Redes Energeticas Nacionais SaEURONEXT: RENE

REN Redes Energeticas Nacionais SGPS S A Reports & Accounts Annual

May 15, 2026 at 6:35 PM UTC · Issued by Redes Energeticas Nacionais Sa

Consolidated Financial

Statements

31 March 2026

REN - Redes Energéticas Nacionais, SGPS, S.A.

INDEX

FINANCIAL PERFORMANCE 3
1. RESULTS FOR THE FIRST 3 MONTHS OF 2026 3
2. AVERAGE RAB AND CAPEX 7
CONSOLIDATED FINANCIAL STATEMENTS 8
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2026 13

GENERAL INFORMATION 13
BASIS OF PRESENTATION 16
MAIN ACCOUNTING POLICIES 16
SEGMENT REPORTING 18
TANGIBLE AND INTANGIBLE ASSETS 21
GOODWILL 23
INVESTMENTS IN ASSOCIATES AND JOIN VENTURES 24
INCOME TAX 26
FINANCIAL ASSETS AND LIABILITIES 30
INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 32
TRADE AND OTHER RECEIVABLES 34
DERIVATIVE FINANCIAL INSTRUMENTS 34
CASH AND CASH EQUIVALENTS 38
EQUITY INSTRUMENTS 38
RESERVES AND RETAINED EARNINGS 39
BORROWINGS 39
POS-EMPLOYMENT BENEFITS AND OTHERS BENEFITS 41
PROVISIONS FOR OTHER RISKS AND CHARGES 43
TRADE AND OTHER PAYABLES 43
SALES AND SERVICES RENDERED 44
REVENUE AND COSTS FOR CONSTRUCTION ACTIVITIES 44
OTHER OPERATING INCOME 45
EXTERNAL SUPPLIES AND SERVICES 45
PERSONNEL COSTS 46
OTHER OPERATING COSTS 46
FINANCIAL COSTS AND FINANCIAL INCOME 46
EXTRAORDINAY CONTRIBUTION OVER THE ENERGY SECTOR 47
EARNINGS PER SHARE 47
DIVIDENDS PER SHARE 47
CONTINGENT ASSETS AND LIABILITIES 48
RELATED PARTIES 49
DECREE-LAW NO. 84-D/2022-TRANSITORY GAS PRICE STABILIZATION REGIME52
SUBSEQUENT EVENTS 52
EXPLANATION ADDED FOR TRANSLATION 52

FINANCIAL PERFORMANCE

RESULTS FOR THE FIRST 3 MONTHS OF 2026

In the first 3 months of 2026, net income reached 36.2 million euros, a 21.8 million euros increase over the same period of the previous year. Net income increased reflecting mainly the i) increase of 11.9 million euros in Group EBIT (+14.3 million euros in EBITDA) and ii) reduction of the Extraordinary Contribution on the Energy Sector (CESE) by 14.6 million euros, resulting from the elimination of CESE in the gas sector and the recognition of a 4.1 million euros gains arising from favorable decisions of Constitutional Court regarding levy legal processes, partially offset by iii) increase of 4.7 million euros in taxes and iv) the decrease of 0.1 million euros in financial results (-0.7%).

The results for the first quarter of 2026 reflect the Extraordinary Levy on the Energy Sector amounting 13.8 million euros referring to the electricity business (28.4 million euros in 20251).

Investment was 48.5 million euros, a 29.9% y.o.y decrease (-20.7 million euros) and transfers to RAB decreased 16.6 million euros to 3.1 million euros. Average RAB increased by 14.4 million euros (+0.4%), to 3,478.8 million euros.

The average cost of debt was 2.4%, a decrease of 0.3 p.p. over the previous year, and net debt reached 2,390.8 million euros, a 2.4% increase (+56.1 million euros) over the same period of the previous year.

MAIN INDICATORS (MILLIONS OF EUROS)	March 2026	March 2025	VAR.%
EBITDA	143.2	128.9	11.1%
Financial results2	-16.9	-16.8	-0.7%
Net income1	36.2	14.4	150.7%
Recurrent net income	36.2	13.6	166.2%
Total Capex	48.5	69.1	-29.9%
Transfers to RAB3 (at historic costs)	3.1	19.7	-84.2%
Average RAB (at reference costs)	3,478.8	3,464.4	0.4%
Net debt	2,390.8	2,334.6	2.4%
Average cost of debt	2.4%	2.8%	-0.3p.p.

1 The full amount of the levy was recorded in the 1st quarter of 2026 and 2025, according to the Portuguese Securities Market Commission (CMVM) recommendations.

2 The net costs of 1.2 million euros in March 2025 and net profit of 1.0 million euros in March 2026 from electricity interconnection capacity auctions between Spain and Portugal - referred to as FTR (Financial Transaction Rights) were reclassified from Financial Results to Operational Revenues.

3 Includes direct acquisitions (RAB related).

Operational results - EBITDA

Domestic Power Transmission and Distribution Business

EBITDA for the domestic business reached 135.4 million euros in the first 3 months of 2026, a 10.7% (+13.1 million euros) increase over the same period of the previous year.

EBITDA - TRANSMISSION (MILLIONS OF EUROS)	March 2026 53.4	March 2025	VAR.%
1) Revenues from assets	March 2026 53.4	51.5	3.7%
RAB remuneration	17.9	18.4	-2.8%
Lease revenues from hydro protection zone	0.2	0.2	-1.3%
Incentive for improvement of the TSO's technical performance	3.8	2.0	87.5%
Solar agreements revenues	1.8	1.6	14.5%
Recovery of amortizations (net of investment subsidies)	23.9	24.0	-0.5%
Amortization of investment subsidies	5.9	5.4	10.7%
2) Revenues from Totex	82.0	71.4	14.9%
3) Revenues from Opex	43.1	40.0	7.7%
4) Other revenues	4.8	4.6	4.1%
5) Own works (capitalised in investment)	6.6	7.0	-6.2%
6) Construction revenues (excl. own works) - Concession assets	37.6	59.7	-37.0%
7) OPEX	54.5	52.4	4.0%
Personnel costs4	17.1	16.1	6.5%
External costs	37.4	36.4	2.9%
8) Construction costs - Concession assets	37.6	59.7	-37.0%
9) Provisions/ (reversal)	0.0	0.0 n.m.
10) Impairments	0.0	-0.1	-100.0%
11) EBITDA (1+2+3+4+5+6-7-8-9-10)	135.4	122.2	10.7%

The increase in EBITDA resulted mainly from:

The increase in Electricity Transmission Activity regulated revenues (+10.6 million euros), which is remunerated through a Totex model, reflecting the new regulatory period started in 2026;
The increase of 1.8 million euros (+87.5%) in Incentive for improvement of the TSO's technical performance in electricity, given the recognition of the regulator's publication values;
The increase in amortizations recovery in 0.4 million euros (+1,5%).
The increase in Revenues from Opex of 3.1 million euros (+7.7%), reflecting mostly the new electricity regulatory period.
These effects were partially offset by:
The decrease of 0.5 million euros in RAB remuneration5 (-2.8%) arising mostly from:
4 Includes training and seminars costs
5 Excludes Electricity Transmission activity (TEE). Includes TEE assets accepted by the regulator as extra Totex model.
- Decrease of 0.3 million euros in the remuneration of natural gas transmission regulated assets reflecting the reduction of 27.9 million euros (-3.6%) in natural gas transmission average RAB, despite the increase in the rate of return from 5.27% in March 2025 to 5.32% in March 2026 - as a result of the evolution of the yields of the Portuguese Republic 10Y Treasury Bills;
- Decrease of 0.4 million euros in the remuneration of electricity regulated assets (only General System Management activity and assets extra Totex model) reflecting (i) the decrease of 39.7 million euros in average RAB, partially offset by the increase in the rate of return from 5.18% in March 2025 to 6.21% in March 2026 - as a result of the evolution of the yields of the Portuguese Republic 10Y Treasury Bills and the beginning of a new regulatory period in electricity with an update of the starting point of the remuneration rate;
The increase of 2.1 million euros in Opex, of which +0.9 million euros in pass-through costs (costs not controllable by REN and fully recovered in the regulated tariff). Excluding pass-through costs, the Group domestic Core Opex increased

million euros.

With respect to domestic business, it is also important to note that the natural gas distribution business contributed with EBITDA of 12.6 million euros.

International Business

The EBITDA for international businesses reached 7.9 million euros in the first 3 months of 2026, a 1.2 million euros (+17.2%) increase over the same quarter of the previous year, resulting mainly from:

The increase of 0.8 million euros (+22.8%) in EBITDA of Transemel - an electrical power transmission company in Chile;
The recognition of 0.8 million euros EBITDA from Transmisora de Energía Nacimiento (Tensa), acquired by REN Group in April 2025; and
The decrease 0.5 million euros (-15.6%) in the recognized income from the 42.5% stake held by REN in the Chilean company Electrogas;

EBITDA - INTERNATIONAL (MILLIONS OF EUROS)	March 2026	March 2025	VAR.%
1) Revenues from the Transmission of Electrical Power	7,1	4,2	68,8%
2) Other revenues	2,7	3,1	-14,3%
3) Own works (capitalized in investment)	0,5	0,4	33,0%
4) OPEX	2,4	1,0	140,8%
Personnel costs6	0,5	0,3	45,4%
External costs	2,0	0,7	184,8%
5) Impairments	0,0	0,0	-100,0%
6) EBITDA (1+2+3-4-5)	7,9	6,7	17,2%

6 Includes costs with training

Net income

Overall, the Group's net income for the first 3 months of 2026 reached 36.2 million euros, a 21.8 million euros y.o.y. increase. This increase reflects mostly the following effects:

increase of 14.3 million euros in Group EBITDA (+11.9 million euros in EBIT), of which 13.1 million euros in domestic business (+11.2 million euros in EBIT) and 1.2 million euros in international business (+0.7 million euros in EBIT);
reduction of the Extraordinary Contribution on the Energy Sector (CESE) by 14.6 million euros, resulting from the elimination of CESE in the gas sector and the recognition of a 4.1 million euros gains arising from favorable decisions of Constitutional Court regarding levy legal processes.

These effects were partially offset by:

the decrease of 0.1 million euros in financial results (-0.7%) reflecting the unfavourable evolution of exchange rate differences, partially offset by the decrease in cost of debt from 2.8% to 2.4%. Net debt reached 2,390.8 million euros, a 2.4% increase (+56.1 million euros), over the same period of the previous year;
increase of 4.7 million euros in taxes, reflecting the increase in EBT in 11.8 million euros.

Excluding non-recurring items, Net Income for the first 3 months of 2026 increased 22.6 million euros. Non-recurring items considered in the first 3 months of 2025 are the gains with recovery of previous years taxes (0.8 million euros).

NET INCOME (MILLIONS OF EUROS)	March 2026	March 2025	VAR.%
EBITDA	143.2	128.9	11.1%
Depreciations and amortizations	68.2	65.8	3.6%
Financial results	-16.9	-16.8	-0.7%
Income tax expenses	8.2	3.5	133.1%
Extraordinary levy on the energy sector 7	13.8	28.4	-51.4%
Net income	36.2	14.4	150.7%
Non-recurring items	0.0	-0.8	-100.0%
Recurrent net income	36.2	13.6	166.2%

7 The full amount of the levy was recorded in the 1st quarter of 2026 and 2025, according to the Portuguese securities market commission (CMVM) recommendations.

1.2 AVERAGE RAB AND CAPEX

In the first 3 months of 2026, Capex amounted 48.5 million euros, a 29.9% y.o.y. decrease (-20.7 million euros). Transfers to RAB decreased 16.6 million euros to 3.1 million euros .

In the electricity sector, investment was 37.1 million euros, a 37.3% decrease (-22.1 million euros) over the first 3 months of 2025, and Transfers to RAB fell by 15.6 million euros, to 0.3 million euros. It should be highlighted the investments in the reinforcement of the 400 kV network between Lavos and the Feira/Arouca area (5.6 million euros), the 400 kV connection between Fundão and the Pocinho area (2.8 million euros), and the new Minho-Galicia interconnection (5.1 million euros).

In gas transmission sector, investment reached 3.9 million euros, an increase of 0.1 million euros (+1.5%), while Transfers to RAB totalled 1.4 million euros, 0,2 million euros less than in the same period of the previous year.

In natural gas distribution, investment was 3.2 million euros, 34% for new supply points and 55% with the expansion of the distribution network, and transfers to RAB was 1.4 million euros (-37.0%, -0.8 million euros).

Average RAB was 3,478.8 million euros, a 14.4 million euros (+0,4%) y.o.y increase. In electricity, the average RAB (excluding lands) reached 2,082.5 million euros (+47.6 million euros, +2.3%), of which 817.1 million euros in assets remunerated at a premium rate of return, while lands reached 151.2 million euros (-11.1 million euros, -6.8%). In natural gas transmission, the average RAB was 744.3 million euros (-27.9 million euros, -3.6%), while in natural gas distribution the average RAB reached

500.9 million euros (+5.8 million euros, +1.2%).

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 MARCH 2026 AND 31 DECEMBER 2025

(Amounts expressed in thousands of euros - teuros)

(Translation of statements of financial position originally issued in Portuguese - Note 34)

Notes		2026	2025
ASSETS
Non-current assets Property, plant and equipment	5	153,397	152,140
Intangible assets	5	4,431,363	4,454,969
Goodwill	6	12,547	12,607
Investments in associates and joint ventures	7	166,759	160,814
Investments in equity instruments at fair value through other comprehensive income	9 and 10	120,271	123,574
Derivative financial instruments	9 and 12	30,856	23,501
Other financial assets	9	6,468	5,968
Trade and other receivables	9 and 11	42,744	45,449
Deferred tax assets	8	53,301	46,219
		5,017,707	5,025,241
Current assets Inventories		2,470	2,396
Trade and other receivables	9 and 11	395,443	326,060
Asset related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	32	3,522	3,522
Cash and cash equivalents	9 and 13	12,089	26,580
		413,525	358,558

Total assets	4	5,431,233	5,383,799
EQUITY Shareholders' equity Share capital	14	667,191	667,191
Own shares	14	(10,728)	(10,728)
Share premium	14	116,809	116,809
Reserves	15	302,482	301,314
Retained earnings		455,512	295,457
Other changes in equity	14	(5,561)	(5,561)
Net profit for the period		36,211	159,813
Total equity		1,561,916	1,524,295
LIABILITIES Non-current liabilities Borrowings	9 and 16	1,773,948	1,528,798
Liability for retirement benefits and others	17	71,855	71,557
Derivative financial instruments	9 and 12	28,678	25,195
Provisions	18	11,859	11,868
Trade and other payables	9 and 19	749,386	660,042
Deferred tax liabilities	8	87,092	89,218
		2,722,816	2,386,678
Current liabilities Borrowings	9 and 16	603,698	994,735
Trade and other payables	9 and 19	487,736	441,669
Income tax payable	8	51,544	32,900
Liability related to the transitional gas price stabilization regime - Decree-Law 84-D/2022	32	3,522	3,522
		1,146,500	1,472,826

Total liabilities	4	3,869,317	3,859,504

Total equity and liabilities		5,431,233	5,383,799

The accompanying notes form an integral part of the consolidated statement of financial position as of 31 March 2026.

The Certified Accountant The Board of Directors

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2026 AND 2025

(Amounts expressed in thousands of euros - teuros)

(Translation of statements of profit and loss originally issued in Portuguese - Note 34)

Period ended

	Notes	31.03.2026	31.03.2025
Sales	20	32	220
Services rendered	20	179,081	159,117
Revenue from construction of concession assets	21	44,192	66,718
Gains/(losses) from associates and joint ventures	7	2,698	3,239
Other operating income	22	12,840	11,395
Operating income		238,843	240,687
Cost of goods sold		(122)	(233)
Costs with construction of concession assets	21	(37,623)	(59,714)
External supplies and services	23	(30,900)	(29,639)
Personnel costs	24	(17,489)	(16,301)
Depreciation and amortizations	5	(68,150)	(65,804)
Impairments		-	158
Other expenses	25	(8,421)	(7,262)
Operating costs		(162,709)	(178,795)
Operating results		76,135	61,892
Financial costs	26	(21,152)	(18,346)
Financial income	26	3,198	2,803
Financial results		(17,956)	(15,542)

Profit before income tax and ESEC		58,180	46,350
Income tax expense	8	(8,165)	(3,502)
Energy sector extraordinary contribution (ESEC)	27	(13,804)	(28,404)
Consolidated profit for the period		36,211	14,443
Attributable to:
Equity holders of the Company		36,211	14,443
Non-controlled interest		-	-
Consolidated profit for the period		36,211	14,443
Earnings per share (expressed in euro per share)	28	0.05	0.02

The accompanying notes form an integral part of the consolidated statement of profit and loss for the three-month period ended 31 March 2026.

The Certified Accountant The Board of Directors

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2026 AND 2025

(Amounts expressed in thousands of euros - teuros)

(Translation of statements of other comprehensive income originally issued in Portuguese - Note 34)

Period ended

	Notes	31.03.2026	31.03.2025
Consolidated Profit for the period		36,211	14,443
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains/(losses) - gross of tax	17	332	(1,637)
Tax effect on actuarial gains/(losses)	8	(90)	475
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		(975)	(6,590)
Increase/(decrease) in hedging reserves - cash flow derivatives	12	5,840	(1,498)
Tax effect on hedging reserves	8 and 12	(1,033)	337
Gain/(loss) in fair value reserve - Investments in equity instruments at fair
10		(3,303)	11,154
value through other comprehensive income
Tax effect on items recorded directly in equity	8 and 10	638	(2,621)
Comprehensive income for the period		37,621	14,064
Attributable to:
Equity holders of the company		37,621	14,064
Non-controlled interest		-	-
		37,621	14,064

The accompanying notes form an integral part of the consolidated statement of comprehensive income for the three-month period ended 31 March 2026.

The Certified Accountant The Board of Directors

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2026 AND 2025

(Amounts expressed in thousands of euros - teuros)

(Translation of statements of changes in equity originally issued in Portuguese - Note 34)

Attributable to shareholders

Other

Changes in the year	Notes								(Note 14)

At 1 January 2025		667,191	(10,728)	116,809	141,378	42,399	21,625	138,567	(5,561)	287,699	152,512	1,551,891
Net profit of the period and other
comprehensive income		-	-	-	-	8,533	(1,161)	(6,590)	-	(1,162)	14,443	14,064
Transfer to other reserves		-	-	-	-	-	-	-	-	152,512	(152,512)	-
At 31 March 2025		667,191	(10,728)	116,809	141,378	50,932	20,464	131,978	(5,561)	439,049	14,443	1,565,955

At 1 January 2026		667,191	(10,728)	116,809	141,378	32,189	17,511	110,236	(5,561)	295,457	159,813	1,524,295
Net profit of the period and other comprehensive income		-	-	-	-	(2,665)	4,807	(975)	-	242	36,211	37,621
Transfer to other reserves		-	-	-	-	-	-	-	-	159,813	(159,813)	-
At 31 March 2026		667,191	(10,728)	116,809	141,378	29,525	22,317	109,262	(5,561)	455,512	36,211	1,561,916

capital (Note 14)

Own

shares (Note 14)

premium (Note 14)

Legal

Reserve (Note 15)

Fair Value

reserve (Note 15)

Hedging

reserve (Note 15)

Other

reserves (Note 15)

changes in equity

Retained

earnings (Note 15)

Profit for the year

Total

The accompanying notes form an integral part of the consolidated statement of changes in equity for the three-month period ended 31 March 2026.

The Certified Accountant The Board of Directors

CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE THREE-MONTH PERIODS ENDED 31 MARCH 2026 AND 2025

(Amounts expressed in thousands of euros - teuros)

(Translation of statements of cash flow originally issued in Portuguese - Note 34)

Period ended

	Notes	31.03.2026		31.03.2025
Cash flow from operating activities:
Cash receipts from customers		633,291	a)	626,026	a)
Cash paid to suppliers		(443,740)	a)	(295,654)	a)
Cash paid to employees		(18,633)		(17,912)
Income tax received/paid		(1,818)		(742)
Other receipts / (payments) relating to operating activities		(44,560)		(79,834)
Net cash flows from operating activities (1)		124,540		231,884
Cash flow from investing activities:
Receipts related to: Investment grants		77,859		75,095
Dividends Payments related to: Other financial assets		1,083 (500)		1,083 -
Property, plant and equipment		(21)		(6,753)
Intangible assets		(55,536)		(97,736)
Net cash flow used in investing activities (2)		22,886		(28,311)
Cash flow from financing activities:
Receipts related to: Borrowings		1,442,000		1,094,000
Interests and other similar income		849		474
Payments related to: Borrowings		(1,574,000)		(1,254,000)
Interests and other similar expense		(30,032)		(36,042)
Lease liabilities		(817)		(824)
Interests of lease liabilities		(33)		(75)
Net cash from / (used in) financing activities (3)		(162,033)		(196,468)
Net (decrease) / increase in cash and cash equivalents (1)+(2)+(3)		(14,607)		7,106
Effect of exchange rates		40		90
Cash and cash equivalents at the beginning of the year	13	25,638		39,977
Cash and cash equivalents at the end of the period	13	11,071		47,173
Detail of cash and cash equivalents Cash	13	24		25
Bank overdrafts	13	(1,018)		-
Bank deposits	13	12,065		47,148
The transitional gas price stabilization regime - Decree-Law 84-D/2022	13	-		-
		11,071		47,173

a) These amounts include payments and receipts relating to activities in which the Group acts as agent, income and costs being reversed in the consolidated statement of profit and loss.

The accompanying notes form an integral part of the consolidated statement of cash flow for the three-month period ended 31 March 2026.

The Certified Accountant The Board of Directors

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2026

(Translation of notes originally issued in Portuguese - Note 34)

GENERAL INFORMATION

REN - Redes Energéticas Nacionais, SGPS, S.A. (referred to in this document as "REN", "REN SGPS" or "the Company" together with its subsidiaries, referred to as "the Group" or "the REN Group"), with head office in Avenida Estados Unidos da América, 55 - Lisbon, Portugal, resulted from the spin-off of the EDP Group, in accordance with Decree-Law no. 7/91 of 8 January and 131/94 of 19 May, approved by the Shareholders' General Meeting held on 18 August 1994, with the objective of ensuring the overall management of the Public Electric Supply System (PES).

Up to 26 September 2006 the REN Group's operations were concentrated on the electricity business through REN - Rede Eléctrica Nacional, S.A. On 26 September 2006, as a result of the unbundling transaction of the gas business, the Group went through a significant change with the purchase of assets and financial participations relating to the transport, storage and regasification of gas activities, comprising a new business.

In the beginning of 2007, the Company was transformed into a holding company and, renamed, after the transfer of the electricity business to a new company incorporated on 26 September 2006, REN - Serviços de Rede, S.A., which was simultaneously renamed to REN - Rede Eléctrica Nacional, S.A.

The Group presently has two main business segments, Electricity and Gas, and a secondary business of Telecommunications. The Electricity business includes the following companies:

REN - Rede Eléctrica Nacional, S.A., incorporated on 26 September 2006, whose activities are carried out under a concession contract for a period of 50 years as from 2007 which establishes the overall management of the Public Electricity Supply System (Sistema Eléctrico de Abastecimento Público - SEP);
Enondas, Energia das Ondas, S.A. was incorporated on 14 October 2010, its capital being fully owned by REN - Redes Energéticas Nacionais, SGPS, S.A., and has as its activity the management of the concession for the exploration of a pilot area for the production of electric energy from sea waves;
Empresa de Transmisión Eléctrica Transemel, S.A. ("Transemel"), was acquired on 1 October 2019, following the expansion of the electricity business in Chile. The company's activity consists of providing electricity transmission and transformation services and the development, operation and commercialization of transmission systems, allowing free access to the different players in the electricity market in Chile; and
Transmisora de Energía Nacimiento, S.A. ("Tensa"), was acquired on 21 April 2025, continuing the expansion of the electricity business in Chile. Tensa is a company that owns and operates approximately 190 km of electricity transmission lines, mostly located in the Center-South zone of Chile. The assets were originally developed to serve the industrial units of the CMPC Group, one of the regional leaders in the forestry and paper production sector.

The Gas business includes the following companies:

REN Gás, S.A. was incorporated on 29 March 2011, with the corporate purpose of promoting, developing and carrying out projects and developments in the gas sector, as well as defining the overall strategy and coordination of the companies in which it has direct interests;
REN Gasodutos, S.A., was incorporated on 26 September 2006, whose the capital was paid up through the integration of the gas transport infrastructures (network, connections and compression);
REN Armazenagem, S.A., was incorporated on 26 September 2006, whose the capital was paid up through integration into the company of the gas underground storage assets;
REN Atlântico, Terminal de GNL, S.A., acquired under the acquisition of the gas business, previously designated as "SGNL - Sociedade Portuguesa de Gás Natural Liquefeito". The operations of this company comprise the supply, reception, storage and re-gasification of liquefied gas through the GNL marine terminal, being responsible for the construction, utilization and maintenance of the necessary infrastructures;
REN Portgás Distribuição, S.A. ("REN Portgás"), acquired as part of the expansion of the gas business on 4 October 2017. The company's object is the public service operation of the regional distribution network for natural gas and its substitute gases in 29 municipalities in the northern coastal area of Portugal, in the districts of Porto, Braga, and Viana do Castelo, as well as the construction and maintenance of the respective infrastructures; and,
REN Hidrogénio, S.A. ("REN Hidrogénio"), incorporated in November 2025, whose share capital was fully paid up through a capital contribution, has as its corporate purpose the planning, design, construction, development and operation of gas infrastructures, including hydrogen, renewable gases, low-carbon gases and other fluids, unbundled from the current natural gas transmission network.

The operations of the companies indicated in b) to d) above are developed in accordance with the three concession contracts separately granted for periods of 40 years starting 2006. The company indicated in e) above develops its activities in accordance with one concession contract granted for 40 years starting 2008.

The telecommunications business is managed by RENTELECOM - Comunicações, S.A. ("RENTELECOM") whose activity is the establishment, management and operation of telecommunications infrastructures and systems, the rendering of telecommunications services and optimizing the optical fibre excess capacity of the installations owned by REN Group.

REN SGPS fully owns REN Serviços, S.A., a company whose purpose is the rendering of services in the energetic area and the general services of business development support to group companies and third parties, receiving a fee for the services rendered, as well as the management of financial participations in other companies.

On 10 May 2013 REN Finance, B.V., a company based in Netherlands and fully owned by REN SGPS, whose purpose is to participate, finance, collaborate and lead the management of group companies, was incorporated.

Additionally, on 24 May 2013, together with China Electric Power Research Institute, a State Grid Group company, Centro de Investigação em Energia REN - State Grid, S.A. ("Centro de Investigação") was incorporated under a Joint Venture Agreement on which REN holds 1,500,000 shares representing 50% of the total share capital.

The purpose of this company is to implement a Research and Development centre in Portugal, dedicated to the research, development, innovation and demonstration in the areas of electricity transmission and systems management, the rendering of advisory services and education and training services as part of these activities, as well as performing all related activities and complementary services to its object.

On 14 December 2016, Aério Chile SPA was incorporated, a company fully owned by REN Serviços, S.A., headquartered in Santiago, Chile, whose purpose is to realize investments in assets, shares and rights of companies and associations.

In addition, on November 21, 2018, REN PRO, S.A. was incorporated, a company fully owned by REN, headquartered in Lisbon, whose purpose is to provide support services, namely administrative, logistical, communication and development support of the business, as well as business consulting, in a remunerated manner, either to companies that are in a group relation or to any third party, and IT consulting.

On 17 July 2019, Apolo Chile SPA was incorporated, a company fully owned by REN Serviços, S.A., headquartered in Santiago, Chile, whose purpose is to realize investments in assets, shares and rights of companies and associations of entities essentially related to the electric transmission sector.

As of 31 March 2026, REN SGPS also holds:

42.5% interest in the share capital of Electrogas, S.A., a provider of gas and other fuels transportation. The participation was acquired on 7 February 2017;
40% interest in the share capital of OMIP - Operador do Mercado Ibérico (Portugal), SGPS, S.A. ("OMIP SGPS"), being its purpose the management of participations in other companies as an indirect way of exercising economic activities;
10% interest in the share capital of OMEL - Operador do Mercado Ibérico de Energia, S.A., the Spanish pole of the Sole Operator;
1% interest in the share capital of Redeia Corporación S.A., entity in charge of the electricity network management in Spain;
7.5% equity interest in Hidroeléctrica de Cahora Bassa, S.A. ("HCB"), the entity responsible for operating the hydroelectric potential of the Cahora Bassa Dam in Mozambique; and
equity interests in the following companies: (i) Coreso, S.A. ("Coreso"), with a 7.9% shareholding; (ii) MIBGÁS, S.A., with a 6.67% shareholding; and (iii) MIBGÁS Derivatives, S.A., with a 9.7% shareholding.

Consolidation perimeter

The following companies were included in the consolidation perimeter as of 31 March 2026 and 31 December 2025:

Designation / adress

Country

Mar 2026 Dec 2025

Activity % Owned % Owned Group Individual Group Individual

Parent company:

Portugal	Holding company	-	-	-	-
Portugal	Operator of the National Very High Voltage Transmission Network	100%	100%	100%	100%
	Management of the concession for a pilot area for power production
Portugal	100%		100%	100%	100%
	from ocean waves
Portugal	Telecommunications network operator	100%	100%	100%	100%
Portugal	Back office and management of participations	100%	100%	100%	100%

REN - Redes Energéticas Nacionais, SGPS, S.A.

Subsidiaries:

REN - Rede Eléctrica Nacional, S.A.

Av. Estados Unidos da América, 55 - Lisboa

Enondas, Energia das Ondas, S.A.

M ata do Urso - Guarda Norte - Carriço- Pombal

RENTELECOM - Comunicações S.A.

Av. Estados Unidos da América, 55 - Lisboa

REN - Serviços, S.A.

Av. Estados Unidos da América, 55 - Lisboa

REN Finance, B.V.

De Cuserstraat, 93, 1081 CN Amsterdam

Netherlands

Participate, finance, collaborate, conduct management of companies related to REN Group

100% 100% 100% 100%

REN PRO, S.A.

Av. Estados Unidos da América, 55 - Lisboa

REN Atlântico, Terminal de GNL, S.A. Terminal de GNL - Sines

Portugal Communication and Sustainability, M arketing, Business M anagement, Business Development and Consulting and IT Projects

100% 100% 100% 100%

Portugal	Liquified Natural Gas Terminal maintenance and regasification 100%		100%	100%	100%
	operation
Portugal	Management of projects and ventures in the gas sector	100%	-	100%	-
Chile	Investments in assets, shares, companies and associations	100%	-	100%	-
Chile	Investments in assets, shares, companies and associations	100%	-	100%	-

Owned by REN Serviços, S.A.:

REN Gás, S.A.

Av. Estados Unidos da América, 55 -12º - Lisboa

Aerio Chile SPA Santiago do Chile

Apolo Chile SPA Santiago do Chile

Owned by REN Gás, S.A.:

Development, maintenance and operation of underground gas ortugal 100% storage		-	100%	-
Operator of the National Natural Gas Transmission Network and ortugal 100% general technical management of the gas system		-	100%	-
ortugal Distribution of natural gas at low and medium-pressure 100%		-	100%	-
Development and operation of gas infrastructures, including ortugal 100%		-	100%	-
hydrogen, renewable gases, low-carbon gases, and other fluids Transmission and transformation of electricity in Chile
Chile	100%	-	100%	-

REN - Armazenagem, S.A.

M ata do Urso - Guarda Norte - Carriço- Pombal

REN - Gasodutos, S.A.

Estrada Nacional 116, km 32,25 - Vila de Rei - Bucelas

REN Portgás Distribuição, S.A.

Rua Linhas de Torres, 41 - Porto

REN Hidrogénio, S.A.

Av. Estados Unidos da América, n.º 55 - Lisboa

Owned by Apolo Chile SPA (99.99%) and Aerio Chile SPA (<0.001%):

Empresa de Transmisión Eléctrica Transemel, S.A.

Santiago do Chile

Owned by Empresa de Transmisión Eléctrica Transemel, S.A.:

Transmisora de Energía Nacimiento, S.A. Santiago do Chile

Chile Transmission of electricity in Chile 100% - 100% -

Changes in the consolidation perimeter

March 2026
There were no changes to the consolidation perimeter in 2026 compared to that reported on 31 December 2025.
December 2025
On 21 April 2025, the REN Group, through its subsidiary Transemel, acquired the company Transmisora de Energía Nacimiento S.A., as mentioned in Note 1.
In November 2025, the REN Group incorporated the company REN Hidrogénio, S.A., held by REN Gás, S.A., as indicated in Note 1.

Approval of quarterly consolidated financial statements
These interim consolidated financial statements were approved by the Board of Directors at a meeting held on 7 May 2026. The Board of Directors believes that the consolidated financial statements fairly present the financial position of the companies included in the consolidation, the consolidated results of their operations, their consolidated comprehensive income, the consolidated changes in their equity and their consolidated cash flows in accordance with the International Financial Reporting Standards for interim financial statements as endorsed by the European Union (IAS 34).

BASIS OF PRESENTATION
The consolidated financial statements for the three-month period ended 31 March 2026 were prepared in accordance with IAS 34 - Interim Financial Reporting Standards, therefore do not include all information required for annual financial statements so should be read in conjunction with the annual financial statements issued for the year ended 31 December 2025.
The Board of Directors evaluated the Group's going concern capability, based on all the relevant information, facts and circumstances, of financial, commercial and other natures, including subsequent events occurred after the financial statement report date.
In result of this assessment, the Board concludes that the Group has the adequate resources to proceed its activity, not intending to cease its operations in short term, and therefore considers adequate the use of a going concern basis in the preparation of the financial statements.
The consolidated financial statements are presented in thousands of euros - teuros, rounded to the thousand closer.
On the present date, and taking into account the above and Note 5 - Main Estimates and Judgments, disclosed in the annex to the 2025 consolidated financial statements, the Group does not foresee any changes in the most relevant estimates, in the case of Provisions, Assumptions Actuarial, Tangible and Intangible Fixed Assets, Impairment, Fair Value of Financial Instruments, Impairment of Goodwill and Tariff deviations.
There were no significant changes in the long-term expectation of recovery of the Group's investments and financial holdings.
MAIN ACCOUNTING POLICIES
The consolidated financial statements were prepared for interim financial reporting purposes (IAS 34), on a going concern basis from the books and accounting records of the companies included in the consolidation, maintained in accordance with the accounting standards in force in Portugal, adjusted in the consolidation process so that the financial statements are presented in accordance with interim Financial Reporting Standards as endorsed by the European Union in force for the years beginning as from 1 January 2026.
Such Financial Reporting standards include International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board ("IASB"), International Accounting Standards (IAS), issued by the International Accounting Standards Committee ("IASC") and respective IFRIC and SIC interpretations, issued by the International Financial Reporting Interpretation Committee ("IFRIC") and Standard Interpretation Committee ("SIC"), that have been endorsed by the European Union. The standards and interpretations are hereinafter referred generically to as IFRS.
The accounting policies used to prepare these consolidated financial statements are consistent, in all material respects, with the policies used to prepare the consolidated financial statements for the year ended 31 December 2025, as explained in the
notes to the consolidated financial statements for 2025, except for the adoption of new effective standards for periods beginning on or after 1 January 2026.
The Group has not previously adopted any standard, interpretation or amendment that is not yet in force.
The estimates and assumptions with impact on REN's consolidated financial statements are continuously evaluated, representing at each reporting date the Board of Directors best estimates, considering historical performance, past accumulated experience and expectations about future events that, under the circumstances, are believed to be reasonable. There were no changes in the main estimates and judgments presented in relation to the three-month period ended on 31 March 2026 and compared to the year ended on 31 December 2025.
Adoption of new standards, interpretations, amendments and revisions
The following standards, interpretations, amendments and revisions have been endorsed by the European Union with mandatory application in effective for annual periods beginning on or after 1 January 2026:
- Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
  The Amendments to IFRS 9 come from the post-implementation review process of the "Classification and measurement" chapter, in which the IASB identified some aspects to clarify for better understanding them. The adoption of this standard does not have a significant impacts on REN's consolidated financial statements.
- Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity
  The Amendments will clarify the application of "own-use" requirements, allow the use of hedge accounting and add new disclosure requirements. The adoption of this standard does not have a significant impacts on REN's consolidated financial statements.
- Amendments IFRS 1, IFRS 7, IFRS 9, IFRS 10 e IAS 7 - Annual Improvements to IFRS Accounting Standards-Volume 11
  The objective of this annual publication is to improve some of the existing standards. In this case were considered 5 standards (IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7) for which some changes and improvements are made. The adoption of this standard does not have a significant impacts on REN's consolidated financial statements.
  The following standards, interpretations, amendments and revisions, have been endorsed by the European Union and are only mandatory applicable in future financial periods:
- IFRS 18 - Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)
The objective of IFRS 18 (which replaces IAS 1 Presentation of Financial Statements) is to establish requirements for the presentation and disclosure of information in financial statements, helping ensure that they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses. The future adoption of this standard is not expected to result in significant impacts on the amounts reported in REN's consolidated financial statements, but rather in the presentation structure of the financial statements.
Standards and interpretations, amended or revised, not endorsed by the European Union
The following standards, interpretations, amendments and revisions, with mandatory application in future years, have not, until the date of preparation of these consolidated financial statements, been endorsed by the European Union:
Standard
IFRS 19 -
Subsidiaries without Public Accountability
Applicable for
financial years beginning
01-jan-27
Resume
The objective of IFRS 19 is to allow those in charge of the preparation of IFRS financial information without public exposure, but which are group subsidiaries reporting in IFRS and with listed securities, a reduction of the disclosures made while still complying with IFRS.
Considering that IFRS 19 was originally based on standards and amendments issued up to 2021, an update was made to align it with the most recent standards (published between February 2021 and M ay 2024), ensuring that subsidiaries continue to benefit from the proposed simplification.
IFRS 21 -
The effects of changes in exchange rates:
Translation into a hyperinflationary presentation currency
01-jan-27
The purpose of this amendment is for IFRS 21 to clarify how entities should proceed when the presentation currency is hyperinflationary, ensuring consistency with the principles of IAS 29.
These standards have not yet been endorsed by the European Union and, as such, have not been applied by the Group for the three-month period ended 31 March 2026.

SEGMENT REPORTING

The The REN Group is organised in two main business segments, Electricity and Gas and one secondary segment.

The Electricity segment includes very high voltage electricity transmission activities, overall management of the public electricity supply system, and management of the concession for the operation of a pilot zone for the production of electricity from sea waves and the transmission and transformation of electricity in Chile.

The Gas segment includes high pressure gas transmission and overall management of the national natural gas supply system, as well as the operation of regasification at the LNG Terminal, the distribution of natural gas in low and medium pressure and the underground storage of natural gas.

Although the activities of the LNG Terminal and underground storage can be seen as separate from the transport of gas and overall management of the national natural gas supply system, since these operations provide services to the same users and they are complementary services, it was considered that it is subject to the same risks and benefits.

The telecommunications segment is presented separately although it does not qualify for disclosure.

Characterisation of segments

The items of the statement of financial position and the statement of profit or loss for each business segment result from the amounts recorded directly in the individual financial statements of the companies that make up the Group included in the scope of each segment, adjusted for the cancellation of intra-segment transactions, with no inter-segment allocation adjustments being made.

The only material exception is the measurement of assets and liabilities at fair value in the consolidated accounts in the context of purchase price allocation exercises when acquiring companies and business activities and recognising deferred taxes associated with these fair value adjustments.

The results by segment for the three-month period ended 31 March 2026 were as follows:

	Electricity	Gas	Telecommunications	Others	Eliminations	Consolidated
Sales and services provided		50,573	2,507	12,472	(15,311)	179,113
Inter-segments	393	2,540	-	12,379	(15,311)	-
Revenues from external customers	128,479	48,033	2,507	93	-	179,113
Revenue from construction of concession assets	37,144	7,048	-	-	-	44,192
Cost with construction of concession assets	(31,992)	(5,631)	-	-	-	(37,623)
Gains / (losses) from associates and joint ventures	-	-	-	2,698	-	2,698
External supplies and services	(31,318)	(11,901)	(1,154)	(3,775)	17,249	(30,900)
Personnel costs	(5,537)	(3,299)	(146)	(8,507)	-	(17,489)
Other expenses and operating income	6,635	(483)	(11)	92	(1,938)	4,298
Operating cash flow	103,803	36,307	1,196	2,980	-	144,286
Investment income - dividends	-	-	-	-	-	-
Non reimbursursable expenses Depreciation and amortizations	(47,065)	(21,032)	-	(53)	-	(68,150)
Financial results
Financial income	3,936	1,344	97	28,687	(30,869)	3,198
Financial costs	(5,500)	(4,633)	(1)	(41,887)	30,869	(21,152)
Profit before income tax and ESEC	55,174	11,986	1,292	(10,273)	-	58,180
Income tax expense	(9,579)	(389)	(274)	2,077	-	(8,165)
Energy sector extraordinary contribution (ESEC)	(17,856)	4,053	-	-	-	(13,804)
Profit for the period	27,739	15,649	1,019	(8,196)	-	36,211

The results by segment for the three-month period ended 31 March 2025 were as follows:

	Electricity	Gas	Telecommunications	Others	Eliminations	Consolidated
Sales and services provided	107,678	51,196	2,809	11,455	(13,802)	159,337
Inter-segments	510	2,024	-	11,268	(13,802)	-
Revenues from external customers	107,168	49,172	2,809	187	-	159,337
Revenue from construction of concession assets	59,229	7,488	-	-	-	66,718
Cost with construction of concession assets	(54,226)	(5,489)	-	-	-	(59,714)
Gains / (losses) from associates and joint ventures	-	-	-	3,239	-	3,239
External supplies and services	(27,756)	(13,106)	(814)	(3,563)	15,601	(29,639)
Personnel costs	(5,234)	(3,195)	(157)	(7,714)	-	(16,301)
Other expenses and operating income	6,352	(522)	(88)	(44)	(1,798)	3,901
Operating cash flow	86,043	36,372	1,750	3,372	-	127,538
Investment income - dividends	-	-	-	-	-	-
Non reimbursursable expenses Depreciation and amortizations	(44,882)	(20,869)	-	(53)	-	(65,804)
Financial results
Financial income	3,405	489	105	25,870	(27,066)	2,803
Financial costs	(1,052)	(5,209)	(1)	(39,151)	27,066	(18,346)
Profit before income tax and ESEC	43,523	10,783	2,099	(10,055)	-	46,350
Income tax expense	(4,839)	(1,075)	(540)	2,952	-	(3,502)
Energy sector extraordinary contribution (ESEC)	(18,454)	(9,950)	-	-	-	(28,404)
Profit for the period	20,230	(243)	1,559	(7,103)	-	14,443

Inter-segment transactions are carried out under normal market conditions, equivalent to transactions with third parties.

The results included in the "Others" segment correspond to the results of the companies REN SGPS, S.A., REN Serviços, S.A., REN Finance, B.V., Aerio Chile, SpA, Apolo Chile, Spa and REN PRO, S.A., with emphasis on the following items:

the revenue included in the "Others" segment refers essentially to the provision of administration and back office services to Group entities and third parties;
personnel expenses mainly correspond to the expenses of REN Serviços, S.A.;
income from equity investments (dividends) corresponds to dividends from equity instruments at fair value;

financing expenses included in this segment refer mainly to expenses related to external financing obtained directly by REN SGPS, S.A. and REN Finance, B.V. to finance the various activities of the REN Group.

Assets and liabilities by segment as well as capital expenditures for the three-month period ended 31 March 2026 were as follows:

	Electric ity	Gas	Telecommunications	Others	Eliminations	Consolidated
Segment assets Group investments held	22,663	1,193,327	-	4,006,488	(5,222,479)	-
Property, plant and equipment and intangible assets	3,203,982	1,380,324	42	412	-	4,584,760
Other assets	687,753	219,932	23,095	4,161,251	(4,245,558)	846,473
Total assets	3,914,398	2,793,583	23,137	8,168,151	(9,468,037)	5,431,233

Total liabilities	1,440,571	858,298	10,668	5,805,338	(4,245,558)	3,869,317
Capital expenditure - total	41,415	7,069	-	-	-	48,484
Capital expenditure - property, plant and equipment (Note 5)	4,271	21	-	-	-	4,292
Capital expenditure - intangible assets (Note 5)	37,144	7,048	-	-	-	44,192
Investments in associates (Note 7)	-	-	-	163,978	-	163,978
Investments in joint ventures (Note 7)	-	-	-	2,781	-	2,781

Assets and liabilities by segment at 31 December 2025 as well as investments on tangible assets and intangible assets were as follows:

	Electricity	Gas	Telecommunications	Others	Eliminations	Consolidated
Segment assets Group investments held	22,236	1,177,401	-	3,948,475	(5,148,111)	-
Property, plant and equipment and intangible assets	3,212,314	1,394,287	42	465	-	4,607,109
Other assets	502,754	195,914	20,707	3,982,113	(3,924,798)	776,691
Total assets	3,737,305	2,767,603	20,749	7,931,052	(9,072,909)	5,383,799

Total liabilities	1,290,737	860,840	9,299	5,623,426	(3,924,798)	3,859,504
Capital expenditure - total	424,220	50,493	43	110	-	474,865
Capital expenditure - property, plant and equipment (Note 5)	28,958	157	43	110	-	29,267
Capital expenditure - intangible assets (Note 5)	352,958	50,336	-	-	-	403,294
Investments in associates (Note 7)	-	-	-	158,081	-	158,081
Investments in joint ventures (Note 7)	-	-	-	2,733	-	2,733

The assets and liabilities included in the "Others" segment correspond to the assets and liabilities of REN SGPS, S.A., REN Serviços, S.A., REN Finance, B.V., Aerio Chile, SpA, Apolo Chile, SpA and REN PRO, S.A., with emphasis on the following items:

the liabilities included in the "Others" segment correspond essentially to external financing obtained directly by REN SGPS, S.A. and REN Finance, B.V. to finance the various activities of the REN Group
among the assets included in the "Others" segment, the financial holdings in subsidiaries owned by REN SGPS, S.A., which are eliminated in the consolidated accounts, and the financing granted to other REN Group companies by REN SGPS, S.A. and REN Finance, B.V. stand out.

TANGIBLE AND INTANGIBLE ASSETS

During the three-month period ended 31 March 2026, the changes in tangible and intangible assets were as follows:

Property, plant and equipment Intangible assets

Cost:

Transmission and electronic equipment

Transport equipment

Office equipment

Property, plant and equipment

Assets in progress

Total

Concession assets

Concession assets in progress

Other intangible assets

Total

At 1 January 2026 135,337		896	890	1,421	33,539	172,083	9,540,858	357,437	147,184	10,045,479
Additions -		-	-	-	4,292	4,292	585	43,607	-	44,192
Disposals, write-offs, impairments and -		-	-	-	-	-	-	-	-	-
Transfers -		-	-	-	-	-	2,619	(2,619)	-	-
Exchange rate differences (1,600)		-	(4)	(2)	(354)	(1,960)	-	-	(1,214)	(1,214)
At 31 March 2026	133,737	896	886	1,418	37,477	174,415	9,544,062	398,425	145,970	10,088,457
Accumulated depreciation:
At 1 January 2026	(18,887)	(511)	(506)	(40)	-	(19,943)	(5,589,203)	-	(1,305)	(5,590,509)
Depreciation charge Depreciation of disposals, impairments, write-offs and other reclassifications Exchange rate differences	(1,434) -423	(50) - -	(13) -3	(4) - -	- - -	(1,500) -426	(66,616) - -	- - -	(34) -66	(66,650) -66
At 31 March 2026	(19,898)	(561)	(516)	(43)	-	(21,017)	(5,655,820)	-	(1,273)	(5,657,093)
Net book value:
At 1 January 2026	116,450	385	384	1,381	33,539	152,140	3,951,654	357,437	145,878	4,454,969

At 31 March 2026	113,839	335	370	1,375	37,477	153,397	3,888,242	398,425	144,697	4,431,363

other reclassifications

The changes in tangible and intangible assets in the in the year ended 31 December 2025 were as follows:

Property, plant and equipment Intangible assets

Transmission and electronic equipment

Transport equipment

Office equipment

Property, plant and equipment in progress

Assets in progress

Total

Concession assets

Concession assets in progress

Other intangible assets

Total

Cost:
At 1 January 2025	111,041	876	841	1,386	24,878	139,023		9,238,047	282,080	51,990	9,572,118
Changes in perimeter (Note 9)	4,932	-	-	-	2,867	7,799		-	-	55,464	55,464
Additions	18,681	85	62	-	10,440	29,267		34,106	369,187	42,304	445,597
Disposals, write-offs, impairments and
-			(65)	(33)	-	-	(97)	(25,126)	-	-	(25,126)
other reclassifications
Transfers	3,922	-	26	39	(3,988)	-		293,831	(293,831)	-	-
Exchange rate differences	(3,239)	-	(7)	(4)	(658)	(3,909)		-	-	(2,574)	(2,574)
At 31 December 2025	135,337	896	890	1,421	33,539	172,083		9,540,858	357,437	147,184	10,045,479
Accumulated depreciation:
At 1 January 2025	(14,534)	(389)	(487)	(27)	-	(15,438)		(5,350,250)	-	(1,235)	(5,351,485)
Changes in perimeter	-	-	-	-	-	-		-	-	-	-
Depreciation charge	(5,012)	(187)	(54)	(13)	-	(5,265)		(261,600)	-	(108)	(261,707)
Depreciation of disposals,
impairments, write-offs and other	-	65	31	-	-	96		22,646	-	-	22,646
reclassifications
Exchange rate differences	659	-	5	-	-	664		-	-	37	37
At 31 December 2025	(18,887)	(511)	(506)	(40)	-	(19,943)		(5,589,203)	-	(1,305)	(5,590,509)
Net book value:
At 1 January 2025	96,507	487	353	1,359	24,878	123,584		3,887,797	282,080	50,755	4,220,632

At 31 December 2025	116,450	385	384	1,381	33,539	152,140		3,951,654	357,437	145,878	4,454,969

The main additions verified in the periods ended 31 March 2026 and 31 December 2025 are as follows:

	Mar 2026	Dec 2025
Electricity segment:
Power line construction (220 KV, 150 KV and others)	3,479	25,968
Power line construction (400 KV)	17,068	170,865
Construction of new substations	3,671	25,187
Substation Expansion	6,673	69,621
Other renovations in substations	452	4,722
Telecommunications and information system	2,285	11,089
Buildings related to concession	2,719	9,284
Transmission and transformation of electricity in Chile i)	4,271	71,262
Other assets Gas segment:	797	36,222
Expansion and improvements to gas transmission network	3,399	17,283
Construction project of cavity underground storage of gas in Pombal	309	2,197
Construction project and operating upgrade - LNG facilities	175	5,113
Gas distribution projects	3,164	25,743
Others segments: Other assets	21	309
Total of additions	48,484	474,865

i) During September 2025, the company Empresa de Transmisión Eléctrica Transemel, S.A., acquired a set of electricity transmission assets in Chile, including, approximately, 144 km of transmission lines, from MLP Transmisión S.A., a company controlled by the Antofagasta Plc Group, for 57,269 thousand euros.

The main transfers that were concluded and began activity during the periods ended 31 March 2026 and 31 December 2025 are as follows:

	Mar 2026	Dec 2025
Electricity segment:
Power line construction (220 KV, 150 KV and others)	-	28,838
Power line construction (400 KV)	-	117,498
Substation Expansion	-	82,425
Other renovations in substations	-	4,393
Telecommunications and information system	-	10,295
Buildings related to concession	-	-
Transmission and transformation of electricity in Chile	-	3,988
Other assets under concession	-	3,380
Gas segment:
Expansion and improvements to gas transmission network	1,164	13,877
Construction project of cavity underground storage of gas in Pombal	-	1,862
Construction project and operating upgrade - LNG facilities	-	5,085
Gas distribution projects	1,454	26,178
Total of transfers	2,619	297,818

The tangible and intangible assets in progress at 31 March 2026 and 31 December 2025 are as follows:

	Mar 2026	Dec 2025
Electricity segment:
Power line construction (400 KV, 220 KV, 150 KV and others)	245,298	224,750
Substation Expansion	65,109	57,984
New substations projects	29,267	25,595
Buildings related to concession	16,294	13,575
Transmission and transformation of electricity in Chile	36,498	32,581
Other projects	9,302	6,499
Gas segment:
Expansion and improvements to natural gas transmission network	17,700	15,720
Construction project of cavity underground storage of gas in Pombal	4,263	3,954
Construction project and operating upgrade - LNG facilities	1,537	1,362
Gas distribution projects	9,656	7,996
Others segments:
Other assets	978	958
Total of assets in progress	435,902	390,976

Borrowing costs capitalized on intangible assets in progress in the period ended 31 March 2026 amounted to 1,127 thousand euros (5,714 thousand euros as of 31 December 2025), while management costs and others amounted to 5,442 thousand euros (25,845 thousand euros as of 31 December 2025) (Note 21). The average rate of the financial costs capitalized was of 0.20%.

The net book value of the property, plant and equipment and intangible assets, related with transport equipements, acquired through finance lease contracts at 31 March 2026 and 31 December 2025 was as follows:

Mar 2026 Dec 2025

Cost

Accumulated

depreciation and Net book value Cost amortization

Accumulated depreciation and amortization

Net book value

Initial value	11,623	(5,393)	6,229	12,531	(5,426)	7,105
Additions	585	-	585	1,925	-	1,925
Disposals and write-offs	-	-	-	(2,834)	2,751	(82)
Depreciation charge	-	(692)	(692)	-	(2,719)	(2,719)
Final value	12,208	(6,085)	6,123	11,623	(5,393)	6,229

GOODWILL

Goodwill represents the difference between the amount paid for the acquisition and the net assets fair value of the companies acquired, with reference to the acquisition date, and at 31 March 2026 and 31 December 2025 is detailed as follows:

Subsidiaries

Year of acquisition

Acquisition

cost % Mar 2026 Dec 2025

REN Atlântico, Terminal de GNL, S.A.	2006	32,580	100%	-	-
Empresa de Transmisión Eléctrica Transemel, S.A.	2019	155,482	100%	1,825	1,845
Transmisora de Energía Nacimiento, S.A.
2025		62,278	100%	10,582	10,622
Acquisition of an electricity transmission business 2025		57,546	100%	140	140
				12,547	12,607

from Transemel

The movement for the periods ended 31 March 2026 and 31 December 2025 was:

Subsidiaries

At 1 January

				differences	2025
REN Atlântico, Terminal de GNL, S.A.	377	-	(377)	-	-	-	- -	-
Empresa de Transmisión Eléctrica Transemel, S.A.	1,891	-	-	(46)	1,845	-	- (20)	1,825
Transmisora de Energía Nacimiento, S.A.	-	10,868	-	(246)	10,622	-	- (40)	10,582
Acquisition of an electricity transmission business from Transemel	-	140	-	-	140	-	- -	140
	2,268	11,008	(377)	(292)	12,607	-	- (60)	12,547

2025

Increases Decreases

Exchange

rate

At 31

December

Increases Decreases

Exchange rate differences

At 31 March 2026

INVESTMENTS IN ASSOCIATES AND JOIN VENTURES

At 31 March 2026 and 31 December 2025, the financial information regarding the financial interest held is as follows:

31 March 2026

Equity method:

Associate:

OM IP - Operador do M ercado Ibérico (Portugal), SGPS, S.A.

Activity Head office

Lisbon	2,610	700	30,393	346	-	-	69	30,747	40	12,092	28
Chile	18,172	16,542	17,854	3,631	3,507	11,115	6,171	27,258	42.5	151,887	2,623
										163,978	2,650
Lisbon	3,000	7,071	278	1,781	-	569	96	5,568	50	2,781	48
										166,759	2,698

Holding company

Share capital

Current assets

Non-current assets

Current liabilities

Non-current liabilities

Revenues

Net

profit/(loss)

capital

Carrying amount

Group share of profit / (loss)

Electrogas, S.A. Gas transportation

Joint venture:

Centro de Investigação em Energia REN - STATE GRID, S.A.

Research & development

31 December 2025

Equity method:

Associate:

OM IP - Operador do M ercado Ibérico (Portugal), SGPS, S.A.

Activity Head office

Lisbon	2,610	700	30,324	346	-	1,910	1,291	30,678	40	12,064	491
Chile	18,099	10,231	18,404	4,477	3,631	44,750	25,817	20,527	42.5	146,017	10,972
										158,081	11,463
Lisbon	3,000	7,109	292	1,929	-	2,024	22	5,472	50	2,733	11
										160,814	11,474

Holding company

Share capital

Current assets

Non-current assets

Current liabilities

Non-current liabilities

Revenues

Net profit/(loss)

capital

Carrying amount

Group share of profit / (loss)

Electrogas, S.A. Gas transportation

Joint venture:

Centro de Investigação em Energia REN - STATE GRID, S.A.

Research & development

Associates

The changes in the caption "Investments in associates" during the periods ended 31 March 2026 and 31 December 2025 was as follows:

Investments in associates

At 1 de January de 2025	179,337
Effect of applying the equity method	11,463
Currency translation reserves	(19,516)
Dividends of Electrogas	(13,028)
Receipt of supplementary obligations of OM IP	(180)
Other changes in equity	5
At 31 December 2025	158,081
Effect of applying the equity method	2,650
Currency translation reserves	3,247
At 31 March 2026	163,978

The proportional value of the OMIP, SGPS, S.A. includes the effect of the adjustment resulting of changes to the Financial Statement of the previous year, made after the equity method application.

Joint ventures

The movement in the caption "Investments in joint ventures" during the periods ended 31 March 2026 and 31 December 2025 was as follows:

Investments in joint ventures

At 1 January 2025	2,729
Effect of applying the equity method	11
Dividends distribution	(8)
At 31 December 2025	2,733
Effect of applying the equity method	48
At 31 March 2026	2,781

Following a joint agreement of technology partnership between REN - Redes Energéticas Nacionais and the State Grid International Development (SGID), in May 2013 an R&D centre in Portugal dedicated to power systems designed - Centro de Investigação em Energia REN - STATE GRID, S.A. ("Centro de Investigação") was incorporated, being jointly controlled by the above mentioned two entities.

The Research Centre aims to become a platform for international knowledge, a catalyst for innovative solutions and tools, applied to the planning and operation of transmission power.

At 31 March 2026 and 31 December 2025, the financial information of the joint venture was as follows:

Joint venture:

Centro de Investigação em Energia

Cash and cash equivalents

Current financial liabilities

Non-current financial liabilities

31 March 2026

Depreciations and amortizations

Financial income Financial costs

Income tax- (cost)

/ income

REN - STATE GRID, S.A. 5,825 53 - (14) 17 - (2)

Joint venture:

Centro de Investigação em Energia

Cash and cash equivalents

Current financial liabilities

Non-current financial liabilities

31 December 2025 Depreciations and amortizations

Financial income Financial costs

Income tax- (cost)

/ income

REN - STATE GRID, S.A. 5,759 71 - (38) 97 (2) (1)

INCOME TAX

REN is taxed based on the special regime for the taxation of group companies, which includes all companies located in Portugal that REN detains directly or indirectly at least 75% of the share capital, which should give at least than 50% of the voting rights, and comply with the conditions of the article 69º of the Corporate Income Tax law.

In accordance with current legislation, tax returns are subject to review and correction by the tax authorities for a period of four years (five years for social security), except when there are tax losses, tax benefits granted or tax inspections, claims or appeals in progress, in which case the period can be extended or suspended, depending on the circumstances. Consequently, the Company's tax returns for the years from 2023 to 2026 are still subject to review.

The Company's Board of Directors understands that possible corrections to the tax returns resulting from tax reviews

/inspections carried out by the tax authorities will not have a significant effect on the financial statements as of 31 March 2026 and 31 December 2025.

In the three-month period ended 31 March 2026, the Group is subject to Corporate Income Tax, at an average rate, taking into account the base rate of 19%, which will be increased by a municipal surcharge of up to a maximum of 1.5% on taxable income, and a state surcharge of (i) 3% of taxable profit between 1,500 thousand euros and 7,500 thousand euros; (ii) of 5% over the taxable profit in excess of 7,500 thousand euros and up to 35,000 thousand euros; and (iii) 9% for taxable profits in excess of 35,000 thousand euros, which results in a maximum aggregate tax rate of 29.5%.

The tax rate used in the valuation of temporary taxable and deductible differences as of 31 March 2026, was updated for each Company included in the consolidation perimeter, using the average tax rate expected in accordance with future perspective of taxable profits of each company recoverable in the next periods.

Income tax registered in the periods ended 31 March 2026 and 31 March 2025 was as follows:

	Mar 2026	Mar 2025
Current income tax	20,853	15,992
Adjustments of income tax from previous years	(88)	(1,810)
Deferred income tax	(12,600)	(10,680)
Income tax	8,165	3,502

Reconciliation between tax calculated at the nominal tax rate and tax recorded in the consolidated statement of profit and loss is as follows:

	Mar 2026	Mar 2025
Consolidated profit before income tax	58,180	46,350
Permanent differences:
Non deductible/taxable costs/(income)	(23,597)	(29,333)
Timing differences:
Tariff deviations	39,178	35,340
Provisions and impairment	(21)	(45)
Revaluations	250	(1,315)
Pension, helthcare assistence and life insurance plans	650	307
Derivative financial instruments	223	174
Others	500	549
Taxable income	75,362	52,028
Income tax	14,043	10,821
State surcharge tax	5,427	3,953
M unicipal surcharge	1,309	1,033
Autonomous taxation	74	186
Current income tax	20,853	15,992
Deferred income tax	(12,600)	(10,680)
Adjustments of income tax from previous years	(88)	(1,810)
Income tax	8,165	3,502
Effective tax rate	14.0%	7.6%

Income tax

The caption "Income tax" payable and receivable at 31 March 2026 and 31 December 2025 is as follows:

Mar 2026 Dec 2025

Income tax:

Corporate income tax - estimated tax	(20,853)	(44,617)
Corporate income tax - payments on account	2,468	9,361
Income withholding tax by third parties	461	1,938
Income recoverable / (payable)	(33,620)	418
Income tax recoverable / (payable)	(51,544)	(32,900)

Deferred taxes

The effect of the changes in the deferred tax captions in the years presented was as follows:

	Mar 2026	Dec 2025
Impact on the statement of profit and loss:
Deferred tax assets	7,172	(2,587)
Deferred tax liabilities	5,428	22,843
	12,600	20,256
Impact on equity:
Deferred tax assets	(90)	1,200
Deferred tax liabilities	(3,301)	(7,998)
	(3,391)	(6,798)

Net impact of deferred taxes	9,209	13,457

The changes in deferred tax by nature were as follows:

Change in deferred tax assets - March 2026

Provisions and Impairments

Pensions Tariff deviations

Derivative financial instruments

Revalued assets

Investments in equity instruments at fair value through other comprehensive income

Others Total

At 1 January 2026	2,138	19,279	15,341	(2,518)	6,909	1,853	3,216	46,219
Increase/decrease through reserves	-	(90)	-	-	-	(6)	6	(90)
Reversal through profit and loss	(27)	-	-	-	(42)	-	(1)	(69)
Increase through profit and loss	6	108	7,080	48	-	-	-	7,241
Change in the period	(21)	18	7,080	48	(42)	(6)	5	7,082

At 31 March 2026	2,118	19,297	22,422	(2,471)	6,866	1,847	3,221	53,301

Change in deferred tax assets - December 2025

Provisions and Impairments

Pensions Tariff deviations

Derivative financial instruments

Revalued assets

Investments in equity instruments at fair value through other comprehensive income

Others Total

At 1 January 2025	2,746	21,041	15,281	(2,457)	7,916	- 3,078	47,606
Increase/decrease through reserves	-	(733)	-	-	-	- 80	1,200
Reversal through profit and loss	(608)	(1,029)	(399)	(61)	(1,007)	- -	(3,104)
Increase through profit and loss	-	-	460	-	-	- 57	517
Change in the period	(608)	(1,762)	61	(61)	(1,007)	- 137	(1,387)

At 31 December 2025	2,138	19,279	15,341	(2,518)	6,909	- 3,216	46,219

Deferred tax assets at 31 March 2026 correspond essentially to: (i) to liabilities for benefit plans granted to employees; (ii) tariff deviations liabilities to be settled in subsequent years; and (iii) revalued assets.

Evolution of deferred tax liabilities - March 2026

Tariff deviations Revaluations Fair value

Investments in equity instruments at fair value through other comprehensive income

Derivative financial

instruments

Others Total

At 1 January 2026	23,994	11,518	38,072	1,312	5,008	9,314	89,218
Increase/decrease through equit	-	-	-	(644)	1,033	-	389
Reversal trough profit and loss	(3,104)	(366)	(3,171)	-	-	-	(6,641)
Increase through profit and loss	-	-	1,016	-	-	198	1,213
Exchange rate differences	-	-	-	-	-	2,913	2,913
Change in the period	(3,104)	(366)	(2,156)	(644)	1,033	3,110	(2,126)

At 31 March 2026	20,889	11,152	35,917	668	6,041	12,425	87,092

Evolution of deferred tax liabilities - December 2025

Tariff deviations Revaluations Fair value

Investments in equity instruments at fair value through other comprehensive income

Derivative financial

instruments

Others Total

At 1 January 2025	40,556	13,445	42,979	3,533	6,203	(2,654)	104,063
Changes in the perimeter	-	-	-	-	-	12,028	12,028
Increase/decrease through equity	-	(116)	-	(2,222)	(1,194)	-	(3,533)
Reversal trough profit and loss	(16,563)	(1,811)	(4,907)	-	-	(90)	(23,370)
Increase through profit and loss	-	-	-	-	-	527	527
Exchange rate differences	-	-	-	-	-	(498)	(498)
Change in the period	(16,563)	(1,927)	(4,907)	(2,222)	(1,194)	11,968	(14,845)

At 31 December 2025	23,994	11,518	38,072	1,312	5,008	9,314	89,218

Deferred tax liabilities relating to revaluations result from revaluations made in preceding years under legislation. The effect of these deferred taxes reflects the non-tax deductibility of 40% of future depreciation of the revaluation component (included in the assets considered cost at the time of the transition to IFRS).

The legal documents that establish these revaluations were the following:

Legislation (revaluation)

Electricity segment Gas segment

Decree-Law nº 430/78 Decree-Law nº 140/2006

Decree-Law nº 399-G/81 Decree-Law nº 66/2016 Decree-Law nº 219/82

Decree-Law nº 171/85 Decree-Law nº 118-B/86 Decree-Law nº 111/88 Decree-Law nº 7/91 Decree-Law nº 49/91 Decree-Law nº 264/92

FINANCIAL ASSETS AND LIABILITIES

The accounting policies for financial instruments in accordance with the IFRS 9 categories have been applied to the following financial assets and liabilities:

- March 2026

Notes

Financial assets at amortized cost

Financial assets at fair value -Equity instruments through other comprehensive income

Financial assets/liabilities at fair value -

Profit for the year

Other financial assets/liabilities

Total carrying amount

Fair value

Assets

13	-	-	-	12,089	12,089	12,089
11	438,188	-	-	-	438,188	438,188
	-	-	5,955	513	6,468	6,468
10	-	120,271	-	-	120,271	120,271
12	-	-	30,856	-	30,856	30,856
32	-	-	-	3,522	3,522	3,522
	438,188	120,271	36,811	16,124	611,394	611,394
16	-	-	-	2,377,646	2,377,646	2,363,355
19	-	-	-	563,225	563,225	563,225
12	-	-	28,678	-	28,678	28,678
32	-	-	-	3,522	3,522	3,522
	-	-	28,678	2,944,393	2,973,070	2,958,779

Cash and cash equivalents Trade and other receivables Other financial assets

Investments in equity instruments at fair value through other comprehensive income

Derivative financial instruments

Assets related to the transitional gas price stabilization regime - Decree-Law 84-D/2022

Liabilities

Borrowings

Trade and other payables Drivative financial instruments

Liability related to the transitional gas price stabilization regime - Decree-Law 84-D/2022

- December 2025

Notes

Financial assets at amortized cost

Financial assets at fair value -Equity instruments through other comprehensive income

Financial assets/liabilities at fair value -

Profit for the year

Other financial assets/liabilities

Total carrying amount

Fair value

Assets
Cash and cash equivalents	13	-	- -		26,580	26,580	26,580
Trade and other receivables	11	371,510	- -		-	371,510	371,510
Other financial assets		-	- 5,955		13	5,968	5,968
Investments in equity instruments at fair value	10
through other comprehensive income		-	123,574	-	-	123,574	123,574
Derivative financial instruments	12	-	-	23,501	-	23,501	23,501
Assets related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32	-	-	-	3,522	3,522	3,522
		371,510	123,574	29,456	30,114	554,654	554,654
Liabilities
Borrowings	16	-	-	-	2,523,532	2,523,532	2,541,210
Trade and other payables	19	-	-	-	476,271	476,271	476,271
Drivative financial instruments	12	-	-	25,195	-	25,195	25,195
Liability related to the transitional gas price
stabilization regime - Decree-Law 84-D/2022	32	-	-	-	3,522	3,522	3,522
		-	-	25,195	3,003,325	3,028,521	3,046,199

Loans obtained, as referred to in Note 3.6 to the annual consolidated financial statements for the period ended on 31 December 2025 are measured, initially at fair value and subsequently at amortized cost, except for those which it has been contracted derivative fair value hedges (Note 12) which are measured at fair value. Nevertheless, REN proceeds to the disclosure of the fair value of the caption Borrowings, based on a set of relevant observable data, which fall within Level 2 of the fair value hierarchy.

The fair value of borrowings and derivatives is calculated by the method of discounted cash flows, using the curve of interest rate on the date of the statement of financial position in accordance with the characteristics of each loan.

The range of market rates used to calculate the fair value ranges between 1.9160% and 2.7647% (maturities of one day and twelve years, respectively).

The fair value of borrowings contracted by the Group at 31 March 2026 is 2,363,355 thousand euros (at 31 December 2025 was 2,541,210 thousand euros), of which 274,277 thousand euros are recorded partly at amortized cost and includes an element of fair value resulting from movements in interest rates (at 31 December 2025 was 276,387 thousand euros).

In December 2023, REN subscribed 6,000,000 of category D units of the Nowberry closed-end venture capital fund, for the unit value of 1 euro each. In March 2026, the value of each unit is 0.9925 euros (at 31 December 2025 the value of each unit was 0.9925 euros).

Estimated fair value - assets and liabilities measured at fair value

The following table presents the Group's assets and liabilities measured at fair value at 31 March 2026 in accordance with the following hierarchy levels of fair value:

Level 1: the fair value of financial instruments is based on net market prices as of the date of the statement of financial position;
Level 2: the fair value of financial instruments is not determined based on active market quotes but using valuation models.
The main inputs of the models are observable in the market in relation to derivative financial instruments;
Level 3: the fair value of financial instruments is not determined based on active market quotes, but using valuation models, whose main inputs are not observable in the market.

During the three-month period ended 31 March 2026, there was no transfer of financial assets and liabilities between fair value hierarchy levels.

			Mar 2	026			Dec 2	025
		Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets: Investments in equity instruments at fair value Shares		78,839	-	37,837	116,677	82,143	-	37,837	119,980

through other comprehensive income
Financial assets at fair value	Cash flow hedge derivatives	-	30,856	-	30,856	-	23,501	-	23,501
Other financial assets	Treasury funds	5,955	-	-	5,955	5,955	-	-	5,955
		84,794	30,856	37,837	153,488	88,098	23,501	37,837	149,435
Liabilities:
Financial liabilities at fair value	Loans	-	274,777	-	274,777	-	276,387	-	276,387
Financial liabilities at fair value	Fair value hedge derivatives	-	28,678	-	28,678	-	25,195	-	25,195
		-	303,455	-	303,455	-	301,582	-	301,582

During the three-month period ended 31 March 2026, REN proceeded to a valuation of the financial interests held Hidroeléctrica de Cahora Bassa, S.A., which is classified as Investments in equity instruments at fair value through other comprehensive income (Note 10). The fair value of this asset reflects the price at which the asset would be sold in an orderly transaction.

For this purpose, REN has opted for a revenue approach, which reflects current market expectations regarding future amounts. The fair value of the investment amounted to 37,837 thousand euros for the three-month period ended on 31 March 2026.

With respect to the current receivables and payables balances, its carrying amount corresponds to a reasonable approximation of it fair value.

The non-current accounts receivable and accounts payable refers, essentially, to tariff deviations which amounts are communicated by ERSE, being it carrying amount a reasonable approximation of its fair value, given that they include the time value of money, being incorporated in the next two years tariffs.

Financial risk management

Up until 31 March 2026, there were no significant changes regarding the financial risk management of the Company compared to the risks disclosed in the consolidated financial statements as of 31 December 2025. A description of the risks can be found in Note 4 - Financial Risk Management of the consolidated financial statements for the year ended 2025.

INVESTMENTS IN EQUITY INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

The assets recognised in this caption at 31 March 2026 and 31 December 2025 corresponds to equity interests held on strategic entities for the Group, which can be detailed as follows:

Head office Book value

City Country % owned Mar 2026 Dec 2025

OMEL - Operador del M ercado Ibérico de Energia (Pólo Espanhol)	Madrid	Spain	10.00%	3,167	3,167
Redeia Corporación, S.A.	Madrid	Spain	1.00%	78,839	82,143
Hidroeléctrica de Cahora Bassa ("HCB")	M aputo	Mozambique	7.50%	37,837	37,837
Coreso, S.A.	Brussels	Belgium	7.90%	164	164
MIBGAS, S.A.	Madrid	Spain	6.67%	202	202
MIBGÁS Derivatives, S.A.	Madrid	Spain	9.70%	49	49
Association HyLab - Green Hydrogen Collaborative Laboratory	Sines	Portugal	12.50%	13	13
				120,271	123,574

The changes in this caption were as follows:

	OMEL	HCB	Redeia	Coreso	MIBGÁS	MIBGÁS Derivatives	HyLab		Total
At 1 January 2025	3,167	44,920	89,344	164	202	49		13	137,858
Fair value adjustments	-	(7,083)	(7,202)	-	-	-		-	(14,285)
At 31 December 2025	3,167	37,837	82,143	164	202	49		13	123,574
At 1 January 2026	3,167	37,837	82,143	164	202	49		13	123,574
Fair value adjustments	-	-	(3,303)	-	-	-		-	(3,303)
At 31 March 2026	3,167	37,837	78,839	164	202	49		13	120,271

Redeia Corporación, S.A. is the transmission system operator of electricity in Spain. The Group acquired 1% of equity interests in Redeia Corporación, S.A. as part of the agreement signed by the Portuguese and Spanish Governments. Redeia Corporación

S.A. is a listed company in Madrid`s index IBEX 35- Spain and the financial asset was recorded on the statement of financial position at the market price on 31 March 2026.

REN holds 2,060,661,943 shares representing 7.5% of the stock capital and voting rights of Hidroeléctrica de Cahora Bassa, SA, a company incorporated under Mozambican law, at the HCB, as a result of fulfilling the conditions of the contract entered into on April 9, 2012, between REN, Parpública - Participações Públicas, SGPS, SA, CEZA - Companhia Eléctrica do Zambeze, SA and EDM - Electricidade de Moçambique, EP. This participation was initially recorded at its acquisition cost (38,400 thousand euros) and subsequently adjusted to its fair value (Note 9).

REN Company holds a financial stake in the Coreso's share capital, a Company which is also hold by other important European TSO's which, as initiative of the Coordination of Regional Security (CRS), assists the TSO's in the safely supply of electricity in Europe. In this context, Coreso develops and executes operational planning activities that involve the analysis and coordination of the European regional electricity network, with a focus on the coordination of services, ranging from coordination several days in advance to close to real time.

On 31 March 2026, REN also holds a 6.67% financial interest in the share capital of MIBGÁS, SA, acquired during the first half of 2016, a company in charge of the development of the natural gas wholesale market operator in the Iberian Peninsula.

As part of the process of creating the Single Operator of the Iberian Electricity Market (Operador Único do Mercado Ibérico de Eletricidade - OMI) in 2011 and in accordance with the provisions of the agreement between the Portuguese Republic and the Kingdom of Spain on the establishment of an Iberian electricity market, the Company acquired 10% of the capital stock of OMEL,

Operador del Mercado Iberico de Energia, SA, a Spanish operator of the sole operator, for a total value of 3,167 thousand euros.

On 31 March 2026, REN also holds a 9.7% financial interest, acquired for the amount of 48 thousand euros, of the share capital of MIBGÁS Derivatives, SA, the management company of the organized futures market natural gas, spot products of liquefied natural gas and spot products in underground storage in the Iberian Peninsula.

On 31 March 2026, REN also holds 12.5 Founder Participation Units in the HyLab - Green Hydrogen Collaborative Laboratory Association, acquired for the amount of 13 thousand euros. This is a non-profit association governed by private law, whose object is the scientific and technological development of Green Hydrogen, covering the various components of the value chain, namely production, transport, distribution, storage and end uses.

These investments (OMEL, MIBGÁS, MIBGÁS Derivatives, Coreso and HyLab) are recognised at fair value through other comprehensive income, however, as there are no available market price for these investments and as it is not possible to determine the fair value of the period using comparable transactions, these investments are recorded at acquisition value, and there is no indicator at this date that this value is not representative of the fair value, as describe in Note 3.6 - Financial Assets and Liabilities of the consolidated financial statements for the year ended 2025.

REN understands that there is no evidence of impairment loss regarding the investments of OMEL, Coreso, MIBGÁS, MIBGÁS Derivatives and HyLab.

REN Portgás holds other financial interests, which are recorded at the acquisition cost in the amount of 14 thousand euros, deducted of impairment losses, with a net value of zero thousand euros.

Name

AMPORTO - Área M etropolitana do Porto

AREA ALTO M INHO - Ag. Reg. Energia e Amb. Alto Minho ADEPORTO - Agência de Energia do Porto

The adjustments to investments in equity instruments at fair value through other comprehensive are recognised in the equity caption "Fair value reserve". This caption at 31 March 2026 and 31 December 2025 is as follows:

Fair value reserve (Note 15)

1 January 2025	42,399
Changes in fair value	(14,285)
Tax effect	4,075
31 December 2025	32,189
1 January 2026	32,189
Changes in fair value	(3,303)
Tax effect	638
31 March 2026	29,525

There is no amount recognized in the consolidated statement of profit or loss for the three-month period ended 31 March 2026 relating to dividends from shareholdings held by the REN Group. However, an amount of 1,083 thousand, received in the 2026 financial year and relating to dividends declared in the 2025 financial year, is reflected in the statement of cash flows

TRADE AND OTHER RECEIVABLES

The caption "Trade and other receivables" at 31 March 2026 and 31 December 2025 are as follows:

		Mar 2026			Dec 2025
	Current	Non-current	Total	Current	Non-current	Total
Trade receivables	337,384	573	337,957	259,883	573	260,456
Impairment of trade receivables	(3,328)	-	(3,328)	(3,328)	-	(3,328)
Trade receivables net	334,056	573	334,629	256,555	573	257,128
Tariff deviations	49,454	42,171	91,625	56,919	44,876	101,795
State and Other Public Entities	11,932	-	11,932	12,585	-	12,585
Trade and other receivables	395,443	42,744	438,186	326,060	45,449	371,509

The most relevant balances included in the trade and other receivables caption as of 31 March 2026 are: (i) the receivable of E-Redes Distribuição de Eletricidade, S.A. in the amount of 74,466 thousand euros (88,602 thousand euros at 31 December 2025), (ii) the receivable of Galp Gás Natural, S.A., in the amount of 5,647 thousand euros (8,582 thousand euros at 31 December 2025), (iii) the receivable of EDP - Gestão da Produção de Energia, S.A., in the amount of 351 thousand euros (1,021 thousand euros at 31 December 2025), (iv) the receivable of EDP - Energias de Portugal, S.A., in the amount of 759 thousand euros (1,391 thousand euros at 31 December 2025), (v) the receivable of Endesa Generación, S.A., in the amount of 9,660 thousand euros (9,620 thousand euros at 31 December 2025) and (vi) the amount of 13,460 thousands euros regarding Social Tariff, not yet invoiced by 31 March 2026 (10,822 thousand euros at 31 December 2025).

In the "Trade and other receivables" at 31 March 2026, also stands out the amounts not yet invoiced of the activity of the Market Manager (MIBEL - Mercado Ibérico de Electricidade), in the amount of 313 thousand euros (20,796 thousand euros at 31 December 2025), the amount to invoice to EDP Distribuição de Energia, S.A., of 6,531 thousand euros (7,433 thousand euros at 31 December 2025) regarding the CMEC, also reflected in the caption "Suppliers and other accounts payable" (Note 19) and on 31 December 2025.

This transaction related to CMEC is set up as an "Agent" transaction, being off set in the REN consolidated income statement.

DERIVATIVE FINANCIAL INSTRUMENTS

At 31 March 2026 and 31 December 2025, the REN Group had the following derivative financial instruments:

			31 March 2026
			Assets	Liabilities
	Notional	Current	Non-current Current	Non-current
Derivatives designated as cash flow hedges Interest rate swaps	550,000 tEUR		- 30,856	- -
			- 30,856	- -
Derivatives designated as fair value hedges Interest rate swaps	300,000 tEUR		- -	- 28,678
			- -	- 28,678

Derivative financial instruments			- 30,856	- 28,678

			31 December 2025
			Assets	Liabilities
	Notional	Current	Non-current Current	Non-current
Derivatives designated as cash flow hedges Interest rate swaps	300,000 tEUR		- 23,501	- -
			- 23,501	- -
Derivatives designated as fair value hedges Interest rate swaps	300,000 tEUR		- -	- 25,195
			- -	- 25,195

Derivative financial instruments			- 23,501	- 25,195

The valuation of the derivative financial instruments portfolio is based on fair value valuations performed by specialized external entities.

The amount recognized in this item refers to four interest rate swap contracts negotiated by REN SGPS to hedge the interest rate fluctuation risk.

Counterparties to derivative contracts are international financial institutions with a solid credit rating and first-rate national institutions.

For the purpose of effectiveness testing of the designated hedging relationships, REN applies the "Dollar offset method" and the linear regression statistical method as methodologies. The effectiveness ratio is given by comparing the changes in fair value of the hedging instrument with the changes in fair value of the hedged item (or hypothetical derivative instrument simulating the conditions of the hedged item).

For the purpose of calculating ineffectiveness, the total change in fair value of the hedging instruments is considered.

The disclosed amount includes receivable or payable accrued interest, at 31 March 2026 related to these financial instruments, in the net amount payable of 447 thousand euros (at 31 December 2025 it was 313 thousand euros payable).

The characteristics of the derivative financial instruments negotiated at 31 March 2026 and 31 December 2025 were as follows:

Notional	Currency	REN pays	REN receives	Maturity	Fair val Mar 2026	ue at Dec 2025
Cash flow hedge: Interest rate swaps 550,000 tEUR	EUR	[0,051% ; 2,382%]	[Euribor 3m; Euribor 6m]	[apr-2029 ; dec-2030]	30,856	23,501
					30,856	23,501
Fair value hedge: Interest rate swaps 300,000 tEUR	EUR	[Euribor 6m]	[-0.095%]	[apr-2029]	(28,678)	(25,195)
					(28,678)	(25,195)

				Total	2,179	(1,694)

The periodicity of the cash flows, paid and received, from the derivative financial instruments portfolio is quarterly, semiannual and annual for cash flow hedging contracts, semiannual and annual for fair value hedging contracts.

The breakdown of the notional of derivatives at 31 March 2026 is presented in the following table:

2026 2027 2028 2029 2030 Following Total
							years
Interest rate swap (cash flow hedge)		-	-	-	300,000	250,000		-	550,000
Interest rate swap (fair value hedge)		-	-	-	300,000	-		-	300,000
	Total	-	-	-	600,000	250,000		-	850,000

The breakdown of the notional of derivatives on 31 December 2025 is presented in the following table:

						years
Interest rate swap (cash flow hedge)		-	-	-	300,000	-	-	300,000
Interest rate swap (fair value hedge)		-	-	-	300,000	-	-	300,000
	Total	-	-	-	600,000	-	-	600,000

2026 2027 2028 2029 2030 Following

Total

Swaps:

Cash Flow Hedge - Interest Rate Swaps

The Group hedges the interest rate risk associated with the fluctuation of the market interest rate index (Euribor) on a portion of future debt interest payments through the designation of interest rate swaps, in order to transform floating rate payments into fixed rate payments.

As of 31 March 2026, the Group has a total of five cash flow hedging interest rate swap contracts for a total amount of 550,000 thousand euros (as of 31 December 2025 it was 300,000 thousand euros). The hedged risk is the variable rate index associated to the interest payments of the loans. Credit risk is not being hedged.

The fair value of the interest rate swaps, at 31 March 2026, is positive 30,856 thousand euros (at 31 December 2025 it was positive 23,501 thousand euros).

Two of the derivatives contracts described above, with a total amount of 300,000 thousand euros (at 31 December 2025 it was 300,000 thousand euros), are designated to hedge an aggregated exposure composed by the net effect of floating rate debt and interest rate swaps designated as fair value hedging instruments.

The amount recognised in reserves, relating to the cash flow hedges referred to above, was 28,099 thousand euros (at 31 December 2025 it was 45,834 thousand euros).

The hedged instruments of cash flow hedging relationships present the following conditions:

Hedged carrying Hedged carrying
	Maturity	Hedged notional	Interest rate	amount -	amount -	Note
				Mar 2026	Dec 2025
Cash flow hedging instruments Bond Issue (Euro Medium Term Notes)1	12/02/2025	300,000 tEUR	2.5%	300,444	299,995	16
Bond Issue (Euro Medium Term Notes)2	16/04/2029	300,000 tEUR	0.50%	250,904	-	16

1 This hedged instrument is designated jointly with derivatives of fair value hedging amounting to 300,000 thousand Euros (see conditions on the table above) in an aggregate exposure hedge to Euribor 6 months in the period from 2023 to 2029 and, as such, eligible for cash flow hedge.

Comprehensive Income:

The movements recorded in the statement of comprehensive income through the application of cash flow hedges were as follows:

- March 2026

Cash flow hedging instruments

Change in the fair value of hedging

instruments (*)

Of which: effective amount recorded in hedge reserves

Hedging inefficiency recorded in profit for the year

Coverage reserve reclassifications to results for the year

Swaps of interest rate	5,840	5,840	-	-
	5,840	5,840	-	-
(*) Does not include accrued interest and hedging inefficiency.

- March 2025

Cash flow hedging instruments

Change in the fair value of hedging instruments (*)

Of which: effective amount recorded in hedge reserves

Hedging inefficiency recorded in profit for the year

Coverage reserve reclassifications to results for the year

Swaps of interest rate	(1,498)	(1,498)	-	-
	(1,498)	(1,498)	-	-
(*) Does not include accrued interest and hedging inefficiency.

Hedging Reserve:

The movements recognised in the hedging reserve (note 15) were as follows:

Fair value

Deferred taxes

impact

Hedging reserves

	1 January 2025	27,828	(6,203)	21,625
	Changes in fair value and ineffectiveness	(5,308)	1,194	(4,114)
	31 December 2025	22,519	(5,008)	17,511
	1 January 2026	22,519	(5,008)	17,511
	Changes in fair value and ineffectiveness	5,840	(1,033)	4,807
	31 March 2026	28,358	(6,041)	22,317
Fair Value Hedge

The Group hedges the interest rate risk associated with the fluctuation of market interest rate index (Euribor) on the fair value of interest payments on fixed-rate debt by negotiating interest rate swaps where it pays a variable rate and receives a fixed rate in order to convert fixed-rate debt payments into variable-rate payments.

As of 31 March 2026, the Group has a total of two fair value hedging derivative contracts amounting to 300,000 thousand euros (as of 31 December 2025 it was 300,000 thousand euros). The hedged risk corresponds to the change in fair value of debt issues attributable to movements in the market interest rate index (Euribor). Credit risk is not being hedged.

As of 31 March 2026, the fair value of interest rate swaps designated as fair value hedging instruments was negative 28,678 thousand euros (as of 31 December 2025 it was negative 25,195 thousand euros).

Changes in the fair value of hedged items arising from interest rate risk are recognised in the income statement in order to offset changes in the fair value of the hedging instrument, which are also recognised in the income statement.

The hedged items of fair value hedging relationships have the following conditions:

- March 2026

Fair value hedging instruments

Maturity

Hedged notional

Interest rate

Carrying amount

Accumulated

Fair value adjustment

Variation of the year-end 2025

Note

Bond Issue (Euro M edium Term Notes) 16/04/2029 300,000 tEUR 0.50% 275,221 25,223 1,610 16

25,223 1,610

- March 2025

Maturity

Hedged notional

Interest rate

Carrying amount

Accumulated Fair value adjustment

Variation of the year-end 2024

Note

Fair value hedging instruments
Bond Issue (Euro M edium Term Notes)	12/02/2025	300,000 tEUR	2.50%	300,000	-	(1,396)	16
Bond Issue (Euro M edium Term Notes)	16/04/2029	300,000 tEUR	0.50%	272,439	27,685	(588)	16
					27,685	(1,984)

As of 31 March 2026, the change in fair value of the debt related to interest rate risk recognized in the income statement was positive 1,610 thousand euros (at 31 March 2025 it was positive 340 thousand euros), resulting in an ineffective component, after considering the effect of the hedged items in the income statement, of approximately negative 223 thousand euros (at 31 March 2025 it was positive 230 thousand euros). The recognized ineffectiveness is related to the effect of the fixed leg spread of the hedging instruments that is not reflected in the hedged item.

CASH AND CASH EQUIVALENTS

The amounts considered as cash and cash equivalents in the consolidated statements of cash flows for the periods ended 31 March 2026 and 31 December 2025 are as follows:

	Mar 2026	Dec 2025
Cash	24	10
Bank deposits	12,065	26,570
Cash and cash equivalents in the statement of financial position	12,089	26,580
Bank overdrafts (Note 16)	(1,018)	(942)
The transitional gas price stabilization regime - Decree-Law 84-D/2022 (Note 32)	-	-
Cash and cash equivalents in cash flow statement	11,071	25,638

As of 31 March 2026 and 31 December 2025, there are no cash and cash equivalents that are not available for the Group to use.

EQUITY INSTRUMENTS
As of 31 March 2026 and 31 December 2025, REN's subscribed and paid up share capital is as of 667,191,262 shares of 1 euro each.
Mar 2026 Dec 2025
Number of shares Share capital Number of shares Share capital
Share Capital 667,191,262 667,191 667,191,262 667,191
The caption "Other changes in equity" in the period ended 31 March 2026 amounted to 5,561 thousand euros.
Additionally, and following the share capital increase in 2017, the caption "Share Premium" in the period ended 31 March 2026 amounted to 116,809 thousand euros.
At 31 March 2026 and 31 December 2025, REN SGPS had the following own shares:
Number of shares
Proportion Amount
Own shares 3,881,374 0.6% (10,728)
No own shares were acquired or sold in the period ended 31 March 2026.
In accordance with the Commercial Company Code (Código das Sociedades Comerciais) REN SGPS must at all times ensure that there are sufficient Equity Reserves to cover the value of own shares, in order to limit the amount of reserves available for distribution.
RESERVES AND RETAINED EARNINGS
The caption "Reserves" in the amount of 302,482 thousand euros includes:
- Legal reserve: The Commercial Company Code in place requires that at least 5% of the net profit must be transferred to this reserve until it has reached 20% of the share capital. This reserve is not distributable except in case of the company's liquidation but can be used to increase capital or to absorb losses after all the other reserves have been used up. On 31 March 2026 this caption amounts to 141,378 thousand euros (141,378 thousand euros on 31 December 2025);
- Fair value reserve: includes changes in the fair value of available for sale financial assets (29,525 thousand euros positive), as detailed in Note 10 (32,189 thousand euros on 31 December 2025);
- Hedging reserve: includes changes in the fair value of hedging derivative financial instruments when cash flow hedge is effective (positive 22,317 thousand euros) as detailed in Note 12 (17,511 thousand euros on 31 December 2025); and
- Other reserves: This caption is changed by (i) application of the results of previous years, being available for distribution to shareholders; except for the limitation set by the Companies Code in respect of own shares (Note 14), (ii) exchange rate changes associated to the financial investment whose functional currency is Dollar; (iii) exchange variation of assets and liabilities of financial investments in subsidiaries, namely the exchange rate effect of converting Chilean Peso to euro and
(iv) changes in equity of associates recorded under the equity method. On 31 March 2026, this caption amounts to 109,262 thousand euros (110,236 thousand euros on 31 December 2025).
In accordance with the Portuguese legislation: (i) increases in equity as a result of the incorporation of positive fair value (fair value reserves and hedging reserves) can only be distributed to shareholders when the correspondent assets have been sold, exercised, extinct, settled or used; and (ii) income and other positive equity changes recognized as a result of the equity method can only be distributed to shareholders when paid-up. Portuguese legislation establishes that the difference between the equity method income and the amount of paid or deliberated dividends is equivalent to legal reserve.
BORROWINGS

The segregation of borrowings between current and non-current and by nature, as of at 31 March 2026 and 31 December 2025 was as follows:

	Mar 2026			Dec 2025
	Current Non-current		Total	Current Non-current		Total
Bonds	-	1,173,678	1,173,678	-	875,241	875,241
Bank Borrowings	69,703	430,387	500,090	69,703	430,387	500,090
Commercial Paper	530,000	175,000	705,000	912,000	225,000	1,137,000
Bank overdrafts (Note 13)	1,018	-	1,018	942	-	942
Leases liabilities	1,971	3,336	5,308	1,915	3,284	5,200
	602,692	1,782,402	2,385,094	984,560	1,533,912	2,518,472
Accrued interest	6,038	-	6,038	16,693	-	16,693
Prepaid interest	(5,032)	(8,454)	(13,486)	(6,519)	(5,115)	(11,633)
Borrowings	603,698	1,773,948	2,377,646	994,735	1,528,798	2,523,533

The borrowings settlement plan was as follows:

	2026	2027	2028	2029	2030	Following years	Total
Debt - Non current	-	100,678	359,996	332,694	229,033	760,000	1,782,402
Debt - Current	602,151	541	-	-	-	-	602,692
	602,151	101,219	359,996	332,694	229,033	760,000	2,385,094

Detailed information regarding bond issues as of 31 March 2026 is as follows:

31 March 2026

18/01/2018	18/01/2028	tEUR 300,000		tEUR 300,000	Fixed rate EUR 1.75%	Annual
16/04/2021	16/04/2029	tEUR 300,000	(i)	tEUR 300,000	Fixed rate EUR 0.50%	Annual
27/02/2024	27/02/2032	tEUR 300,000		tEUR 300,000	Fixed rate EUR 3.50%	Annual
18/02/2026	18/02/2034	tEUR 300,000		tEUR 300,000	Fixed rate EUR 3.75%	Annual

Issue date Maturity Initial amount Outstanding amount Interest rate 'Euro Medium Term Notes' programme emissions

Periodicity of interest payment

(i) These issues have interest rate swaps associated

As of 31 March 2026, the Group has ten commercial paper programs in the amount of 2,225,000 thousand euros, of which 1,520,000 thousand euros are available for utilization. Of the total amount, 975,000 thousand euros have a guaranteed placement. As of 31 March 2026 are available for utilization 675,000 thousand euros (as of 31 December 2025 were available an amount of 675,000 thousand euros).

During 2026, the Group issued the Bond in the amount of 300,000 thousand euros at the fixed rat.

Bank loans are mostly composed of loans contracted with the European Investment Bank (EIB). As of 31 March 2026, the borrowings from EIB amounted to 484,280 thousand euros (at 31 December 2025 it was 465,090 thousand euros).

The Group also has credit lines negotiated and not used in the amount of 80,000 thousand euros, maturing up to one year, which are automatically renewable periodically (if they are not resigned in the contractually specified period for that purpose).

As a result of the fair value hedge related to the debt emission in the amount of 300,000 thousand euros, fair value changes concerning interest rate risk were recognized directly in statement of profit and loss, in an amount of 1,610 thousand euros (positive) (as of 31 March 2025 it was 340 thousand euros positive).

The Company's financial liabilities have the following main types of covenants: Cross default, Pari Passu, Negative Pledge, Leverage and Gearing ratios.

The bank loans with BEI include also covenants related with rating and other financial ratios in which the Group may be called upon to present an acceptable guarantee in the event of rating and financial ratios below the established values.

As of 31 March 2026, the Group complies with all the covenants to which it is contractually bound.

REN and its subsidiaries are a part of certain financing agreements and debt issues, which include change in control clauses typical in this type of transactions (including, though not so expressed, changes in control as a result of takeover bids) and essential to the realization of such transactions on the appropriate market context. In any case, the practical application of these clauses is limited to considering the legal ownership of shares of REN restrictions. Following the legal standards and usual market practices, contractual terms and free market competition, establish that neither REN nor its counterparts in borrowing agreements are authorized to disclose further information regarding the content of these financing agreements.

The effect of the foreign exchange rate exposure was not considered as this exposure is totally covered by hedge derivate in place. The average interest rates for borrowings including commissions and other expenses were 2.43% at 31 March 2026 and 2.50% at 31 December 2025.

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