To the extent that it is a present obligation whose facts originating already occurred, with timing and amounts certain or ascertainable, REN recorded liabilities in the amount of 28,404 thousand euros (Note 19) (for the three-month period ended 31 March 2024 was 28,516 thousand euros) against a cost in the statement of profit and loss.

28 EARNINGS PER SHARE

Earnings per share were calculated as follows:

no. 82/2023, of 29 December 2023 and Law no. 45-A/2024 of 31 December 2024.		Law no. 75-B/2020, of 31 December, Law no. 99/2021, of 31 December 2021, Law no. 24-D/2022 of 30 December 2022, Law
The regime introduced is aimed at financing mechanisms that promote systemic sustainability of the sector through the setting up of a fund with the main objective of reducing the tariff deficit. The entities subject to this regime are, among others, entities that are dealers of transport activities or distribution of electricity and natural gas.
The calculation of the ECES is levied on the value of the assets with reference to the first day of the financial year 2025 (1 January 2025) that include cumulatively, the tangible fixed assets, intangible assets, with the exception of industrial property elements, and financial assets related with regulated activities. In the case of regulated activities, the ECES is levied on the value of regulated assets (i.e. the amount recognized by ERSE in the calculation of the allowed income with reference to 1 January 2025) if it is greater than the value of those assets, over which the rate of 0.85% is applied.
To the extent that it is a present obligation whose facts originating already occurred, with timing and amounts certain or



ascertainable, REN recorded liabilities in the amount of 28,404 thousand euros (Note 19) (for the three-month period ended 31 March 2024 was 28,516 thousand euros) against a cost in the statement of profit and loss.		Mar 2025	Mar 2024
Consolidated net profit used to calculate earnings per share	(1)	14,443	3,697
Number of ordinary shares outstanding during the period (Note 14)	(2)	667,191,262	667,191,262
Effect of treasury shares (Note 14)		3,881,374	3,881,374
Number of shares in the period	(3)	663,309,888	663,309,888

The basic earnings per share are the same as the diluted earnings as there are no situations that could origin dilution effects.

29 DIVIDENDS PER SHARE

On 9 May 2024, the General Meeting approved the distribution of dividends to shareholders, based on the result for the 2023 financial year, in the amount of 102,747 thousand euros (0.154 euros per share), including the dividend attributable to own shares in the amount of 597 thousand euros, with the amount of 102,150 thousand euros having been paid to shareholders (the amount of 42,452 thousands euros paid in 2023, as an advance on profits, and the amount of 59,698 thousands euros in 2024).

30 CONTINGENT ASSETS AND LIABILITIES

30.1. Contingent liabilities

Tejo Energia - Produção e Distribuição de Energia Eléctrica, SA ("Tejo Energia") and Turbogás – Produtora Energética S.A. ("Turbogás") have announced to REN - Rede Eléctrica Nacional, SA ("REN Eléctrica") and REN Trading SA ("REN Trading") when it was operating, its intention to renegotiate the Power Purchase Agreements (PPA), in order to reflect in the amounts payable to this producer the costs, which in its opinion would be due, incurred with (i) financing of the social tariff and (ii) with

30.2. Guarantees given

		REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS


		the PPA, in order to reflect in the amounts payable the costs incurred with the financing of ECES.	the tax on petroleum products and energy and with the rate of carbon. Also, these two entities stated its intention to renegotiate
		March 2025 amounts to, approximately, 153,400 thousand euros.	According to the PPA, Tejo Energia and Turbogás act as producers and sellers and REN Trading as purchaser of the energy produced in power plants. REN Eléctrica is jointly and severally liable with REN Trading, regarding the execution of the PPA with Tejo Energia and Turbogás. According to the information received, the total costs incurred by these companies until 31
			REN Trading was extinguished by incorporation into REN Eléctrica, as a results of their merger. REN Eléctrica considers that, with the existing legal framework, this possibility depends on the recognition that the associated charges can be considered as general costs of the national electricity system, the only way to guarantee the economic neutrality of REN's contractual position.
			The processes were filed by Tejo Energia and Turbogás and are being contested by REN Eléctrica, pending their outcome.

	30.2. Guarantees given
		At 31 March 2025 and 31 December 2024, the REN Group had given the following bank guarantees:
	Beneficiary		Scope	Mar 2025	Dec 2024
European Investment Bank		To guarantee loans		147,797	147,929
	General Directorate of Energy and Geology	To guarantee compliance with the contract relating to the public service concession		27,681	24,028
Tax Authority and Customs		Ensure the suspension of tax enforcement proceedings		16,890	16,890
Judge of District Court		Guarantee for expropriation processes		8,681	7,278
Mibgás		To guarantee the liabilities incurred from the participation in the gas organized market		4,000	4,000

Portuguese State		Guarantee for litigation		2,514	2,514
Municipal Council of Maia		Guarantee for litigation		1,564	1,564
Municipal Council of Seixal		Guarantee for litigation		1,316	1,316
Municipal Council of Odivelas		Guarantee for litigation		1,119	1,119
Infraestruturas de Portugal		Guarantee for litigation		905	895
Municipal Council of Porto		Guarantee for litigation		368	368
Municipal Council of Silves estradas	NORSCUT - Concessionária de Auto	Guarantee for expropriation processes To guarantee prompt payment of liabilities assumed by REN in the contract ceding utilization		352 200	352 200
	EDP - Gestão da Produção de Energia, S.A.	Guarantee obligations assumed by the Payer in the contract for the Provision of Communications Services		123	123
Lisbon Maritime Customs		Constitution of debts for customs duties and other charges		115	115
	Others (loss then 100 thousand Euros)	Guarantee for litigation		270	270

31 RELATED PARTIES

Main shareholders

At 31 March 2025 and 31 December 2024, the shareholder structure of REN Group was as follows:

	Mar 2025		Dec 2024
	Number of		Number of
	shares	%	shares	%
State Grid Corporation of China	166,797,815	25.0%	166,797,815	25.0%
Pontegadea Inversiones, S.L.	80,100,000	12.0%	80,100,000	12.0%
Lazard Asset Management, LLC	51,128,072	7.7%	51,346,447	7.7%
Fidelidade - Companhia de Seguros, S.A.	35,496,424	5.3%	35,496,424	5.3%
Redeia Corporación, S.A.	33,359,563	5.0%	33,359,563	5.0%
Own shares	3,881,374	0.6%	3,881,374	0.6%
Others	296,428,014	44.4%	296,209,639	44.4%
	667,191,262	100%	667,191,262	100%

Management remuneration

The Board of Directors of REN, SGPS was considered, in accordance with IAS 24, to be the only key members in the Management of the Group.

REN has not established any specific retirement benefit system for the Board of Directors.

Remuneration of the Board of Directors of REN, SGPS in the three-month period ended 31 March 2025 amounted to 768 thousand euros (751 thousand euros at 31 March 2024), as shown in the following table:

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS





The Board of Directors of REN, SGPS was considered, in accordance with IAS 24, to be the only key members in the


Remuneration of the Board of Directors of REN, SGPS in the three-month period ended 31 March 2025 amounted to 768

Remuneration and other short term benefits	Mar 2025 461	Mar 2024 445
Management bonuses (estimate)	306	306

Transaction of shares by the members of the Board of Directors

During the period ended March 31, 2025, there were no transactions carried out by members of the Board of Directors.

Transactions with group or dominated companies

In its activity, REN maintains transactions with Group entities or with dominated parties. The terms in which these transactions are held are substantially identical to those practiced between independent parties in similar operations.

In the consolidation process, the amounts related to such transactions or open balances are eliminated in the financial statements.

The main transactions held between Group companies were: (i) borrowings and shareholders loans; and (ii) shared services namely, legal services, administrative services and informatics.

Balances and transactions held with shareholders, associates and other related parties

During the three-month periods ended 31 March 2025 and 2024, Group REN carried out the following transactions with reference shareholders, qualified shareholders and related parties:

Revenue

During the period ended March 31, 2025, there were no transactions carried out by members of the Board of Directors.

In its activity, REN maintains transactions with Group entities or with dominated parties. The terms in which these transactions are held are substantially identical to those practiced between independent parties in similar operations.
In the consolidation process, the amounts related to such transactions or open balances are eliminated in the financial
The main transactions held between Group companies were: (i) borrowings and shareholders loans; and (ii) shared services
Balances and transactions held with shareholders, associates and other related parties

During the three-month periods ended 31 March 2025 and 2024, Group REN carried out the following transactions with	Mar 2025	Mar 2024

Sales and services provided Invoicing issued - Redeia Corporación S.A. (Group)	1,362	411
Invoicing issued - State Grid (Group)	352	107
Invoicing issued - MIBGÁS, S.A.	379	444
Other operating income Invoicing issued - OMEL-Operador Mercado Ibérico Energia Polo Español, S.A.	4	9
Dividends received Redeia Corporación S.A. (Note 13)	1,083	1,477

Expenses

REPORT & ACCOUNTS MARCH'25 CONSOLIDATED FINANCIAL STATEMENTS

















	Mar 2025	Mar 2024

External supplies and services and others expenses
Invoicing received - OMIP, S.A.	37	43
Invoicing received - State Grid (Group)	73 717	54 534
		676
Invoicing received - Redeia Corporación S.A. (Group) Invoicing received - MIBGAS S.A.	3,236
Invoicing received - CMS Rui Pena & Arnaut10	26	19
	4,089	1,326





	Mar 2025	Dec 2024
The balances at 31 March 2025 and 31 December 2024 resulting from transactions with related parties were as follows: Trade and other receivables
Redeia Corporación S.A. (Group) - Dividends	-	1,083
State Grid Group	9	53
Redeia Corporación S.A. (Group) - Trade receivables	21	91

Balance

The balances at 31 March 2025 and 31 December 2024 resulting from transactions with related parties were as follows:

External supplies and services and others expenses




Invoicing received - CMS Rui Pena & Arnaut10	26	19
	4,089	1,326


	Mar 2025	Dec 2024

Trade and other receivables
	-	1,083
	9	53
	21	91
Redeia Corporación S.A. (Group) - Dividends State Grid Group Redeia Corporación S.A. (Group) - Trade receivables MIBGÁS S.A.	-	3
OMEL-Operador Mercado Ibérico Energia Polo Español.S.A.	-	4
	30	1,234
The balances at 31 March 2025 and 31 December 2024 resulting from transactions with related parties were as follows: Trade and other payables
Redeia Corporación S.A. (Group) - Trade payables	-	200
State Grid Group	248	266
OMIP, S.A.	47	57
CMS - Rui Pena & Arnaut 10	11	18

¹⁰ Entity related to the Administrator José Luís Arnaut. During 2025, the contract for the provision of legal advisory services in the area of law and public procurement, approved by the board of directors of the company REN Serviços, SA and awarded to the law firm CMS Rui Pena and Arnaut, an entity related to the Director José Luís Arnaut, remained in force. The contract was signed in 2023, for a period of three years.

32 DECREE-LAW NO. 84-D/2022 – TRANSITORY GAS PRICE STABILIZATION REGIME

The Portuguese State, through Decree-Law no. 84-D/2022, of 9 December 2022, established a transitional regime to stabilize the price of natural gas for consumption carried out in 2023, through the discount on the price of natural gas , equivalent to the difference between the price of the energy component, shown on the invoice, and its reference value, as provided for in article 3 of this decree-law.

The beneficiaries of the transitional price stabilization regime are legally constituted legal persons, consumers of high, medium and low pressure gas at delivery points with annual consumption greater than 10,000 m3, with the exception of the entities referred to in number 2 of article 2.th.

The discount is applied directly by the suppliers in the month following the billing of the respective consumption, once the invoice has been paid by the customer, and the discount must be expressly identified on the invoice in which it is reflected.

Suppliers inform, on the first working day of each week, the Global Technical Manager of the National Gas System ("GTG") regarding the quantities and discount values to be applied to the billing issued in the previous week, including the total consumption of their portfolio from clients. Based on the information transmitted, the GTG transfers, within 10 days to the suppliers, the amounts referring to the support to be granted for each identified billing cycle.

As mentioned in the aforementioned Decree-Law, more precisely in Article 7, it is the responsibility of REN Gasodutos, as Global Technical Manager of the National Gas System, to interact with suppliers in order to operationalize the application of this decree- law. It is REN Gasodutos' responsibility to transfer the funds provided by the Portuguese State for the purposes of this decree-law, and such amounts cannot be used for other purposes. The amount transferred by the Government is deposited in a dedicated bank account, with accounting separation in relation to other activities carried out by the Company.

On 29 December 2022, the Company received the amount of 1,000,000 thousand euros, recorded under the caption Transitory gas price stabilization regime - Decree-Law no. 84-D/2022, both in assets and in liabilities, taking into account the need for accounting separation in relation to the other activities carried out by the Company, as mentioned above and mentioned in paragraph 3 of article 7 of the aforementioned decree-law.

Payments of the amounts corresponding to natural gas consumption billed in 2023 began in February of the same year and were settled by the end of 2024, in accordance with article 10 of Decree-Law 84-D/2022. If the amount transferred under this Decree-Law is not exhausted, REN transfers the respective remainder in favor of the Portuguese State, as referred to in paragraph 5 of article 7 of the referred Decree-Law.

Until 31 March 2025, the Company has made payments in accordance with the aforementioned Decree-Law, as well as the reimbursement of the amount of 900,000 thousands euros to the Portuguese State, in accordance with Order no. 10727/2023 and Order no. 8420/2024, and the respective interests, and on 31 March 2025 the amount recorded in "Transitional gas price stabilization regime - Decree-Law 84-D/2022", both in assets and in liabilities, is 3,481 thousand euros.

33 SUBSEQUENT EVENTS

On 21 April 2025, the REN Group, specifically Empresa de Transmisión Eléctrica Transemel S.A., acquired the entire share capital of Transmisora de Energía Nacimiento S.A. ("TENSA") from Inversiones CMPC S.A. and Empresas CMPC S.A. (together "CMPC"), for the amount of 71.4 million US dollars.

TENSA is a chilean company that owns and operates approximately 190 km of electricity transmission lines, mostly located in the Center-South of Chile.

The acquisition respects the strict financial discipline that guides REN Group operations, ensuring sustained profitability and the preservation of credit metrics compatible with maintaining a rating investment grade.

34 EXPLANATION ADDED FOR TRANSLATION

These consolidated financial statements are a translation of financial statements originally issued in Portuguese in accordance with IAS 34 – Interim Financial Reporting. In the event of discrepancies, the Portuguese language version prevails.

The Accountant

Pedro Mateus

The Board of Directors

Rodrigo Costa Ana Pinho (Chairman of the Board of Directors and Chief Executive Officer)

João Faria Conceição Jorge Magalhães Correia (Member of the Board of Directors and Chief Operational Officer)

Gonçalo Morais Soares Maria Estela Barbot (Member of the Board of Directors and Chief Financial Officer)

(Vice-President of the Board of Directors designated by State Grid International Development Limited)

Mingyi Tang Rosa Freitas Soares

Yang Qu Ana da Cunha Barros

Gonçalo Gil Mata Dulce Mota

Manuel Sebastião (Member of the Board of Directors) (Member of the Board of Directors)

(Member of the Board of Directors)

Guangchao Zhu José Luis Arnaut (Member of the Board of Directors)

(Member of the Board of Directors) (Member of the Board of Directors and of the Audit Committee President)

(Member of the Board of Directors) (Member of the Board of Directors and of the Audit Committee)

Note – The remaining pages of this Report & Accounts were initialled by the members of the Executive Committee and by the Certified Accountant, Pedro Mateus.

AI Terminal

REN-Redes Energeticas Nacionais

1903_10-q_2025-06-02_256ae9c7-3d22-4582-810c-034b3fb235b3.pdf

Consolidated Financial Statements

INDEX

1. FINANCIAL PERFORMANCE

1.1 RESULTS FOR THE FIRST 3 MONTHS OF 2025

Operational results – EBITDA

Domestic Power Transmission and Distribution Business

International Business

Net income

1.2 AVERAGE RAB AND CAPEX

2. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 MARCH 2025 AND 31 DECEMBER 2024

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros)

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros) (Translation of statements of changes in equity originally issued in Portuguese - Note 34)

CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2025 AND 2024

(Amounts expressed in thousands of euros – teuros)

3. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2025

1 GENERAL INFORMATION

1.1. Consolidation perimeter

Changes in the consolidation perimeter

- 2025

- 2024

1.2. Approval of quarterly consolidated financial statements

2 BASIS OF PRESENTATION

3 MAIN ACCOUNTING POLICIES

Adoption of new standards, interpretations, amendments and revisions

Amendments to IAS 21 – The effects of changes in foreing exchange rates: lack of exchangeability

Standards and interpretations, amended or revised, not endorsed by the European Union

4 SEGMENT REPORTING

Assets and liabilities by segment as well as capital expenditures for the three-month period ended 31 March 2025 were as follows:

5 TANGIBLE AND INTANGIBLE ASSETS

6 GOODWILL

7 INVESTMENTS IN ASSOCIATES AND JOIN VENTURES

Associates

Joint ventures

At 31 March 2025 and 31 December 2024, the financial information of the joint venture was as follows:

8 INCOME TAX

Income tax

Deferred taxes

Change in deferred tax assets – March 2025

Change in deferred tax assets – December 2024

Evolution of deferred tax liabilities – March 2025

Evolution of deferred tax liabilities – December 2024

9 FINANCIAL ASSETS AND LIABILITIES

- March 2025

- December 2024

Estimated fair value – assets and liabilities measured at fair value

Financial risk management

10 INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

11 TRADE AND OTHER RECEIVABLES

12 DERIVATIVE FINANCIAL INSTRUMENTS

Swaps:

Cash Flow Hedge - Interest Rate Swaps

The hedged instruments of cash flow hedging relationships present the following conditions:

Comprehensive Income:

- March 2025

- March 2024

Hedging Reserve:

Fair Value Hedge

- March 2025

- March 2024

Comprehensive Income:

- March 2025

13 CASH AND CASH EQUIVALENTS

14 EQUITY INSTRUMENTS

15 RESERVES AND RETAINED EARNINGS

16 BORROWINGS

Leases

17 POS-EMPLOYMENT BENEFITS AND OTHERS BENEFITS

18 PROVISIONS FOR OTHER RISKS AND CHARGES

19 TRADE AND OTHER PAYABLES

20 SALES AND SERVICES RENDERED

21 REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES

22 OTHER OPERATING INCOME

23 EXTERNAL SUPPLIES AND SERVICES