9M2025: Period with positive results in line with expectations. Development of new infrastructure progressing at a good pace

• Renewables supplied 70% of electricity consumption in the first nine months of 2025
• Net profit of €103.9 million
• EBITDA of €383.6 million
• CAPEX grew by +52.5% to €324.6 million

In the first nine months of 2025, EBITDA reached €383.6 million, a decrease of 1.3% compared to the same period last year.

Net profit reached €103.9 million, an increase of 23.4% compared to the same period in 2024. Contributing to this figure were increased financial results (+€7.0 million), reflecting a reduction in net debt, as well as positive tax effects, which reduced the amount of taxes (-€27.2 million).

CAPEX continued to grow, reaching €324.6 million (+52.5% compared to the previous year). At the same time, transfers to RAB accelerated to €100.2 million, an increase of 54.8% compared to the same period in 2024.

Operating costs rose 5.7% to €89.2 million (+€4.8 million), reflecting the increase in maintenance costs (+€2.7 million) and electricity costs (+€0.8 million), as well as the growth in the number of employees, from 753 to 772 (+3%), reinforcing the growth in the operational areas.

Net debt stood at €2,441.7 million, a decrease of €126.3 million (-4.9% compared to the figure recorded in the same period of 2024). Excluding the effect of tariff deviations, debt would have stood at €2,367.1 million. The average cost of debt fell to 2.55% (compared to 2.78% in the same period last year).

Between January and September, electricity consumption in Portugal grew, reaching the highest ever recorded in the national system for this period. A total of 39.2 TWh was consumed, exceeding the previous maximum recorded in 2010 by 0.8%. In the first nine months of the year, renewable production supplied 70% of consumption, with hydroelectric power accounting for 28%, wind power 24%, solar power 13% and biomass 5%. Natural gas production accounted for 14% of consumption, while the remaining 16% corresponded to imported energy.

At the end of September, REN completed the acquisition of a set of electricity transmission assets in Chile from MLP Transmisión S.A. for a total amount of US$ 67.5 million. This acquisition follows the purchase of Transmisora de Energía Nacimiento S.A. last April, strengthening REN's presence in the electricity transmission sector in Chile.

ransemel, REN's Chilean subsidiary in the electricity transmission sector, now operates around 423 km of transmission lines and five substations. The acquisition was carried out in accordance with the financial discipline that guides REN's activity and is also in line with the strategic plan that provides for the execution of specific asset acquisitions.

On 9 October, the Government presented its proposal for the State Budget for 2026. Following the presentation, two relevant measures stood out which, if approved, would have a positive impact on REN.

Following the most recent decisions of the Constitutional Court, the Government proposed the elimination, as of 2026, of the CESE on gas assets.

In the electricity sector, it is proposed to exclude, as of 2026, assets transferred for exploitation from that date onwards.

On 15 October, ERSE published its proposal for electricity tariffs and prices in 2026 and parameters for the 2026-2029 regulatory period.

REN has disclosed the Technical Note received by ERSE, but is awaiting the publication of the final proposal for the regulatory parameters on 15 December.