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This presentation has been prepared by EDP Renováveis, S.A. (the "Company“ ; LEI 529900MUFAH07Q1TAX06) solely for use at the presentation to be made on September, 2020. 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. Therefore, this presentation may not be distributed to the press or any other person, and may not be reproduced in any form, in whole or in part for any other purpose without the express consent in writing of the Company. The information contained in this presentation has not been independently verified by any of the Company's advisors. 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, advisors or representatives 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. This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor 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. Neither this presentation nor any copy of it, nor the information contained herein, in whole or in part, may be taken or transmitted into, or distributed, directly or indirectly to the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. This presentation does not constitute and should not be construed as an offer to sell or the solicitation of an offer to buy securities in the United States. No securities of the Company have been registered under U.S. securities laws, and unless so registered may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of U.S. securities laws and applicable state securities laws. 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; developments of the Company’s markets; the impact of 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. 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 agents, employees 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. - 2 -
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Selective growth Self-funding Operational excellence Presented in May-2016 Presented in May-2016 Presented in May-2016 3.5 GW up to €1.1bn -1% Core Opex/MW 2016-20 proceeds from assets sale CAGR 2015-20 Prioritize quality investments Sale of stakes to keep enhancing Unique O&M strategy to keep in our core markets value growth lowering Core Opex/MW -2% Core Opex/MW 4.0 GW secured €1.1bn cashed -in CAGR 2015-18 for 2016-20, EU assets asset rotation (2016), offshore delivering 2020 target in 2018 of which 2.2 GW already built stakes & Sell-Down (Dec-18) - 5 -
EBITDA evolution 1 Net Profit evolution 2 € bn €bn +7% +43% CAGR 15-18 CAGR 15-18 €0.3bn €0.3bn €1.55bn €1.3bn €1.3bn €0.2bn €1.06bn €0.1bn 2015 2018 2018 2020 2015 2018 2018 2020 Target Actual Target Target Actual Target EBITDA increasing at 7% CAGR vs 2015, despite unexpected …which along with financial results improvements and gains, allowed regulatory adjustments and lower 2018 wind- resource… EDPR to deliver more than €300m of net profit in 2018 vs target 2020 (1) Considers 2015 Adj EBITDA of €1.06bn; (2) Post -2015 considers useful life at 30 years - 6 -
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Wind and Solar are already cost competitive… …which along with solid fundamentals are driving demand across regions 2 2020 LCOE 1 [€/MWh] 2019-22E additions • CAGR US: PTC phase-out; Increasing demand +67 GW North America drivers at State, Utility and C&I; 20-25 >50% wind; >80% US • CA: demand supported by auctions (20-yr FiT) Coal 77 +3% • RES Targets & new governance based on EU +84 GW Europe coordination; Nuclear 73 -% >70% wind; <30% solar • Increasing demand for Corporate PPAs; CCGT 67 +2% • Good natural resources (wind & solar); +9 GW Brazil • Strong wind and solar energy demand 80% wind; 20% solar Wind (auctions & PPAs); 50 -1% Offshore • Good natural resources, consistent regulation +102 GW Solar PV 39 Other Markets & solid fundamentals; -6% across different geographies • Economic growth & infrastructure need Wind 37 -2% Onshore • Increasing state level auctions (e.g. US); +17 GW • Offshore Competitiveness backed by technological including US; NL; UK & FR progresses and O&M (1) Source: EDPR analysis; (2) NA includes US, Canada and México; Source: IHS; C&I stands for Commercial and Industrial companies; Includes wind onshore & solar utilities per region; Offshore & Other Markets excludes China - 8 -
Expected renewables total installed capacity by region 1 … ...and per technology Total installed GW ; wind onshore, offshore & solar utilities Total installed GW; wind onshore, offshore & solar utilities 1,1871,250 1,1871,250 1,123 1,123 1,059 1,059 995 995 395 932 932 371 871 871 348 814 814 324 301 744 744 91 278 61 84 678 56 678 255 77 50 234 68 611 611 45 61 40 202 34 54 542 542 31 173 46 28 40 145 24 33 470 451 28 20 432 119 411 23 18 389 367 19 16 344 322 764 732 298 699 276 666 633 253 601 231 570 541 509 476 443 404 285 275 257 265 249 231 235 242 216 203 188 168 2019 20 21 22 23 24 25 26 27 28 29 2030 2019 20 21 22 23 24 25 26 27 28 29 2030 >60 GW >60 GW avg year avg year (1) Source: IHS; excludes China - 9 -
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Renewables Solar Hydro Wind 82.6% Networks Distribution ES Transmission 18% PT Brasil 38% 51% EBITDA €3.7bn 22% Client Solutions & BZ Energy Management Clients Trading Thermal 6% 17% Other Customers (2) | 9.8m Key figures (1) : Installed Capacity | 27.7 GW EBITDA | €3.7bn Net Profit | €0.5bn Employees | 11.7k (1) All figures reported as of YE2019 | (2) Number of electricity customers as of YE2019 % Weight EBITDA as of YE2019 - 11 -
EDP is already a global leading renewables player 1 … ...and aims to strongly increase renewables weight Source of generated electricity, TWh of renewables capacity 2 deployed worldwide Non-renewables Top global wind player with ~12 GW >9 GW in hydro, of which 4.3 GW with reservoirs , and ~ 3 GW pumped hydro >90% Renewables >70% 66% deployed in renewables since 2006 75% in wind onshore 20% 40% in the US 2005 2018 2022 2030 (1) As of March 2019 (2) EBITDA + Equity GWs - 12 -
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