1S24: Net Profit of 48.6 Million euros

• Renewable sources production supplied 82% of electricity consumption.
• EBITDA reached €257.8M (-2.7% compared to 2023).
• Net profit decreased by €14.4M to €48.6M, in line with expectations.
• Operating costs decreased by 1.4%, a result of a continuous efficiency policy.
• CAPEX increased to €135.4M (+21.1%), reflecting REN's commitment to energy transition goals.

In the first half of 2024, REN's EBITDA was €257.8M. The decrease in EBITDA (-2.7%) reflects a negative variation in both domestic (-€2.4M) and international (-€4.7M) activities. The variation in domestic activity is attributed to the expected negative impact of the new regulation in the gas segment. The international performance is largely due to an extraordinary income of €4.0M being recognised in 2023.

As anticipated, net profit reached €48.6M (-€14.4M),as a result of a lower EBITDA contribution (-€7.1M) and lower financial results (-€11.0M).

Operating costs decreased to €93.8M (-1.4%), despite the growth in operational activity and the rising number of employees from 737 to 774 (+5%). REN has been working to strengthen its operational teams to ensure its structure meets the challenges of decarbonization and achieves ambitious energy transition goals.

CAPEX reached €135.4M, an increase of €23.6M year-on-year, as a result of investments in the electricity grid in Portugal to, among other reasons, ensure the connection of new renewable energy production centers, in line with national energy policy.

Net debt stood at €2,679.8M. Excluding the effect of tariff deviations, the debt was €2,426.9M. The average cost of debt rose to 2.8%, compared to an average cost of 2.4% recorded in the same period of the previous year, but in line with the value observed in the first quarter of this year.

National electricity consumption in the national plan grew by 1.6%, or 2.5% when correcting for the effects of temperature and number of working days. Renewable generation supplied 82% of consumption, the highest record for the first half of the last 45 years. Hydroelectric production supplied 39% of consumption, wind 28%, photovoltaic 9%, and biomass 6%. Natural gas production supplied 8% of consumption, with the remaining 10% corresponding to the import balance. Natural gas consumption decreased by 19.0% compared to the same period last year, with the conventional segment recording an increase of 3.4%.

REN upheld high levels of service quality, recording an equivalent interruption time of 0.00 minutes in electricity transmission, and a combined availability rate of 100% in gas transportation.

In the first half of 2024, REN continued to strengthen its initiatives for good environmental performance, having recorded a reduction in its Scope 1 and Scope 2 emissions of around 34% year-on-year.