Investor Presentation

Our 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

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