#1INVESTORS PRESENTATION December, 2021 www.edpr.com edp renewables#2Disclaimer edp renewables This document has been prepared by EDP Renováveis, 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. 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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. Investors' Presentation 2#3Agenda 1 Our sector 2 EDP Group vision 3 Our strategy 4 9M21 results 4 Annex edp renewables edp renewables Investors' Presentation 3#4Our sector edp renewables Investors' Presentation 4#5New energy sector at the center of the economy and transformation towards Net Zero edp renewables We need a new decarbonized and electrified world... ... in which a new energy sector is required 1.5°C ~95% renewables share in power generation in 2050 -100% coal phase-out in global power by 2050 Clean Affordable Source: Global Energy Perspective Report 2021 3x global electricity demand growth by 2050 Zero- carbon power sector by 2050 Reliable Investors' Presentation 5#6The World is joining forces in this effort edp renewables Paris Agreement + COP26 accelerating efforts 189 countries China, EU and US committed (>95% world GDP) Decarbonization and renewables targets set New regulation underway €750bn EU NextGen Fund $1.20tr American Infrastructure Bill ITC/PTC $1.75tr 10-year extensions Build Back Better Framework New private and social commitment demanding and supporting clean energy $15tr private companies committed in 2020 to go "100% clean"1 90% of young people believe they can make a difference on climate change² 1. Source: Global Climate-Disclosure Project Platform; 2. Source: United Nations survey Investors' Presentation 6#7The energy of the future will be electric, clean, affordable and reliable, requiring an unparalleled renewables growth Unprecedented growth North America + Europe + LatAm Renewables additions p.a., GW Cost competitive LCOE decrease in 2030 vs. 2019 edp renewables ~40 2x ~80 250-300 2019 forecast¹ Today's forecast¹ 1.5°C estimate² Solar PV Onshore wind -35% -20% Below wholesale electricity price Offshore wind³ -55% 1. IHS market forecast in 2019 for 2019-22, and in 2020 for 2021-25 2. Top-down assessment based on world's capacity needed to reach net-zero emissions in 2050 Bottom-fixed 3. Source: McKinsey, EnergyData & IRENA 2030 Report; OECD Investing in Climate, Investing in Growth Report 2019 Around wholesale electricity price Investors' Presentation 7#8edp renewables A renewables major with extensive track- record edp renewables Top 4 wind & solar player1 14 GW built/added to date Saving 19 mt/y² of CO2 Installed Capacity GW 7 12.6 2x 9.6 1. Excludes companies incorporated / operating in China; 2. Average CO2 avoided per year, 2013-2020 Multi-tech pipeline >50 GW 8.1 GW backlog secured >250% TSR 2010-2020 6.7 2010 2015 2020 Investors' Presentation 8#9EDP Group vision edp renewables Investors' Presentation 9#10edp renewables The World is facing a challenge edp Leading the energy transition to create superior value All green by 2030 by 2025 €24 bn Capex for energy transaction 4 GW/year Renewable capacity added by 2030 >50 GW Additions of renewable energy 100% Renewable energy generation Double Solar and wind capacity 100% EBITDA of energy transaction Carbon free Carbon neutral Investors' Presentation 10#11EDP platforms are fully aligned with the energy transition % Weight on EBITDA 2025 % Weight on CAPEX¹ 2021-25 Renewables ~60% ~80% Clean energy growth engine Wind, Solar, and Hydro Networks edp Energy transition enabler Distribution Transmission Client solutions & energy management Decentralized growth 1. Includes financial investments Clients New solutions Trading edp renewables High portfolio resilience and diversification ~30% ~15% Ability to capture ~10% ~5% different investment cycles Leverage on operational synergies Investors' Presentation 11#12EDP commitments edp renewables Accelerated and sustainable growth Step-up green growth Distinctive and resilient portfolio Solid balance sheet edp Leading the energy transition to create superior value ESG excellence and attractive returns ESG reference Green leadership positioning Strong return visibility Future-proof organization Global, agile, and efficient Talented and empowered people Innovative and digitally driven Investors' Presentation 12#13Our strategy edp renewables Investors' Presentation 13#14A top renewables player with an attractive portfolio with 13 GW installed and presence in 17 countries... edp renewables Colombia Chile 400 MW 1. EBITDA + Equity GW 6,591 MW Mexico 436 MW 130 MW Canada USA Portugal Brazil by MW by # of parks 0.2% 0.3% 22% 28% 13 7% 55% Poland GW 307 parks 51% UK 5 MW LO 13% 556 20% MW 5% Belgium Hungary 53 North America Spain & Portugal RoE ⚫ LatAm • АРАС MW France 166 MW 2,333 MW 1,269 MW 521 MW Romania 314 MW by technology 45 MW 94% Spain Italy Greece 13 Wind Onshore GW 6% Current presence Total installed capacity¹ as of Sep-21 Vietnam 28 MW Contracted/Merchant 0.4% Solar Wind Offshore 93% 31.2 TWh 7% FY2021 Contracted ● Merchant Investors' Presentation 14#15which is going global by setting up a platform in APAC through the acquisition of Sunseap edp renewables EDPR Global Wind and Solar capacity North America 7.8 GW Headquarters Current EDPR presence Current Sunseap presence EDPR + Sunseap Europe 6.3 48% GW 10% 16.2 39% GW 3% 89% 16.2 GW 10% 2% Latin America APAC 0.5 GW 1.7 GW Fully complementary to EDPR footprint, geographically and technologically Reinforces EDPR global leadership position, Top #5 in all regions EDPR now present in 25 markets, representing ~75% of global growth Note: EBITDA + Equity GW operating and under construction as of Sep-21. Capacity reported in MWac. Investors' Presentation 15#16Sunseap is a solar focused platform based in Singapore with presence in 9 markets and 540 MW operating and under construction... edp renewables Sunseap footprint China Taiwan Vietnam Thailand Cambodia Malaysia Singapore c.400 employees Indonesia Operating and U/C capacity 3% 1% Japan 28% by Market 1% 7% 2% 540 MW 58% Note: EBITDA + Equity GW operating and under construction as of Sep-21. Capacity reported in MWac. (1) Includes rooftop, floating solar and ground mount Solar DG Singapore Vietnam China Taiwan Japan by Technology 28% 540 MW 72% (1) DG ● Utility Malaysia Other SEA ✓ >50% in Singapore, a low-risk market with AAA rating Young portfolio with average age below 2 years Long term 20-yr PPAs/regulation, at an avg. price of ~€75/MWh Strong Solar franchise, key to growth in APAC Currently mostly Solar DG, with utility-scale increasing from 2022 Investors' Presentation 16#17edp together with a strong pipeline providing visibility on additional growth renewables Sunseap portfolio EBITDA + Equity GW ~670 MW of secured capacity 2.0 2.8 5.5 0.13 0.54 Operational and U/C Secured Advanced Pipeline Early Stage Pipeline Total Portfolio Note: EBITDA + Equity GW operating and under construction as of Sep-21. Capacity reported in MWac (1) Includes rooftop, floating solar and ground mount Solar DG by Market 1% 2% 7% 11% 6% 5.5 44% GW 18% 11% ⚫ Singapore Vietnam Indonesia Other SEA Malaysia China Taiwan ⚫ Japan by Technology 599 46% 5.5 GW 54% (1) DG Utility Investors' Presentation 17#18edp Financial support reinforced by equity issuance concluded in Apr-21 renewables The conditions were set... میا There is a great appetite in the market for renewables ...to get financial support to our business plan €17.0 €1.5bn price achieved EDPR share price at an all-time high level of capital raised Largest ABB of the year in Europe Largest ABB ever in Portugal EDPR's free float almost doubled up The market believes in the ambitious growth plan of EDPR 75% EDP stake 100+ new investors Diversified demand (~70% Europe; ~30% US) Investors' Presentation 18#19EDPR has implemented a leaner, more independent and diverse Corporate Governance structure in line with best practices edp renewables Key highlights ✓ Independent Chairperson General Shareholder's Meeting ✓ Composed by 12 members Board of Directors Management team General Secretary BoD Committees Audit, Control & Related Party Transactions Appointment, Remuneration & Corporate Governance ✓ Only 2 executive directors ✓ Independent directors with 50% representation Women directors with 33% representation Committees exclusively composed by independent directors ✓ Corporate Governance matters included in the Committees Management team remuneration based on operational, financial and ESG KPIs, and including long term incentives Investors' Presentation 19#20Our strategy to deliver superior growth through 2025 edp renewables Growth الملم Value Excellence Accelerated and selective growth +20 GW additions 2021-2025 Ongoing asset rotation program €8bn target 2021-2025 High quality teams and efficient operations -2% CAGR Core Opex/MW Promoting clean energy while operating in a sustainable way across the three ESG dimensions Investors' Presentation 20#21We will add 20 GW of renewables until 2025, focusing in low-risk markets edp EU & US with a balanced mix between Wind & Solar ~50/50 Focus on NA/Europe and bigger presence on other geographies... and technologically diversified renewables Europe North America (+) 1. EBITDA + Equity GW 8.8. 44% 6.7, 34% Rest of the World 1.4, 7% 20 GW1 Gross Additions 2021-25 2.9, 15% Wind onshore 9.1, 46% Latin America A Storage 0.4, 2% 20 GW1 Gross Additions 2021-25 Wind offshore 0.9, 5% Solar 1.4, 7% DG 8.0, 40% Solar PV Investors' Presentation 21#22We will accelerate to ~4GW/yr and we have strong visibility on future growth... Step-change growth in renewables... Gross additions, GW 1/year with great visibility in terms of pipeline as of Jul-21 GW1 >55 1.6 20 GW 4.6 3.5 >45 edp renewables 8.1 4.2 2.7 2020 2021-23 avg. 2024-25 avg. 8.1 1.2 Added YTD U/C Secured to be Secured capacity added Additional Pipeline Total pipeline 1. EBITDA + Equity GW Investors' Presentation 22#23edp renewables with 8.1 GW already secured, with sound returns and risk profile... Accelerating growth across all platforms, with +2.7 GW secured YTD... Secured Capacity 2021-25 GW ... maintaining a selective and disciplined investment approach Target Actual 5.4 75% +2.7 GW % 2021-23 additions 8.1 7.9 IRR/WACC >1.4x ~1.45x IRR to WACC spread >200bps ~ 300bps ✓ NPV/ Capex >25% ~35% 0.2 Secured as of Dec-20 Secured as of Today COD 21-23 COD 24-25 ✓ % NPV contracted >60% ~60% Secured Capacity CoD's Investors' Presentation 23#24which are well protected from recent capex cost inflation Secured Capacity Breakdown % Fully contracted or Higher Capex already embedded in ~90% Investment decision Major equipment partially contracted (2) edp renewables Recent Auctions already incorporating higher bid prices (e.g. Spain Auction) Revising Bid prices in PPAs under negotiation and still shortlisted ~10% Top tier customer for wind and solar equipment with recurrent orders of >1 GW/year both for wind and solar We have a strong position and a privileged relationship with suppliers, and we continue to monitor and manage disruptions to the supply chain Strong returns with spread to WACC >300 bps Investors' Presentation 24#25Inovation will also be a key part in securing this growth, through our new business models and new technologies New business models ☑ O Hybridization Improve asset efficiency and utilization New technologies S Storage Anticipate the need to face with intermittence edp renewables Repowering Increase long-term value of existing assets Hydrogen Support the decarbonization of segments with high energy intensity || 11 Solar DG Increase the scope of clients of renewable energy Floating Offshore Differentiated business case in certain geographies Investors' Presentation 25#26Ocean Winds; EDPR/ENGIE 50:50 JV across 6 markets and defined growth edp targets... renewables 1. The right governance Combination of the right set of skills along with a successful track record CEO & COO: 3-yr mandates. Initial CEO proposed by EDPR & COO by ENGIE. At the end of mandate, COO becomes CEO and the other partner proposes new COO California (floating) 100-150 MW Status: Development JV Stake: 50% Moray East 950 MW SeaMade 487 MW Status: Construction JV Stake: 56.6% Status: Operation JV Stake: 17.5% Δ Moray West 897 MW Status: Development JV Stake: 61.6% JV Growth Targets Gross MW 1.5 5-7 GW1 GW + Operational & Under construction Mayflower 1,336 MW (up to 2.4 GW) Status: Development JV Stake: 50% ~4.0 GW1 5-10 GW Under advanced development Today 2025E with tariff awarded B&C Wind 400 MW Status: Development JV Stake: 100% Tréport & Noirmoutier 992 MW Status: Development JV Stake: 60.5% WFA (floating) 25 MW Status: Operation JV Stake: 85% Leucate (floating) 30 MW Status: Pre-FiD JV Stake: 80% KF Wind, 3x (400-500) MW Status: Development JV Stake: 61% Gross MW; 1.5 GW Under construction equivalent to 0.6 net GW and ~4.0 GW Under advanced development equivalent to ~2.6 net GW Investors' Presentation 26#27which continues to grow with operating capacity increasing to 1.5 GW in edp 2022 and expected to reach 3.4 GW by 2025 OW Operating Capacity GW OW OCEAN WINDS 8.3 renewables 0.5 1.5 3.4 4.9 2021 2022 2025 >2025 Total Portfolio Main updates ✓ Moray East finalizing construction on schedule despite Covid challenges ✓ Very active expanding its development in Poland, US and South Korea ✓ Recent Auctions participated: • Mayflower: bid submitted in Sep-16th on Massachusets PPA Round 3 tender (1.6 GW RfP), results expected in mid-December. • ScotWind: bid already submitted and waiting results in Jan-22 Investors' Presentation 27#28We will accelerate growth, maintaining our distinctive Asset rotation model... Asset rotation model fueling growth... Asset rotation model capacity GW¹/year 0.9 1.5 1.4 Target 2019-22 BP 2021-23 2024-25 Share of total ~50% ~40% ~30% additions 1. EBITDA + Equity GW 2. Includes equity proceeds and debt de-consolidation 1234 3. 4. Considering EV at 100% As of Sep-2021 ... aligned with our track record4 Extensive track record 26 transactions since 2012 €14.3bn EV³ track record in past transactions €8bn² Asset Rotation Expanding market for 2021-25 Conservative value creation assumption edp renewables Increased market demand from Infra, Pension, Sovereign Wealth Funds €0.3-0.4bn AR gains p.a. last 2 years VS ~€0.3bn p.a. projected for 2021-25 Investors' Presentation 28#29where we continue with strong execution with €2.6bn of proceeds secured at attractive multiples and €0.15bn (1) gains already booked Strong AR execution at attractive multiples, showcasing the value of EDPR projects EV/MW €m 1.7 1.25 edp renewables €2.6bn of proceeds, 1.60 ~30% of €8bn AR target for 2021-25 €2.6bn Gain €101m Gain/MW €250k €0.5bn Bright Stalk & Harvest Ridge Indiana CR Wind B&T Wind Portugal Wind Poland Wind Spain Riverstart Solar Indiana CR Total proceeds Solar B&T secured 405 MW 68% Completed Jun-21 302 MW 100% 221 MW 100% 149 MW 100% 181 MW 100% 200 MWac 80% 200 MWac 100% Signed Signed Signed Signed Oct-19 Jul-21 Aug-21 Oct-21 Signed Sep-20 Signed Mar-21 Attractive multiples with avg. €1.6m/MW (Wind @ €1.7m and Solar @ €1.25m/MW 1,658 MW On track to deliver >€300m of capital gains in 2021. Upsize will depend on exact timing of regulatory approvals and closing of each transaction Investors' Presentation 29 1. Gains of €151m in 9M21 include i) €104m from Jun-21 US asset rotation deal, ii) €16m contingent price review of Offshore France sell-down transactions iii) €2m price adjustment of Rosewater B&T and iiii) €30m for Mayflower earn-out#30We will continue to manage the full value chain to deliver competitive and quality projects at the highest excellence standards Development Competitive Projects • Local development knowledge and multi-partnership network to bring best. opportunities • Second to none energy assessment track record and efficient site layout Experienced PPA Origination team to manage different offtaking products Construction On time & on budget · • · Global scale providing competitive procurement 20 year relationship with Top Tier Suppliers E&C team with large experience in years and MW, leveraging on agile project management Operations edp renewables Excellence in asset management • • Digitalization, centralized Dispatch Center and Big Data analysis providing an holistic real-time view Strong O&M expertise in internalization models and predictive maintenance Comprehensive Energy Management and Risk Management strategies ...while guaranteeing the best ESG standards 100% Biodiversity high risk facilities with action plans €35m >80% >75% Social & A2E investment Wastes recovery along the whole value Sustainable purchases chain Zero H&S accidents mindset 100% Facilities certified by ISO 14001 & ISO 45001 Investors' Presentation 30#31We have key core competences and a unique know-how set to maximize efficiency Our unique O&M strategy... 10 year strategy in optimizing O&M activities by increasing internalization post-warranty (today 50% of the fleet) Has resulted in market pressure and compressed service prices down by 25-30% Flexibility to choose today on an asset by asset basis the most competitive between insourcing or outsourcing ... and extensive experience and scale... > ... are set to maximize efficiency levels Core Opex/ Avg. MW (€k) -2% CAGR edp renewables >20 years Experience from development through >600 >30 GW parks 2020 2023 2025 Under management by 2025 Under management by 2025 operation Investors' Presentation 31#322025 growth will be supported by current top-class team reinforced by best talent in the market attracted by a strong value proposition edp renewables Headcount 2010 822 2015 1,018 2020 1,735 2025 >3,000 Road to 2025 Attract Great company culture Diversity and inclusion as a trigger for innovation Integrating the best talent Committed team developed & reinforced Experience Tailored reward schemes & career paths Flexibility consolidation Top talent retention First choice Employer 36% Women in EDPR 1. Better than utilities and high performing companies; 2. Work at home for some part of the week top EUROPE EMPLOYER 2021 CERTIFIED EXCELLENCE IN TOP WORK PLACES 2021 USA top top top EMPLOYER top EMPLOYER PORTUGAL top top ACE EMPLOYER 2021 EMPLOYER Develop Continuous Re-Upskilling Functional & Geographical internal mobility Fostering internal promotion Top company in % Engagement & Enablement¹ >50% Employees on hybrid model² 90% People with digital training 30% Women in management Investors' Presentation 32#33This ambitious strategy is set in place to deliver superior value through a solid business model... edp renewables 2020 2023 2025 Installed Capacity GW 12 18 Step-up growth and scale. 25 ↑ >2x EBITDA €bn Increased results with 1.65 2.0 2.3 geographic diversification and a ↑ +7% CAGR 20-25 stable Asset Rotation program Net income €bn Earnings acceleration through 0.55 >0.6 0.8 accretive investments in ↑ +8% CAGR 20-25 attractive projects Dividend floor of €0.08 per share, prioritizing cash-flow reinvestment in accretive growth Investors' Presentation 33#34edp renewables while operating with the highest ESG standards о 2020 2025 Circular economy % Recovery rate for generated wastes in the whole value chain 761 85 00 Biodiversity % People % Communities €m/year Suppliers % 12 1. 2. Recovery only for operations; construction & dismantling not included; Access to Energy Facilities with high biodiversity risk with action plans defined Improve diversity and inclusion by increasing female employees n/a 100 30 36 Investment in supporting local communities and extending universal A2E2 4.8 7 Purchasing volume in sustainable suppliers 60 75 Investors' Presentation 34#359M21 Results edp renewables Investors' Presentation 35#36Results mostly impacted by lower capital gains YoY, Q1 one-off ERCOT event and lower generation in US and Spain 9M21 Key Figures Highlights edp renewables EBITDA €917m -15% YoY Net Profit €148m -54% YoY Net Debt ΤΕΙ €3.32bn -€0.1bn vs Dec-20 €1.46bn +€0.3bn vs Dec-20 Clean generation of 21.5 TWh, up +5% YoY Gains of €151m (1) at EBITDA (YoY -€49m) and €122m at Net profit (YoY -€59m) Improvement of avg. cost of debt 3.4% vs 3.5% (-0.2pp YoY) Capital increase of €1.5bn, TE proceeds of €0.6bn and AR proceeds of €0.55bn, with several AR transactions to be closed in the following months Q1 one-off ERCOT event impact of -€35m on EBITDA and -€26m on Net profit Below average wind resource, in particular in US and in Spain Spain impacted by regulatory and financial hedges, given high pool prices P&L Tax -€32m YoY, bulk is non-cash and offset by €17m US R&D Tax credit 1. Gains of €151m in 9M21 include i) €104m from Jun-21 US asset rotation deal, ii) €16m contingent price review of Offshore France sell-down transactions iii) €2m price adjustment of Rosewater B&T and iiii) €30m from Mayflower earn-out 36#37EDPR portfolio increased to 13.0 GW, +2.5 GW added YoY Generation +5% YoY due to higher capacity despite low wind resource Installed Capacity YoY (EBITDA + Equity MW) 9M20 11,548 MW Added 2,467 14,014 Asset rotation Spain (1) US (2) (965) 9M21 55% 40% 5% 0.2% 2.7 GW Net Capacity Factor 9M21 (%) Electricity Production YoY (TWh) NCF ΔΥΟΥ 9M20 20.4 25% A MW 30% -1pp 41% +5pp A Load Factor 13,049 edp 28% 9M21 -0.6pp renewables Under Construction 12 1. Spain: 237 MW + 11 MW 2. US: 324 MW net (80%) + 290 MW net (80%) + 102 MW B&T 58% 37% 6% 95% flat YoY 97% +0.1pp YoY GCF vs P50 TEA 13mt CO2 emissions avoided 1.5 (0.4) edp renewables 21.5 +5% YoY 37#38Revenues -5% YoY due to sell-downs (+2% like for like), lower avg. price of €51/MWh & unfavourable FX, partially offset by new capacity EDPR Avg. Selling Price (€/MWh) Revenues (€ million) edp renewables 54.7 -6% -2% adjusted(2) 51.2 9M21 A YOY (1) + €73.8 -10% $45.6 +1% R$239 +9% 9M20 9M21 Increasingly competitive portfolio with new additions driving lower prices; Spain impacted by asset mix and impact of regulatory and financial hedges, given high pool prices 1. Calculated in local currency 2. Adjusted by Sell-down, forex and ERCOT event Main drivers -5% 1,259 +2% ex Sell-down 1.192 9M20 9M21 +€118m YOY -€12m YOY -€92m YOY -€27m YOY -€54m YOY MW additions Resource Sell-down Avg. Price (ex Sell-down) Fx & Others 38#39Core Opex per avg. MW +1% YoY and Adjusted -3% YoY EBITDA of €917m due to top line & lower capital gains YoY Core Opex/avg. MW (€k) EBITDA (€ million) edp renewables +1% -3% adjusted (1) 31.1 31.4 9M20 9M21 -15% 1,074 -9% adjusted(2) EBITDA per region 917 RoE 17% Brazil 3% Portugal 15% €917m Spain 13% North America 52% 9M20 9M21 As a result of O&M strategy and despite upfront scale up to cope with accelerated growth Main drivers -€68m YOY -€49m YOY Revenues Capital gains 12 1. 2. Adjusted by Sell-down, offshore costs (mainly cross-charged to projects' SPVs), service fees and one-offs Adjusted by Forex and one-off items 39#40Net Profit totaled €148m decreasing 54% YoY, driven by top line performance and lower gains, partially offset by improved financials edp renewables 9M21 EBITDA to Net Profit (€ million) EBITDA D&A EBIT 472 Financial Results Taxes Minorities 148 Net Profit 89 48 917 188 A€m YoY -€156m Top line performance and lower gains YoY 445 -€15m On the back of YoY capacity additions -€171m +€29m -€32m +€4m Lower TE costs; FX positive contribution; Higher debt YoY offset by lower cost of debt of 3.4% (-0.2 pp) Effective Tax Rate of 17% in 9M21; bulk is non-cash and cash taxes are neutral YoY On the back of YoY top line performance -€171m -54% YoY 40 40#41Net Debt and Tax Equity increases €191m, with AR proceeds and the capital increase offsetting growth acceleration edp renewables 1. 9M21 from RCF to Debt and TEI variance (€ million) 645 +554 +1,500 9M21 Financial Debt Breakdown (%) Variable 13% 14% Other 46% 73% (191) (613) Fixed Loans 87% with EDP 14% 54% Type Currency Class (2,200) (77) RCF ex-gains AR Cash Dividends Capital Proceeds Capex.(1) WC, FX A Net Debt & Increase & Other TEI increase €3.32bn of Net Debt (-€0.1bn vs Dec-20) and €1.46bn of Tax Equity (+€0.3bn vs Dec-20) In Q3, EDPR successfully secured Tax Equity proceeds of €0.6bn Cash capex includes Capex, Financial investments and PPE suppliers 41#42ESG continues at the core of EDPR, with YoY evolution reflecting acceleration of growth edp renewables Environment Climate Change Circularity (2) Biodiversity CO2 avoided (1) 13mt CO₂ emitted/avoided 0.2% Waste 38kg/GWh Recovery rate 76% Spills & fires (3) 0 -1% vs 9M20 Flat vs 9M20 +11% vs 9M20 -1pp vs 9M20 0 in 9M20 Social Our People Health & Safety (4) Near misses 56 51 in 9M20 Communities Flat vs 9M20 Social investment €1.1m -28% vs 9M20 Headcount 2,099 Women 32% Frequency rate (5) 1.7 Severity rate (6) 64 A2E (7) €5m +23% vs 9M20 +1.5pp vs 9M20 Flat vs 9M20 -3% vs 9M20 1. Calculated as energy generation * CO2 eq. emission factors of each country/state within the US (which vary in accordance with the country/state's energy mix); 2. Excludes waste caused by non-recurrent events; 3. EDPR defines significant spills and fires as spills affecting water bodies/courses, protected soils or soils of interest because of its natural value, or fires affecting protected areas or species (according to local protection laws), derived from O&M activities; 4. Includes staff and contractors data; Excludes commuting and 1Q20 UK data; 5. Calculated as [# of accidents with absence/Hours worked * 1,000,000]; 6. Adjusted rate (excl. lost days from 2020 accidents), calculated as [# of Lost workdays/Hours worked *1,000,000]; 7. Cumulative investment. 42#43We continue to witness a policy environment highly supportive of the energy transition edp renewables COP 26 GLASGOW Reiterated global commitments in the fight against climate change EC toolbox to tackle energy prices: Need to accelerate energy transition investments مربع Important legislative measures under discussion $1.20 Tn Infrastructure Bill $1.75 Tn Build Back Better Framework ASEAN targets 23% of primary energy from RES by 2025 IEA (1) forecast investment needed to reach +1.5°C Global Annual Investment in Clean Energy $4 Tn/Year by 2030 (vs. $1Tn/Year in 2020) European Resilience and Recovery Funds $0.75 Tn Focused around the Green Deal and the Energy Transition Source: Whitehouse.gov | EU commission | IEA | (1). International Energy Agency's World Energy Outlook More long-term visibility on fiscal incentives ITC/PTC 10-year Extensions $320 Bn Tax credits 43#44Key takeaways EDPR is now really going global with platforms established in 25 markets, which exposes the company to ~75% of the worldwide growth until 2030 We established a growth platform in APAC jointly with Sunseap, fully consistent to our portfolio and to our a low-risk long term contracted profile EDPR is ramping up growth with 2.5 GW added YoY and 2.7 GW under construction, progressing to the 3 GW+ plateau We have now 8.1 GW secured with sound returns and risk profile, with 75% of our 2021-23 growth target already secured, having 4.1 GW under negotiation Strong Asset rotation execution with €2.3bn at attractive multiples and €151m gains already booked, on track to deliver >€300m capital gains with upsize depending on closings until YE Financials impacted by lower capital gains YoY and lower generation in US and Spain, but with attractive Asset rotation deals to close in the next months Growth outlook continues strong and EDPR is well positioned to capture it globally, now with leading platforms in all key growth regions edp renewables#45Annex 45 ज edp renewables#46Ocean Winds continues to grow with operating capacity increasing to 1.5 GW in 2022 and expected to reach 3.4 GW by 2025 edp renewables Total portfolio of up to 8.3 GW with Ocean Winds very active expanding its development in Poland, US, and South Korea, while currently participating in the MA RfP for Mayflower and in ScotWind Name Country MW gross COD PPA/Tariff secured Windplus 25 2020 0.5 GW fully operational SeaMade 487 2021 Moray East 950 2022 • Wind farm fully energized in Sep-21 on budget and ahead of schedule Moray West 882 2025 • Development ongoing with visibility on upcoming CfD rounds & PPA market ScotWind • Bids submitted for of up to 9 GW, 3 GW of bottom fixed and 6 GW of floating; results in 1Q22 EFGL 30 2023 • Development ongoing with COD expected in 2023 Le Tréport & 992 2025 Noirmoutier Development ongoing with FID expected in 2023 B&C-Wind 399 >2025 • 25-yr CfD for 370MW awarded in Jun-21 • Mayflower up to 2 GW >2025 Development upsized to up to 2 GW; 804MW PPA already secured; participating in Massachusetts RfP to top up PPA, results announced until 2021YE KF Wind & Hanbando up to 2.5 GW >2025 • Projects under development Total portfolio up to 8.3 GW Installed O Under construction Under development Investors' Presentation 46#47IR Contacts André Fernandes, Head of IR Pia Domecq Celia de Cominges Duarte Andrada E-mail: [email protected] Phone: +34 914 238 402 Fax: +34 914 238 429 Serrano Galvache 56, Edificio Olmo, 7th Floor 28033, Madrid - Spain EDPR Online Site: www.edpr.com edp renewables#48edp renewables