9M2026: Record electricity consumption in Portugal and the completion of the State’s return to REN’s share capital

• Electricity consumption in Portugal reached a record high of 40.5 TWh
• Net profit of €139.3M, an increase of 34.1%
• CAPEX of €272.9M and transfers to the asset base of €100.6M
• The Portuguese State re-acquired a stake in the company

EBITDA reached €422.9 million, an increase of 10.2% compared with the same period last year, benefiting from higher returns on assets and operating costs, as well as a greater contribution from the international business.

Net profit reached €139.3 million, an increase of 34.1% compared with the first nine months of 2025. This performance was driven by growth in operating results and positive tax effects, notably the elimination of the CESE in the gas business and the recognition of gains associated with favourable court rulings relating to previous years.

CAPEX stood at €272.9 million, a decrease of 15.9 per cent compared with the same period in 2025, reflecting mainly some previously anticipated delays in the licensing process for ongoing projects, as well as delays arising from the need for priority intervention in the restoration of infrastructure affected by Storm Kristin. Transfers to the asset base amounted to €100.6 million (+0.4%).

Operating costs totalled €98.9 million, an increase of 10.8%, explained by a rise in external costs of €6.7 million and in staff costs of €3.0 million. Notable factors within staff costs include the increase in the number of employees to 822, whilst external costs were driven by rises in the costs of electricity, information systems and network maintenance.

Net debt stood at €2,330.9 million, a reduction of 4.5% compared with September 2025. Excluding tariff variances, it stood at €2,304.5 million, 2.6 per cent lower than in the same period last year. The average cost of debt was 2.57 per cent, compared with 2.55 per cent in the first nine months of 2025.

Between January and September 2026, electricity consumption in Portugal reached 40.5 TWh, the highest figure ever recorded in the national system for this period, exceeding the previous record, set in 2025, by 3.4 per cent. Adjusted for temperature and working days, growth stood at 2.9 per cent.

In the first nine months of the year, renewable generation met 64 per cent of electricity consumption. Natural gas-fired generation accounted for 14 per cent of consumption, whilst the remaining 22 per cent came from imported energy, the highest import balance ever recorded for this period.

The third quarter was also marked by significant changes to REN’s shareholder structure, with Parpública joining the shareholder base through the acquisition of Pontegadea’s 13.7 per cent stake and the subsequent agreement to acquire Fidelidade’s stake (5.3 per cent). This latter transaction has since been completed, meaning that Parpública now holds a 19 per cent stake in REN’s share capital.

In terms of sustainability, the third quarter was marked by initiatives that reinforce REN’s commitment to decarbonisation, the protection of natural capital and the integration of ESG principles into the value chain. Among the key highlights, REN reached its 100th renewable energy generation unit for self-consumption, updated its Supplier Code of Conduct – strengthening requirements relating to ESG, human rights and responsible supply chains – and organised a dune restoration project at Praia da Apúlia, involving 300 volunteers. The period was also marked by REN achieving an ‘A’ rating in the CDP Supplier Engagement Assessment for the second consecutive year, and by its Integrated Report 2025 winning a Gold award at the Stevie Awards.

These results and initiatives reflect REN’s ongoing commitment to the energy transition, the creation of sustainable value and the integration of sustainability into its operations.