Results Q1 2025: sustaining the growth trajectory

- Renewable generation supplied 80.5% of electricity consumption
- EBITDA of €128.9M (+€0.1M), in line with Q1 2024
- CapEx increased to €69.1M (+44.4%)
- Net Debt decreased by 12.6% to €2,334.6M
- Net Profit of €14.4M (+€10.7M)

In the first quarter of the year, EBITDA stood at €128.9M, representing a slight increase of €0.1 million compared to the same period in 2024. This result reflects a marginal decline in domestic operations (-€0.7M), offset by growth in international activities (+€0.7M). In Portugal, EBITDA was mainly affected by higher operating costs (+€2.3M).
Net profit exceeded the previous year, totalling €14.4 million (+€10.7M). This improvement was driven not only by stronger financial results (+€4.6M), resulting from a reduction in net debt, but also by favourable tax effects, which led to a decrease in tax expenses (-€8.6M).

CapEx continued to show strong growth, reaching €69.1M (+44.4% compared to the previous year), in line with what was announced in the most recent 2024-27 strategic plan. Transfers to RAB also recovered during the quarter, increasing by €17.0 million (+638.6% compared to the same period in 2024).

Operating costs increased to €28.4M (+8.7%), primarily reflecting the increase in electricity costs (+€1.2M), namely at the Sines LNG Terminal, and the growth in headcount from 746 to 758 employees (+2%), which remains consistent with the company’s operational expansion.

Net debt stood at €2,334.6 million, representing a reduction of €335.7 million (-12.6% versus Q1 2024). Excluding the rate deviations effect, debt would have decreased by €103.7M, amounting to €2,284.9M. The average cost of debt increased to 2.78% (compared to 2.77% in the same period last year).

Electricity consumption recorded a year-on-year growth of 2.7% to 14.1 TWh, the highest quarterly value ever recorded. During this period, renewable generation supplied 80.5% of consumption, split between hydroelectric with 39%, wind with 29%, photovoltaics with 7%, and biomass with 5%. Regarding gas consumption, there was a slight decrease of 0.2% in the quarter, totalling 11.6 TWh. The Portuguese national system was supplied mainly from the Sines LNG terminal, representing 89% of the total, with the remaining 11% coming from the interconnection with Spain.

REN’s environmental performance was also recognised with the highest rating by the Carbon Disclosure Project (CDP), a non-profit organisation that manages the world's only independent environmental disclosure system. REN was upgraded to Climate Change A-level rating, which is only awarded to organisations demonstrating excellence in their practices.

On 21 April, REN acquired TENSA, a Chilean company that owns and operates approximately 190 km of electricity transmission lines. This transaction is aligned with REN’s strategic plan, which includes, alongside organic growth in Chile, targeted acquisitions of operational assets with appropriate size, risk profile and return potential.

Lastly, as widely reported, on 28 April at 11:33 a.m. an incident led to a general failure of the Portuguese National Electricity System. The likely causes are still under investigation, although all indications suggest that the origin was outside of Portugal. Full system restoration was achieved in under 12 hours, thanks to the coordinated efforts with the Portuguese State and other official entities, as well as close collaboration with E-Redes, Red Eléctrica de España and national power producers.