A year of positive performance and investment growth

• CAPEX grows 28.9% to €474.9 million
• EBITDA of €516.1 million (+2.0%) and net profit of €159.8 million (+4.8%)
• Energy production from renewable sources supplied a record 68% of consumption

In 2025, the REN Group's EBITDA was €516.1 million, an increase of €10.0 million compared to the previous year. Domestic EBITDA reached €490.5 million, up 1.4% (+€6.7 million) on 2024. This growth was driven by increased infrastructure development activity aimed at achieving the ongoing energy transition.

The international segment contributed €25.6 million to the Group's EBITDA, up €3.3 million (+14.6%) compared to the previous year. This figure mainly reflects the growth of Transemel, the recognition of €2.2 million in EBITDA for eight months of results from the new company Tensa, and the reduction in income recognised from REN's 42.5% stake in the Chilean gas transport company Electrogas.

In 2025, net profit increased by 4.8% (+€7.3 million) to €159.8 million, mainly reflecting the increase in the Group's EBITDA and the €16.8 million increase in financial income.

CAPEX performed positively, standing at €474.9 million (+28.9% compared to the previous year), reinforcing REN's commitment to meeting the country's energy transition objectives and in line with the 2024-2027 Strategic Plan. Transfers to RAB totalled €327.0 million, an increase of €30.9 million (+10.4%).

Net debt stood at €2,520 million, a slight decrease of €0.4 million compared to 2024. The average cost of debt decreased to 2.5% (2.7% in 2024). In February 2026, REN issued a green bond loan in the amount of €300 million, with a maturity of 8 years and an interest rate of 3.473%. The issue was a success, with demand five times higher than the amount placed.

In 2024 and 2025, REN exceeded the EBITDA, net income, net debt and CAPEX targets previously announced at the Capital Markets Day (CMD) in May 2024. This was due to significant changes in the regulatory and fiscal framework, the pace of investment execution, and the growth of the asset base.

In 2025, electricity consumption supplied from the public grid rose by 3.2% compared to the previous year (53.1TWh). This figure represents the highest annual consumption ever recorded in the national electricity system, exceeding the previous historical maximum, reached in 2010 (52.2 TWh), by 1.7%. Natural gas consumption stood at 45.0 TWh, an increase of 11% compared to the previous year, but still 8% lower than the figure recorded in 2023 (49 TWh).

Energy production from renewable sources totalled 37 TWh, the highest absolute value ever in the national electricity system. This figure corresponded to 68% of consumption, in line with the 70% recorded in the previous year. Hydraulic production accounted for 27%, wind 25%, solar 11% and biomass 5%. In 2025, the national system was almost entirely supplied by the Sines LNG terminal, with imports via the interconnection with Spain accounting for only around 3% of consumption. The gas unloaded at Sines originated mainly in Nigeria and the United States.

In 2025, REN maintained its commitment to sustainability, continuing its integrated approach to decarbonisation, in line with the principles of the United Nations Global Compact. This was reflected in positive developments in ESG performance, recognised by specialist rating agencies and international references such as TIME magazine and the Financial Times.

Throughout the year, we continued to promote responsible practices in the supply chain, strengthen links with local communities and consolidate internal policies that favour work-life balance, recognised by certification as a Family-Responsible Entity.

In December, ERSE published the final proposal for electricity tariffs and prices for 2026 and parameters for the 2026-2029 regulatory period. The regulatory model for electricity for 2026-2029 maintains the TOTEX + Incentives framework and includes a significant increase in the base rate of return, from 4.40% to 6.19%. The indexation mechanism to Portuguese government bond yields (PGB) and the 0.75% premium applied to historical assets remain unchanged.

The year 2025 was marked by a blackout in Spain that caused a blackout in Portugal. The Portuguese system recovered quickly, and our operations centre managed to restore the entire electricity system in less than 12 hours, confirming the company's preparedness to manage this type of event.

REN's Board of Directors will propose at the General Shareholders' Meeting, to be held on 15 April, the payment of an annual dividend of 0.160 euros per share (paid in two instalments), an increase of 2% compared to the 2024 figure, consolidating its commitment to a policy of increasing remuneration.