EDP-Energias — Interim / Quarterly Report 2021

Jul 28, 2021

1

1H21 RESULTS

July 28th, 2021 15:00 CET | 14:00 UK / Lisbon www.edpr.com

Disclaimer

This document has been prepared by EDP Renováveis, S.A. (the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed or contained herein. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions.

This presentation may not be distributed to the press or to any other person in any jurisdiction, and may not be reproduced in any form, in whole or in part for any other purpose without the express and prior consent in writing of the Company.

This presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation do not constitute or form part of and should not be construed as, an offer (public or private) to sell or issue or the solicitation of an offer (public or private) to buy or acquire securities of the Company or any of its affiliates or subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction.

Neither this presentation nor any materials, documents and information used therein or distributed to investors in the context of this presentation or any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever and may not be used in the future in connection with any offer (public or private) in relation to securities issued by the Company.

Any decision to invest in any securities of the Company or any of its affiliates or subsidiaries in any offering (public or private) should be made solely on the basis of the information to be contained in the relevant prospectus, key investor information or final offering memorandum provided to the investors and to be published in due course in relation to any such offering and/or public information on the Company or any of its affiliates or subsidiaries available in the market.

Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words "believe," "expect," "anticipate," "intends," "estimate," "will," "may", "continue," "should" and similar expressions usually identify forward-looking statements.

Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; energy demand and supply; developments of the Company's markets; the impact of legal and regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company's business strategy, financial strategy, national and international economic conditions, technology, legal and regulatory conditions, public service industry developments, hydrological conditions, cost of raw materials, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Such risks, uncertainties, contingencies and other important factors could cause the actual results, performance or achievements of the Company or industry results to differ materially from those results expressed or implied in this presentation by such forward-looking statements.

The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation, and are subject to change without notice unless required by applicable law. The Company and its respective directors, representatives, employees and/or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this presentation to reflect any change in events, conditions or circumstances.

1H21 Results

Key highlights 1H21

EDPR continues to accelerate growth with added visibility on the ongoing Asset Rotation deals, while maintaining solid operations

6.7 GW secured and 3.7 GW of PPAs in negotiation focused on key markets while expanding geo footprint On track to deliver >€300m capital gains in 2021

Core Opex/MW -3% YoY given O&M strategy and cost control

EDPR has now 6.7 GW secured, with sound returns and risk profile…

Accelerating growth across all platforms, with +0.8 GW secured since the CMD…

… maintaining a selective and disciplined investment approach

… which are well protected from recent capex cost inflation

EDPR investment policy is to contract major equipment upfront at fixed price with investment decision based on latest real-time quotes requested to suppliers

1. WTG for wind projects; Modules; Trackers and Inverters for solar projects

2. Capacity which has Major equipment partially contracted, but not fully

3. Overall impact on project capex of ~5% for wind and ~10% for solar

EDPR continues to ramp-up pipeline and has significant short-term visibility on additional growth

In addition, EDPR is expanding its geographic footprint to tap further growth opportunities in attractive markets

In Q2, EDPR entered into high growth renewable markets with long-term contracted remuneration frameworks…

	Rationale	RES targets	Remuneration
	Solid renewables market, consolidating presence in LatAm	% mix 60% 15% 2020 2035	15 to 20-yr PPAs
	First step to establish our presence in APAC and tap growth opportunities	GW ~40 ~10 2020 2030	20-yr FiT and long-term PPAs
		GW
	Renewed ambition with CfD rounds and Net zero	~25 ~13	15-yr CfD and
	by 2050 target		long-term PPAs
Onshore		2020 2030
		GW
	Strong commitment to establish Offshore	~6 0	25-yr CFD
	industry in Poland
Offshore		2020 2030

…which are fully aligned with EDPR growth strategy

Asset rotation execution has been strong with €1.9bn of proceeds secured at attractive multiples and €101m gain already booked in 1H21

Strong AR execution at attractive multiples, showcasing the value of EDPR projects

1H21 Results

Strong performance in EU&BR, but impacted by Q1 one-off ERCOT event, lower generation in US and lower capital gains YoY

• 1. Gains of €118m include i) €100.8m from Jun-21 US asset rotation deal (Bright Stalk & Harvest Ridge), ii) €15.8m contingent price review of Offshore France sell-down transactions and iii) €1.8 price adjustment of Rosewater B&T
• 12 2. 2020 projects which experienced COD delays in North America are fully operational as of Jun-21 and will contribute at full capacity with 791 MW for H2 results (Nation Rise 100 MW, Headwaters II 198 MW, Crossing Trails 104 MW, Wildcat Creek 180 MW and Reloj del Sol 209 MW)

EDPR portfolio increased to 12.6 GW, with +2.1 GW added YoY, and we have 2.9 GW under construction

YoY EDPR added +2,059 MW, rotated 913 MW net and has 2.9 GW under construction as of Jun-21

13

In 1H21 EDPR achieved a 31% load factor with recovery in Europe & Brazil offset by Q1 one-off ERCOT event and low wind resource in US

Sound Availability1 of 96.9% slightly above 96.8% in 1H20

Electricity output increased 5% YoY, with capacity additions providing a strong contribution

TWh % YoY

+14% From overall new installed capacity along with higher wind resource in Iberia, despite RoE performance.

Driven by lower availability due to the one-off ERCOT event in Q1 and low wind in US, not offset by new capacity.

+27% Driven by higher wind resource and by new capacity in operation.

Electricity Production (TWh)

EDPR generated 15.3 TWh of clean electricity (+5% YoY), avoiding 10mt of CO2 emissions Geographical output breakdown: 59% in North America, 38% in Europe and 3% in Brazil

Average price at €51/MWh, reflecting an increasingly competitive portfolio, with new additions driving lower prices

Increasingly competitive portfolio with new additions driving lower prices, reflecting lower Capex/MW and higher NCFs, while maintaining value creation in line with EDPR track record

Revenues decreased 6% YoY, but only 0.5% like for like

Main drivers for Revenues performance

Volume: +8% YoY (+€72m) -6% MW additions (+7%; +€61m) & Wind resource (+1%; +€11m)

Sell-down: -8% YoY (-€69m) On the back of US and Spanish Asset rotation transactions

Lower avg. price (ex Sell-down): -2% YoY (-€22m)

Mostly driven by Spain and US

Forex impact & Others: -4% YoY (-€38m)

Mostly EUR/USD

Revenues (€ million)

Core Opex per avg. MW +1% YoY (-3% adjusted), on the back of O&M strategy and despite upfront scale up to cope with accelerated growth

Opex (excludes Other Operating Income) (€ million)

Core Opex increasing YoY given frontload needed to cope with expanded growth

1. Adjusted by offshore costs (mainly cross-charged to projects' SPVs), service fees, one-offs and forex

2. Adjusted by Sell-down, offshore costs (mainly cross-charged to projects' SPVs), service fees, one-offs and forex

EBITDA of €654m with a balanced ~50/50 split between Europe and the US, reflecting the low-risk profile of EDPR portfolio

Net Profit totaled €142m decreasing 44% YoY, driven by top line performance and lower gains, partially offset by improved financials

1H21 EBITDA to Net Profit (€ million)

Net Debt and Tax Equity decreased €165m with cash flow, AR proceeds and the capital increase offsetting growth acceleration

1H21 Financial Debt Breakdown

(%)

1H21 from RCF to Debt and TEI variance (€ million)

€3.56bn of Net Debt (+€0.12bn vs Dec-20) and €0.86bn of Tax Equity (-€0.28bn vs Dec-20) In July, EDPR successfully secured Tax equity proceeds of €556m

ESG continues at the core of EDPR, with YoY evolution reflecting acceleration of growth

Environment

Climate Change			Circularity (3)		Biodiversity
avoided (1) CO 2 10 mt -2% vs 1H20	emitted (2) CO 2 0.2 % Flat vs 1H20	Waste 34 kg/GWh +26% vs 1H20	Recovery rate 76 % +2.4pp vs 1H20	Spills & fires (4) 0 0 in 1H20	Near misses 40 +33% vs 1H20

Social

Our People	Health & Safety (5)		Communities
Women Headcount Women	Frequency rate (6)	Severity rate (7)	A2E (8)	Social
31% 1,976 31 %	1.7	58	5 € m	0.7 € m
+23% vs 1H20 Flat vs 1H20 - -	+16% vs 1H20	+34% vs 1H20	Flat vs 1H20	-41% vs 1H20

(1) Calculated as energy generation * CO2 eq. emission factors of each country/state within the US (which vary in accordance with the country/state's energy mix); (2) C02 emitted / CO2 avoided; (3) Excludes waste caused by non-recurrent events; Operational data; (4) EDPR defines significant spills and fires as spills affecting water bodies/courses, protected soils or soils of interest because of its natural value, or fires affecting protected areas or species (according to local protection laws), derived from O&M activities; (5) Includes staff and contractors data; Excludes commuting and 1Q20 UK data; (6) Calculated as [# of accidents with absence/Hours worked * 1,000,000]; (7) Adjusted rate (excl. lost days from 2020 accidents), calculated as [# of Lost workdays/Hours worked*1,000,000]; (8) Cumulative investment.

Closing remarks

We continue to witness a strong and highly supportive environment and EDPR is well positioned to capture the opportunity

Key takeaways

• EDPR has now 6.7 GW secured with sound returns and risk profile, which are well protected from recent capex cost inflation
• EDPR continues to ramp-up pipeline and has significant short-term visibility on additional growth
• In addition, EDPR is expanding its geographic footprint to tap further growth opportunities in attractive markets
• Asset rotation execution has been strong with €1.9bn of proceeds secured at attractive multiples and €101m gain already booked in 1H21, on track to deliver >€300m capital gains
• Financial performance had strong positive contribution from Europe & Brazil, but was impacted by Q1 one-off ERCOT event, lower generation in US and lower capital gains YoY
• Going forward, the US 2020 projects that are now fully operational, the solid performance in EU & BR and the attractive AR multiples provide a positive outlook for the remainder of 2021
• In terms of growth outlook, we continue to witness a strong and highly supportive environment and EDPR is well positioned to capture the opportunity

Annex

EDPR 6.7 GW of secured capacity 6.7 1.4 2.9 8.8 20 GW1 Gross Additions 2021-25 North America 33% secured LatAm 58% secured Europe 32% secured 1.2 GW 1.6 GW 0.2 GW post 2025 1.4 GW 0.3 GW 1.3 GW 0.6 GW 0.3 GW post 2025 0.3 GW 2.9 GW 1.7 GW 2.2 GW GW secured 28 MW 28 APAC MW 2% secured

IR Contacts

André Fernandes, Head of IR Pia Domecq Celia de Cominges Duarte Andrada

E-mail: ir@edpr.com Phone: +34 914 238 402 Fax: +34 914 238 429

Serrano Galvache 56, Edificio Olmo, 7th Floor 28033, Madrid - Spain

EDPR Online Site: www.edpr.com

Link Results & Presentations: www.edpr.com/investors