REN Redes Energeticas Nacionais SGPS S A : Factsheet 1Q

Factsheet Results 1Q24

FINANCIAL HIGHLIGHTS

DECREASE IN THE PERFORMANCE OF DOMESTIC AND INTERNATIONAL BUSINESSES

OPERATIONAL HIGHLIGHTS

HIGH LEVEL OF RENEWABLE ENERGY SOURCES (RES) AND LOW ENERGY TRANSMISSION LOSSES

Both domestic and international businesses

decreased their performance, resulting in EBITDA deterioration of -2.3% YoY, to €128.9M.

• Due to a reduction of EBITDA, a drop in financial results and lower taxes, Net Profit decreased to €3.7M (-71.1% YoY).
• Net Debt (without tariff deviations) decreased to €2,361.4M (-2.9%YoY).
• CAPEX increased €2.0M YoY, to €47.9M. Transfers to RAB decreased to €2.7M (€-5.6Mvs 1Q23), in all business segments.

• In 1Q24, RES achieved a historic milestone, constituting 88.6% of the total energy supply, marking an increase of +16.6pp YoY.
• Electricity consumption remained stable YoY at 13.6 TWh, while natural gas consumption saw a notable decline of -10.1%to 11.6 TWh.
• Electricity transmission losses increased slightly (+0.2 pp), and the combined availability rate for gas transportation stood at 100%.

OUTLOOK

• The General Shareholders' Meeting approved, by a majority vote - based on the outcomes from 2023 - a dividend payout of 9 cents per share, maintaining its annual remuneration of 15.4 cents per share, with a bi-annual distribution.

SECTOR OVERVIEW

• Since early 2024, REN is concluding technical studies - and has already concluded a part of those
  - that support the PDIRG 2024-2033 investment proposal and that require Government approval to accommodate H2 blends in the NGS.
• Green H2 Corridor H2MED REN projects are now recognized as Project of Common Interest from EU.

GROUP FINANCIAL SUMMARY		AVERAGE RAB, €M
				173.5
€M	1Q24	1Q23	Δ%
-1.4%
494.6
EBITDA	128.9	131.9	-2.3%
		vs 1Q23
Financial Result	-21.3	-12.9	65.1%
Net Profit	3.7	12.8	-71.1%
Average RAB	3,499.3	3,549.4	-1.4%	807.4	2023.8
CAPEX	47.9	45.9	4.4%
Net Debt	2,670.4	2,191.5	21.9%
Net Debt	2,361.4	2,432.1	-2.9%			Electricity		Natural GasT
(w/o tariff deviations)			Natural GasD		Land

Note: T - Transportation | D - Distribution

1

Factsheet Results 1Q24

EBITDA

€ 128.9M

TOTAL DOMESTIC

OPERATIONAL COSTS

€ 42.4M

NET PROFIT

€ 3.7M

NET DEBT

€ 2,670.4M

GROSS DEBT MATURITY

SCHEDULE 2024

€ 563M

EBITDA decreased

€-3.0M

driven by assets and

(-2.3%)

OPEX remuneration

in domestic business

131.9

-4.4

2.2

-0.4

-0.5

128.9

and by decrease

international business

results.

EBITDA

Δ Assets and

Δ Other

Δ Opex core

Δ International

EBITDA

1Q23

opex

revenues

segment

1Q24

remuneration

OPEX decreased

€+0.4M

1.4% YoY.

(+1.6%)

Core OPEX grew

25.5

0.6

-0.2

25.9

1.6%.

1Q23

Δ Personnel Costs

Δ Core

1Q24

External Costs

OPEX

43.0

€-0.6M

42.4

€M

(-1.4%)

Recurring Net

€-9.1M

(-71.1%)

Profit decreased as

12.8

-3.0

-0.4

-8.4

a result of lower

3.1

3.7

financial results

- 0.4

and lower EBITDA.

Net Profit Δ EBITDA

Δ

Δ Financial

Δ CESE

Δ Income tax

Net Profit

1Q23

Depreciation

results

(excl. CESE)

1Q24

					€-78.3.0M
Net Debt	2,748.7				(-2.8%)
decreased						-1.5			2,670.4
driven by					18.1	1.7	-6.8
operating		-125.4
	-18.5	54.2
cash flows
and tariff
deviations.
	Net Debt	Operating	Tariff	Capex	Interest	Dividends	Income	Other	Net Debt
	Cash
	Dec.	deviations	(payments)	(net)	received	Tax		1Q24
	2023	Flow					(payments)
REN's average								1 111
debt maturity (all		563	572
lines) including					381
liquidity available,							84
stands at 4.6
years.		2024	2025	2026	2027	After 2027

RoR Average

5.3%

RoR Electricity With Premium

6.0%

RoR GasT

5.3%

RoR GasD

5.7%

Average

Cost of Debt

2.8%

Net Debt /

EBITDA

5.2x

2