Consolidated and individual accounts’ reporting documents for the year ending December 31, 2025

INTEGRATED REPORT 2025

SUSTAINABLE TODAY, CONNECTED TO THE FUTURE.

‌IN A RAPIDLY EVOLVING WORLD,

REN FOLLOWS A TRANSITION STRATEGY FOUNDED ON RESPONSIBILITY AND BALANCE, OFFERING A CLEAR AND COMPREHENSIVE VISION FOR THE FUTURE.

INTEGRATED REPORT 2025

ACCESS ALL OF REN'S INFORMATION ON ITS APPLICATIONS.

Sustainable choices today and the system we are building ensure what is essential for life, the economy, and progress.

Through our commitment to these principles, we are helping deliver the energy transition. We work hand in hand with those who turn this purpose into reality.

Innovation, efficiency, and respect for the environment serve as the foundations that allow this energy to reach every community we serve.

It is this energy, and our dedication to serve that bring us together, step by step and group by group, to a commitment with the country, the people, and the spaces where we live.

Together, we move toward a sustainable future as a community.

REN

Investidores

REN

Energia

THIS IS OUR ENERGY WITH COMMITMENT.

THE NETWORK

OF ALL NETWORKS

https://www.ren.pt

CHALLENGE

INNOVATION CONNECTION FUTURE

We recognize that our concerns regarding equality and inclusion are reflected in the Report and in our practices set out herein. For this reason, we have chosen not to provide a breakdown of information by gender.

‌ENERGY WITH COMMITMENT INTEGRATED REPORT 2025

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INTEGRATED

MANAGEMENT REPORT

II

CONSOLIDATED AND

INDIVIDUAL ACCOUNTS

III

CORPORATE

GOVERNANCE REPORT

ANNEXES

01.

02.

03.

04.

05.

OUR ACTIVITY

STRATEGY AND RISK MANAGEMENT

GOVERNANCE SUSTAINABILITY STATEMENT FINANCIAL PERFORMANCE

AND PROPOSED ALLOCATION

OF NET INCOME

15

85

115

124

346

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06.

CONSOLIDATED FINANCIAL STATEMENTS AND ANNEXES

INDIVIDUAL FINANCIAL

360

07.

08. INFORMATION ON SHAREHOLDER, STRUCTURE, ORGANIZATION AND CORPORATE GOVERNANCE

522

1. ENERGY LEGISLATION

2. ESRS TABLE

3. GRI STANDARDS TABLE

630

633

646

03

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With a long-term vision, we are steering the energy

transition with responsibility and resilience.

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This report

consists of four main parts.

REN's Integrated Report brings together the reporting of operating, financial, sustainability (including economic, social and environmental aspects - ESG) and corporate governance information from all REN Group companies. By consolidating the ESG information considered to be most relevant for the company and our stakeholders, together with our corporate governance practices, the report provides a transparent picture of REN's commitments and legal obligations in these areas.

This report, covering the period from 1 January to 31 December 2025, follows the Integrated Reporting (IR) guidelines for the preparation

of integrated reports and consists of four main parts:

¬ The integrated management report, which includes the description of activity, strategy, commitments, risk management, governance and the sustainability statement, aligned with the requirements

of the European Sustainability Reporting Standards (ESRS) developed under the Corporate Sustainability Reporting Directive (CSRD);

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INTEGRATED MANAGEMENT REPORT

¬ Consolidated and individual accounts;

¬ Corporate governance report, which also includes the Remuneration Report;

¬ Annexes, including alignment with sustainability reporting standards/ guidelines.

The consolidated and individual financial statements for the financial year, as well as the social, environmental, operational and corporate governance content included in this report, were approved by the Board of Directors at the meeting held on 19 March 2026. It is the Board of Directors' opinion that this information accurately and suitably reflects the financial position of the Group

GRI 2-5

GRI 2-4

GRI 2-3

GRI 2-2

ESRS 2 BP-2

ESRS 2 BP-1

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and its different subsidiary companies and provides a balanced overview of its policies, organization, practices and operating results in the sustainability matters considered

to be most relevant, in compliance with the applicable reference standards and guidelines.

Reporting of sustainability information

REN has prepared its sustainability reporting in accordance with a series of internationally recognized standards and guidelines:

→ European Sustainability Reporting Standards (ESRS) developed under the Corporate Sustainability Reporting Directive (CSRD);

↗ Principles oF the United Nations Global Compact (UNGC);

→ Global Reporting Initiative (GRI) standards, an international standard for the development of sustainability reporting;

→ Sustainability Accounting Standards Board (SASB) Standards;

→ Task Force on Climate-related Financial Disclosure (TCFD) Recommendations, on the disclosure of financial information related to climate risks and opportunities;

→ Portuguese Securities Market Commission (CMVM) reporting model for the disclosure of non-financial information in compliance with Decree-Law No 89/2017 of 28 July;

→ European Union Environmental Taxonomy (Regulation (EU) No 2020/852 of the European Parliament and of the Council of 18 June 2020 and Commission Delegated Regulation (EU) 2026/73 of 4 July 2025).

The sustainability information was audited by Ernst & Young, Audit & Associados, SROC, S.A., in accordance with the International Standard on Assurance Engagements 3000 (ISAE 3000) standard and with reference to the ESRS, under the CSRD, and the GRI standards (Version 2021). Other references include the SASB, CMVM,

TCFD and European Taxonomy, thus providing a limited level of assurance with respect to reliability.

Reporting of financial information The consolidated financial statements were drawn up on the assumption that operations are to continue using the accounting records of the companies included in the consolidation

→ see part II - Consolidated and individual

accounts, maintained in accordance with accounting standards in force in Portugal and adjusted during the consolidation process so that the consolidated financial statements are in accordance with International Standards

on Financial Reporting as implemented in the European Union, applicable to financial years starting on 1 January 2025.

Both the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the International Accounting Standards (IAS), issued by the International Accounting Standards Committee (IASC) and respective interpretations - IFRIC and SIC, issued

by the International Financial Reporting Interpretation Committee (IFRIC) and Standard Interpretation Committee (SIC), which have been implemented in the EU, should be understood as forming part of the Financial Reporting Standards.

The individual financial statements were drawn up in accordance with Portuguese law, including Decree-Law No 158/2009 of 13 July 2009, updated by Decree-Law No 98/2015 of 2 June 2015, Decree-Law No 192/2015 of 11 September 2015 and updated by Decree-Law No 73/2023 of 23

August 2023, and by Ministerial Implementing Order No 220/2015 of 24 July 2015, updated by Ministerial Implementing Order No 41/2025/1 of 17 February 2025, and also in accordance with the structural concept, accountancy standards, financial reporting (NCRF) and other requirements applicable to the financial year ending 31 December 2025

REN is committed to adopting the best reporting practices.

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→ See Part II - Consolidated and individual accounts. The accounts were also audited by Ernst & Young, Audit & Associados, SROC S.A.

Reporting of corporate governance information

Corporate governance information is prepared in accordance with the applicable legislation and regulations in force to which REN is subject and as a company issuing shares traded on the regulated market.

The corporate governance report was drawn up in accordance with the recommendations set out in regulations in force and in the Code of Corporate Governance of the Portuguese Institute of Corporate Governance (IPCG). In this regard, the report also includes an analysis of compliance with the IPCG code, providing details of the terms of implementation for each recommendation.

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Gonçalo Morais Soares

I

CFO AND MEMBER OF THE EXECUTIVE COMMITTEE

Rodrigo Costa

INTEGRATED MANAGEMENT REPORT

CHAIRMAN OF THE BOARD OF DIRECTORS AND THE EXECUTIVE COMMITTEE

João Faria Conceição

COO AND MEMBER OF THE EXECUTIVE COMMITTEE

REN is a company with a unique mission that is vitally important

in the Portuguese energy system.

We bring together the main national sources of electric power that feed our homes, businesses, and public services. We are also responsible for the storage of natural gas and its transmission to the distribution networks. In addition, we manage energy interconnections with Spain. In the north of Portugal our distribution operation, REN Portgás, maintains a very positive performance. And although more than 95% of our activity takes place in Portugal, we also successfully operate similar infrastructures in Chile.

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We work with a priority that overrides all the others: managing our networks safely, with the goal of delivering uninterruptedly energy.

Our ability to meet the demands of our mission has never been tested as intensively as it was in April of last year. I am referring, of course,

GRI 2-22

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to the incident on April 28, 2025, which left the entire Iberian Peninsula without electricity for several hours. This was one of those events for which we regularly prepare through continuous simulations of potential accidents or other extreme scenarios. And, as it became clear, what occurred in the Portuguese electrical system was due to external causes and could not have been avoided.

The recovery effort was carried out in close collaboration with the entire national energy ecosystem. Under our management and coordination, we brought together the efforts of the Transmission, Distribution, and Production areas, as well as several other companies that provide services to us. The Government and various dependent institutions closely monitored the entire process and witnessed the capacity, competence, and dedication of our teams,

who worked tirelessly until normal operations were restored. It is also important to refer that our work was carried out, at all times, in coordination and cooperation with E-Redes and Redeia - Red Eléctrica of Spain.

When addressing this topic - and although this letter refers to 2025 - I cannot fail to mention storm Kristin, which left a terrible trail of destruction across the country and currently keeps us, as I write these lines, at the highest state of alert. We lost over sixty very-high voltage pylons, and more than 700 kilometers of network were taken out of service.

We have shown, clearly and consistently, that everyone can rely on us and on the ability of our teams to respond to the challenges we have faced. I like to remember that we are not alone in these efforts. Responding to such

emergency situations is only possible thanks to a broad mobilization.

Our collective dependence on energy is increasing. Energy systems are growing in size and complexity, extreme weather events are becoming more frequent, and geopolitical imbalances heighten the fear of both external and internal threats. Our strategy of investing in technical and human resources will continue to ensure the high quality of service that defines us.

Our work is not only about anticipating risks and difficulties. It is also about building the future with innovation and enthusiasm.

Last year, we built nearly 260 kilometers of new lines and carried out studies for another 430 kilometers planned for this year. Looking ahead to 2030, ten new substations and another 1,500 kilometers of new lines are planned.

In the gas concession, we continued transforming transmission and storage infrastructures to accommodate renewable gases, namely biomethane and hydrogen.

We also continued studies on the new interconnection with Spain, a project expected

Our work is not only about anticipating risks and

difficulties. It is also about building the future with innovation and enthusiasm.

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INTEGRATED MANAGEMENT REPORT

to integrate a green hydrogen transport network from Portugal to Germany.

This increase in activity is only possible thanks to the competence and dedication of a team that has continued to grow in recent years. In 2025, we hired 58 new employees, ensuring the renewal of a group known for its loyalty to the company: last year, 40 of our employees celebrated 25 years with us. This record attests to our fulfillment of commitments related to diversity, training, recognition, development, and well being, as well as our

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TIME magazine ranked us as

one of the 500 most sustainable companies in the world, and

the Financial Times included us in the Europe's Climate Leaders 2025 ranking.

investment in an agile organizational and work model that promotes efficiency and is increasingly prepared for the coming years.

The work we carry out aims to meet the goals defined in the National Energy and Climate Plan 2030, toward which we continue progressing significantly. In 2025, total renewable generation amounted

to 37 TWh, compared to 36.7 TWh in the

previous year, reaching the highest value ever recorded in the National Electric System

and representing 68% of consumption (in line with the 70% of the previous year, despite the technical restrictions imposed on electricity production to safeguard the security of supply immediately after the blackout of April 28).

Contributing to this result were a 25% increase in solar photovoltaic generation, which remains on a strong growth trajectory, and particularly favorable hydropower conditions.

We also highlight our operations in Chile, where we have achieved excellent results since 2017, with our portfolio expanding last year following the acquisition of two power transmission operations.

Our sustainability performance reinforces the fact that the path to decarbonization results from an integrated and consistent approach aligned with the principles of the United Nations Global Compact. In 2025, we strengthened the implementation of best

practices across our operations, consolidating our commitment to responsible and sustainable management. This commitment has been internationally recognized by leading ESG rating agencies, reflecting the positive evolution of our performance. Additionally, TIME magazine ranked us as one of the 500 most sustainable companies in the world, and the Financial Times included us in the Europe's Climate Leaders 2025 ranking for our progress in reducing greenhouse gas emissions.

We continued to create value by promoting responsible practices throughout our supply chain and maintaining close relationships with local communities. Strengthening internal policies that promote work life balance earned us certification as a Family Responsible Entity.

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INTEGRATED MANAGEMENT REPORT

REN's growing position as a sustainable and socially responsible company has been

supported, as always, by the encouragement and commitment of our Board of Directors.

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We also continue to benefit from the support of our Shareholders, motivating us to pursue and expand upon the work we have been developing.

2025 was another good year for REN. We look forward to 2026 as a particularly important year, marked by the entry into force of a

new regulatory framework in the electricity concession. We maintain the confidence and enthusiasm that have defined our team's work and contributed to the very positive results we have achieved.

Rodrigo Costa

Chairman of the Board of Directors and the Executive Committee

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Financial

performance

Financial resources to support, develop and maintain the system and infrastructure

Supply chain management

Follow-up and monitoring of the supply chain in order to support its sustainable development

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INTEGRATED MANAGEMENT REPORT

Research & Development

Processes, procedures, information

systems and infrastructure for business development, more specifically, in the

II

energy transition and decarbonization of the sector

INPUTS

OUTPUTS

475 M€

INVESTMENT (CAPEX>

TAXES PAID (INCLUDES CESE>

39 M€

71 M€

SALARIES AND BENEFITS

160 M€

NET INCOME

389 M€

TOTAL PURCHASE VOLUME

PURCHASES FROM LOCAL SUPPLIERS

91.5%

164

NUMBER OF QUALIFIED SUPPLIERS

1.8 M€ 8

AVERAGE INVESTMENT IN INNOVATION AND DEVELOPMENT

NO OF SCIENTIFIC ARTICLES

III

30

NO OF RESEARCH, DEVELOPMENT, AND INNOVATION PROJECTS

IN PORTFOLIO

SDG

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INTEGRATED MANAGEMENT REPORT

REN

Employees

Communities

Skills and experience of employees necessary to achieve

Natural Capital

II

Recognising communities as an active agent, seeking their engagement in the different stages of projects

REN's strategic objectives

Respect for the characteristics and richness of the land in which we operate and adaptation of the business model to support the energy transition

INPUTS

OUTPUTS

697 K€

INVESTMENT IN THE COMMUNITY

ENTITIES SUPPORTED VIA THE REN PARTICIPATORY BUDGET

20

2,406 h

HOURS OF VOLUNTEER WORK

6

MASTER'S AND PHD THESES AWARDED

792

NO OF EMPLOYEES

LEVEL OF ENGAGEMENT

87%

25%

WOMEN

100%

EMPLOYEES WITH TRAINING

66%

GREEN ENERGY IN OPERATIONS

ELECTRIFIED FLEET

64%

283 ha

(RE>FORESTED AREA

III

81%

INSTALLED POWER OF RENEWABLE ENERGY SOURCES IN THE ELECTRICITY SYSTEM

SDG

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5%

65%

29%

1%

Electricity

ENERGY TRANSMITTED BY RNT

48.1 TWh

2.37%

Gas

ENERGY TRANSMITTED BY RNTG

49.2 TWh

99,93%

International

INVESTMENT (ACQUISITIONS>

445 M€

Other Activities

Strategic Pillars

Reinforce sustainability commitments and promote a culture of excellence.

Facilitate the energy transition by reinforcing investments in electricity and green gases.

Ensure sustainable and profitable growth guaranteeing an attractive return for shareholders.

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INTEGRATED MANAGEMENT REPORT

8,100 Km

RENTELECOM FIBRE OPTIC CABLE

LOSSES IN POWER TRANSMISSION

AVAILABILITY RATE

Exc uding the exceptiona event on 28 Apfi , combined avai abi ity was 99.99%.

The pefcentages of the activity mode wefe ca cu ated based on EBITDA.

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JAN

January set a new record for electricity consumption

Approval of investments in the National Transport Network, Storage Infrastructure and LNG Terminals (RNTIAT) for operation with hydrogen blends of up to 10%

REN is part of the founding group of ENERGÉTICO project, an initiative led by ENTRAJUDA to tackle energy poverty in Portugal

MAR

Release of the 2025-2040 National System Supply Security Report for the National Electricity System

Transemel wins four new projects and consolidates its position in the Chilean electricity market

Portgás receives "Inovadora Evolution" status from COTEC

Wind power generation reached new historic daily highs

in Portugal (19 March, 112.4 GWh)

MAY

INTEGRATED MANAGEMENT REPORT

REN recognized by the Financial Times as one of Europe's Climate Leaders 2025, in acknowledgement of its achievements in reducing GHG emissions

II

REN and the Portuguese Fire League trained 140 firefighters in forest fire and electrical infrastructure safety

III

FEB

CDP Climate Change rating improves to A

Winners of the first renewable gas auction commit to inject biomethane and hydrogen into the SNG within 36 months

H2med released the results of the CFI, further strengthening the project that will link the hydrogen networks of Portugal, Spain, France and Germany

APR

Iberian Peninsula experiences blackout on 28 April, with recovery of the National Electricity System within twelve hours

Publication of REN 2024 Integrated Report, in accordance with CSRD and ESRS

REN acquires electric transmission company (TENSA) in Chile

Renewable energy production supplied 90% of electricity consumption

JUN

Launch of the pilot project for hydrogen injection

into the gas transport network - H2Braga

Improvement of the CDP Supplier Engagement rating to A

Provisional appointment of REN Gás as leader in the planning, development, and management of the hydrogen network infrastructure

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JUL

TIME magazine names REN as one of the 500 most sustainable companies in the world

Natureye wins National Innovation Award in the Utilities, Mobility, and Infrastructure category

Commissioning of the Ferreira-Ourique-Tavira axis, representing one of the largest renewable-energy intake and transmission projects undertaken in recent years, and the longest continuous stretch of lines built by REN

n the past 20 years

Updated Quality, Environment, and Safety Policy Statement, reinforcing our commitment to sustainability, climate action, and biodiversity

AUG

REN is a member of CIGRE Portugal, established to strengthen national presence within the global CIGRE community, dedicated to the collaborative development and sharing of end-to-end power system expertise

The Chilean Ministry of the Environment recognizes Transemel by awarding the Sello de Reducción under the Huella Chile Programme

Transemel exceeds one million hours worked without accidents or occupational illness

SEP

REN's Sustainability Academy arrives in Chile for Transemel suppliers

Third edition of "Encontros com Futuro" (Meetings with Future),

in partnership with Público newspaper, under the topic of "Sustainability in a Changing World"

REN acquires portfolio of electricity transmission assets in Chile

OCT

Natureye recognized at the Gartner Eye on Innovation Awards 2025

REN reaches 78 points in the S&P Global Corporate Sustainability Assessment

NOV

INTEGRATED MANAGEMENT REPORT

Portgás recognized for reducing methane emissions with OGMP's Gold Standard Pathway

REN's Speed-E will bring energy to rural communities in Angola

REN awarded the COTEC 2025 INNOVATIVE Status

II

First bioLNG unloaded at the Évora Autonomous Gas Unit

Establishment of REN HIDROGÉNIO, S.A.

III

DEC

Electricity consumption reaches the highest figure ever in 2025

Publication of the regulatory parameters and decisions

for the electricity sector for the 2026-2029 period

REN certified as a Family-Responsible Organization

REN Gasodutos, REN Atlântico, and REN Armazenagem recognized for their reduction in methane emissions for the fifth consecutive year with OGMP's Gold Standard Reporting

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1.1 BACKGROUND

Economic environment1

World Economy

Throughout 2025, the world economy maintained a trajectory of moderate growth, sustained by the gradual improvement

in international financial conditions and anticipated trade flows, against a background of high geopolitical uncertainty. Global activity accelerated mainly in the first half

of the year, benefiting from the dynamism of major advanced economies and the

countercyclical performance of several large emerging economies.

In advanced economies, growth strengthened in the second quarter, backed mainly by the United States and Japan, where

II

INTEGRATED MANAGEMENT REPORT

domestic demand and private investment exceeded expectations. However, the

III

US economy showed signs of slowdown throughout the year, reflecting the impact of higher tariffs, greater political uncertainty, and a contraction in investment and consumption.

The Chinese economy also performed positively, supported by strong fiscal stimulus programmes and growth in exports, despite aggressive US protectionist policies.

Energy markets remained highly volatile, influenced by persistent geopolitical tensions

1 Source of information presented in the chapter: European Commission - European Economic Forecast, Autumn 2025, except when a different source is indicated.

EURIBOR RATE

3 months

2.736%

Start of 2025

2.026%

End of 2025

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in the Middle East and Eastern Europe, which continued to affect raw material prices.

Financial markets and monetary policies

In 2025, the financial framework in the Euro area continued to be driven by the evolution of the monetary policy of the European Central Bank (ECB) and by the gradual improvement

in financing conditions for companies and households.

Over the course of the year, the ECB continued the cycle of policy interest rates cuts, against a background of sustained deceleration in inflation heading towards the target of 2%. The deposit facility interest rate fell to 2%, while the rates of the main refinancing operations and the marginal

lending facility decreased to 2.15% and 2.40%, respectively.

In the United States, the Federal Reserve began its own cycle of addressing key interest rates in September, with an initial cut of

0.25 p.p., followed by two new reductions in October and December. The federal funds rate stood at 3.75% at the end of 2025.

Credit access conditions in the Euro area have gradually improved, following the fall in interest rates applied to new financing.

Euribor rates maintained a downward trend throughout the year, reaching 2.026%

(3 months), 2.107% (6 months) and 2.243%

(12 months) at 31 December. This was compared to 2.736%, 2.562% and 2.448% at the beginning of the year.

European bond markets remained moderately volatile, registering a slight increase in

long-term interest rates since spring.

The Euro area's ten-year sovereign bond yield increased by around 15 basis points, reflecting higher expectations for future policy rates.

In contrast, the return rate fell in the same period in the United States. In Portugal, treasury bond yields have followed a generally upward trend since the end of 2024, standing at 3.14% at the end of December.

Euro Zone

In 2025, the Euro area economy evolved in an environment of gradual recovery, marked by stabilized inflation, normalization of monetary policy and moderate growth. Economic activity continued to be influenced by external factors, such as the slowdown in international trade, energy price volatility and ongoing geopolitical uncertainty.

Household disposable income has continued to recover gradually, supported by new

jobs and a recovery in real wages. However, private consumption remained subdued, where historically high levels of savings could be seen together with greater caution by households.

EURIBOR RATE

6 months

2.562%

Start of 2025

2.107%

End of 2025

EURIBOR RATE

12 months

2.448%

Start of 2025

2.243%

End of 2025

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In 2025, the Euro area economy evolved in an environment of

gradual recovery, marked by stabilized inflation.

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Inflation fell to levels close to the ECB's target, standing at around 2.1% in 2025.

2.1%

6.3%

1.9%

3.5%

INFLATION IN THE EURO ZONE

in 2025 (estimated)

2.4%

in 2024

Investment followed a similar pattern, with some Member States experiencing significant falls in the first half of the year. The recovery and resilience mechanism continued to play a relevant role in supporting public and private investment. The foreign sector also contributed positively to growth, benefiting

from a recovery in exports, especially services.

Inflation fell to levels close to the ECB's target, standing at around 2.1% in 2025, supported by a stabilization in energy prices and tradable goods. The labour market remained resilient, although some moderation in net employment growth was seen. The unemployment rate is expected to stand at 6.3% in 2025.

Portuguese Economy

UNEMPLOYMENT RATE IN THE EURO ZONE

in 2025 (estimated)

6.3%

in 2024

GDP GROWTH IN PORTUGAL

in 2025 (estimated)

2.1%

in 2024

INFLATION RATE IN CHILE

(Average annual variation)

3.9%

in 2024

INTEGRATED MANAGEMENT REPORT

In 2025, the Portuguese economy maintained a solid growth rate, with an estimated growth of 1.9%, compared to 1.3% in the euro area. Performance was driven by private consumption, sustained by a gradual recovery

in real income and the resilience of the labour market, a good performance in exports

and, above all, by investment supported by European funds.

Public debt maintained its downward trajectory and was expected to stand at 91.3% of GDP at the end of 2025.

Average annual inflation slowed to 2.2%, below the 2.7% seen in 2024, as the result of favourable developments in the prices of energy and industrial goods.

The labour market remained dynamic, and an upturn in job creation was seen during the summer together with a reduction in the unemployment rate. The average rate (12 months) fell to around 6.3% in August, compared to 6.5% in 2024.

Chile2

In 2025, the Chilean economy experienced moderate growth, supported mainly by the performance of the mining sector and a gradual recovery in domestic demand.

Private consumption benefited from a recovery in real income and the resilience of the labour market. Investment performed more favourably, driven by mining, energy, and energy transition projects. However, the

growth structure of the Chilean economy remains heavily dependent on the evolution of the mining sector, particularly with regard to international copper prices.

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Inflation, as measured by the Consumer Price Index, continued to slow throughout the year, registering an average annual variation of 3.5% in December. This was still slightly above the 3% target set by the Central Bank of Chile.

Accordingly, monetary policy has continued to be prudent. Following the reduction of the reference rate to 4.75% in July 2025, the Central Bank of Chile once again reduced this rate by 0.25 p.p. to 4.5% in December 2025. This approach continues to be linked to developments in inflation and internal and external financial conditions.

2 Source of information on Chile: OECD Economic Outlook, December 2025; Cuentas Nacionales de Chile, Chile Central Bank; and Monetary Policy Report, December 2025, Chile Central Bank.

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In 2025, annual electricity

consumption reached its highest level ever, exceeding the previous historic maximum by 1.6%, which dates back to 2010.

53 TWh 9,395 MW

CONSUMPTION OF ELECTRICITY IN 2025

3.2%

above the value recorded in 2024

MAXIMUM POWER REQUESTED IN 2025

500 MW

lower than the maximum recorded in 2021

INTEGRATED MANAGEMENT REPORT

Sectoral environment

Electricity demand and production

In 2025, consumption of electricity supplied through the public grid maintained the growth trajectory seen since the end of the pandemic, reaching 53.0 TWh. This represents an increase of 3.2% compared with the previous year, or 2.2% after adjusting for the effects of temperature and the number of working days. This is the highest annual consumption ever, exceeding the previous historic maximum by 1.6%, which dates back to 2010.

The growth in consumption recorded in recent years is particularly relevant at a time when the sustained growth of photovoltaic

self-consumption production units (PPU) is replacing part of the consumption that used to be supplied through the public grid. It is estimated that in 2025, self-consumption from photovoltaic production represented around 4% of national consumption.

Electricity consumption (TWh)

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In 2025, the maximum power requested from the national electricity system took place

on 3 December at 19:45, reaching 9,395 MW. This was around 350 MW below the historic maximum recorded in the previous year and around 500 MW lower than the maximum recorded in 2021, caused by the exceptionally low temperatures that year.

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Renewable installed power (GW)

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INTEGRATED MANAGEMENT REPORT

11,747 MW 81%

0.7 GW

8.4 GW

GW

5.4 GW

MAXIMUM PRODUCTION POWER IN 2025

400 MW

below the historic maximum reached in 2023

INSTALLED POWER FROM RENEWABLE ENERGY SOURCES

19.4 GW

Installations with production

from renewable energy sources

4.8

In 2025, national maximum production power occurred on 16 December at 18:30, with all Portuguese plants generating 11,747 MW. This is about 350 MW less than in the previous year and 400 MW below the historic maximum reached in 2023. This year's production peak took place at a time when national system consumption was 8,988 MW, with the remaining 2,758 MW being exported.

Installed power in the national electricity production system continued to increase, growing by approximately 1,000 MW, although at a rate lower than the 1,500 MW recorded

in the previous year. This increase is almost entirely attributable to new photovoltaic installations, which have increased from 3,885 MW to approximately 4,840 MW of installed power. There were no significant changes in other technologies.

The national system now has total installed power of 23.8 GW connected to the public grid, the highest value ever recorded, where

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19.4 GW comes from renewable energy sources. In addition to the 4.8 GW from photovoltaic plants, also of note among other renewables is 8.4 GW from hydro, 5.4 GW from wind and 0.7 GW from biomass. Non-renewable energies, almost all gas-fired, account for 4.4 GW, of which 3.8 GW comes from combined-cycle power plants and 0.6 GW from cogeneration facilities.

HYDRAULIC POWER PLANTS

WIND

PHOTOVOLTAIC

BIOMASS PLANTS

The facilities connected to the transmission grid are the most significant, with 16.3 GW, while the remaining 7.5 GW are connected to the distribution network.

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Evolution of installed power (MW)

25,000

36.9 TWh 25%

RENEWABLE PRODUCTION IN 2025

Highest value ever recorded in the SEN, equivalent to 68% of consumption

36.7 TWh

in 2024

INCREASE IN RENEWABLE PHOTOVOLTAIC PRODUCTION

compared to 2024

20,000

15,000

Renewable and non-renewable production (%)

INTEGRATED MANAGEMENT REPORT

10,000

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5,000

17%

15%

2025

68%

20%

10%

2024

70%

0

RENEWABLE

IMPORT BALANCE

NON-RENEWABLE

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

SOLAR

WIND

HYDRO

BIOMASS

GAS

COAL

BATTERIES

WAVES

OTHER

PEAK GENERATION PEAK CONSUMPTION

In 2025, total renewable production reached

36.9 TWh, compared to 36.7 TWh in the previous year, representing the highest value ever recorded in the National Electricity System (SEN). Renewables provided 68% of consumption, slightly below the 70% recorded in the previous year. Driving renewables is photovoltaic production, which saw a 25%

increase and continues to grow strongly through the continuous expansion of this technology in the national electricity system. Hydroelectric production also performed favourably. Under weather conditions close to average values, it is estimated that national renewable production currently represents around 65% of national consumption.

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Photovoltaic production had a capability factor of 0.89 and the highest share ever at 11%.

Hydroelectric generation remained close to the 2024 figure, despite a higher hydro capability factor (1.31 versus 1.16), driven by

increased reservoir storage, and representing 27% of electricity consumption. Wind generation, with a capability factor of 0.99, had a year-on-year reduction of around

5%, representing 25% of consumption. With respect to other renewable sources, photovoltaic had a capability factor of 0.89 and the highest share ever at 11%. Biomass accounted for 5% of consumption.

Non-renewable electricity production, including combined-cycle and cogeneration plants, amounted to 7.9 TWh and, despite a 54% year-on-year increase, did not exceed 15% of total consumption. The growth in combined-cycle plant generation did not influence the share of renewable production and enabled the system to meet increased consumption while reducing energy imports. This behaviour was shaped by market conditions and technical restrictions on electricity production in the period immediately after the April 28 blackout.

This led to greater use of national thermal power production to ensure the supply security of the National Electricity System (SEN in Portuguese). With the exception

of 2024, this non-renewable production is the lowest since 1989. Despite a decline in their contribution to national generation, gas-fired plants remain essential for the security of the SEN. They continue to supply part of consumption and covering the variability of renewable energy sources,

a key factor in Portugal's accelerated energy transition.

Cross border electricity imports continued their upward trend seen since 2018. For consumption of 53.0 TWh and national production of 48.9 TWh, the import balance stood at 9.3 TWh (as a result of imports of 11.4 TWh and exports of 2.1 TWh) or about 11% below the previous year.

Pumped storage operations are also playing an increasingly important role in the integration of renewables and supply security, and consumed 5.1 TWh, which is the highest figure ever.

Meeting demand (TWh)

70

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60

50

40

30

20

10

0

SOLAR

WIND

HYDRO

BIOMASS

GAS

COAL

BATTERIES

WAVES

OTHER

IMPORT BALANCE CONSUMPTION

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

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Gas demand and supply

In the gas market in 2025, consumption stood at 45.0 TWh, with an increase of 11% compared to the previous year, due to the growth of the electricity production segment. However, this was 9% below the consumption recorded in 2023 and 55% below the national system's peak annual consumption, recorded in 2017.

Consumption (%)

20% 5%

44%

18% 5%

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INTEGRATED MANAGEMENT REPORT

51%

Gas consumption (TWh)

CONVENTIONAL

ELECTRICITY

TOTAL

2025

2024

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31% 26%

DISTRIBUTION

ELECTRICITY MARKET

HIGH PRESSURE CUSTOMERS

UAG (AUTONOMOUS GAS UNITS)

GAS CONSUMPTION IN 2025

11%

above 2024

GAS CONSUMPTION FOR ELECTRICITY GENERATION IN 2025

93%

above 2024

45 TWh

13.8 TWh

In the electricity generation segment, consumption reached 13.8 TWh, 93% above the previous year. This increase was mainly caused by lower electricity imports and a small rise

in electricity consumption not offset by the higher renewable production. Consumption by electrical power stations accounted for 31% of total gas consumption.

After the reversal of the trend seen in the previous year, the conventional segment once

again returned to a downward trend, totalling

31.2 TWh. This is 6.4% below the previous year and represents 69% of the total gas market.

It is the lowest consumption recorded for this segment since 2009.

The maximum hourly consumption during the year occurred between 19:00 and 20:00 on 20 December reaching 10.7 GWh, which is 2.1 GWh below the previous year's maximum and 4.4 GWh less than the historic maximum of 2021.

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Although representing just a residual expression in volume, the first national biomethane project entered into industrial operation this year in the southern region of the country.

In 2025, almost all of the national system's gas supply continued to come from the Sines LNG terminal, while inputs through the interconnections with Spain accounted for only around 3% of consumption. Although representing just a residual expression in volume, the first national biomethane project entered into industrial operation this year in the southern region of the country, via gas injected into public service Autonomous Gas Units (UAGs).

In Sines, 46 ships were unloaded, seven fewer than in the previous year, corresponding to a reduction of only 1.5% in unloaded gas. Total unloaded gas stood at 47.7 TWh, supplying 97% of total gas entering the national system. Regasification in the terminal totalled

46.8 TWh, 4.6% below the previous year, with an occupancy rate of approximately 61%.

Through tanker trucks to supply UAGs on the mainland and the autonomous region of Madeira, a total of 2.2 TWh left the terminal. This represents a growth of 2.5% compared to the previous year and is the highest ever annual output ever recorded.

Imports of 1.5 TWh were made through the Campo Maior and Valença interconnections, more than double the figure for the previous year. This is still a very low figure and

is the second lowest ever recorded in the national system.

Export operations stood at 3.4 TWh, a figure 62% lower than that recorded in the previous year. This was the second consecutive year where there was an export surplus via interconnections.

Supply (TWh)

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80

70

60

50

40

30

20

10

0

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016

LNG

GAS

BIOMETHANE

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1.5 TWh 3.4 TWh

IMPORTS THROUGH

CAMPO MAIOR AND VALENÇA

0.7 TWh

in 2024

EXPORTS RECORDED IN 2025

62%

below 2024

In 2025, there were no significant changes in the origin of unloaded gas, with Nigeria representing 52%, the US 41% and Russia and other countries 7%.

Source of LNG (%)

7%

2025

41%

7%

1%

2024

40%

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52% 52%

NIGERIA

USA

RUSSIA

TRINIDAD AND TOBAGO

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Regulatory framework

European energy policy

In 2025, the European Union (EU) launched a new wave of legislative and strategic initiatives to strengthen the energy transition and industrial competitiveness. At the heart of this project is the Clean Industrial Deal,

a roadmap for the decarbonization of

energy-intensive industries and the expansion of clean technologies, backed by the Affordable Energy Action Plan. This plan aims to reduce energy costs, accelerate permitting procedures and reform electricity taxation. These objectives are embedded in the Competitiveness Compass, which also includes horizontal enabling initiatives such as simplifying regulations and reducing investment risk.

The EU has also moved forward with specific sector packages. The EU Grids Package sets out legal reforms to streamline grid expansion and permitting processes, while the EU Electrification Action Plan and the EU Heating and Cooling Strategy seek to drive the uptake of renewable energy and electrify end-use sectors such as buildings and transport. In turn, the Strategic Roadmap for Digitalization and

AI in the Energy Sector is expected to guide the implementation of smart technologies to optimize system efficiency and resilience.

Finally, a revision of the legal framework on energy security was launched to address geopolitical risks and hybrid threats to critical infrastructure. The EU has also adopted a regulation to phase out all imports of Russian gas, both pipeline and LNG, providing for an immediate ban on new contracts and the phased termination of existing contracts by the end of 2027, as part of the REPowerEU strategy.

Complementary strategies, such as the EU Ports Strategy and the Sustainable Transport Investment Plan, aim to transform ports into clean energy hubs, supporting the deployment of alternative fuels and the supply of electricity to berthed ships.

Together, these initiatives seek to bring about a decisive shift toward a more integrated, secure and decarbonized European energy system.

In 2025, the European Union

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launched a new wave of legislative and strategic initiatives to

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strengthen the energy transition.

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Competitiveness Compass

2

Advancing decarbonization, while maintaining competitiveness

On 29 January, the European Commission presented the Competitiveness Compass as the guiding framework for its work in coming years. This proposal is based on the key role productivity plays in EU competitiveness, simplifying legislation, mobilizing private and public investment in key technologies and mitigating external dependencies, with the aim of fostering European innovation and securing the EU's future as a sustainable economic power.

1

Overcoming the innovation deficit

This strategic framework is based on Mario Draghi's 2024 report on the future of European competitiveness. At the same time, Enrico Letta's report on the single market and Sauli Niinistö's report on Europe's preparedness and readiness, also produced in 2024, offer complementary analyses that help to frame the structural challenges facing the European Union. These reports underline the need for greater political integration and additional annual investment of 800 billion euros to effectively implement the EU democratic model.

3

Reducing strategic dependencies

to strengthen resilience

The plan sets out specific actions, such as support for start-ups, promotion of advanced technologies such as artificial intelligence and biotechnology, implementation of the Clean Industrial Deal and the establishing of new trade partnerships. Complemented by five horizontal enablers, the Compass aims to create a more agile, sustainable and secure economic environment throughout the Union.

Materializing the first provisions of the Competitiveness Compass, on 26 February the European Commission announced the Clean Industrial Deal and the Affordable Energy Action Plan, with the objective of boosting investment and industrial production in the EU.

Competitiveness Compass

The initiative focuses on three basic pillars:

¬ The Clean Industrial Deal is a pillar of the EU strategy to reconcile

industrial competitiveness with climate neutrality. The goal is to accelerate the decarbonization of the European industrial base while also strengthening strategic autonomy and economic resilience.

Priorities include ensuring access to clean and affordable energy, supporting innovation in clean technologies and promoting circular production models. The Deal introduces specific financial instruments, including more than 100 billion euros in financing and a proposed Industrial Decarbonization Bank, as well as a revised state aid scheme to stimulate

investment. The Deal also leverages public procurement and regulatory reforms to

increase demand for sustainable products manufactured in the EU.

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INTEGRATED MANAGEMENT REPORT

¬ The Affordable Energy Action Plan, launched by the European Commission in February 2025, lays out a strategy

to reduce energy costs across the EU while strengthening energy security and sustainability. Structured into four pillars - reducing energy costs, completing the Energy Union, attracting investment and preparing for crises - the plan introduces

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eight specific actions. These include reforms to lower electricity bills, promote long-term supply contracts, improve network efficiency and strengthen gas market supervision.

The plan also prioritizes energy efficiency, the expansion of renewable energy and the updating of regulatory frameworks. It is expected to generate savings of 45 billion euros by 2025, rising to 260 billion euros annually by 2040, thereby enhancing the EU's resilience to future energy shocks.

Under the Competitiveness Compass, Omnibus packages were also introduced in 2025 with a series of administrative and

legislative simplification measures aimed at simplifying the EU's reporting requirements on sustainability information. The first three Omnibus packages relating to the energy sector were published during the first semester. Omnibus I included proposals to amend the Corporate Sustainability Reporting Directive (CSRD), the EU Taxonomy Regulation

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and the Corporate Sustainability Due Diligence Directive (CSDDD). These proposals include postponing reporting obligations, narrowing the scope and cutting back mandatory reporting information. Within the Cross-Border Adjustment Mechanism (CBAM), a single exemption threshold of 50 tCO2per year has been introduced for importers of goods covered. This measure significantly reduces administrative burdens without compromising climate targets, as 99% of incorporated emissions remain covered. This simplification is designed to alleviate costs for SMEs and make the system more efficient and transparent. At the same time, investment support capacity has been reinforced through changes to the InvestEU Regulation. This move could unlock up to 50 billion euros in public and private capital by increasing EU guarantees and improving integration with existing financial instruments.

Following the interim agreement reached during the trilogue negotiations, the next step is formal approval by both the Parliament and the Council. As soon as both co-legislators implement the agreement, which should occur at the beginning of 2026, the amendments

will be published in the Official Journal of the European Union and could enter into force on the 20th day after publication.

At the end of the year, new Omnibus packages were published, including one to simplify environmental legislation applicable to

industrial emissions, the circular economy, environmental assessments and geospatial data, and another to existing rules on data, cybersecurity and artificial intelligence. The corresponding legislative procedure will take place in 2026.

EU Grids Package

Based on the Action Plan for Grids, published in November 2023, on 13 May 2025 the European Commission launched a call for contributions and an open public consultation on the European Energy Grids Package with the aim

of defining a vision for the modernization and expansion of European energy grids. The goals are to support rapid electrification, accelerate permitting procedures and enable the integration of affordable renewable energy. The end goals of the European Commission are to reduce energy prices, decarbonize the energy system and achieve energy independence and supply security.

The Commission's legislative proposal, published on 10 December, introduces a new approach to energy infrastructure, exploring the European perspective on infrastructure planning, optimizing the use of existing infrastructure, while also accelerating permitting procedures. Proposals include cross-border projects and new criteria for allocating the respective costs. The Grids Package consists of a series of legislative proposals and recommendations.

The Energy Highways initiative was also resumed. This initiative consists of a strategic strengthening of the EU's energy policy to address eight critical bottlenecks, with the aims of reducing high energy prices and improving energy security. Work under this initiative includes new interconnections, modernized substations, strengthening the offshore network and planning important hydrogen corridors.

European Grids Package

Legislative proposals and recommendations:

The European Commission's legislative proposals will now be referred to the European Parliament and the Council by the

ordinary legislative procedure (trilogue) to begin in January 2026. At the same time, the European Commission reports that it will immediately follow up on the implementation of key cross-border energy infrastructure projects, recently published on the second list of Projects of Common Interest (PCIs)

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and Projects of Mutual Interest (PMIs). These projects are key instruments for the rapid implementation of the Energy Highways initiative, as well as for accelerating the permitting of renewable energy projects, storage projects, and electric vehicle charging stations.

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EU Electrification Action Plan

The EU Electrification Action Plan, announced in early 2025 as part of the Clean Industrial Deal and the Affordable Energy Action Plan, is an initiative to accelerate the transition from fossil fuels to clean electricity in transport, buildings and industry. Recognizing that electricity still accounts for less than 25% of final energy consumption, the plan seeks to address key obstacles and identify priority policy actions to drive efficient, cost-effective electrification which is system-compatible.

On 28 August 2025, the European Commission launched a call for contributions and opened a public consultation, which ran until 20 November 2025. The input received will inform the final version of the Action Plan which is scheduled for publication in the first quarter of 2026. The Action Plan is expected to include measures to support smart electric mobility, grid flexibility and the integration

of renewable electricity. The goals are to strengthen energy security, accessibility and competitiveness, while also advancing EU climate targets.

EU Heating and Cooling Strategy The EU Heating and Cooling Strategy was announced in February 2025 as part of the Affordable Energy Action Plan. It is a key initiative to decarbonize a sector that accounts for almost half of the EU's total

energy use, where about 70% of consumption still depends on fossil fuels. On 28 August 2025, the European Commission launched

a call for contributions and opened a public consultation, which ran until 20 November 2025. The input received will inform the final version of the strategy which is scheduled for publication in the first quarter of 2026.

This strategy seeks to promote energy efficiency, reduce dependence on imported fuels and accelerate the deployment of renewable heating and cooling technologies such as heat pumps, solar thermal, aquathermal and geothermal systems.

Strategic Roadmap for Digitalization and AI in the energy sector

The Strategic Roadmap for Digitization and Artificial Intelligence (AI) in the energy sector integrates the Affordable Energy Action

Plan and supports the EU's digital and green transitions. From 5 August to 5 November 2025, a public consultation was held together with a call for evidence involving stakeholders from the energy and digital sectors. The publication of the strategy is planned for the

first quarter of 2026 and aims to accelerate the deployment of digital and AI solutions developed in Europe in key areas such as grid optimization, energy efficiency in buildings and industry and demand-side flexibility. The initiative also addresses emerging challenges,

including the increase in data centre energy consumption and the cybersecurity risks linked to large-scale AI deployment.

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INTEGRATED MANAGEMENT REPORT

This strategy complements the AI Act and the EU AI Continent Action Plan and is expected to serve as a benchmark for integrating smart

Strategic Roadmap for Digitalization and AI

It sets out five core objectives:

Establish an EU coordination framework for access to energy data

Foster research and innovation

Sustainably integrate the energy needs of data centres

Strengthen transparency and risk supervision through AI guidelines and incident reporting

Build a robust governance structure involving governments, industry, civil society, and academia

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technologies into a future-ready, decarbonized energy system.

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In September 2025, the European Commission launched a formal review process of the EU's energy security legal framework.

The Regulation states that:

¬ new contracts for Russian gas are to be banned as of 1 January 2026;

¬ short-term contracts signed before 17 June 2025 may continue until 17 June 2026;

¬ long-term contracts may continue until 1 January 2028, after which all imports will be prohibited.

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The Council agreement includes flexibility for landlocked Member States, such as Hungary and Slovakia, which still rely heavily on Russian

such as e-methanol and e-ammonia, as well as port planning and digitalization to strengthen port resilience, military mobility, and supply chain security.

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At the same time, the STIP was published, which is expected to mobilize public and private capital to decarbonize all modes of transport, with special focus on maritime and port infrastructure. Key elements include the rapid development of supply and refuelling infrastructure for alternative fuels, dedicated investment partnerships with third countries for renewable and low-carbon fuels and support for river transport and hydrogen-

Review of the legal framework on energy security

In September 2025, the European Commission launched a formal review process of the EU's energy security legal framework, with the

aim of preparing the Union's energy system to address emerging risks such as cyber threats, climate impacts and geopolitical instability.

A four-week call for evidence ran from 15 September to 13 October 2025, for citizens, governments, regulators, and energy system operators. This initiative builds on the lessons learned from the 2021-2023 energy crisis and the rapid diversification of the EU away from Russian gas. The goal is to consolidate

emergency measures into a more resilient and integrated framework. The new framework, which is scheduled for the first quarter of 2026, will broaden its scope beyond traditional concerns about gas and electricity supply to encompass electricity grids, LNG terminals,

hydrogen corridors and digital infrastructure. The focus will be on strengthening physical and cyber resilience, improving cross-border coordination and integrating climate change adaptation into infrastructure planning. This review aims to promote a shift from reactive crisis management to structural preparedness and systemic security.

Gradual phase out of Russian gas imports

In October, EU energy ministers formally approved a Regulation to gradually phase out all imports of Russian gas, including pipeline gas and LNG, by 1 January 2028. This measure is part of the broader REPowerEU strategy designed to eliminate EU dependence on Russian energy, following the invasion of Ukraine and the weaponization of gas supply by Moscow.

pipeline gas. The Council agreed legislation was approved by the European Parliament on 17 December and has to be formally ratified by the Council before publication in the Official Journal.

EU Ports Strategy and Sustainable Transport Investment Plan (STIP)

At the end of 2025, the European Commission published the EU Ports Strategy with the

aim of redefining ports as strategic assets in Europe's energy, industrial and security ecosystems. Aligned with the Maritime Industrial Strategy, the strategy sets

priorities for Onshore Power Supply (OPS) - a standardized solution to be implemented at all EU ports to reduce emissions from berthed ships. The strategy also prioritises hydrogen supply and alternative fuel infrastructure to support the transition to clean marine fuels

based propulsion systems, including the use of Hydrotreated Vegetable Oil (HVO) as a transition fuel. The STIP is one of the main instruments of the Clean Industrial Deal and the Competitiveness Compass, aiming to strengthen Europe's energy sovereignty and industrial leadership through strategic investment in scalable, sustainable, and sovereign fuel technologies.