Redes Energeticas Nacionais Sa · EURONEXT:RENE
Redes Energeticas Nacionais Sa — REN - Redes Energéticas Nacionais — FY2025 Earnings Presentation
35 slides from Redes Energeticas Nacionais Sa's earnings presentation, March 2026
Slide 1: 8th March 2026 Results Presentation
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Slide 2: Results Presentation 2025
REN>« __ RESULTS PRESENTATION 2825 Q5TH MARCH 2026 UNAUDITED INFORMATION D Me MR A I ll Ml W v OVERVIEW BUSINESS SHAPING A STRATEGIC CLOSING OF THE PERIOD PERFORMANCE SUSTAINABLE PLAN EXECUTION REMARKS
Slide 3: Overview of the period
Slide 4: Considerable growth
+4.8% VERSUS 12M24 +28.9% VERSUS 12M24 +2.0% VERSUS 12M24 0.0% VERSUS 12M24 Considerable growth
Slide 5: Key Messages — Operational
REND< KEY MESSAGES — OPERATIONAL OD & Q5TH MARCH 2626 UNAUDITED INFORMATION RENEWABLE ENERGY SOURCES > Renewable production supplied 68% of consumption in 2025, with hydro representing 27%, wind 25%, solar 11% and biomass 5% > Electricity consumption registered an increase of 3.2% YoY > Natural gas
Slide 6: Business Performance
REND ® BUSINESS
Slide 7: Business Highlights
REN>« __ RESULTS PRESENTATION 2625 | BUSINESS HIGHLIGHTS C7 ELECTRICITY 0 TRANSMISSION 0 IIS TRIBUTION Q5TH MARCH 2626 UNAUDITED INFORMATION In 2025, service quality levels and overall availability remained high, with electricity availability at 98.3% and gas transmission at 99.9%. Renewable energy
Slide 8: Financial Highlights
REND< | FINANCIAL HIGHLIGHTS RESULTS PRESENTATION 2025 Q5TH MARCH 2626 UNAUDITED INFORMATION Net Profit improvement, Capex growth and Net Debt stabilization | emroa ‘eum | Financial Resuts papel A | NetPro oon <d @516.1M €506.1M ~€44.5M ~86L.2M €159.8M €152.0M | CAPEX1 loses c | | Average RAB2 (ons
Slide 9: EBITDA
REN)>< __ RESULTS PRESENTATION 2025 EBITDA Q5TH MARCH 2026 UNAUDITED INFORMATION Increase in EBITDA driven by higher Assets and opex remuneration, and other revenues in domestic business, and increase in international business performance, partially offset by higher Opex in domestic business EBITDA
Slide 10: ROR Evolution
REN>« __ RESULTS PRESENTATION 2825 ROR EVOLUTION Q5TH MARCH 2626 UNAUDITED INFORMATION Increase of Base Return on RAB, with slight increase in 10Y Portuguese Government Bonds yields since the end of 2024 Portuguese 10Y Treasury Bond Yields - % A] AVERAGE YIELD-% 2024: 2.95% 2025: 3.07% yo to 0 oO PP
Slide 11: Investment: Domestic Business
REN>« __ RESULTS PRESENTATION 2825 INVESTMENT DOMESTIC BUSINESS Transfers to RAB- €M +€30.9M (10.4%) 2024 CAPEX — €M +€48.1M (13.5%) 2024 | @ Electricity’ @ Gas Transmission? @ Gas Distribution Q5TH MARCH 2626 UNAUDITED INFORMATION Both Capex and Transfers to RAB increased in 2025 KEY HIGHLIGHTS a)
Slide 12: RAB Returns: Domestic Business
REN>« __ RESULTS PRESENTATION 2825 RAB RETURNS DOMESTIC BUSINESS Q5TH MARCH 2626 UNAUDITED INFORMATION RAB remuneration decreased in gas businesses driven mostly by the decrease in asset base Return on RAB evolution breakdown — €M 2) Electricity Return on RAB 2024 i o RoR evolution 0.02 €0.12M (25%)
Slide 13: OPEX: Domestic Business
REN)>< __ RESULTS PRESENTATION 2025 OPEX DOMESTIC BUSINESS Core OPEX'evolution— €M +€5.M (+4.3%) 24 132.4 . | 7269 | | \ 2024 ACore External Costs A Personnel Costs 2025 fu. 2008 ——— €+6.5M(:32%) > 2073 41. Calculated as OPEX minus pass-through costs (e.g., ITC mechanism, gas transportation costs, E
Slide 14: Chile Highlights: International Business
REN>« __ RESULTS PRESENTATION 2825 | CHILE HIGHLIGHTS INTERNATIONAL BUSINESS Solid performance from the Chilean businesses, contributing 4.6% to total EBITDA in 2025 | Contribution to EBITDA 2025 - €M REN» Transemel and Tensa (108%) Electragas (42.5%) 4. This value excludes the segment "Other" from
Slide 15: Below EBITDA
REN)>< __ RESULTS PRESENTATION 2025 Q5TH MARCH 2026 UNAUDITED INFORMATION | BELOW EBITD A Increase in financial results, reflecting the decrease in cost of debt, and increase in taxes and amortizations o() Benreciation € Financial results it) § Amortization _GAA5M 0304 S Tues nD) . ; (+27.4%) +07 ™M
Slide 16: Net Profit
REN)>< __ RESULTS PRESENTATION 2025 | NET PROFIT Net Profit increased as a result of higher EBITDA and higher Financial results Net profit evolution breakdown — €M 10.0 423 58 €1.3M 8%) “SI 159.8 4 Net Profit AEBITDA ADepreciation A Financial 2024 results ACESE Alncome tax Net Profit (excl. CESE) 20
Slide 17: Debt
REND | DEBT RESULTS PRESENTATION 2625 Q5TH MARCH 2026 UNAUDITED INFORMATION Net Debt remained broadly stable, as operating cash flow and tariff deviations inflows were offset by capex payments, interests and Tensa acquisition | Net Debt evolution - €M Net Debt / I/ Dec 2024 Qperatin: Cash Flow Tarif
Slide 18: Share Price & Shareholder Return
REN>« __ RESULTS PRESENTATION 2825 SHARE PRICE & SHAREHOLDER RETURN Q5TH MARCH 2626 UNAUDITED INFORMATION REN Total Shareholder Return in 2025 was positive, with performance above European and Portuguese indices Annualized closing prices *—% —REN ——EUROSTOXX Utilities ——PSI 4, Source: Bloomberg, as
Slide 19: Shaping a Sustainable Future
REND @ SHAPING A SUSTAINABLE FUTURE ‘SHAPING A SUSTAINABLE FUTURE oF (6) O | => 19
Slide 20: Accelerating Our ESG Commitment
REN>4« __ RESULTS PRESENTATION 2825 ACCELERATING OUR ESG COMMITMENT PROGRESS TOWARDS OUR TARGETS. 5TH MARCH 2626 UNAUDITED INFORMATION (D ENVIRONMENT Q SOCIAL "> GOVERNANCE —®@M21 Scope 1 and 2 emissions > 60 70 reduction target by 2030 vs 2019 1/ a 87%vs2019 0/ Scope 3 emissions reduction 9 -30 70
Slide 21: ESG Performance at a Glance
REN)>< __ RESULTS PRESENTATION 2025 ESG PERFORMANCE AT A GLANCE Q5TH MARCH 2026 UNAUDITED INFORMATION INDICATOR UNIT 2025 2024 YoY : Energy consumption MWh 1,306,693 1,280,746 2% © Environment Energy transmission and distribution? ( GWh 105,006 404,500 0.5% Greenhouse gas emissions (scope 1 and 2) (
Slide 22: Reinforced Sustainability Commitments
REND REINFORCED SUSTAINABILITY COMMITMENTS Q5TH MARCH 2626 UNAUDITED INFORMATION Electricity consumption reaches the highest figure ever in 2025 and production of renewables supplies 68% CDP Climate Change rating sustained at A, reaffirming top-tier climate performance REN recognized by the Financia
Slide 23: Highest ESG Standards
REN)>< __ RESULTS PRESENTATION 2025 HIGHEST ESG STANDARDS IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES Q5TH MARCH 2026 UNAUDITED INFORMATION ¥Wepp S&P Global MSCI@> ISS ESG> | SCALE SCORE Business strategy, Emissions reductions initiatives, Governance, Opportunity disclosure, Environmental
Slide 24: Strategic Plan Execution & Outlook
Slide 25: REN Delivered on All Business Plan Targets for 2024-27
REN)>< _ RESULTS PRESENTATION 2025 IN 2024-25, REN DELIVERED ON ALL BUSINESS PLAN TARGETS SET FOR 2024-27 Q5TH MARCH 2026 UNAUDITED INFORMATION Comparison between 2024-25 Actuals and 2024-27 Business Plan Targets EBITDA <u: 506 2024 516 2025 veary,” 500-540 Y) + EBITDA on target, supported by the st
Slide 26: Key Developments Shaping REN's 2026-27 Outlook
REN>« __ RESULTS PRESENTATION 2825 Q5TH MARCH 2626 UNAUDITED INFORMATION KEY DEVELOPMENTS SHAPING REN'S 2026-27 OUTLOOK 000 € REGULATION FISCAL EFFECTS & FUNDING | 6.19% electricity base ROR | +0. 40M car in Net Income CAPEX & ASSET BASE . 2026-27 6450-550M 22:2 €391M avg. 2024-25 Capex Total Assets
Slide 27: Domestic Electricity Segment Driving the Capex Step-Up
REN)>< __ RESULTS PRESENTATION 2025 Q5TH MARCH 2026 UNAUDITED INFORMATION DOMESTIC ELECTRICITY SEGMENT DRIVING THE CAPEX STEP-UP 2024-27 targets CAPEX 2024-25 Updated target for 2026-27 . 65% I 55-60% vs. 2024-27 targets €M O . 25% Ea C. 50% vs. 2024-27 targets 2024-27 BP yearly target 305 353 50 50
Slide 28: Electricity Regulation
REN)>< __ RESULTS PRESENTATION 2025 ELECTRICITY REGULATION Q5TH MARCH 2026 UNAUDITED INFORMATION Electricity regulatory model for 2026-29 maintains the TOTEX + Incentives framework, with an uplift in the base Rate of Return | rorEx (CAPEX+OPEX) > Increase in the RoR starting point from 4.40% to 6.19
Slide 29: Updated Guidance
REN)>< __ RESULTS PRESENTATION 2025 | UPDATED GUIDANCE 2024-27 targets Average results 2024-25 EBITDA 5H €M Recurrent Net Profit 153 €M Net Debt 25 €B CAPEX 3911 €M 2024-27 BP 2024-254 yearly target 4. Excluding inorganic growth in Chil Q5TH MARCH 2026 UNAUDITED INFORMATION Revised 2026-27 targets r
Slide 30: REN Will Continue to Deliver Sustainable and Profitable Growth
REN)>< __ RESULTS PRESENTATION 2025 Q5TH MARCH 2026 UNAUDITED INFORMATION REN WILL CONTINUE TO DELIVER SUSTAINABLE AND PROFITABLE | GROWTH ool) Accelerating growth iv) 9% Electricity asset base CAGR in 2025-27, including regulated assets and solar agreements > Improved regulation with 7.11% expected
Slide 31: Closing Remarks
Slide 32: Closing Remarks
REN>« __ RESULTS PRESENTATION 2625 CLOSING REMARKS SIGNIFICANT INVESTMENTS AND SOLID PERFORMANCE, MEETING ALL 2024-27 BUSINESS PLAN TARGETS, AND FURTHER PROGRESS ON ENERGY TRANSITION GOALS. Q5TH MARCH 2626 UNAUDITED INFORMATION VERSUS 12M24 | -2onversustemas +28.9% VERSUS 12M24 GS ofl) e598 | eara.g
Slide 33: Disclaimer
REND 5TH MARCH 2626 UNAUDITED INFORMATION DISCLAIMER This document has been prepared by REN - Redes Energéticas Nacionais, SGPS, SA (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 a
Slide 34: Contacts
REN)>< __ RESULTS PRESENTATION 2025 CONTACTS @5TH MARCH 2626 UNAUDITED INFORMATION a SILVER Prémio Nacional de a Sustentabilidade ae 20@€>@020 negocios GAGMP Wy elbens PREMIOS' LUSOFONOS DA CRITVIDADE Visit our website www.ren.pt Or contact us: Madalena Garrido - Head of IR Mariana Asseiceiro Telma
Slide 35: Avenida Estados Unidos da América, 55, Lisboa
RESULTS PRESENTATION 2025 Avenida Estados Unidos da América, 55, 1749-061, Lisboa - Portugal ir@ren.pt MH HR
REN - Redes Energéticas Nacionais — FY2025 Earnings Presentation on 6ix