A year of significant investment growth and positive results

• CapEx increased by 22.2% to €368.4M (reflecting projects within the energy transition framework)
• EBITDA of €506.1M (-1.5%) and Net Profit of €152.50M (+2.2%)
• Renewable energy supplied 70.2% of consumption in 2024, marking the second-best year ever

In 2024, EBITDA stood at €506.1M, reflecting a slight decrease of 1.5%, driven by variations in both domestic (-€2.6M) and international (-€5.3M) operations. In Portugal, EBITDA was impacted by lower returns from regulated assets, namely in the gas segment, while international operations had benefited in 2023 from a one-off extraordinary gain of €4.0M.

Despite a decline in financial results (-€20.7M) due to higher average debt costs, net profit exceeded the previous year, totalling €152.5M (+2.2%). This was supported not only by positive tax impacts, but also by the recognition of €5.6M related to CESE (the Energy Sector Extraordinary Contribution), following a landmark ruling in which the Constitutional Court ruled favourably on two appeals in the gas segment.

The strong increase in CapEx, to €368.4M (+22.2% compared to the previous year), reflects REN’s focus and commitment to the country's energy transition goals, in line with what was announced in the most recent 2024-27 strategic plan. Transfers to RAB also rebounded in 2024, growing by €73.5M (+33.0% compared to the previous year), due to new projects coming online.

Net debt (excluding tariff deviations) fell by 1.0% to €2,388.5M. As expected, due to international market conditions, the average cost of debt rose to 2.75% (compared to 2.49% in 2023). In February 2024, REN launched its second issuance of green bonds, in the amount of 300 million euros, with a maturity of eight years and a demand seven times higher than supply.

Electricity consumption increased by 1.3% year-on-year in 2024 (51.4 TWh), while natural gas consumption fell by 17.3% (to 40.5 TWh), the lowest number since 2003. Energy from renewable sources accounted for 70.2% of the total energy supply (60.6% in 2023), a 9.6% increase, broken down into 27.8% from wind power, 27.0% from hydropower, 9.4% from solar energy, and 6.0% from biomass. Additionally, in 2024, the Portuguese national system was primarily supplied from the Sines LNG terminal, accounting for 98% of the total gas in Portugal, with the remaining 2% coming from the interconnection with Spain.

Safety and service quality remain our top operational priorities, and 2024 was another highly positive year. REN continues to stand out as a benchmark among its international peers. With regard to sustainability, we once again recorded significant progress in ESG ratings.

At the General Meeting of Shareholders to be held on 15 April, and taking into account the 2024 results, REN’s Board of Directors will propose an annual dividend payment of €0.157 per share (paid in two tranches). This anticipates the implementation of a progressive remuneration policy outlined in the 2024-2027 Strategic Plan, which was initially scheduled for 2025.