Lisbon, May 8, 2025 (Lusa) - Portugal's energy grid operator, REN - Redes Energéticas Nacionais, posted a profit of €14.4 million in the first quarter, an increase of €10.7 million compared to the same period last year, it announced on Thursday.

"Net income exceeded that of the previous year, reaching €14.4 million (+€10.7 million)," the company said in a statement.

This performance was driven by higher financial results and positive tax effects.

In the first quarter of 2024, REN posted a profit of €3.7 million.

Until March, earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at €128.9 million, unchanged from the same period in 2024.

In this quarter, investment rose 44.4% to €69.1 million.

Operating costs rose 8.7% to €28.4 million, "mainly reflecting higher electricity costs (€1.2 million), mainly at the Sines LNG terminal, but also an increase in the number of employees, from 746 to 758".

Net debt fell 12.6% to €2.33 billion.

Electricity consumption in the first quarter rose 2.7% to 14.1 terawatt-hours (TWh).

Renewable production supplied 80.5% of consumption, divided between hydroelectric (39%), wind (29%), photovoltaic (7%) and biomass (5%).

Gas consumption fell by 0.2% to 11.6 TWh.

In today's trading session, REN shares fell 2.58% to €2.84.

PE/ADB // ADB.

Lusa