REN - Redes Energeticas Nacionais (RENE) H1 2025 earnings summary

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.