#1edp Renewables Investor Presentation March 2024 www.edpr.com Avila Hybrid Spain#2Agenda 1 Our Sector 2 EDP Group Vision 3 EDPR at a Glance 4 Our Strategy LO 5 FY23 Results & Updates 6 Appendix edp Renewables 2#3Our Sector edp Renewables#4Our Sector The energy transition is ever more pressing to address climate change... in 2022... edp Renewables 5th warmest year since 1880 Record high CO2 emissions 8 ocean stations observed water levels at an all-time high Antarctic Sea ice reached its lowest min. extent +100m people living in coastal areas at high risk of rising sea levels +100,000 ha of forest burnt in Europe in a given week vs. long-term average 2006-21 Source: NASA, World Economic Forum, EUMETSAT, US National Ocean Service, Copernicus#5Our Sector ... and is further reinforced by the need for endogenous, affordable and reliable energy Shifting global dynamics... Decrease in gas flows ~50% reduction of Russian gas flows to Europe, driven by ongoing conflict¹ Increase in energy prices ~7X increase in wholesale prices in Europe³, ~3x in the US2,3 Rising inflation and interest rates 7-8 pp increase in inflation rate in Europe and the US from 2020 to 2022 +250-300 bps bond yields in the Eurozone and the US, respectively³ Supply chain challenges 97% of global solar wafers coming from China (evaluating a tech export ban) Increasing CAPEX costs 20-30% CAPEX/MW increase estimated for 2023-26 vs. 2020-214 ... further emphasize the need for (Clean) Energy independence Affordable energy Reliable supply chains edp Renewables 1. vs. 2021 | 2. Data for Indiana Hub RT Peak (MISO price hub) | 3. vs. 2020 | 4. Europe and US, considering Solar Utility Scale and Wind Onshore Source: EURACTIVE, Ember, IEA, Eurostat, US Federal Reserve Bank of St. Louis, Wood Mackenzie, Press search 5 LO#6Our Sector Many reactions came with unprecedent strategic commitments to accelerate the energy transition Change is already happening... Inflation Reduction Act > $400bn in climate spending to reduce emissions >40% by 2030 Expansion and extension of PTCs and ITCs with 10+ years of full- value credits visibility, adjusted for inflation New tax credits implemented for clean hydrogen (up to $3/kg tax credit) and storage (eligible for ITCs for the first time) REPowerEU + >€200bn in grants by 2027 to achieve 45% RES generation and x2.5 RES capacity (vs. 2021) by 2030 Green Deal Industrial Plan & Market Design reflection Predictable and simplified regulatory environment (access to funding, skills, and open trade for resilient supply chains) The Wind Power Action Plan Improve & simplification of auction's design, digitalization commitments, action plan on grids & ensure fair market standards ... with existing challenges being addressed Long-term, predictable policy frameworks Simplified, effective administrative procedures > United edp Renewables Nations Net Zero by 2050 Unprecedented and structural tailwinds for the energy transition APAC Net Zero Path Increasing commitments, with RES generation targets scaling up Larger scale grid interconnections Source: IRA, European Commission, Press search CO 6#7Our Sector Triple renewables capacity between 2022 and 2030 is required to reach the 1.5°C target edp Renewables +50% EU recommends net greenhouse gas emissions 90% reduction by 2040, compared to 1990 levels. edp Renewables At the core of the energy transition 90% EU recommends net greenhouse gas emissions 90% reduction by 2040, compared to 1990 levels. Upwards revision targets 2023-27 Including key markets where we are present: Germany, Brazil & US Offshore Auctions Upward revision of expected auction prices in UK & US US Grid connection improvements FERC released to reduce interconnection queue backlogs, creating strict timelines 7#8EDP Group Vision edp Renewables#9EDP Group Vision EDP Group - Segments fully aligned with energy transition edp Renewables Distribution & Transmission <€5.0bn €7.0bn €7.5bn ~€8.0bn We are an Networks RAB energy 100% 93% transition leader, creating superior value for all stakeholders Renewables Generation 60% Renewables Installed Capacity EBITDA + Equity 11 GW Average Gross Additions <0.7 GW 74% 22 GW 2.4 GW 33 GW 4.8 GW >50 GW HHH H 2011 2012 2021 2022 2025 2026 2027+ 2030 9#10EDPR at a Glance edp Renewables#11EDPR at a Glance Global pure renewables player with a portfolio of 16.6 GW with more than 3,000 employees worldwide EDPR global wind and solar installed capacity edp Renewables Europe 6.0 North America Ocean Winds¹ GW 8.4 GW 1.5 GW Total South America 16.6 GW Installed Capacity 1.2 GW Current EDPR presence EDPR main hubs Ocean Winds projects 1. Considering Ocean Winds' Gross Installed Capacity 2. In the last Strategic update (Feb-21) Note: EBITDA + Equity GW installed capacity as of Dec-23 100% RES + 4.4 GW U/C APAC 0.9 GW Leading pure renewables player, with ~20 years of track record Differentiated and leading position in the attractive US market Scaled our European position through Kronos acquisition, entering Germany and reinforcing Central Europe Established position in APAC through Singapore-based Sunseap Tripled our Offshore gross portfolio from 6.6 GW2 to 16.6 GW Developing new business models like Solar DG, Solar and Wind Hybridization, Storage, H2 11#12EDPR at a Glance Extensive track record that has delivered secular growth with debt being kept under control Remarkable performance over the last decade... ... backed by outstanding execution of our business plans Net Profit¹ € million Net Debt/EBITDA 2013 135 2023 513 +13% CAGR 3.6x -0.4x 3.1x 1. Recurring figures 2. Source: Bloomberg. Data from 31/12/2013 until 31/12/2023 ~2x Installed capacity since 2013 Solid portfolio creation through the investment in quality projects with predictable cash-flows in global low- risk markets... >4x TSR 2013-20232 ...enhanced by an Asset rotation strategy, that crystallizes and accelerates value creation... ~3x Headcount vs. 2013 ...supported by a distinctive workforce with unique competences and unparalleled know-how edp Renewables 12#13EDPR at a Glance Lean and independent Corporate Governance model in line with best practices edp Renewables Key Highlights¹ General Shareholders' Meeting Board of Directors Executive Directors Non-Executive Directors Management Team General Secretary Committees of the Board of Directors Audit Control & Appointments & Remunerations Related Party 1. As of Dec-22 Transactions Environmental, Social & Governance Independent Chairman 12 Board members 2 Executive directors (CEO and CFO) 33% Women 50% Independent Directors 100% independent directors at BoD Committees Establishment of a ESG Committee in 2022 13#14EDPR at a Glance Supported by the management approach to meet EDPR's regional hub strategy, whilst ensuring excellence Miguel Stilwell d'Andrade CEO edp Renewables Duarte Bello COO Europe & LatAm Pedro Vasconcelos COO Asia Pacific Sandhya Ganapathy COO North America Simplified structure Rui Teixeira CFO with 4 regional hubs Led by 20 avg. years of experience in the sector Bautista Rodríguez CTO and COO Offshore Focus on excellence and industrialization of delivery 14#15Our Strategy edp Renewables#16Our Strategy We strengthen our commitment to lead the energy transition and create superior value, further reinforced by the current context edp Renewables edp Renewables A leading global renewables major Pure 100% renewable player >4 GW/yr Net Zero renewables deployed 2023-26 by 2040 Double wind and solar installed capacity by 2026 (vs. 2020) BP 2023-26 clearly restates EDPR's ambition to step-up to the Net Zero challenge as a leading 100% renewable global player 16#17Our Strategy We are successfully ramping up growth, with flexibility to further accelerate... edp Renewables EDPR gross additions Average GW per year 0.7 >5x 1.2 2.4 >4 GW/yr ~17 GW (2023-26) 2025-26 2027+ Pipeline (including Under Construction'), GW Technologies Flexible pipeline allowing to adjust growth pace... with acceleration of organic in-house development... ... and capturing additional opportunities if market conditions improve 2015-18 2019-20 2021-22 2023-24 23 40 55 ~105 3 5 6 6 ~1k ~2k ~3k >4k Average FTEs 1. As of Dec-23, 4.4 GW Under Construction 17#18Our Strategy adding to our portfolio ~17 GW of renewable capacity in 2023-26, with geographical and technological diversification... Additions by geography GW Additions by technology GW edp Renewables ~6.3 Europe 37% ~7.4 43% North America 1. EBITDA + Equity MW ~1.2 ~17 GW1 APAC 7% Gross Additions 2023-26 ~2.2 13% South America Wind Onshore ~0.5 3% H S Storage + H2 Wind Offshore ~0.7 4% ~1.4 Solar DG ~5.0 29% 8% ~17 GW1 Gross Additions 2023-26 ~9.4 56% Solar PV 18#19Our Strategy ... while leveraging our superior assets and infrastructure as a competitive advantage for further increased renewables deployment Hybridization Leveraging existing grid connection capacity (like solar to wind, solar to hydro, wind to hydro) 107 MW in 6 wind & solar hybrid projects in operation in Europe, more precisely, in Poland, Portugal and Spain 1 GW pipeline of hybridization projects under development Repowering Increasing installed capacity and park longevity ~70 MW in Europe (8 projects) Example: Blue Canyon II Wind Farm increased installed capacity by ~10% and park's longevity extended ~30 years Storage +0.5 GW battery storage for 2023-26, mostly co- located 61% of 2023-26 plan target already secured In 2023, 16 MW installed and 0.2 GW under construction in the US, as well as identified pipeline of projects in the UK Exploring other markets, leveraging EDP's presence Hydrogen Allowing for RES deployment and building long-term optionality 1.5 GW gross installed capacity by 2030 EDPR has >0.5 GW of electrolysis capacity in advanced development ~€200m of public funding secured for projects in Iberia, from PT and ES PRR and European Commission Full portfolio at the service of (further) deployment of renewables edp Renewables 19#20Our Strategy ... backed by a solid investment plan that will consolidate our presence across our core technologies with differentiating value propositions की (~5.0 GW) Wind Onshore Top 4 global player with extensive track record along the full value chain with highly experienced teams ~40% edp Renewables (~0.7 GW net) Wind Offshore 1.9 GW in gross additions Significant growth opportunity with medium term value crystallization, and CAPEX acceleration post 2025 ~5% H S H €20bn Gross investment2 2023-26 ~10% Solar Utility scale (~9.4 GW) ~40% Additions ramping up quickly, leveraging presence in growing markets, through traditional and new technologies (e.g., floating solar) Solar DG (~1.4 GW) High growth market, leveraging on developed capabilities and portfolio, global footprint with transversal segments and business models, and synergies with utility scale Storage (~0.5 GW) + H2 Storage: Market starting to materialize by 2025; target mainly co-located opportunities <5% H2: Growth avenue reinforced by recent targets and existing portfolio; equivalent to ~0.4 GW of gross additions in partnership structures (incl. JVs) 1. Excluding China 2. Including financial investments Note: all figures in MWac 20 20#21Our Strategy We will keep leveraging our distinctive Asset Rotation model... Asset Rotation strategy allows for superior value creation... ~€7bn AR proceeds and capital gains >4 GW/yr ~30% Build to Sell ... proven by a consistent track record Upfront value crystallization reinvested at >200bps spread Growth acceleration with less capital Reduction of merchant tail risk >€20bn EV1 rotated track record since 2012 ~€1.7m/MW Avg. EV/MW in 2021-232 ~70% Build to Own NPV captured throughout life of the asset Scale and synergies enhancement Recurrent/low-risk annual CFs 2023-26 ~40% Avg. AR gains/invested capital in 2021-23 Proceeds re-invested in quality and value accretive projects, enhancing value creation at attractive multiples 1. Considering EV at 100% 2. Average proceeds of Wind and Solar per MW edp Renewables 21#22crystallizing value that will enable to further empower growth... Our Strategy Leveraging our Asset Rotation strategy... Asset Rotation proceeds¹ (€bn/yr) ~1.7 1.7 ~1.7 1.6 BP 2021-25 2021-22 actuals 2023 actuals² BP 2023-26 ... with prudent assumptions on capital gains Asset Rotation EBITDA gains (€bn/yr) 0.3 ~0.5 0.5 ~0.3 BP 2021-25 2021-22 actuals 2023 BP actuals 2023-26 EDPR's contracted profile and diversified portfolio by country and technology provides strong continuous interest on Asset Rotation transactions 1. Considering equity stake sold, deconsolidation of debt / TEls; not adjusted for AR gains 2.2023 AR Proceeds also includes Equity proceeds from 2022 Brazil transaction and TE deconsolidation 2024 US transaction. 2021-22 actuals adjusted accordingly edp Renewables 22 22#23Our Strategy consolidating even more our superior renewables portfolio Evolution of installed capacity GW ~2X installed capacity (vs. 2020) ~15 ~12 ~9 ~17 2026 Technologic mix 2026 Geographic mix % % 2% ~5 ~27 7% 8% ~85% From core low risk markets 34% 2% 2% 7% 27 GW 48% 27 GW 30% 58% North America Europe¹ APAC OW (Offshore)² Installed Installed Installed Additions capacity capacity capacity 2023-26 2014 2018 2022 Asset Installed Rotation capacity 2023-26 2026 South America 1. Including H2 installed net capacity of 124 MWS 2. Considering EDPR's Net Installed Capacity edp Renewables Wind Onshore Solar Utility scale Solar DG Wind Offshore² Storage & H2 23#24Our Strategy Diversified sources of cash to deliver on our growth Net investment expansion 2023-26 €bn ~6 Asset Rotation² ~4 ΤΕΙ ~10 Gross Investments¹ ~20 1. Includes financial investments Sources of cash 2023-26 €bn >50% of net investment financed by organic cash-flow ~6 ~1 Net investment Organic Cash Flow³ Equity raise 2. Book Value including equity proceeds @stake sold minus capital gains (includes offshore), as well as debt and TEI deconsolidation 3. Organic CF = Operating CF excluding regulatory receivables, net of interests, maintenance capex, dividends paid to minorities and TEI payments, plus asset rotation gains and forex and other gains 4. Includes dividend cash out estimated of ~€0.1 Bn (assumes EDP opts for shares and that free float opts 75/25 between shares and cash) ~4 Net Debt change (net of dividends4) edp Renewables 24#25Our Strategy We manage the entire value chain to ensure the delivery of competitive and quality projects at the highest excellence standards Development ✔ Local development knowledge and multi-partnership network ✔ Asset financing and tax equity structuring track record in the US Strong commercial capabilities and risk management (CPPA market, shaped PPAs at premium price) Procurement and Construction ✔ Global scale for competitive procurement ✔ Partnering with local OEMs for flexibility E&C team with >15 GW built (past 15yr), and agile project management Operations and Maintenance ✔ Strong O&M expertise and predictive maintenance maximizing asset value ✔ Global Energy and Risk Management strategies O&M focused on increasing availability and a leaner cost structure >15 GW & ~50% edp Renewables Portfolio¹, growing to >25 GW portfolio with in-house by 2026 >20yr relationship with top Tier suppliers O&M ~75% of the PPAs with C&I companies 1. Installed Capacity Wind & Solar 2023 2. In Europe, South America and US for 2024 3. Globally, for 2024 (Wind Onshore) Source: Wood Mackenzie (CAPEX) 25#26Our Strategy Evolving as a global, agile and efficient organization ~3,000 ~1,700 ~1,000 ~800 Headcount 2023 2020 2015 2010 Talent strategy Attraction Bringing on-board the best talent Boost employer branding strategy Scale-up sourcing strategy Broader and diverse talent pool Strong value proposition Experience Nurturing an unrivaled workplace Global strategy for well-being, flexibility and inclusion Global compensation and benefits framework Top talent retention and succession planning Development Preparing for the future, empowered Global collaboration and mobility Fostering leadership growth Continued re/upskilling EMPLOYER CERTIFIED EXCELLENCE IN EMPLOYEE CONDITION top EMPLOYER PORTUGAL 2023 CENTRED EXCELLENCE IN EMPLOYEE CONDITION top EMPLOYER POLSKA POLAND 2023 CERTIFIED EXCELLENCE IN EMPLOYEE CONDITIONS top EMPLOYER FRANCE 2023 CED EXCELLENCE IN EMPLOYER CONDITIONS TOP WORK Recognized as top employer across markets top EUROPE top BRASIL BRAZIL top ΕΛΛΑΔΑ 2023 EMPLOYER 2023 EMPLOYER 2023 GREECE 2023 CERTIFIED EXCELLENCE IN EMPLOYEE COM USA top EMPLOYER COLOMBIA 2023 top EMPLOYER ITALIA ITALY 2023 CTED EXCELLENCE IN SUPLOYEE CONDITION CERT EXCELLENCE IN EMPLOYEE CONDITION top EMPLOYER ESPAÑA SPAIN CENTRED EXCELLENCE IN EMPLOYEE CONDITIO top EMPLOYER edp Renewables ROMANIA ROMANIA 2023 = Bloomberg CERTIRED EXCELLENCE IN BUPLOYEE CONDITIO 2023 26#27Our Strategy Working every day towards Net Zero, operating with the best ESG practices along the value chain... 2026 Targets WE WILL Decarbonize for a climate-positive world WE ARE ~4 GW/year green energy Empowering our communities for an active role in the transition Protecting our planet Ambition to Net Zero by 2040 contributing to its regeneration €16m >2,000 100% 85% in social investments new hires Projects with Net Gain Biodiversity tracking system waste recovery along the value chain Engaging our partners for an impactful transformation 100% suppliers compliant with ESG Due Diligence 90% of purchases volume aligned with EDP's ESG goals edp Renewables WE HAVE A strong ESG culture protecting and empowering human life Aim to Zero fatal accidents 31% of women in leadership positions Remuneration linked to ESG 27#28Our Strategy ... to continue being an ESG leader recognized by top-tier institutions and aim to maintain a leadership position in ESG rating performance Entity Rating Entity Rating Through EDP edp Renewables EDP Renováveis Electric Utilities Sustainability Yearbook Member S&P Global Corporate Sustainability Assessment (CSA) Score 2023 S&P Global CSA Score 2023: 77/100 Score date: February 7, 2024 The S&P Global Corporate Sustainability Assessment (CSA) Score is the S&P Global ESG Score w gapproaches. core without the inclusion of any modelling ap Position and scores are industry specific and reflect exclusion screening criteria Learn more at https://www.spglobal.com/esg/csa/yearbook/methodology S&P Global Sustainable1 77/100 Sustainability Yearbook Member (Feb-24) Corporate ESG Performance RATED BY ISS ESG‣ MSCI ESG RATINGS Prime B+/A+ Industry Leader (Dec-23) AA ссс B BB BBB A AA AAA AA/AAA Industry Leader (Oct-23) 3.9/5 Percentile rank: 85 (Jun-23) FTSE4Good Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA 88/100 #1 electric utilities (Dec-23) Bloomberg Gender-Equality Index 2023 84/100 Utilities average score: 74 (Jan-23) +CDP DISCLOSURE INSIGHT ACTION A list on climate change (Feb-24) 2024 WORLD'S MOST ETHICAL COMPANIES® ETHISPHERE TM One of the most ethical companies in the world (Mar-24) 28#29FY23 Results & Updates edp Renewables#30FY23 Results & Updates 2023 generation penalized by below average wind volumes in the US due to cyclical El Niño, with a gradual recovery expected over 2024 Below average wind resource in the US with a ~€0.2bn negative impact on EBITDA EDPR North America renewable index deviation (%) EDPR's portfolio wind resource deviation from the LTM avg. for the last 15 years (%) edp Renewables 6% 2% 13% 2022 2023 10% 5% 4% ' -1% 0% -6% -7% -8% -5% 1Q -12% 2Q -12% 3Q 4Q FY Clear extraordinary impact in North America from Apr23 until Dec 23 from El Niño weather event For 2024, based on analogue years, NA wind generation index is expected to progressively recover over the year to normalized levels -10% Europe North America 5 EDPR Slope El Niño P50 CO LT avg. Historical data shows that the long-term average of renewable resource deviations is zero 30#31FY23 Results & Updates 2023 performance penalized by short-term headwinds, namely delays in Colombia and US, low wind resources and windfall energy taxes in Europe edp Renewables Recovery in 2024 Low wind resources 2023 €178m less wind • US solar projects delays on supply chain issues €51m PPA cost Clawback Taxes in Europe • 2023 generation penalized by El Niño weather event, namely in US El Niño continuing to impact early 2024, predicted revert throughout 2024 • No additional costs with PPA commitments expected in 2024 • · ~70% of equipment already delivered to our US solar projects 2024 installations Gradual ramp up over 2024 of US solar capacity additions and generation volumes • Poland: no clawback tax in 2024 €106m • Romania: still imply a non-cash impact from unwinding hedges . Spain: reintroduction of 7% tax on generation revenues in 2024 (~€15m cost) Colombia 0.5 GW wind projects delay €179m impairment • Non-cash impairment driven by Alpha & Beta projects delays • €53m PPA cost PPA: Ongoing renegotiation with offtakers as well as arbitration Transmission line environmental permit expected in 2H24 31#32FY23 Results & Updates Recurring EBITDA -14% YoY positively impacted by Asset Rotation Gains mitigating weak wind resources and lower electricity prices in Europe edp Renewables Recurring EBITDA per region (€m) -14% 2,157 1,845 2022 2023 YoY YOY Installed Capacity (1) GW 14.7 16.6 +12% Electricity Generation TWh 33.4 34.6 +4% Europe TWh 11.8 11.6 -1% North America TWh 18.4 17.3 -6% 1,248 -13% 1,087 | Europe Avg. Selling price €/MWh 64.7 61.1 -6% Europe €/MWh 106.0 93.1 -12% North America $/MWh 42.6 46.2 +8% 655 -11% North America 584 Share of profits from associates €m 179 24(2) 254 South America, -31% 174 APAC & Others 2022 2023 Asset Rotation Gains €m 424 460 +8% (1) Includes EBITDA + Equity MW (2) SouthCoast PPA cancellation accounted non recurrent impact in JV from associates of -€10m 32#33FY23 Results & Updates Net Expansion Investments of €2.9bn and €1bn equity raise result in +€0.9bn Net Debt; Organic CF driven by lower financials and minorities Net Debt Evolution from Dec22 to Dec23 (€bn) edp Renewables 4.9 €4.2bn Expansion Capex and €0.2bn of Financial Investments, offset by €1.1bn AR Proceeds net of gains and €0.5bn of TEI proceeds 1.0 10 2.9 1.8 0.2 0.05 0.7 Includes €52m of derivatives Includes €0.5bn of AR Gains +€0.9bn YTD 0.05 5.8 Net Debt Dec22 EBITDA Non-Cash Items Interest Cost Change in WC & Others (1) Net Expansion Investments Capital Increase Forex & Others Net Debt Dec23 €0.9bn Organic Cash Flow Gross Debt €7.2bn in 2023 (+€1bn YoY) (1) Change in Working Capital, Income Tax Paid and Minorities/Partnerships distributions 2) Cash Flow angle does not reflect the TEI proceeds of the transaction signed in the US as of December 2023, as proceeds were received only at closing in 2024.2023 only accounts the TEI deconsolidation in the Balance Sheet 33 33#34FY23 Results & Updates Financial Results decreasing YoY driven by $/€ rebalancing strategy and efficient capitalizations despite higher gross debt Financial Results (€m) edp Renewables -30% 449 313 2022 2023 Cost of Debt (%) 4.8% Lower YoY impacted by $/€ rebalancing along with reversion of the negative impact from forex & derivatives in 2022 YoY variation also driven by higher capitalized financial expenses in line with project timings Avg. cost of debt driven by higher gross debt +€1bn YoY Debt by maturity & counterparty (%) 72% 4.0% 16% 5% 8% 2022 USD EUR SGD Other 2023 2024 2025 EDP Group 2026 3rd Parties >2026 34#35FY23 Results & Updates Net Profit of €513m impacted by top line headwinds, compensated with strong execution of Asset rotation transactions and improved financials 2023 Rec. EBITDA to Rec. Net Profit (Єm) Recurring Net Profit (Єm) edp Renewables YOY EBITDA D&A(2) 1,845 (€312m) 671 513 (766) (€75m) EBIT 1,078 (€388m) Financial 2022 2023 (313) +€136m results Taxes (102) +€43m Minorities (150) Non-recurring items (3) 54 194 +€50m Net Profit 513 (€158m) Reported Net Profit 616 309 Mainly from: €178m Colombia impairment €12m of Romania Clawback The BoD will propose in the 2024 GSM to continue with the scrip dividend programme for shareholders corresponding to the year 2023, providing once again with a flexible remuneration system (1) Non-recurring impact at EBITDA level-2023: ~€10m impact from PPA cancellation in Massachusetts; (2) D&A includes Provisions, Depreciation and amortisation and Amortisation of deferred income (government grants); (2) Non-recurring impact at net profit level-2023: ~€12m in D&A from Romania clawback and ~€178m from Colombia impairment; 2022: ~€54m impairment from Colombia Delay 35#36FY23 Results & Updates 2024 guidance update, continued focus on attractive returns 2024 on track to deliver ~4 GW, with 85% already under construction and 100% secured at attractive long-term prices providing great visibility and resilience to energy markets volatility 2024 started with a strong Balance Sheet position, following €1bn capital increase in 2023, €2.4bn of Asset rotation proceeds (executed & signed as of today), and €0.5bn of Tax Equity proceeds cashed in 2023. Continue to execute significant volumes of Asset rotation and Tax Equity in 2024 2024 updated guidance reflect the current scenario of capacity additions for 2023-24 (following 2023 delays in US & Colombia) along with current electricity forward prices in Europe, although with a much stronger underlying contribution Updated 2024 Guidance: Renewables Generation 40 TWh - 42 TWh Avg. Selling price €53-€55/MWh Recurring EBITDA moderate YoY growth Continuing to grow based on a well-known strict investment criteria, focused only on firm opportunities that accomplish our required returns. EDPR will remain selective for upcoming opportunities, prioritizing returns over volume 36#37Appendix edp Renewables#38Appendix Renewables will accelerate significantly and are by far the most competitive option Renewables expected to grow significantly by 2050... Total renewables capacity', Global, TW ... driven by the most cost competitive solutions Forecasted EU and US LCOE across technologies, 2030, $/MWh 3 2021 10 2030 x8 21 2040 1. Solar PV, Wind, Hydro, Bioenergy, Concentrated Solar Power, Geothermal and Marine Source: IEA Net Zero Emissions by 2050 scenario, EMBER 27 Pool prices Iberia FW @Jan 30th Coal Natural Nuclear Offshore Gas Wind Onshore Wind Solar PV Utility Scale ... and further enabled by new technologies Global floating Solar and Wind installed capacity to growX26 by 2030 Hybridization of different RES generation assets, benefitting 2050 V from same connection point edp Renewables 38#39Appendix A way for a better tomorrow All in all - our ESG commitments Ambition edp Renewables 2026 Goal 2023 target 2030 ambition Decarbonize: for a climate-positive world Renewable capacity additions (GW/year) 2.5 4 Communities: Empowering our Communities for an active role in the transition Global investment in communities, cumulative¹ €6.5m €16m €28m New hires, number 639 > 2,000 >4,000 Training in upskilling program, % training² 37% 45% >45% Planet: Protecting our planet contributing to its regeneration Total recovered waste³, % per year 72% 85% >90% Projects with Net Gain Biodiversity tracking system worldwide 22% 100% 100% Biodiversity Net Gain in new projects 100% Partners: Engaging our Partners for an impactful transformation ESG Culture: A strong ESG culture protecting and empowering human life Fatal accidents, number Women employees, % Women employees in leadership, % Employees received ESG training Suppliers compliant with ESG Due Diligence4, % 42% 100% 100% Purchases volume aligned with EDP ESG goals5,% >50% 90% >90% 1 34% 36% 40% 28% 31% 35% 60% 70% >90% 1. Accumulated OPEX 2021-2026. Includes voluntary & mandatory investment + management costs; 2. Excludes transversal training; 3. Includes construction, operational & dismantling phases; 4. Purchases >25k€. In 2023, this indicator was improved. Prequalification assessment already considers IDD, Environment & H&S, as well as other risk mitigation stages: desk assessments/audits/inspections, during contract period. With this new approach, in 2023, 42% of critical suppliers are fully analysed with an ESG due diligence; 5. The volume of purchases associated with critical suppliers whose decarbonization, environmental (biodiversity & circular economy), and human rights goals are consistent with EDPR's. In 2023, more than 50% of EDPR's purchasing volume is considered aligned with EDPR's ESG goals. 39#40Appendix We are reinforcing our established portfolio, focusing on our core low risk markets edp Renewables Target Additions 2023-26 breakdown Capacity Additions, GW f U S Europe North America South America APAC ~1.5 ~2.1 ~1.3 ~0.1 Gross additions ~3.9 ~4.1 ~0.9 ~0.5 ~0.7 ~0.6 ~17 GW in 2023-26 ~0.7 H H ~0.1 ~0.4 ~0.1 Note: All figures in MWac. Offshore additions consider EDPR's 50% stake in OW (exclusive wind offshore JV) 40 40#41Appendix OW has been building a sizeable and attractive offshore portfolio, providing significant visibility on growth over the next 10-15 years Offshore Wind Ocean Winds continues to grow with a total portfolio of 16.6 GW... Portfolio, GW 2.5x 6.6 4 GW secured, 100% inflation linked 16.6 1.5 ... which provides strong visibility on growth post 2026 Gross Operating, GW edp Renewables U/C Under dev. Floating Bottom-fixed 16.6 5.7 8.6 2.4 1.4 1.9 0.5 12.7 3.4 1.5 10.9 0.1 7.2 0 3.3 1.4 2022 2026 2030 2035 EDPR share¹ 0.3 1.1 2.9 5.5 CMD-21 2023 Total portfolio Operating Under capacity construction / Seabed secured development Competitive DevEx of <$0.1m/MW for capacity with COD post 2026 Project level partnerships with top-tier strategic and financial investors to crystalize value, de-risk and fund growth 1. Considering EDPR's 50% stake in OW (exclusive wind offshore JV); EDPR installed capacity pre-sell down 41#42Appendix OW is a top 5 offshore player globally, with a diversified geographical mix in core low-risk markets Strong portfolio of secured projects indexed to inflation Offshore Wind, GW Contracted and inflation linked edp Renewables OW OCEAN WINDS Contracted revenues COD 2020 Project WFA Technology Floating and inflation linked Gross Capacity 0.03 Net Capacity¹ 0.01 Installed 2021 SeaMade Bottom-fixed 0.5 0.04 2022 米 Moray East Bottom-fixed 1.0 0.27 EFGL Under 2025 Moray West Floating Bottom-fixed 0.03 0.01 0.9 0.42 cons. & dev. Noirmoutier Bottom-fixed 0.5 0.15 revenues 2026 Treport Bottom-fixed 0.5 0.15 secured 2027 B&C Wind Bottom-fixed 0.5 0.25 South Coast Wind Bottom-fixed 2.4 0.60 KF Wind Floating 1.2 0.40 Hanbando Bottom-fixed Under dev. 1.1 0.56 rights >2030 Bluepoint Bottom-fixed 1.7 0.43 secured Golden State Floating 2.0 0.50 Caledonia Bottom-fixed 2.0 1.00 米 Arven Floating 2.3 0.58 Total 16.6 5.4 1. Considering EDPR's 50% stake in OW 42 42#43Appendix Low risk profile supported by high weight of long-term contracted and hedged: ~90% for 2024, ~85% for 2025 Solid profile with generation at ~90% contracted and hedged for 2024 with hedging coverage at healthy prices. Integrated Energy Management inside EDP Group reducing risk EDPR generation mix by contracted profile for 2024 and 2025 (% of TWh) Merchant Long Term Contracted /Hedged ~10% ~15% ~90% ~85% 2024 2025 Merchant Exposure ~50/50 split between Europe (mainly Spain) and the Rest of the World Residual merchant exposure support a low-risk volume management of renewables generation intermittency • Long-term Contracted and Hedged Average maturity of long-term contracts: 13 years Average Hedging Price in Europe: >€80/MWh in 2024 Average Hedging Price in Europe: >€70/MWh in 2025 43 33 edp Renewables#44edp Renewables