REN - Redes Energeticas Nacionais (RENE) investor relations material

Executive summary

• EBITDA rose 11.1% year-over-year to €143.2M, driven by higher asset and OPEX remuneration, regulatory changes, and international segment growth.

• Net profit surged 150.7% to €36.2M, supported by higher EBITDA, a significant positive tax impact, and favorable legal outcomes including the end of the gas business levy.

• Operations in Portugal and Chile performed well, with high renewables penetration and increased demand.

• CAPEX declined 29.9% year-over-year to €48.5M, mainly due to project delays from storms.

• Net debt increased to €2,390.8M, though the average cost of debt improved to 2.43%.

Financial highlights

• EBITDA: €143.2M (+€14.3M vs 1Q25); Net profit: €36.2M (+€21.8M vs 1Q25).

• Net profit benefited from a €10 million tax impact and a €4.1 million court case win, plus €750,000 in interest.

• CAPEX: €48.5M (-€20.7M vs 1Q25); Net debt: €2,390.8M (+€56.1M vs 1Q25).

• Return on RAB for electricity increased to 6.2%, gas transmission stable at 5.3%, and gas distribution at 5.7%.

• Total shareholder return for Q1 was 16.2%, outperforming European and Portuguese indices.

Outlook and guidance

• Investment plan for 2026 and 2027 approved, focusing on network expansion, decarbonization, and digitalization.

• Ongoing expansion into new industrial zones and increased engagement with biomethane and hydrogen producers.

• Full-year net debt is expected to rise slightly, maintaining credit metrics as EBITDA and FFO increase.

• Investment is projected to grow, especially in electricity, with upside potential from data center-related CapEx in future years.

• Regulatory discussions on gas will intensify next year, with expectations for fair returns.