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Lisbon, May 2020 This document has been prepared by EDP - Energias - - PowerPoint PPT Presentation

Lisbon, May 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 may be


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Lisbon, May 2020

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RESULTS PRESENTATION 2

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. 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 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

  • ffer (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. 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,

  • bjectives, 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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RESULTS PRESENTATION 3

Renewables production +16%: Hydro recovery vs. very weak 1Q19, wind resources below avg. Sound results energy management Brazil: Negative forex impact (BRL vs. EUR: -13%) EBITDA Recurring Net Profit +51% to €252 Mn 1Q20 includes €45 Mn non-recurring cost on bond buyback Avg cost of debt -60bps to 3.4% supported by competitive refinancing Net Profit €12.7 Bn Net Debt to the lowest level since 2007 Tariff deficit sale (€0.8 Bn), Asset Rotation in Brazil (€0.3 Bn) Financial liquidity Mar-20: €6.9 Bn, covers financing needs beyond 2022 Net Debt / EBITDA2

Net debt: -8% YTD Net Profit: +45% YoY EBITDA: +6% YoY

Dividend per share

2019 dividend: €0.19/share (81% payout ratio1); payment date: May 14th

1) Based on recurring net profit | 2. Adjusted to Regulatory Receivables and the temporary impact from tariff deficit sale

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4

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RESULTS PRESENTATION 5

EDP Hydro production in Iberia

Hydro resources

  • vs. LT Avg.1

EDP Wind production

Wind resources

  • vs. LT Avg. (P50)

1) Source: REN. Hydro resources reference from Portugal only

1Q19 1Q20 8.4 7.7 1Q19 1Q20 2.7 4.9

TWh TWh

Hydro reservoir YE1 (TWh)

+2% YoY, if excluding 0.8TWh production in 1Q19 from wind farms subject to asset rotation

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RESULTS PRESENTATION 6

Electricity generation in 1Q20 Wind Capacity evolution YoY TWh GW, Mar-20

Built-out Asset rotation 0.7 1.3 ∆ YoY

  • 0.6

under construction as of Mar-20

42% 37% 12% 6% Other Wind 2% Hydro 0% Solar CCGT Coal

renewables

0.8 GW net capacity

1) EBITDA + Equity capacity

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RESULTS PRESENTATION 7

203 117 237 242 549 559

Renewables

1Q19

9

  • 9

1Q20

Client solutions & EM Networks Other/adjust

927 980

EBITDA1 1Q20 € Mn; YoY growth,%

1) FX Impact on EBITDA: -€21 Mn (BRL), +€3 Mn (USD)

∆ YoY

  • €47 Mn Wind & Solar

+€65 Mn Hydro Iberia

  • €28 Mn Hydro Brazil
  • €5 Mn Iberia
  • €1 Mn Brazil

+€82 Mn Iberia +€4 Mn Brazil

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RESULTS PRESENTATION 8

147 159 233 179 340 7 Brazil & Other 387 1Q20 1Q19 2 Europe North America

EBITDA – Wind & Solar € Mn; YoY growth,% 1Q20 1Q19 YoY

Production vs. LT Avg. (P50), %

  • Avg. Installed Capacity1, GW

Electricity Production, TWh

  • Avg. selling price, €/MWh

1) Considers capacity at EBITDA level

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RESULTS PRESENTATION 9

60 32 112 177 209 1Q19 1Q20 Iberia 172 Brazil

EBITDA – Hydro € Mn; YoY growth, % 1Q20 1Q19 YoY 1Q20 1Q19 YoY

PLD, R$/MWh Avg selling price2, €/MWh Hydro Production1,TWh GSF

1) Excludes small hydro plants | 2) Does not consider results from hedging

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RESULTS PRESENTATION 10

77 76 34 34 131 126 1Q19 1Q20 Spain Portugal Brazil 242 237

EBITDA – Networks € Mn; YoY growth,%

1) RoRAB of HV/MV | 2) Accounting RAB as of March

1Q20 1Q19 YoY

Return on RAB Portugal 1,% Opex Iberia, € Mn

1Q20 1Q19 YoY

Electricity distributed, TWh Distribution EBITDA, R$ Bn Transmission EBITDA, R$ Bn RAB Iberia2, € Mn

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RESULTS PRESENTATION 11

28 33 22 77 145 Supply Iberia 117 9 EM & Thermal Iberia 3 Thermal Brazil 1Q19 3 1Q20 Supply & EM Brazil 203

EBITDA – Client Solutions & Energy Management € Mn; YoY growth,% Good results on energy management in Iberia supported by forward contracting of energy prices and thermal spreads and benefiting from increase of volatility in energy markets Coal production -77% YoY (avg. load factor 12%) Increasing penetration of supply services (+5% YoY)

∆ YoY

Improvement of thermal variable cost vs PPA benchmark

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RESULTS PRESENTATION 12

Weight on Opex

Opex1

  • Opex1excl. growth and forex
  • Adj. Core Opex/MW 4

Operations Indicator YoY Change Main drivers Opex ex-forex

1 Operating Costs Cash Recurring: 19: Caps (+€33M); ’20: Caps (€34M) and One-offs: Pecém maintenance seazonality (-€1M) and EDPD maintenance for ’19 storms (-€2M) | 2. Avg. IPCA 1Q20 vs. 1Q19 | 3. Inflation in 1Q20 vs 1Q20 in EDPR geographies, weighted at installed capacity in each country | 4. Core Opex adjusted by asset rotation, offshore costs (mainly cross-charged to projects’ SPVs) and FX

Iberia EDP Brasil EDPR Strong activity expansion with 1.3 GW under construction Avg inflation in our geographies3: +1.8%

  • Avg. inflation: +3.8%2

Strong performance in 1Q19 (-3% YoY) Opex like-for-like (excl. growth)

1

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RESULTS PRESENTATION 13

Net expansion investment Net Debt Dec-19

  • 0.7

Recurring Organic Cash Flow

0.1

  • 0.1
  • 0.5

Change in reg. receivables & Securitization Other & One-off Net Debt Mar-20

13.8 12.7

Change in Net Debt: Mar-20 vs. Dec-19, € Bn

  • €0.2 Bn forex impact

1) Based on net debt excluding regulatory receivables and impact of sale of tariff deficit, and recurring EBITDA of the last 12 months. Excludes €0.72 Bn related with Leasings’ debt accounted as Other Liabilities (IFRS 16 impact)

+€0.4 Bn expansion investment

(82% renewables, 18% networks)

  • €0.3 Bn Asset Rotation & TEIs

+68% YoY Change in regulatory receivables: +€0.1 Bn Anticipated sale of 2020 tariff deficit: -€0.6 Bn

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RESULTS PRESENTATION 14

Bonds issued Net Financial Costs: 1Q20 vs. 1Q19 € Mn

186 180 144 206 35 61 Non- interest1 1Q19 Non- interest2 1Q19 adj. 6 Interest related 1Q20 adj. 1Q20

1) Other items in 1Q19 includes: -€6 Mn of Net foreign exchange differences | 2) Other items in 1Q20 are related with -€57 Mn liability management cost to repurchase €750 Mn hybrid bond with 5.4% coupon and -€5 Mn Net foreign exchange differences and derivatives

  • 20%

Successful proactive debt management over the past quarters under a low interest rates context and declining interest rates in Brazil over the past year

Amount Coupon Maturity Sep-19 €600 Mn 0.70% 2026 Jan-20 (hybrid) €750 Mn 1.70% 2080 Apr-20 €750 Mn 1.63% 2027

Bonds matured / repurchased

Amount Coupon Oct-19 USD 637 Mn 4.90% Jan-20 USD 583 Mn 4.13% 1Q20(hybrid) €750 Mn 5.38% Jun-20 €233 Mn 4.13% Sep-20 €462 Mn 4.88%

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RESULTS PRESENTATION 15

Of which:

  • >90% due in 2024/25
  • >25 counterparties

Financial liquidity as of Mar-20

Cash & Equivalents: Available Credit Lines: Total Liquidity

EDP consolidated debt maturity profile as of Mar-20

2026 2025 2020 2024 2022 2.1 2021 1.4 2027 2023 > 2027 1.3 1.7 1.5 2.8 1.4 0.6 2.2

EDP Brasil EDP SA & EDP Finance BV and Other

2020 main events 1Q20: €0.75 Bn hybrid replacement (new issue + buy back) Mar 9th: €0.8 Bn tariff deficit sale € Bn € Bn 2H20 E: €2.2 Bn hydro disposal financial closing Apr 7th: €0.75 Bn green bond issuance

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RESULTS PRESENTATION 16

980 597 146 383 206 92 63 90 Extraordinary Energy Tax EBITDA Financial Results D&A and Provisions EBIT Income Taxes Non-controlling interest Net Profit

167 252 1Q19 1Q20

Reported Net Profit 1Q20 € Mn Recurring Net Profit1 € Mn ∆ YoY 53

  • 5

47

  • 20

6 4 8 +45

1) One-offs 1Q19: extraordinary energy tax (-€67 Mn); One-offs 1Q20: extraordinary energy tax (-€61 Mn); one-off cost with hybrid bond buyback (-€45 Mn)

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17

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RESULTS PRESENTATION 18

Focus on LT contracted competitive renewables (wind & solar), regulated networks New investments with limited exposure to energy prices and demand volatility Strict risk criteria: avg. contract maturity 15 years, contracted NPV >60% €6 Bn target of proceeds in 2019-22 from asset rotations (€4 Bn) and disposals (€2 Bn) Contribution to financial deleverage and reduction of merchant exposure Upfront financial deleverage: Net Debt/EBITDA target of 3.2x for 2020 Conservative financial liquidity policy: ~24 months coverage of financing needs €0.8 Bn digital capex to increase assets intelligence, operations and processes efficiency Upfront targets: >85% of systems in the cloud, ~100% of our people digitally connected Sustainable dividend policy: target payout range 75%-85%, €0.19/share as a floor Distinctive ESG/green positioning, clear decarbonisation path: renewables >90%, CO2 specific emissions -90% vs. 2005, coal free by 2030

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RESULTS PRESENTATION 19

We take on the commitment by providing safety and business continuity We take on the commitment through the supply of energy and special attention to those on the front line We take on the commitment by contributing to maintain the value chain, promoting economic activity and the employment We take on the commitment through the investment in cultural projects and more than 60 social initiatives We take on the commitment through the proposal of a stable and sustainable dividend

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RESULTS PRESENTATION 20

B2B 57% B2C 21% B2C B2B 44% B2C B2B

Electricity Supply Portfolio TWh, 2019 Measures implemented

1) Relates to regulated clients of our distribution companies

5% low income consumers, representing 1% of billing volume Suspension of supply cuts during lockdown period Flexibility of payment schedules and methods Reinforcement of digital capabilities – renewed Customer Area in Portugal Promotion of digital means of payment (website, MBWay, etc.) Support to those who are in the frontline of the covid’19 combat: Discount offer on electricity for NHS professionals and care units Free energy supply to hotels requisitioned in the fight against this pandemic 98% clients with direct debit 62% clients with direct debit

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RESULTS PRESENTATION 21

Weekly changes in distributed energy in Portugal

% YoY

  • 40%
  • 30%
  • 20%
  • 10%

0% 10% 20% W1 W3 W5 W15 W11 W7 W13 W9 W17

Electricity demand Jan-20/Apr-20: YoY change4

% YoY Residentials1 SMEs2 Corporates3

1) Normal Low Voltage | 2) Special Low Voltage | 3) Medium and High Voltage | 4) From January to April 2020. Data from REN to Portugal, REE to Spain; Brazil corresponds only to EDP Distribution concession areas in São Paulo and Espirito Santo (Preliminary data)

  • 3%
  • 7%
  • 4%

Earlier start and more severe restrictions of lockdown Higher weight of residential demand in consumption mix EDP SP and ES regions: impacted by temperature and reduction from a single large client in free market

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RESULTS PRESENTATION 22

Hedging position: Apr-20 to Dec-20 Hedging position: 2021

Baseload Expected electricity production Thermal spreads Contracted electricity sales ~19 Contracted electricity sales Expected electricity production ~15 Avg contracted electricity price close to €55/MWh (baseload, excluding ancillary services and retail margin) Avg contracted thermal spread: middle single digit Good energy management mitigates impact of adverse market context Avg contracted electricity price close to €50/MWh Gas LT contracts (~50% oil / ~50% TTF linked) represent ~60%

  • f expected gas needs

~60% B2C ~12 TWh/year, low churn rate

TWh TWh

  • 3.6 TWh

due to hydro disposal

~100%

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RESULTS PRESENTATION 23

Ring-fenced financial policy: funding in local currency Conservative leverage: net debt/EBITDA ~2.0x R$3 Bn liquidity reinforcement: debt refinancing, TOTEX, etc. Growth focused on transmission and LT contracted renewables: No exposure to energy markets, stable revenues inflation updated Integrated risk management in energy markets (distribution, supply, generation)

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RESULTS PRESENTATION 24

Net Debt1 / EBITDA

1) Excludes Regulatory Receivables

Disposals plan 6 hydro plants in Portugal (€2.2 Bn): EC approval granted on March 9th; national regulatory requests already submitted; carve out and transition agreements in final stage; financial closing expected in 2H20 Other complementary options may be considered: Other Iberian assets; Asset reshuffling opportunities in Brazil Asset rotation Offshore wind 50/50 JV with Engie aproved by EC on Feb 26th: ongoing process for transfer of assets AR target deals 2020: US and Europe (~0.7 GW net): Processes moving into 2nd phase to receive binding offers by Summer 2018

4.0x

1Q20 2020

3.4x <3.2x

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RESULTS PRESENTATION 25

1.0 0.1 0.2 0.2

Capacity additions 2020E

EBITDA + Equity GW

Recent developments Construction and supply chain disruptions that can lead to potential COD delays in 2020, however without impact in projects’ fundamentals Mexico: 200 MW of a solar plant, to be comissioned in 2021 Spain: 59 MW of wind and solar plants, to be delivered in 2022/23 US: 100 MW of solar to be comissioned in 2022

(announced in April and May 2020)

Medium-term execution on track with additional 0.5 GW secured YTD:

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RESULTS PRESENTATION 26

83% of 7 GW target additions in renewables for 2019-22 already with LT contracts 63% of R$3.9 Bn transmission investments in Brazil already executed ~55% of the €6 Bn combined disposals + asset rotation target proceeds for 2019-2022 already executed or agreed/pending financial closing Net debt/EBITDA at 3.4x in 1Q20 converging to 2020 target €6.9 Bn financial liquidity by Mar-20 covering refinancing needs beyond 2022 Opex flat YoY in 1Q20 (like-for-like) Accelerated digitalization (new ways of working, fast track on processes digitalisation) 2019 dividend €0.19/share (81% payout): payment date May 14th, ex-dividend May 12th Green positioning: Renewables 79% in mix, CO2 emissions -81%, coal Iberia -77% YoY

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27

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RESULTS PRESENTATION 28

~100% of office staff (ex-dispatch centers) 5x increase in interactions through MS Teams Supply of personal protection equipment Reinforcement of cleaning and desinfection Non-overlapping teams

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RESULTS PRESENTATION 29

Non-Exhaustive €100 Mn related to prompt payment of a set of invoices, each of up to €500K, to SMEs in PT and ES until the end of May €31 Mn, related to 1-month payment anticipation, to >1,200 suppliers in PT and ES ~€11 Mn1 support in most of our geographies, such as: Medical equipment donated to Public Health System in PT & BR EU program for development of vaccine and treatments Funds to vulnerable communities in Brazil and the US Electronic equipment to schools in Spain Innovation

1) Includes CTG support of €2 Mn

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RESULTS PRESENTATION 30

Energy Transition

GREEN RECOVERY

Prosperity

Favorable context:

Competitiveness of renewables and other low carbon technologies Broad EU support (political, businesses, civil society)

Leading to:

Job creation GDP growth Improved health and overall well being

Support to (among others):

Clean, reliable and affordable energy Just Transition Circular economy Biodiversity

EU Green Deal

1 Trillion Euros Investment Legislative reviews Action Plans & Strategies Sustainable Finance

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RESULTS PRESENTATION 31

Sines (1.2 GW) Aboño 1&2 (0.9 GW) Soto 3 (0.3 GW)

Aboño 1 will be converted to gas (COD 2022); Aboño 2 as a backup Shutdown up to 2023, conditional on positive margins No production since Jun-19

  • 81%

2005 1Q20 2025 2030 20% 79% 2005 1Q20 2030 2025

Coal production in Iberia 1Q20: -77% YoY

628 gCO2 / kWh

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RESULTS PRESENTATION 32

Global Integrated Utilities

(Score 90)

Global Integrated Utilities

(Score 68)

Global Utilities (Score 4.7)

1

Global Utilities

1) Bloomberg; | 2) In 2018 Sustainalytcs has launched the ESG Risk Rating methodology and replaced the ESG Rating methodology. EDP overall Risk Rating in February 2020 was 24.95.

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RESULTS PRESENTATION 33

Expansion Capex opportunities analyzed in 2019 at top decision-making level approved and successful … … in projects located in geographies … totalling

  • f renewables to be

deployed in 2020-24

1) Average of successful projects analyzed in Investment Committee in 2019

Selective screening process of investment projects... … achieving risk/return discipline

Achieved1 Threshold Attractive returns IRR/WACC Sound contracted profile and time to cash Contracted period NPV/CAPEX Contracted NPV

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RESULTS PRESENTATION 34

24 Q 21 18 7 11

113 km COD Dec-18 123 km COD Apr-21E 142 km COD Dec-21E 203 km Partial COD Jan-20 485 km COD Dec-20E 375 km COD Mar-21E

EBITDA from transmission in Brazil

Transmission portfolio

R$ Mn 30 231 2022 2018 2019

% of completion

58% 96% 100% 58% 64%

Under licensing

12%

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RESULTS PRESENTATION 35

Disposal of 25% of hydro portfolio in Iberia: €2.2 Bn for 1.7 GW in Portugal... ... while other complementary options may still be considered

All necessary regulatory requests were already submitted The carve out of the assets and the transitional agreements are under preparation

Expected financial closing in 2H20 Hydro disposal rationale

Transaction multiple:

(positive read across of remaining hydro assets)

Derisking: market price exposure and concentration of hydro volatility

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RESULTS PRESENTATION 36

2019-22 >25%

Proceeds from asset rotation

€ Bn

2 deals agreed, with better than expected results: Europe: 997 MW wind portfolio (491 MW net), EV €1.6 Mn/MW, €0.8 Bn proceeds Brazil: 137 MW (Babilónia), EV €2.2 Mn/MW (closed in Feb-20), €0.3 Bn proceeds Positive outlook supported by low interest rate context and strong appetite from investors for infrastructure/renewables assets: 2020: Target deals in the US and Europe (~0.7 GW net)

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RESULTS PRESENTATION 37

Projects already secured

MW Prairie Queen Timber Road IV Bright Stalk Hidalgo II Nation Rise (CA) Broadlands I Headwaters II Rosewater1 Crossing Trails Reloj del Sol WildCat Mexico project Indiana Crossroad1 Riverstart Sonrisa California Project Golden Eye Los Cuervos

Project Name CoD Region MW

199 125 205 50 100 200 198 102 104 209 180 96 300 200 200 300 139 200 2019 2019 2019 2019 2020E 2020E 2020E 2020E 2020E 2020E 2020E 2021E 2021E 2021E 2022E 2022E 2019 2020E Kansas Ohio Illinois Texas Ontario Illinois Indiana Indiana Colorado Texas Texas Mexico Indiana Indiana California California East NA Mexico

Projects already secured

MW

Country CoD Status MW

53 130 2019 2020/22E Installed U/ const. & dev. 47 279 2019 2020/22E Installed U/ const. & dev. 33 94 2019 2020/21E Installed U/ const. & dev. 50 124 2019 2020/21E Installed U/development 58 311 2020E 2020/22E U/construction U/ development

Projects already secured

MW

Project Name CoD Country MW

Aventura II-V Boqueirão I-II Monte Verde VI Santa Rosa & Mundo Novo Alpha Beta Pereira Barreto Lagoa 111 80 46 158 212 280 199 66 2022E 2022E 2022E 2022E 2022E 2022E 2021E 2022E Brazil Brazil Brazil Brazil Colombia Colombia Brazil Brazil 119 2020/22E U/ development

1) Build and Transfer project

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RESULTS PRESENTATION 38 1 EBITDA + Equity capacity (Only EBITDA capacity represented in the map) | 2 PTC (Production Tax Credit) | 3 ITC (Investment Tax Credit)

Remuneration framework for renewables in the US Wind & Solar installed capacity

Start of Construction... 2019 2020 2021 2022 2023 >2023

Total North America 200 MW 30 MW Existing 25-year PPA 20-year FiT Installed Capacity1 Average age

New York Ohio South Carolina Indiana Illionois Wisconsin Minnesota Iowa Washington Oregon California Texas Oklahoma Kansas

2019

PPA/Hedge Merchant

... End of Construction 2016 2017 2018 2019 2020 2021 2022 2023 >2023 2016 2017 2018

PTC2 (Wind onshore): % of full PTC ($24/MWh in 2018) ITC3 (Wind offshore): % of Capex ITC3 (Solar): % of Capex

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RESULTS PRESENTATION 39

EDP/Engie JV for offshore wind: Projects with PPA/FiT secured Project CoD JV Stake (%) Under Construction/Secured1 MW Floating offshore 2020 79.4 25 Construction: 2 out of 3 turbines under operation Under development (UK, US, Poland) Total Projects Seamade 487 17.5 2020E Construction: Installation of 58 foundations completed Moray East 2022E 56.6 950 Construction: Final stage of piling Floating offshore 2021E 80.0 30 Development: Grid connection secured Tréport & Nourmoutier 2024E 60.5 992 Development: Permit granted for both projects Mayflower 2025E 50.0 804 Development: FEED2 design ongoing Status

1 Considering 100% of projects capacity | 2 FEED: Front End Engineering & Design

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RESULTS PRESENTATION 40 1 Provisory data; TIEPI MV, % of the reference value defined in the Quality Service Regulation | 2 Nominal pre-tax, before CESE

Iberia Networks portfolio in Iberia

2019

Electricity Distributed TWh Supply points Thousand Network Thousand km Regulated Asset Base, € Bn

Electricity distribution in Portugal

Quality service1 High/Medium Voltage Low Voltage 278 concessions, 92% of them expiring in 2021-22 RAB €1.2 Bn RoRAB2 5.4% (2019) Country-level concession up to 2044 RAB €1.8 Bn RoRAB2 5.1% (2019) 2017

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RESULTS PRESENTATION 41

EDP Shareholder Structure (May-2020) Corporate Governance Highlights

7.2% Oppidum (Spain)

Qatar Investment Authority

21.5%

China Three Gorges (PRC) BlackRock, Inc. (US)

2.6% 4.5% 2.1%

The Capital Group (US) State Street Corporation (US)

2.5%

Paul Elliott Singer (US)

2.4%

Sonatrach (Algeria)

2.3% 2.2%

BCP Group (Portugal) Norges Bank (Norway)

2.0% 0.6%

Treasury Stock 47.3% Free float

2.9%

Alliance Bernstein (US)

Executive Board of Directors (EBD) and General and Supervisory Board (GSB) All major corporate and strategic decisions scrutinized by the GSB after proposal of the EBD 9 executive members 21 non-executive members, of which the majority are independent

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RESULTS PRESENTATION 42 Source: Bloomberg as of May 8th, 2020. 1 Amounts shown are net of notes repurchased in Dec-18

1 1 1

Bonds Currency Amount (million) Maturity Coupon Market Price (Bid) Market Yield ISIN Code EDP BV Euro MTN EUR 233 29-06-2020 4.125% 100.5 0.350% XS0223447227 EDP BV Euro MTN EUR 462 14-09-2020 4.875% 101.5 0.402% XS0970695572 EDP BV Euro MTN EUR 553 20-01-2021 4.125% 102.5 0.542% XS0995380580 EDP BV Euro MTN EUR 1,000 18-01-2022 2.625% 103.4 0.59% XS1111324700 EDP BV Euro MTN EUR 600 23-03-2023 2.375% 105.1 0.58% XS1385395121 EDP BV Euro MTN EUR 600 29-09-2023 1.875% 104.0 0.69% XS1558083652 EDP BV Euro MTN EUR 1,000 12-02-2024 1.125% 101.5 0.72% XS1471646965 EDP BV Euro MTN EUR 750 22-04-2025 2.000% 105.5 0.87% XS1222590488 EDP BV Euro MTN EUR 600 13-10-2025 1.875% 105.2 0.90% XS1893621026 EDP BV Euro MTN EUR 750 26-01-2026 1.625% 103.7 0.96% XS1846632104 EDP BV Euro MTN EUR 600 16-09-2026 0.375% 96.2 1.00% XS2053052895 EDP BV Euro MTN EUR 750 15-04-2027 1.625% 103.1 1.16% PTEDPNOM0015 EDP BV Euro MTN EUR 500 22-11-2027 1.500% 102.6 1.13% XS1721051495 EDP Hybrid Notes EUR 1,000 30-04-2079 4.496% 102.4 4.0% PTEDPKOM0034 EDP Hybrid Notes EUR 750 20-07-2080 1.700% 89.1 1.9% PTEDPUOM0017 EDP BV Euro MTN GBP 325 04-01-2024 8.625% 121.9 2.3% XS0397015537 EDP BV Dollar USD 750 14-01-2021 5.250% 102.1 2.08% XS1014868779 EDP BV Dollar USD 1000 15-07-2024 3.625% 105.1 2.33% XS1638075488

Equity Stock Exchange (€) P/E 2019E P/E 2020E P/BV 2019E DY 2019E Market Cap

  • Avg. Daily Volume

52 Weeks (# tm)

EDP SA Euronext Lisbon €4.12 19.4 18.6 1.6 4.6 €15,080m 9.5 EDP Renováveis Euronext Lisbon €11.10 42.7 22.0 1.5 0.7 €9,683m 0.3 EDP Brasil BM&FBOVESPA R$16.08 9.8 9.8 1.2 4.2 R$9,758m 3.0

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RESULTS PRESENTATION 43

IR Contacts Next Events

E-mail: ir@edp.com Phone +351 210 012 834 Site: www.edp.com Jun 2nd-3rd: RBC Virtual Conference Jun 3rd-4th: Credit Suisse Virtual Conference Jun 4th: Kepler Virtual ESG Conference Jul 30th: 1H20 Results May 11th-18th: Virtual Roadshow May 18th-19th: Goldman Sachs Virtual Conference