EDP-Energias — Earnings Release 2017

Jul 27, 2017

1H17

Financial Results

Conference call and webcast

Date: Friday, 28th July, 2017, 11:30 pm (UK/Portuguese time)

Webcast: www.edp.pt

Lisbon, July 27th, 2017

Content

in Hig hli hts Ma g …… …… …… …… …… …… …… …… …… …… ….… …… …… …… …… …… …… …… …… ……	- 2 -
Co lida ted Fin ial for Per nso anc ma nce
EBI TD A …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 3 -
fit & L be low Pro EB ITD A oss …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 4 -
Cap & N Inv et est nts ex me …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ….	- 5 -
h F low Cas …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 6 -
of lida ted ial Sta Co Fin Pos itio tem ent nso anc n …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 7 -
ebt Ne t D …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 8 -
ine Bus ss A rea s
: Ib Ele nd ark Ov iew eri icit Ga s M ctr ets erv an y a …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 10 -
& ly he Ibe ark 1. G ion Sup in t rian M rat et ene p …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 11 -
2. W ind & Sol váv eis ED P R ar- eno …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 14 - …… …… …
late d N ork Ibe 3. R s in ria etw egu …… …… …… …… …… …… …… …… …… …… …… …… ….… …… …… …… …… …	- 18 -
il - il 4. B ED P B raz ras …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… .…… …… ……	- 21 -
Inc e S s & An tat ent om em nex
s b Inc e S Bus ine ss A tat ent om em y rea … …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 25 -
erly Qu Inc e S art tat ent om em …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 26 -
tal led and Ge atio n A Ins Ca ity Ge atio ts: ner sse pac ner n …… …… …… …… …… …… …… …… …… …… …… …… ……	- 27 - …… …… …… …… …
ula ted ork olu istr ibu ted Cus d N ork Reg Ne tw s: V s D tom etw me ers an s , …… …… …… …… …… …… …… …… ……	- 28 -
ial fo le a nd rol ling Fin inv Ass r Sa No int est nts ets ont sts anc me n-c ere , …… .…… …… .…… …… …… ……	- 29 -
nab ility rfo Sus tai Pe rm anc e …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… .…… …… …… ……	- 30 -
P S har erf ED e P orm anc e …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… … …… …	- 31 -

EDP - Energias de Portugal, S.A. Headquarters: Av. 24 de Julho, 12 1249 - 300 Lisboa, Portugal

Main Highlights

( ) Inc e S € m tat ent om em	1H1 7	1H1 6	∆ %	∆ A bs.
rof Gro ss P it	2,8 93	2,9 70	-3%	-77
lies d se Sup rvic p an es	472	436	8%	+37
nel loy be nef Per its sts, son co em p ees	341	324	5%	+17
Oth (ne t) atin sts er o per g co	177	144	23%	+34
ting (1 ) Net Op sts era co	991	903	10%	+88
EBI TDA	1,9 02	2,0 67	-8%	-16 4
Pro visi ons	2	(5 )	-	+7
d im (2 ) Am isat ion irm ort ent an pa	709	744	-5%	-36
EBI T	1,1 92	1,3 27	-10 %	-13 5
ial ults Fin Res anc	(37 0)	(40 8)	9%	+38
es/ Sha f ne ofit jo int oci t pr tur ate re o ven ass s	7	(5 )	-	+12
ofit Pre -tax pr	829	915	-9%	-86
Inc e ta om xes	119	243	-51 %	-12 4
rd. trib Ext utio tor rao con n e ner gy sec	67	59	15%	+9
fit f he iod Net or t pro per	643	613	5%	+29
fit Net Pro	450	472	-5%	-22
roll ing No ont Int st n-c ere	192	141	36%	+51

Key Op tio nal Da ta era	1H1 7	1H1 6	∆ %	bs. ∆ A
loy Em p ees	11, 938	11, 923	0%	+15
(M W) Inst alle d c city apa	26, 218	24, 522	7%	+1, 695

Fin ial a ( € m ) Key Dat anc	1H1 7	1H1 6	∆ %	bs. ∆ A
(Fu ns) FFO nds fro atio m o per	1,3 82	1,1 43	21%	+23 8
Cap ex Ma inte nan ce Exp ion ans	747 284 463	724 263 460	3% 8% 1%	+23 +21 +3
inv Net est nts me	792	(21 )	-	+81 2
( ) Key Ba lan She et D € m ata ce	Jun -17	Dec -16	∆ %	bs. ∆ A
boo k va lue Equ ity	9,1 33	9,4 06	-3%	-27 3
de bt Net	16, 890	15, 923	6%	+96 7
ula ceiv abl Reg tor y re es	1,0 45	951	10%	+95
bt/ (x ) (4 ) Net de EBI TDA	4.7 x	4.2 x	11%	0.5 x
Adj ed de bt/ (x ) (3 ) (4 ) EBI TDA ust net	4.4 x	4.0 x	11%	0.4 x

Consolidated EBITDA amounted to €1,902m in 1H17. Adjusted for last year' one-off gain at Pantanal (+€61m; detail on page 3), EBITDA was 5% lower YoY (-€103m YoY) since the benefits from avg. capacity expansion (+6%), favourable ForEx impact (+€65m, driven by stronger BRL and USD vs. Euro) and tight cost control; were outstood by the impact from ^a harsher operating context inIberia, marked by low hydro production and high pool prices, particularly when compared with an extremely wet and low-price context in 1H16 in Iberia.

Installed capacity grew by 7% YoY, to 26.2GW in 1H17, mainly driven by new hydro capacity in Portugal (+988MW) and wind capacity additions (+704MW, mostly in US and Mexico). Portfolio of contracts grew by 1% YoY, to 11.3m in Jun-17.

In Iberia, EBITDA fell by 22% YoY, to €868m in 1H17. Scarce hydro resources (42% short of LT average in 1H17), particularly whencompared to an extremely wet 1H16 (68% premium over LT average), and higher pool prices (average €51/MWh in 1H17 vs. €30/MWh in 1H16) squeezed results with energy management and took ^a toll on hydro production, including the new capacity brought on stream (namely hydro with pumping). EDPR's contribution to group EBITDA was 11% higher YoY, supported by portfolioexpansion (+8% on avg.), higher income from Institutional partnerships and favourable ForEx impact. EDP Brasil's ('EDPB') contribution to adjusted EBITDA was 31% higher YoY, propelled by favorable ForEx impact (following 20% average appreciation of BRL vs. Euro), better regulatory terms in the wake of last year's review at EDP Espirito Santo and positive impact from higher spot price ondistributors' overcontracting position.

Operating costs (Supplies and services ⁺ Personel costs) rose by +€54m YoY, to €813m in 1H17, mostly reflecting ForEx evolution(+€42m in 1H17) and 6% increase in avg. capacity. Excluding ForEx impact, it is worth to highlight by business areas: i) in Iberia, costs rose by 1% YoY mainly backed by portfolio expansion (+6% YoY on both average installed capacity and clients), higher IT costs and tight cost control; ii) at EDPR level, stable core Opex/avg, ex- ForEx; iii) at EDP Brasil level, costs grew by 3%, in line with local inflation. Other net operating costs/(revenues) rose by €34m YoY, to €177m in 1H17, mainly reflecting the wipe out of one-off gains YoY (€61m lower YoY). Total regulatory costs in Iberia (clawback, social tariff and extraordinary energy tax in Portugal; generationtaxes in Spain), amounted to €176m in 1H17 (+24% YoY).

EBIT fell by 10% YoY, to €1,192m in 1H17. Net financial results and Results with JVs and associates amounted to -€363m in 1H17(€50m higher YoY), benefitting from ^a 14% YoY decrease in net interest expense, prompted by ^a 40bp YoY decline in avg. cost of debt (to 4.1% in 1H17) and lower avg. net debt (-€0.5bn YoY). Non-controlling interests advanced to €192m in 1H17, on higher share of minorities at wind farms and higher net profit of EDPR, reinforced by the extension of useful life of wind assets. Overall, net profit attributable to EDP shareholders was 5% lower YoY, at €450m in 1H17. Excluding non-recurrent items (-€45m in 1H16, -€43m in1H16, as described on page 4), adjusted net profit in 1H17 amounted to €493m (-5% YoY vs. €517m in 1H16).

Net debt amounted to €16.9bn in Jun-17, up from €15.9bn in Dec-16, mainly impacted by the annual dividend payment in May-17(+€0.7bn), one-off VAT payment to be recovered until this year-end (+€0.3bn) and tax payment in the wake of deficit securitisations executed during ²⁰¹⁶ (+€0.3bn). Additionally, net debt evolution reflected: i) organic free cash flow of €0.8bn in 1H17, which was offset by the overall impact of net expansion investment (€0.8bn); ii) Favorable ForEx impact (-€0.4bn on net debt); iii) higher regulatory receivables (+€0.1bn); and iv) neutral combined impact from changes in perimeter of consolidation (+€0.2bn) anddisposals of stake in REN and 49% stake in wind assets in Portugal to CTG (-€0.3bn on net debt).

Finally, it is worth to highlight that in Apr-17, EDP definitely agreed on the sale of gas networks in Spain and Portugal for ^a total consideration of €2.6bn (of which €0.2bn is due to be cashed over ⁵ years) and €0.5bn, respectively. The completion of the gas network transaction in Spain will occur in Jul-17, while the Portuguese one is expected to occur in the 3Q17.

(1) Net Operating Costs = OPEX (Supplies and services + Personnel costs + Costs with social benefits) + Other operating costs (net); (2) Depreciation and amortisation expense net of compensation for depreciationand amortisation of subsidised assets; (3) Net of regulatory receivables; (4) Based on trailing 12 months EBITDA of €3,595m and net debt excluding 50% of hybrid bond issue- 2 -

EBITDA Breakdown

( ) EBI TDA € m	1H1 7	1H1 6	∆ %	∆ A bs.	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	2Q 17 ∆ %	YoY ∆ A bs.	2Q ∆ %	17 Qo Q ∆ A bs.
ly I ber Gen tion & Sup ia era p	360	643	-44 %	-28 2	339	304	213	214	201	160			-47 %	-14 4	-20 %	-41
ula ted rks Ibe Reg Ne ria two	513	496	3%	+17	234	262	254	240	265	248			-5%	-14	-6%	-16
Wi nd & S ola r Po we r	719	648	11%	+71	379	269	198	324	373	345			28%	76	-8%	-28
Bra zil	316	301	5%	+14	185	116	163	129	164	151			30%	35	-8%	-13
Oth er	(5 )	(21 )	78%	+17	(7 )	(14 )	(2 )	(41 )	8	(13 )			8%	1	-	-21
Con sol ida ted	1,9 02	2,0 67	-8%	-16 4	1,1 30	937	826	867	1,0 11	892			-5%	-46	-12 %	-11 9

Consolidated EBITDA amounted to €1,902m in 1H17 (-8% YoY). Adjusted for last year's one-off at Pantanal (+€61m; details below(1)), EBITDA decreased 5% YoY in 1H17, to €1,902m, mainly reflecting last year's outstanding hydro conditions (1H), compared to 1H17's weak resources and higher pool prices in Iberia (€51/MWh in 1H17 vs. €30/MWh in 1H16): hydro resources in Portugal were 42% below average in 1H17vs. ^a 68% premium in 1H16. As ^a result, results with energy management in Iberia and lower productionpenalised EBITDA performance from Generation & Supply, outpacing the benefits of higher average capacity on stream (+6% on average), more favourable regulatory terms in Brazil and positive impact fromForEx: +€65m, mainly due to the average appreciation of BRL vs. Euro (+20%).

GENERATION & SUPPLY IN IBERIA (19% of EBITDA) – EBITDA fell 44% YoY, to €360m in 1H17, impacted by very different weather and price conditions YoY: in light of EDP's risk-controlled strategy (marked by forward contracted, spread-locked volumes), the abnormally dry weather and high spot prices (particularly in 1Q17) compared very toughly with 1H16's extremely wet period and low price context (particularly in 2Q16). As ^a result, strong results with energy management wiped out in 1H17 and margins in the supply business were materially penalised. EBITDA in 1H17 reflected: (i) ^a more expensive generation mix (€33/MWh in 1H17 vs. €14/MWh in 1H16), stemming from the replacement of lower-cost hydro production (27% weight in generation mix in 1H17 vs. 63% in 1H16) by coal and CCGT's; (ii) lower results with energy management and lower supply margins, deriving from high spot prices and strongerthan-forecasted demand; (iii) 45% YoY decline in gross profit from contracted production, to €27m in1H17, as production at our mini-hydro plants was penalised by harsher weather conditions. Note that the annual deviation from PPA/CMEC gross profit vis-à-vis CMECreference amounted to €111m in 1H17.

REGULATED NETWORKS IN IBERIA (27% of EBITDA) – EBITDA increased by 3% YoY (+€17m YoY), to €513min the 1H17, mainly impacted by higher gross profit and tight cost control (-3% YoY). Gross profit was €4mhigher YoY, at €867m in 1H17. In electricity distribution, gross profit was broadly stable YoY, both in Spainand Portugal – this latter, showing ^a mixed impact from higher RoRAB (from 6.45% in 1H16 to 6.76% in1H17, prompted by higher average Portuguese Government 10-year bond yields) and narrowing portfolioof regulated clients. In gas distribution, gross profit in 1H17 amounted to €134m. Note that EDPannounced the sale of its gas networks in Spain and Portugal, in last April (full year EBITDA of c€210mm).

WIND & SOLAR POWER (38% of EBITDA) – EDPR's contribution to consolidated EBITDA rose by 11% YoY (+€71m) to €719m in 1H17, driven by ^a 9% rise in production, an increase in income fromInstitutional partnerships and favourable ForEx impact (+1% or +€13m, mainly driven by ^a 3% USDappreciation vs. Euro) and. Growth in production was prompted by an 8% YoY increase in average capacity on stream and 1pp increase in the average load factor (prompted by the US). Opex rose by 8% YoY, broadly in line with portfolio expansion. Income from Institutional partnerships rose by €29mYoY, to €132m, on back of new institutional Tax Equity structures, ForEx and an increase in PTCs fromUSD23/MWh to USD24/MWh.

BRAZIL (17% of EBITDA) - EDP Brasil's contribution to consolidated EBITDA rose 5% YoY (+€14m), to€316m in 1H17, impacted by last year's gain booked in the sale of Pantanal mini-hydro. Excluding this gain, EBITDA in Brazil grew by 31% YoY (+€75m), largely driven by favourable ForEx impact (+€53m inthe wake of BRL 20% appreciation vs. Euro). In local currency, adjusted EBITDA rose by 9% YoY, as growth in distribution outstood the performance at generation & supply. EBITDA in distribution rose by R\$140m, to R\$397m in 1H17, impacted by growth on regulated gross profit (+R\$72m YoY) and by the positive impact of energy overcontracting at EDP São Paulo (+R\$58m YoY). In turn, EBITDA fromGeneration and Supply fell by R\$46m, to R\$738m in 1H17, reflecting: i) at Pecém, last year's insurance revenue amounting R\$82m, coupled with negative impact of higher PLD YoY; ii) at the hydro division, the positive impact of GSF at 97% in 1H17 (vs. 89% in 1H16); and iii) at the supply business, the positive impact from higher volumes and margins (+R\$84m YoY).

(1) Non-recurring items: (i) +€61m in 1H16, derived from the sale of Pantanal mini-hydro plant inBrazil; (ii) No non-recurring items in 1H17.

Profit & Loss Items below EBITDA

fit & s b elo ( ) Pro Lo ss I w E BIT DA € m tem	1H1 7	1H1 6	∆ %	∆ A bs.	3Q 16	4Q 16	1Q 17	2Q 17	2Q	17 Qo Q
									∆ %	∆ A bs.
EBI TDA	1,9 02	2,0 67	-8%	-16 4	826	867	1,0 11	892	-12 %	-11 9
Pro visi ons	2	(5 )	-	7	(10 )	(0 )	4	(2 )	-16 0%	-7
d im Am isat ion irm ort ent an pa	709	744	-5%	-36	371	395	359	349	-3%	-10
EBI T	92 1,1	1,3 27	-10 %	-13 5	465	472	648	545	-16 %	-10 3
fin ial Net inte t anc res	(34 3)	(39 8)	14%	55	(18 5)	(22 9)	(17 5)	(16 8)	-4%	7
ula ceiv abl rela ted fin sult Reg tor y re es- . re s	21	61	-66 %	-40	5	11	19	2	-90 %	-17
Cap ital ized fin ial c ost anc s	16	28	-41 %	-12	15	15	10	6	-36 %	-4
Unw ind ing of lon liab iliti es( 1) g te rm	(94 )	(96 )	2%	2	(47 )	(47 )	(51 )	(43 )	-17 %	8
Net for eig xch e d iffe d d eriv ativ n e ang ren ces an es	(16 )	5	-	-22	(16 )	(7 )	(5 )	(12 )	152 %
th a nd Inv nt i t in wi ciat JV est ter est me nco me , ne sso es a	(10 )	(2 )	1% -54	-8	(4 )	(6 )	(7 )	(2 )	-	-75
ital ins/ (Lo s) Cap Ga sse	25	13	86%	11	(0 )	1	0	24	518 3%	24
Oth ls er F ina ncia	32	(19 )	-	51	5	6	13	19	47%	6
Fin ial ults Res anc	( ) 370	(4 08)	9%	38	( ) 227	( ) 257	(1 97)	(17 3)	-12 %	23
s/a Sha f ne rof it in ciat es ( ails 29) t p JV Det re o sso pa ge	7	(5 )	-	12	2	(1 9)	(1 )	8	-14 53%	8
fit Pre Pro -tax	829	915	-9%	-86	240	196	450	379	-16 %	-71
Inc e T om axe s	119	243	-51 %	-12 4	57	( ) 211	66	53	-19 %	-12
Ef fec te ( %) tive Ta x ra	14%	27%	-	-12 .2 p p	24%	-10 8%	15%	14%		-0.0 pp
rdin ibu n fo r th Ext Co tio e E Sec ntr tor rao ary ner gy	67	59	15%	9	2	1	70	( 2)	3% -10	-72
roll ing (De tail ) No Int 29 ont sts n-c ere s p age	192	141	36%	51	38	60	100	93	-7%	-7
fit A ttri but abl har eho lde Net Pro e to ED P S rs	450	472	-5%	-22	143	346	215	235	9%	20

Amortisation (net of compensation from depreciation and amortisation of subsidised assets) dropped by 5% YoY to €709m in 1H17, mostly reflecting: (i) the extension of the useful life of wind farms from ²⁵ years to ³⁰ years (-€59m); and (ii) the recognition of Portgás and Naturgás Energia Distribución under "assets held for sale" since Dec-16 and Mar-17 (-€20m); partly offset by the impact from higher installedcapacity and BRL appreciation against the Euro.

Net financial results amounted to -€370m in 1H17, €38m higher YoY, benefitting from ^a 14% YoY decrease in net interest expense (-€55m), supported by ^a 40bps YoY decline in the avg. cost of debt (from 4.5% in 1H16 and 4.4% in ²⁰¹⁶ to 4.1% in 1H17) and ^a lower avg. net debt (-€0.5bn YoY). Financial results relatedto regulatory receivables fell by €40m YoY, backed by lower volume and rate of return. Capitalisedfinancial costs decreased €12m YoY, due to the end of construction period of hydro assets in Portugal. Net ForEx differences and derivatives totalled -€16m in 1H17 (-€22m YoY). Capital gains reflected: (i) in 1H17, the sale of our equity stake in REN (€25m); (ii) in 1H16, the sale of our equity stake in Tejo Energia (€11m). Other financials (+€51m YoY) were largely influenced by an impairment on our financial stake in BCP(€27m) and debt prepayment costs at EDPR level (€22m), both in 1H16.

Share of net profit in joint ventures and associates amounted to €7m in 1H17, €12m higher YoY, as 1H16was penalised by lower results from two equity accounted hydro plants in Brazil and EDPR's stakes incompanies in Spain and US (more details on page 29).

Income taxes amounted to €119m (-€124m YoY), reflecting ^a lower pre-tax profit in 1H17 and an effective tax rate of 14% in 1H17 (vs. 27% in 1H16, which was abnormally high due to the significantly higher amount of tariff deficit sales in the period). Additionally, the extraordinary contribution applied to the energy sector in Portugal (0.85% on net assets) rose from €59m in 1H16 to €67m in 1H17, following the increase of net assets in operation owing to the commissioning of two hydro plants in ²⁰¹⁶ (Salamonde II and Baixo Sabor upstream plant).

Non-controlling interests amounted to €192m in 1H17, €51m higher YoY, impacted by the 22.5% share of minorities on higher net profit at EDPR, reinforced by the extension of useful life of wind assets, and further sales of noncontrolling interests in wind farms colsed over the last ¹² months (more details on page 29).

Overall, net profit attributable to EDP shareholders was 5% lower YoY, at €450m in 1H17. Excluding non-recurrent items(1), adjusted net profit in 1H17 amounted to €493m (-5% YoY vs. €517m in 1H16).

(1) Non-recurrent items: (i) in 1H16 (-€45m), gain from the sale of Pantanal in Brazil (+€24m), capital gain from the sale of Tejo Energia stake (+€11m); cost with impairment at our stake in BCP (-€21m) and the extraordinary energy tax (-€59m); (ii) in 1H17 (-€43m), capital gain from the sale of REN stake (€25m) and the extraordinary energy tax (- €67m).

(1) Includes unwinding of medium, long term liabilities (regarding dismantling & decommissioning provision for wind assets, TEIs and Alqueva/Pedrogão concessions) and interest on medical care and pension fund liabilities

Capital Expenditure & Net Investments

Cap ( € m ) ex	1H1 7	1H1 6	∆ %	bs. ∆ A	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17 4Q 17	CA PEX 1H 17
tion & ly I ber ia Gen Sup era p	67	127	% -47	-59	50	77	91	160	32	35
ula ted rks Ibe Reg ria two ne	146	148	-2%	-3	65	83	85	112	73	73
nd & s ola Wi r po we r	424	378	12%	+46	89	290	204	446	93	331		Ma inte nan ce
zil Bra	94	58	63%	+36	21	37	49	62	49	45		38%
Oth er	16	13	28%	+3	9	4	8	23	5	11		62%
EDP Gr oup	747	724	3%	+23	233	490	436	804	252	495		Exp ion ans
ion Exp Ca ans pex	463	460	1%	+3	127	334	261	546	112	351
inte Cap Ma nan ce ex	284	263	8%	+21	106	157	176	258	140	144

fin ial Net anc / (D s) ( ) inv ive €m est nts stm ent me	1H1 7	1H1 6	∆ %	bs. ∆ A
Fin ial Inv est nts anc me	61	156	-61 %	-96
Con sol ida tion rim Pe ete r ED PR Bra zil g rati ene on (I ia) Gas ber ets ass Oth er	17 39 - 5	38 58 44 17	% -57 -32 % - -69 %	-22 -19 -44 -11
Fin ial Div est nts anc me	264	687	-62 %	-42 3
asil (Pa nal ) EDP Br nta Wi nd ets ass Oth er	- 211	83 585 20	-	-83
al Tot	( ) 203	(5 31)	62%	+32 8

al Tot	792	( 21)	-	+81 2
R's tion ds EDP et r ota ass pro cee	-	(82 9)	-	+82 9
ial Fin inv est nts anc me	45	84	-47 %	-40
Cap ex	747	724	3%	+23
( ) Net Inv €m est nts me	1H1 7	1H1 6	∆ %	bs. ∆ A
Tot al	( ) 203	(5 31)	62%	+32 8
Oth er	53	20	168 %	+33
Wi nd ets ass	211	585	-64 %	-37 4

Consolidated capex amounted to €747m in 1H17, of which 62% was dedicated to expansion, namely in the construction of new hydro & wind capacity (€453m). Additionally, 89% of consolidated capex was dedicated to regulated or long termcontracted areas.

Capex in new wind capacity (EDPR) amounted to €424m in 1H17 (of which 76% in North America, 13% in Europe and 11%in Brazil). Wind capacity additions totalled 21MW in 1H17, consisting of 18MW of wind capacity in France and ^a solar PV in Portugal (3MW). Wind capacity under constructionby Jun-17 totalled 633MW: 79% in US, 20% in Brazil and 1% in Europe.

Expansion capex dedicated to new hydro capacity in Portugal amounted to €29m (versus €72m in 1H16), following the commissioning of Venda Nova III repowering (756MW) in 1Q17 and of Foz Tua plant (263MW) in 2Q17.

Maintenance capex amounted to €284m in 1H17, mostly absorbed by regulated networks in Iberia and Brazil. The €21mYoY increase is largely explained by higher expenditures in Brazilian networks focused on the reduction of energy losses and improvement of quality of service. Note that maintenance capex also include pluri-annual works at our power plants in Iberia.

Net financial divestments totalled -€203m in 1H17, mainly reflecting the completion of the sale of ^a minority stake inPortuguese wind assets to CTG (€211m, excluding shareholder loans) and the sale of ^a 3.5% stake held in REN (€50m), partly offset by equity contributions to São Manoel hydro project in Brazil and to offshore wind projects developed inpartnership.

Overall, net investments amounted to €792m in 1H17 (versus -€21m in 1H16), including €747m of capex and €45m of financial investments (excluding the sale of ^a minority stake in Portuguese wind assets to CTG).

FFO & Cash Flow Statement

ds f tio ( ) Fun Op €m rom era ns	1H1 7	1H1 6	∆ %	bs. ∆ A
EBI TDA	1,9 02	2,0 67	-8%	-16 4
Cur t in e ta ren com x	(14 4)	(46 5)	69%	+32 1
fin ial Net inte ts anc res	(34 3)	(39 8)	14%	+55
nd div ide nds ed fro Net Inc eiv m A ciat om e a rec sso es	13	(1 )	-	+14
ash No ite n-c ms	(46 )	(59 )	21%	+13
und tio FFO - F s Fr Op om era ns	1,3 82	1,1 43	21%	+23 8
w ( ) - I Con sol ida ted Ca sh Flo €m ndi t M eth od rec	1H1 7	1H1 6	∆ %	bs. ∆ A
EBI TDA	02	67		-16 4
Cur t in	1,9	2,0	-8% 69%	+32 1
e ta ren com x Cha rkin ital	(14 4)	(46 5) 606		87
s in ting nge op era wo g c ap	(78 1)	851	-	-1,3 -94 6
ula iva ble Reg tor y R ece s	(95 )		-
ash ite No n-c ms	(46 )	(59 )	21%	+13
Oth ork ing ital er w ca p	(64 0)	(18 6)	-24 4%	-45 4
sh f Net Ca Op ting Ac tivi ties rom era	978	2,2 08	% -56	-1,2 30
Cap ex	(74 7)	(72 4)	-3%	-23
Exp ion ans	(46 3)	(46 0)	-1%	-3
inte Ma nan ce	(28 4)	(26 3)	-8%	-21
Cha s in rkin ital fro ipm lier ent wo m e su s	(35 0)	(40 9)	15%	+60
nge g c ap qu pp / Net fin ial ( inv ) div est nts est nts anc me me		531	-62 %	-32 8
Net fin ial inte aid	203 (36 9)	(39		+21
ts p anc res fro Div ide nds eiv ed m A ciat		1) 10	5%	+6
rec sso es ide nds id Div	16		n.m 6%	+48
pa Sh hol der EDP	(74 4)	(79 2)	-3%	-18
are s Oth	(69 1)	(67 3)	56%	+66
er	(53 )	(11 9)		-24
ds f titu tion al P shi in U ind Pro Ins art S w cee rom ner ps	(13 2)	113	-	5
Effe f ex cha e fl ion ct o rat uct uat nge s	377	(58 )	-	+43 4
Oth rati cha er n on- ope ng nge s	(19 9)	412	-	-61 1
se/ (Inc se) bt Dec in Net De rea rea	( ) 967	901	-	-1,8 68
sol ida ted sh Flo w ( ) - D irec eth od Con Ca €m t M	1H1 7	1H1 6	∆ %	∆ A bs.
Op ting tivi ties Ac era
Cas h re cei fro pts ust m c om ers	7,1 71	6,7 96	6%	+37 5
Pro ds f iff a dju les tar stm ent cee rom s sa	593	1,2 54	-53	-66 1
h p lier el Cas aid d p to sup p s an ers onn	(5,8 51)	(5,1 64)	% % -13	-68 7
oth Con sio & nts ces n re er	(62 4)	(50 5)	-24	-12 0
sh f Net Ca Op tio rom era ns	1,2 89	2,3 82	% -46 %	-1,0 92
ed/ (pa id) Inc ceiv e ta om x re	(31 1)	(17 4)	-79 %	-13 8
Ca sh f tivi ties Net Ac	978	2,2 08	-56 %	-1,2 30
Op ting rom era
Net Ca sh f Inv ing Ac tivi ties est rom	(1, ) 021	(1,1 00)	7%	+79
sh f Net Ca Fin ing Ac tivi ties rom anc	577	( 932 )	-	510 +1,
Cha s in sh and sh iva len Ca Ca Equ ts nge	534	175	205 %	+35 9
Effe f ex cha e fl ion ct o rat uct uat nge s	(67 )	108	-	-17 4

Funds from operations (FFO) rose 21% YoY to €1,382m in 1H17, reflecting i) ^a €164m decline in EBITDA (see details onpage 3); ii) ^a €321m decrease in current income tax, largely impacted by the significantly higher amount of sales of tariff deficit in 1H16 (€1.3bn) than in 1H17 (€0.6bn); and iii) ^a €55m decrease in net financial interests.

Net cash from operating activities decreased by €1,230m YoY to €978m in 1H17. Regulatory receivables rose by €95mvs. Dec-16, mostly driven by: (i) an €82m increase from regulated activities in Portugal, including €574m from tariff deficit sales; (ii) an €18m increase from regulated activities in Brazil. 'Other changes in working capital' amounted to -€640m in1H17, largely impacted by: (i) one-off VAT payments totalling €268m within the scope of the reorganization of the gas distribution business in Spain (to be recovered until this year-end); (ii) higher income tax payments derived from the large amount of tariff deficit sales undertaken during ²⁰¹⁶ (€330m). Note that in 1H16, this line item included ^a €61m gain fromthe sale of Pantanal in Brazil.

Expansion capex totalled €463m in 1H17, mainly translating the construction of new wind capacity and, to ^a lower extent, the construction of new hydro.

Net financial divestments amounted to €203 in 1H17, mainly reflecting (i) EDPR disposal of ^a minority stake in Portuguese wind assets (part of ENEOP projects) to CTG (€211m; the remaining sales proceeds, corresponding to shareholder loans, are considered under "Other non-operating charges"); (ii) sale of ^a minority stake in REN (€50m); and (iii) equity contributions to São Manoel hydro project in Brazil, as well as offshore wind projects developed in partnership.

On 17-May-17, EDP paid its annual dividend totaling €691m (€0.19/share, representing ^a 2.7% increase vs. the previous year). Note that the total amount of dividends paid (€744m) also includes the consideration paid to non-controlling interests at the level of EDPR and EDP Brasil.

Proceeds from Institutional Partnerships in US amounted to -€132m in 1H17, reflecting the retention of tax benefits by institutional investors. Note that in 1H16, this caption included the proceeds received from the establishment of ^a tax equity financing structure in US regarding the 199MW Waverly wind farm (€216m).

Effects of exchange rate fluctuations positively impacted net debt by €377m, predominantly driven by the depreciation of the BRL (-10%) and USD (-8%) vs. Dec-16, both against the Euro.

Other non-operating changes amounted to -€199m in 1H17, impacted by the full consolidation of the new 200MW Eólica de Coahuila wind farm in Mexico (€0.2bn) and higher shareholder loans provided by partners due to the sale of Portuguese wind assets to CTG (€37m). Note that in 1H16, this line item included the impacts of higher shareholder loans provided by partners (€273m) due to the sale of ^a minority stake in ^a portfolio of European assets and EDP Brasil capital increase (€184m).

On balance, net debt increased by €967m vs. Dec-16 to €16.9bn as of Jun-17.

Looking forward, it is worth highlighting that (i) in Apr-17, EDP signed the definitive agreements for the sale of its gas distribution business in Spain, which closing will occur in Jul-17 (€2.6bn, of which €0.2bn is due to be progressively cashed in ⁵ years); and has also agreed on the sale of its gas distribution business in Portugal (€0.5bn), which closing is expectedto occur in the 3Q17; (ii) in Jul-17, EDPR established ^a \$370m tax equity financing structure regarding three wind farms in the US (297MW); and (iii) the acceptance rate of EDP's tender offer over EDPR (€6.75/share, representing ^a maximumpotential investment of €1.3bn) will be known on August ⁴th

Statement of Consolidated Financial Position

( ) Ass € m ets		Jun . De vs c
	Jun -17	Dec -16	bs. ∆ A
Pro lan d e ipm ty, t an ent t per p qu , ne	23, 844	24, 194	-34 9
Inta ible ets t ng ass , ne	4,8 84	5,1 29	-24 5
dw ill Goo	2,3 01	3,4 15	-1,1 14
ial he ld f ale ( det ails 29) Fin inv & est nts ets anc me ass or s pa ge	3,8 72	1,5 47	2,3 25
def ed and Tax ets nt ass err cu rre ,	962	1,3 99	-43 7
Inv orie ent s	267	317	-49
Oth ts, net er a sse	6,0 52 42	6,5 11 52	-45 9 -10
Col late ral dep osit s Cas h a nd h e iva len ts	89	21	468
cas qu	1,9	1,5
al A Tot ts sse	44, 214	44, 084	130
ity ( ) Equ € m	Jun -17	Dec -16	∆ A bs.
ity ribu tab le t ity hol der s of Equ att ED P o e qu	9,1 33	9,4 06	-27 3
No roli Inte t (D ils o 30 ) ont eta n-c ng res n p age	4,3 50	4,3 30	20
al E Tot ity qu	13, 483	13, 736	-25 3
Lia bili ties ( ) € m	Jun -17	Dec -16	∆ A bs.
Fin ial d ebt f w ich anc , o :	19, 374	18, 027	1,3 48
diu nd lon Me g-t m a erm	15, 908	15, 550	357
Sho rt t erm	3,4 67	2,4 76	990
s ( ) Em loy ben efit det ail bel p ee ow	1,6 55	1,7 27	-72
al p shi liab ility (U ind ) Inst itut ion S w art ner p	1,1 29	1,5 20	-39 1
Pro visi ons	644	671	-28
lia bili def ed and Tax ties nt err cu rre ,	1,1 31	1,6 76	-54 5
Def ed e fr shi inc ins t. p art err om om ner ps	828	819	8
Oth er l iab iliti net es,	5,2 81	5,9 07	-62 7
Tot al L iab iliti es	30, 041	30, 347	-30 6
al E and bili Tot ity Lia ties qu	43, 525	44, 084	-55 9
loy efit s ( ) (1 ) Em Ben €m p ee	Jun -17	Dec -16	∆ A bs.
sio ns ( 2) Pen	761	815	-54
Me dic al c d o the are an r	894	912	-18
loy efit Em Ben p ee s	1,6 55	1,7 27	-72
ula iva ble s ( ) Reg y R €m tor ece +	Jun -17	Dec -16	∆ A bs.
al D istr ibu tion d G	765	744
as ( 3) Por tug an Por al A al C ME C D evi atio	314	253	21 60
tug nnu n in ( ) Gas	62	68	-5
Spa zil Bra	-96	-11 4	18
ula iva ble Reg y R tor ece s	1,0 45	951	95

Total amount of property, plant & equipment and intangible assets decreased €1.3bn vs. Dec-16 to €28.0bn as of Jun-17, mainly reflecting: i) -€0.7bn from depreciations in the period; ii) +€0.8bn of capex in the period; iii) +€0.3bn due to the consolidation of the 200MW Eólica de Coahuila wind farm in Mexico; iv) -€0.6bn, as gas distribution assets in Spain are statedunder 'assets held for sale', following the signing of definitive agreements for sale in Apr-17; and v) -€0.8bn due to exchange rate differences following the depreciation of the USD and the BRL against the EUR. As of Jun-17, EDP's balance sheet included €2.1bn of works in progress (8 % of total consolidated tangible and intangible assets) largely related to investments already incurred in regulated networks, power plants, wind farms development, equipment or concession rights which are not yet operating.

Goodwilldecreased €1.1bn vs. Dec-16 to €2.3bn in Jun-17, due to the planned sale of Naturgas Energía Distribuición.

The book value of financial investments & assets held for sale increased €2.3bn vs. Dec-16, to €3.8bn as of Jun-17, mainly reflecting the inclusion of Naturgas Energía Distribuición (€2.3bn) as 'assets held for sale', since Portgas was already includedin this caption since Dec-16. Also note that, by Jun-17, financial investments essentially refer to our equity stakes, at EDPBrasil level, in Jari (50%), Cachoeira Caldeirão (50%) and São Manoel (33%); at EDP Group level, in EDP Asia (50%), which is the owner of ^a 21% stake in CEM; and, at EDPR level, equity stakes in 356MW wind farms in US and Spain. Our stake in REN(3.5%) has been sold in Jun-17.

Tax assets net of liabilities, deferred and current, went up €0.1bn vs. Dec-16, primarily driven by extraordinary tax payment of €330bn) derived from an unprecedent amount of receivables securitization in 2016. Worth noting also ^a one-off VAT payment (€0.3bn), within the scope of the reorganization of the gas distribution business in Spain, to be recovered until this year-end. Other assets (net) decreased €0.5bn vs. Dec-16 to €6.1bn as of Jun-17, largely impacted by sales of tariff deficit in1H17.

Total amount of EDP's net regulatory receivables went up €0.1bn vs. Dec-16, to €1,045m as of Jun-17, reflecting essentially an €82m increase in Portugal.

Equity book value attributable to EDP shareholders decreased by €0.3bn to €9.1bn as of Jun-17, reflecting the dividendpayment of the annual dividend €691m, partly offset by the €450m of net profit for the period. Non-controlling interest stood at €4.4bn as of Jun-17, corresponding to the share of profit at EDPR and EDP Brasil in the period that does not belong to EDP shareholders.

Pension fund, medical care and other employee benefit liabilities (gross, before deferred taxes) fell by €72m vs. Dec-16 to€1.7bn as of Jun-17, reflecting the recurrent payment of pension and medical care expenses in 1H17.

Institutional partnership liabilities declined €0.4bn vs. Dec-16 to €1.1bn as of Jun-17, following the benefits appropriated by the tax equity partners during the period and the depreciation of USD against the Euro (-3%).

(1) Gross, befores deferred taxes; (2) Pensions include the Provision for the HR Restructuring Program costs of EDP Distribuição, which is being recovered through the tariffs; (3) Tariff deviations to be recovered/(returned)through tariffs in the following years by electricity distribution and last resort supply and gas in Portugal.

Consolidated Net Financial Debt

al F al D ebt by ( ) No min ina nci Co €m mp any	-17 Jun	-16 Dec	∆ %	bs. ∆ A
d E EDP S.A DP Fin e B V . an anc	16, 634	15, 214	9%	1,4 20
duç ão & O the EDP Pro r	76	79	-5%	-4
áve is EDP Re nov	962	787	22%	175
EDP Br asil	1,4 58	1,5 82	-8%	-12 4
No min al F ina nci al D ebt	19, 130	17, 662	8%	1,4 68
d In bt Acc De ter est rue on	237	292	-19 %	-55
lue of Hed d D ebt Fai r Va ge	8	73	-89 %	-65
d w ith Deb t (2 ) Der ivat ive iate s as soc	(66 )	(13 0)	50%	64
Col late ral dep osit iate d w ith Deb t s as soc	(42 )	(52 )	20%	10
brid ad jus (50 % e ity t) Hy tm ent ten qu con	(38 1)	(39 1)	3%	10
Tot al F ina nci al D ebt	18, 886	17, 454	8%	1,4 32
h a nd h e len Cas iva ts	1,9 89	1,5 21	31%	468
cas qu nd Oth EDP S.A DP Fin e B V a	76 1,1	525	124 %	650
., E anc er áve EDP Re is	274		-33 %	-13 4
nov asil EDP Br	539	408 588	-8%	-49
			-21	-2
Fin ial fair lue th h P &L ets at anc ass va rou g	8	10	%
EDP Co lida ted Ne t D ebt nso	16, 890	15, 923	6%	967

dit Lin by ( ) Cre Jun -17 €m es	xim Ma um Am t oun	mb Nu Cou nte	f er o rts rpa	ilab Ava Am oun	le t	ity Ma tur
olv ing Cr edi cilit ies Rev t Fa	75		1		-	Jul/ 19
Rev olv ing Cr edi t Fa cilit y Rev olv ing Cr edi t Fa cilit y	3,1 50 500		21 16		3,1 50 425	/19 Jun /20 Feb
red Dom ic C it L ine est s Und ritt CP Pro erw en gra mm es	151 100		7 1	139 100		abl Ren ew e 202 1
Tot al C red it L ine s	3,9 76				3,8 14
Deb t R atin gs	S& P		Mo	ody 's		Fitc h
& Fin EDP SA EDP e B V anc Las t Ra ting Ac tion	/Po BB+ siti 30/ 03/	ve/ B 201 7	3/S Baa 03/ 04/	le/ tab P3 201 7	BBB	-/S /F3 tab 31/ 10/ 201 6
Deb atio t R s				( Jun -17	3)	Dec -16

Net Debt / EBITDA

EDP's financial debt is essentially issued at holding level (EDP S.A. and EDP Finance B.V.) through both debt capital markets and bank loans. Maintaining access to diversified sources of funding and assuring refinancing needs at least 12- ²⁴ months ahead continue to be part of the company's funding strategy.

In Mar-17, S&P affirmed EDP's credit rating at "BB+" with Positive outlook. In Apr-17, Moody's affirmed EDP's credit rating at "Baa3" with Stable outlook. Both rating affirmations follow EDP's announcement of the acceptance of ^a binding offer for the sale of its gas distribution business in Spain, which proceeds will be partially used to fund the potential acquisition of EDPR shares that are currently owned by minority shareholders. S&P believes that the transactions do not materially affect the group's risk profile and Moody's considers that the transactions are consistent with EDP's 2016-20Strategic Plan, contributing to the deleverage path.

Looking at 1H17 major refinancing deals, in Jan-17 EDP issued ^a €600m Eurobond with ^a coupon of 1.875%, maturing inSep-23. In Jun-17, EDP issued ^a USD1bn bond with ^a coupon of 3.625% maturing in Jul-24. EDP's long dated bond issues are in line with the Group's financial policy of extending the average term of its debt portfolio and reinforcing its financial flexibility.

As of Jun-17 average debt maturity was 4.6 years. The weight of consolidated financial debt through capital markets stood at 74%, while the remaining debt was raised essentially through bank loans.

Refinancing needs in ²⁰¹⁷ amount to €2.2bn, including several banking loans and two bonds: €750m 5.75% Eurobondmaturing in Sep-17 and GBP200m 6.625% bond maturing in Aug-17. Refinancing needs in ²⁰¹⁸ and ²⁰¹⁹ amount to€0.9bn and €2.3bn, respectively. Total cash and available liquidity facilities amounted to €5.8bn by Jun-17. This liquidity position allows EDP to cover its refinancing needs beyond 2018.

(1) Nominal Value includes 100% of the hybrid bond; (2) Derivatives designated for fair-value hedge of debt; (3) Based on trailing 12 months EBITDA of €3,595m and net debt excluding 50% of hybrid bond issue

4.7x

4.2x

Business Areas

Iberian Electricity and Gas Markets

Ele ctri city lan Ba ce		al Por tug			Spa in		Ibe	sul rian Pe nin	a	alle d C city in Ele ctri city Inst apa	Ibe	sul rian Pe nin	a
(TW h)	1H1 7	1H1 6	∆%	1H1 7	1H1 6	∆%	1H1 7	1H1 6	∆%	( GW )	1H1 7	1H1 6	∆%
Hy dro	4.3	11. 2	% -62	13. 2	27. 2	% -52	17. 4	38. 5	% -55	Hy dro	24. 5	23. 5
lea Nuc r	-	-	-	28. 5	27. 6	% 3.3	28. 5	27. 6	3%	lea Nuc r	7.0	7.0
l Coa	6.6	4.5	46%	20. 0	10. 1	99%	26. 6	14. 6	82%	l Coa	11. 3	11. 3
CCG T	5.9	1.7	252 %	12. 1	9.1	33%	18. 0	10. 8	67%	CCG T	28. 8	28. 8
(- )Pu ing mp	(1.2 )	(0.7 )	60%	(2.1 )	(3.5 )	-40 %	(3.3 )	(4.2 )	-22 %	tio nal ime Con Re ven g	71. 5	70. 6
tio nal ime Con Re ven g	15. 5	16. 7	-7%	71. 7	70. 5	2%	87. 2	87. 2	0%
										Wi nd	28. 5	28. 1
Wi nd	6.4	7.0	-9%	25. 2	28. 6	-12 %	31. 5	35. 6	-11 %	Oth ial ime er s pec reg	19. 6	20. 2
Oth er	4.6	5.0	-9%	23. 6	21. 5	10%	28. 2	26. 5	6%	Spe cia l Re ime g	48. 1	48. 3
l Re Spe cia ime g	10. 9	12. 1	-9%	48. 8	50. 1	-3%	59. 7	62. 1	-4%
										al Tot	119 .6	118 .9
/ (ex t) n Imp ort et por	(1.7 )	(4.1 )	-58 %	4.6	3.1	47%	2.9	(1.0 )	-
ss d and ( bef id l es) Gro em ore gr oss	24. 7	24. 7	0.3 %	125 .0	123 .7	1.1 %	149 .8	148 .3	1.0 %	Ibe rian Ele ctri city	rd M ark et ( Fo rwa	IP) OM
Ad jus rkin day t. t atu em per re, wo g s			0.6 %			1.5 %			n.a	/M Wh
										(€ )
Gas De nd ma		al Por tug			in Spa		Ibe	rian nin sul Pe	a
(TW h)	1H1 7	1H1 6	∆%	1H1 7	1H1 6	∆%	1H1 7	1H1 6	∆%	52
										49.5
Con tion al d and ven em	21. 4	20. 4	5%	141 .9	136 .0	4%	163 .3	156 .4	4%	50 50.6
Dem and for ele ctri city atio ge ner n	12. 1	3.6	236 %	27. 2	21. 8	25%	39. 3	25. 4	55%
Tot al D and em	33. 6	24. 0	40%	169 .1	157 .9	7%	202 .6	181 .9	11%	48

Electricity demand in Iberia was up 1% YoY (+1.8% YoY in 2Q17), largely impacted by ^a heatwave in June. In Spain (83 % of total in Iberia), demand adjusted for temperature and working days rose 1.5% YoY. In Portugal (17% of total), demand adjusted for temperature and working days was 0.6% higher YoY, unveiling ^a clear recovery in industrial activity.

Installed capacity in Iberia increased by 0.7GW YoY, to 120GW, reflecting the commissioning of our repowering of Venda Nova III (756MW, almost pure pumping hydro plant) and start up of production of our new hydro plant, Foz Tua (263MW with pumping), the addition of newwind capacity (0.4GW) and ^a small reduction in cogenerationinstalled capacity (-0.1GW).

In 1H17, residual thermal demand (RTD) surged 76% (+19TWh), prompted by very dry weather, particularly when compared with ^a very wet 1H16: hydro resources fell c40% short of LT average vs. an over 68% and 50% premium in 1H16, in Portugal and Spain respectively. As ^a result, production from hydro plants in 1H17 fell by 59% YoY (-20TWh YoY, net of pumping). Also worth to note is the fall in production from special regime (-2.4TWh, mainly supported by ^a 4.1TWh reduction in wind output, in the wake of ^a normalisation of wind resources) and higher demand (+1.5TWh), which was offset by higher net imports (+3.8TWh, concentrated in 2Q17) and nuclear output (+0.9TWh). The rise in RTDwas met by coal plants (+12TWh YoY in 1H17) and CCGTs (+7TWh), which average load factors increased by 25pp and 6pp YoY, to 54% and14%, respectively. Overall, very weak hydro resources throughout ¹st half of the year and normalised wind resources compared very toughly with last year's extremely favourable weather conditions.

Average electricity spot price rose 70% YoY in Spain, to €51/MWh (in Spain and Portugal), reflecting the combined impact of unfavourable weather conditions, higher-cost marginal technologies; and, in 1Q17 cold temperatures in Europe and nuclear shortages in France. Average CO2 prices fell 12% YoY in 1H17, to €5.0/ton. Average electricity final price in Spain advanced by 51%, to €59/MWh, in line with the evolution of spot prices. The difference between final electricity price and pool price derives from the contribution from profiling, restriction market, ancillary services and capacity payments.

In the Iberian gas market, consumption rose by 11% YoY in 1H17, boosted by ^a more intense CCGT-based electricity production: gas consumption for electricity generation purposes (20% of total gas consumption in Iberia) advanced by 55% YoY, with ^a strong contributionfrom Portugal. In 1H17, conventional gas demand accounted for 80% of total consumption in Iberia, also prompting ^a 4% increase YoY.

Spa in		Ibe	sul rian Pe nin	a		Ibe	sul rian Pe nin	a
	∆%	1H1 7	1H1 6	∆%	( ) GW	1H1 7	1H1 6	∆%
27. 2	% -52	17. 4	38. 5	% -55		24. 5	23. 5	4%
27. 6	3.3 %	28. 5	27. 6	3%		7.0	7.0	-
10. 1	99%	26. 6	14. 6	82%		11. 3	11. 3	-1%
9.1	33%	18. 0		67%		28. 8	28. 8	0%
(3.5 )	-40 %	(3.3 )	(4.2 )	-22 %		71. 5	70. 6	1%
70. 5	2%	87. 2		0%
					Wi nd	28. 5	28. 1	1%
28. 6	-12 %	31. 5	35. 6	-11 %		19. 6	20. 2	-3%
21. 5	10%	28. 2	26. 5	6%		48. 1	48. 3	0%
	-3%	59. 7	62. 1	-4%

in D rive rs ( 1) Ma	1H1 7	1H1 6	∆%
dro efic ien t (1 ) Hy .0 = co av g. y ear al Por tug Spa in	0.5 8 0.6 0	1.6 8 1.5 0	-65 % -60 %
fici (1. ) Wi nd 0 = ent coe av g. y ear al Por tug	0.9 9	3 1.1	-12 %
Ele /M Wh ctri city rice , € ot p sp al Por tug Spa in /M Ele ctri city fin al p rice , € Wh (2 ) Spa in	51 51 59	30 30 39	73% 70% 51%
es ( ), € /to CO 2 a llow EUA anc n l (A A), /to Coa PI2 CIF AR USD nne Mib (€ /M Wh ) ice gas pr /M Wh Gas NB P, € / USD bbl Bre nt,	5.0 79 21 17 52	5.7 47 15 14 40	-12 % 68% 41% 27% 30%
/US EUR D	1.0 8	1.1 2	-3%

Generation & Supply in the Iberian Market

( ) Inc e S € m tat ent om em			1H1 7	1H1 6	∆%	∆ A bs.
rof it Gro ss P			671	962	-30 %	-29 2
(1 ) OP EX (ne t) Oth atin sts er o per g co			225 86	202 118	11% -27 %	+23 -32
Op ting Net sts era co			310	320	-3%	-9
EBI TDA			360	643	-44 %	-28 2
Pro visi ons			(0 )	(25 )	-10 0%	+25
d im Am isat ion irm ort ent an pa EBI T			189 172	182 486	4% -65 %	+7 -31 4
rof it b kdo ( ) Gro ss P € m rea wn			1H1 7	1H1 6	∆%	bs. ∆ A
Ele ctri city es & So Us urc es al V olu (TW h) Tot me €/M Uni in ( Wh ) t m arg /M Bef he dg ing (€ Wh ) ore /M Fro m H edg ing (€ Wh ) (2 )		507 35. 3 14. 4 13. 1 1.2	782 38. 7 20. 2 21. 8 (1.6 )	-35 % -9% -29 % -40 % -	-27 4 -3.3 -5.9 -8.7 +2. 8
Oth er Ele n (D il p ctri city atio eta ge ner din the d a dju Gas tra stm g, o r an	), E 12 age ner ent s	ly gy sup p	163 171 (8 )	181 152 29	% -10 13% -	-17 .2 +19 .2 -36 .4
al Tot			671		-30 %	-29 2
				962
Ele ctri city So es & Us urc es	1H1 7	1H1 6	∆%	1H1 7	1H1 6	∆%
		Ou t ( GW h) tpu		iab le C Var	€/M ( ost	Wh ) ( 3)
rod (4 ) Ow ion uct n p	16, 476	18, 991	-13 %	33	14	145 %
cha Pur ses	18, 843	19, 666	-4%	58	39	51%
Ele ctri city So urc es	35, 319	38, 656	-9%	47	26	77%
	Vo	lum es S old ( GW	h)	Ave e P rag	€/M rice (	Wh ) (5 )
d L Gri oss es	1,7 78	1,4 17	25%	n.a	n.a	-
Fin al c ust om ers	17, 066	18, 248	-6%	63	62	2%
Wh ole sale rke t ma	16, 476	18, 991	-13 %	63	38	64%
Ele ctri city Us es	35, 319	38, 656	-9%	60	48	24%
es ( h) Gas Us TW			1H1 7	1H1 6	∆%	∆ A bs.
ed lan Con at E DP ts sum pow er p Sol d in wh ole sale rke ts ma Sol d to Fin al c ust om ers			6.3 4.6 6.8	2.5 15. 4 5.7	156 % -70 % 20%	+3. 8 -10 .8 +1. 2
al Tot			17. 7	23. 6	-25 %	-5.8

As from Jul-17, our PPA/CMEC generation capacity (2.7GW of hydro, 1.2GW of coal) bear hydro and market risk. The share of generation capacity in Iberia with ^a price-contracted profile will therefore be confined to some mini-hydro, cogeneration andbiomass capacity (mainly feed in tariff-remunerated). As ^a result, EDP merged the reporting format of results from generation &supply in Iberia as from Jan ¹st, ²⁰¹⁷ (2016 data restated accordingly).

+7-9EBITDA from Generation & Supply fell 44% YoY, to €360m in 1H17, impacted by very different weather and price conditions YoY: in light of EDP's risk-controlled strategy (marked by forward contracted, spread-locked volumes), the abnormally dry weather and high spot prices (particularly in 1Q17) compared very toughly with 1H16's extremely wet period and low price context (particularly in 2Q16). As ^a result, strong results with energy management wiped out in 1H17 and margins in the supply business were materially penalised, namely in 1Q17.

In detail, the YoY decline of EBITDA in 1H17 reflected: (i) ^a more expensive generation mix (€33/MWh in 1H17 vs. €14/MWh in1H16), stemming from the replacement of lower-cost hydro production (27% weight in generation mix in 1H17 vs. 63% in 1H16) by coal and CCGT's; (ii) lower results with energy management and supply margins (namely in Jan-17) deriving from high spot prices and stronger-than-forecasted demand; (iii) 45% YoY decline in gross profit from contracted production, to €27m in 1H17, as production at our mini-hydro plants was penalised by harsher weather conditions. Regulatory costs in Iberia amounted to€93m in 1H17 (higher YoY at gross profit level; lower YoY at Operating costs level). Note that the annual deviation fromPPA/CMEC gross profit vis-à-vis CMEC reference amounted to€111m in 1H17.

Gross profit fell by 30% YoY, to €671m in 1H17, mainly driven lower volumes sold (-9% YoY) and lower avg. unit margin (downfrom €20/MWh in 1H16 to €14/MWh in 1H17):

Volumes: Total volume sold decreased 9%, to 35TWh in 1H17, reflecting ^a 6% fall in sales to customers, mainly prompted by the business segment, and ^a 13% decline in sales at the wholesale market, mainly driven the ancillary services market. Generationoutput was 13% lower YoY, mainly due to lower hydro output; and electricity purchases were by -4% lower YoY.

Unit margin (2)(3) : Avg. electricity spread before hedging fell from €22/MWh in 1H16, to €13/MWh in 1H17, mainly reflecting ^a more expensive mix of sources and higher spot prices. Avg. sourcing cost advanced 77% YoY, to €47/MWh in 1H17, driven by the replacement of hydro production (-62% YoY, with ^a higher pumping activity) by production based on coal and gas; and by the rise in average cost of electricity purchases (even if growing below spot price). Avg. selling price rose 24% YoY in 1H17, as ^a

result of higher spot prices implicit in sales in the wholesale market (+64% YoY) and ^a avg. selling prices to customers 2% higher YoY.

Net operating costs decreased 3% YoY, mainly impacted by lower regulatory costs, in the wake of lower production.

Our gas sourcing activity in ²⁰¹⁷ is based on c2.6bcm/year LT contracts. In 1H17, total gas consumed/sold declined by 25% YoY, following lower sales in the wholesale market (-70%), in light of strong thermal demand (resulting in an 156% YoY rise in gas consumption) and less attractive opportunities in the wholesale market. In turn, volume sold to final customers rose by 20%YoY, mainly driven by Spain.

As part of EDP's risk-controlled approach to merchant operations, EDP forward contracts spreads for its expected production, as volumes and prices are forward contracted with customers. In line with this, EDP has so far forward contracted electricity sales with clients of ~34TWh for 2017, at an avg. price of c€55/MWh produced (excluding naturally-hedged price-indexed volumes). Alongside, EDP has so far secured spark spreads for ~90% of its gas sourcing commitments for ²⁰¹⁷ and has forward contracteddark spreads for all expected coal output for 2017.

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits; (2) Includes results from hedging on electricity; (3) Variable cost: fuel and CO2 cost, hedging costs (gains), system costs;

(4) Excludes production at mini-hydro, cogeneration and waste plants; (5) Average selling price: includes selling price (net of TPA tariff), ancillary services and others.

Electricity Generation in the Iberian Market

( ) Inc e S € m tat ent om em	1H1 7	1H1 6	∆%	bs. ∆ A
rof Gro ss P it	520	783	-34 %	-26 3
(1 ) OP EX Oth (ne t) atin sts er o per g co ting Net Op sts era co	122 59 182	110 92 202	12% -36 % -10 %	+13 -33 -20
EBI TDA	339	581	-42 %	-24 2
Pro visi ons d im Am isat ion irm ort ent an pa	0 182	1 177	-82 % 3%	-0 +5
EBI T	156	403	-61 %	-24 7

Our liberalised generation & supply activities are jointly managed as most of our production is sold to our supply units at fixed prices. The current section refers only to electricity generation operations. As from Jan ¹st, 2017, EDP jointly reports results from LT Contracted and Liberalised generation in Iberia (restating ²⁰¹⁶ data). Evenif the

-0PPA/CMEC capacity (2.7GW of hydro, 1.2GW of coal) is protected from hydro and market risk until Jun-17 (deviation between market gross profit and CMEC reference amounted €111m in 1H17), plants are dispatched under market conditions. The overall generation portfolio in Iberia (excluding wind) encompasses ^a total of 13.7GW, of which 52% in hydro capacity, 27% in CCGT, 18% in coal (86% of which with DeNOx upgrades already completed), 2% of mini-hydro, cogeneration and waste; and 1% in nuclear. Over the last ¹² months, installed capacity grew 8%, reflecting the commissioning of repowering Venda Nova III (756MW) and the start up of production at Foz Tua (263MW), both with pumping capacity.

Production from our generation plants (including mini-hydro, cogeneration and waste) fell 14% YoY (-2.8TWh YoY), to 16.8TWh in 1H17, heavily impacted by: (i) ^a 66% decline in hydro output from our PPA/CMEC plants (-3.5TWh YoY, which nonetheless has no impact on earnings); and (ii) ^a 59% decrease in the remaining hydro output (-4.0TWh YoY), driven by hydro resources 42% below LT average in Portugal. This impact was only partially compensated by ^a 205% surge in CCGTs output (+2.1TWh YoY) and ^a 53% YoY increase coal output (+2.9TWh YoY, of which +1.4TWh

Key Op ting Da ta era	1H1 7	1H1 6	∆%	bs. ∆ A
ut ( h) Ge atio n O GW utp ner	16, 778	19, 620	% -14	-2,8 42
CCG T	3,1 01	1,0 17	205 %	+2, 084
l Coa	8,2 97	5,4 05	53%	+2, 891
dro Hy	4,5 22	12, 008	-62 %	-7,4 87
lea Nuc r	557	560	-1%	-3
Min i-hy dro , Co & W ast gen er. e	302	630	-52 %	-32 7
s ( €/M ) ( 2) Ge atio n C Wh ost ner	33	14	145 %	+20
CCG T	53	67	-21	-14
l Coa	34	27	% 26%	+7
dro Hy	21	3	528	+18
lea Nuc r	5	5	% -11 %	-1
d F ( %) Loa act ors
CCG T	19%	6%	-	13p .p.
Coa l	79%	51%	-	28p .p.
Hy dro	15%	45%	-	-30 p.p
lea Nuc r	82%	83%	-	0p. p.
(# ) Em loy p ees	1,6 29	1,6 45	-1%	-16
Cap ( €m ) ex	60	121	-50 %	-61
Exp ion ans	37	79	-53 %	-42
Ma inte nan ce	23	42	-44 %	-19

-7,487+2,084+2,891-2,842-327-3prompted by our PPA/CMEC Sines plant, in Portugal), mostly in 2Q17. Avg. production cost was up from €14/MWh in 1H16 to €33/MWh in 1H17, reflecting: (i) ^a much lower contribution from hydro (27% of total output in 1H17 vs. abnormally high 63% in 1H16) combined with ^a more intense pumping activity (in light of scarce hydro resources in the period); and (ii) ^a more expensive coal production (+26% YoY), due to higher cost of coal. In turn, avg. production cost at CCGTs fell 21% YoY, mainly prompted by the increasing dilution of fixed cost as production increased.

+20

∆ Abs.

-1+18+7-14Gross profit from generation in Iberia fell by 34% YoY in 1H17, to €520m in 1H17, impacted by: (i) the aforementioned decline in production andhigher average production cost; and (ii) lower gross profit from mini-hydro, cogeneration and waste plants (-45% YoY), mainly due to lower hydroproduction YoY vis-à-vis last year's very strong 1H.

In respect to capacity payments in Portugal, it is worth to mention that, following the cancelation of previous regime in place (resulting in norevenues in 1Q17), the auction that took place in Mar-17 (and applicable to the period April to December of 2017) resulted in ^a new price at €4,775/MW/year, corresponding to the layer just below the initial reference of €4,800/MW/year. As ^a result, EDP group (including LRS) was awarded with ^a total amount of €4.8m relative to the remaining ³ quarters of 2017, which will be booked in the remaining of 2017. According tothe Ministerial order nr. 2275-A/2017, an auction for capacity payments in 2018, with an initial layer at €4,800/MW, was initially scheduled for May-17.

-42Net operating costs amounted to €182m in 1H17 (-10% YoY), mainly driven by lower regulatory costs derived from lower production. In turn, higher working hours at our thermal plants dictated and increase in OPEX.

Oth er f al d ils ( ) ina nci € m eta	1H1 7	1H1 6	∆%	bs. ∆ A
rof it le vel At Gro ss p :
Cap acit ent y p aym s	24	26	-6%	-1
ual de CM EC via tion ann	111	85	31%	+26
i-hy dro & Min tion ste , co gen era wa	27	50	-45 %	-22
lev el: At EBI TDA
ula (3 ) Reg tor sts y co	93	72	30%	+22

Capex declined by €61m YoY, to €60m in 1H17, mainly reflecting the decrease in expansion capex following the delivery of Venda Nova III hydrorepowering. Note that capex in 1H17 is still impacted by €37m of expansion capex, mostly devoted to new hydro capacity and DeNOx upgrade at our coal fleet in Spain.

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits; (2) Includes fuel costs, CO2 emission costs, hedging results;

(3) Includes: (i) at gross profit, social tariff in Portugal; (ii) at the level of operationg costs, generation taxes in Spain (incl. fuel, nuclear waste, hydro resources), clawback in Portugal.

Electricity and Gas Supply in Portugal and Spain

	1H1 7	1H1 6	∆%	bs. ∆ A
rof it Gro ss P	153	153	0%	-0
(1 ) OP EX	107	95	13%	+12
ts ( ) Oth at. net er o per cos	24	25	-3%	-1
Net Op ting sts era co	131	119	10%	+11
EBI TDA	22	34	-34 %	-11
Pro visi ons	(0 )	(25 )	% -99	+25
d im Am isat ion irm ort ent an pa	6	5	35%	+2
EBI T	16	54	-70 %	-38
Key da ta	1H1 7	1H1 6	∆%	bs ∆ A
(t h.) Por tfo lio of C ust om ers
Ele ctri city	5,2 03	4,9 49	5%	+25 4
al Por tug	4,1 06	3,9 04	5%	+20 2
Spa in	1,0 97	1,0 45	5%	+52
Gas	1,4 91	1,3 94	7%	+97
al Por tug	629 862	551 843	14% 2%	+78 +19
Spa in
l fu el p tio te ( %) Dua tra ene n ra	29%	29%	1%	+0
Oth er S ice erv s
( %) Ser vice tio s to ntr act co s ra	16%	14%	13%	0p. p.
lum f el old ( h) Vo rici GW ect ty s e o	16, 269	17, 447	-7%	-1,1 78
ide l se Res ntia ent gm	6,4 18	6,4 56	-1%	-38
Bus ine ent ss s egm	9,8 51	10, 991	-10 %	-1,1 40
ld ( h) Vo lum f ga GW e o s so	6,8 48	6,0 48	13%	+80 0
Res ide ntia l se ent gm	3,5 97	3,1 64	14%	+43 3
ine Bus ent ss s egm	3,2 51	2,8 84	13%	+36 7
Ele ( %) nic inv oic ing ctro	28%	24%	18%	4p. p.
Com lain er 1 000 s (# ) ts p ntr act p co	14. 1	15. 6	-9%	-1
loy (# ) Em p ees	508	357	42%	+15 1
OP EX r (2 ) (€ ) sto per cu me	16	15	7%	+1
r (2 ) (€ ) EBI TDA sto pe r cu me	3	5	-37 %	-2
( ) Cap €m ex	7	5	27%	+1

Our electricity and gas supply activities in Portugal and Spain are managed in single energy platforms, ensuring ^a responsive andcompetitive commercial structure. EDP Group's subsidiaries that operate in this business segment have intra-group electricity andgas procurement contracts with our generation and energy trading divisions. The current section refers only to energy supply, but excludes gas trading and sourcing activities.

As of Jun-17, EDP's portfolio totaled 5.2m customers, strongly biased towards residential and SME customers. Over the past ¹²months, portfolio of customers grew by 5%, both in Portugal and in Spain. In Portugal, liberalization process is now losing pace as the bulk of consumption is already in the free market: 92% as of Dec-16, based on latest data released by ERSE.

EDP targets to leverage on its portfolio of customers, offering additional products and innovative services, as part of its strategy tobuild ^a longer term relationship with customers backed by the enhancement of customer's satisfaction and loyalty levels. In line with this, the rate of dual fuel offer is currently at 29%, including different stages of evolution in Spain and Portugal: in Portugal, dual offer rate rose by 8% YoY, to 16% in Jun-17; in Spain, dual offer rate, currently at 80%, decreased by 2pp YoY. Additionally, the penetration rate of service contracts rose by 13% YoY, to 16%as of Jun-17, in Iberia.

Electricity volumes sold in Iberia fell 7% YoY, to 16.3TWh in 1H17, mainly reflecting ^a more selective commercial criteria and the higher share of residential and SME customers in our portfolio.

Gross profit at our supply activities in Iberia was stable YoY, reflecting the mixed impact of: i) high spot prices implicit indeviations from forecasted consumption, namely in Jan-17; ii) higher margin prompted by the increasing penetration of dual offer and services.

Net operating costs were 10% higher YoY, at €131m in 1H17, reflecting higher costs with client services driven by client portfolioexpansion and increasing share of residential clients in the portfolio.

EDP is building the ground for ^a decrease in cost per client through higher digitalisation rate and higher clustomer satisfaction: electronic invoicing (per avg. residential client) represents 24% rate as of Jun-17; the number of complaints per ¹⁰⁰⁰ contracts fell by 9% YoY.

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits; (2) Based on the number of contracts.

EDP Renováveis: Financial Performance

Inc e S tat ent om em	EDP	áve Re nov	is ( ) € m		nal Op tio Ov iew era erv	1H1 7	1H1 6	∆ %	bs. ∆ A	ity rke EDP R E Ma t D ata qu	1H1 7	1H1 6	∆ %	bs. ∆ A
	1H1 7	1H1 6	∆ %	bs. ∆ A
					(M W) Inst alle d C city apa	10, 072	9,3 65	8%	+70 7	(€ /s e) Sha rice end of iod har at re p per	7.0	6.8	3%	0.2
rof Gro ss P it	856	785	9%	+71	Eur ope	5,0 07	4,9 29	2%	+79	mb f Sh d (m illio n) Nu s Is er o are sue	872 .3	872 .3	-	-
					rth No Am eric a	4,8 61	4,2 33	15%	+62 8	ke ned by P ( %) Sta Ow ED	5% 77.	5% 77.	-	-
(1 ) OP EX	205	187	9%	+18	zil Bra	204	204	0%	-
Oth (ne t) atin sts er o per g co	(68 )	(50 )	35%	-18						Bal hee t Fi es ( ) EDP R K e S € m ey anc gur	1H1 7	1H1 6	∆ %	∆ A bs.
ting Net Op Co sts era	137	137	0%	+0	t ( h) Ou tpu GW	14, 546	13, 314	9%	+12 32
					ad ( %) Avg . Lo Fac tor	34%	33%	-	1	ial he ld f ale Fin inv est ets anc m, ass or s	329	332	-1%	-3
EBI TDA	719	648	11%	+71	€/M Avg . El . Pr ice ( Wh ) ect	59. 9	59. 9	0%	-	Net Fin ial Deb t anc	3,1 30	3,3 03	-5%	-17 3
										r (N et) Ban k Lo d O the ans an	619	632	-2%	-13
Pro visi ons	0	1	-	-0	loy (# ) Em p ees	1,1 83	1,0 55	12%	+12 8	ith (N et) Loa EDP Gr ns w oup	2,5 11	2,7 82	% -10	-27 2
d im Am isat ion irm ort ent an pa	260	294	-12 %	-34						roll No ing int ont sts n-c ere	12 1,5	1,2 67	19%	+24 6
EBI T	459	354	30%	+10 5	/Av ( € th ) (4 ) Cor e O g. M W pex	20. 6	20. 3	1%	+0	nal hip bili (5 ) Net Ins titu tio Pa Lia rtn ty ers	1,1 29	1,1 65	-3%	-36
										ity k V alu Equ Boo e	6,3 42	6,0 89	4%	+25 3
Fin ial ults Res anc	(14 8)	(17 9)	-17 %	+31	( ) EBI TDA €m	719	648	11%	+71
Sha f Pr ofit fro ciat re o m a sso es	2	(3 )	-	+6	(3 ) Eur ope	357	378	-5%	-20	/US End of iod EUR D - Per Ra te	1.1 4	1.1 1	-3%	0.0 3
					No rth Am eric a	357	271	32%	+86
Pre ofit -tax pr	313	172	82%	+14 1	Bra zil	12	8	59%	+5	( ) Fin ial Res ults € m anc	1H1 7	1H1 6	∆ %	bs. ∆ A
					Oth er & Ad jus tm ent s	(8 )	(8 )	-5%	+
( ) ( 2) Cap €m ex	424	378	12%	+46						fin ial Net Inte ts anc res	(73 )	(92 )	21%	+19
(3 ) Eur ope	55	53	3%	+2	T ( ) EBI €m	459	354	30%	+10 5	al P shi Inst itut ion art sts ner p co	(48 )	(46 )	-4%	-2
rth No Am eric a	321	282	14%	+39	(3 ) Eur ope	236	230	3%	+6	ital ised Cap Co sts	6	12	-50 %	-6
zil Bra	48	43	12%	+5	rth eric No Am a	225	129	75%	+96	Diff For ex ere nce s	(0 )	0	-	-0
					zil Bra	7	5	44%	+2	Oth er	(32 )	(52 )	-	+20
					Oth er & Ad jus tm ent s	(9 )	(10 )	-5%	+1	Fin ial ults anc res	(14 8)	(17 9)	17%	+31

EDP Renováveis ('EDPR') owns, operates and develops EDP Group's wind and solar capacity. As of Jun-17, EDPR operated 10,428MW, (+707MW YoY) of which 356MW equity-method accounted. EDPR's EBITDAderives mainly from PPA-contracted and regulated tariff schemes and is geographically widespread: 50% inEurope, 48% in North America, and 2% in Brazil.

EDPR's EBITDA went up by 11% YoY (+€71m) to €719m in 1H17, positively impacted by i) higher avg. load factor (+1p.p.) ii) avg. capacity on stream (+8%) and iii) forex impact, mainly from the USD and BRL appreciation in average terms. EBITDA's evolution in 1H17 also translates ^a stable avg. selling price at €60/MWh, and higher operating costs (Opex) (+9% YoY) that increased in line with the new MWs inoperation.

Electricity output advanced +9% YoY to 14.5TWh in 1H17, supported by an increase of avg. capacity inoperation, and propelled by +1p.p. higher overall avg. load factor. Avg. wind resource (P50) in the periodwas normalized (100% of P50), and the US load factors contributed significantly to the group's avg. figure with +3p.p. YoY mitigating the lower availability of wind in Europe (-2p.p. YoY). Average selling price was flat YoY, including ^a 1% positive forex impact.

Opex rose by 9% YoY (+€18m), reflecting higher headcount (1,183 employees in 1H17 vs. 1,055 in 1H16) andhigher O&M costs (+€4m YoY) - both resulting from portfolio growth and reflecting forex impact; Core Opex per avg. MW was stable YoY at €10K/Avg. MW, following tight cost discipline. Other operating costs (net) decreased to €68m from €50m (18% YoY) reflecting mainly ^a higher income from institutional partnerships and other costs related to 7% tax over electricity generation in Spain.

EBIT increased by 30% YoY, to €459m in 1H17, as ^a result of higher operational outcome, but also propelled by ^a D&A reduction of 12% (-€34m YoY). The extension of useful life of the wind and solar assets from ²⁵ to ³⁰ years (+€59m in 1H17) more than mitigated the effect from the higher capacity in operation and the stronger USD andBRL.

Capex amounted to €424m (+12% YoY): 76% of total capex was devoted to the US market, the main growthregion in 2016-2020, 13% to Europe, and 11% to Brazil.

EDPR's net debt in Jun-17 amounted to €3.1bn (vs. €2.8bn in Dec-16) +€0.4bn mainly reflecting: i) the entrance of the wind farm in Mexico in the consolidation perimeter (+€215m) and cash investments (+€728m). Additionally, net debt evolution translates i) operating cash-flow (-€535m); ii) payments to tax equity investors (+€131m), iii) forex translation (-€117m) and others. Liabilities with Institutional Partnerships (net) amounted to€1,129m in Jun-17, reflecting the tax benefits paid to institutional investors and the establishment of newinstitutional tax equity financing structures. Non-controlling interests at balance sheet level rose by €246m to€1,512m, in Jun-17 vs Jun-16 including non-controlling interests in North America (c59%), Europe (c36%) andBrazil (c4%).

Financial results (net) amounted €148m in 1H17, (-17% vs. 1H16). Other financial decreased €20m YoY, consequence of the -€22m booked in 1H16 due to the early cancelation and optimization of certain project finances. Net interest costs fell by 21% YoY, on lower avg. cost of debt in the period (3.9% in 1H17 vs. 4.4% in1H16) and lower net debt. Institutional Partnership costs were €2m higher vs. 1H16, reflecting mainly US dollar appreciation and new tax equity deals.

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits; (2) Net of government grants; (3) Includes Holding costs and adjustments at the level of EDPR Europe; (4) Core Opex defined by Supplies and services (including O&M activities) and Personnel costs; (5) Net of deferred revenue.

EDP Renováveis: North America & Brazil

rth No Am eric a	1H1 7	6 1H1	∆ %	bs. ∆ A
/US EUR D - Avg . of riod rat pe e	1.0 8	1.1 2	3%	-0.0 3
alle d c (M W) Inst city apa	4,8 61	4,2 33	15%	+62 8
's/H edg ed/ d-in iff PPA Fee tar	4,2 76	3,4 89	23%	+78 6
rch Me ant	585	744	-21 %	-15 8
ad ( %) Avg . Lo Fac tor	39%	37%	-	3 p .p.
t ( h) Ele ctri city Ou GW tpu	8,1 91	6,7 50	21%	+1, 441
's/H ed/ iff PPA edg Fee d-in tar	7,0 40	5,5 58	27%	+1, 482
rch Me ant	1,1 51	1,1 92	-3%	-41
SD/ . Fi nal llin rice (U h) Avg Se g P MW	46. 5	46. 5	0%	-0.1
's/H ed/ edg d-in iff PPA Fee tar	48. 1	48. 9	-2%	-0.8
rch Me ant	32. 6	33. 5	-3%	-1
it (U m) Adj ed Gro ss P rof SD ust	512	419	22%	+93
rof it (U m) Gro ss P SD	369	303	22%	+66
Oth er ( m) PTC Re & USD ven ues	143	115	24%	+28
(U m) EBI TDA SD	387	302	28%	+84
T (U m) EBI SD	243	144	69%	+10 0
alle d c city (M ity ) Inst W Equ apa	179	179	0%	-
(U m) Net Ca SD pex	348	315	10%	+33
Gro ss C ape x	348	315	10%	+33
h g ed Cas ceiv t re ran	-	-	-	-
acit nde tio n (M W) Cap nst y u r co ruc	502	629	-20 %	-12 7
zil Bra	1H1 7	6 1H1	∆ %	bs. ∆ A
o/R eal of iod Eur - A rat ver age per e	3.4 4	4.1 3	20%	-0.6 9
alle d C city (M W) Inst apa	204	204	-	-
ad ( %) Avg . Lo Fac tor	36%	29%	-	7 p .p.
t (G ) Ele ctri city Ou Wh tpu	314	205	53%	+10 9
(R \$ /M ) Avg . Fi nal Se llin g P rice Wh	224	265	-16 %	-41
\$ m rof it (R ) Gro ss P	64	50		+13
\$ m (R ) EBI TDA	42	32	33%	+10
\$ m T (R ) EBI	25		26% 21 20%	+4
\$ m Cap (R ) ex	165	177	-7%	-12
n (M W) Cap acit nde tio nst y u r co ruc	127	-	-	+12 7

In North America (NA), installed capacity totalled 4.861M in Jun-17 (4,631MW in US, 200MW in Mexico, and 30MW Canada). New capacity additions in the last ¹² months (+628MW) were mostly concentrated in US (+429MW) and in Mexico (the first 200MW added) both in 4Q16.

The current capacity exposed to power prices represents only 12% of NA's portfolio assets meaning that 4.3GW (88%) are under LT contracted remuneration schemes (PPA/Hedge/FiT). Additionally, EDPR owns an equity position in other wind projects, equivalent to179MW.

EBITDA was 28% higher (+USD84m YoY), to USD387m in 1H17, propelled by i) ^a surge in the output (+21% YoY to 8,191 GWh) on the back of capacity additions, and ii) the higher load factor (39% vs 37% YoY) along with ^a stable average selling price at USD46.5/MWh. Windresources were particularly stronger in central region of the US +3p.p. (YoY) where EDPR has ~90% of production capacity in the US. Average selling price reflected the actual mix of load factors vs prices. Realised merchant price went down by 3% YoY, to USD33/MWh in 1H17, on more wind availability and given the lower revenues from the sale of Renewable Energy Credits. PPA/Hedged/Feed-in, price decreased by 2% YoY, to USD48/MWh.

InCanada, avg. selling price was at USD109/MWh, unchanged YoY even in CAD/USD currency.

In Mexico, EDPR has ^a bilateral supply agreement under self-supply regime. Avg. load factor was 44%. Avg. selling price was at USD56/MWh

Wind and solar capacity under construction in North America totaled +502MW (located in the US): 100MW Meadow Lake VI (Indiana); 98MW Quilt Block (Wisconsin); 99MW Red Bed Plains (Oklahoma); 78MW Arkwright (New York); 66MW Hog Creek (Ohio); and 60MW(South Carolina) related to ³ solar PV projects.

EDPR established ^a new institutional partnership in Jul-17, respecting institutional equity financing structures, in exchange for an interest insome wind farms in the US for ^a total amount of USD370m representing 297MW. Before that, EDPR had signed in 4Q16: i) USD343m of an institutional equity financing secured in Sep-16, representing 328MW (250 MW Hidalgo wind farm, and ⁷⁸ MW Jericho Rise wind farm); andii) an institutional equity financing partnership amounting USD114m in Dec-16, in exchange for an interest in the ¹⁰¹ MW Amazon Wind Farm (Timber Road III).

In Brazil, EBITDA increased (+33% YoY), to R\$42m in 1H17. EBITDA evolution reflects the increase in the avg. load factor of +7p.p. ( 36% vs. 29% in 1H16) that more than offset the decrease in the avg. selling price to R\$224/MWh in 1H17 from R\$265/MWh in 1H16 due mainly toBaixa do Feijão mix effect (price vs. production).

EDPR's installed capacity in Brazil (204MW) operates under long-term contracts providing visibility over cash-flow generation. From the 204MW installed capacity, ⁸⁴ MW are under incentive programs for renewable energy development (PROINFA) and ¹²⁰ MW are awardedaccording with an auction system with ^a PPA. Moreover, as of Jun-17, EDPR had 127MW under construction: JAU & Aventura wind project awarded with 20-year PPA to be due in 2018.

Energy is sold either under PPAs (up to 20 years), Hedges or Merchant prices; Green Certificates (Renewable Energy Credits, REC) subject to each state regulation

Tax Incentive: (i) PTC collected for 10-years since COD (\$24/MWh in 2017); (ii) Wind farms beginning construction in 2009-10 could opt for 30% cash grant in lieu of PTC

Feed-in Tariff for 20 years (Ontario)

Bilateral Electricity Supply Agreement for 25 years under self-supply regime

Installed capacity under PROINFA program

Competitive auctions awarding 20-years PPAs

EDP Renováveis: Spain & Portugal

Spa in	1H1 7	1H1 6	∆ %	∆ A bs.
alle d c (M W) Inst city apa	2,1 94	2,1 94	0%	-
. lo ad fac ( %) Avg tor	28%	31%	-	-3 p
				.p.
duc tio n ( h) Pro GW	2,6 65	2,8 79	-7%	-21 4
/ca d. w lem (G Wh ) Pro ent pac . co mp	2,4 44	2,6 55
Sta nda rd p rod ion (G Wh ) uct	2,1 17	2,1 19
ve/ Abo ( bel ) st d. p rod . (G Wh ) ow	327	536
/o (G ) Pro d. w lem Wh ent cap . co mp	221	224
€/M ice ( Wh ) Avg . Pr	74. 9	67. 1	12%	+8
al G Wh alis ed l (€ /M Wh ) Tot : re poo	45. 4	25. 8	76%	+20
ula dj. std h (€ m) Reg . GW tor y a on	-7	14
lem (€m ) Com ent p	93	82
ins/ Hed ing ( loss es) (€m ) g ga	-16	24
it (1 ) Gro rof ss p	199	193	3%	+6
(1 ) EBI TDA	132	131		+2
T (1 ) EBI	80	64	1% 26%	+16
alle d c (M ) Inst city W Equ ity apa	177	177	0%	-
( ) Cap €m ex nde n (M W) Cap acit tio nst r co ruc y u	22 -	2 -	831 % -	+19 -
al Por tug	1H1 7	1H1 6	∆ %	bs. ∆ A
alle d c city (M W) Inst apa	1,2 53	1,2 49	0%	+4
ad fac ( %) Avg . Lo tor	28%	32%	% -12	-4 p
Ele t (G Wh ) ctri city ou	1,5 36	1,7 51		.p. -21 5
tpu llin (€ /M Wh ) Avg rice . se g p	93		1%	+1
rof Gro it ss p	142	161	-12 %	-19

al Por tug	1H1 7	1H1 6	∆ %	bs. ∆ A
alle d c city (M W) Inst apa	1,2 53	1,2 49	0%	+4
fac ( %) Avg . Lo ad tor	28%	32%	% -12	-4 p .p.
Ele t (G Wh ) ctri city tpu ou	36 1,5	1,7 51	-12 %	-21 5
llin (€ /M Wh ) Avg rice . se g p	93	92	1%	+1
rof Gro it ss p	142	161	-12 %	-19
EBI TDA	118	137	-14 %	-20
EBI T	90	103	-12 %	-13
alle d c city (M ity ) Inst W Equ apa	-	-	-	-
Cap ( €m ) ex	9	23	-61 %	-14
acit nde tio n (M W) Cap nst y u r co ruc	-	2	-	-2

In Spain, EDPR installed capacity stood at 2,194MW in 1H17 (MW EBITDA), to which accrues 177MW, equivalent to EDPR's equity position in other wind projects (equity-method consolidated).

EBITDA in Spain slightly increased to €132m in 1H17, from €131m in 1H16, essentially driven by higher prices (+12% YoY) that more thanmitigated ^a drop in the final output (-7% YoY, to 2.5TWh). Total production decreased as ^a result of the fall of wind resources, with the avg. load factor decreasing 3p.p. to 28%, in 1H17 vs. 1H16. Average selling price increased to 75€/MWh (vs. ⁶⁷€/MWh in 1H16) impacted by higher realised pool prices at €45/MWh in 1H17 vs. €26/MWh in 1H16, due to commodity prices rebound and lower hydro volumes in Iberia, that lead to -€7m of regulatory adjustment(2). Gains/losses from hedged capacity in Spain amounted -€16min the period.

It is even worth of mentioning that the remuneration framework in Spain was revised in Feb-17, establishing the new parameters of remuneration for renewable energy assets for 2017-2019 which includes: an increase of wind profile coefficient to 14.79% from previous 11.11%; 2014-2016 regulatory adjustments; and new forecasted pool prices with defined caps and floors for the standard production. 91%of Spanish capacity is entitled to receive capacity complement.

As part of its risk-controlled strategy, EDPR hedged 0.9TWhat €45/MWh for 2H17.

In Portugal, EDPR owns ^a portfolio of 1,253MW, which includes 5MW of solar capacity (+4MW YTD). EBITDA in Portugal amounted to€118m in 1H17, -€20m YoY, reflecting ^a decline in electricity production (1,536GWh in 1H17 vs. 1,751GWh in 1H16) penalized by the weaker load factor in Portugal (-4p.p. YoY). Wind load factor in Portugal was within the historical avg. in 1H17 (wind factor: 0.99) but 1H16 was clearly above the avg. (wind factor: 1.12). Average selling price went up YoY at €93/MWh in 1H17, vs. €92/MWh, as ^a consequence of ^a different mix of wind farms in operation.

In line with the €2bn strategic partnership with CTG established in Dec-11, EDPR entered into agreement in Feb-17 to sell 49% of equity in^a portfolio of wind assets in Portugal, covering ^a total of 422MW of wind technology. These assets were part of ENEOP project and have been fully consolidated at EDPR following the conclusion of asset split process in 2015. In late Jun-17 EDPR announced the closing of the operation for ^a final consideration of €248 million.

Wind energy receives pool price and a premium per MW, if necessary, in order to achieve a target return established as 'Spanish 10-year Bond yields + 300bp'; Every 3 years, there will be revisions as to compensate deviations from the expected pool price

Premium calculation is based on standard assets (standard load factor, production and costs)

Older Wind farms: Feed-in Tariff updated with inflation and inversely correlated with load factor. Duration: 15 years (Feed-in tariff updated with inflation) + 7 years (extension cap/floor system: €74/MWh - €98/MWh)

ENEOP: price defined in a international competitive tender and set for 15 years (or the first 33 GWh per MW) + 7 years (extension cap/floor system: €74/MWh - €98/MWh). Tariff for first year established at c.€74/MWh and CPI monthly update for following years

VENTINVESTE: price defined in a international competitive tender and set for 20 years (or the first 44 GWh per MW)

(1) Includes hedging results in energy markets; (2) Baseload higher than regulatory caps

EDP Renováveis: Rest of Europe

•

Res t of Eu rop e	1H1 7	1H1 6	∆ %	∆ A bs.	of of ( In Eur rke sid Ibe ria, ED PR had al ins tal led aci 1, 560 MW in Jun -17 +74 MW 30M W in Fra and 44M W in ts out tot ty ope an ma e a cap nce ,
alle d c city (M W) Inst apa	1,5 60	1,4 85	5%	+74	ly ) and und ion bot h Ita 4M W in Fra str uct er con nce
Avg . lo ad fac ( %) tor	27%	27%	3%	1 p .p.
t (G ) Ele ctri city Wh tpu ou	1,8 40	1,7 28	6%	+11 2	i) ED PR 's EBI TD A in Res of Eur inc sed by 2% YoY €11 1m in 1H 17, stly imp ed by hig her loa d fac 27% in 1H 17 wh ich t to act tor at ope rea mo ,
llin (€ /M Wh ) Avg rice . se g p	85	86	-1%	-0	h loa d fac of and ii) hig her (+ ) wh ich off the low sel ling wit 26% in 1H 16 aci 1% ice -1% tor ty str set com par es a avg cap on eam er avg pr
Pol and					( h in h in 16) €85 MW 1H 17 €86 MW 1H vs.
alle d c (M W) Inst city apa	418	418	0%	-	Pol and Wi nd sed due the ard shi the d ED PR 418 MW win aci inc 12% 472 GW 1H win rat out rea on
. lo ad fac ( %) Avg tor	29%	24%	22%	5 p .p.	of d h ft In in 17 ty. t to to pu ope es cap upw ,
Ele ctri city t (G Wh ) tpu ou	531	472	12%	+59	fac (+ ). off (- ), ilab ility wit h loa d rais ing 29% 5p. YoY Th tha tin the low aci 6% YoY inly tor to set ty str ava avg p. us, mo re n g er avg cap on eam ma
N/M Avg llin rice (PL Wh ) . se g p	332	353	-6%	-21	ref lec the dec olid of sel ling low / h dri by the tifi es' tin atio 50M W in 1Q 16. Av ice 6% YoY PLN 332 MW at cat g ons n era ge pr wa s er ven gre en cer
/PL EUR N - Avg . Ra te i erio d n p	4.2 7	4.3 7	2%	-0	, ice pr
Rom ani a					nia d and of sol Wi nd sed 16% h ( Wh In Ro ED PR 521 MW 471 MW in win 50M W PV inc YoY 677 GW in 1H 17 36M rat out t to ma ope es ar pu rea :
alle d c (M W) Inst city apa	521	521	0%	-	, , sol bas lled loa fac 31% 1H 17 27% 1H 16. sel her +3% tor tur
. lo ad fac ( %) Avg tor	30%	26%	18%	5 p .p.	ed) by d in in In ling ice hig at at ar- pro pe an upp er avg vs. n avg pr wa s ,
Ele ctri city t (G Wh ) tpu ou	677	583	16%	+94	52/ h RO N3 MW in 1H 17.
N/M llin rice (RO Wh ) Avg . se g p	352	343	3%	+9
/RO EUR N - Avg . Ra te i erio d n p	4.5 4	4.5 0	-1%	+0	add ed 30M of win d aci rais ing its al ins tal led aci in the rke 406 of tho h In Fra ED PR W ty, tot ty t to MW Jun -17 Eve nce new cap cap ma as n ug
					, dec sed due the low loa fac (- od 1/ win 13% YoY 402 GW 5p. 24% 1H Av €9 MW out tar sto rea era
Fra nce					d h, d ) iff h, in 17. t to to tor to at pu er avg p. ge ,
alle d c (M W) Inst city apa	406	376	8%	+30	flat YoY
. lo ad fac ( %) Avg tor	24%	29%	-18 %	-5 p .p.
Ele t (G Wh ) ctri city tpu ou	402	464	-13 %	-62	Bel the dec sed by Wh the bac k of low loa d fac In ium 71M W in ion its 18% YoY 62G -4p YoY Av rat out t to tor g ope rea pu on er avg .p. era ge
/M llin rice (€ Wh ) Avg . se g p	91	91	0%	-0	, sel ling ice als low 7/ h (- ), and ref lec the ual €10 MW 2% YoY it PPA ice at ts act str uct pr wa s o er pr ure
Bel ium & Ital g y
(M W) Inst alle d c city apa	215	171	26%	+44	ly, al tfo lio of of win d hno log in (+ add ed in 3Q 16) Wi nd adv ed 27% In Ita ED PR rat tot 144 MW tec 1H 17 44M W tpu t YoY to ope es a por y ou anc
. lo fac ( %) Avg ad tor	26%	28%	-9%	-3 p .p.	h, ref lec (+ ), wh ich off the low loa d fac (- ). iff sed 167 GW tin aci 35% 3p. Av inc 4% YoY ty str set tor tar to g mo re avg cap on eam er p. era ge rea
Ele t (G Wh ) ctri city tpu ou	229	208	10%	+21	1/ due diff far €12 MW mix win ion rat ere ms
llin (€ /M Wh ) Avg rice . se g p	117	113	3%	+4	h, of d in to nt a ope
rof it Gro ss p	156	147	7%	+10	Jul clo sed h sel l ke sha reh old and ndi sha reh old loa the In -17 ED PR wit EN GIE 23% in ity ing ent to sta out sta an agr eem a equ ng ers ns on , ,
EBI TDA	111	109	2%	+2	Off sho ndf ( t) ited ( "M EL" ) the for al sid of mil lion Mo Wi Eas Lim OW in UK tio £21 tot ray re arm a con era n ,
EBI T	71	64	11%	+7
( ) Cap €m ex	24	28	% -11	-3
nde n (M W) Cap acit tio nst y u r co ruc	4	26	-85 %	-22

• Price set either through bilateral contracts or selling to distributor at regulated price (PLN160.6/MWh for 3Q17); Wind receive 1 GC/MWh which can be traded in the market. Electric suppliers have a substitution fee (PLN300/MWh) for non compliance with GC obligation

• Wind assets (installed until 2013) receive 2 GC/MWh until 2017 and 1 GC/MWh after 2017 until completing 15 years; Wind assets (installed in 2013) receive 1.5 GC/MWh until 2017 and after 0.75 GC/MWh until completing 15 years. The GCs issued starting in Apr-2017 and the GCs postponed to trading from Jul-2013 will remain valid and may be traded until Mar-2032

•Feed-in tariff for 15 years: (i) €82/MWh up to 10th year, inflation updated; (ii) Years 11-15: €82/MWh @ 2,400 hours, decreasing to €28/MWh @3,600 hours, inflation updated

•Wind & solar energy sold at 'Market price + green certificate (GC)'; Separate GC prices with cap and floor for Wallonia (€65/MWh-100/MWh); Option to negotiate long-term PPAs

Projects online before 2013 are (during 15 years) under a pool + premium scheme (premium=1x€180/MWh –"P-1")x0.78, being P-1 previous year average market price; Assets online from 2013 onwards were awarded a 20 yearscontract through competitive auctions

Regulated Networks & Regulatory Receivables in Iberia

Beginning of Period(Recovery)/Return in the PeriodDeviation in the periodOtherEnd of PeriodSpain - Tariff deficitBeginning of PeriodPrevious periods tariff deficits (5)Tariff deficit in the periodOther (4)End of Period70 216 162 744 -9111-4%314n.m. ⁶⁸ - +26-2 -5 -7 -3%(49)(51)+025%253+3771-2-13% 252 +628531%17%-

Regulatednetworks in Iberia include our activities of distribution of electricity and gas, in Portugal and Spain.

EBITDA from regulated networks increased by 3% YoY (+€17m YoY), to €513m in the 1H17, impacted by higher gross profit and tight

Gross profit rose by €4m YoY, to €867m in the 1H17, reflecting: i) in electricity distribution, ^a stable gross profit, both in Portugal andSpain; and ii) in gas distribution, higher regulated revenues in Spain mainly driven by ^a wider gas portfolio in the wake of acquisition of assets from Repsol, which were partly offset by ^a decrease inRoRAB in Portugal (from 7.9% in 1H16 to 6.2% in 1H17).

Controllable operating costs fell by 3% YoY (-€7m), mainly driven by lower client services. Capex decreased by 2% YoY, to €146m in the 1H17, including €19m invested in smart grids in Portugal.

In Portugal, total debt owed by the electricity system decreased by €42m during 1H17, from €5.09bn in Dec-16 to €5.05bn in Jun-17, benefiting from ^a decrease in the special regime overcost due to higher pool prices.

On 15-Dec-16, ERSE released ²⁰¹⁷ electricity tariffs, according to which Portuguese electricity system's regulatory receivables shoulddecline by €547m over 2017, Furthermore, the ²⁰¹⁷ tariff update and decline in the system's regulatory receivables includes the impact of the government Ordinance nr. 268-B/2016, of 13-Oct-2016, which assumes that power generators under special regime, whobenefited of guaranteed remuneration, will pay to the electricity system in ²⁰¹⁷ an estimated amount of €140m relative to public grants

Regulatory receivables owed to EDP in Iberia fell by €549m YoY (-32% vs. 1H16), from €1.7bn in Jun-16 to €1.1bn in Jun-17, mainly

EDP's regulatory receivables from electricity distribution, last resort supply and gas distribution in Portugal increased from €744m inDec-16 to €765m in Jun-17 driven by: (1) -€574m following the sale without recourse of the right to receive part of the 2015-17 tariff +€666m of ex-ante tariff deficit for 2017, to be fully recovered under ^a 5-year payment schedule ending in ²⁰²¹ andremunerated at 1.88% annual return; (3) -€202m recovered through tariffs related to negative previous years' deviations and to past tariff deficits; (4) +€136m of new electricity tariff deviations created in the 1H17; and (5) -€7m net impact in gas distribution. The main drivers for new tariff deviations in the electricity in Portugal generated in the 1H17 were: (i) +€102m, on lower revenues from stability measures (€111m) and higher-than-expected price implicit in the electricity purchases by the last resort supplier (€11m), which were partly offset by lower-than-expected special regime overcost (-€19m); and (ii) +€35m tariff deviation from electricity distribution activity derived from deviations on consumption mix.

Regulatory receivables from CMECs increased from €253m in Dec-16 to €314m in Jun-17 due to: (1) €51m recovered in the 1H17through tariffs, related to ²⁰¹⁵ and ²⁰¹⁶ negative deviations and (2) €111m negative deviation in the 1H17, due to be received during 2017.

Regulatory receivables in Spain decreased from €68m in Dec-16 to €62m in Jun-17, corresponding to the share of Naturgas in the gas tariff deficit in Spain.

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits; (2) Supplies & services and personnel costs; (3) Includes the assignment to a third party of the right to tariff deficits/adjustments

and recovery or pay-back through the tariffs of previous years' tariff deviations. (4) Includes interest on tariff deviations; (5) Includes the recovery/payment of previous periods tariff deficits.

Electricity Distribution and Last Resort Supply in Portugal

3

621

618

1H17

21

1,634

1,295

6,168

59822,094 619

596

620

1H16

22,287

6,126

2

∆ %

66%

0%

-0.9%

0.7%

-0%

0%

+2

-1

+1

+0

∆ Abs.

+41

-193

-3

-250

-12%

23

2,307

1,545

Gross Profit PerformanceGross Profit (€m)Regulated gross profitNon-regulated gross profit

Distribution GridRegulated revenues (€ m)Electricity distributed (GWh)Supply Points (th)Last Resort SupplyRegulated revenues (€ m)Customers supplied (th)Electricity sold (GWh)

EBITDA from electricity distribution and last resort supply (LRS) in Portugal increased 1% YoY (+€4m), to €316m in the 1H17, mainly supported by ^a tight cost control.

On 15-Dec-16, ERSE released the final version of ²⁰¹⁷ electricity tariffs, setting ^a 1.2% average tariff increase for normal low voltage (NLV) segment, applicable to clients in the regulated market (out of the Social Tariff). Accordingly, regulated revenues for ²⁰¹⁷amount to €1,199m in electricity distribution and €39m in the last resort electricity supply. Electricity distribution regulated revenues preliminarily set assume: (1) rate of return on assets (RoRAB) of 6.48% (reflecting an underlying avg. 10-year Portuguese bond yields of 2.93%); (2) an expected electricity demand in Portugal of 45.2TWh in ²⁰¹⁷ (1.35% above ²⁰¹⁶ electricity distributed); and (3) ^a GDPdeflator of 1.5%.

In 1H17, distribution grid regulated revenues were slightly higher YoY (+€2m), amounting to €598m, prompted by ^a 31bp YoY increase in return on RAB (6.76% in 1H17 vs. 6.45% in the 1H16), derived from the evolution of Portugal 10-year bond yields in the period, which was partly offset by ^a 0.9% decrease in the volume of electricity distributed (+0.4% YoY, corrected by demand adjustments fromlast year).

Last resort supplier (EDP SU) regulated revenues decreased 12% YoY (-€3m), to €21m in the 1H17, as ^a result of consumers' switching to the free market in the wake of the ongoing liberalisation process. The volume of electricity supplied by our LRS fell by 29% YoY, to 1,634GWh in the 1H17. Total number of clients supplied declined by ²⁵⁰ thousand YoY (-16% vs. 1H17), to 1,295 thousand in Jun-17 (representing near 21% of total electricity clients), mostly in the residential segment.

Controllable operating costs declined by 3% YoY (-€5m) in the 1H17, supported by lower client services and headcount reduction (- 3%).

Capex was 3% lower YoY (-€3m), at €114m in the 1H17, including €19m invested in smart grids. The equivalent interruption time increased to ²⁵ minutes in 1H17 from ²³ minutes in the 1H16, impacted by the forest fires late in the 2Q17.

rfo Cap & O Pe ex pex rm anc e	1H1 7	1H1 6	∆ %	∆ A bs.
llab le O atin ts ( 2) Con Cos tro per g	171	176	-3%	-5
s/c /cu lien t (€ r) Con t. c ost sto me s/ €/K Con km of rk ( m) t. c ost net wo	27. 7 755	28. 7 780	-3% -3%	-1 -24
(# ) Em loy p ees	3,1 68	3,2 58	-3%	-90
(Ne t of bsi die s) ( ) Cap Su €m ex rk ( '00 m) Net 0 K wo	114 226	117 225	-3% 0%	-3 +1
l. in e (m in.) (3 ) Equ iva tion tim ter rup	25	23	11%	+3

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits; (2) Supplies & services and personnel costs. (3) Adjusted for non-recurring impacts (rainstorms, high winds and summer fires).

-29%

-16%

-673

Electricity and Gas Networks in Spain and Gas Networks in Portugal

( ) Inc e S € m tat ent om em		Ele ctri city Sp	ain			Gas Sp ain				Gas Po rtu ga	l
	1H1 7	1H1 6	% ∆	Ab s. ∆	1H1 7	1H1 6	% ∆	Ab s. ∆	1H1 7	1H1 6	% ∆	Ab s. ∆	Ibe rian late d N ork Re etw gu s	1H1 7	1H1 6	% ∆	Ab s. ∆
rof it Gro ss P	113	112	1%	1	108	96	12%	11	26	35	-26 %	-9	mb ly P ts ( th) Nu er S oin upp
													Ele ctri city Sp ain	662	661	0%	+2
OP EX (1 )	28	30	-9%	-3	21	19	14%	3	7	9	-13 %	-1	Gas Sp ain	1,0 14	922	10%	+92
(ne t) Oth atin sts er o per g co	(9 )	(0 )	308 5%	-8	2	1	127 %	1	0	0	-64 %	-0	al Gas Po rtug	348	336	4%	+13
Net Op ting Co sts era	19	30	% -37	-11	24	20	20%	4	8	9	% -15	-1
													Dis trib d ( GW h) Ene ute rgy
EBI TDA	94	82	15%	13	84	76	10%	7	18	26	-29 %	-8	Ele ctri city Sp ain	4,6 33	4,6 37	-0.1 %	-4
													Gas Sp ain	16, 154	14, 599	11%	+1, 554
visi Pro ons	(0 )	0	-	-0	(0 )	0	-	-0	0	-	-	0	al Gas Po rtug	3,8 08	3,8 03	0%	+5
isat ion d im irm Am ort ent an pa	21	20	3%	1	12	20	-39 %	-8	(0 )	8	-	-8
													rk ( ) Net Km wo
EBI T	73	61	20%	12	72	56	27%	15	19	18	2%	0	Ele ctri city Sp ain	20, 553	20, 411	1%	+14 2
													ain Gas Sp	8,1 41	7,7 64	5%	+37 8
Cap (ne bsi die s) t os ex su	14	14	4%	1	9	9	1%	0	9	9	1%	0	Gas al Po rtug	66 5,1	4,9 51	4%	+21 5
													(# ) Em loy p ees
rof Gro ss P it	113	112	1%	1	108	96	12%	11	26	35	-26 %	-9	Ele ctri city Sp ain	301	292	3%	+9
ula ted Reg Re ven ues	91	91	-0%	-0	90	85	5%	4	28	31	-10 %	-3	Gas Sp ain	243	168	45%	+75
late d g rof No it n-re gu ros s p	22	20	7%	1	18	11	66%	7	(2 )	4	-	-6	al Gas Po rtug	66	65	2%	+1

ELECTRICITY DISTRIBUTION IN SPAIN

EBITDA from our electricity distribution activity in Spain rose 15% YoY (€+13m) in the 1H17, to €94m, supported by cost control and the reversal of ^a provision (€6m). Regulated revenues were flat YoY, already reflecting the impact of final regulatory terms unveiled in Jun-16 (applicable as from 1-Jan-16). Electricity distributedby EDP España, mostly in the region of Asturias, was flat in the 1H17, at 4.6TWh.

The final terms applicable to regulated revenues for electricity distribution under the regulatory framework designed in Dec-13 (Law 24/2013 and RDL 1048/2013 establishing the new regulatory framework for electricity distribution assets and encompassing ^a return on RAB equivalent to ^a 200bp premium over 10-year Spanish bond yields, equaling to 6.5%) were released in Jun-16, under the Ministerial orders IET 2660/2015and IET980/2016. As ^a result, the respective terms are applicable for the period 2016-19.

GAS REGULATED NETWORKS IN SPAIN

In Dec-16, EDP integrated the liquefied propane gas (LPG) distribution assets, in Naturgas incumbent areas (Basque Country, Cantabria and Asturias regions), bought from Repsol for an enterprise value of €116 million. As ^a result, ^a total ⁸² thousand LPG supply points were accrued to our portfolio (+9% expansion). The expected contribution for annual EBITDA is €13m.

In the 1H17, EBITDA from gas regulated activities in Spain increased by 10% YoY (+€7m), to €84m, impacted by the contribution of the aforementioned LPG assets acquired from Repsol and higher consumption in the period. Volume of gas distributed increased by 11% YoY, to 16.2TWh in the 1H17, due to cold weather conditions during the winter and higher demand from industrial clients.

The decline in amortisation and impairment is related to the recognition of Naturgas Energía Distribuciónunder "assets held for sale", following the signing of definitive agreements in Apr-17 for the sale of 100% of the company for an Enterprise Value of €2.6bn (of which €0.2bn is due to be progressively cashed in ⁵years). The completion of this transaction will occur in Jul-17.

GAS REGULATED ACTIVITIES IN PORTUGAL

EBITDA from gas regulated activities in Portugal in the 1H17 decreased to €18m (-€8m), impacted by ^a lower RoRAB (6.2% in 1H17 vs. 7.9% in 1H16) and adjustments to previous years' non-regulated revenues. Volume of gas distributedwas flat YoY, at 3.8TWh in the 1H17.

The decline in amortisation and impairment is related to the recognition of Portgás under "assets held for sale", which sale decision was announced by EDP in Apr-17 for an Enterprise Value of €0.5bn. The completion of the transaction is subject to the customary regulatory approvals and is expected to occur inthe 3Q17.

EDP Brasil: Financial Performance

Inc e S tat ent om em		sol ida ted Con	\$ m (R )					Ene ias do Bra sil rg
	1H1 7	1H1 6	∆ %	bs. ∆ A	1H1 7
Gro ss P rof it	1,7 36	1,5 34	13%	+20 2	504	371	36%		\$ Sha end of iod (R /s har e) rice at re p per mb f sh d (m illio n) Nu s Is er o are sue k (m illio n) Tre toc asu ry s
(1 ) OP EX	537	520	3%	+16	156			+30	mb f sh ned by P (m illio n) Nu ED er o are s ow
Oth (ne t) atin sts er o per g co	113	(25 9)	-	+37 2	33	(56 )	-	+89
ting Net Op Co sts era	649	261	149 %	+38 8	189	70	169 %	+11 8	o/R Eur eal - E nd of p erio d ra te o/R Eur eal - A of iod rat ver age per e
EBI TDA	1,0 87	1,2 73	% -15	-18 7	316		5%	+14	Infl te ( ) atio IPC A - YoY n ra
Pro visi ons	13	14	-4%	-0	4	3	16%	+1	bt / A (x ) Net De EB ITD
d im Am isat ion irm ort ent an pa	286	278	3%	+7	83	67	23%	+16	of Deb t ( %) Ave e C ost rag te ( I) Ave e In Ra CD ter est rag
EBI T	788	981	-20 %	-19 4	229	231	-1%	-2	loy (# ) Em p ees
Fin ial ults anc res	(26 9)	(33 4)	20%	+66		(81 )	-4%
fro Res ults ciat m a sso es	(5 )	(20 )	76%	+15		(5 )	% -71	+3	\$ M (R n) Key Ba lan She et F igu illio ce res
ofit Pre -tax pr	514	627	-18 %	-11 3	149	145	3%	+5	ial he ld f ale Fin inv est ets anc m, ass or s fin ial d ebt Net anc

& F ina nci al I Cap stm ent ex nve s	(R \$ m ) ( ) € m				Fin anc			\$ M ial ults (R illio n) Res
	1H1 7	1H1 6	∆ %	bs. ∆ A			∆ %	bs. ∆ A
Cap ex	324	239	35%	+85	94	58		+36	st C Net Int ost ere s Cap ital ised Co sts For Diff d D eriv ativ ex ere nce s an
ial he Fin Inv in t iod est anc m. per	133	244	% -45	-11 1	39	58	% -32	-19	Oth er

	sol ida Con	ted ( ) € m			1H1 7	1H1 6	∆ %	bs. ∆ A
1H1 7	1H1 6	∆ %	bs. ∆ A
				\$ Sha of (R /s har e) rice end iod at re p per	14. 19	13. 62	4%	+0. 57
504	371	36%	+13 3		606 .9	606 .8	-	-
				k (m illio n) Tre toc asu ry s	0.7	0.8	-	-
156	126	24%	+30		310 .8	310 .8	-	-
33	(56 )	-	+89
189	70	169 %	+11 8		3.7 6	3.5 9	-5%	+0. 17
				o/R Eur eal - A of iod rat ver age per e	3.4 4	4.1 3	20%	-0.6 9
	301	5%	+14		3.0 %	8.8 %	-	-
4	3	16%	+1		1.6	2.2	-	-0.6
83	67	23%	+16		12. 7	11. 3	-	1.4 p.p
				te ( I) Ave e In Ra CD ter est rag	11. 6	13. 9	-	-2.3 p.p
229	231	-1%	-2
				loy (# ) Em p ees	2,9 04	2,8 75	1%	+29
(78 )	(81 )	-4%	+3
(1 )	(5 )	-71 %	+3		1H1 7	1H1 6	∆ %	bs. ∆ A
				ld f Fin ial inv he ale est ets anc m, ass or s	1,3 76	1,0 91	26%	+28 5
149	145	3%	+5		3,5 40	3,1 44	13%	+39 6
				ula abl Reg ceiv tor y re es	(36 0)	(23 0)	-57 %	-13 0
				roli No Inte ont ts n-c ng res	1,4 87	1,6 76	-11 %	-18 9
				boo k va lue Equ ity	7,8 41	7,7 45	1%	+96
	( € m	)			1H1 7	1H1 6	∆ %	bs. ∆ A
1H1 7	1H1 6	∆ %	bs. ∆ A
				Net Int st C ost ere s	(24 5)	(27 5)	11%	+30
94	58	63%	+36		4	1	199 %	+3
				Diff d D For eriv ativ ex ere nce s an es	5	(74 )	-	+78
39	58		-19		(32 )	13	-	-45
				Fin ial ults Res anc	( ) 269	( ) 334	20%	+66

In local currency, EDP Brasil ("EDPB") EBITDA decreased 15% YoY (-R\$187m) to R\$1,087m in 1H17, impacted, by the capital gain of R\$278m in 1H16 on the sale of Pantanal mini-hydro, booked at 'other operating income' level. Adjusted by the above mentioned one-off effect, EBITDA would have increased 9% YoY (+R\$91m). Generation and Supply EBITDA decreased by R\$46m to R\$738m, reflecting, for Pecém, the booking of an insurance revenue at Pecém in 1H16(R\$82m) and the negative impact of higher PLD YoY; for hydro, the positive impact of GSF at 97% in 1H17 (vs. 89% in 1H16); and for supply, the positive impact of higher volumes andmargins (+R\$84m YoY). EBITDA in distribution increased by R\$140m to R\$397m in 1H17, impacted by growth on regulated gross profit (+R\$72m YoY) and by the positive impact of energy overcontracting at EDP São Paulo (+R\$58m YoY). EBITDA in EUR terms, which reached€316m, was positively impacted by BRL appreciation against the EUR by 20% (+€53m).

Net operating costs increased by R\$388m YoY mostly due to the booking of the aforementionedcapital gain at 'other operating income' level. At Opex level, costs increased 3%, in line with avg. 1H17 inflation, (IPCA rate of +3% YoY in Jun-17). Personnel costs increased 1% YoY, while supplies & services went up 5% YoY.

Net financial debt increased R\$0.4bn vs. Jun-16 to R\$3.5bn. Worth noting the capital increase occurred in2Q16, whose R\$1.5bn proceeds were applied on an early payment in Jun-16 of ^a R\$300m debt at EDPBholding level, which was costing ~16% (118.7% of average interest rate - CDI), and on another early payment in Dec-16 of ^a R\$923m debt at Pecém level, allowing savings close to 200bp vs. marginal refinancing cost. Net financial costs decreased 20% YoY to R\$269m in 1H17, reflecting the positive impact of the above mentionedliability management. Worth noting that interest rates have been declining in Brazil: CDI stood at 11.6% by Jun-17 vs. 13.9% by Jun-16.

Results from associates totalled -R\$5m in 1H17 (+R\$15m YoY), reflecting ^a negative contribution fromCachoeira-Caldeirão (-R\$7m in 1H17) commissioned in 2016, but also from São Manoel (-R\$1m), offset by Jari hydro power plant (+R\$4m in 1H17).

As of Jun-17, hydro reservoirs in the Southeast/Center-West ("SE-CW") regions were at ~42% of their maximum level (vs. 56% in Jun-16). GSF stood at 97% in 1H17, impacted by ^a superavit in the 1Q17, as many producers postponed "deliverable" volumes for later quarters through their seasonality strategy. Nevertheless, rainfall volumes have been scarcer than expected and ^a significant hydro deficit is still expectedto occur in 2017. Some demand recovery has been observed in 1H17 (+1.7% YoY).

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits.

Brazil: Electricity Distribution

\$ m (R ) Inc e S tat ent om em	1H1 7	1H1 6	∆ %	bs. ∆ A
Gro ss P rof it	870	671	30%	+19 9
(1 ) OP EX Oth (ne t) atin sts er o per g co ting Net Op Co sts era	363 110	344 70 414	6% 56% 14%	+19 +39 +59
EBI TDA	397	257	55%	+14 0
Pro visi ons d im Am isat ion irm ort ent an pa	11 97	12 93	-8% 4%	-1 +4
EBI T	289		90%	+13 7

EBITDA from our electricity distribution activity in Brazil increased by R\$140m YoY to R\$397m in 1H17, mostly due to (i) the positive impact of 2016's tariff revisions on regulated gross profit (+R\$72m); (ii) the YoY positive impact of energy overcontracting at EDP São Paulo (+R\$37m in 1H17 vs. -R\$21m in 1H16); and (iii) booking in 1H17 of some positive adjustments related to previous quarters.

Gross profit went up 30% YoY to R\$870m in 1H17, mostly due to the abovementioned positive impacts. Worth noting that EDP São Paulo saw some gains on overcontracted volumes (+R\$58m in 1H17 vs. 1H16). When the ratio between volumes procured/sold is above the 105% threshold, any gain/loss from the sale of energy surplus in the spot market is not passedthrough into tariffs. In 1H17 the volumes of energy procurement it contracted surpassed by more than 5% of the volumes demanded by clients, originating ^a gain due to ^a higher spot price (PLD) than long term sourcing contracted prices.

Net Op ting Co sts era	473	414	14%	+59
EBI TDA	397	257	55%	+14 0
Pro visi ons	11	12	-8%	-1
d im Am isat ion irm ort ent an pa	97	93	4%	+4
EBI T	289	152	90%	+13 7
Gro ss P rof it P erf orm anc e	1H1 7	1H1 6	∆ %	bs. ∆ A
\$ m rof it (R ) Gro ss P	870	671		+19 9
ula ted Reg rev enu es	848	776	30% 9%	+72
Oth er	22	(10 5)	-	+12 8
\$ m ula iva ble s (R ) Reg tor y R ece
of iod Beg inn ing per	( ) 392	735	-	-1,1 26
t de Pas via tion s	168	(36 3)	-	+53 2
l de (2 ) An via tion nua	(13 7)	(60 2)	-77 %	+46 4
E/A t (3 ) CD CR Acc oun	-	-	-	-
End of iod per	( 360 )	( 230 )	57%	-13 0
d (t h) Cus Co tom cte ers nne	3,3 47	3,2 81	2%	+66
aul EDP Sã o P o	1,8 21	1,7 85	2%	+36
írit EDP Es io S ant p o	1,5 26	1,4 96	2%	+30
d ( h) Ele ctri city Dis trib GW ute	12, 392	12, 429	-0.3 %	-38
aul EDP Sã o P o	7,3 14	7,2 50	% 0.9	+65
írit EDP Es io S ant p o hic h: Fro m w	5,0 77	5,1 80	-2.0 %	-10 2
ark et ( h) To in Fre e M GW tom cus ers	5,3 84	4,6 35	16%	+74 9
ld ( h) Ele ctri city So GW	7,0 01	7,7 87	-10 %	-78 6
Sã aul EDP o P o	3,9 65	4,4 57	% -11	-49 2
id., Co . & Oth Res mm erc er	3,2 89	3,4 60	-5%	-17 1
Ind rial ust	676	997	-32 %	-32 1
írit EDP Es o S ant p o	3,0 36	3,3 29	-9%	-29 4
id., Oth Res Co . & mm erc er	2,7 04	2,8 29	-4%	-12 5
Ind rial ust	332	500	-34 %	-16 9
rfo Cap & O Pe ex pex rm anc e	1H1 7	1H1 6	∆ %	bs. ∆ A

rfo Cap & O Pe ex pex rm anc e	1H1 7	1H1 6	∆ %	bs. ∆ A
ts ( 4) Con llab le O atin Cos tro per g	363	344	6%	+19
s/c er ( R\$ /cu r) Con t. c ost ust sto om me	109	105	4%	+4
\$ s/ km (R /Km ) Con t. c ost	4	4	5%	+0
loy (# ) Em p ees	2,1 44	2,1 45	-0%	-1
\$m (ne t of bsi die s) (R ) Cap ex su rk ( '00 m) Net 0 K wo	267 91	186 91	43% 0%	+81
				+0

Electricity distributed decreased slightly in 1H17 by 0.3% vs. 1H16, in spite of the increase in the number of clients in the same period (+2%). Volumes of electricity sold decreased 10% YoY in 1H17, translating ^a 32% reduction of demand in regulated industrial clients. At the same time, volumes distributed to industrial clients in the free market increased 16% YoY to 5.3TWh in 1H17, reflecting the migration of industrial clients from fully regulated tariffs to the liberalized market.

-The trajectory of lower non-technical losses observed in the recent quarters was maintained, in spite of the economic situation. Non-technical losses in the low-voltage segment have decreased both for EDP Espírito Santo, reaching 12.7% in 1H17 (-1.8pp vs. 1H16), as well as for EDP São Paulo, whose level stood at 9.5% in 1H17 (-1.3pp vs. 1H16). Provisions for doubtful clients continued to show some resistence in 1H17 at R\$61m (-R\$8m vs. 1H16), derived from the economic situation but also due to the significant tariff increases of the recent past. EDPB keeps tackling the situation through increased proximity to clients.

As of Jun-17, regulatory receivables are negative (in fact, regulatory payables) and amounted to -R\$360m (-R\$32m vs. Dec-16). In 1H17, ^a R\$137m positive tariff deviation was created, essentially related to lower energy costs than the ones incorporated inthe tariffs. Additionally, R\$168m were recouped by the system regarding past deviations. All in all, regulatory receivables stoodat -R\$360m as of Jun-17, to be paid back to the system in the following years. Tariff revisions at EDP Espírito Santo in Aug-16(+3% tariff update) and EDP São Paulo in Oct-16 (-24% tariff update) already consider the current negative regulatory receivables to be recovered by the system. Note that real post-tax WACC of 8.1% is being applied to distribution on the 4th revision cycle, which started for EDP São Paulo in Oct-15 and in Aug-16 for EDP Espírito Santo.

Controllable operating costs increased 6% YoY to R\$363m in 1H17, driven by an increase in supplies and services, due to higher expenses with O&M, IT and clients' services. Other operating costs were up R\$39m YoY, translating ^a gain of R\$41m in 1H16

with the update on the concessions assets' residual value in 1H16, now registered at gross profit level (R\$7m in 1H17). Distribution capex was up R\$81m to R\$267m in 1H17, following ^a stronger focus on capex on customer services activities and tothe reinforcement of the network's quality of service.

(1) OPEX = Supplies and services + Personnel costs + Costs with social benefits; (2) Net of extraordinary tariff increase and tariff flags impacts; (3) Including financial update of the corresponding regulatory assets/liabilities; (4) S&S and Personnel costs.

Brazil: Electricity Generation and Supply

EBITDA from our electricity generation activities in Brazil went down 16% YoY (-R\$130m in 1H17) to R\$662m in 1H17, reflecting (i) lower EBITDA at Pecém coal plant (-R\$163m YoY), mostly due to the booking of an insurance compensationrevenue in 1H16 (R\$82m), but also due to higher spot prices in 1H17 vs. 1H16, which were partly offset by (ii) slightly higher EBITDA at our hydro plants, benefiting from GSF of 97% in 1H17. Accordingly, EBITDA from hydro reached R\$227m in the 2Q17 (vs. R\$208m in the 2Q16). ²⁰¹⁷ should nevertheless be quite impacted by ^a hydro deficit, particularly in the light of higher expected spot energy price (PLD).

Hydro gross profit increased 3% YoY in 1H17, reaching R\$509m, mostly due to the above mentioned impact of high level of GSF (97% in 1H17 vs. 89% in 1H16). The combined effect of GSF energy, the hydro insurance (for GSF<92%) and volumes left uncontracted for hedging purposes allowed for ^a positive impact of R\$56m in 1H17 vs. R\$1m in 1H16. The avg. price of hydrovolumes, which reached R\$180/MWh in 1H17, was 11% higher YoY (PPA prices are inflation updated annually). These positive effects were partly offset by lower hydro volumes sold (-9% YoY), mostly due to (i) the sale of Pantanal mini-hydro in Jan-16; and (ii) the end of some PPAs in Peixe Angical hydro plant in Jan-16. Note that market expects high levels of PLD for the subsequent quarters (avg. PLD at R\$229/MWh in 1H17 vs. R\$48/MWh in 1H16, and currently at R\$270/MWh).

Pecém's gross profit reached R\$260m in 1H17 (-R\$102m YoY), of which R\$426m relative to PPA fixed revenues. Availability stood at 92% in 1H17 vs. 89% in 1H16, even though EBITDA comparison was negatively impacted by (i) higher PLD in the 1H17vs. 1H16, leading to higher costs with short term energy purchases; and (ii) ^a positive impact in 1H16 from ^a reduction in the provision for penalties on unavailability. Worth noting that Pecém's EBITDA in 1H16 was positively impacted (R\$82m) by aninsurance recovery related with ^a large maintenance in one of the plant's groups in 2014. Additionally, the impact of the emergency charge on water usage to keep operating the plant in light of the drought in the state of Ceará registered in the 4Q16 was revised and thus the provision was fully reverted (+R\$30m) in 1H17.

EDPB operates 2.8GW of capacity, of which 0.3GW are equity consolidated. Equity accounted capacity refers to ^a 50% equity stake in Santo António do Jari hydro power plant (373MW) and to ^a 50% equity stake in Cachoeira-Caldeirão hydro power plant (219MW, entirely online since Aug-16), both in partnership with CTG. In 1H17, our 50% stake in Jari contributed with ^a net gain of R\$4m (+R\$8m YoY), reflecting the impact of the inflation adjustment on PPA prices. Cachoeira-Caldeirão, whose PPA started in Jan-17, contributed with ^a net loss of R\$7m (@50%) impacted by interest costs, given the initial stage of the asset's life. São Manoel, ^a 700MW project (33.3%-owned by EDPB in partnership with CTG and Furnas), contributed with ^a net loss of R\$1m.

Capex increased R\$7m YoY to R\$45m in 1H17, corresponding mostly to maintenance works in Pecém. Note that equity investments devoted to São Manoel hydro project is classified as 'financial investments' (equity-method accounted) and in1H17, financial investments totalled R\$133m, which were devoted to São Manoel's construction works. São Manoel is under construction (91% concluded) and has ^a PPA starting in May-18.

Electricity supply gross profit increased R\$89m to R\$94m in1H17, reflecting higher volumes and higher margins.

(1) OPEX = Supplies & services + Personnel costs + Costs with social benefits; (2) Calculated with PPA prices and volumes.

& AnnexIncome Statements

1 H 1 7 ( ) €m	Gen tion & era Sup ply Iber ia	ulat Reg ed rks Iber ia Net wo	EDP Re áve is nov	EDP Bra sil	Cor . Ac tiv. & por Adj ustm ent s	EDP Gro up
es f Rev les and rvic nd oth enu rom en erg y sa se es a er	3,9 51	2,8 55	872	1,4 98	(1, ) 300	7,8 75
rof Gro ss P it	671	867	856	504	(5 )	2,8 93
lies d se Sup rvic p an es nel and loy ben efit Per sts son co em p ee s Oth atin (ne t) sts er o per g co Op ting sts era co	145 80 86 310	164 74 117 355	155 50 (68 ) 137	88 68 33 189	(80 ) 69 10 ( 0)	472 341 177 991
EBI TDA	360	513	719	316	(5 )	1,9 02
Pro visi ons d im (1 ) Am isat ion irm ort ent an pa	(0 ) 189	(3 ) 153	0 260	4 83	0 24	2 709
EBI T	172	362	459	229	( 29)	1,1 92

1 H 1 6 ( ) €m	Gen tion & era Sup ply Iber ia	ulat ed Reg rks Iber ia Net wo	EDP Re áve is nov	EDP Bra sil	Cor . Ac tiv. & por Adj ustm ent s	EDP Gro up
es f les oth Rev and rvic nd enu rom en erg y sa se es a er	3,8 13	2,8 71	800	1,0 31	(1, ) 369	7,1 46
rof it Gro ss P	962	863	785	371	(1 2)	2,9 70
lies d se rvic Sup p an es nel and loy ben efit Per sts son co em p ee s Oth atin (ne t) sts er o per g co Op ting sts era co	138 64 118 320	170 71 126 367	142 45 (50 ) 137	70 56 (56 ) 70	(84 ) 87 6 9	436 324 144 903
EBI TDA	643	496	648	301	( 21)	2,0 67
Pro visi ons isat ion d im irm (1 ) Am ort ent an pa	(25 ) 182	4 169	1 294	3 67	12 32	(5 ) 744
EBI T	486	323	354	231	( 65)	1,3 27

Quarterly Income Statement

erly L ( ) Qu P& € m art	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	∆ Y oY %	∆ Q oQ %
Rev es f les and rvic nd oth enu rom en erg y sa se es a er	3,78 7	3,36 1	3,43 7	4,0 11	4,2 33	3,64 2			8%	-14 %
t of les and her Cos ot en erg y sa	(2,2 40)	(1,9 38)	(2,1 43)	(2,5 36)	(2,7 10)	(2,2 72)			-17 %	16%
rof it Gro ss P	1,54 7	1,42 3	1,29 4	1,47 5	1,52 3	1,37 0			-4%	-10 %
lies d se rvic Sup p an es nel and loy efit Per sts Em Ben son co p ee s (ne t) Oth atin sts er o per g co Op ting sts era co	205 161 51 417	230 162 93 486	239 163 66 468	273 174 161 608	227 171 114 512	246 169 263 479			7% 4% 182 % -	8% -1% 131 % -
EBI TDA	1,13 0	937	826	867	1,01 1	892			-5%	-12 %
Pro visi ons d im (1 ) Am isat ion irm ort ent an pa	3 366	(8) 378	(10 ) 371	(0) 395	4 359	(2) 349			70% -8%	- -3%
EBI T	760	567	465	472	648	545			-4%	-16 %
Fin ial ults Res anc Sha f ne ofit in jo int nd oci t pr tur ate re o ven es a ass s	(18 0) (8)	(22 8) 3	(22 7) 2	(25 7) (19 )	(19 7) (1)	(17 3) 8			24% % 157	12% -
fit bef inc nd Pro CES E e ta ore om x a	573	342	240	196	450	379			11%	-16 %
Inc e ta om xes Ext rdin ibu tion for the ntr cto rao ary co en erg y se r	152 59	91 -	57 2	(21 1) 1	66 70	53 (2)			-41 % -	-19 % n.m
fit f he iod Net Pro or t per fit A but abl Net Pro ttri ED P e to roll No ing Int ont sts n-c ere	362 263 100	251 209 42	181 143 38	406 346 60	315 215 100	328 235 93			31% 12% % 122	4% 9% -7%

EDP - Installed capacity & electricity generation

	Inst	alle d C apa	city (1 ) - M W		Ele	ctri city Ge	atio n ( GW ner	h)			Ele	ctri city Ge ner	atio n ( GW	h)
hno log Tec y	1H1 7	1H1 6	∆ M W	∆ %	1H1 7	1H1 6	Wh ∆ G	∆ %	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17
Ibe (Ex ind Sol ar) ria -W &	13, 680	12, 691	988	8%	16, 778	19, 620	-2,8 42	-14 %	10, 632	8,9 89	8,2 55	8,7 83	9,2 41	38 7,5
dro Hy	7,1 78	6,1 87	991	16%	4,5 22	12, 008	-7,4 87	-62 %	6,3 94	5,6 15	1,9 95	2,1 38	2,9 48	1,5 73
al Por tug	6,7 52 99	5,7 61 67			4,2 58 02	11, 247 -78 5			5,9 34 -46	5,3 13 -32 1	1,9 18 -25 6	2,0 46 -39 7	2,7 73 -55 0	1,4 85 -65
ing ivit Pum act p y of the riv Run	2,7 35	1,7 79			-1,2 77	34			4 22	12	929	98	64	2 713
er Res oir	2,4 4,3 14	2,4 3,2 82			2,0 2,1 80	6,1 5,1 13			3,1 2,8 11	3,0 2,3 01	989	1,0 948	1,3 1,4	771
erv /CM PPA EC	2,6 63	2,6 63	0	0%	1,7	5,3 16	-3,5 28	% -66	2,8 54	2,4 62	916	947	09 1,2 61	528
Libe rali sed	4,0 88	3,0 97	991	32%	88 2,4 70	5,9 31	-3,4 61	% -58	3,0 80	2,8 51	1,0 02	1,0 99	1,5 12	957
Spa in	426	426	0	0%	264	761	-49 8	-65 %	460	301	77	92	175	88
CCG T	3,7 36	3,7 36	0	0%	3,1 01	1,0 17	2,0 84	205 %		552	1,9 09	2,3 16	1,7	1,3 88
al Por tug	2,0 39	2,0	0	0%	2,3 08	613	1,6 96	277 %	465 232		1,4 04	1,5 86	13 1,1 05	1,2 03
Rib jo (3 g ) ate rou	1,1 76	39 1,1 76			934	483			168	381	466	700	473	460
ps es ( ) Lar 2 g rou	863	863			1,3 75	130			63	314 67	938	886		743
ps Spa in	1,6 98	1,6 98	0	0%		404	389	96%	234	171	505	730	631 608	185
ón (2 g ) Cas tej rou	843	843			793 554	296			135	161	503	488	389	164
ps V ( ) Sot o IV & 2 g rou	854	854			239	108			99	9		242
ps											2		219	20
l Coa	2,4 04	2,4 04	0	0%	8,2 97	5,4 05	2,8 91	53%	3,1 06	2,2 99	3,9 16	3,9 10	4,0 53	4,2 44
al - Sin es ( ) Por tug 4 g rou ps	1,1 80	1,1 80	0	0%	4,6 78	3,3 04	1,3 75	42%	1,7 73	1,5 30	2,5 05	2,2 74	2,1 92	2,4 86
Spa in	1,2 24	1,2 24	0	0%	3,6 19	2,1 02	1,5 17	72%	1,3 33	769	1,4 11	1,6 37	1,8 60	1,7 58
Abo ño I	342	342			1,0 11	761			309	452	561	667	508	503
Abo ño II	536	536			1,9 85	1,0 48			854	194	547	480	1,0 06	979
ibe Sot o R ra I II	346	346			623	293			170	123	303	490	346	277
cle Tri llo (15 ) Nu .5% ar -	156	156	0	0%	557	560	-3	-1%	330	230	338	341	333	223
Oth er	206	209	-3	-1%	302	630	-32 7	-52 %	337	293	96	79	193	109
al Por tug	181	184	-3	-1%	242	573	-33 1	-58 %	311	262	65	67	163	78
Sm all- Hy dro	157	159			200	473			259	214	27	50	148	52
Cog rati ene on	24	24			41	100			52	48	39	17	15	26
Spa in - Co t. & W ast gen era e	25	25	0	0%	61	57	4	7%	26	31	31	12	30	31
Wi nd	9,9 87	9,2 83	704	8%	14, 467	13, 241	1,2 26	9%	7,5 08	5,7 33	4,6 95	6,3 97	7,6 90	6,7 77
Ibe ria	3,4 43	3,4 41	2	0%	4,1 98	4,6 29	-43 1	-9%	2,6 96	1,9 33	1,6 67	1,6 74	2,3 18	1,8 80
al Por tug	1,2 49	1,2 47			1,5 33	1,7 49			1,0 38	711	564	730	876	657
Spa in	2,1 94	2,1 94			2,6 65	2,8 79			1,6 58	1,2 21	1,1 02	945	1,4 42	1,2 23
No rth Am eric a	4,8 31	4,2 03	628	15%	8,1 51	6,7 13	1,4 38	21%	3,6 80	3,0 33	2,2 62	3,5 32	4,1 75	3,9 76
US	4,6 01	4,1 73			7,8 23	6,6 75			3,6 57	3,0 18	2,2 49	3,5 10	4,0 59	3,7 64
ada Can	30	30			44	39			23	16	14	23	22	21
Me xico	200	0			284	0			0	0	0	0	93	191
t of Res Eu rop e	1,5 09	1,4 35	74	5%	1,8 04	1,6 93	110	7%	1,0 78	616	532	964	1,0 50	754
zil Bra	204	204	0	0%	314	205	109	53%	54	151	234	226	147	167
Sol ar	85	82	3	3%	79	73	6	9%	27	46	44	22	28	51
Bra Ex- Wi	66	66	0	0%	87	50	-56	-12 %		45	79	51	62	26
zil ( nd) dro	2,4 1,7 46	2,4 1,7 45	0	0%	4,2 2,2 38	4,8 2,5 11	3 -27 2	% -11	2,8 05 1,6 66	2,0 844	1,8 878	2,1 1,0 59	2,2 1,2 70	2,0 968
Hy ado	903	903			00	02			903	399	394	412		482
Laje ical Pei	499	499			1,1	1,3 906			580	327	400		618 410	327
xe A ng					737							353
Ene st rge ecé	345 720	344 720	0	0%	402	302 39	-29 1	-12 %	183 38	119	84	294 92	242 991	160 57
l (P ) Coa m I					2,0 49	2,3			1,1	1,2 01	1,0 01	1,0		1,0
TO TA L	26, 218	24, 522	1,6 95	7%	35, 612	37, 785	-2,1 73	-6%	20, 972	16, 813	14, 873	17, 353	19, 221	16, 391

(1) Installed capacity that contributed to the revenues in the period.

EDP - Volumes distributed, customers connected and networks

ELE CTR ICIT Y					GA S
Ele ctri city Dis trib d ( h) GW ute	1H1 7	1H1 6	∆ G Wh	∆ %	Dis trib d ( h) Gas GW ute
al Por tug	22, 094	22, 287	-19 3	-0.9 %	al Por tug
h V olta Ver y H ig ge	1,1 13	1,0 85	28	2.6 %	Low Pre ssu re
h / diu olta Hig Me m V ge	10, 708	10, 323	385	3.7 %	diu Me m P res sur e
ltag Low Vo e	10, 274	10, 879	-60 6	% -5.6	LPG
Spa in	4,6 33	4,6 37	-4	-0.1 %	Spa in
h / Hig Me diu m V olta ge	3,5 16	3,4 99	17	0.5 %	Low Pre ssu re
ltag Low Vo e	1,1 18	1,1 39	-21	-1.8 %	diu Me m P res sur e LPG
zil Bra	12, 392	12, 429	-38	-0.3 %	TO TA L
Fre e C ust om ers	5,1 28	4,3 24	804	18. 6%
Ind rial ust	1,0 08	1,4 97	-49 0	.7% -32
ide ntia l, C ial & Ot her Res om erc	6,2 56	6,6 08	-35 2	-5.3 %
TO TA L	39, 119	39, 353	-23 5	-0.6 %
d (t h) Cus Co tom cte ers nne	1H1 7	1H1 6	Ab s. ∆	∆ %	ts ( th) Sup ly P oin p
al Por tug	6,1 68	6,1 26	41. 3	% 0.7	al Por tug
h / h / Ver y H ig Hig diu m V olta Me ge	25	24	0.2	0.9 %	Low Pre ssu re
Spe cia l Lo w V olta ge	35		0.7	1.9 %	Me diu m P res sur e
Low Vo ltag e	6,1 08	35 6,0 67	40. 5	0.7 %	LPG
Spa in	662	661	1.9	0.3 %	Spa
h / diu olta Hig Me m V					in Low Pre ssu
ge ltag Low Vo e	1	1	0.0	0.4 %	re diu Me m P res sur
	661	659	1.9	0.3 %	e LPG
zil Bra	3,3 47	3,2 81	65. 9	2.0 %	TO TA L
EDP Sã o P aul o	1,8 21	1,7 85	35. 7	2.0 %
írit EDP Es o S ant p os	1,5 26	1,4 96	30. 2	2.0 %
TO TA L	10, 177	10, 068	109 .1	1.1 %
rks Net wo	1H1 7	1H1 6	Ab s. ∆	∆ %	rks Net wo
ht o f th ork s (K m) Len etw g e n	337 ,60 7	336 ,60 8	999	0.3 %	s (K m) Len ht o f th ork etw g e n
al Por tug	225 ,85 3	225 ,09 2	761	0.3 %	Por al tug
in Spa	20, 553	20, 411	142	0.7 %	Spa in
zil Bra	91, 201	91, 105	96	0.1 %
( f el rici dis trib d) Los % o ect ty ute ses
al ( 1) Por tug	2% 11.	% 9.4	1.8 pp
Spa in Bra zil	3.8 %	% 4.4	-0.6 pp
Sã aul EDP o P o	8.7 %	9.2 %	-0.4 pp
hni cal Tec	5.4 %	5.5 %	-0.1 pp
Com ial erc	3.3 %	3.7 %	-0.3 pp
EDP Es írit o S ant p o	13. 5%	14. 0%	-0.5 pp
Tec hni cal	8.5 %	8.5 %	-0.0 pp
ial Com erc	% 5.0	% 5.5	-0.5 pp

	1H1 7	1H1 6	∆ G Wh	∆ %
	3,8 08	3,8 03	5	0.1 %
	621	655	-34	-5.1 %
	3,1 75	3,1 48	27	% 0.8
	12	-	12	-
	16, 154	14, 599	1,5 54	10. 6%
	5,3 13	5,2 65	48	0.9 %
	10, 597	9,3 34	1,2 63	13. 5%
LPG	244	-	244	-
	19, 961	18, 402	1,5 59	8.5 %

	1H1 7	1H1 6	Ab s. ∆	∆ %
		336	13	3.8 %
	348 344	334	10	3.0 %
	1.5	1.4	0.1	% 5.0
	2.6	-	2.6	-
	1,0 14	922	92	10. 0%
	930	921	9	1.0 %
	0.7	0.7	0	-1.0 %
LPG	83	-	83	-
	1,3 62	1,2 57	104 .7	8.3 %

1H1 7	6 1H1	Ab s. ∆	∆ %
13, 307	12, 714	593	4.7 %
5,1 66	4,9 51	215	4.3 %
8,1 41	7,7 64	378	4.9 %

Financial investments & Assets for Sale / Non-controlling interests

	Att ribu tab	le I alle nst	d C city - M apa	(1 ) W		Sha f pr re o	( 2) ( ) ofit € m			Boo k v alu	e ( ) € m
Fin ial inv & for Sa le est nts Ass ets anc me	1H1 7	6 1H1	∆ M W	∆ %	1H1 7	6 1H1	∆	∆ %	1H1 7	6 1H1	∆	∆ %
EDP Re áve is nov	356	356	0	0%	2	-3	6	-	329	332	-3	-1%
Spa in	177	177
US Oth er	179 0	179 0
asi l EDP Br	296	260	37	14%	-1	-5	3	% -71	366	304	62	20%
Jar i hoe ira- Cal dei rão Cac	187 110	187 73			1 -2	-3 -2
São l Ma noe	0	0			0	0
Ibe ria (Ex -wi nd) & Oth er	41	41	0	0%	6	3	3	84%	251	302	-50	-17 %
al - ss ( ele ca) Por Bio Bio ctri tug ma Spa in - Co tion & Wa ste gen era ibu (C ) Ma - D istr tion EM cao Oth er	32 10	32 10
Ass He ld f or S ale (ne t of lia bili ties ) ets			0	-	N/A	N/A			2,5 31	0	2,5 31	n.m
Por tga s ibu ció Nat as D istr urg n Oth er									490 1,9 63 78	0 0 0	490 1,9 63 78	- -
TO TA L	693	657	37	6%	7	-5		-	3,4 77	937		- 271 %

TO TA L	693	657	37	6%	7	-5	12	-	3,4 77	937	2,5 40	271 %
	ribu tab Att	le I alle nst	d C city - M apa	(1 ) W		Sha f pr ofit re o	s ( 2) ( ) € m			k v alu Boo	e ( ) € m
No roll ing int ont sts n-c ere	1H1 7	1H1 6	∆ M W	∆ %	1H1 7	1H1 6	∆	∆ %	1H1 7	1H1 6	∆	∆ %
áve is EDP Re nov	4,9 94	3,9 39	1,0 55	27%	138	82	57	70%	2,9 32	2,6 32	300	11%
At EDP R le vel : Ibe ria rth No Am eric a t of Res Eu rop e	2,7 28 851 1,2 20 557	1,8 32 378 1,1 22 232	896	49%	108	70	39	55%	1,5 12	1,2 67	246	19%
zil Bra ribu tab le t o fr floa t of 22. 5% ED PR att ee-	100 2,2 66	100 2,1 07	159	8%	30	12	18	156 %	1,4 20	1,3 65	54	4%
l EDP Br asi	1,8 14	1,8 14	0	0%	56	60	-4	-7%	1,4 58	1,5 66	-10 8	-7%
At EDP Br asi l le vel : dro Hy Oth er	606 606 0	606 606	0	0%	18	18	-1	-3%	396	467	-71	-15 %
ribu tab le t o fr floa t of il 49% ED P B att ee- ras	1,2 08	0 1,2 08	0	0%	38	42	-4	-9%	1,0 62	1,0 99	-37	-3%
Ibe (Ex nd) Oth ria -wi & er	12	12	0	0%	-2	0	-2	560 967 %	-39	83	-12 3	-
TO TA L	6,8 20	5,7 65	1,0 55	18%	192	142	51	36%	4,3 50	4,2 81	69	2%

(1) MW attributable to associated companies & JVs and non-controlling interests; (2) Share of profit in JVs & associates and from non-controlling interests; assets held for sale not included

EDP - Sustainability performance

Ma	in E ts 1 H17 ven				al S ain abi lity EDP Int ust ern	Ind ( bas e 2 010 ex	) -12		ic M ics Eco etr nom	1H1 7	1H1 6	∆ %
ine ard IR Ma Aw gaz s						1H1 7	1H1 6	∆ %	ic V alu e ( €m ) Eco nom	8,3 22	7,9 80	4%
7th the lace leve l, EDP ies Eur in at occ up p ope an the kin ová ard ed in EDP Ren vei ran wa aw	the Rel Inv est or 3rd the lace p	and atio ns of all and sm	the bes is Por t diu me ma	tug ues e com pan y rke ital izat ion t cap	tain ab. Ind (a ) ( b) (c ) Sus ex	100	107	-7%	Dis trib d ute Acc ula ted um	7,6 17 705	7,4 63 517	2% 36%
g. s s ies. com pan			m		Env iron l nta me	88	108	-19 %	es ( 1) Ene Se Rev rgy rv. enu	571	585	-2%
Val uab le nd Mo Por Bra st tug ues e					%W eig ht	33%	33%		Eff (a ) Ene icie Se rgy ncy rv.	61	43	-
nd Fin sid d the bra nd Bra EDP to anc e con ere utiv and lua ted wit h AA +. con sec e yea r eva	be the val st mo	uab le at	the ion nat	7th al lev el for the	Eco ic nom ht %W eig	102 37%	104 37%	-2%	Soc ial tric Me s	1H1 7	1H1 6	∆ %
od ctic of the Go Pra Yea e r					ial Soc ht	110	109	1%	Em loy p ees	11, 938	11, 923	0%
EDP the Div ity Ma ent cat wo n ers nag em ego ry	of the Eur ope an	Exc elle Aw nce	ard in HR s	201 7, wit h the EDP	%W eig	30%	30%		al h s of Tot inin tra our g	176 ,97 4	148 ,28 6	19%
's lusi and Pla Gro Stra ic Inc Div ity teg up on ers n.					Thi bili nde s Su ina ty I sta x w	as d lop ed by EDP eve	d is ba an	sed on	-du ccid s ( d) (e ) On ty A ent	13	16	-19 %
					abi lity rfo 33 tain sus pe rma nce	ind icat ors			(Tg ) ( d) Sev erit y R ate (T f) ( d) Fre ate q. r	107 1.2	83 1.4	29% -18 %
									al a ccid s (3 rds ) Fat ent	4	3	33%
al M Env iro ics ent etr nm	1H1 7	1H1 6	∆ %	Env iro al M ent nm	ics - CO 2 E mis sio etr ns
Ab sol her ic E mis sio ( kt) At ute mo sp ns				CO 2 E mis sio ns		Ab sol	ute		cifi Spe c		n ( Ge atio ner	h)
2 ( b) ( f) CO NO x	10, 607 8.7	9,3 81 4.5	13% 95%			( ktC O2	) ( b)		(t /M Wh )		( h) GW
SO2	14. 5	4.2	243 %			1H1 7	1H1 6		1H1 7 1H1 6	1H1 7		1H1 6
Par ticl e	0.6 42	0.2 87	% 124
cifi her (g /KW h) Spe c A ic E mis sio tm osp ns				Ibe ria		8,3 66		5,1 67	0.7 0 0.7 4		11, 941	7,0 26
2 ( b) ( f) CO	298 .8	210 .4	42%	l Coa		7,0 98		4,6 47	0.8 6 0.8 6		8,2 97	5,4 05

( kt) Ab sol At her ic E mis sio ute mo sp ns 2 ( b) ( f) CO NO x	10, 607 8.7	9,3 81 4.5	13% 95%	CO 2 E mis sio ns	Ab sol ute ( ktC ) ( O2	b)	cifi Spe /M (t	c Wh )	Ge ner ( GW	atio n ( h) h)
SO2	14. 5	4.2	243 %		1H1 7	1H1 6	1H1 7	1H1 6	1H1 7	1H1 6
ticl Par e	0.6 42	0.2 87	124 %
/KW Spe cifi her ic E mis sio (g h) c A tm osp ns				Ibe ria	8,3 66	5,1 67	0.7 0	0.7 4	11, 941	7,0 26
2 ( b) ( f) CO	298 .8	210 .4	42%	Coa l	7,0 98	4,6 47	0.8 6		8,2 97	5,4 05
NO x	0.2 5	0.1 2	107 %	CCG T	1,1 95	427	0.3 9	0.4 2	3,1 01	1,0 17
SO2	0.4 1	0.1 1	% 263	Cog rati + W ast ene on e	74	93	0.1 4	0.1 5	543	604
mis sio ( ktC ) GH G e O2 ns eq
(sc 1) ( b) Dir Em issi ect ons ope	10, 618	7,9 40	34%	zil Bra	2,2 41	2,7 57	1.0 9	1.1 8	2,0 49	2,3 39
Ind irec issi (sc 2) (c ) t em ons ope	358	293	22%	l (P d) Coa PA tra cte con	2,2 41	2,7 57	1.0 9	1.1 8	2,0 49	2,3 39
Prim ion (TJ ) (g ) En Con pt ary erg y sum et C ifie d C city ( %) Ma x. N ert apa	128 ,11 3 90%	91, 241 91%	40% -1.6 p.p	The al G ion rat rm ene	10, 607	7,9 24	0.7 6	0.8 5	13, 990	9,3 65
03 m 3) e (1 Wa Us ter	867 ,61 8	694 ,64 1	25%
l (t ) Tot al W fin al d isp ast e to osa	226 ,00 3	229 ,65 1	0%	CO Fre e G ion rat ene 2					21, 507	28, 306
iro al M ( € th ) Env ent att nm ers	50, 459	52, 452	-4%
Inv est nts me	24, 617	24, 126	2%	issi CO Em ons 2			0.3 0	0.2 1	35, 497	37, 671
Exp ens es	25, 842	28, 326	-9%
iro al F d P ltie s ( €) Env ent nm ees an ena	096 11,	16, 979	% -35

(a) Energy Services take into account only Energy efficiency services revenues. Only the support from public authorities recognised in the income statement is considered.

(b) Instead of what EDP has reported before, the stationary emissions do not include those produced by the burning of ArcelorMittal steel gases in EDP's power plant in Spain, which totalled 1,836 ktCO2 in 2017 and 1,457 ktCO2 in 2016.

(c) Scope 2 emissions according with GHG Protocol based location methodology.

(d) EDP + ESP (External Services Provider).(e) Accidents leading to an absence of one more calender day and fatalities. (g) Including vehicle fleet. (f) Includes only stationary emissions.(h) Includes heat generation (2017: 441 GWh vs 2016: 447 GWh).

(1) Energy Efficiency Services and Suplementary Energy Services: services provided under energy supply, instalation of more efficient and/or building retrofit, and sustainable mobility, which generate revenues for the company.

EDP Share Performance

Sto ck rke rfo EDP Ma t Pe rm anc e	YTD	52W	201 5
		26/ 07/ 201 7
(Eu ) EDP Sh Pr ice Lis bon - € ext are ron
Clo se	2.9 90	2.9 90	3.0 00
Ma x	3.3 06	3.3 06	3.3 06
Min	2.6 41	2.6 26	2.6 41
Ave rag e	2.9 80	2.9 52	2.9 80
's L iqu idit in E t Li sbo EDP y uro nex n
er ( ) Tur € m nov	2,9	4,6 65	2,9 99
(€ m) Ave e D aily Tu rag rno ver	9521	18	21
ded lum e (m illio n sh s) Tra Vo are	1,0 05	81 1,5	1,0 06
ily V olu (m illio n sh s) Avg . Da me are	6.9	6.1	6.9
Sh EDP Da ta are	1H1 7	6 1H1	∆ %
mb f sh d (m illio n) Nu s Is er o are sue	3,6 56. 5	3,6 56. 5	-

Sh EDP Da ta are	1H1 7		∆ %
mb f sh d (m illio n) Nu s Is er o are sue Tre k (m illio n) toc asu ry s	3,6 56. 5 21. 6	21. 4	1.0 %

EDP's Main Events

9-Jan: Norges Bank decreases its ownership interest in the cash share capital of EDP 24-Jan: EDP issues €600 million bond maturing in September 202330-Jan: Change of qualified shareholding – Mubadala Investment Company acquires 100% of IPIC shares and voting rights on EDP

27-Feb: EDPR announces the sale of a minority stake in Portuguese assets to CTG

27-Mar: EDP sells €574 million of tariff deficit in Portugal

27-Mar: EDP has accepted a binding offer for the sale of 100% of gas distribution in Spain

27-Mar: EDP Preliminary announcement for the launch of general and voluntary tender offer for the acquisition of the shares issued by EDP Renováveis

28-Mar: Norges Bank qualified shareholding – amendment of title of imputation

30-Mar: Standard & Poors affirmed EDP at "BB+" with Positive outlook

3-Apr: Moody's affirmed EDP at "Baa3" with stable outlook

4-Apr: Norges Bank qualified shareholding – amendment of title of imputation

7-Apr: EDP sells 100% of EDP Gás (Portgas)

20-Apr: EDP's Annual General Shareholders Meeting

24-Apr: Payment of Dividends – Financial Year 2016

24-Apr: EDP signs a definitive agreement for the sale of 100% of gas distribution in Spain (Naturgas Energía Distribución)

24-Apr: EDP Brasil awarded with 4 new electricity transmission concessions

5-Jun: Investigation on the termination of PPA contracts on power plants in Portugal and its replacement for CMEC21-Jun: EDP issues U.S.\$ 1,000,000,000 of notes

30-Jun: EDPR announces the completion of the sale of a minority stake in Portuguese assets to CTG

Investor Relations Department

Miguel Viana, Head of IRSónia PimpãoMaria João Matias

Phone: +351-21-001-2834Email: ir@edp.ptSite: www.edp.pt