Net profit of 84.2 million euros in Q3'24

• Renewable generation supplied 73% of electricity consumption
• EBITDA reached €388.5M (-1.8% year-on-year)
• Net profit of €84.2M (-12.5% year-on-year), in line with expectations
• CAPEX increased to €212.9M (+20.2%), with the integration of new renewable power plants

In the first nine months of 2024, the EBITDA of REN – Redes Energéticas Nacionais reached €388.5M, a decrease of 1.8% compared to the same period last year, due to a reduction in domestic (-€2.5M) and international (-€4.4M) activity. Activity in Portugal was impacted by the anticipated negative effect of new regulation in the gas segment, partially offset by improved operational results in the electricity transmission segment. The imbalance in performance in Chile reflects the recognition of an extraordinary income of €3.9M, in 2023.

As expected, net profit reached €84.2M (-€12.0M), due to a lower contribution from EBITDA (-€6.9M) and lower financial results (-€10.9M).

The increase in CAPEX to €212.9M (+€35.8M compared to the same period last year) stems, among other factors, from the increased investment in the electricity grid in Portugal, to facilitate the integration of new electricity generation centres through renewable sources. These investments reflect REN’s commitment to the energy transition and its support for the country’s energy policy. The number of REN employees increased from 741 to 770 (+4%), in order to effectively address the growing challenges of operational activity.

Net debt stood at €2,568.0M, a decrease of €180.7M compared to the value recorded at the end of 2023. Excluding the effect of tariff deviations, the debt would have reached €2,358.4M. The average cost of debt was 2.8%, in line with the value recorded in the first half of 2024, reflecting an increase when compared to the 2.4% recorded in the first nine months of 2023.

In Portugal, electricity consumption recorded a year-on-year growth of 1.7%, or 2.3% when correcting for the effects of temperature and number of working days. In the first nine months of the year, renewable generation supplied 73% of consumption, compared to 55% in September 2023. Hydroelectric production supplied 31% of consumption, wind 26%, photovoltaics 10% (a 34% increase compared to last year), and biomass 6%. Generation from natural gas supplied 8% of consumption, while the remaining 19% corresponds to the import balance. Natural gas consumption decreased by 22.8% compared to the same period last year, with the conventional segment recording an increase of 2.1%.

REN upheld high levels of service quality, recording an equivalent interruption time of 0.01 minutes in electricity transmission, and a combined availability rate of 100% in gas transmission.
Between January and September 2024, REN maintained its commitment to initiatives for good environmental performance, having recorded a reduction in its Scope 1 and Scope 2 emissions of around 33%, when compared to the first three quarters of 2023.