#1Investor Presentation Lisbon, June 2022 edp VIETNAM Ninh Thuận Solar Park#2Disclaimer edp This document has been prepared by EDP - Energias de Portugal, S.A. (the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed or contained herein. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions. This presentation may not be distributed to the press or to any other person in any jurisdiction, and may not be reproduced in any form, in whole or in part for any other purpose without the express and prior consent in writing of the Company. 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 and should not be construed as, an offer (public or private) to sell or issue or the solicitation of an offer (public or private) to buy or acquire securities of the Company or any of its affiliates or subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any materials, documents and information used therein or distributed to investors in the context of this presentation or any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever and may not be used in the future in connection with any offer (public or private) in relation to securities issued by the Company. Any decision to invest in any securities of the Company or any of its affiliates or subsidiaries in any offering (public or private) should be made solely on the basis of the information to be contained in the relevant prospectus, key investor information or final offering memorandum provided to the investors and to be published in due course in relation to any such offering and/or public information on the Company or any of its affiliates or subsidiaries available in the market. Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words "believe," "expect," "anticipate,” “intends," "estimate," "will," "may", "continue," "should" and similar expressions usually identify forward-looking statements. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; energy demand and supply; developments of the Company's markets; the impact of legal and regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company's business strategy, financial strategy, national and international economic conditions, technology, legal and regulatory conditions, public service industry developments, hydrological conditions, cost of raw materials, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Such risks, uncertainties, contingencies and other important factors could cause the actual results, performance or achievements of the Company or industry results to differ materially from those results expressed or implied in this presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation, and are subject to change without notice unless required by applicable law. The Company and its respective directors, representatives, employees and/or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this presentation to reflect any change in events, conditions or circumstances. Investor presentation 2#3We are a global company, leader in the energy sector, present in 28 markets throughout different stages of the value chain edp ~62% Renewables ~36% Networks $ = % Weight on EBITDA 2021 Wind, Solar & Hydro Distribution Transmission ~3% Client solutions & energy management New Clients Trading solutions 21% 32% EBITDA €3.7 Bn 20% () 19% 9% Key indicators Capacity installed 24.7 GW EBITDA €3.7 Bn Net Profit¹ €0.8 Bn Employees 12,236 Clients² 9,3 Mn Values as of 2021 1. Recurring 2. Energy and services clients Note: Excluding contribution from disposed portfolios in 2020 (6 hydro plants, B2C portfolio and 2 CCGTs in Spain). Investor presentation 3#4We have started this journey in Renewables over 2 decades ago and are committed to continue to lead the Energy Transition edp Leading the energy transition to create superior value By 2025 €24 Bn CAPEX in energy transition 4 GW/yr renewables deployed By 2030 >50 GW renewables additions 100% renewables generation Changing Tomorrow Now Double solar+wind installed capacity 100% energy transition EBITDA Coal free Carbon neutral#5Strategic commitments on track as we step up to the challenge to deliver superior value creation in a challenging context edp Accelerated and sustainable growth Execution 2021-2025 Target 9.6 GW of secured renewable capacity (3.1 GW added, 2.4 GW U/C) ~50% 20 GW of gross additions 2021-25 ~8Bn proceeds 2021-2025; 35% avg. €0.3bn gains/year 26% €3.4 Bn CAPEX 2021-2025 Asset rotation (¹): ~€2.8 Bn proceeds agreed; >€300m gains expected for 2022 €0.9 Bn CAPEX in Electricity Networks €1.5 Bn EDPR capital increase (2); Rating upgrades; FFO/Net debt of 21% in 2021 €1.25 Bn Green bonds issued in 2022, @ 1.9%; Green funding 41% Solid Balance sheet >20% FFO/Net debt in the short term 50% competitive green funding by 2025 75% share of Renewables Generation in 1Q22 ESG excellence and attractive returns Top 10 of S&P's GCEI (3); One of the most ethical companies in the world for 11th year; Bloomberg GEI (4) ☑ Green leadership positioning ♡ Reference in ESG (1) Includes Asset rotations transactions carried in Brazil | (2) Accelerated Book Building | (3) S&P Global Clean Energy Index | (4) Bloomberg Gender-Equality Index Investor presentation 5#6We will grow our presence across technologies, with differentiating value propositions edp Global leadership Top 4 global player Differentiation Capture repowering, hybridization, and technological developments Cost competitiveness Solar Wind onshore Focus on procurement synergies and scale 20 GW1 9.1 (46%) 8.0 (40%) Gross additions Strong visibility Extensive pipeline with additions ramping up quickly Hydro Mostly maintenance investments Cash generator Manage portfolio for efficiency and value capture Flexibility provider Mature technology, with unique flexibility capacity through pumping capabilities (2.4 GW) 2021-25 Differentiation 0.9 (5%) 1.4 0.4 Leverage distinctive go-to-market capabilities 7% Solar DG & (2%) Wind offshore Storage Capture flexibility value Further develop existing capabilities to meet increasing flexibility needs Renewable H₂ New route to market Leverage existing capabilities to capture new growth Future growth Long-term opportunity with medium-term value crystallization Diversified risk Leveraging scale and risk diversification through Ocean Winds (50/50 JV with Engie) 1. EBITDA + Equity GWs Investor presentation 60#7We have +9.6 GW capacity additions secured (50%) evenly split per geography North 4.0 America GW 46% committed Europe 2.9 GW 43% committed की Д m edp 6.7 1.5 GW 2.5 GW 0.2 GW post 2025 8.8 20 GW1 1.5 GW 0.9 GW 0.5 GW South America 2.0 GW 70% committed 1.5 GW 0.5 GW (1) EBITDA + Equity GW Gross Additions 2021-25 1.4 2.9 GW committed APAC 53% committed 0.7 MW 0.4 GW post 2025 0.7 GW Investor presentation 7#8We will deliver unparalleled investment levels fully aligned with the energy transition Significant investment acceleration... CAPEX¹, € Bn/yr with strong focus on Renewables, across key markets in Europe and North America CAPEX¹, Cumulative, € Bn, 2021-25 edp 2.9 +65% 4.8 ~€24 Bn 2019-22 target 1. Includes financial investments 123 2. 3. Includes other and holding CAPEX US, Canada, and Mexico €21 Bn 2021-25 target expansion CAPEX, 95% in Renewables -80% Renewables ~15% Networks ● ~5% Client solutions & Energy mgmt² ~€24 Bn €3 Bn maintenance CAPEX, mostly in Networks ~80% CAPEX in Europe and North America • ~40% Europe ~40% North America³ ~15% Brazil and LatAm ● ~5% Rest of the world Investor presentation 8#96 GW total secured capacity for 2022-23 represents 86% of our 2022-23 growth target, with a ramp up trend from 2022 to 2023 We are well advanced for 22-23 capacity additions target, 6 GW already committed Annual Capacity Additions in 2022-23 GW 86% edp Short-term challenges imply some transfers of capacity additions from 2022 to 2023 Short-term challenges: Supply Chain: Delivery times, capex inflation, namely in solar (recent China Covid lockdowns, Ukraine war) secured 3,5 3,0 Target Avg. 2022-23 Committed Avg. 2022 2023 2022-2023 Regulatory uncertainty: Anti circumvention investigation by Department of Commerce in US causing delays in start of construction of solar capacity Investor presentation 9#10~50% of 2021-25 renewable capacity additions target already secured with 9.6 GW with reinforced medium-term growth prospects +20GW renewables target capacity additions in 2021-25, ~50% already committed... Renewables Capacity Additions in 2021-25 edp ...with reinforced renewables medium term growth prospects in our key markets GW • 3 GW operational +3.6 6.0 • 2.4 GW under construction 4.2 GW committed 9.6 ~50% committed 20.0 Committed Feb-21 CMD Committed May-22 BP 21-25 Target Europe: energy independence priority added to decarbonization agenda, government actions support renewables medium term growth US: Renewables growth key to decarbonization and energy costs' control, can be boosted by consistent legislative actions South America: Highly competitive renewables resources and fast-growing energy demand ✓ APAC: Markets with strong energy demand growth, high dependence on fossil fuels and low penetration of renewables. Investor presentation 10#11Strong asset rotations expected in 2022 with one transaction already closed contributing to the total €1.8 Bn proceeds cashed in 2021-22 Out of the 3 transactions signed for 2022, EDPR managed to execute €0.3 Bn proceeds YTD... AR proceeds executed & signed for completion in 2022 € Bn edp and continues to have good prospects for the rest of the year ~0.25 ~0.85 EV/ MW €2m ~0.3 की 0.3 A 149 MW 100% Closed AR total proceeds 181 MW 200 MWac 100% 100% Despite market dynamics, interest for renewable assets continues very strong... with 1 transaction already closed at €2m EV/MW... and others signed at attractive multiples; avg. wind & solar €1.5m EV/MW... ... along with other transactions under negotiation... that will bring >€300m asset rotation gains in 2022 Investor presentation 11#12Costs environment is being translated into increased PPA pricing edp Despite higher costs and higher contract prices... appetite for RES PPAs continue during 2022 Capex avg. increased 5%-15%(1) YoY PPA avg. price increased 10% - 15% YOY +1.1 GW of long-term contracts signed YTD(2) ✓ ~6 GW of PPAs shortlisted and under negotiations Even with current high costs environment, renewables are by far the most competitive technology Over 40 GW of RES expected to be auctioned in the next 12 months in EDPR markets (1) Avg. Solar capex increased 10%-15% YoY and avg. wind capex increased 5%-10% YoY (2) Excluding Sunseap portfolio (0.7 GW of capacity secured) Investor presentation 12#13EDP well protected against inflationary and interest rate pressures with >70% of non-fixed revenues and ~70% of fixed rate debt EDP Revenues (1) with limited exposure to inflation 100% Potential upside from 2023 onwards as hedges roll over Natural hedge ~35% to inflation edp Debt breakdown by rate & currency BRL Other 12% 1% 54% 33% 69% USD Fixed Floating 31% ~40% 41% share of green financing EUR Debt breakdown by Maturity 55% ~25% Total Revenues Merchant/ Hedged Inflation linked (2) Flat Revenues 15% 14% 12% 4% 2022 2023 2024 2025 >2026(3) Investor presentation 13 (1) Revenues refer to gross profit figures | (2) Includes annual Escalotion, mostly in PPA between 2-2,5% | (3) Includes Hybrid bonds with call dates between 2024-2029.#14Electricity Networks: €0.5 Bn investment in 1Q22, supported by asset base expansion in Brazil and grid digitalization & resilience in Iberia In Iberia, investment focused on digitalization and efficiency improvements In Brazil, significant expansion of asset base edp Focus on smart grids and CAPEX (€ million) €73m network resilience Quality of Service Lowest average 8.2' interruption time (1) in 1Q Smart meters (million) 3.4 4.2 +0.7m in 1Q21 in 1Q22 (1) Equivalent interruption time weighted by installed power in Minutes ✓ Financial closing of EDP Goiás acquisition (Feb-22) €342m Transmission Investment Focus on efficiency and capex execution Organic CAPEX execution in distribution and transmission concessions €72m CAPEX in 1Q22 Lots 18 & 21 Transmission projects commissioned Investor presentation 14#15Brazil macro context marked by BRL appreciation, higher inflation and edp interest rates; electricity sector costs alleviated by strong hydro recovery Macro context impacted by BRL appreciation and rising inflation and interest rates... Brazilian Real to Euro exchange rate ... electricity sector benefiting from stable regulation and high hydro generation Tariff updates impacted by inflation... +10% EDP Espírito Santo +12% EDP São Paulo 1Q22 Avg. ↑ +12% Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 And will benefit from good hydro 95% resources Generation Scaling Factor +18% Hydro generation 1Q21 Avg. 2.2x Inflation (1,2) (%) 4.8 10.4 5.3x increase of EDP's ownership in EDP Brasil 52.6% Mar-21 57.4% Mar-22 Interest Rates (1,2) 2.0 10.6 (%) (1) Comparison between 1Q2021 and 1Q2022 averages. [(2) Broad Consumer Price Index and Brazilian Interbank Deposit Rate Investor presentation 15#162023-25 expected baseload generation ~45% hedged at ~€60/MWh, above the €45/MWh in our plan and clearly below forward prices Baseload Electricity Price Iberia 2023-2025 Average €/MWh Expectations for 2023-2025 edp For ~45% of expected baseload generation (2) in 23-25 ~60 47 137 Forward Electricity Prices (1) 93 62 EDP BP EDP F2023 F2024 F2025 Assumption Hedges ✓ Baseload production ~45% hedged at ~€60/MWh Structural reduction of maximum hedged volumes to reduce risk of over-hedging Increased demand for longer-term contracts provides price stability and visibility Potential pricing upside in the medium/long-term as hedges roll over and hedging strategy is optimized Avg. 23-25 (1) Data as of 31 of March 2022 | Source: Bloomberg | (2) Includes Hydro & Nuclear in Iberia (9.1 TWh) and Wind in Spain (excludes regulated assets), Romania and Poland Investor presentation 16#17Recurring EBITDA -16% YoY penalized by the combination of extremely edp low hydro volumes and high energy prices context Recurring EBITDA (1,2) €m YoY growth, % -16% YoY 844 710 Wind and Solar 269 394 Hydro + CSEM 263 ΔΥΟΥ +125m EDPR Installed Capacity +13% YoY (3) Wind resources +2% vs. LT avg -€334m Iberia +€11m Brazil -2.6 TWh hydro shortfall in context of €229/MWh avg. spot price generated a loss ~€0.4bn Thermal generation Iberia: +2.4 TWh YoY -323m 362 Networks 310 Other/adjust 2 13 53m -60 +€4m Iberia +€48m Brazil 1Q21 1Q22 (1) Adjustments and Non-recurring items include: (i) 2021 of +€21m gain on CIDE (2) Including positive ForEx impact of +4% Brazil distribution: +€46m, on tariff updates driven by inflation and BRL appreciation Investor presentation 17#18Recurring Net Profit penalized by lower EBITDA on hydro shortfall and edp higher financial costs in Brazil and increase of minority interests Recurring Net Profit (1) €m ΔΥΟΥ Recurring Net Profit €m EBITDA D&A and Provisions 710 -134 388 -19 EBIT 322 -153 Net Financial Costs 173 -50 Income Taxes 23 23 +39 Extraordinary Energy Tax - 50 +1 Non-controlling interests -151 -72 Net Profit -76 -235 (1) Adjustments and non-recurring items impact at net profit level: -€21m in 1Q21 the net gain from CIDE disposal 159 1Q21 -76 1Q22 Investor presentation 18#19Net Debt increased 13% with the acquisition of Sunseap and CELG-T and penalized by Commodity prices and BRL appreciation Change in Net Debt € Bn edp FFO/Net Debt (1) +€0.7Bn Acquisition of Sunseap +€0.3Bn Acquisition of CELG-T 1.4 11.6 0,2 0,7 Mainly Margin Calls 0,3 13.1 +€0.4Bn Forex -€0.7Bn Regulatory Receivables Commodities Derivatives Net Expansion FX and Others Investment Net Debt Dec-21 Org. CF excl Margin Calls Organic Cash Flow ~21% (1) FFO/ND formula consistent with rating agencies methodologies, considering EDP definition of EBITDA Recurring, Net Debt Mar-22 ~17% Investor presentation 19#20On ESG we have been validated by SBTi on our carbon neutral targets as we continue to pave the way towards decarbonization edp 361 SCIENCE BASED TARGETS Coal free DRIVING AMBITIOUS CORPORATE CLIMATE ACTION by 2025 Carbon neutral by 2030 1762 2015 2021 69 # (1) Scope 1&2 CO₂ emissions (gCO2/kWh) 2026 2. Higher than in 2020 driven by Hydrological crisis and high thermal availability ~0 2030 ESG excellence and attractive returns Environment ✓ 75% renewables generation in 2021 ✓ -51% co2 Specific Emissions (1) vs. 2015 ✓ 63% Revenues aligned w/ EU Taxonomy (+5p.p. vs. 2020) Social + 27% female employees (+2p.p vs. 2020) ✓ 1.4 total recordable injury rate EDP ~€21m in Social Investment Investor presentation 20 20#21We will deliver superior value to our shareholders Superior green positioning and accelerated growth... ... delivering strong earnings growth... Net income², € Bn 1. 2. 2x solar wind installed capacity by 2025 €24 Bn energy transition investment 2021-25 ESG leadership EDP EBITDA excluding thermal generation Recurring Net income Coal free by 2025 All green by 2030 9% p.a. ~1.0 ~0.8 >95% energy transition1 EBITDA by 2025 20212 2023 with an attractive dividend policy ~1.2 2025 edp €0.19/share 75-85% Sustainable EPS growth dividend floor target payout to deliver DPS increase Investor presentation 21#22Annex edp Investor presentation 22 222#23+ edp We will strengthen our leadership position in Wind Onshore XX% in additions XX Total installed capacity .. consolidating leadership and exploring growth opportunities Pipeline as of Dec 2020 Target additions 2021-25 (GW) Current presence¹ We have a strong onshore presence across the globe that will be reinforced... North America² 6.5 GW Europe 5.0 GW LatAm Rest of world 0.4 GW +2.8 +3.4 GW GW ~30% GW ~40% GW ~25% ~5% +2.2 +0.7 18 GW Consolidate position as global Top Wind player Reinforce presence in core low-risk markets (EU and US) Capture growing repowering, hybridization opportunities, and technological developments 1. Countries with installed capacity and/or capacity already secured 2. Includes Canada and Mexico Note: EBITDA MW + Equity MW Investor presentation 24 24#24We will build a sound market presence in Solar edp Pipeline as of Dec 2020 Target additions 2021-25 (GW) Current presence¹ We have robust secured additions and strong pipeline in solar... North America² 0.5 GW Europe 0.1 GW +5.5 LatAm +0.7 +2.4 GW GW GW ~60% ~25% 7% Rest of world +0.7 GW 8% XX% in additions XX Total installed capacity .. adopting a differentiated approach to clients Reinforce approach to large-scale utility model through in-house capabilities Develop a distinctive approach to C&I through a dedicated Distributed Generation platform in the US Provide differentiating and solid solutions with coupled storage 1. Countries with installed capacity and/or capacity already secured 2. Includes Mexico Note: EBITDA MW + Equity MW 15 GW Investor presentation 25#25Ocean Winds also continues to grow with a total portfolio of 11 GW OW OCEAN WINDS edp GW Gross Total portfolio 11 GW vs ~6.5 GW in March 2021 Projects with revenues secured in Europe well protected against inflation Jan-22: Awarded exclusive rights to develop 1 GW (Caledonia) in UK at the ScotWind seabed tender Jan-22: KF Wind granted in with exclusive rights to develop 870 MW floating in South Korea Feb-22: Awarded exclusive rights to develop 1.7 GW at the NY Bight seabed tender (US) 6,5 11 Total Portfolio Total Portfolio Mar-21 Apr-22 1,5 2,6 7,0 Installed Under Dev. Revenues Under Dev. Windplus SeaMade Moray East Secured EFGL Le Tréport & Noirmoutier Rights Secured Moray West Caledonia Mayflower KF Wind Hanbando B&C-Wind Mayflower NY Bight Investor presentation 26#26Networks - Key highlights Tedp +XX Growth, 2020-25 ~€0.7 Bn annual organic CAPEX CAPEX¹, € Bn Regulated Asset Base to increase by ~€2 Bn RAB², € Bn EBITDA to increase by 50% EBITDA, € Bn 5% p.a. excluding Viesgo acquisition 3.4 40% 7.1 1.3 8% p.a. 0.1 0,1 1,0 D 1,0 5.1 ✓ 1,3 0,3 0.9 F 0,6 0.1 0.8 0,2 2,2 4,8 0,9 3,7 90 0,6 2021-25 1. Includes financial investments 2. Transmission based on awarded CAPEX Note: Excludes Viesgo in 2020. 6x Euro/BRL along the period 2020 2025 2020 2025 Investor presentation 27 22#27Client Solutions & Energy Management - Key highlights ~€0.2 Bn annual CAPEX CAPEX, € Bn¹ Step-change growth in Solar DG Cumulative contracted PV, GWP3 EBITDA to increase by 15% EBITDA, € Bn 30% p.a. Client Solutions edp 2% p.a. 0.9 2.2 0.5 0,4 0,1 x10 Solar DG and e-mobility Solar DG and 0.6 e-mobility Traditional² 0.3 2021-25 1. Includes financial investments and does not include holding capex Energy management, thermal, and other client services 2. 3. Includes under management and entirely sold to customers Note: Excluding contribution from disposed portfolios in 2020 0,4 Traditional 0.2 2020 2025 2020 2025 Investor presentation 28#28IR Contacts E-mail: [email protected] Phone +351 210 012 834 Site: www.edp.com edp