1H2025: net profit of €65.7 million

• Renewable production supplied 77% of electricity consumption in the first half of 2025
• EBITDA of €256.6 million (-0.5%), in line with 2024
• CAPEX grew 10.8% to €150.0 million
• Net income of €65.7 million (+35.2%)
• The National Electricity System suffered a blackout caused by external factors, and recovery was successfully carried out in accordance with emergency protocols

In the first half of 2025, REN – Redes Energéticas Nacionais recorded EBITDA of €256.6m (similar to the same period in 2024), reflecting stability in both domestic and Chilean operations. In Portugal, EBITDA was impacted primarily by a decline in the return on regulated assets (-€0.5M) and an increase in operating costs (+€2.5M).

Net profit outperformed the previous year, reaching €65.7 million (+35.2% compared to the first half of 2024). This improvement was driven by higher financial results (+€5.2M), stemming from a reduction in net debt, as well as favourable tax effects, which resulted in a €19.0M reduction in tax expenses.

CAPEX continued its growth trajectory, consistent with the first quarter of the year, reaching €150.0 million (+10.8% year-on-year). Simultaneously, transfers to the RAB (Regulatory Asset Base) accelerated, growing 68.1% (+€20.4M compared to the same period in 2024).

Operating costs increased 4.5% to €58.2M (+€2.5M), reflecting higher maintenance costs (+€1.1M) and electricity costs (+€0.8M), especially at the Sines LNG Terminal. Additionally, the headcount grew from 758 to 770 employees (+2%), which remains consistent with the company’s operational expansion.

Net debt stood at €2,339.5 million, representing a decrease of €280.3M (-11.9% versus 1H 2024). Excluding the rate deviations effect, debt would have decreased by €119.5M, amounting to €2,307.3M. The average cost of debt fell to 2.66% (down from 2.78% in the same period last year).

During the first half of 2025, electricity consumption in Portugal reached an all-time high in the national system. Between January and June, consumption totalled 26,229 GWh, exceeding the previous record from 2010 by approximately 240 GWh. This represents a 2.2% increase year-on-year, or 2.0%, when correcting for the effects of temperature and working days.

Renewable generation supplied 77% of electricity consumption over the period, with hydropower contributing 36%, wind 26%, photovoltaics 11% and biomass 5%. With regard to natural gas, cumulative consumption grew by 10.1%, with electricity generation more than doubling, when compared to the same period last year. Conversely, the conventional segment contracted by 7.6%, reaching its lowest level since 2009.

On 28 April, at 11:33 am in Portugal, the Iberian Electricity Transmission System experienced a sudden collapse. It has since been confirmed that the cause did not originate from REN nor from the Portuguese National Electricity System. The recovery protocol was immediately activated, and full system restoration was completed before the end of the day. ENTSO formally recognised that the Iberian recovery was conducted in accordance with the highest standards of efficiency. REN has already submitted reports on the incident to national and European authorities, and further detailed studies are currently underway.

Reinforcing its commitment to responsible energy transition, REN was recognised by the US TIME Magazine as one of the World’s 500 Most Sustainable Companies in 2025. The recognition is part of the "World's Most Sustainable Companies 2025" initiative, which assesses the comprehensive sustainability performance of companies.

REN – Redes Energéticas Nacionais was also awarded an A rating in the SEA (Supplier Engagement Assessment) by CDP (one of the world’s leading organisations in environmental disclosure and reporting), thus achieving the highest level of this international rating. This rating evaluates how sustainability is integrated into supplier relations, analysing policies, targets, governance and collaboration strategies. The goal is to encourage practices that contribute to a low-carbon economy, fight climate change and ensure effective climate risk management.