EDP-Energias

Investor Presentation • Nov 6, 2025

Disclaimer

This document has been prepared by EDP, 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 ofthe 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.

What we are presenting today

OUR VISION AND COMMITMENTS

Miguel Stilwell d'Andrade (CEO)

OUR PLATFORMS

OUR FINANCIALS Rui Teixeira

(CFO)

CLOSING REMARKS

Miguel Stilwell d'Andrade (CEO)

Power demand at an inflection point – an era of sustained growth driven by tech and electrification

Wind, Solar and BESS – the fastest, cheapest, and most scalable energy sources

• RES costs are expected to continue downward trend
• Increased gas turbine lead times (increasing from ~1-2 to ~5-7 years)
• Long time to market of nuclear new builds while requiring governmental risk taking/support

^1. Including tax credits in US | 2. Time-to-market estimations for new projects, with FID in 2025 Note: BESS - Battery Energy Storage Systems

An evolving energy system – more flexibility needed and new value pools emerging

Wind and Solar capacity TW¹

Increasing Wind and Solar capacity leading to more penetration of variable, non-dispatchable generation

BESS³ capacity TW

Decreasing BESS³ cost (e.g., 25% decrease in US vs. 2022), creating attractive investment opportunities

Flexibility needs⁴

2035 vs. 2023 increase

Uplift in value of generation assets with flexibility attributes

7

^1. Considers TWac for Wind onshore and offshore and TWdc for Solar PV (utility + distributed) | 2. Share of RES includes Solar and Wind generation | 3. Battery Energy Storage Systems | 4. Short term flexibility needs (i.e., largest hour-to-hour differences in residual load) Source: Wood Mackenzie, IEA STEPS, Lazard

Step change in Networks investment – modernize aging network, connect demand/supply and reinforce system reliability

Investment in Electricity Networks

Avg. \$ Bn/year

Modernization – the key driver

~55% of transformers in Portugal with over 40 years asset life by 2030

New demand – bottlenecked

~85% of Spain's distribution Networks needs reinforcement to connect new demand

Capacity – Regional imbalance

between generation and urban areas in Brazil, leading to increased transmission and distribution capacity

+30% Reinforced investment committed

+60% of Networks investment planned in Iberia between 2025-30

Strong regulatory tailwinds – providing increased long-term visibility

Europe

• Contract for Difference (CfD) auctions of >100 GW in 2026-28, with accelerated deployment through national interest projects and streamlined permitting
• EU Action Plan and upwards revision of Networks investments (incl. Iberia)
• Capacity markets and other incentives for BESS¹ and FlexGen investments (e.g., exemption of Networks fees in Germany)

One Big Beautiful Bill Act providing clear tax credits framework

• PTC/ITC granted for wind and solar with CODs until 2030² based on safe harbor updated guidance
• ITCs granted for BESS¹ with CODs until 2039²

Networks investment framework in place, while bottlenecks in RES still need to be addressed

• 30-year extension of electricity distribution concessions
• New regulatory periods in distribution with improved returns
• Regulation expected to address curtailment impact on renewables

EDP is at the center of this secular investment opportunity

Electricity at the core of strong investment momentum in the sector…

Entering an era of sustained growth of power demand

Renewables are the cheapest, fastest and most scalable technology

value pools

Step change in Networks investment

Market and regulatory tailwinds

… and EDP is prepared to capture the opportunity

• Leader in Renewables with strong track record and pipeline, namely in US
• Resilient integrated position in Iberia, More flexibility needs with increasing with strong FlexGen and Clients portfolio
• Strong Electricity Networks business, with material step up of investments, especially in Portugal

Our 2026-28 commitments focused on value creation

Focused growth

Visibility with improved returns and flexibility to accelerate

~€12 Bn

Gross investments

~€7 Bn

Net investments

12-14% | ~10.5%

Renewables and Electricity Networks Equity IRR

Business optimization

Focus on value and cash-flow generation from existing portfolio

~€1 Bn

Disposals, focusing on key businesses and markets

~26%

OPEX/Gross Profit

~€1.9 Bn

Flat OPEX across BP horizon

Distinctive and resilient portfolio

High quality portfolio with sound Balance Sheet

~80%

EBITDA in A-rated marketsand regulated + long term contracted/hedged

~€1 Bn

Net Debt reduction

20%

FFO/ND, committed to BBB rating

Value creation

Increasing earnings, while lowering debt

~€5.2 Bn EBITDA by 2028

~€1.3 Bn Net Income by 2028

~€0.21 DPS floor by 2028

Powered by our talented and experienced organization, leveraging Digital and AI capabilities

Focused €12 Bn investment plan with US renewables and Iberian Electricity Networks at the core

Pipeline optionality to accelerate throughout the plan and beyond

Enhanced returns supported by market and regulatory tailwinds

^1. Renewables: Considers projects with COD in 2023-25 vs COD in 2026-28. Project IRR and Equity IRR at FID post-tax in nominal terms assuming cost of debt and a 50/50 capital structure | 2. Regulatory RoE is nominal and post-tax and assumes regulator's inputs for cost of debt and capital structure. Electricity Networks PT and SP – considers RoR of 7% (pre-tax and in nominal terms) based on company's expectations for the 2026-28 period. Electricity Networks Brazil – considers the current EDP SP RoR for 2023-25 period and the latest revision of EDP ES RoR for 2026-28

Value crystallization through Asset Rotation and portfolio focus

Asset Rotation track record over the last 10 years

~35

transactions

~€13 Bn

cumulative proceeds

~€3 Bn

cumulative gains¹

8 GW

installed capacity rotated

Asset Rotation and Disposals proceeds 2026-28 € Bn

Strong 2025 Asset Rotation execution of €2.0 Bn with attractive valuations

Diversified portfolio and multiple markets and technologies derisking Asset Rotation execution

Driving efficiency and agility across the business, improving competitiveness

Optimizing for superior value Focusing on efficiency

Extract more value from existing assets, improving availability and O&M

(+1 p.p. availability¹ uplift 2025-28; -19% RES OPEX/MW vs. 2022)

Focus on core geographies exiting markets / businesses with limited EDP presence and synergies, improving efficiency

Drive organizational agility and scale digital/AI for smarter operations (90% Employees' Digital

Upskilling Plan Completion, 2028)

^1. Wind and Solar technical availability

ESG leadership anchoring our energy transition

Strong track record in the energy transition 2028 key ESG commitments

• Climate adaptation plans for infrastructure exposed to material climate risk
• All new projects¹ with material impact on communities include an engagement plan
• All new projects¹ include a biodiversity risk analysis and action plan
• 100% purchaseswith ESG risks covered by ESG Due Diligence
• Zero serious injuries and fatalities
• ≥40% Leadership Diversity Index²

^1. Projects subject to the Investment Committee's approval | 2. Index measures diversity in leadership positions, assessing the balance of genders, generations, and nationalities within the organization | 3. Scope 1 and 2 emissions intensity

A resilient, low-risk portfolio delivering predictable growth

~80% in A-rated markets

~30% from US by 2028

~30% from Electricity Networks

~80% regulated + long-term contracted / hedged

Stronger BBB balance sheet, providing flexibility for future investment

• Organic Cash Flow growth
• Preserving a low-risk business profile – ~80% of EBITDA from A-rated markets and ~80% regulated or LT contracted / hedged activities
• Absolute Net Debt reduction supporting improved credit ratios over 2026-28

Attractive shareholder remuneration – sustained earnings growth supporting visible dividend floor

Recurring Net Profit, € Bn

Improved earnings quality profile: lower weight of AR gains together with high weight of regulated and A-rated markets

Delivering earnings growth Sustainable and predictable dividend policy

19 1. Share of AR gains in recurring net profit

Electricity Networks — Strong presence in Portugal, Spain and Brazil

Sole operator of High, Medium and Low Voltage¹ Electricity Networks in mainland Portugal

Largest Electricity Distribution operator in the regions of Asturias and Cantabria

Main Distribution operator in the State of Espírito Santo and in São Paulo's coastline,and minority stake in Celesc in Santa Catarina

Portfolio of electricity transmission assets, 4 lines in operation and 3 under construction

Track record of efficiency, with superior quality of service – enabled by technology, data & AI

72 21 392

SAIDI¹2019-25 at Group-level, min

Enhanced quality of service Enabled by technology, data & AI Improved efficiency

Networks operations robotization and digitalization

Optimized vegetation management via drones and satellite images

Dynamic line rating for network optimization and resilience

AI as a key driver for optimized and smart Network operations

Improving customer experience and reducing call centers load through AI

Integrated and real time management of HV/MV/LV grids in 2026²

Driven by new ADMS³, advanced metering infrastructure and 100% LV mapping

SAIDI¹2024 per geography, min Electricity Networks OPEX/Gross Profit

Networks assets modernization resulting in lower maintenance interventions, including extension of outsourced EMC⁴ activities

€3.6 Bn investment plan driving RAB and earnings growth – increasing share of Iberia

Increased visibility and returns – >90% of investments with regulatory frameworks closed / advanced and improved returns

Regulatory framework (closed or in advanced stage) To be updated

^1. Visibility on Annual Allowed Revenue

^2. Electricity Networks PT and SP – RoR pre-tax and in nominal terms based on company's expectations. Electricity Networks Brazil – RoR pre-tax and in real terms based on the latest revision of EDP ES 3. RoE post-tax in nominal terms excluding incentives, assuming regulator's inputs for the cost of debt and capital structure

New demand and Modernization – drivers of increased investment in Iberia for the next 10-15 years

Electricity demand growth driven by energy consumption electrification (e.g., EVs, DCs, H2)

Electricity demand¹ Iberia, TWh

Equipment aging, resilience improvements, and digitalization support investment needs

HV/MV active transformers in distribution Networks in Portugal by year of estimated end of useful life, #

1970-80s strong electrification wave drives a surge in renewal needs between 2025 and 2040

Adequate regulatory returns required to fully support needed investment

Proposal for significant increase in investments with a limited impact on end-user's price

Average annual gross investments¹ , € Bn

Temporary increase of investment cap by 2030

Up to ~€250 Mn p.a. potential investment under defined add-on3

Potential for returns to converge with those of other EU countries to enable the additional investment needed for the Energy Transition

Regulated Return on RAB, %

Incentives on Quality of Service, losses and efficiency savings provide add-ons to the headline Regulatory return and could add up to ~ +100 bps in Portugal and ~+200 bps in Spain pre-tax

In Portugal, indexation of Regulatory return to Bond yields provides hedge with added visibility on value creation of investments

Brazil's regulation fosters long-term value in both Distribution and Transmission Networks

30-yr concession	Tariff
extension	review

No upfront payment in extensions

Uplift in Real RoRABto 8.03%

	EDP Espírito Santo	EDP São Paulo
Next regulatory period	August 2030	October 2027
Current RoRAB, Real (post-tax)	8.03%	7.42%
Concession renewal	July 2055	June 2028

Expected to be extended from 2028 to 2058 under the same terms as EDP ES

Stable regulatory framework… …to support a sustainable growth of the asset base

Distribution – ~90% of the investment plan focused on modernization and consumption, operational efficiency and risk management investments

Transmission - multiple growth avenues going forward, leveraging on a proven track record of on time & on cost execution

Step change in investment plan and improving returns – visibility through 2028 and beyond

Step change in investments to deliver the Energy Transition
and modernize the Networks

• Increasing investment visibility from upcoming regulatory periods closed or in advanced stage
• Improvement of regulatory returns and incentives both in Iberia and Brazil
• Improved Networks efficiency on the back of new digital and automatized operations while reinforcing quality of service
• Growing EBITDA throughout the BP period, on the back of growing investments and RAB

€3.6 Bn	Investment plan. +20% annual investment in 2026-28 vs 2023-25
>90%	Investments with regulatory frameworks closed or in advanced stage
+150 bps	Regulatory RoE vs 2023-25
-5 p.p.	In OPEX/Gross Profit (30% in 2019 to <25% in 2028)
€1.5 Bn to €1.6 Bn	EBITDA growth from 2025 to 2028

Integrated position – Generation, Energy Management and Clients with proven value creation and controlled risk

2025

Flexible Generation portfolio – positioned to capitalize on rising demand for flexibility

High-quality Hydro portfolio, with long-term concessions (~27 yr remaining life), and CCGT as backup to the system and providing ancillary services Preserving strong position in the Iberian market, with ~3.4 Mn retail clients

Limited price & volume risk due to largely PPA contracted capacity and GSF insurance

Optimized efficiency and investment opportunities – additional value unlocked from technology and AI

Efficiency capture in O&M and clients' cost to serve

O&M costs¹ , €/MW

Flat O&M costs, despite inflation

Cost to serve, OPEX/year/residential contract, €

FlexGen optimization opportunities adding value to existing portfolio

Interventions to optimize inflow and increase efficiency

Double digit IRR

Hydro pumping additional targeted opportunities

Unlocking value from technology and AI

Inspection Robots for Hydro and Thermal

Sensorization and Intelligent Monitoring of Hydro and Thermal

Technicians Co-Pilot

Potential for added flexibility services (e.g., black start, voltage control, inertia)

Reduce cost-to-serve and improve customer experience using autonomous AI and increasing hyperpersonalization

Iberia – increased weight of intermittent technologies in the generation mix fostering the need for FlexGen

34

Increasing solar penetration

% of total installed capacity

Higher solar penetration increases complexity to match electricity demand and supply on an hourly basis…

Prices dispersion over average daily hour

€/MWh

… with higher share of solar generation expanding intra-day spreads and improving hydro premiums

Ancillary services & restrictions component in final electricity price in Spain

€/MWh

2025: significant YoY increase, namely post blackout (9M25 €17/MWh)

2026-2028: expected to normalize, yet above 2020 values

Source: Wood Mackenzie, OMIE

Hydro – growing premium over baseload in realized prices and higher volume and spreads in pumping

~8 TWh

of flexible hydro generation/year, with growing value materialized on improved premiums over baseload

Hydro realized price premium,

% over baseload

2.4 GW

pumping capacity spread across 8 sites

Hydro pumping generation

TWh/year

Hydro pumping spreads¹

% of baseload price

^1. Pumping spreads considering pumping consumption GWh (energy used to transfer water to upper reservoir, which is converted into generation with an efficiency factor of 80-85%)

FlexGen and Clients Iberia – Structural increase of flexibility revenues mitigating price and volume normalization

Normalized price and volume for 2026-28 levels, € Bn

Normalization of prices and volumes in 2026-28

Increase in margins from flexible services¹ reflecting maintenance of structural improvement in pumping margin and backup services, normalization of ancillary services pricing, and partial offset of lower gas margins

~3.4 Mn retail clients providing natural hedge to the integrated position, and added value services

30%

Electricity Networks

EBITDA 2025 OUR PLATFORMS

40%

30%

FlexGen & Clients

High-quality portfolio of 20 GW of Wind, Solar and BESS – ~85% in US and Europe, ~70% long-term contracted

Installed Capacity by Region and Generation by Technology 2025

Portfolio focused on low-risk markets with wind onshore as the main asset base technology

EDPR: Pure renewables player with a proven track record…

>20 years of track record

EU & US Core Markets

… backed by a uniquely diversified portfolio with strong global PPA capabilities…

Wind & Solar

Core Technologies

~70% Long Term Contracted

… and a differentiated and strong position in the US market since 2007

22 states

with EDPR presence

10 GW

operating capacity

Focus on enhancing operational performance – driving efficiency and innovation, in a context of growth and inflation

Streamlined O&M for efficiency

Core OPEX/Avg. MW

45%¹ full scope

Offering operational protection, balanced with hybrid and self-perform models for added efficiency and flexibility

Improved RES availability

Technical availability, %

Focus on availability based on cost-benefit analysis

Unlocking additional value through innovation

Automation and robotization for improved O&M efficiency

Autonomous ecosystem of robots and drones for inspection, cleaning and vegetation cutting

AI-based asset performance management

Predictive maintenance, fault forecasting and (Gen)AI troubleshooting to reduce downtime

Potential for added flexibility services

Added flexibility capabilities from RES assets (e.g., grid forming)

39 1. Reference value for wind assets

€7.5 Bn investment plan – ~60% in US and with optionality to capture additional growth from 2028 onwards

^1. Mostly equity investments including Ocean Winds and capitalized expenses Note: Capacity additions considers EBITDA + Net Equity

Balanced technology mix – focused on low-risk and long term contracted, capturing market dynamics

~70% long term contracted revenues portfolio – resilient average selling price throughout 2028

Well placed to address Data Centers demand growth – US market showing stronger dynamics in the short-term

There is strong Data Center-driven demand and we are well placed to capture it…

2x Data Center capacity by 2030 (EU, US) – driving a surge in electricity demand

Strong relationship and track record with US utilities and Big Techs

~6 GW

PPAs contracted with US power utilities

~3.3 GW

total PPAs with big tech players globally

New assets – opportunities to contract PPAs for longer terms or through Build and Transfer agreements

Existing assets – opportunities to re-contract PPAs

… and we have optionality value from powered land

Powered land opportunities by region, GW

North America – high-quality portfolio to capture value from surging demand and rising power prices

Diversified portfolio with attractive exposure to regions with strong demand/pricing dynamics

Note: Installed Capacity considers EBITDA + Net Equity

9 years average age of fleet

^1. Map excludes 0.3 GW of solar DG | 2. Varying from low (lighter tone) to high (darker tone); Source: ICE (Intercontinental Exchange) North American & European Power Futures | 3. Includes Solar DG | 4. Mid/Advanced stage pipeline, including visibility on Land, Grid connection, Licensing and Permitting; Does not include Prospects | 5. Includes Northwest and Southwest regions Source: Wood Mackenzie Power & Renewables – Annual Net Sales by Region

North America — favorable PPA pricing context supports project economics and provides attractive re-contracting opportunity

Offtakers seeking longer term PPAs to lock-in price stability

Market environment improves outlook for Wind Repowering for 2029–30 extending asset life with tax credits and lower CAPEX

Upside from re-contracting of maturing PPAs mostly coming early 2030s from wind

oming early 2030s from wind projects with premium repricing Re-contracting PPAs for ~10 years above merchant prices Project recently recontracted post 2029 for +10 years at +\$11 /MWh (vs. previous PPA)

45

Source: LevelTen

North America – visibility on growth with flexibility to accelerate from 2028 onwards

GW

Wind Solar + BESS¹ Solar PV²

Flexible pipeline allowing to adjust growth pace and capture additional opportunities

Tax Credits secured for Wind and Solar with CODs until 2030 and for BESS¹ with CODs until 2039

5 GW with tax credits safe-harbored for projects with COD until 2030

US-based supply chain setup since 2022-23

• Mitigated import risks
• FirstSolar contract for 1.8 GWp for 2026-28

>20 GW pipeline³

in US providing flexibility to accelerate growth from 2028

Europe – focus on low risk markets underpinned by demand growth potential

GW

Focusing on key European markets with strong fundamentals

Demand supported by electrification (industry, transport, heating and cooling) and digitization

^1. Mid/Advanced stage pipeline, including visibility on Land, Grid connection, Licensing and Permitting; Does not include Prospects Source: Wood Mackenzie – Net demand (excluding losses) Note: Installed capacity considers EBITDA + Net Equity, excluding Wind Offshore

Europe – tailored approach to drive value given different dynamics across markets

Flexible pipeline allowing to adjust growth pace and capture additional opportunities

Focused growth

with ~100% of investments in core growth markets

Long term contracted route-to-market

secured via CfDs and Pay-as-Produced PPAs

>250 MW

Hybridized & collocated – essential for portfolio optimization, leveraging on existing infrastructure and avoiding queues

APAC and Offshore – focused on low-risk markets with long-term growth optionality, with a disciplined risk management

Focus on low-risk high-growth markets

2026-28 Capacity Additions by market, %

Strong pipeline of large Solar & BESS¹ co-located projects in Australia with CODs post 2027

OCEAN WINDS

Focused on execution of its existing European projects

EDPR Net Capacity², GW

Strategic partnership model allows for a disciplined net exposure and funding

~3 GW OW gross capacity in operation by 2026 becoming one of the largest operators in Europe with a strong portfolio

Long term pipeline optionality post-2030 – limited additional capital needs in the short term

EDPR is well positioned to capture rising demand and drive sustainable and profitable growth, coupled with a robust B/S

~€7.5 Bn gross investments, of which ~60% in the US

13-15% Equity IRR in US, 12-13% in EU

AR plan of ~€4.5 Bn and ~€1 Bn of Disposals

Focus on efficiency driving ~€43 k OPEX/MW in 2028

Stable scrip dividend program at EDPR with target payout ~30-50% through 2026-28

50 1. % of underlying EBITDA ex-AR gains

EDP: Material step up of earnings and improvement of Balance Sheet and rating

EBITDA Growth – RES and Networks more than offsetting normalization of volumes and prices in Iberia

Normalization of hydro volumes and wholesale prices in Iberia, with increasing weight of FlexGen revenues

Higher RoR in Iberia drive higher allowed revenues in Electricity Networks

Renewables evolution reflecting the strong US growth

Investment plan focused on core markets – higher weight of US and Electricity Networks in Iberia

Yearly average gross investments, € Bn

Wind, Solar & BESS¹ Electricity networks Flex Gen, Clients & Other² By platform

Increasing share of Electricity Networks Increasing share of US in Renewables

By country³

Countries totaling 95% of CAPEX for period

~95% of Group CAPEX directed toward a focused set of countries, of which ~90% are A-rated

Strong Asset Rotation track record and execution — at the core of our strategy

Strong execution of 2025 Asset Rotation program...

AR gains 2025 ~€0.1Bn reflecting CAPEX inflation in some assets and sale of minority stakes

... with ~€5 Bn¹ of value crystallization in 2026–28

Rotating ~50% of capacity added in 2026–28, Targeting avg. AR gains/investment >15%

Disciplined funding plan – Disposals of ~€1 Bn to focus the portfolio alongside ~€1.5 Bn of Tax Equity proceeds

Disposals ~1 GW of non-core markets/businesses

Mostly RES markets with limited EDP presence (≤0.1 GW) and synergies

Focus on core markets and technologies

Gross Tax Equity Proceeds

Funding ~40% of gross investments in the US, with good visibility on tax incentives and projects safe-harbored

Growing share of solar and BESS¹ vs. wind driving more ITC-based transactions, impacting the earnings profile2

€1 Bn Net Debt reduction – cash needs more than offset by strong organic cash-flow and disciplined funding plan

2026-28 Cash Flow (€ Bn)

Robust Balance Sheet –investment discipline and strong Cash Flow generation reinforcing commitment to a strong BBB rating

Strong cash flow generation enabling Net Debt reduction of ~€1 Bn after executing a €12 Bn gross investment plan

Enhanced Balance Sheet headroom enabled by debt reduction – strengthened FFO/ND to 22%

Balance Sheet robustness enables optionality to scale growth

Improved outlook in Portugal – sovereign credit and financial sustainability of electricity system have been reinforced

A-Rated economy, on the back of a favorable macro environment

	2022	2025
Credit Rating1	BBB	A+
Public debt/GDP2	111%	91%
10Y Bond Yield3	3.6% +100 bps	3.0% +36 bps
Corporate tax rate4	31.5%	27.5% in 2028

No extraordinary tax on new Energy Transition related investments from January 1st, 2026, onwards⁵

End-user electricity prices⁶ among the most affordable in EU (-25% vs. EU avg.)

Spread vs. Germany Sustained downward trend for electricity system debt planned to continue (€ Bn)⁷

^1. Standard & Poor's long-term debt notation | 2. Portuguese Public Finance Council – Economic and Budgetary outlook 2025-2029 | 3. Source: Bloomberg. As of year-end 2022 and October 29th, 2025 | 4. Parliamentary approval in September 2025. Total Statutory Corporate Tax Rate to be applied to EDP | 5. Measure included in the 2026 State Budget Proposal, pending Parliamentary approval. Investments executed in 2024 and 2025 are also exempt from CESE payment, although being subject to the assessment of Agência Portuguesa do Ambiente and alignment with European taxonomy | 6. Source: Eurostat. B2B. €/MWh. As of 1H25 | 7. Includes Tariff deviation

Cost of debt increasing until 2028 due to 2026-28 maturities at extremely low rates

EUR and USD debt maturities1
Year	€ Bn	Coupon
2026	2.7	1.7%
2027	2.1	1.8%
2028	2.5	4.1%

Prudent funding policy – focus on centralized corporate debt, fixed rate and local currency

9M25

Funding needs primarily raised at Holding level (>80%)

80% fixed rate with floating mostly related with BRL

Prioritizing funding in local currency

>90% green financing – maintaining green funding strategy, aligned with the EU Taxonomy

Strong positioning for green financing as a competitive hedge
	2025	2028
Green Financing weight	81%	>90%
Renewables Generation weight	>90%	>90%
CAPEX aligned EU Taxonomy	>93%	>98%
Climate change disclosure	Net Zero target by 2040

Active management of liquidity position – a mix of robust credit facilities and cash

Cash and Equivalents €1.9 Bn

Available Credit Lines €7.5 Bn

Total Liquidity €9.4 Bn

Cash holdings balanced to optimize carry cost

EDP 2025-28 key figures

	2025	2026	2028	2025-28
EBITDA (€ Bn)	4.9	4.9-5.0	5.2	+6% ↑
Net Income (€ Bn)	1.2	1.2-1.3	1.3	+8% ↑
Net Debt (€ Bn)	~16	~16	~15	-€1Bn ↓
FFO/ND (%)	~19%	~20%	~22%	+3 p.p. ↑
DPS floor (€/share)	0.20	0.20	0.21	+5% ↑

Our 2026-28 commitments focused on value creation

Focused growth

• ~€12 Bn investment plan with enhanced returns focus on US renewables and Iberian Electricity Networks
• ~€5 Bn Asset Rotation delivering value crystallization and recycling capital to fund growth

Business optimization

• ~€1 Bn Disposals to refocus in attractive core markets and businesses
• Improving efficiency metrics through operational excellence (~26% OPEX/Gross Profit)

Distinctive and resilient portfolio

• ~80% EBITDA in A-rated markets and highly contracted profile (~80% regulated + LT contracted/ hedged)
• Committed to BBB rating with improved ratios (22% FFO/ND), providing increased optionality

Value creation

• Increasing EBITDA to ~€5.2 Bn by 2028 (+6% vs 2025) while decreasing Net Debt by €1 Bn
• Increasing Net Income to ~€1.3 Bn by 2028 (+8% vs. 2025) supporting new DPS floor of €0.21 in 2028 (+5%)

Strong visibility on delivery of 2026-28 commitments – Optionality beyond 2028

Markers of visibility until 2028

Electricity Networks regulatory framework defined for the BP period (and beyond)

5 GW of safe harbored US renewables pipeline

~2 GW secured for 2026-27 and advanced pipeline to deliver targets

Secured supply chain, with long-term visibility

Optionality and further value creation beyond 2028

Electricity Networks

• Investment needed to continue modernizing aging asset base
• Supportive regulatory framework with visibility beyond 2028

FlexGen & Clients

EDPR

• Structural demand growth in US and Europe (2-3% CAGR)
• Repricing in US beyond 2030 (12 TWh)
• Solid pipeline with strong optionality in core markets (>35 GW) including hybridization, repowering and BESS

Well positioned to capture demand growth

Exposed to opportunity rich markets

Strong optionality in the portfolio

Appendix

Appendix

Assumptions & sensitivities

Our Platforms detail

ESG

People

Digital

EDPR CMD

Main market and macro assumptions

Pool Iberia €/MWh TTF €/MWh CO2€/ton

Inflation Europe¹%

Inflation Brazil %

EUR/USD EUR/BRL

EUR 7Y MidSwap %

USD 7Y MidSwap %

SELIC %

^1. Euro Area

EDP: Net income resilient to key market drivers

	Sensitivity vs. base case	2028 Net Income Impact
Avg. Pool Price	€5/MWh	~€60 Mn
IB Hydro volume	10%	~€40 Mn
FX EUR/USD	0.10	~€40 Mn
FX EUR/BRL	0.50	~€15 Mn
Interest rate (EUR/USD)	100bps	~€40 Mn

Appendix

Assumptions & sensitivities

Our Platforms detail

ESG

Assumptions sensitivities

People

Digital

EDPR CMD

Networks Portugal: Ramp up in investment levels to meet pressing needs of the system

Need for increased investments to support the energy transition… …backing a robust growth of the asset base

No CESE on new investments in Portugal

The 2026 State Budget proposal clarifies and expedites the conditions under which new investments are exempt from CESE

Portugal's proposed regulatory framework increases return on RAB by 84 bps for Distribution

Electricity Distribution regulated revenues ERSE's proposal

Г
П	(0)
ш

	2025	2026	YoY
Regulated Revenues	€1,134 Mn Final for 2025	€1,224 Mn Preliminary proposal as of Oct-25	+7.9%
Return on RAB	5.51% Final RoR for 2025	6.33% Preliminary RoR as of Oct-25	+84 bps
Efficiency factor	0.75%	0.50% Preliminary proposal as of Oct-25	-25 bps

Inflation update on RAB & TOTEX at GDP Deflator¹ and annual RoRAB indexed to 10Y PT bond yields²

Improving the cost pass-through mechanism

^1. RAB & TOTEX in year t is updated on the avg. GDP Deflator from June t-2 to June t-1 | 2. Avg. Portuguese 10-year bond yields from October year t-1 to September year t

Networks Spain: commitment to sustainable growth

Ambitious investment plan … …to support a sustainable growth of the asset base

Expected additional investment to be attributed to EDP Possibility of investment over the GDP investment cap during

the 2026-30 period

Networks Brazil: Building long-term value in both Distribution and Transmission

Ambitious investment plan in Brazilian Networks …

…driven by strong growth in power demand

Electricity distributed in EDP's concessions, TWh

Inflation-linked

Returns mostly benefit from inflation indexation

Supportive regulation

High visibility, providing an attractive and low-risk environment

Client Solutions: leveraging our customer franchise to accelerate growth and value creation

Client Solutions, 2026-28

Customer franchise

Address client energy needs worldwide through a tailored commercial approach for both integrated and non-integrated profiles

Offering

Retail

Optimize integrated margin and risk-return, through digital excellence, personalization and cost efficiency

~3.4 Mn in Iberia

PPA off-taking

Deliver tailored long-term energy solutions to large clients using existing or new assets and optimal technology

Distributed energy

Leverage retail base for client value growth, expanding beyond DG and boosting efficiency, and add value to regional RES presence focusing on highmargin growth markets

Enablers Integrated management Accelerated development Engineering excellence

Right-sized operations

Improved supply chain visibility, resilience and flexibility

CAPEX deviations of projects U/C, COD 2025, %

Delivering growth on time and on budget

~2 GWcapacity for delivery in 2025

~0.9 GWapproved in 2024- 25 with ~0% CAPEX deviations

Reinforced supply chain resilience with tariff protection

FirstSolar agreement to power 1.8 GW of projects up to 2028 and secure tax credit benefits

1.2 GW of modules secured from US-based assembly plants modules

5 GW of projects safe-harbored until 2030

Appendix

Assumptions & sensitivities

Our Platforms detail

ESG

Assumptions sensitivities

People

Digital

EDPR CMD

ESG factors continue incorporated in our strategy, with Energy Transition and energy critical needs as key business drivers

Double materiality matrix

• Energy transition: Deliver clean energy through investments in renewables,electricity networks and flexible electricity generation
• Affordability: deliver competitive energy to our clients and offtakers
• Resilience: deliver more endogenous energies within reasonable timeframes, keeping high availability standards of our generation assets and networks

Business enablers Key success factors

• Adress the electrification and energy transition mega-trend opportunity
• Adapt to climate risks protecting critical infrastructure aiming electricity supply continuity
• Engage with communities & protect biodiversity integrating win-win solutions with excel management of permitting processes
• Strengthen supply chain keeping high quality, traceability and circularity standards, contributing to on-time and on-cost projects' delivery
• Develop and retain talent Boosting engagement, health & safety and performance

Sustainable development & operation of Networks and renewable assets to deliver secure, affordable and clean energy to our clients

100%

2028 commitments

90%

Net Zero

renewable generation in 2026-2028

Growth CAPEX in Renewables & Networks

by 2040

Focus on resilience

Climate adaptation plans for infrastructure exposed to material climate risk Strengthen local community engagement and promote biodiversity

All new projects¹ with material impact on communities include an engagement plan

All new projects¹ include a biodiversity risk analysis & action plan

Partner with our suppliers

100% purchases with ESG risks covered by ESG Due Diligence

Foster circularity

85% total wasterecovered along the assets' life cycle

Protect and uplift our people

Zero serious injuries and fatalities

Empowered ecosystem

Human-centered experience

Highest standards of integrity

ESG commitments

Ambition	Commitment	2024	2028 goal
Accelerate the energy transition	SBTi: Scope 1 + Scope 2, gCO e/kWh (% vs. 2020) 2		8 (-95%) 1
	SBTi: Scope 3 , MtCO e (% vs. 2020) 2	10 (-1%)	1 6 (-45%)
	Renewable generation, %	95%	>90%
Focus on resilience	Climate adaptation plans for infrastructure exposed to material climate risk	-
Strengthen local community	2 All new projects with material impact on communities include an engagement plan	-
engagement and promote biodiversity	All new projects2 include a biodiversity risk analysis & action plan	-
Partner with our suppliers	Purchases with ESG risks covered by ESG Due Diligence, %	66%	100%
	Purchase volume of enablement equipment with carbon footprint , %	~50%	>80%
Foster circularity	Total waste recovered along the assets' life cycle, %	72%	>85%
Protect and uplift our people	Serious injuries and fatalities, #	27	0
	Employees' digital upskilling completion, %	-	90%
	Leadership Diversity Index,%	-	>40%
	Favourability on Safety, Wellbeing and Belonging, %	-	+75%
	Employee empowerment & engagement	-
	Highest standards of integrity

ESG achievements recognized by top-tier institutions, aiming to maintain a strong position in ESG ratings performance

Entity Rating		Entity	Rating
	86/100		4.4/5
	Top 5% (Feb-25)		Top 6% (Jun-25)

Other Recognitions

19.2/100 Low risk (Sep-25)

B+/A+ Industry Leader (Oct-25)

AAA/AAA Top 11% (Sep-25)

Top 2% within a list of 22,400 on climate change (Feb-25)

With a 20-year track record in decarb., EDP is phasing out coal — demonstrating firm commitment to accelerate the energy transition

From 80% thermal to >90% renewables in 20 years

Coal phase out plan execution

0.9 GW

• Sale of 80% stake closed in December 2023
• Sale of the remaining 20% stake closed in July 2025
• 50/50 Partnership with Masaveu in February 2024
• Aboño I: Will cease operations on December 31, 2025
• Aboño II: Converted to gas in July 2025

Plant authorization for closure was requested by EDP, with positive feedback expected but pending response from Spanish Government

• Authorization for closure requested but the Asturian network may require its operation as back up to the system
• Limited hours of operation per year
• EDP is currently assessing alternatives to the conversion of the plant to eliminate coal as a fuel

Decarbonization path towards Net Zero by 2040, building on past progress and driving further change

Net Zero by 2040

Reinforce EDP's path for a more decarbonized portfolio towards
Net Zero, by investing in renewables & Networks and aligning objectives with suppliers, while processing the learning curve on offsetting for mitigation beyond the value chain

Commitment to decarbonization resulted in major emission reductions, mainly achieved by targeting key emission sources

		Total 202	O emissions % of total	Total 20	24 emissions % of total	Main decarbonization levers by 2028
Supply chai	Procurement, including materials, assembly, services, etc. (including wind turbines and solar modules)	~3.0	15%	~3.8	33%	Decreasing carbon footprint per MW installed
Thermal generation	Upstream and fuel combustion from power generation (coal & natural gas)	~11.0	57% 84% ⊕16%	~3.1	28% 46%⊕ 54%	Authorization requested to close Los Barrios and Soto 3
Electricity retail	Emissions from the electricity purchased to sell to clients	~2.4	12%	~3.0	26%	Increasing renewable electricity sourcing for clients
Gas retail	Emissions from the combustion of natural gas sold to clients	~2.4	12%	~0.8	7%	Reducing the natural gas sold to clients
••• Others	Fleet, SF 6 , electricity and gas consumption in buildings, business travel, commuting, waste & transport	~0.1	0.6% 47%⊕53%	~0.4	3% 14%⊕86%	Using EACs and travel policy & mobility fostering sustainability
Networks power losse	Emissions from energy losses in Electricity Networks	~0.6	3%	~0.2	2%	Limiting network losses
		~	19.5	•	~11.2

Embedding climate adaptation measures into business model to manage climate risks and ensure a safe, resilient and reliable service

Commitment

Climate adaptation plans

for infrastructure exposed to material climate risk

Extreme events that impacted EDP

Examples (non-exhaustive)

2028

Wildfires in Portugal 2017

Winter Storm Uri in Texas, US 2021

Extreme drought in Iberia 2022

Floods in Brazil & DANA in Spain 2024

Martinho Storm in Portugal & Spain 2025

EDP's diversified portfolio helps mitigate the exposure to climate risks, but climate adaptation plans are increasingly relevant to minimise impacts

• Solid portfolio management with technological & geographical diversification
• Robust energy management strategy, aiming for pay-as-produce contracts
• Assets resilience through broad insurance plans & climate adaptation plans

Examples of adaptation measures implemented by EDP:

• Used low-flammability vegetation near Electricity Networks to reduce fire risk
• Installed thermal insulation & heater blankets in wind turbines to prevent freezing
• Planted native trees on degraded land to stabilize soil, reduce erosion & avoid landslides

Strengthening local collaboration for shared progress in the energy transition

Commitment

²⁰²⁸ engagement plan All new projects¹ with material impact² on communities include an

Creating partnerships with communities is essential for the energy business

• Builds trust and long-term relationships, strengthening project acceptance
• Anticipates and addresses local concerns, reducing risks and promoting community benefits
• Co-creates solutions with communities, leveraging local insight and shared ownership

EDP's local engagement plans include both business-related community engagement actions and social investment programs

Examples of social investment programs (non-exhaustive)

Skills – Energy Professionals	Professional training within the energy sector to meet future labour demands & foster employment
Green Home	Improve homes of families in need and community spaces through renewable energy & efficiency
Solidarity Solar	Develop Solar Energy Projects providing the benefits of self-consumption or solar communities
Future Farmers	Support local farming through agricultural education and renewables awareness

Proactively engaging with suppliers to ensure business continuity, traceability, and sustainable supply chain practices

Commitment

2028

100%

ESG risk purchases with ESG Due Diligence

80%

purchase volume of enablement equipment¹ with carbon footprint

key for EDP's decarbonization path, risk management and business continuity

Boosting decarbonization

30% of EDP's emissions come from the supply chain, making supplier engagement critical to reduce our carbon footprint

Ensuring traceability

Customs controls, supply disruptions and human right concerns in the solar sector led EDP to adapt its solar procurement strategy

A sustainable and resilient supply chain is Strong engagement process in place to assess and mitigate ESG risks

Active monitoring mechanisms such as factory audits and site inspections

• 1.8 GW of modules secured for solar projects in the US for 2026-28
• Thin film PV technology with minimal carbon and water footprint
• US-based manufacturing with no polysilicon needed

Integrating biodiversity commitments across our operations enables successful permitting and project delivery

Commitment 2028

All new projects¹ include a biodiversity risk analysis & action plan

Pilot projects to test and align with Biodiversity No Net Loss & Net Gain

TNFD disclosure in 2026

Applying the Mitigation Hierarchy is crucial to manage biodiversity risks aiming for a net positive impact

• Integrate biodiversity aspects early in project development, selecting locations considering ecological sensitivity

• Implement measures throughout the project lifecycle to effectively address the effects on ecosystems and species

• Embed a No Net Loss and Net Gain mindset across our activities, using pilot initiatives to define standardized methodologies

Integrating biodiversity conservation measures into operations

Mitigate impacts on fauna & flora by adopting the best available technologies and through specific projects in collaboration with recognized institutions

Maintain key ecosystem services by promoting biodiversity protection, through restoration actions once construction and dismantling is completed

Develop transformative solutions that promote renewable energy, enhance ecosystem services, and ensure land-use compatibility

First solar plant integrating livestock farming in Europe:

• Panels provide shade that reduces water needs for animals and improves grass resilience
• Integrates 250 sheep grazing under panels, reducing mowing needs & improving soil health

Joining efforts to support a nature positive impact

Life-cycle approach based on reduction, optimization and recovery to promote and increase the circularity in the business

Commitment

85%

2028

total waste recovered along the assets' life cycle

EDP's path in the energy transition drives circularity demands

Construction (~25% weight¹ )

• ~1.5 GW / year of renewable capacity additions in 2026-28

Operation (~25% weight¹

• 34 GW installed capacity by 2028

• 400,000km of Networks by 2028

Dismantling/Repowering (~50% weight¹

• 2 GW dismantled in 2026-28

• ~0.2 GW repowered in 2026-28

EDP ensures that circular economy principles are embedded in the sourcing, production, and end-of-life management of materials

• Strengthening internal & external guidelines to enhance circularity practices
• Working with partners to increase circularity in enablement equipment & service providers
• Exploring circularity innovative solutions for enablement equipment

EDP's Close the Loop program promotes waste recovery in dismantling & repowering

20 partners specialised in recycling and reusing products, with initiatives mainly focused on wind turbines and solar panels, such as:

• Working with multiple blade recycling partners such as Vestas and Wind Power Solution
• SOLARCYCLE partnership in the US, recovering >23k solar panels & >700 tons of waste in 3 years

Safety is a core pillar to our operations and therefore we embed prevention, responsibility, and care into every aspect of our work

Ambition

2028

Zero

serious injuries and fatalities (SIF)

We are committed to achieving zero SIFs by focusing on:

• Shared responsibility
• Leadership and engagement
• Continuous learning

Global safety program

Drives consistent behaviours, leadership involvement, and practical actions to eliminate serious incidents and fatalities

PlayitSafe, launched in 2021 to improve safety culture, is now complete

Key focus wave 1:

• Eliminating fatal accidents
• Driving consistency in field safety performance
• Strengthening the operational excellence of EDP's activities

Overall, the SIF rate has reduced by 77% since the launch of PlayItSafe in 2021

Wave 2 of the program will be launched with a focus on driving SIFs to zero

Key focus wave 2:

• Contractors' safety management
• Leadership engagement in field operations
• Site works planning and preparation leveraging digital tools

Reduction in SIFs and risks through stronger contractor control, improved leadership engagement and proactive preventions

Business conduct upholds the highest standards of integrity, ensuring responsible conduct and trust across all operations

Commitment 2028

Highest

standards of integrity

• Specific risk assessments
• Policies/ procedures and control mechanisms
• Training and awareness Prevention

• Ethics & Compliance monitoring
• Internal and external audits
• Whistleblowing channels & incident management
• Communication channels Detection

• Implementation of improvement opportunities
• Continuous risk reassessment Response

Recognitions and Certifications

Certifications of our Compliance Management System: ISO 37301, ISO 37001 and UNE 19601

EDP is One of the World's Most Ethical Companies for the 14th consecutive year

Consolidated & autonomous independent reports ICFR's external auditor

Dual Model of Corporate Governance ensures separation of functions — edpeared achieving trust and transparency for proper functioning

Key highlights

• General and Supervisory Board monitors and evaluates the management of the company and the subsidiaries
• √ 16 members, all non-executive
• 56% independent and 38% women
• Executive Board of Directors manages the Company's business affairs, setting objectives and policies
• √ 5 members elected by shareholders, including CEO
• √ 40% women
• Remuneration Policy designed to promote merit and high performance, fostering long-term value creation
• ✓ Approved by the General Shareholders' Meeting
• ✓ KPIs, including ESG, aligned with shareholder interests

Executive Board of Directors

Miguel Stilwell d'Andrade CEO

Rui Teixeira CFO

Vera Pinto Pereira

Ana Paula Marques

Pedro Vasconcelos

• 5 members
• 3-years mandate (2024-2026)
• Elected by shareholders, including CEO
• Fixed and Variable Remuneration (including ESG performance), approved by the GSM

General and Supervisory Board

António Lobo Xavier Chair Independent

Key role linking GSB and EBD

Shengliang Wu

China Three Gorges Corporation

Guobin Qin

China Three Gorges International Corp

Zhang Hui

China Three Gorges Brasil Energia, S.A.

Ignacio Herrero Ruiz

China Three Gorges (Europe), S.A.

Miguel Pereira Leite

China Three Gorges (Portugal), SociedadeUnipessoal, Lda.

Fernando Masaveu Herrero

Member

Victor Roza Fresno

Draursa, S.A.

Sofia Salgado Pinto

Independent Member

Independent Member

Independent Member

Stephen Vaughan

Lisa Frantzis Independent Member

• 16 members all non-executive
• 3-years mandate (2024-2026)
• Average 3-years tenure at GSB
• The remuneration is fixed and takes into account the tasks performed

Gonçalo Moura Martins Independent Member

Maria José García Beato

Independent Member

Sandra Maria Santos Independent Member

Independent Member

Appendix

Assumptions & sensitivities

Our Platforms detail

ESG

Assumptions sensitivities

People

Digital

EDPR CMD

Building a stronger, more adaptable organization with a diverse, optimized, and well-structured workforce, to meet future challenges

Note: Data from 2025 3Q | 1. 2024 end of the year | 2.2024 1S

100

<-- PDF CHUNK SEPARATOR -->

Engaging journey that attracts talent, fosters inclusion, and supports growth and leadership, positioning us as a top employer

ATTRACTION

• Launch of our new EVP "Earth is calling you" and EDP Ambassadors (Students & +100 Employees), firming our brand;
• +65 k people impacted and ~36 k applications (vs. ~31k in 2024);
• Top Employer in 13 countries.

ONBOARDING

• Design and implementation of the global onboarding experience (satisfaction 8/10) and cross-boarding process in North America;
• ~1,000 new joiners participated in the corporate onboarding week over the last 3 years.

RECOGNITION & BENEFITS

• €26 Mn investment in salary review (job level alignment and recognition);

• €100 Mn 2024 STI and 24-26 LTI Rolling Plan ~10€ Mn;

• Advancing pay transparency and benefits initiatives (Benefits & Perks Guidebook, global benefits such as Global Car Policy).

OFFBOARDING

• Design and implementation of the global offboarding experience;
• Launch of the EDP Alumni Network, with +500 participants to date.

ACQUISITION

• Implementation of a global recruitment process, reducing time to fill to 84 days (vs. 110 in 2024);
• Deployment of targeted initiatives (e.g., rehire program, interview scheduling improvements);
• Relaunch of the Internal Mobility Policy, supported by a global roadshow.

PERFORMANCE & DEVELOPMENT

• Simplified KPI Model (15 KPIs vs. 60);
• Rolled out My Learning Hub globally;
• Launched the Leadership Framework with a more structured offering, achieving 73 NPS in Lead First 1st edition;
• +90% of priority successors in L&D initiatives.

RETENTION

• Clear purpose and development of human skills;
• Execution of a global well-being strategy and flexibility measures (e.g., hybrid model, Flex Fridays);
• Focused DEIB strategy supporting talent management (e.g., STEMsuitsyou, WomenUp);
• +80% assertiveness in succession planning.

~36 k Applications vs. ~31 k (2024) ¹

84 days Time to fill vs. 110 days (2024)² 8/10 Onboarding experience

74 %

Empowerement vs. 75 % (2023) ²

78 % Engagement vs. 80 % (2023) ²

⁺90 % Key people retention

2.5 %

Voluntary turnover vs. 2.9 % (2023) ¹

Reinforcing our purpose and strengthening a shared identity, supported by a skills-based approach and a clear action plan

Appendix

Assumptions & sensitivities

Our Platforms detail

ESG

Assumptions sensitivities

People

Digital

EDPR CMD

Digital and technology as a building block for transformation

Digitalization of EDP continuously progressing across platforms

• Multiple efforts in place to evolve the digital maturity, which has been increasing consistently
• Evolution driven by multiple factors including lean ways of working and digitalization of processes

Operational foundations are set and continuously upgraded

• A Cloud migration plan is being deployed, allowing for less risk, additional flexibility and simplification
• Multiple efforts to secure EDP and ensure business continuity

Enablers for AI impact were put in place across the organization

• The data governance journey is delivering a foundation to have data with quality available
• The foundations for AI were deployed, with a push to have datahubs for all businesses

A focus on transformation, as well as on integration

• An architecture modernization journey is in place, across platforms
• Focus put into standardization and integration, as well as on scaling local wins globally

Controlled spend with endto-end cost optimization

• Tech. spend growth pressure (from digitalization, IT inflation, etc.) being tackled with multiple efficiency efforts across all spend natures and dimensions

~90%

data domains catalogued

12 datahubs

set up across all business areas

Examples of recent projects:

Live reporting tool of all W&S assets, >2B signals daily

Single field solution in group (from 11 to 1 solution)

IoT solar platform with ~18M daily readings

New ERP with 94% standardization

A path for technology at EDP that is focused on value creation in its multiple layers

A. Boosting business value creation with tech.

1

Data & AI powered EDP

Focusing on high impact bets, strong data foundations and upskilling

2

Tech-enabled business strategy

Delivering tech. projects that best support the business transformation of our platforms

'28 ambition examples:

7 high-impact AI bets scaled across platforms

90% Employees' digital upskilling plan completion

B. Accelerating business delivery

3

Hyper-automated core IT

Improving lead times in core IT services that are most critical to the business

4

Accelerated global ways of working

Boosting app. delivery productivity and quality, leveraging AI and agile ways of working

50% lead time improvement

90% automated change requests

C. Minimizing risk to business continuity

5

Globalized cyber & business continuity

Minimizing business continuity risk through stronger cybersecurity and incident management

6

Future-proofed IT-OT architecture

Standardizing, modernizing, converging IT with OT and controlling technical debt

Top 5% utility on Bitsight rating 95% standardization on new solutions deployed >90% reduction in incidents (vs. '23)

D. Managing tech cost efficiently

7

Streamlined spend base

Optimized infrastructure costs, application landscape, contracts and other resources

~20% application landscape simplification

Appendix

Assumptions & sensitivities

Our Platforms detail

ESG

Assumptions sensitivities

People

Digital

EDPR CMD

Confidentiality 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. 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 is of confidential nature and shall not be distributed to the press or to any other person in any jurisdiction, and shall 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.

The content of this presentation may be deemed to qualify as inside information, for the purposes of applicable law and regulations, being its recipients, in such cases, bound by legal duties regarding prevention of market abuse (e.g. insider dealing and unlawful disclosure of inside information).

The information contained in this presentation has not been independently verified by any of the Company's advisors or auditors. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of its affiliates, subsidiaries, directors, representatives, employees and/or advisors shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

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.

Power demand at an inflection point – an era of sustained growth driven by tech and electrification

Wind, Solar and BESS – the fastest, cheapest, and most scalable energy sources

• RES costs are expected to continue downward trend
• Increased gas turbine lead times (increasing from ~1-2 to ~5-7 years)
• Long time to market of nuclear new builds while requiring governmental risk taking/support

^1. Including tax credits in US | 2. Time-to-market estimations for new projects, with FID in 2025 Note: BESS - Battery Energy Storage Systems

An evolving energy system – more flexibility needed and new value pools emerging

Increasing Wind and Solar capacity leading to more penetration of variable, non-dispatchable generation

Flexibility needs⁴

2035 vs. 2023 increase

Uplift in value of generation assets with flexibility attributes

112

^1. Considers TWac for Wind onshore and offshore and TWdc for Solar PV (utility + distributed) | 2. Share of RES includes Solar and Wind generation | 3. Battery Energy Storage Systems | 4. Short term flexibility needs (i.e., largest hour-to-hour differences in residual load) Source: Wood Mackenzie, IEA STEPS, Lazard

Strong regulatory tailwinds – providing increased long-term visibility

Europe

Ongoing policy for resilience, competitiveness and energy security (e.g., REPowerEU):

• Contract for Difference (CfD) auctions of >100 GW in 2026-28, with accelerated deployment through national interest projects and streamlined permitting
• Capacity markets and other incentives for BESS¹ and FlexGen investments (e.g., exemption of Networks fees in Germany)

One Big Beautiful Bill Act providing clear tax credits framework

• PTC/ITC granted for wind and solar with CODs until 2030² based on safe harbor updated guidance
• ITCs granted for BESS¹ with CODs until 2039²

EDPR is at the center of this secular investment opportunity

Electricity at the core of strong investment momentum in the sector…

• Entering an era of sustained growth of power demand
• Renewables are the cheapest, fastest
• More flexibility needs with increasing value pools

Market and regulatory tailwinds

… and EDPR is prepared to capture the opportunity

• Leader in Renewables with strong track record and pipeline, namely in US
• and most scalable technology Strong relationship and origination track record with Big Tech and US utilities
• Strong hedging and risk management, leveraging EDP's Energy Management capabilities

Our 2026-28 commitments focused on value creation

Focused growth

Visibility with improved returns and flexibility to accelerate

~€7.5 Bn

Gross investments

~€3 Bn

Net investments

12-14%

Renewables Equity IRR

Business optimization

Focus on value and cash-flow generation from existing portfolio

~€1 Bn

Disposals, focusing on key businesses and markets

~28%

Core OPEX/Gross Profit

~€0.8 Bn

Flat Core OPEX across BP horizon

Distinctive and resilient portfolio

High quality portfolio with sound Balance Sheet

~90%

EBITDA in A-rated markets and contracted generation

~€1.5 Bn

Net Debt reduction

~3.2x

Adj. ND/EBITDA¹by 2028

Value creation

Increasing earnings, while lowering debt

~€2.2 Bn EBITDA by 2028

~€0.6 Bn Net Income by 2028

~30-50%

Scrip dividend payout ratio 2026-28

Powered by our talented and experienced organization, leveraging Digital and AI capabilities

Focused ~€7.5 Bn investment plan with US renewables at the core

Gross investments by region

2026-28, € Bn

Pipeline optionality to accelerate throughout the plan and beyond

Enhanced returns supported by market and regulatory tailwinds

Value crystallization through Asset Rotation and portfolio focus

Asset Rotation track record over the last 10 years

transactions

~€12 Bn

cumulative proceeds

~€2.5 Bn

cumulative gains¹

~8 GW

installed capacity rotated

Asset Rotation and Disposals proceeds 2026-28 € Bn

Strong 2025 Asset Rotation execution of ~€1.8 Bn with attractive valuations

Diversified portfolio and multiple markets and technologies derisking Asset Rotation execution

118 1. Capital gains excluding minority transactions

Driving efficiency and agility across the business, improving competitiveness

Optimizing for superior value Focusing on efficiency

Extract more value from existing assets, improving availability and O&M

(+1 p.p. availability¹ uplift 2025-28; -20% Core OPEX/Avg. MW vs. 2022)

Focus on core geographies exiting markets / businesses with limited EDPR presence and synergies, improving efficiency

Drive organizational agility and scale digital/AI

for smarter operations (90% Employees' Digital Upskilling Plan Completion, 2028)

^1. Wind and Solar technical availability

Sustainable development and operation of renewable assets to deliver secure, affordable and clean energy

2028 commitments

~5 GW capacity additions 2026-28

Contribution to EDP Group's Net Zero target by 2040

Focus on resilience

Climate adaptation plans for assets exposed to material climate risk

Strengthen local community engagement and promote biodiversity

All new projects¹ with material impact on communities include an engagement plan

All new projects¹ include a biodiversity risk analysis & action plan

Partner with our suppliers

100% purchases with ESG risks covered by ESG Due Diligence Foster circularity

85% total waste recovered along the assets' life cycle

Protect and uplift our people

Zero serious injuries and fatalities

Empowered ecosystem

Human-centered experience

Highest standards of integrity

A resilient, low-risk portfolio delivering predictable growth

EBITDA¹ , € Bn

By region

121 1. Percentages of underlying EBITDA exclude AR gains

Stronger balance sheet, providing flexibility for future investment

• Preserving a low-risk business profile – ~90% of EBITDA from A-rated markets and ~90% generation LT contracted or hedged
• Absolute Net Debt reduction supporting improved credit ratios over 2026-28

Attractive shareholder remuneration – sustained earnings growth and stable scrip dividend program

Delivering earnings growth Sustainable scrip dividend program

Recurring Net Profit, € Bn Target dividend payout ratio, %

Improved earnings quality profile: with high weight of longterm contracted and A-rated markets

Stable scrip dividend program with target payout of ~30-50% through 2026-28

Capital Markets Day 2025

OUR BUSINESS

High-quality portfolio of 20 GW of Wind, Solar and BESS – ~85% in US and Europe, ~70% long-term contracted

Installed Capacity by Region and Generation by Technology 2025

Portfolio focused on low-risk markets with wind onshore as the main asset base technology

Pure renewables player with a proven track record…

20 years of track record

EU & US Core Markets

… backed by a uniquely diversified portfolio with strong global PPA capabilities…

Wind & Solar

Core Technologies

~70% Long Term Contracted

… and a differentiated and strong position in the US market since 2007

22 states

with EDPR presence

10 GW

operating capacity

Focus on enhancing operational performance – driving efficiency and innovation, in a context of growth and inflation

Streamlined O&M for efficiency

Core OPEX/Avg. MW

45%¹ full scope

Offering operational protection, balanced with hybrid and self-perform models for added efficiency and flexibility

Improved availability

Technical availability, %

Focus on availability based on cost-benefit analysis

Unlocking additional value through innovation

Automation and robotization for improved O&M efficiency

Autonomous ecosystem of robots and drones for inspection, cleaning and vegetation cutting

AI-based asset performance management

Predictive maintenance, fault forecasting and (Gen)AI troubleshooting to reduce downtime

Potential for added flexibility services

Added flexibility capabilities from RES assets (e.g., grid forming)

126 1. Reference value for wind assets

€7.5 Bn investment plan – ~60% in US and with optionality to capture additional growth from 2028 onwards

^1. Mostly equity investments including Ocean Winds and capitalized expenses Note: Capacity additions considers EBITDA + Net Equity

Balanced technology mix – focused on low-risk and long term contracted, capturing market dynamics

~70% long term contracted revenues portfolio – resilient average selling price throughout 2028

Well placed to address Data Centers demand growth – US market showing stronger dynamics in the short-term

There is strong Data Center-driven demand and we are well placed to capture it…

2x Data Center capacity by 2030 (EU, US) – driving a surge in electricity demand

Strong relationship and track record with US utilities and Big Techs

~6 GW

PPAs contracted with US power utilities

~3.3 GW

total PPAs with big tech players globally

New assets – opportunities to contract PPAs for longer terms or through Build and Transfer agreements

Existing assets – opportunities to re-contract PPAs

… and we have optionality value from powered land

Powered land opportunities by region, GW

North America – high-quality portfolio to capture value from surging demand and rising power prices

EDPR 2025E Installed Capacity & forward prices by power market¹ , GW

Diversified portfolio with attractive exposure to regions with strong demand/pricing dynamics

9 years average age of fleet

^1. Map excludes 0.3 GW of solar DG | 2. Varying from low (lighter tone) to high (darker tone); Source: ICE (Intercontinental Exchange) North American & European Power Futures | 3. Includes Solar DG | 4. Mid/Advanced stage pipeline, including visibility on Land, Grid connection, Licensing and Permitting; Does not include Prospects | 5. Includes Northwest and Southwest regions Source: Wood Mackenzie Power & Renewables – Annual Net Sales by Region Note: Installed Capacity considers EBITDA + Net Equity

131

North America — favorable PPA pricing context supports project economics and provides attractive re-contracting opportunity

Offtakers seeking longer term PPAs to lock-in price stability

Market environment improves outlook for Wind Repowering for 2029–30 extending asset life with tax credits and lower CAPEX

Upside from re-contracting of maturing PPAs mostly coming early 2030s from wind projects with premium repricing

Re-contracting PPAs for ~10 years above merchant prices Project recently recontracted post 2029 for +10 years at +\$11 /MWh (vs. previous PPA)

Source: LevelTen 132

North America – visibility on growth with flexibility to accelerate from 2028 onwards

GW

Wind Solar + BESS¹ Solar PV²

Flexible pipeline allowing to adjust growth pace and capture additional opportunities

Tax Credits secured for Wind and Solar with CODs until 2030and for BESS¹ with CODs until 2039

5 GW with tax credits safe-harbored for projects with COD until 2030

US-based supply chain setup since 2022-23

• Mitigated import risks
• FirstSolar contract for 1.8 GWp for 2026-28

>20 GW pipeline³

in US providing flexibility to accelerate growth from 2028

Europe – focus on A-rated markets underpinned by demand growth potential

EDPR 2025E Installed Capacity

GW

Focusing on key European markets with strong fundamentals

Demand supported by electrification (industry, transport, heating and cooling) and digitization

^1. Mid/Advanced stage pipeline, including visibility on Land, Grid connection, Licensing and Permitting; Does not include Prospects Source: Wood Mackenzie – Net demand (excluding losses) Note: Installed capacity considers EBITDA + Net Equity, excluding Wind Offshore

Europe – tailored approach to drive value given different dynamics across markets

Flexible pipeline allowing to adjust growth pace and capture additional opportunities

Focused growth

with ~100% of investments in core growth markets

Long term contracted route-to-market

secured via CfDs and Pay-as-Produced PPAs

>250 MW

Hybridized & collocated – essential for portfolio optimization, leveraging on existing infrastructure and avoiding queues

APAC and Offshore – focused on low-risk markets with long-term growth optionality, with a disciplined risk management

Focus on low-risk high-growth markets

2026-28 Capacity Additions by market, %

Strong pipeline of large Solar & BESS¹ co-located projects in Australia with CODs post 2027

OCEAN WINDS

Focused on execution of its existing European projects

EDPR Net Capacity², GW

Strategic partnership model allows for a disciplined net exposure and funding

~3 GW OW gross capacity in operation by 2026 becoming one of the largest operators in Europe with a strong portfolio

Long term pipeline optionality post-2030 – limited additional capital needs in the short term

EDPR is well positioned to capture rising demand and drive sustainable and profitable growth, coupled with a robust B/S

~€7.5 Bn gross investments, of which ~60% in the US

13-15% Equity IRR in US, 12-13% in EU

AR plan of ~€4.5 Bn and ~€1 Bn of Disposals

Focus on efficiency driving ~€43 k Core OPEX/Avg. MW in 2028

Stable scrip dividend program at EDPR with target payout ~30-50% through 2026-28

137 1. % of underlying EBITDA ex-AR gains

EBITDA Growth – North America more than offsetting price normalization in Europe

EBITDA evolution by region

North America growth on the back of CAPEX plan and increasing average selling price

Europe EBITDA driven by power price normalization

Asset Rotation gains averaging ~€0.2 Bn/year through 2026–28 horizon

Strong Asset Rotation track record and execution – at the core of our strategy

AR gains 2025 ~€0.1 Bn reflecting CAPEX inflation in some assets and sale of minority stakes

Targeting avg. AR gains/investment >15%

Disciplined funding plan – Disposals of ~€1 Bn to focus the portfolio alongside ~€1.5 Bn of Tax Equity proceeds

Disposals ~1 GW of non-core markets/businesses

Mostly markets with limited EDPR presence (≤0.1 GW) and synergies

Focus on core markets and technologies

~€1 Bn ~€1.5 Bn

Gross Tax Equity Proceeds

Funding ~40% of gross investments in the US, with good visibility on tax incentives and projects safe-harbored

Growing share of solar and BESS¹ vs. wind driving more ITC-based transactions, impacting the earnings profile2

€1.5 Bn Net Debt reduction – cash needs more than offset by disciplined financing policy

2026-28 Cash Flow (€ Bn)

Robust Balance Sheet – investment discipline and strong Cash Flow generation

EDPR consolidated debt maturity profile as of September 2025, € Bn

Strong cash flow generation enabling Net Debt reduction of ~€1.5 Bn after executing a ~€7.5 Bn gross investment plan and ~€5.5 Bn AR, Disposals and Tax Equity proceeds

Enhanced Balance Sheet headroom enabled by debt reduction – strengthened Adj. ND/EBITDA¹ to 3.2x

Balance Sheet robustness enables optionality to scale growth

Prudent funding policy – focus on centralized corporate debt, fixed rate and local currency

9M25

EDP Group as largest Debt counterparty vs. third parties

70% fixed rate Prioritizing funding in local currency

EDPR 2025-28 key figures

	2025	2028	2025-28
EBITDA (€ Bn)	~1.9	~2.2	+15%
Net Income (€ Bn)	~0.3	~0.6	x2
Net Debt (€ Bn)	~8	~6.5	-€1.5 Bn
Adj. ND/EBITDA1 (x)	~4.3x	~3.2x	-1.1x
Payout ratio (%)	30-50%

Our 2026-28 commitments focused on value creation

Focused growth

• ~€7.5 Bn investment plan with enhanced returns focus on US renewables
• ~€4.5 Bn Asset Rotation delivering value crystallization and recycling capital to fund growth

Business optimization

• ~€1 Bn Disposals to refocus in attractive core markets and businesses
• Improving efficiency metrics through operational excellence (~28% Core OPEX/Gross Profit)

Distinctive and resilient portfolio

• ~90% EBITDA in A-rated markets and highly contracted profile (~90% LT contracted/ hedged)
• Improving credit ratios (-1.1x Adj. ND/EBITDA), providing increased optionality

Value creation

• Increasing EBITDA to ~€2.2 Bn by 2028 (+15% vs 2025) while decreasing Net Debt by €1.5 Bn
• Increasing Net Income to ~€0.6 Bn by 2028 (x2 vs. 2025)

Strong visibility on delivery of 2026-28 commitments – Optionality beyond 2028

Markers of visibility until 2028

Secured supply chain, with long-term visibility

Optionality and value creation beyond 2028

• Structural demand growth in US and Europe (2-3% CAGR)
• Repricing in US beyond 2030 (12 TWh)
• Solid pipeline with strong optionality in core markets (>35 GW) including hybridization, repowering and BESS

Main market and macro assumptions

Pool Iberia €/MWh TTF €/MWh CO2€/ton

Inflation Europe¹%

EUR/USD EUR/BRL

EUR 7Y MidSwap %

USD 7Y MidSwap %

EDPR: Net income resilient to key market drivers

	Sensitivity vs. base case	2028 Net Income Impact
Avg. Pool Price	€5/MWh	~€25 Mn
RES volume	3%	~€40 Mn
FX EUR/USD	0.10	~€40 Mn
Interest rate (EUR/USD)	100bps	~€20 Mn

PTC Production Tax Credits Tax Credits ITC Investment Tax Credits	Annual tax credit based on generation during the first 10 years of commercial operation
	Standard rate	\$30 per MWh1
		Bonus adder	+\$3 per MWh (Domestic Content)
			+\$3 per MWh (Energy Communities)
		Preferred for projects with	Lower capital costs
			Higher production capabilities
		Revenues recognized	Over 10 years in P&L2
		One time tax credit based on the investment in the generating property of the project
		Standard rate	30%
		Bonus adder	+10% (Domestic Content)
			+10% (Energy Communities)
		Preferred for projects with	Higher capital costs
			Lower production capabilities
			More complex revenue contracts
		Revenues recognized	Over 5 years in P&L2

MACRS Modified Accelerated Cost Recovery System

Accelerated depreciation over 5 years (vs 30/35 years straight line) – Fiscal purposes, no impact on accounting depreciation