Redes Energeticas Nacionais Sa · EURONEXT:RENE
Redes Energeticas Nacionais Sa — REN - Redes Energéticas Nacionais — Investor Presentation (March 2026)
44 slides from Redes Energeticas Nacionais Sa's investor presentation, March 2026
Slide 1: Corporate Presentation March 2026
Ba 0 ES Se- AED cH Z of x CORPORATE PRESENTATION MARCH 2026 \
Slide 2: Exclusive TSO in Portugal
REND< Exclusive TSO in Portugal Focused in Portugal with growth Opportunities in Chile v&Stable business 7) Solidresults _ context iattacuc aren Stable regulatory context with returns long term contracts REN CORPORATE PRESENTATION a.| Operational excellence Highly efficient and reliable player, comm
Slide 3: Exclusive TSO in Portugal
Exclusive TSO in Portugal Focused in Portugal with growth opportunities in Chile
Slide 4: 70-year track record as a leading energy company
REND ‘L EXCLUSIVE TSO IN PORTUGAL 70-year track record as a leading energy 2019 2023 Transemel was 2014 17 «@ 2nd reprivatization ferent” aT memos ne Company) v (electricity transmission) (Las Deliciag) : PO of 4% of 2015 Acquisition of Galp NG underground i_--1 storage assets Electricity concession
Slide 5: Exclusive TSO and largest gas DSO in Portugal, with international presence
REND ‘L EXCLUSIVE TSO IN PORTUGAL Exclusive TSO and largest gas DSO in Portugal, _ with international presence Network and EBITDA figures as of 315 of December of 2025 Electricity Gas Gas Telecommuni- Transmission Transmission Distribution cations rs) Electricity TSO Gas TS0 LNG Terminal Gas Storage
Slide 6: Portugal's electricity transmission and system management activity
REND ‘L EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024-27 Portugal's electricity transmission and system management activity Nationa lectrity Transmission system — Exclusive Transmission System Operator (TSO) aa 9,895km Network
Slide 7: The only player in Portugal's gas transmission activity
REND ‘L EXCLUSIVE TSO IN PORTUGAL The only player in Portugal's gas transmission activity National Gas Transmission Sustem = Exclusive TSO (concession until 2046) © 1,365km = Transportation of high-pressure natural gas and overall Network 2625 technical management of the system — Reception, storage
Slide 8: Largest player in Portugal's gas distribution activity
REND ‘L EXCLUSIVE TSO IN PORTUGAL Largest player in Portugal's gas distribution activity al = Largest gas distribution concession in Portugal among 11 companies with exclusive regional concessions = Provides services in the coastal region of Northern Portugal ~ Concession until 2048 Gas supply chain
Slide 9: Telecommunications business carried through REN Telecom
REND Telecommunications business carried through REN Telecom = Public telecommunications network operator since 2002 = Leverage the existing surplus of secure telecommunications network capacity in the electricity and gas backbones = Services provided include rental of fibre optics, data transmissio
Slide 10: Chile map
¬ ¬ ¬ ¬ ¬ ARICA IQUIQUE CALAMA ANTOFAGASTA COQUIMBO SANTIAGO VALPARAISO BIO-BÍO ARAUCANÍA
Slide 11: Operational excellence
Operational excellence Highly efficient and reliable player, committed to innovation and technology REN CORPORATE PRESENTATION
Slide 12: Amongst the most efficient TSOs with superior service quality
REND 1 EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRA Amongst the most efficient TSO's with superior Service quality in international benchmarks Electricity Gas Transmission Service level in line with or outperforming peers Line cost Opex on p
Slide 13: Enabling a renewable future
REND 1 EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE | Enabling a renewable future Capacity assigned to RES producers since 2019 1.3eva General regime = 16 TRC issued 7.0 ava Agreements regime 1.9eva = 14 agreements in “Auctions = | 2021 (tet wave) = 2 auctions = 18 agreements in launched in 2
Slide 14: REN secured green transformation in Portugal
REND 2. OPERATIONAL EXCELLENCE REN secured green transformation _ in Portugal Installed capacity of renewables REN Kept a stable and reliable service ; : 1.7 Bn€ of total capacity Domestic capex 25 GW in 2020-25 sin! : EH — 2025 2030 REN’s investment of >4B€ to electricity grid maintenance and expan
Slide 15: Leverage REN's DNA of innovation and energy transition
REND 2. OPERATIONAL EXCELLENCE Leverage REN's DNA of innovation and energy transition Consolidation of innovation results through a strong innovation culture Key projects in 2025 = Motorized system for stork deterrence (turbines) Quality and o . P business = Use of robots to clean electrical substat
Slide 16: Solid shareholder base with best-in-class corporate governance
REND 2. OPERATIONAL EXCELLENCE Solid shareholder hase with best-in-class corporate governance Shareholder structure! Board composition Board diversity and 38.8% independence OTHER 47% Independent members. 13.7% vm shares PONTEGADEA 0.6% 4 REN 6.6% 5.0% 5 9% 5.3% LAZARD mR FIDE 33% Women on the Board
Slide 17: REN remains committed to the highest ESG standards
REND 2. OPERATIONAL EXCELLENCE REN remains committed to the highest ESG standards CORE COMMITMENTS, ACHIEVEMENTS 2025 2024-2 = Environmental Scope 1 and 2 emissions 2025 b 019 57% [eed -30% Carbon neutral track HR Climate |Recognition by the Financial Times as European Climate Leaders in 2025; REN v
Slide 18: Good performance in international ESG scores
REND 2. OPERATIONAL EXCELLENCE Good performance in international ESG scores but with ambition to do more Scale S&P Global 0-400 Wepp DA MSCI@ CCC-AAA ISS ESG> D-A REN CORPORATE PRESENTATION Score AAA Strengths Innovation, environmental reporting, and social reporting Governance, business strategy, f
Slide 19: REN delivers reliable and consistent value to all stakeholders
REND 2. OPERATIONAL EXCELLENCE REN deliver reliable and consistent value to all stakeholders We are managing our environmental footprint >5,000 ha +1M -57% replanted trees of indigenous scope 1 and 2 since 2010 species planted emissions reduction / since 2010 vs. 2019 Weare contributing to Ww itted
Slide 20: Stable business context
Stabile business context Stable regulatory context with long term contracts REN CORPORATE PRESENTATION
Slide 21: Fully regulated domestic business
REND 3. STABLE BUSINESS CONTEXT Fully regulated domestic business ~ 4-year regulatory periods, for electricity and gas respectively, during which the relevant parameters remain stable Stable regulatory framework = Stability is a guiding principle of the regulation REND< No consumer ~ Tariff revenues
Slide 22: TOTEX regulation in the electricity business
REND 3. STABLE BUSINESS CONTEXT TOTEX regulation in the electricity business REN’s domestic allowed revenues breakdown Electricity 2022-25' Gas 2024-27 Revenue Cap for . . Efficiency Sharing . Return on RAB TOTEX 4 Incentives @ > D&ARecovery €) OpexRecovery (CAPEX? + OPEX) ° Mechanism ° (RAB x RoR)
Slide 23: Transparent and stable return mechanism
REND 3. STABLE BUSINESS CONTEXT Transparent and stable return mechanism RoR indexation mechanism RoR evolution, % At the * Base RoR indexed to the average --- Electricity (Tx) —Gas Transmission Electricity (base) start Portuguese government 10-Y bond _ — Gas Distribution yields (using CAPM as a refe
Slide 24: Stable financial performance in domestic business
REND 3. STABLE BUSINESS CONTEXT Stable financial performance in domestic business MB Distribution Hl Transmission 456 A447 467 486 484 44 44 50 49 49 . i 3,635 3,603 3,610 3,548 3,510 3,503 The regulatory 472 473 484 492 496 500 Average RAB! framework tiie provides REN with stable results 356 296 a
Slide 25: International gas transmission business very stable
REND 3. STABLE BUSINESS CONTEXT International gas transmission business very stable Electrogas business has high EBITDA margins and low capex requirements... ..With positive impact in REN’s results EBITDA Impact on REN US$ M Me 2025 : Since 2017 45 44 47 45 29 | 55% of : acquisition : | 78 price 202
Slide 26: International electricity transmission business with attractive growth potential
REND 3. STABLE BUSINESS CONTEXT International electricity transmission business with attractive growth potential Ml Revenues regularizations (one-off) [ll Tensa wy Transemel’s results are expected to grow reflecting strong expansion capex plans 16 15 4 1 EBITDA 7 8 9 be om ee Oe 15 let income 4 4 14
Slide 27: Strong operational performance and stable asset base
REND 3. STABLE BUSINESS CONTEXT Strong operational performance and stable asset base New businesses allow for an overall asset base stabi and sustainable operational results, despite mature domestic tr: REN EBITDA Me a CAGR —_ A 4873 514.0 506.1 516.1 470.2 460.8 P 15.5) mies 10.9 72 Bp 2020 2021 20
Slide 28: Solid results
Solid results Strong financial discipline leading to attractive shareholder returns REN CORPORATE PRESENTATION
Slide 29: 6.3% 5.2% 4.9% 5.3% 5.2% 5.2% 4.6% 4.5% 4.7% 3.2% 2.5% 2.5% 2.7% 2.5%
6.3% 5.2% 4.9% 5.3% 5.2% 5.2% 4.6% 4.5% 4.7% 3.2% 2.5% 2.5% 2.7% 2.5% 2.2% 2.1% 1.8% 1.8% 1.6%
Slide 30: Balanced credit profile with investment grade credit metrics
REND 1 EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT Balanced credit profile with investment grade credit metrics REN debt management prio: achieved th Gross debt maturity profile and funding sources? 2025, ME Other EIB? Commercial Paper Bonds s are cost of debt op’
Slide 31: PSI20, REN, EuroStoxx Utilities
330 PSI20 REN EuroStoxx Utilities 300 270 240 210 180 150 120 90 60 30 0 -30 -60
Slide 32: Stable and attractive dividend per share
REND 1 EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4, SOLID RESULTS 5. STRATEGIC CYCLE 2024-27 | Stable and attractive dividend per share REN has delivered stable and attractive remuneration to its shareholders REN Dividend per Share Dividend yield € 2025, % 52 5.3
Slide 33: Strategic cycle 2024-27
Strategic cycle 2624-27 Enabling the Energy. Transition, reinforcing Our sustainability commitments and delivering sustainable profitableigrowth REN CORPORATE PRESENTATION
Slide 34: The Energy Transition is imperative with the energy sector to play a vital role
REND 5, STRATEGIC CYCLE 2024-27 The Energy Transition is imperative with the energy sector to play a vital role The world is moving to tackle climate change 1.5°C +60% +600GW limit to achieve climate Expected EU power demand Necessary wind and neutrality, as committed in rise until 2030 driven by a
Slide 35: Strategic cycle 2024-27
REND4 5. STRATEGIC CYCLE 2024-27 Reinforcing our sustainability commitments Stepping-up ESG targets Fostering people excellence REN @) Enabling the Energy Transition U r Executing on the electricity transmission growth Unlocking the role of green gases Ss t le | t e g y Consolidating growth in Chile
Slide 36: Reinforcing our sustainability commitments
REND Reinforcing our sustainability commitments Core commitments -60% -30% 2040 we Scope 1+2 Scope 3 Carbon Accelerated Emissions Emissions neutral environmental (by 2030 vs. 2019) (vs. 2021) commitment 57% in 29% in On track 2025 2025 fo} AAA _ : 3M€ >1/ 3 =F & investment women in firsttine 8 in co
Slide 37: Positioned in the two leading regions of the energy transition path
REND We are positioned in the two leading regions of the energy transition path eo Electricity installed capacity in Portugal GW Solar increasing from 3 to 21GW in 2030 Onshore wind increasing from 6 to 10GW, and offshore wind reaching 2GW in 2030 1GW battery storage capacity target by 2030 3GW of h
Slide 38: Stepping-up our investment
REND 5, STRATEGIC CYCLE 2024-27 Stepping-up our investment up to 80%! over 2021-23 cycle Capex (M€/year) 1.7-1.9B€ Fay Up to +50% Expansion of the electricity grid in Portugal to be invested 3 C 3 Il Modernization, resilience and ease cite critical role cn the Enerau Transiti in the 2024-27 cycle? F
Slide 39: Connecting Portugal's ambitious portfolio of new renewable projects and unlocking green gases
REND 5. STRATEGIC CYCLE 2024-27 Connecting Portugal's ambitious portfolio of new renewable projects and unlocking green gases 2024-27 investment plan for electricity grid expansion Technology Capacity to be connected 2.5GW solar projects awarded in regulated auctions 0.2GW onshore projects, includin
Slide 40: Digitalization, innovation and the regulatory framework will be key
REND Digitalization, innovation and the regulatory - framework will be key in the new cycle We will leverage digitalization and innovation to enable and empower our operations +60ME spending! in digital and innovation initiatives in 2024-27 Regulation will be key in the next investment cycle to ensu
Slide 41: Firm commitment to strong fundamentals, fueled by significant investment growth
REND 5, STRATEGIC CYCLE 2024-27 Firm commitment to strong fundamentals, fueled by significant - investment growth to enable the Energy Transition Significant investment increase driving asset base growth Vv Managing portfolio and execution risk carefully Vv Stable and supportive regulatory framework
Slide 42: Solid credit metrics and attractive and sustainable dividend policy
REND 5, STRATEGIC CYCLE 2024-27 Solid credit metrics and attractive and ' sustainable dividend policy JV Committed to increase the dividend per share at 2% CAGR until 2027 Updated f 100% new bond funding to Targets Actuals targets be green 2021-23 2024-27 2025 2026-27 a J Funding needs fully Dividen
Slide 43: 2025 Results
‘Includes the reclassification of costs, with Financial Transmission Rights from Net Financial Income to EBITDA; 2. Capex includes direct acquisitions; 3 Transfers to RAB (at historic costs) includes direct acquisitions RAB related ‘Acronyms: RAB- Regulated Asset Base; Note: Values in millions of eu
Slide 44: REN 2025 at a glance
€_—_AININCHAL 159.8 M€ NET INCOME 474.9 ME INVESTMENT 3,502.9M€ AVERAGE RAB [TEERING 1.2025 figures; 2. Average interruption time excluding interruptions by fortuitous or force majeure and exceptional events; 3. ‘st and 2nd line management ‘Acronyms: RAB- Regulated Asset Base REN 2025 at a glance! v
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