Redes Energeticas Nacionais Sa · EURONEXT:RENE

Redes Energeticas Nacionais Sa — REN - Redes Energéticas Nacionais — H1 2025 Earnings Presentation

27 slides from Redes Energeticas Nacionais Sa's earnings presentation, Jul 24, 2025

  1. Slide 1: 1H25 Results Presentation

    24TH JULY 2025 UNAUDITED INFORMATION

  2. Slide 2: 24TH JULY 2025 UNAUDITED INFORMATION

    24TH JULY 2025 UNAUDITED INFORMATION 24TH JULY 2025 UNAUDITED INFORMATION 2

  3. Slide 3: Highlights of the Period

    OGY REND qe ‘o) = pa > = i) > O the Period

  4. Slide 4: Financial highlights: EBITDA, net profit, net debt, CAPEX

    I €256.6M €65.7M €2,307.3M €150.0M -0.5% versus 1H24 +35.2% versus 1H24 -4.9% versus 1H24 +10.8% versus 1H24  A reduction in domestic  Higher financial results (+€5.2M)  Net debt (excluding tariff  CAPEX increased by 10.8% in 1H25, performance (-€1.6M vs 1H24), deviations) recorded a 4.9% reflec

  5. Slide 5: Operational and sustainability highlights

    I 77.3%  Renewable Energy sources  REN maintains a strong focus on  Iberian Peninsula blackout in 28  REN Gás appointed as provisional reached 77.3% of total supply in innovation, with particular April (following the blackout and in Portuguese entity in charge for 1H25, with hydro representing 3

  6. Slide 6: Business performance

    Business performance an

  7. Slide 7: Operating indicators by business

    II 26.2TWh 2.41% 9,716km 0.6TWh 249km 1H24: 25.7TWh (2.2%) 1H24: 2.47% -0.1pp 1H24: 9,467km (2.6%) Electricity 77.3% 0.01min 1 98.3% -4.8 pp 0.01min 0.03 pp 1H24: 82.1% 1H24: 0.00min 1H24: 98.3% 21.9TWh 99.9% 1,375km 0km 2.0TWh -0.1 pp 1H24: 19.9TWh 1H24: 100.0% 1H24: 1,375km (0.0%) Gas Transportati

  8. Slide 8: EBITDA, financial results, net profit, CAPEX, RAB, net debt

    II EBITDA -€1.2M (-0.5%) Financial Results +€5.2M (+18.8%) Net Profit +€17.1M (+35.2%) €256.6M €257.8M €-22.5M €-27.7M €65.7M €48.6M CAPEX +€14.6M (+10.8%) Average RAB1 -€23.5M (-0.7%) Net Debt2 -€280.3M (-10.5%) €150.0M €135.4M €3,453.9M €3,477.4M €2,399.5M €2,679.8M 1. Refers only to Domestic RAB

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

    II EBITDA evolution breakdown - €M EBITDA contribution by business segment4 - % €-1.2M (-0.5%) 1.5 4.5% 257.8 0.3 256.6 -0.5 9.2% 65.1% -2.5 1H25 21.2% 4.3% 66.0% 9.1% 1H24 EBITDA Δ Assets and Δ Other Δ Opex core Δ International EBITDA 1H24 opex revenues2 segment3 1H25 20.5% remuneration1 1. Include

  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 2.0 5.3 5.2 5.3 5.3 1.5 AVERAGE YIELD - % 1.0 3.09% 3.05% 0.5 1H24 1H25 0.0 1H24 1H25 1H24 1H25 1H24 1H25 10Y Bond Yield Linear (10Y B

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

    II DOMESTIC BUSINESS KEY HIGHLIGHTS Transfers to RAB - €M Electricity1 Gas Transportation2 Gas Distribution €+20.4M (+68.1%) Electricity Gas Transportation Gas Distribution 50.3 Main investment projects:  Pipeline Network: replacement and  Investments for network expansion and 6.6 upgrade of end-o

  12. Slide 12: Return on RAB evolution breakdown

    II DOMESTIC BUSINESS Return on RAB evolution breakdown - €M Return on 2.28 21.12 14.00 RAB 1H24 RoR evolution -0.02 -0.04 -0.02 €+0.12M €-0.78M €0.00M (+5.3%) (-3.7%) (0.0%) Asset base 0.14 -0.74 0.03 evolution Return on 2.40 20.34 14.00 RAB 1H25 Return on RAB increased driven by a higher Decrease i

  13. Slide 13: Core OPEX evolution

    II DOMESTIC BUSINESS KEY HIGHLIGHTS Core OPEX 1 evolution - €M €+2.5M (+4.5%) Personnel Costs  General increases and headcount increase (+2% 0.7 58.2 growth YoY, achieving 770 people in June 2025), 1.9 driven by operational areas growth 55.6 Core External Costs  Electricity costs increase €0.8M, o

  14. Slide 14: International business: contribution to EBITDA

    II Transemel & Tensa (100%) INTERNATIONAL BUSINESS  EBITDA increased YoY mainly driven by the recognition of €0.6M for 2 months of results of the new company Contribution to EBITDA 1H25 - €M Tensa, acquired by REN Group on April 2025 Revenues EBITDA Transemel €1.7M €0.2M 6.2 and Tensa €10.0M (20.5%

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

    II Depreciation & Amortization Financial results Taxes €132.4M -€22.5M €36.0M €+5.9M (+4.7%) €5.2M (+18.8%) €-19.0M (-34.6%) 1H24: €126.5M 1H24: -€27.7M 1H24: €55.0M  Increase of €5.9M versus 1H24,  Increase in Financial results  Decrease in Income tax (-€19.1M to along with an increase in gross

  16. Slide 16: Net profit evolution breakdown

    II Net profit evolution breakdown - €M €17.1M (35.2%) 19.1 65.7  Decrease in taxes of €19.1M reflecting fiscal effect related to the capitalization of operational companies, and higher CESE (+€0.1M) 48.6 5.2 -1.2 -0.1  Positive effect of €5.2M from Financial -5.9 Results reflecting the lower net d

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

    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 786 maturity 2,4401 359 4.8 years3 Operating 199 99 -294.3 (including liquidity Cash Flow available) 2025 2026 2027 2

  18. Slide 18: Annualized closing prices, analyst price target and TSR

    II Annualized closing prices 1 - % Analysts Average Price Target 2 +32.7% €3.08 +€0.28 (10.0%) 1H24: €2.80 +21.5% Total Shareholder Return (TSR) +16.9% 1H25 3 1H24 4 REN 32.7% -1.5% EURO STOXX Utilities 21.5% -6.3% PSI 16.9% 1.3% 1. Source: Bloomberg, as of 30/06/2025 | 2. As of 22/07/2025 | 3. Cumu

  19. Slide 19: Shaping a Sustainable Future

    REND Shaping a Sustainable Future an

  20. Slide 20: ESG indicators

    III INDICATOR UNIT 1H25 1H24 YoY Energy consumption MWh 675 489 683 769 -1% Energy consumption (excluding electricity transmission losses and MWh 1 973 1 072 84% self-consumption) Greenhouse gas emissions (scope 1 and 2) tCO2eq 58 388 47 281 23% Intensity of greenhouse gas emissions (scope 1 and 2)

  21. Slide 21: Sustainability highlights of the period

    III  Electricity consumption reaches record high in the first half of the year (77% FER in final electricity consumption)  Iberian Peninsula blackout in 28 April (following the blackout and in response to supply security concerns, CCGT usage increase – resulting in a substantial rise in Scope 2 em

  22. Slide 22: ESG ratings

    III D-A 0-100 100-0 CCC-AAA D-A A 63 15.7 AAA B Business strategy, Transparency and Included in 2025 ESG Top- Carbon emissions, Prime Status Emissions reductions reporting, Labor practices, Rated Companies List Corporate Governance and initiatives, Governance, Climate strategy, Human Capital Develop

  23. Slide 23: Appendix

    an REND

  24. Slide 24: 1H25 key results summary

    IV €256.6M €65.7M -0.5% versus 1H24 +35.2% versus 1H24 Lower operational performance of the domestic business alongside positive contribution from Increase in financial results in parallel with the international segment positive tax impacts €150.0M €2,307.3M +10.8% versus 1H24 -4.9% versus 1H24 Net

  25. Slide 25: Disclaimer

    24TH JULY 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 presentation,

  26. Slide 26: Investor relations contacts

    24TH JULY 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: 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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