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REN - Redes Energeticas Nacionais
REN - Redes Energeticas Nacionais (RENE) investor relations material
REN - Redes Energeticas Nacionais Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Net profit rose 23.4% year-over-year to €103.9M, driven by improved financial results and lower taxes, despite a 1.3% decrease in EBITDA to €383.6M and a 1.3% drop in total revenues.
CAPEX surged 52.5% to €324.6M, reflecting major investments in electricity and gas infrastructure, with significant increases in transfers to RAB.
Net debt (including tariff deviations) decreased 4.9% to €2,441.7M, with the average cost of debt falling to 2.55%.
Infrastructure construction and new project development remain active, with increased focus on industrial and data center projects.
Regulatory environment is constructive, with positive developments in draft regulation and tax incentives.
Financial highlights
EBITDA: €383.6M (-1.3% YoY); Net Profit: €103.9M (+23.4% YoY); CAPEX: €324.6M (+52.5% YoY).
Net debt (with tariff deviations): €2,441.7M, down 4.9% YoY; average RAB: €3,437.3M (-0.5% YoY).
Financial results improved by €7.0M (+15.1%), and income tax decreased by €27.2M due to fiscal incentives and tax recovery.
Depreciation and amortization increased by €9.5M (+5.0%) to €199.5M due to higher gross assets.
Free cash flow before dividends was €-79.2M, impacted by higher capex.
Outlook and guidance
Full-year EBITDA is expected to stabilize, with current quarter decreases likely to be offset.
Investment acceleration is anticipated, especially in electricity transmission, with some CapEx delayed to 2026.
Net debt is projected to decrease further by year-end, maintaining a maturity profile around five years.
Ongoing focus on innovation, digitalization, and sustainability, with continued infrastructure adaptation for renewable gases.
Investment plan presented to Parliament, emphasizing decarbonization and digital transformation.
Elaborate on 7.9% ROR upside potential
Gas CapEx strategy given hydrogen delays
How is REN building financial flexibility
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Next REN - Redes Energeticas Nacionais earnings date
Q4 20255 Mar, 2026
REN - Redes Energeticas Nacionais
Next REN - Redes Energeticas Nacionais earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Redes Energéticas Nacionais SGPS S.A. (REN) is a prominent utility company based in Portugal, primarily engaged in the energy sector. Founded in 1994, REN plays a critical role in the country's energy infrastructure, acting as the concession holder for Portugal's two main energy networks: the National Electricity Transmission Grid (RNT) and the National Natural Gas Transportation Grid. The company's responsibilities include planning, construction, operation, maintenance, and global technical management of these grids and associated facilities. REN is committed to ensuring an uninterrupted and stable supply of energy, guaranteeing equal grid access to all market participants, including consumers, generators, and distributors. REN extends its services to the liquefied natural gas (LNG) sector, owning and operating an LNG regasification terminal in Sines, Portugal. This facility is integral to the storage and transportation of LNG, further diversifying REN's energy solutions. The company also ventures into telecommunications through its subsidiary, Rentelecom, offering a range of services such as infrastructure management, managed services, consultancy, and the rental of fiber optic cables. The company is headquartered in Lisbon, Portugal, and its shares are listed on Euronext Lisbon.
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