REN - Redes Energeticas Nacionais SGPS, SA

RENE

Equity

ISIN PTREL0AM0008 / Valor 3219586

Euronext Lisbon (2026-08-04)

EUR 3.46-0.58%

REN - Redes Energeticas Nacionais SGPS, SA
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About company

REN - Redes Energéticas Nacionais SGPS, SA is a pivotal entity in Portugal's energy sector, primarily engaged in the operation and management of the country's National Gas System. This encompasses a comprehensive network across mainland Portugal, including critical interconnections with the Spanish energy grid, which are essential for cross-border energy exchange and security of supply. Additionally, REN oversees the operations of the LNG (Liquefied Natural Gas) Terminal, a key infrastructure for the importation of natural gas, and the underground storage facilities that ensure the stability and reliability of gas supply throughout the region. Through its stewardship of these assets, REN plays a crucial role in the energy infrastructure of Portugal, facilitating the efficient distribution and storage of natural gas to meet the country's energy demands.

Summarized from source with an LLMView SourceSector: Technology

Key H1 2025 financial snapshot

EBITDA (H1) €256.6m (-0.5% y/y); recurrent net income €64.7m (+36.2% y/y). Financial results improved to -€22.5m (from -€27.7m) and income taxes fell sharply to €7.6m (from €26.7m) driving the net income increase.

Q2 2025 (quarter) results

For 1 Apr–30 Jun 2025: operating result €65.125m and consolidated net profit €51.27m. These figures are the quarterly contribution inside the H1 totals reported.

Operational split — domestic vs international

Domestic power transmission & distribution remains the core: domestic EBITDA H1 €244.3m (-0.6%). International EBITDA (mainly Chilean assets and new Tensa acquisition) H1 €12.2m (+2.9% y/y), including two months’ contribution from Tensa (acquired 21 Apr 2025).

Investments and RAB

H1 capex €150.0m (+10.8% y/y). Transfers to RAB rose to €50.3m (vs €29.9m). Average RAB slightly down to €3,453.9m (-0.7% y/y); electricity RAB modestly up excluding lands while land values decreased.

Balance sheet & financing

Net debt at 30 Jun 2025 €2,399.5m (-10.5% y/y); excluding tariff deviations net debt €2,307.3m (-4.9% y/y). Average cost of debt 2.7% (0.1 p.p. lower y/y). Cash & cash equivalents ~€37.3m at period end.

Taxes, extraordinary levy and one-offs

The full Extraordinary Contribution on the Energy Sector (ESEC) of €28.4m was recorded in Q1 2025 (as in 2024). H1 2025 income tax expense fell materially (to €7.6m) due to prior-year tax effects and recoveries.

M&A and notable events

Acquisition: REN acquired Transmisora de Energía Nacimiento S.A. (TENSA) on 21 Apr 2025 for USD 71.4m (adds ~190 km of transmission lines in Chile). Other highlights: recognition for environmental performance, appointment for transitional hydrogen network planning role, and record LNG tank loads at Sines.

Cash flow & shareholder distribution

H1 operating cash flow €337.2m. Investing used ~€116.7m (including acquisition outflow). Financing net cash used ~€222.1m; H1 dividend distribution shown ~€104.1m.

Comprehensive income and FX/hedging effects

Comprehensive income was lower than net profit due to large negative translation effects: H1 exchange differences -€31.3m and hedging reserve movements (-€4.6m), leaving consolidated comprehensive income €30.7m for the period.

Summarized from source with an LLMView Source

Key figures

15.0%1Y

40.7%3Y

44.9%5Y

Performance

17.4%1Y

17.0%3Y

16.4%5Y

Volatility