Redes Energeticas Nacionais Sa · EURONEXT:RENE
Redes Energeticas Nacionais Sa — REN - Redes Energéticas Nacionais — Investor Presentation (May 2026)
44 slides from Redes Energeticas Nacionais Sa's investor presentation, May 2026
Slide 1: Corporate Presentation May 2026
CORPORATE PRESENTATION MAY 2026
Slide 2: Key messages
Key messages Exclusive TSO in Operational Portugal excellence Focused in Portugal with growth Highly efficient and reliable player, opportunities in Chile committed to innovation and technology Stable business Solid results Strategic cycle Strong financial discipline leading context to attractive sh
Slide 3: Exclusive TSO in Portugal
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Exclusive TSO in Portugal Focused in Portugal with growth opportunities in Chile Exclusive TSO in Portugal Focused in Portugal with growth opportunities in Chile RENCORPORA
Slide 4: 70-year track record as a leading energy infrastructure operator focused in Portugal
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 70- year track record as a leading energy infrastructure operator focused in Portugal 1947 2014 2019 2023 Transemel was 2 nd reprivatization Foundation of CNE Acquisition o
Slide 5: Exclusive TSO and largest gas DSO in Portugal, with international presence
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Exclusive TSO and largest gas DSO in Portugal, with international presence Network figures as of 31 st of March of 2026 and EBITDA figures as of 31 st of December of 2025 E
Slide 6: Portugal's electricity transmission and system management activity
1. 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 National Electricity Transmission System ¬ Exclusive Transmission System Operator (TSO) 9,895km ¬ Transmi
Slide 7: The only player in Portugal's gas transmission activity
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 The only player in Portugal’s gas transmission activity National Gas Transmission System ¬ Exclusive TSO (concession until 2046) 1,375km ¬ Transportation of high -pressure
Slide 8: Largest player in Portugal's gas distribution activity
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Largest player in Portugal’s gas distribution activity Portgás network ¬ Largest gas distribution concession in Portugal among 11 6,781km companies with exclusive regional
Slide 9: Telecommunications business carried through REN Telecom
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Telecommunications business carried through REN Telecom REN Telecom ¬ Public telecommunications network operator since 2002 ¬ Leverage the existing surplus of telecommunica
Slide 10: Growing international presence in Chilean energy sector
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Growing international presence in Chilean energy sector Electrogas(42.5% stake since 2017) TransemelandTensa(100% stake since 2019 and 2025) ¬ Operates a gas transmission s
Slide 11: Operational excellence
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Operational excellence Highly efficient and reliable player, committed to innovation and technology RENCORPORATE PRESENTATION 11
Slide 12: Amongst the most efficient TSO's with superior service quality in international benchmarks
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Amongst the most efficient TSO’s with superior service quality in international benchmarks Electricity Gas Transmission Service level in line with or outperforming peers Li
Slide 13: Enabling a renewable future
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Enabling a renewable future Capacity assigned to RES producers since 2019 % Electricity consumption from renewable sources1 68 % 2 1.3 GVA 48% 60 % General regime ▪ 16 TRC
Slide 14: REN secured green transformation in Portugal
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 REN secured green transformation in Portugal Installed capacity of renewables REN kept a stable and reliable service 81% 1.7 Bn € of total capacity Domestic capex in 2020 -
Slide 15: Leverage REN's DNA of innovation and energy transition
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Leverage REN’s DNA of innovation and energy transition Consolidation of innovation results through a Ensuring the integrity of critical systems strong innovation culture Ke
Slide 16: Solid shareholder base with best-in-class corporate governance
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Solid shareholder base with best - in- class corporate governance Shareholder structure 1 Board composition Special committees and supervisory bodies Board diversity and 39
Slide 17: REN remains committed to the highest ESG standards
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 REN remains committed to the highest ESG standards Environmental Social Governance Scope 1 and 2 emissions 2025: >1/3 of women in 1st line 2025: ESG as a key performance Im
Slide 18: Good performance in international ESG scores but with ambition to do more
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Good performance in international ESG scores but with ambition to do more Scale Score Strengths Latest assessment Innovation, environmental reporting, and social 0 -100 78
Slide 19: REN deliver reliable and consistent value to all stakeholders
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 REN deliver reliable and consistent value to all stakeholders We are managing our environmental footprint >5,000 ha +1 M - 57% replanted trees of indigenous scope 1 and 2 s
Slide 20: Stable business context
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Stable business context Stable regulatory context with long term contracts RENCORPORATE PRESENTATION 20
Slide 21: Fully regulated domestic business
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Fully regulated domestic business ¬ 4 - year regulatory periods, for electricity and gas Stableregulatory respectively, during which the relevant parameters Key regulatory
Slide 22: TOTEX regulation in the electricity business
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 TOTEX regulation in the electricity business REN’s domestic allowed revenues breakdown Electricity 2026 - 29 1 Gas 2024 - 27 Revenue Cap for Efficiency Sharing Return on RA
Slide 23: Transparent and stable return mechanism
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Transparent and stable return mechanism RoR indexation mechanism RoR evolution , % Electricity (base) At the ▪ Base RoR indexed to the average Electricity (Tx) Gas Transmis
Slide 24: Stable financial performance in domestic business
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Stable financial performance in domestic business Distribution Transmission 447 467 486 484 491 44 50 51 49 49 EBITDA1 135 403 417 436 435 441 M€ 123 13 3,603 473 3,610 484
Slide 25: International gas transmission business very stable
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 International gas transmission business very stable Electrogas business has high EBITDA …with positive impact in REN’s results margins and low capex requirements… EBITDA Im
Slide 26: International electricity transmission business with attractive growth potential
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 International electricity transmission business with attractive growth potential Revenues regularizations (one -off) Tensa 16 15 9 4 11 2 EBITDA 8 5 M€ 12 12 4 1 Transemel’
Slide 27: Strong operational performance and stable asset base
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Strong operational performance and stable asset base New businesses allow for an overall asset base stabilization and sustainable operational results , despite mature domes
Slide 28: Solid results
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Solid results Strong financial discipline leading to attractive shareholder returns RENCORPORATE PRESENTATION 28
Slide 29: Stable net income
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Stable net income Despite some volatility in 10y Portuguese Government Bonds, REN has been able to maintain a stable net income Net income M€ 3.9 3.8 3.0 2.8 2.8 2.9 2.9 2.
Slide 30: Balanced credit profile with investment grade credit metrics
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Balanced credit profile with investment grade credit metrics REN debt management priorities are cost of debt optimization and net income protection achieved through a flexi
Slide 31: Delivering compelling returns to shareholders
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Delivering compelling returns to shareholders Cumulative Total Shareholder Return 1 since REN’s IPO Indexed from 100 390 PSI20 REN EuroStoxx Utilities 340 354.0% 290 240 Eu
Slide 32: Stable and attractive dividend per share
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 € March 2026, % 5.8
Slide 33: Strategic cycle 2024-27
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Strategic cycle 2024- 27 Enabling the Energy Transition, reinforcing our sustainability commitments and delivering sustainable profitable growth RENCORPORATE PRESENTATION 3
Slide 34: The Energy Transition is imperative with the energy sector to play a vital role
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 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 The transition will not happen without grids Gl
Slide 35: Strategic pillars of the 2024-27 cycle
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Reinforcing our sustainability commitments Stepping -up ESG targets Fostering people excellence Enabling the Energy Transition Executing on the electricity transmission gro
Slide 36: Reinforcing our sustainability commitments
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Reinforcing our sustainability commitments Core commitments Targets by 2030… - 60 % - 30 % 2040 80% Electrified fleet (64% in 2025) Renewable capacity for 15 MW self -consu
Slide 37: We are positioned in the two leading regions of the energy transition path
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 We are positioned in the two leading regions of the energy transition path Electricity installed capacity in Portugal Electricity installed capacity in Chile GW GW +25 GW +
Slide 38: Stepping-up our investment
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Stepping-up our investment up to 80%1 over 2021- 23 cycle Capex (M €/year) 1.7- 1.9 B € Up to +50% to be invested Expansion of the electricity grid in Portugal, Electricity
Slide 39: Connecting Portugal's ambitious portfolio of new renewable projects and unlocking green gases
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 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 Gas infrastructure ~
Slide 40: Digitalization, innovation and the regulatory framework will be key in the new cycle
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Digitalization, innovation and the regulatory framework will be key in the new cycle We will leverage Quality and ▪ Digital tools to improve system operations and flexibili
Slide 41: Firm commitment to strong fundamentals, fueled by significant investment growth
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Firm commitment to strong fundamentals, fueled by significant investment growth to enable the Energy Transition Updated Targets Actuals targets 2024 -27 2024 -25 2026 -27 2
Slide 42: Solid credit metrics and attractive and sustainable dividend policy
1. EXCLUSIVE TSO IN PORTUGAL 2. OPERATIONAL EXCELLENCE 3. STABLE BUSINESS CONTEXT 4. SOLID RESULTS 5. STRATEGIC CYCLE 2024 - 27 Solid credit metrics and attractive and Committed to increase the sustainable dividend policy dividend per share at 2% CAGR until 2027 Updated 100% new bond funding to Targ
Slide 43: 1Q26 Results
1Q26 Results INDICATOR 1Q25 1Q26 25/26 EBITDA 1 128.9 143.2 14.3 11.1% Net financial income 1 -16.8 - 16.9 -0.1 -0.7% Results Net income 14.4 36.2 21.8 150.7% Recurrent net income 13.6 36.2 22.6 166.2% CAPEX 2 69.1 48.5 -20.7 -29.9% Investment Transfers to RAB 3 19.7 3.1 -16.6 -84.2% Average RAB 3
Slide 44: REN 2025 at a glance
1 REN 2025 at a glance FINANCIAL ELECTRICITY GAS 159.8 M € 48.1 TWh 49.2 TWh NET INCOME ENERGY TRANSMITED TRANSPORTED ENERGY 474.9 M € 53.0 TWh 45.2 TWh INVESTMENT CONSUMPTION CONSUMPTION 3,502.9 M € 0.01 min 95 % AVERAGE RAB INTERRUPTION TIME 2 LNG TERMINAL COMMUNITIES HUMAN CAPITAL NATURAL CAPITAL
REN - Redes Energéticas Nacionais — Investor Presentation (May 2026) on 6ix