Lisbon, October 30th, 2020
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
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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
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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
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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,
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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
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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
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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.




9M20 RESULTS PRESENTATION 2
Recovery in 3Q20 vs. 2Q20 of electricity demand and prices in our main markets

75% EBITDA from long-term contracted and regulated activities

Renewables: 20 GW installed by Sep-20, with +6.5 GW secured (+0.7 GW closed YTD)

Positive developments regarding public support for renewables (EU, US)


Viesgo acquisition (electricity network & wind); Disposal of 2 CCGT and B2C supply in Spain

Early coal shutdown in Iberia; €1.1bn renewable asset rotation in Europe & US

€1bn rights issue (8.45% of share capital) closed in Aug-20

€2.2bn bonds issued in 2020 YTD at 1.7% avg cost: Green bonds represent 30% of total debt




9M20 RESULTS PRESENTATION 3
EBITDA: -2% YoY
EBITDA
Recovery of hydro production in Iberia and good results in energy management
Electricity demand decline YoY, Brazilian Real devaluation vs. Euro (-23%), weak wind resources

Recurring Net Profit: +14% YoY
Recurring
Avg cost of debt -80bps to 3.2%
Net Profit
Reported Net Profit €422m (-8% YoY), penalized by one-offs (coal shutdown in 2Q, CMEC provision in 3Q)

Net debt: -6% YTD to €13.0bn
Net Debt /
Recurring Organic Cash Flow +36% YoY to €1.4bn
EBITDA(1)
Gross expansion investments +58% YoY to €2.1bn, of which 89% renewables)

CO2 emission factor: -47% YoY
gCO2/kWh
Renewables production +10% YoY making up 74% of generation mix, CO2 emissions –50% YoY



(1) Based on Reported Net Debt excluding net Regulatory Receivables and last 12 months of recurring EBITDA
9M20 RESULTS PRESENTATION 4
Electricity demand 9M20: YoY (1)

% YoY
1Q
2Q
0% 0%
3Q

-3%
-3% -3%
-5%



-11% -12%
-13%




(1) Data from EDP Distribuição to Portugal, REE to Spain; Brazil corresponds only to EDP Distribution concession areas in São Paulo and Espirito Santo
9M20 RESULTS PRESENTATION 5
EDP Hydro production in Iberia EDP Wind production
TWh TWh



9.6 21.7
20.1


5.9




9M19 9M20 9M19 9M20

Hydro resources Wind resources
vs. LT Avg.(1) vs. LT Avg. (P50)
Hydro reservoir
EoP (1) (TWh)

(1) Source: REN. Hydro resources reference from Portugal only.
9M20 RESULTS PRESENTATION 6
EBITDA
€m; YoY growth, %



∆ YoY
2,676 2,625


Weaker wind resources (-9% vs. LT avg. in 9M20)
-€147m Wind & Solar
Asset rotation gains -€26m YoY (€200m in 9M20, wind offshore)
+€87m Hydro Iberia
Renewables 1,666 1,572 Hydro production in Iberia +62% (-3% vs. hist avg. in 9M20)
-€33m Hydro Brazil



Regulated returns in Portugal and Spain lower YoY
-€15m Iberia
Electricity volumes in Brazil: -7% YoY
-€72m Brazil
Discos Brazil: High gains on VNR(2) in 9M19 (-€51m YoY)
664
Networks 751
+€127m Iberia Iberia growth supported by energy management
Client solutions & EM 400 -€13m Brazil
287
-11
-29
Other/adjust
9M19 9M20

(1) FX Impact on EBITDA: -€117m (BRL), -€1m (USD), -€2m Other currencies | (2) Revaluation of residual asset value
9M20 RESULTS PRESENTATION 7
Green bonds
Bonds issued
Reported Financial Costs
€m Amount Coupon Maturity
Sep-19 €600m 0.38% 2026
Jan-20 (hybrid) €750m 1.70% 2080
Apr-20 €750m 1.63% 2027
545 527 505
19
Sep-20 USD850m 1.71% 2028
95 431 74
2020/21 bond maturities
Amount Coupon
Jan-20 USD 583m 4.13%
1Q20 (hybrid) (3) €750m 5.38%
Jun-20 €233m 4.13%
Sep-20 €462m 4.88%
9M19 Non- 9M19 adj. Interest 9M20 adj. Non- 9M20
(1) interest(2)
interest related Jan-21 €553m 4.13%
Jan-21 USD 750m 5.25%




(1) Non-interest items in 9M19 includes: -€16m of net foreign exchange differences and -€3m capital gains | (2) Non-interest items in 9M20 are related with -€57m liability management cost to repurchase
€750m hybrid bond with 5.4% coupon and -€17m net foreign exchange differences and derivatives | (3) Repurchased in 1Q20
9M20 RESULTS PRESENTATION 8
Change in Net Debt: Sep-20 vs. Dec-19
€ bn Significant volume of transactions with
financial closing expected before 2020YE:
+36% YoY -€0.5 Bn
FX impact
13.8
-1.0
1.2
13.0
-0.4
-1.4
0.7
+34% YoY
89% renewables
10% grids Brazil




Net Debt Recurring Dividends to Net expansion Rights Issue Other & Net Debt
Dec-19 Organic Shareholders investment One-off Sep-20
Cash Flow




(1) Based on net debt excluding regulatory receivables and impact of sale of tariff deficit, and recurring EBITDA of the last 12 months. Do not include €0.85 bn related with Leasings’ debt accounted as Other Liabilities (IFRS 16 impact)
9M20 RESULTS PRESENTATION 9
Reported Net Profit
Recurring Net Profit 9M20
€m
€m
Δ YoY 460
422
EBITDA 2,647

D&A and
1,057 +47
Provisions

EBIT 1,590


9M19 9M20
+97
Net Financial Costs 448

Non-recurring
- 76
Income Taxes 249
items (1)
Non-controlling
€m
224 +44
interest
-€63m Extraordinary Energy Tax
-€66m Extraordinary
-€50m provision on CMEC ancillary services
Energy Tax
Net Profit 669
-€45m Hybrid bond buyback
-€59m Fridão
-€89m Coal impairments and provisions



(1) At net profit level, net of taxes
9M20 RESULTS PRESENTATION 10
Projects already secured to be built with long term contracts(1) Increased Global Public Support
GW; Sep-20

By technology By geography
European Union
55% emissions cut by 2030 vs. 1990

€750 Bn Next Generation Fund,
13%
>30% contribution to climate targets
26%
35%

US
22%
PTC Extension secured: 100% for CODs
2021-22; 60% for CODs 2023-24
65%
Ambitious renewables policy
proposals under discussion
39%




(1) Includes 0.5 GW of wind in Spain and Portugal from Viesgo renewables acquisition, with financial closing expected in 4Q20
9M20 RESULTS PRESENTATION 12
Timeline of EDP asset rotation deals 2012-2020:(1)




Asset rotation gains
0.4
€bn
asset rotation deals agreed in 2012-2020:
sold of proceeds 0.3
Avg. 2019-20 BP
Annual average: ~2 deals and ~0.5 GW sold
assumptions
0.1
Better than expected valuations achieved in 2019-20
support positive outlook for this activity in 2021-22
2012-2018 2019 2020E Avg. 2021-
(annual)(2) 22 BP
assumption
(1) Does not include 5 asset rotation deals on stakes of wind offshore assets in 2017-2020; considers net capacity sold
9M20 RESULTS PRESENTATION 13
(2) Asset rotation deals until 2018 included only sale of minority stakes, in which gains were accounted directly at equity book value against reserves and not at P&L level
Electricity generation mix Specific emissions Revenues from coal
% %
gCO2/kWh
8%
Gas(1) 10%
18% 19%
340 9%
7%
Coal 34% 18% 7%
231
5%

74%
122
64%
Renewables 58%



2015 9M19 9M20 <2030 2015 9M19 9M20 2030 2018 9M19 9M20 <2030




(1) Includes residual contribution from other technologies (Nuclear, CHP and Waste)
9M20 RESULTS PRESENTATION 14
Weak macro context, but with supportive regulation Steep BRL devaluation, mitigated by local funding & inflation update




Covid Account: R$0.6bn liquidity for EDP Brasil, partial Discos regulated revenues updated to inflation (IGP-M)
recovery of COVID related overcontracting costs EDP ES: +9.3% (Aug-20), EDP SP: +17.9% (Oct-20)
Funding in local currency
Interest rates at historical lows (selic rate at 2.0)



Extension of hydro concession periods as a
of R$3.7 bn capex in 6 transmission lines, full
compensation for hydro deficit (GSF) costs
completion expected in 2021
supported by hydro plants with energy contracts in
~75% of leverage (fully in local currency)
free market
Contracted revenues, updated to inflation (IPCA), no
In final stage of resolution by ANEEL
exposure to demand


9M20 RESULTS PRESENTATION 15
•
•

•

•
(single digit growth YoY despite COVID
challenging context)
•




(1) Recurring Net Profit excludes exceptional and non-recurring items (including extraordinary energy tax/CESE)
9M20 RESULTS PRESENTATION 16
EBITDA - Wind & Solar
€m; YoY growth, %


1,221 9M19 9M20 YoY
1,074
Avg. Installed Capacity(1), GW


Europe 743 Production vs. LT Avg. (P50), %
575

Electricity Production, TWh


Avg. selling price, €/MWh
487
North America 455
Asset rotation gains, €m
Brazil & Other
23 11
9M19 9M20

(1) Considers capacity at EBITDA level
9M20 RESULTS PRESENTATION 18
EBITDA - Hydro
€m; YoY growth, %
9M19 9M20 YoY

Hydro production(1), TWh
499
445
Avg selling price(2), €/MWh


Reservoirs, TWh
401
Iberia 314

9M19 9M20 YoY

Avg selling price, R$/MWh

Brazil 130
97 GSF

9M19 9M20


(1) Excludes small hydro plants | (2) Does not consider results from hedging
9M20 RESULTS PRESENTATION 19
EBITDA - Networks
9M19 9M20 YoY
€m; YoY growth, %
Return on RAB Portugal(1), %

751 Return on RAB Spain, %
664
Opex Iberia, €m

Portugal 382
378 9M19 9M20 YoY

Transmission EBITDA, R$m
Spain 117
106
Distribution EBITDA, R$m
Brazil 252
180 VNR (2), R$m

9M19 9M20 Electricity distributed, TWh


(1) RoRAB of HV/MV (2) Revaluation of residual asset value
9M20 RESULTS PRESENTATION 20
EBITDA – Client Solutions & Energy Management
€m; YoY growth, %

∆ YoY
Good results on energy management in Iberia supported
400
by anticipated contracting in energy prices, thermal
spreads and optimization of portfolio in a volatile energy
market environment
287
228
Resilient B2C demand and increased services penetration
EM & Thermal Iberia 116
(e.g. Distributed solar and Funciona)

Coal production -58% YoY (avg. load factor 17%)
Supply Iberia 74 88
B2B supply volumes Iberia -14% YoY, negative impact from
Thermal Brazil 88 re-sale of previously purchased volumes at low pool prices
78
Supply & EM Brazil
10 7
9M19 9M20



9M20 RESULTS PRESENTATION 21
Weight on Opex


Operations Indicator YoY Change Main drivers

Iberia
Opex(1) -2% avg. headcount vs. Sep-19



EDP Brasil
Opex(1) excl. growth and forex Avg. inflation: +2.9%(2)


Growth of renewables development
EDPR Adj. Core Opex/MW(3)
activity


Opex ex-forex
(1)

Opex like-for-like (excl. growth)


(1) Operating Costs Cash Recurring: Opex excluding caps, one-offs and forex impact. 2019: Caps (+€99m); 2020: Caps (+€110m), one-offs (-€8m), forex (-€45m); | (2) Avg. IPCA 9M20 | (3) Core Opex adjusted by asset rotation, offshore
costs (mainly cross-charged to projects’ SPVs), service fees, one-offs and FX
9M20 RESULTS PRESENTATION 22
Financial liquidity as of Sep-20 EDP consolidated debt maturity profile as of Sep-20

€ bn € bn EDP Brasil
EDP SA & EDP Finance BV and Other

2.9
2.5
Cash & Equivalents:

1.8
1.7
Of which: 1.6
1.4
1.4
• >90% due in 2024/25
Available Credit Lines: 1.3
• >25 counterparties 1.1



Total Liquidity
2020 2021 2022 2023 2024 2025 2026 2027 > 2027




1Q20: €0.75 bn hybrid
2020 Mar 9th: €0.8 bn Apr 7th: €0.75 bn Jul 14th: €0.3 bn Aug 11th: €1bn Sep 17th: US$0.85
replacement (new
main deals tariff deficit sale green bond tariff deficit sale rights issue bn green bond
issue + buy back)

9M20 RESULTS PRESENTATION 23
IR Contacts
E-mail: ir@edp.com
Phone +351 210 012 834
Site: www.edp.com




Next Events
Nov 2nd-3rd: JP Morgan Global Energy Conference
Nov 19th: CA CIB Utilities & Infrastructure Conference




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