RESULTSPRESENTATION

25thJuly

1H19

1H19 HIGHLIGHTS

EBITDA totalled €247.4M in the first half of the year, 2.0% (€5.1M) below the same period of 2018.Lower rates of return, a decreasing RAB and OPEX contribution significantly contributed to thisoutcome. This was partly offset by the favorable progression of Portgás (+€0.8M) and Electrogas,that contributed with €3.9M to EBITDA;

Net Profit slightly decreased by 3.3% (€1.8M), standing at €51.1M. Below EBITDA, the resultbenefited from stronger Financial Results (€0.5M) and lower taxes (-€1.4M). The effective tax ratewas 38.8%, including the extraordinary levy (CESE). Without extraordinary effects, Recurrent NetProfit amounted to €75.5M, a 3.8% decrease over the previous year;

Net Debt improved by 1.8%, standing at €2,638.7M (-€48.0M). The average cost of debt continuedto go down, reaching 2.2% (versus 2.3% in 1H18);

CAPEX and Transfers to RAB amounted both to €49.9M, an year-on-year increase of €10.5M and€30.5M, respectively, benefiting from higher investments in the electricity business.

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RESULTS AT A GLANCE

€M 2Q19 1H19 1H18 Δ% Δ Abs.

EBITDA 122.0 247.4 252.4 -2.0% -5.1

Financial Results -11.4 -26.9 -27.3 1.7% 0.5

Net Profit 37.8 51.1 52.8 -3.3% -1.8

Recurrent Net Profit 37.8 75.5 78.4 -3.8% -3.0

Average RAB 3,738.2 3,738.2 3,855.2 -3.0% -117.0

CAPEX 33.1 49.9 39.4 26.5% 10.5

Net Debt 2,638.7 2,638.7 2,686.7 -1.8% -48.0

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PT 10Y Treasury Bond Yields

Source: Bloomberg, Bank of Portugal, REN.

5.2% 5.0%

1H181H19

Electricity

GasT 5.5% 5.4%

GasD 5.8% 5.7%

BASE RoR

Jul17 – Jun18:

2.15%

Average bond yield

Jul18 – Jun19:

1.54%

SOVEREIGN DEBT RISK OF PORTUGALThere was a significant reduction in yields in 2019

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CAPEX(€M)

TRANSFERS TO RAB(€M)

5

27.6

36.5

3.0

4.1

8.8

9.3

1H18 1H19

39.4

49.9

€10.5M(26.5%)

Portgás

Natural gas transportation

Electricity

12.4

39.8

6.2

8.8

1H18 1H19

0.7

19.3

49.9

1.3

€30.5M(158.0%)

CAPITAL EXPENDITURES UP BY €10.5M TO €49.9MTransfers to RAB increased by €30.5M year-on-year

1) RoR is equal to the specific asset remuneration, divided by the average RAB.

RoR

RAB

5.3%1 5.0%0.3% 5.4%5.8% 5.1%15.7%

(€M)

AVERAGE RAB FELL DOWN BY 3.0%Despite the increase in Natural Gas Distribution (€8.7M)

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8.7

Average RAB 1H18

-12.6

-45.0

Lands Electricity without premium

Electricity with premium

Natural gasT Portgás Average RAB1H19

3,855.2

-37.0

-31.2

3,738.2

RAB REMUNERATIONELECTRICITY(ex. Lands)(€M)

RAB REMUNERATIONNATURAL GAST(€M)

-1,44M€Impact of the decrease in the asset base by €68.1M to €2,039.4M.

Impact of the change in asset mix: assets with premium weight increased to 53.9% in 1H19 from 53.7% in 1H18.

+€0.02M

Impact of the change in the rate of return, to 5.75% from 5.93% in assets with premium, and to 5.00% from 5.18% in assets without premium.

-€1.90M

Impact of the €45.0M decrease in the asset base, to a total of €996.7M.

-€1.21M

Impact of the decrease in the rate of return, to 5.40% from 5.52%.

-€0.63M

RAB REMUNERATIONPORTGÁS(€M)

-€0.28MImpact of the decrease in the rate of return, to 5.70% from 5.82%.

Impact of the €8.7M increase in the asset base, to a total of €468.6M.

+€0.25M-€1.84M

RAB REMUNERATION DOWN BY 5.6%Reflecting the reduction in RoR and RAB (excluding Portgás)

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25.3 23.5

33.531.6

1H18 1H19

58.8

55.1

€-3.7M(-6.3%)

28.8

26.9

1H191H18

€-1.8M(-6.4%)

13.4 13.4

1H18 1H19

€-0.03M(-0.2%)

Electricity with premium

Electricity without premium

OPERATIONAL COSTS(€M)

OPEX IN LINE WITH PREVIOUS YEARPortgás performance improved by €3.3M

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61.30.3

(4.1%)

-3.3(-29.4%)

Δ External Supplies and Services

1.4(5.5%)

OPEX1H19

OPEX1H18

Δ Personnel Costs Portgás Δ Other Operating Costs

61.0

2.0(11.3%)

€0.3M(0.5%)

1H18

1H19

(1) ITC - Inter Transmission System Operator Compensation for Transits; (2) Item related to Portgás.

CORE OPEX(€M)

€0.4M

(0.8%)

OPEX CORE STOOD STEADY IN 1H19Portgás had a €1.9M positive evolution

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11.3

7.649.7

OPEX Core OPEXITC(1) mechanism Costs withNG

transportation

Costs with ERSE Subsoil occupation levies(2)

-5.1

Other

41.0

-3.8

61.0

-1.3 -1.7

-0.5

48.5

8.0

5.7

Other

53.3

48.9

OPEX ITC(1) mechanism Costs withNG

transportation

Costs with ERSE

-5.5-1.7

Subsoiloccupation

levies(2)

43.3

Core OPEX

-2.3

61.3

-2.1

-0.8

Distribution Transmission

(1) Includes Δ€0.27M of OPEX own works.

EBITDA(€M)

EBITDA WAS PENALIZED BY LOWER TRANSMISSION ASSETS’ REMUNERATIONPartially offset by Portgás and Electrogas performance

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0.8

1.0 0.2

EBITDA1H18

EBITDA Portgás Δ Assetremuneration

Δ Recoveryof

amortizations

Δ OPEXcontribution

(1)

247.4

Δ Electrogas’Net Profit

proportion

Δ Other EBITDA1H19

252.4

-0.5-5.6

-0.9

€-5.1M(-2.0%)

DEPRECIATIONS ANDAMORTIZATIONS(€M)

FINANCIAL RESULTS(1)

(€M)TAXES(2)

(€M)

(1) Average cost of debt dropped to 2.2% from 2.3% in 1H18;(2) In 1H19, without taking into account the special levy on the energy sector, the effective tax rate reached 27.0%, versus 27.2% in the previous year, which led to a €1.4M

decrease in taxes.

BELOW EBITDAFinancial Results benefited from lower net debt and average cost of debt

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6.6 6.9

111.1 110.3

117.7

1H18 1H19

117.2

€-0.5M(-0.4%)

DistributionTransmission

-27.3 -26.9

1H18 1H19

€0.5M(1.7%)

29.2 27.9

1H18

25.4CESE

54.6

24.4CESE

1H19

52.2

€-2.4M(-4.4%)

NET DEBT(€M)

NET DEBT DECLINED TO €2,638.7M (-0.5%)

12

64.0

33.2

109.2 3.9

Capex (payments)Operating Cash Flow

OtherNet DebtDec 2018

Interest (net) Dividends (received-paid)

Income tax (payments)

Net Debt1H19

2,653.12,638.7

-220.0

-4.7

€-14.4M(-0.5%)

Reflecting a cash flow higher than Capex and financial needs

NET PROFIT(€M)

NET PROFIT WAS SLIGHTLY LOWER YOY (-€1.8M)Financial Results strengthened Net Profit by €0.5M

13

1.0(4.0%)

Net Profit 1H18

Δ EBITDA Δ Below EBITDA

-5.1(-2.0%)

Δ CESE Net Profit1H19

52.8

2.3(1.3%)

51.1

€-1.8M(-3.3%)

This semester, REN’s operational performance was penalized by lower asset remuneration. However,higher Financial Results and the decrease in taxes partially mitigated this negative impact in NetProfit;

A decrease in the stock of Debt allowed the company to have stronger Financial Results.Nevertheless, the special levy on energy companies continued to hurt REN’s results, leading theeffective tax rate to 38.8%;

Both Portgás and Electrogas contributed positively to the results and are performing according toplan;

On July 23rd, REN announced the acquisition of 100% of Transemel, for 167 million USD. Transemelis located mainly in northern Chile, operating 92 km of electricity transmission lines and 5substations, with approximately 93% of its revenues coming from regulated activities owns. This willbe the second acquisition that REN makes in Chile after the purchase of 42.5% of Electrogas, and isin line with REN’s strategic plan, which is based on a conservative growth strategy. The transactionwill be financed solely with debt and will take place in the beginning of October.

FINAL REMARKS

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This presentation and all materials, documents and information used therein or distributed to

investors in the context of this presentation do not constitute, or form part of, a public offer,

private placement or solicitation of any kind by REN, or by any of REN’s shareholders, to sell or

purchase any securities issued by REN and its purpose is merely of informative nature and this

presentation and all materials, documents and information used therein or distributed to investors

in the context of this presentation may not be used in the future in connection with any offer in

relation to securities issued by REN without REN’s prior consent.

DISCLAIMER

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Visit our web site at www.ren.pt

or contact us:

Ana Fernandes – Head of IR

Alexandra Martins

Telma Mendes

Av. EUA, 55

1749-061 Lisboa

Phone number: +351 210 013 546

ir@ren.pt