04 May 2018

REN maintains commitment to operation in Portugal and openness to investment opportunities

REN - Redes Energéticas Nacionais presented today its strategic plan for the period from 2018 to 2021, based on three pillars: consolidating its core business and maintaining the operational excellence that characterizes the company's operation; maintaining disciplined growth; and ensuring a solid financial performance.

These three pillars will be materialized in a business plan consistent with the following objectives: achieving an annual EBITDA between 475 and 500 million euros and annual net profits between 110 and 115 million euros; maintaining net debt between 2.7 and 2.900 million euros; ensuring an investment grade rating and a sustainable dividend policy, keeping the annual dividend at current levels.

The domestic operation continues to be the company's priority, with a level of investment (CAPEX) forecast to be between 120 and 145 million euros per year, meeting the needs of the National Electricity and Natural Gas Systems, as well as of the activity of Portgás, in compliance with the obligations of the respective concessions.

Concerning non-organic investments, REN expects to invest up to 400 million euros in a disciplined manner until 2021, with Portugal as its priority. These investments enable maintaining the company's asset base stable.

The maintenance of a high quality of service and of the company's efficiency levels also remain among the management's priorities, as does the investment in innovation. The digitalization of the work processes and operations, and the renewal of the employees' skills are identified as key factors to the implementation of the presented strategic plan.

Regarding the international operation, REN expects a sustainable return to its investments in the relevant period.


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