EDP Energias de Portugal S A : Investors Presentation May 2024

INVESTORS' PRESENTATION

May 2024

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.

Investors' Presentation

2

We are a global company, leader in the energy sector, present in 4

regional hubs throughout different stages of the value chain

% Weight on EBITDA 2023

Renewables, Clients & EM

North America

~70%

Wind		Solar	Solar	Energy
onshore	utility-scale	DG	management

Wind	Hydro	Storage	H2	Client	South America
offshore				solutions

Electricity Networks

~30%

Transmission Distribution

Key indicators	Renewables	24	EBITDA	€5.0	Net Profit	€1.3
Values as of 2023	Installed Capacity	GW	Bn	Bn

1.Excludes Viesgo

2.Energy and services clients

Note: Excluding contribution from disposed portfolios in 2020 (6 hydro plants, B2C portfolio and 2 CCGTs in Spain). Excludes Viesgo in 2020.

EuropeAPAC

North Amercia

12%

Others

14%

EBITDA

2023 55%Iberia

20%

Brazil

Employees1 13k

Clients2 9 Mn

Investors' Presentation

3

EDP has a diversified portfolio, balanced between electricity networks,

integrated Generation and Supply and Renewables

Breakdown of expected Net Profit in 2024

(~€1.3 Bn)

~40%

Integrated Generation & Supply1

Strong weight of flexible hydro generation (reservoir and pump & storage)

Leveraging on our resilient client base

Integrated approach to manage risk

~35%

Electricity Networks

Regulated Asset Base growth

Regulated returns incentivizing investments

~25%

>85% Europe and North America

Portfolio diversified by technology / market Long-term contracted revenues, 12y avg. portfolio Track-record on renewables development

(1) Including holding and others

Investors' Presentation

4

Business Strategy

Leading the energy transition to create superior value

	Our commitments	Key figures and targets
	Accelerated and	€17 Bn	3 GW/yr	23 GW
	sustainable growth	gross investment 2024-26	gross additions 2025-26	Wind & Solar capacity by 2026
	ESG excellence and	Coal free	All Green	Net Zero
	future-proof organization	by 2025	by 2030	by 2040
	Distinctive and resilient	BBB	20%	>80%
	portfolio	credit rating	FFO / Net Debt by 2026	EBITDA in high-rated markets
				(Europe and North America)
	Superior value creation	€5.0 - 5.1 Bn	€1.2-1.3 Bn	€0.20
	for all stakeholders	EBITDA by 2026	net income by 2026	new DPS floor by 2026

6

Downward trend in electricity forward prices in Europe since CMD forces a

revision of our energy price assumptions for 2024-26…

Decline in gas prices implying downward trend in electricity prices for 2026 in Iberia

2026 forward electricity wholesale price Iberia1

€/MWh

	-30%
90		Δ OMIE FW prices
	since Nov. 2023
	€82/MWh
80	EDP @ CMD

Updated visibility on hedging position and average selling prices for 2024-26

Iberian integrated business

Integrated business resilient in the current power price environment

Baseload volumes 2024: 80% @ ~€90/MWh

70

€58/MWh

60	EDP current estimate

hedged, %

EDPR

2025-26: 50% @ ~€60/MWh

50

40

Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24

High weight of long term contracted revenues

Avg. portfolio	2024: €53-€54/MWh
selling price	2025-26:~€50/MWh

(1) Source: OMIE, data updated as of 25th April 2024

Investors' Presentation

7

…leading to a focus on capital optimization and robustness of the

balance sheet…

Deceleration of investments in 2024-261 : focus on top projects via a selective and disciplined criteria

Gross investments 2024-261, € Bn

By activity

By geography

Networks

			7 %
20 %			45 %
		14 %

€17 Bn	€17 Bn
2024-26	2024-26

80 % 33 %

Renewables,

Clients & EM

Capital allocation following a clear investment framework, keeping our selective and disciplined approach

1.4x	~250 bps	>60%
IRR/WACC	IRR - WACC	Contracted NPV
	vs. ~200 bps previously

Pursuing asset rotation strategy, targeting €7 billion proceeds in 2024-2026

Net investments 2024-261, € Bn
17
Networks
		10	1	9
	-7
Renewables,
Clients & EM
Gross	Asset	Net	Disposals	Net
Investments	Rotation	Investments	proceeds	Investments
	proceeds			Adj.

Remaining AR for 2024 launched and evolving positively

For 2024-2026: AR gains ~€300m/year

Pursuing strategic disposals in Hydro Brazil in line with previous plan

(1) Includes financial investments

Investors' Presentation

8

… supporting a fully funded plan through 2026 with BBB debt ratios

2024-26 Organic Sources and Uses of Funds (€ Bn)

Uses of cash		Sources of cash

Dividends	2.5	DPS floor
2024E: €0.195
		2025E: €0.195		Organic
		2026E: €0.20	8	Cashflow
			exc. capex1
Gross	17
investments		7	Asset Rotation 2
			~3	TEI 3
			~1	Change in Net Debt

1. Operating CF net of interests, dividends paid to minorities and TEI payments. Includes asset rotation gains
2. Includes Disposals and excludes asset rotation gains
3. Excludes tax equity deconsolidated in relation to AR projects

Solid credit ratios, on the back of prudent investment policy and sound organic cashflow

FFO/Net debt

%
20%	~20%
2022	2026E

Maintaining our commitment towards

BBB Credit rating

Investors' Presentation

9

High financial liquidity at >€9 Bn supported by >€7bn of available credit

lines, covering refinancing needs until 2027

Financial liquidity		EDP consolidated debt maturity profile1
as of 1Q24, €Bn		as of 1Q24, €Bn
Cash & Equivalents	2.3			EDP Brasil
Available Credit Lines	7.1			EDP SA & EDP Finance BV and Other (% of total debt)

5.0

Total Liquidity	€9.4 Bn

Avg. nominal debt by interest rate type

as of 1Q24

Floating

Fixed

21 %79 %

€8.9 Bn

		2.8			2.7
			2.3
	2.2				2.0				24%
			1.7
					12%		1.3
	9%	9%	10%		10%
	8%		6%
							0.1
									0%
	2024	2025	2026	2027	2028	2029	2030	2031	>2032

(1) Including hybrids at maturity

Investors' Presentation

10