EDP Energias de Portugal S A : Investor Presentation - Nov 21

Investor Presentation

Lisbon, November 2021

Disclaimer

This document has been prepared by EDP - Energias de Portugal, 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.

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We have started this journey in Renewables over 2 decades ago and are committed to continue to lead the Energy Transition

By 2025

By 2030

	€24 Bn	>50 GW
	CAPEX in energy transition	renewables additions
Leading the energy transition to
create superior value	4 GW/yr	100%
	renewables deployed	renewables generation

Double 100%

solar+wind installed capacity

energy transition EBITDA

Coal free

Carbon neutral

Strategic commitments on track as we step up to the challenge to deliver superior value creation

	Key figures and targets
	€24 Bn CAPEX in energy transition(1)
	20 GW gross additions(1)
Accelerated and	€8 Bn asset rotation
sustainable growth	Improve financial strength

9M21

€2.7 Bn (95% in RES + Networks)

8.1GW secured (41%) with 3.9 GW added

YTD+U/C

~€2.6 Bn signed (~33% target) ~-€0.1Bn Net Det

Contracting major equipment upfront at fixed price

Future-proofScale-uporganization to support growth organization

	Coal free by 2025	Coal Revenues 5%
ESG excellence and	Carbon neutral by 2030	76% Renewables Generation
attractive returns	€0.19/share dividend floor	€0.19/share dividend paid April 26th

(1) 2021-25.

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We will grow our presence across technologies, with differentiating value propositions

Global leadership

Top 4 global player

Differentiation

Capture repowering, hybridization, and technological developments

Wind onshore

9.1

20 GW1

								Strong visibility
								Extensive pipeline with additions
								ramping up quickly
Solar					Cost competitiveness
								Focus on procurement synergies
								and scale

8.0

(40%)

Hydro

Mostly maintenance investments

Cash generator

Manage portfolio for efficiency and value capture

Flexibility provider

Future growth

Long-term opportunity with medium- term value crystallization

Diversified risk

Leveraging scale and risk diversification through Ocean Winds (50/50 JV with Engie)

(46%)Gross

additions

2021-25

0.9 0.4 1.47%

(5%) (2%)

Wind offshore

Storage

Differentiation

Leverage distinctive go-to-market capabilities

Solar DG

Capture flexibility value

Further develop existing capabilities to meet increasing flexibility needs

Mature technology, with unique flexibility capacity through pumping capabilities (2.4 GW)

Renewable H2

New route to market

Leverage existing capabilities to capture new growth

1. EBITDA + Equity GWs

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