Q1 2026 Results: sustained and consistent growth

• EBITDA rises to €143.2 million (+€14.3 million)
• Net profit stands at €36.2 million
• Renewable energy generation met 80% of electricity consumption needs
• Rating upgraded to “BBB+” by S&P

In the first quarter of the year, EBITDA totalled €143.2 million, an increase of €14.3 million compared with the same period in 2025, a figure that reflects positive performance in both domestic operations (+€13.1 million) and international operations (+€1.2 million).

Net profit improved compared with the previous year, standing at €36.2 million (+€21.8 million), reflecting the improvement in EBITDA, as well as the reduction in the tax burden (-€9.9 million), reflecting, despite the increase in pre-tax profit, the elimination of the CESE on gas (-€10.0 million) and the recognition of gains arising from favourable rulings in Portgás’s 2022 CESE legal proceedings (-€4.1 million).

CAPEX amounted to €44.2 million, representing a decrease of 33.8% compared to the same period last year, and transfers to RAB fell to €3.1 million (a year-on-year decrease of €16.6 million). This decrease is partly due to delays suffered by some projects as a result of the storms at the start of the year.

Operating costs stood at €29.3m, an increase of 4.2%, mainly reflecting higher costs for consultancy and third-party services (+€0.4m) and IT systems costs (+€0.4m). This increase also reflects the growth in the company’s workforce (+2% year-on-year, reaching 772 employees in March 2026), driven by the strengthening of operational areas.

Net debt stood at €2,390.8 million, representing a 2.4% increase compared to the first quarter of 2025. Excluding the impact of tariff variances, debt would have increased by €126.0 million, standing at €2,366.5 million. The average cost of debt fell to 2.43%.

In the first three months of 2026, electricity consumption reached 14.6 TWh, the highest figure ever for a first quarter, exceeding the previous record of 14.1 TWh recorded in 2025 by 3.8%, or 3.9% when adjusted for temperature and working days. In the first quarter, renewable generation supplied 80% of consumption, with hydroelectric power accounting for 38%, wind power 32%, solar power 6% and biomass 4%.

Natural gas production, although driven by constraints in the national system following the effects of the Kristin depression, did not exceed 16% of consumption.

In the gas segment, the trend of rising consumption seen in recent months continues, with a year-on-year increase of 10.3% in March. This figure results from growth in the electricity generation segment. The national system was supplied primarily from the Sines LNG terminal, accounting for 97% of national consumption, with flows via the interconnector with Spain not exceeding the remaining 3% of consumption.

In February 2026, the credit rating agency Standard and Poor’s Ratings Services (S&P) upgraded REN’s long-term rating from “BBB” (stable outlook) to “BBB+”, with a stable outlook. At the same time, S&P reaffirmed the short-term credit rating at ‘A-2’.

In the first quarter of 2026, REN saw its sustainability performance recognised through its inclusion in the S&P Global Sustainability Yearbook 2026, ranking in the top 10% of the sector and as an Industry Mover.

The period was also marked by the publication of the Group’s Integrated Report, reinforcing the transparency of its ESG performance, and by the formalisation of REN’s certification as a Family-Responsible Entity by Fundación Másfamilia, reflecting its ongoing commitment to people, well-being and the creation of sustainable long-term value.