EDP Energias de Portugal S A : Investor Presentation Mar-20

Lisbon, March 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 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 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.

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.

RESULTS PRESENTATION

2

3

12th Mar	20th Feb

RESULTS PRESENTATION

4

Renewables Capacity LT contracts secured for 19-22

GW

5.4

2.9

2.576%

35% 40%

Dec-18Mar-19Feb-20

Projects already secured

Build-out GW; Feb-20

								offshore
			5.4 GW					solar
							wind
					1.8
			1.3	1.4	0.3
				1.2
				0.6
0.9			0.4
				0.7
	0.1		1.3
0.7		1.0	1.0	0.5
2019	2020	2021	2022	post-2022

Unprecedent execution

Leadership position in securing LT contracts in 2019-20

1.6 GW1 of PPA secured in the

US

#1 awarded in Poland & Italy auctions

Increased market position in wind in Brazil to #4

Expansion to new geographies

Colombia (0.5 GW) & Greece (0.1 GW)

1. Gross capacity
   RESULTS PRESENTATION

5

Selective screening process of investment projects...

Expansion Capex opportunities analyzed in 2019 at top decision-making level

approved and successful …

… in	projects located in	geographies
… totalling	of renewables to be

deployed in 2020-24

1. Average of successful projects analyzed in Investment Committee in 2019
   RESULTS PRESENTATION

… achieving risk/return discipline

Threshold Achieved1

IRR/WACC

Attractive returns

NPV/CAPEX

Contracted period

Sound contracted profile and time to cash

Contracted

NPV

6

Continued decline in LCOE

Hybrid projects: hydro/solar/wind

Wind repowering

Offshore fixed/floating

Green hydrogen

Storage

US: Federal and State-level incentives:

PTC extension (60% up to 2024)

Renewable Portfolio Standards (13 States enacted RPS targets in 2019)

EU: Green deal launched by the EC (€1 Trl investment plan):

2030: Emissions at least -50% vs. 1990 2050 carbon neutrality

Potential increase of renewable targets

10.8 GW of wind & solar assets in operation in 10 geographies

Development teams with extensive track record

Procurement and O&M scale in

renewables

New markets under analysis

RESULTS PRESENTATION

7

JV Offshore capacity

Portfolio description

GW Gross

10-17

5-10

5.2

3.7

1.5

5-7

2019 2025E

Under development Under construction/installed

RESULTS PRESENTATION

8

EBITDA from distribution Brazil

R$ Mn							1
							Regulatory reviews in 2019 (visibility up to Aug-22 for EDP ES
							and Oct-23 for EDP SP)
	REAL GAINS of + 35-45%				Net RAB Growth: + 36%
		1,393	R$ 234 Mn RAB	Return on RAB at 8.09%
						update
			+25%
		+35%			R$ 134 Mn	Regulatory haircut over investments <0.5% (#1 in Brazil)
	+40%				employees
887					benefits
							2
					1,025		Electricity demand in 2019 (+2.3% in EDPB vs 1.1% in Brazil)
							3
2018	Regulated	Market	Efficiency	2022	2019		Reduction of losses (-1.24pp in EDP SP and -0.23pp in ESP ES1)
	Revenues						Greater efficiency in costs vs the Regulatory target
	1	2	3				(2019 as a transitional year in the strategy of insourcing of O&M services)

1) Non-technical losses in Low Voltage

RESULTS PRESENTATION

9

Transmission portfolio

EBITDA from transmission in Brazil

R$ Mn

91%	203 km
Partial COD	11
	Jan-20		53%
		7	123 km
		COD Apr-21E

100%

49%			24	113 km
375 km			COD Dec-18
COD Mar-21E	18
52%
485 km	21		142 km
COD Dec-20E
Q	COD Dec-21E

Under licensing

% of completion

231

30

2018

2019

2022

RESULTS PRESENTATION

10

Stable Client Base

Focus on service quality to retain high value clients

Increase services penetration

Increased digitalization

New client solutions

Clients

Electricity and gas supply points Iberia

Complaints YoY

# complaints/ 1k contracts Iberia

Services contracted with clients

18.9% Homecare Services/contracts

Selfcare Portugal

Decentralized solar

sold capacity in Iberia & Brazil

Contracted public charging points

# Iberia & Brazil

Savings from energy efficiency

In the bill of our B2B clients in Portugal

Supply EBITDA

€ Mn

>100

~90

~-5

2018 2019 2022

RESULTS PRESENTATION

11

Proceeds from asset rotation

€ Bn

>25%

2019-22

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)

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

RESULTS PRESENTATION

12

Disposal of 25% of hydro portfolio in Iberia: €2.2 Bn for 1.7 GW in Portugal...

Hydro disposal rationale

Transaction multiple:

(positive read across of remaining hydro assets)

Derisking: market price exposure and concentration of hydro volatility

Expected financial closing in 2H20

All necessary regulatory requests were already submitted

The carve out of the assets and the transitional

agreements are under preparation

... while other complementary options may still be considered

RESULTS PRESENTATION

13

Weight on Opex

Operations

Indicator

YoY Change

Highlights

Iberia

Opex1

EDP Brasil	Opex1 in BRL

EDPR

Adj. Core Opex1/MW3

Opex ex-forex1

Opex like-for-like (excl. growth)

Predictive maintenance generation up from 34% to 68% +34% smart meters in Portugal

Avg. Inflation: +3.7%2

Avg MW +1%

Predictive maintenance up to 67%

-€20 Mn OPEX YoY on a like-for-like basis

1) Recurring Opex Pro-forma (excludes IFRS16 impact); 2) Avg. IPCA 2019 vs. 2018; 3) Core Opex/Avg MW adjusted by IFRS16, One-offs,pass-through costs and FX

RESULTS PRESENTATION

14

% of EBITDA

Net Debt / EBITDA

Contracted exposure

4.0x

3.6x

<3.2x<3.0x

2018

2019

2020 post-disposal

2018 2019 2020 2022

RESULTS PRESENTATION

15

Most recent	Market yields of 5y EDP Bonds, % (Jan 2019-Feb2020)1
bond deals

			EUR2		USD3
Sep-19:€600 Mn	5
green bond issued
(0.43% yield)	4							∆ Jan19-Feb20
Jan-20:€750 Mn	3							2.3%
green hybrid bond
2
issued (1.75% yield)
1Q20: Repurchase and	1
							0.1%
clean-up call of the
0
2015 €750 Mn hybrid	Jan	Mar	May	Jul	Sep	Nov	Jan	Feb
(5.375% coupon)
-1

EDP consolidated debt maturities in 2020-2022

€ Bn and bonds' coupon rate

3.2		Other debt4	USD
		BRL	EUR
4.1%	1.7
	1.4
4.9%		6.0%
4.1%	5.3%
5.4%		2.6%
4.1%
20205	2021	2022

1) As of 14/02/2020 | 2) EDPPL 1.125 02/12/2024 REGS Corp | 3) EDPPL 3.625 07/15/2024 144A Corp | 4) Includes commercial paper and project finance | 5) Includes the €750 Mn hybrid issued in 2015 (5.375% coupon) that was repurchased in 1Q2020

RESULTS PRESENTATION

16

Recurring Organic Cash Flow	Uses of cash
€ Bn	€ Bn

2021-22E

>12	~3	2019-20E
1.4		~2
1.2		>8
0.8

2017

2018

2019

Sources of Cash Dividends

Deleverage Net investments

RESULTS PRESENTATION

17

2005	20%		2005	628 gCO2 / kWh
2019		66%	2019	-66%
2025			2025

2030

2030

2019 Performance: Penalized by weak hydro resources in Portugal

	Aboño 1 will be
Aboño 1&2 (0.9 GW)	converted to gas
(COD 2022); Aboño
Soto 3 (0.3 GW)	2 as a backup
No production since
Jun-19

Shutdown up to 2023, Sines (1.2 GW)conditional on positive

margins

Coal production in Iberia 2019: -49% YoY

RESULTS PRESENTATION

18

Global	Global	Global	1
Integrated Utilities	Integrated Utilities
Utilities (Score 4.7)	Global Utilities
(Score 90)	(Score 68)

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.

RESULTS PRESENTATION

19

EBITDA	Recurring Net profit	Dividend
€ Bn	€ Bn	€ / share
		81% payout ratio
3.7	0.9	0.19

Target payout range

Dividend floor

2019

2020E

2022E

2019

2020E

2022E

20191

2020-22E

1) Proposal of dividend, subject to AGM approval

RESULTS PRESENTATION

20

21

4Q19 Highlights

2019 Figures

Hydro volumes Portugal +56% vs. historical avg.

Good results in energy management in Iberia

Gain in asset rotation in Brazil (cashed-inFeb-20)

Continuing growth in networks in Brazil

Interest costs started downwards trend in 4Q19

Net debt Dec-19:€13.8 Bn, +3% YoY

RESULTS PRESENTATION

22

EDP Hydro production in Iberia	EDP Wind production
TWh	TWh

13.7

4Q

10.0

+56% in 4Q19 vs. Historical average1

9M

-39% in 9M19 vs. Historical average1

20182019

Hydro resources vs. LT Avg.1

Hydro reservoir	0.4 TWh above
YE (TWh)	historical average

1. Hydro resources reference from Portugal only
   RESULTS PRESENTATION

28.129.8

20182019

Wind resources vs. LT Avg. (P50)

Avg. Load factor

23

EBITDA 2019

€ Mn; YoY growth,%

3,317

Renewables 2,197

Networks

Client solutions	831
& EM		312
		-23
Other/adjust
2018

∆ YoY

3,706

2,286

991

474

-46

2019

+€348 Mn Wind & Solar

-€159 Mn Hydro Iberia

-€100 Mn Hydro Brazil

+€7 Mn Iberia +€154 Mn Brazil

+€199 Mn Iberia -€37 Mn Brazil

RESULTS PRESENTATION

24

EBITDA - Wind & Solar

€ Mn; YoY growth,%

		1,648	2018	2019	YoY
	1,300		Avg. Installed Capacity1, GW
		914	Production vs. LT Avg. (P50), %
Europe	651
			Electricity Production, TWh
		615	Avg. selling price, €/MWh
North America
654
		120	Asset Rotation Gains, € Mn
	-6
Brazil & Other
2018	2019

1) Considers capacity at EBITDA level

RESULTS PRESENTATION

25

EBITDA - Hydro

€ Mn; YoY growth, %

2018 2019 YoY

		896				Hydro Production, TWh
								Avg selling price1, €/MWh
					638
Portugal	583
								2018	2019	YoY
					440	Physical Guarantee, TWh
Spain		41
								Avg selling price, $R/MWh
Brazil	273		25
173	Gain on mini-hydro sale, € Mn
		2018	2019

1) Does not consider results from hedging

RESULTS PRESENTATION

26

EBITDA - Networks

€ Mn; YoY growth,%

991

831

477

Portugal4 481

155

Spain 145

360

Brazil4 206

20182019

2018 2019 YoY

Return on RAB Portugal1, %

Return on RAB Spain, %

RAB Iberia, €Mn

Opex Iberia2, €Mn

2018 2019 YoY

RAB distribution3, € Mn

Transmission EBITDA, € Mn

Electricity distributed, TWh

1. RoRAB of HV/MV | 2) Excludes IFRS16 impact of €6 Mn| 3) Accounting RAB as of Dec-19 | 4) The overall impact of one-off on EBITDA growth was immaterial: (i) in 2019, €28 Mn provision for the amounts to return to the tariff, €31 Mn gain related with a change in future liabilities arising from a change in health care services supplier and restructuring costs (€12 Mn) mainly in Portugal; (ii) In 2018, restructuring costs (€17 Mn)

RESULTS PRESENTATION

27

EBITDA - Client Solutions & Energy Management

€ Mn; YoY growth,%

∆ YoY

474

	312	248
Thermal & EM Iberia	142

88

Better results from energy management and forward hedging in energy markets, mostly in 4Q

Coal production -49%YoY (18% avg load factor in 4Q19)

Normalization of supply margins in Iberia, following a particularly adverse 2018

# of clients complains in supply: -23% YoY

2018 2019 YoY

Thermal availability, %

Thermal Brazil	135	114
					ADOMP1, € Mn
Supply & EM Brazil
		40		25
			-5
Supply Iberia						Supply volumes, TWh
2018	2019
1) One-off revenues from the downwards revision of the regulatory level of the availability factor. This amount is net of PIS/COFINS
RESULTS PRESENTATION							28

Change in Net Debt: Dec-19 vs. Dec-18,€ Bn

New Hybrid (50% equity): -€0.5 Bn

Reg. Receivables and related taxes: €0.2 Bn

+20% YoY		Pension fund extraord. contribution: €0.2 Bn	13.8
13.5		0.7	-0.1
-1.4	1.2	50% of Recurring

Organic CF

+€2.1 Bn expansion investment

(70% renewables, 29% networks)

-€1.0 Asset Rotation renewables

Net Debt	Recurring Organic	Net expansion	Dividends to	Other & One-off	Net Debt
Dec-18	Cash Flow	investment	Shareholders		Dec-19

1) Based on net debt excluding regulatory receivables and on recurring EBITDA of the last 12 months. Excludes €829 Mn related with Leasings' debt accounted as Other Liabilities (IFRS 16 impact)

RESULTS PRESENTATION

29

Net Financial Costs: 2019 vs. 2018

€ Mn

			+2%
		671	14	685	15	670
	117
554
		+€17 Mn 9M19
			-€3 Mn 4Q19
2018	Non-	2018 adj.	Interest	2019 adj.	Non-	2019
	interest1		related		interest2

Avg nominal debt by currency3

Other	4%	2%
9%	11%
BRL
USD	25%	29%
		Euro denominated
		Hybrid: 11% in 2019
		vs 5% in 2018
EUR	62%	58%
	2018	2019

impacted by €1 Bn hybrid bond issue in Jan-19 and higher avg. weight of USD & BRL

1. Other items in 2018 includes: +€18 Mn of badwill arising from the acquisition of a stake in Celesc, -€39 Mn debt repayment, +€113 Mn of Capital Gains, -€5 Mn of Net foreign exchange differences and derivatives and +€30 Mn pro-forma impact from IFRS 16 |
2. Other items in 2019 are related with -€19 Mn Net foreign exchange differences and derivatives, €31 Mn Feedzai gain and €3 Mn of capital gains | 3) Includes FX Hedges

RESULTS PRESENTATION

30

Financial liquidity as of Dec-19

EDP consolidated debt maturity profile as of Dec-19

€ Bn

€ Bn

EDP Brasil

EDP SA & EDP Finance BV and Other

Cash & Equivalents:

Available Credit Lines:

Total Liquidity

3.2

			2.9
			2.0
Of which:	1.7		1.6		1.5
• >90% due in 2024/25		1.4	1.4
• 25 counterparties
					0.6

(1)

2020 2021 2022 2023 2024 2025 2026 2027 > 2027

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

1. Includes €0.75 Bn hybrid replacement in 1Q20 and USD 0.6 Bn bond paid in Jan-20

RESULTS PRESENTATION

31

Reported Net Profit Bridge 2019

€ Mn

One-Off1

Items

-11

-399

-409

+40

+103

-68

-8

-342

EBITDA

D&A and

Provisions

EBIT

Fin. Results & Associates

Income Taxes

Extraordinary Energy Tax

Non-controlling interest

Net Profit

3,706

1,867

1,838

645

226

68

388

512

Net Profit Breakdown 2019

€ Mn

512
64
392
	2nd year with negative results,
	penalized by low hydro conditions and
	one-off items:
153	Coal impairments (€94 Mn)
-98	Fridão provision (€59 Mn)

1. One-offsimpacts at net profit level: 2018: regulatory impacts (-€208 Mn), impairments at coal plants in Iberia (-€21 Mn), restructuring costs (-€21 Mn), net gain on disposals (mini-hydros: +€40 Mn; Bioelectrica: +€24 Mn), debt prepayment fees and others (-€26 Mn) and
   CESE (-€65 Mn); in 2019: impairments (-€224 Mn, mainly coal in Iberia), provision for Fridão (-€59 Mn), gain on the revaluation of Feedzai and provision reversal at São Manoel (+€28 Mn), sharing of some gains with consumers (-€22 Mn), restructuring costs (-€8 Mn), Medical plan Brazil (+€10 Mn), CESE (-€66 Mn).

RESULTS PRESENTATION

32

Recurring1 Net Profit 2019

€ Mn

∆ YoY

854

797

123

285	186
137
	404
263
111	141
2018	2019

Portugal: Turnaround of supply operations;

Hydro production -28% YoY

EDPR all time record reported net profit +52% YoY

EDP Brasil all time record reported net profit +5% YoY in BRL

1. One-offsimpacts at net profit level: 2018: regulatory impacts (-€208 Mn), impairments at coal plants in Iberia (-€21 Mn), restructuring costs (-€21 Mn), net gain on disposals (mini-hydros: +€40 Mn; Bioelectrica: +€24 Mn), debt prepayment fees and others (-€26
   Mn) and CESE (-€65 Mn); in 2019: impairments (-€224 Mn, mainly coal in Iberia), provision for Fridão (-€59 Mn), gain on the revaluation of Feedzai and provision reversal at São Manoel (+€28 Mn), sharing of some gains with consumers (-€22 Mn), restructuring costs (-€8 Mn), Medical plan Brazil (+€10 Mn), CESE (-€66 Mn).

RESULTS PRESENTATION

33

34

Projects already secured

MW

Project Name	MW	Region	CoD
Prairie Queen	199	Kansas	2019
Timber Road IV	125	Ohio	2019
Bright Stalk	205	Illinois	2019
Hidalgo II	50	Texas	2019
Nation Rise (CA)	100	Ontario	2020E
Broadlands I	200	Illinois	2020E
Headwaters II	198	Indiana	2020E
Rosewater1	102	Indiana	2020E
Crossing Trails	104	Colorado	2020E
Reloj del Sol	209	Texas	2020E
WildCat	180	Texas	2020E
Mexico project	100	Mexico	2021E
Indiana Crossroad1	302	Indiana	2021E
Riverstart	202	Indiana	2021E
Sonrisa	200	California	2022E
California Project	200	California	2022E
Golden Eye	139	East NA	19/20E

1. Build and Transfer project
   RESULTS PRESENTATION

Projects already secured

MW

Country MW	Status	CoD
29	Installed	2019
105	U/development	2021/22E
47	Installed	2019
279	U/ const. & dev.	2020/22E
19	Installed	2019
95	U/ const. & dev.	2020E
50	Installed	2019
125	U/development	2020/21E
38	U/construction	2020E
327	U/ development	2020/22E
119	U/ development	2020/22E

Projects already secured

MW

Project Name	MW	Country	CoD
Aventura II-V	111	Brazil	2022E
Boqueirão I-II	80	Brazil	2022E
Monte Verde VI	46	Brazil	2022E
Santa Rosa &
Mundo Novo	156	Brazil	2022E
Alpha	212	Colombia	2022E
Beta	280	Colombia	2022E
Pereira Barreto	205	Brazil	2021E
Lagoa	66	Brazil	2022E

35

Wind & Solar installed capacity

Remuneration framework for renewables in the US

2019

Minnesota

Iowa

Start of

... End of

Washington

Construction...

Construction

Wisconsin

2016

2017

2018

2019

2020

2021

2022

2023

>2023

Oregon

New York

Ohio

California

Indiana

Kansas

Illionois

South Carolina

PPA/Hedge

Texas

Merchant

Oklahoma

2016 2017 2018 2019 2020 2021 2022 2023 >2023

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

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

RESULTS PRESENTATION

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

ITC3 (Wind offshore): % of Capex

ITC3 (Solar): % of Capex

36

EDP/Engie JV for offshore wind: Projects with PPA/FiT secured

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

Under Construction/Secured1

Under development (UK, US, Poland)

Total Projects

1 Considering 100% of projects capacity | 2 FEED: Front End Engineering & Design
RESULTS PRESENTATION	37

Networks portfolio in Iberia

Electricity distribution in Portugal

2019

Iberia

Electricity Distributed

TWh

Supply points

Thousand

Network

Thousand km

Regulated Asset Base,

€ Bn

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

Quality service1

2017

High/Medium Voltage

Country-level concession up to 2044

RAB €1.8 Bn

RoRAB2 5.1% (2019)

Low Voltage

278 concessions, 92% of them expiring in 2021-22

RAB €1.2 Bn

RoRAB2 5.4% (2019)

RESULTS PRESENTATION

38

EDP Shareholder Structure (Mar-2020)

Corporate Governance Highlights

China Three Gorges (PRC)

21.5%

Free Float 48.8%									7.2% Oppidum (Spain)
															5.1%
																Blackrock (US)
											2.1%		2.5%	Paul Elliott Singer (US)
		0.6%				2.9%
				2.4%	BCP Pension Fund (Portugal)
					2.2%
								2.3%						Sonatrach (Algeria)
			2.6%
							Alliance Bernstein (US)
Treasury Stock
								Qatar
State Street (US)
Norges Bank (Norway)

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

21 non-executive members, of which the majority are independent

9 executive members

RESULTS PRESENTATION

39

Bonds

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP BV Euro MTN

EDP Hybrid Notes

EDP Hybrid Notes

1

1

1

Currency	Amount	Maturity	Coupon	Market Price (Bid)	Market Yield	ISIN Code
(million)
EUR	233	29-06-2020	4.125%	101.0	0.237%	XS0223447227
EUR	462	14-09-2020	4.875%	102.2	0.266%	XS0970695572
EUR	553	20-01-2021	4.125%	103.0	0.426%	XS0995380580
EUR	1,000	18-01-2022	2.625%	103.3	0.78%	XS1111324700
EUR	600	23-03-2023	2.375%	104.2	0.94%	XS1385395121
EUR	600	29-09-2023	1.875%	102.8	1.06%	XS1558083652
EUR	1,000	12-02-2024	1.125%	99.9	1.14%	XS1471646965
EUR	750	22-04-2025	2.000%	102.7	1.44%	XS1222590488
EUR	600	13-10-2025	1.875%	102.1	1.49%	XS1893621026
EUR	750	26-01-2026	1.625%	100.3	1.56%	XS1846632104
EUR	600	16-09-2026	0.375%	92.8	1.56%	XS2053052895
EUR	500	22-11-2027	1.500%	98.7	1.68%	XS1721051495
EUR	1,000	30-04-2079	4.496%	99.0	4.29%	PTEDPKOM0034
EUR	750	20-07-2080	1.700%	85.4	2.2%	PTEDPUOM0017

EDP BV Euro MTN	GBP		325	04-01-2024	8.625%	121.9	2.5%	XS0397015537
EDP BV Dollar		USD		750	14-01-2021	5.250%	102.3	2.3%	XS1014868779
EDP BV Dollar		USD		1,000	15-07-2024	3.625%	97.1	4.36%	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	€3.19	15.0	14.3	1.2	6.0	€11,646m	8.8
EDP Renováveis	Euronext Lisbon	€9.33	35.9	18.5	1.2	0.9	€8,139m	0.3
EDP Brasil	BM&FBOVESPA	R$14.34	8.7	8.7	1.1	4.8	R$8,702m	2.8

Source: Bloomberg as of March 20th, 2020.

1 Amounts shown are net of notes repurchased in Dec-18

RESULTS PRESENTATION

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IR Contacts

E-mail: [e-mail]

Phone [phone]

Site: www.edp.com

Next Events

Apr 1st-2nd: BofA Energy & Utilities Conference

Apr 16th: General Shareholders' Meeting

May 7th: 1Q20 Results

RESULTS PRESENTATION

41