#1edp Renewables Investor Presentation May 2023 www.edpr.com#2Agenda 1 Our Sector 2 EDP Group Vision 3 EDPR at a Glance 4 Our Strategy 5 1Q23 Results 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 ... further emphasize the need for (Clean) Energy independence edp Renewables 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 Пол Affordable energy 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 Reliable supply chains 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, WoodMackenzie, Press search LO 5#6Our Sector Many reactions came with unprecedent strategic commitments to accelerate the energy transition Change is already happening... edp Renewables 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) ...with existing challenges being addressed 島 Long-term, predictable policy frameworks Simplified, effective administrative procedures > United 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#7EDP Group Vision edp Renewables#8EDP Group Vision EDP Group - Leading the Energy transition to create superior value EDP Group Our commitments edp Renewables Accelerated and sustainable growth Key figures and targets €25bn gross investment 2023-26 4.5 GW/yr gross additions 2023-26 >50 GW RES gross additions 2021-30 ESG excellence and future-proof organization Coal free by 2025 All Green by 2030 Net Zero by 2040 Distinctive and resilient portfolio Superior value creation for all stakeholders BBB credit rating €5.7bn 21% FFO/Net Debt by 2026 >80% EBITDA in high-rated markets (Europe and North America) €1.4-1.5bn EBITDA by 2026 net profit by 2026 €0.20 new DPS floor by 2026 8#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 transition leader, creating Renewables Generation 60% Renewables Installed Capacity superior value EBITDA + Equity for all stakeholders 11 GW Average Gross Additions <0.7 GW 74% 22 GW 2.4 GW 93% 33 GW 4.8 GW 100% >50 GW HH 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 14.8 GW with more than 3,000 employees worldwide EDPR global wind and solar installed capacity edp Renewables Europe 5.7 North America Ocean Winds¹ GW 7.2 GW Installed Capacity 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 Mar-23 1.5 GW Total South America 1.1 GW 14.8 GW 100% RES + 5 GW U/C APAC 0.8 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 2012 2022 EBITDA € million 2,157 +9% 938 CAGR Net Profit¹ € million 2x Installed capacity since 2012 Solid portfolio creation through the investment in quality projects with predictable cash-flows in global low- risk markets... +18% CAGR 126 671 ~4x TSR 2012- 20222 3.5x -1.2x 2.3x Net Debt/EBITDA X 1. Recurring Net Profit 2. Source: Bloomberg. Data from 31/12/2011 until 31/12/2022 ...enhanced by an Asset rotation strategy, that crystallizes and accelerates value creation... 4x Headcount vs. 2012 ...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 Transactions 1. As of Dec-22 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... EDPR gross additions Average GW per year >4 GW/yr ~17 GW (2023-26) edp Renewables >5x 2.4 1.2 0.7 4.7 3.9 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 78 3 5 6 6 ~1k ~2k ~3k >4k Average FTEs 1. As of Dec-22, 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% 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) ~1 GW in Europe (60 projects), including first. Iberian hybrid site in operation Example: hybrid site of 70 MW floating solar, 70 MW of wind and 14 MW of solar utility scale Storage +0.5 GW battery storage Repowering Increasing installed capacity and park longevity for 2023-26, mostly co- located ~70 MW in Europe (8 projects) Example: Blue Canyon II Wind Farm increased installed capacity by ~10% and park's longevity extended ~30 years ~33% of gross additions secured ~90% in North America (more mature market, 40 MW already under construction, 3 GW pipeline) 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 Partnerships as a mechanism to scale up Competitive advantage through just transition projects in Iberia Full portfolio at the service of (further) deployment of renewables edp Renewables www 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 €20bn Gross investment2 2023-26 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) medium term value crystallization, and CAPEX acceleration post 2025 ~5% S H H Storage (~0.5 GW) + H2 Storage: Market starting to materialize by 2025; target mainly co-located opportunities 1. Excluding China 2. Including financial investments Note: all figures in MWac <5% ~10% 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 H2: Growth avenue reinforced by recent targets and existing portfolio; equivalent to ~0.4 GW of gross additions in partnership structures (incl. JVs) 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 record¹ Upfront value crystallization reinvested at >200bps spread Growth acceleration with less capital Reduction of merchant tail risk ~€20bn EV² rotated track record since 2012 ~€1.7m/MW Avg. EV/MW in 2021-223 ~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 2021-22 Proceeds re-invested in quality and value accretive projects, enhancing value creation at attractive multiples 1. As of Jan-2023 2. Considering EV at 100% 3. Average proceeds of Wind and Solar per MW edp Renewables 21#22Our Strategy crystallizing value that will enable to further empower growth... Leveraging our Asset Rotation strategy... Asset Rotation proceeds¹ (€bn/yr) 1.7 1.6 1.6 BP 2021-25 2021-22 actuals BP 2023-26 ... with prudent assumptions on capital gains Asset Rotation EBITDA gains (€bn/yr) 0.3 ~0.5 0.3 BP 2021-22 BP 2021-25 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 edp Renewables 24 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 Rotation 2023-26 Installed capacity 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 ~4 Net investment Organic Cash Flow³ Equity raise Net Debt change (net of dividends4) 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) 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 >15 GW & ~50% edp Renewables Portfolio¹, growing to >25 GW portfolio with in-house by 2026 ~90% Solar modules secured² >20yr relationship with top Tier suppliers O&M in 2022 ~50% Wind turbines contracted³ ~75% of the PPAs with C&I companies 1. Installed Capacity Wind & Solar 2022 2. In Europe, South America and US until 2024 3. Globally, until 2024 (Wind Onshore) Source: Wood Mackenzie (CAPEX) 25#26Our Strategy Evolving as a global, agile and efficient organization ~3,000 >4,000 ~1,700 ~1,000 ~800 2026 Headcount 2022 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 TOP Recognized as top employer across markets top EUROPE top 2023 EMPLOYER 2023 BRASIL BRAZIL EMPLOYER 2023 top EMPLOYER ΕΛΛΑΔΑ GREECE 2023 CERTIFIED EXCELLENCE IN EMPLOYEE CONDITIONS USA top PORTUGAL top POLSKA POLAND EMPLOYER 2023 EMPLOYER 2023 IN EMPLOYEE CONDITIONS top EMPLOYER FRANCE 2023 CERTIFIED EXCELLENCE IN EMPLOYEE CONDITIONS top EMPLOYER COLOMBIA 2023 CERTIFIED EXCELLENCE IN EMPLOYEE CONDITIONS top ITALA ITALY EMPLOYER 2023 CERTIFIED EXCELLENCE IN EMPLOYEE CONDITIONS top EMPLOYER ESPAÑA SPAIN 2023 CERTIFIED EXCELLENCE IN EMPLOYEE CONDITIONS top EMPLOYER ROMÂNIA ROMANIA 2023 CERTIFIED EXCELLENCE IN EMPLOYEE CONDITIONS edp Renewables = Bloomberg 5023 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#28Appendix ... 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 ESG Score 2022 76 As of February 7, 2023. /100 76/100 Sustainability Yearbook Member (Feb-23) Sustainable1 Position and Score are industry specific and reflect exclusion screening criteria Leam more al spglobal.comlesgyearbook S&P Global 3.6/5 Percentile rank: 73 (Jun-22) FTSE4Good ISS ESG B+/A+ Industry Leader (Nov-22) II Bloomberg Gender-Equality Index 2022 84/100 Utilities average score: 74 (Jan-23) MSCI ESG RATINGS AA ссс B BB BBB A AA AAA AA/AAA Top 25% (Nov-22) Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA 90/100 #1 integrated electric utilities (Dec-22) CDP DISCLOSURE INSIGHT ACTION A list on climate change and on water security (Dec-22) WORLD'S MOST ETHICAL COMPANIES® WWW.ETHISPHERE.COM TM One of the most Ethical companies in the world (Mar-22) 28#29Our Strategy Delivering superior value, while keeping a sound balance sheet and risk profile edp Renewables Step-up in delivery 2022 2024 2026 Deployment GW/year 2.1 ~3.9 ~4.7 Avg. 2023-24 Avg. 2025-26 Increased results with superior renewables portfolio EBITDA €bn 2.2 ~2.5 ~3.0 ^ Earnings growth through accretive investments in attractive projects Recurring Net Profit €bn 0.67 ~0.7 ~0.9 Sound balance sheet Net Debt €bn LO 5 ~7 ~9 ^ Net Debt/EBITDA1 x Scrip dividend providing optionality to shareholders, who can choose to receive dividend in shares or in cash 1. Net Debt includes Leases 2.8 ~3.2 ~3.2 ^ ~2.6 GW 2026 vs. 2022 ~9% CAGR 2022-26 ~9% CAGR 2022-26 ~€4bn 2026 vs. 2022 ~0.4x 2026 vs. 2022 Target payout ratio 30-50% converging to renewables peers 29#301Q23 Results edp Renewables#311Q23 Results EDPR begins the year delivering strong operational performance on the back of 1.7 GW of new additions leading to higher production Installed Capacity YoY (EBITDA + Equity GW) Net Capacity Factor 1Q23 (%) Electricity Production YoY (TWh) edp Renewables 1Q22 14.0 NCF YOY 1Q22 9.2 32% -0.1pp MW Added 1.7 A MW 37% -1pp Asset Rotation 1Q23 49% 38% 8% 5% 5.0 GW 15.8 27% -1pp Load Factor (1.0) 18%2 -0.3pp 14.8¹ 1Q23 edp 34% -1pp Renewables 55% 35% 8% 2% 98% -3pp YoY GCF vs P50 6 mt +4% YoY CO2 emissions avoided Under Construction as of Mar-23 1. Considers a decommissioning of a ~3 MW wind turbine in the US 2. Note that Sunseap was incorporated on 24/02/2022, therefore Sunseap assets' generation only contributed for a part of 1Q22 1.4 (0.3) 10.2 +11% YOY 31#321Q23 Results EBITDA +14% YoY with growth contribution from the four regional hubs, backed by outstanding top line performance edp Renewables EBITDA per geography (€m) 394 1Q22 1. Includes EBITDA + Equity MW +14% +21% 448 YOY Installed Capacity¹ GW 1Q22 1Q23 YoY 14.0 14.8 +5% Renewables Index (vs. P50 GCF) % 102% 98% -3pp | Europe Electricity Generation TWh 9.2 10.2 +11% +14% North America Avg. Selling price €/MWh 57.9 62.5 +8% South America +63% +5.1x €15m in Poland and €10m in Romania APAC €25m of Regulatory Clawbacks in 1Q23 1Q23 32 32#331Q23 Results Net Debt -3% YTD, with the €1bn Capital Increase being offset by €1bn Net Expansion Investments, Organic CF impacted by WC in Spain edp Renewables Net Debt Evolution from Dec-22 to Mar-23 (€bn) 4.9 €1.1bn Expansion Capex (€0.9bn Capex & €0.2bn PP&E) €0.1bn of Financial Investments and €0.2bn AR Proceeds 0.4 0.3 0.1 Mainly related to regulatory assets in Spain 1.0 10 1.0 0.1 Net Debt Dec22 EBITDA Interest Cost & Others¹ Change in Working Capital Net Expansion Investments Capital Increase Forex & Others 2.3x Organic Cash Flow Avg. Gross Debt €6.0bn in 1Q23 vs €5.1bn in 1Q22 1. Non-cash items, TEI Revenues, Debt Interest, Income Tax Paid and Minorities/Partnerships distributions LTM Net Debt/EBITDA -€0.1bn YTD 4.8 Net Debt Mar 23 2.2x 33