Redes Energeticas Nacionais Sa · EURONEXT:RENE

Redes Energeticas Nacionais Sa — REN - Redes Energéticas Nacionais — 9M 2025 Earnings Presentation

27 slides from Redes Energeticas Nacionais Sa's earnings presentation, Nov 13, 2025

  1. Slide 1: 13th November 2025 Unaudited Information

    13TH NOVEMBER 2025 UNAUDITED INFORMATION

  2. Slide 2: 13 TH NOVEMBER 2025 UNAUDITED INFORMATION

    13TH NOVEMBER 2025 UNAUDITED INFORMATION 13TH NOVEMBER 2025 UNAUDITED INFORMATION 2

  3. Slide 3: Highlights of the Period

    OGY REND qa © 3 a > LL ie) > O the Period

  4. Slide 4: 9M25 key results: EBITDA, net profit, capex, net debt

    I €383.6M €103.9M €2,367.1M €324.6M -1.3% versus 9M24 +23.4% versus 9M24 +0.4% versus 9M24 +52.5% versus 9M24  With a reduction in domestic  Higher financial results (+€7.0M)  Net debt (excluding tariff  Positive impacts from the performance (-€7.1M) driven by the deviations) increased 0.4% in p

  5. Slide 5: Renewable production and consumption highlights

    I 70%  Renewable production supplied  REN maintains a strong focus on  Electricity consumption over the first  Approval of both The Flexibility Needs 70% of consumption in 9M25, with innovation, with particular Assessment Methodology and The nine months of the year reached its hydro representing

  6. Slide 6: Business performance

    Business performance an

  7. Slide 7: Electricity and gas operating indicators

    II 39.2TWh 2.38% 9,828km 1.0TWh 346km 9M24: 38.2TWh (2.6%) 9M24: 2.44% -0.1pp 9M24: 9,483km (3.6%) Electricity 69.9% 0.01min 1 98.35% -3.1 pp 0.00min 0.16pp 9M24: 73.0% 9M24: 0.01min 9M24: 98.19% 33.0TWh 99.9% 1,375km 0km 3.7TWh -0.1 pp 9M24: 29.3TWh 9M24: 100.0% 9M24: 1,375km (0.0%) Gas Transportat

  8. Slide 8: EBITDA, financial results, net profit, capex, net debt

    II EBITDA -€4.9M (-1.3%) Financial Results +€7.0M (+15.1%) Net Profit +€19.7M (+23.4%) €383.6M €388.5M €-39.4M €-46.4M €103.9M €84.2M CAPEX +€111.7M (+52.5%) Average RAB1 -€15.6M (-0.5%) Net Debt2 -€126.3M (-4.9%) €324.6M €212.9M €3,437.3M €3,452.9M €2,441.7M €2,568.0M 1. Refers only to Domestic RAB

  9. Slide 9: EBITDA evolution and contribution by business segment

    II EBITDA evolution breakdown - €M EBITDA contribution by business segment 4 - % €-4.9M (-1.3%) 388.5 4.8% -1.1 2.2 383.6 -1.1 9.2% 65.0% -4.8 9M25 20.9% 4.2% 65.6% 9.1% 9M24 EBITDA Δ Assets and Δ Other Δ Opex core Δ International EBITDA 9M24 opex revenues2 segment3 9M25 21.1% remuneration1 1. Inclu

  10. Slide 10: Domestic business: bond yields and base return on RAB

    II DOMESTIC BUSINESS Portuguese 10Y Treasury Bond Yields 1 - % Base Return on RAB (RoR) 2 - % 4.0 3.5 Gas Gas 3.0 Electricity Transportation Distribution 2.5 5.7 5.7 5.2 5.2 5.3 5.3 2.0 1.5 AVERAGE YIELD - % 1.0 3.02% 3.07% 0.5 9M24 9M25 0.0 9M24 9M25 9M24 9M25 9M24 9M25 10Y Bond Yield Linear (10Y B

  11. Slide 11: Domestic business key highlights: transfers to RAB

    II DOMESTIC BUSINESS KEY HIGHLIGHTS Transfers to RAB - €M Electricity1 Gas Transportation2 Gas Distribution €+35.4M (+54.8%) Electricity Gas Transportation Gas Distribution 100.2 Main investment projects:  Pipeline Network: replacement and  Investments for network expansion and 11.1 upgrade of end

  12. Slide 12: Return on RAB evolution breakdown

    II DOMESTIC BUSINESS Return on RAB evolution breakdown - €M Return on 3.35 31.26 20.94 RAB 9M24 RoR evolution -0.01 0.12 0.07 €+0.21M €-0.97M €0.10M (+6.2%) (-3.1%) (0.5%) Asset base 0.22 -1.09 0.03 evolution Return on 3.56 30.29 21.04 RAB 9M25 Return on RAB increased driven by a Decrease in return

  13. Slide 13: Core OPEX evolution

    II DOMESTIC BUSINESS KEY HIGHLIGHTS Core OPEX1 evolution - €M €+4.8M (+5.7%)  General increases and headcount increase (+3% growth YoY, achieving 772 people in September 1.4 89.2 2025), driven by operational areas growth 3.4 84.4  Electricity costs increase €0.8M, of which +€0.3M in LNG terminal 

  14. Slide 14: International business: Transemel, Tensa and Electrogas

    II Transemel & Tensa (100%) INTERNATIONAL BUSINESS  EBITDA increased YoY mainly driven by the recognition of €1.4M for 5 months of results of the new company Contribution to EBITDA 9M25 - €M Tensa, acquired by the REN Group on April 2025 Revenues EBITDA Transemel €4.2M €2.3M and Tensa €16.7M (33.9%

  15. Slide 15: Depreciation & amortization, financial results, taxes

    II Depreciation & Amortization Financial results Taxes €199.5M -€39.4M €40.8M €+9.5M (+5.0%) €7.0M (+15.1%) €-27.0M (-39.9%) 9M24: €190.0M 9M24: -€46.4M 9M24: €67.8M  Increase of €9.5M versus  Increase in Financial results  Decrease in income tax (-€27.2M to 9M24, along with an increase (+€7.0M)

  16. Slide 16: Net profit evolution breakdown

    II Net profit evolution breakdown - €M €19.7M (23.4%) 27.2 103.9  Decrease in taxes of €27.2M reflecting fiscal effect related to the capitalization of operational companies, and higher 84.2 CESE (+€0.1M) 7.0 -4.9 -0.1  Positive effect of €7.0M from Financial -9.5 Results reflecting the lower net

  17. Slide 17: Net debt evolution, cost of debt, maturity and ratings

    II Net Debt evolution - €M Net Debt Cost Adjusted Gross Debt Maturity - €M (w/o tariff of Debt deviations) Net Debt Gross debt 997 Average debt Dec 2024 2,521.0 2,386.6 2.7% adjusted 799 maturity 2,4531 359 4.7 years3 Operating 198 99 -403.1 (including liquidity Cash Flow available) 2025 2026 2027 2

  18. Slide 18: Share price, price target and total shareholder return

    II Annualized closing prices 1 - % Analysts Average Price Target 2 €3.14 +€0.33 +34.2% (11.7%) 9M24: €2.81 +24.8% Total Shareholder Return (TSR) +20.8% 9M25 3 9M24 4 REN 38.2% 7.7% EURO STOXX Utilities 24.7% 10.1% PSI 29.6% 9.5% 1. Source: Bloomberg, as of 30/09/2025 | 2. Currently, analysts average

  19. Slide 19: Shaping a Sustainable Future

    REND © Shaping a Sustainable Future an

  20. Slide 20: ESG indicators 9M25

    III INDICATOR UNIT 9M25 9M24 YoY Energy consumption 1 GWh 979.3 973.2 1% Energy transmission and distribution 2 (1) GWh 78 583 78 605 0% Greenhouse gas emissions (scope 1 and 2) (2) tCO2eq 89 731 72 780 23% Intensity of greenhouse gas emissions (scope 1 and 2) (2)/(1) tCO2/GWh 1.14 0.93​ 23% Electri

  21. Slide 21: Sustainability highlights

    III  Electricity consumption over the first nine months of the year reached its highest level in 15 years, with renewable sources meeting 70% of demand  Natureye, a set of innovative solutions for fighting rural fires developed in partnership with ADAI, won the National Innovation Award in the bus

  22. Slide 22: ESG ratings

    III D-A 0-100 CCC-AAA D-A A 77 AAA B Business strategy, Transparency and Carbon emissions, Prime Status Emissions reductions reporting, Labor practices, Corporate Governance and initiatives, Governance, Climate strategy, Human Capital Development Risk & Opportunities Opportunity disclosure, Occupati

  23. Slide 23: Closing remarks

    an REND

  24. Slide 24: Final remarks: 9M25 key results

    IV €383.6M €103.9M -1.3% versus 9M24 +23.4% versus 9M24 Lower domestic operational performance in parallel with a positive contribution from the Increase in financial results in parallel with lower international segment taxes €324.6M €2,367.1M +52.5% versus 9M24 +0.4% versus 9M24 Without tariff devi

  25. Slide 25: Disclaimer

    13TH NOVEMBER 2025 UNAUDITED INFORMATION This document has been prepared by REN – Redes Energéticas Nacionais, SGPS, S.A (the "Company") and its purpose is merely informative. As such, this document may be amended and supplemented at the discretion of presentation, and it should be read as presentat

  26. Slide 26: Investor relations contacts

    13TH NOVEMBER 2025 UNAUDITED INFORMATION Madalena Garrido – Head of IR Mariana Asseiceiro Telma Mendes Avenida Estados Unidos da América, 55, 1749-061, Lisboa - Portugal ir@ren.pt 26

  27. Slide 27: REN address and contact details

    Avenida Estados Unidos da América, 55, 1749-061, Lisboa Telefone: +351 210 013 546 ir@ren.pt

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