Redes Energeticas Nacionais Sa · EURONEXT:RENE
Redes Energeticas Nacionais Sa — REN – Redes Energéticas Nacionais — 9M 2024 Earnings Presentation
25 slides from Redes Energeticas Nacionais Sa's earnings presentation, Nov 14, 2024
Slide 1: Unaudited Accounts, 14 November 2024
UNAUDITED ACCOUNTS 14TH N O V E M B E R 2024
Slide 2: Unaudited Accounts, 14 November 2024
UNAUDITED ACCOUNTS 14TH N O V E M B E R 2024
Slide 3: RIOD
RIOD OF THE-P
Slide 4: Key Messages – Financial
KEY MESSAGES – FINANCIAL €388.5M €84.2M €2,358.4M €212.9M -1.8% versus 9M23 -12.5% versus 9M23 +3.0% versus 9M23 +20.2% versus 9M23 EBITDA Net Profit Net Debt CAPEX (w/o tariff deviations) EBITDA decrease, mainly due to: Net Profit level impacted by: • Net Debt (excluding tariff deviations) • CAPEX
Slide 5: Key Messages – Operational
KEY MESSAGES – OPERATIONAL 73.0% Quality of service Reinforced sustainability Regulation +17.9 pp versus 9M23 levels remained high highlights commitments Renewable energy sources • Renewable energy sources • The average interruption time in the • REN has had all its infrastructure certified • The re
Slide 6: Results Presentation 9M24 (Unaudited Accounts)
ap es Be lie RESULTS PRESENTATION 9424 (UNAUDITED ACCOUNTS)
Slide 7: Business Highlights
BUSINESS HIGHLIGHTS SERVICE QUALITY PERFORMANCE REMAINED IN HIGH LEVELS IN 9M24. RENEWABLE ENERGY SOURCES IN CONSUMPTION SUPPLY REACHED 73.0%, ALONGSIDE WITH ELECTRICITY CONSUMPTION GROWTH 38.1 TWh 2.4% 9,483 km Consumption Energy transmission losses Line length 9M23: 37.5 TWh 0.7 TWh (1.7%) 9M23: 2
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS DECREASE OF OPERATIONAL RESULTS AND NET PROFIT EBITDA €6.9M (1.8%) Financial Results €10.9M (30.7%) Net Profit €12.0M (12.5%) €388.5M €395.5M €-46.4M €-35.5M €84.2M €96.2M CAPEX €35.8M (20.2%) Average RAB1 €57.9M (1.6%) Net Debt2 €104.1M (4.2%) €212.9M €177.1M €3,452.9 €3,510.9M
Slide 9: EBITDA
EBITDA DECREASE IN EBITDA DRIVEN BY LOWER ASSETS AND OPEX REMUNERATION IN THE DOMESTIC BUSINESS, AS WELL AS A DECREASE IN INTERNATIONAL SEGMENT RESULTS EBITDA evolution breakdown - €M EBITDA contribution by business segment 4 - % €-6.9M (-1.8%) Electricity Gas Distribution5 395.5 9.3 Gas Transportat
Slide 10: RoR Evolution
ROR EVOLUTION Domestic Business DECREASE OF BASE RETURN ON RAB AND PORTUGUESE BOND YIELDS Portuguese 10Y Treasury Bond Yields * - % Base Return on RAB (RoR) ** - % 4.0 10Y Bond Yield 3.5 Linear (10Y Bond Yield) 9M23 5.3 3.0 Electricity 9M24 5.2 2.5 2.0 9M23 5.7 1.5 AVERAGE YIELD - % Gas Transportati
Slide 11: Investment
INVESTMENT Domestic Business CAPEX AND TRANSFERS TO RAB INCREASED YOY Electricity KEY HIGHLIGHTS Gas Transportation Electricity Gas Distribution • Refurbishment of the overhead line (OHL) connection Batalha – Ribatejo at 400 kV; Transfers to RAB 1 - €M • Opening of the OHL Castelo Branco - Ferro for
Slide 12: RAB Returns
RAB RETURNS Domestic Business RAB REMUNERATION DECREASED IN GAS BUSINESSES DRIVEN MOSTLY BY THE DECREASE IN THE RATE OF RETURN Return on RAB evolution breakdown - €M Electricity (GGS1) Gas Transportation Gas Distribution Return on 3.30 35.49 21.60 RAB 9M23 RoR evolution -0.03 -2.74 -0.88 €+0.05M €-4
Slide 13: OPEX
OPEX Domestic Business OPEX INCREASED 6.7% YOY, WHILE CORE OPEX GREW 2.6% Core OPEX 1 evolution - €M KEY HIGHLIGHTS €+2.2M (+2.6%) CORE EXTERNAL COSTS 3.6 • Maintenance costs decreased by €0.9M, mainly in the electricity 84.4 segment. -1.4 • Electricity costs decreased by €0.9M, of which €0.8M in LN
Slide 14: Chile Highlights
CHILE HIGHLIGHTS International Business SOLID PERFORMANCE FROM THE CHILEAN BUSINESSES, CONTRIBUTING 4.2%1 TO TOTAL EBITDA IN 9M24 Contribution to EBITDA 9M24 - €M TRANSEMEL (100%) EBITDA decreased YoY driven mainly by lower revenues (€3.9M one-off in 9M23) International 17.5 Revenues EBITDA €4.0M €3
Slide 15: Below EBITDA
BELOW EBITDA DECREASE IN FINANCIAL RESULTS, REFLECTING THE INCREASE IN AVERAGE COST OF DEBT, AND DECREASE IN TAXES 9M23: €188.7M 9M23: -€35.5M 9M23: €75.0M €190.0M -€46.4M €67.8M €1.3M (0.7%) -€10.9 (-30.7%) -€7.1M (-9.5%) Depreciation & Amortization Financial results Taxes • Increase of €1.3M versu
Slide 16: Net Profit
NET PROFIT NET PROFIT DECREASED AS A RESULT OF LOWER FINANCIAL RESULTS AND LOWER EBITDA Net profit evolution breakdown - €M €-12.0M KEY HIGHLIGHTS (-12.5%) 96.2 • Decrease in EBITDA, reflecting a reduced -6.9 7.3 84.2 contribution from both domestic (-€2.5M) and -1.3 international businesses (-€4.4M
Slide 17: Debt
DEBT NET DEBT DECREASED VS. 2023 YEAR-END, DRIVEN BY OPERATING CASH FLOWS AND TARIFF DEVIATIONS Net Debt Cost of Net Debt evolution - €M (w/o tariff deviations) Debt Adjusted Gross Debt Maturity - €M Net Debt 1,111 2,748.7 2,421.2 2.5% Gross debt Average debt Dec 2023 adjusted 467 573 355 maturity O
Slide 18: Results Presentation 9M24 (Unaudited Accounts)
RESULTS PRESENTATION 9M24 (UNAUDITED ACCOUNTS ) PING STAINA Ue: BL 8
Slide 19: ESG Performance at a Glance
ESG PERFORMANCE AT A GLANCE INDICATOR UNIT Q32024 Q32023 YoY Energy consumption GJ 3 487 104 2 996 827 16% Greenhouse gas emissions (scope 1 and 2) tCO2eq 72 836 109 455 -33% Environment Intensity of greenhouse gas emissions (scope 1 and 2) tCO2 / GWh 0.93 1.34 -31% Turnover aligned with EU taxonomy
Slide 20: ESG Highlights
ESG HIGHLIGHTS REN IS STRONGLY COMMITTED WITH SUSTAINABILITY • Renewables accounted for 73% of accumulated • REN has released a new Supplier Code of • REN climbed nine positions in the Merco electricity consumption until September; Conduct on its website, featuring enhanced ESG Responsibility Rankin
Slide 21: Highest ESG Standards
HIGHEST ESG STANDARDS IMPROVING OUR PERFORMANCE IN INTERNATIONAL ESG SCORES Most recent score A- 60 15.1 AAA B Scale D-A 0-100 100-0 CCC-AAA D-A
Slide 22: Results Presentation 9M24 (Unaudited Accounts)
RESULTS PRESENTATION 9M24 (UNAUDITED ACCOUNTS ) 22 4
Slide 23: Closing Remarks
CLOSING REMARKS DECREASE IN DOMESTIC AND INTERNATIONAL OPERATIONAL RESULTS, ALONGSIDE AN INCREASE IN CAPEX THAT REFLECTS REN’S COMMITMENT TO THE ENERGY TRANSITION AND SUPPORT FOR PORTUGAL’S ENERGY POLICY €388.5M €84.2M €-6.9M versus 9M23 €-12.0M versus 9M23 EBITDA Net Profit • Lower operational perf
Slide 24: Disclaimer
DISCLAIMER 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 REN and it should be read as a overview of the matters addressed or contained
Slide 25: Contacts
CONTACTS VISIT OUR WEB SITE AT WWW.REN.PT OR CONTACT US: Madalena Garrido – Head of IR Mariana Asseiceiro Telma Mendes Avenida Estados Unidos da América, 55,1749-061, Lisboa - Portugal ir@ren.pt
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