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REN - Redes Energeticas Nacionais (RENE) investor relations material
REN - Redes Energeticas Nacionais H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA was stable at €256.6M for H1 2025, down 0.5% year-over-year, with domestic declines offset by international growth.
Net profit rose 35.2% year-over-year to €65.7M, driven by improved financial results, lower taxes, and favorable tax incentives.
CAPEX increased 10.8% to €150.0M, reflecting higher investment in electricity and gas infrastructure.
Net debt (excluding tariff deviations) decreased 4.9% to €2,307.3M, with average cost of debt down to 2.66%.
Sustainability and innovation remain priorities, with 77.3% of electricity supply from renewables and recognition as a Climate Leader.
Financial highlights
EBITDA: €256.6M (-0.5% YoY); Net profit: €65.7M (+35.2% YoY); CAPEX: €150.0M (+10.8% YoY).
Revenue reached €494.8M, up 6.3% year-over-year.
Net debt (including tariff deviations) fell 10.5% to €2,399.5M; average RAB: €3,453.9M (-0.7% YoY).
Financial results improved by €5.2M (+18.8% YoY) due to lower net debt and cost of debt.
Taxes decreased by €19.0M (-34.6% YoY), mainly from fiscal effects and tax recovery.
Outlook and guidance
Ongoing focus on sustainability, digitalization, and renewable integration.
Continued investment in grid expansion, hydrogen infrastructure, and technological transformation.
Positive shareholder return outlook, with TSR outperforming European and Portuguese indices.
Hydrogen infrastructure investments planned, with €111M forecasted over 10 years, subject to regulatory and market developments.
Business plan targets are on track, with expectations to exceed average CAPEX guidance.
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