REN - Redes Energeticas Nacionais (RENE) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial results in 1H26, with record electricity consumption, high renewable supply, and significant EBITDA and net profit growth year-over-year.

• Investment increased, particularly in electricity transmission, gas networks, and international assets, while net debt decreased due to robust operating cash flow and tariff deviation inflows.

• Recognized for sustainability leadership, with improved ESG scores and inclusion in major climate and sustainability rankings.

Financial highlights

• EBITDA rose 10.8% year-over-year to €284.2M, driven by higher domestic asset and opex remuneration, favorable regulatory changes, and international contributions.

• Net profit increased by €27.7M (+42.1% YoY) to €93.4M, supported by higher EBITDA, improved financial results, and lower taxes due to the end of the gas levy and favorable court decisions.

• CAPEX grew by €34.6M (+23.1% YoY) to €184.6M, reflecting higher investment across networks and international assets.

• Net debt decreased by 0.7% YoY to €2,382.8M, with the average cost of debt improving to 2.52% from 2.66%.

• Total shareholder return in 1H26 was positive, outperforming European and Portuguese indices.

Outlook and guidance

• Full-year growth is expected, but at a lower percentage rate than the first half; guidance for EBITDA, net income, and CapEx remains unchanged.

• Continued focus on innovation, decarbonization, and digitalization, with ongoing investment in electricity and gas infrastructure.

• Regulatory developments, including the Accelerate EU package and new electricity storage strategy, expected to support future growth.

• CapEx likely to be at the upper end of the guidance range due to infrastructure needs for new storage and connection projects.

• Potential upside to net income if tax recuperations accelerate, though timing is uncertain.