REN: net profit up 34.1% over nine months, driven by the decline in the CESE
REN published its results for the first nine months of the financial year on 12 November 2026. Its net profit is growing faster than its operating activity: it reaches €139.3 million, up 34.1%, while EBITDA rises 10.2% to €422.9 million.
The gap between the two trends is partly due to taxation. The extraordinary contribution on the energy sector (CESE) falls by €19.9 million, to €8.5 million. This decline is explained by the abolition of this levy on gas activity and by the recognition of gains following favourable decisions from the Constitutional Court.
At the same time, the net debt of the Portuguese electricity and gas grid operator falls by 4.5% year on year, to €2,330.9 million. Investments decline by 15.9%, to €272.9 million.
The decline in the CESE amplifies the rise in net profit
The increase in net profit from €103.9 million to €139.3 million rests on two main contributions. The first is the €39.2 million increase in EBITDA. The second is the €19.9 million decline in the CESE, of which €10.0 million is linked to the end of the gas levy in 2026.
Added to this are €9.4 million of gains recognised following the Constitutional Court's decisions in the proceedings brought by REN Portgás and Gasodutos. Several items work in the opposite direction. Depreciation and amortisation increase by €5.6 million, in line with the rise in gross assets.
The financial result deteriorates by €3.0 million, to -€42.4 million. The group explains this by lower dividends received from HCB and by an average cost of debt rising to 2.57%, compared with 2.55% a year earlier.
Corporate income tax, excluding CESE, rises by €15.2 million, to €27.6 million. Overall, the tax charge falls by €4.7 million, to €36.1 million. Recurring net profit, as defined by the group, increases by 33.9%, to €137.8 million, and earnings per share rise from €0.16 to €0.21.
Electricity accounts for most of the EBITDA increase
In Portugal, electricity, the group's largest segment, sees its EBITDA rise by 13.7%, to €300.7 million. It thus accounts for €36.3 million of the €39.2 million consolidated increase. This growth comes mainly from the remuneration of assets and operating costs, which contributes €36.0 million, and from the regulatory incentive, which adds €5.3 million.
The base remuneration rate of regulated assets in electricity rises from 5.2% to 6.3%. This rate follows the rise in yields on Portuguese ten-year government bonds, whose average reaches 3.41%, compared with 3.07% a year earlier.
Internationally, EBITDA rises by 36.7%, to €26.9 million. This increase is due to the consolidation of Tensa since May 2025 and to the acquisition of assets by Transemel in September 2025. Chilean activities now represent 6.0% of the group's EBITDA.
Conversely, gas transmission falls by 3.2%, to €82.4 million, due to a regulated asset base down 4.6%, to €730.9 million.
Gas distribution rises by 1.5%, to €37.9 million. These drivers are partly offset by costs: current operating expenses increase by 10.8%, to €98.9 million. Headcount, meanwhile, rises by 3%, to 795 employees.
Net debt down and investments down 15.9%
Management attributes the decline in investments mainly to delays in obtaining licences. By segment, the largest decrease concerns the Chilean activities Transemel and Tensa, whose investments fall from €62.5 million to €21.8 million.
Investments in electricity in Portugal decline by 8.3%, to €213.8 million, while those in gas transmission and distribution increase by 44.0% and 14.9% respectively. Commissioning integrated into the regulated asset base remains stable, at €100.6 million, compared with €100.2 million.
The group explains the fall in net debt by operating cash flows and by the collection of tariff deviations, partly offset by investments, interest and taxes paid. Net debt has fallen by €189.7 million since the end of December 2025, and the net debt to EBITDA ratio goes from 4.8 times to 4.1 times.
Profit growth thus rests on two distinct levers: the increased remuneration of electricity assets, on the one hand, and a tax relief, on the other. Part of this tax relief corresponds to legal gains recognised over the first nine months of 2026.
