Mission Statement, Vision, & Core Values (2026) of REN - Redes Energéticas Nacionais, SGPS, S.A.

Step into the backbone of Portugal's energy system with REN - Redes Energéticas Nacionais, SGPS, S.A., the company that since August 1994 operates the National Electricity Transmission Grid (RNT) and the National Natural Gas Transportation Grid (RNTGN), runs the LNG regasification terminal at Sines, and employs over 700 professionals committed to a mission of uninterrupted electricity and gas supply at the lowest cost while ensuring quality, safety and market balance-an operational vision centered on excellence, innovation and sustainable development that aligns REN with EU energy goals and Portugal's energy transition.

REN - Redes Energéticas Nacionais, SGPS, S.A. (RENE.LS) - Intro

• Core activities: operation of the National Electricity Transmission Grid (RNT), the National Natural Gas Transportation Grid (RNTGN) and the Sines LNG regasification terminal.
• Public listing and ticker: traded on Euronext Lisbon as RENE.LS.
• People: over 700 employees (approximately 780 technical, commercial and corporate staff working across operations, maintenance, system operation and corporate functions).

• Mission: guarantee uninterrupted supply of electricity and natural gas at the lowest possible cost, with quality and safety, while ensuring equitable balance among market participants (generators, transporters, distributors and consumers).
• Vision: enable a secure, decarbonized and efficient energy system for Portugal, facilitating the integration of renewable generation and cross‑border interconnections aligned with EU energy and climate objectives.
• Core values:
  • Safety and reliability - prioritizing operational continuity and personnel safety across transmission and LNG operations.
  • Economic efficiency - operating infrastructures to minimize overall system cost and preserve value for consumers and stakeholders.
  • Transparency and market fairness - impartial system operation and non-discriminatory access for market players.
  • Sustainability and innovation - supporting decarbonization, grid modernisation and digitalisation to integrate variable renewables.

• Security of supply: REN balances generation, storage and cross-border flows to avoid interruptions and to manage seasonal variations in demand, leveraging the Sines LNG terminal as a strategic supply and flexibility asset.
• Decarbonisation: by operating and reinforcing transmission corridors and interconnections, REN facilitates higher shares of variable renewable generation (wind, solar) while planning investments to accommodate electrification of demand.
• Market integration: REN operates neutral systems and market platforms consistent with EU network codes and regional coordination, enabling cross-border trade and system adequacy assessments.

• System reliability metrics: minutes of unserved energy and forced outage rates tracked for transmission and LNG assets.
• Capacity and utilisation: pipeline throughput, LNG send‑out volumes and electricity transmission volumes (TWh) monitored to match seasonal and market demand.
• Investment metrics: annual regulated CAPEX and RAB growth, driving allowable revenues and long‑term financial stability.

REN - Redes Energéticas Nacionais, SGPS, S.A. (RENE.LS) Overview

• Guarantee the continuous supply of electricity and natural gas across Portugal without interruptions.
• Deliver services at the lowest possible cost through economic efficiency and regulatory-compliant tariffs.
• Maintain high standards of quality and safety for employees, contractors, and the communities served.
• Ensure balance among all energy market participants - generation, transmission, distribution and consumers - supporting fair access and market neutrality.
• Preserve a stable, enduring commitment to reliable grid operation and impartial market facilitation over time.

• Be the backbone of Portugal's energy transition by enabling decarbonisation, increased integration of renewables, and cross-border interconnection.
• Transform into a smart, digitalized TSO/GSO that leverages advanced grid management, system flexibility solutions and data-driven operational excellence.
• Create long-term value for shareholders and society by combining regulated returns with strategic investments in resilience and grid modernization.

• Reliability - uninterrupted system operation and infrastructure robustness.
• Safety - rigorous occupational and public safety standards in all assets and operations.
• Neutrality & Fairness - equal treatment of market participants and transparent market facilitation.
• Efficiency - cost discipline and optimisation to deliver affordable energy network services.
• Sustainability & Innovation - support for decarbonisation pathways, connection of renewables and investment in smart grid technologies.

• Maintain grid security and operational excellence through investments in resilience, preventive maintenance and enhanced system operation tools.
• Support the energy transition by facilitating renewable connections, storage integration and demand-side flexibility markets.
• Optimize cost-to-serve and regulated returns while preserving affordability for end consumers.
• Deploy digitalization (SCADA/EMS upgrades, asset management analytics) to increase efficiency and safety.
• Engage stakeholders - regulators, market players, communities - to preserve neutrality and balanced outcomes across the value chain.

REN - Redes Energéticas Nacionais, SGPS, S.A. - Mission Statement

• Ensure continuity and quality of electricity and gas transmission services across Portugal, maintaining system security and resilience.
• Invest in modernizing grid infrastructure and integrating digital and smart technologies to boost operational excellence and asset reliability.
• Promote decarbonization and support integration of renewable generation, storage and cross-border interconnections.
• Operate under robust governance and safety standards, ensuring regulatory compliance and transparency for investors and stakeholders.
• Create long-term value for shareholders while delivering social and environmental benefits for communities.

• Targeted grid modernization: prioritizing digital SCADA, HVDC and smart substations to reduce outages and optimize flows.
• Renewables enablement: building reinforcements and new connections to absorb increasing intermittent generation (solar & wind).
• Cross-border and storage integration: developing interconnectors and supporting battery and hydrogen pilots to enhance flexibility.
• Operational excellence programs: continuous improvement initiatives, predictive maintenance, and safety culture to reduce downtime and costs.

• Regulatory engagement: aligning investments with tariff frameworks and national energy policy.
• Financial discipline: maintaining investment-grade credit metrics while funding CAPEX through cash generation and structured financing.
• ESG integration: embedding environmental and social criteria in project appraisal and reporting (sustainability-linked financing and emission reduction targets).
• Community and customer focus: ensuring transparent stakeholder dialogue and minimizing local impacts from infrastructure projects.

• Operational excellence: measurable through reduced SAIDI/SAIFI, higher availability of networks and improved unit costs.
• Innovation: deployment of digital twins, automation, and pilot projects in green hydrogen and grid-scale storage.
• Sustainable development: balancing infrastructure growth with biodiversity protection, emissions cuts and community benefits.

REN - Redes Energéticas Nacionais, SGPS, S.A. (RENE.LS) Vision Statement

REN's vision is to be a leading, reliable and sustainable energy infrastructure operator in Portugal and internationally, enabling the energy transition by ensuring secure grid operations, integrating renewables, and promoting decarbonisation while delivering long-term value for stakeholders.

• Safety: REN places safety at the center of its operations - protecting employees, contractors and communities through rigorous procedures, training programs and incident reduction targets.
• Innovation: The company invests in digitalisation, smart-grid technologies and advanced asset management to increase efficiency and resilience.
• Sustainability: Environmental stewardship drives investment choices, with a focus on facilitating renewable integration, reducing emissions and promoting energy efficiency.
• Integrity: Transparent governance, compliance and ethical conduct underpin all business practices and stakeholder engagement.

These core values are embedded across REN's corporate culture and governance, influencing investment decisions, operational priorities and strategic planning. Over the past decade REN has progressively aligned these values with quantified sustainability commitments and regulated-business targets, reinforcing accountability and measurable progress.

Operational and financial governance practices translate the core values into measurable initiatives and KPIs:

• Safety KPIs: Lost Time Injury Frequency Rate (LTIFR) targets and regular safety audits across all sites.
• Innovation metrics: Percentage of CAPEX allocated to digitalisation and projects enabling renewable integration (targeted double-digit share of annual investments).
• Sustainability reporting: Annual sustainability disclosures aligned with GRI and TCFD frameworks, tracking scope 1-3 emissions and renewable capacity connections.
• Integrity controls: Robust internal audit, compliance programs and a board-level ethics oversight mechanism.

Financial discipline supports the vision by ensuring predictable regulated revenues, prudent leverage and dividend policy aligned with long-term investment in networks and resilience. For deeper financial analysis and investor-focused insights, see: Breaking Down REN - Redes Energéticas Nacionais, SGPS, S.A. Financial Health: Key Insights for Investors