Investor Presentation

Our 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

View entire presentation