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

Lisbon, October 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.

1H20 RESULTS PRESENTATION

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EBITDA: -3% YoY

Recovery of hydro production in Iberia and good results in energy management

Decline of electricity demand in all markets and Brazilian Real devaluation vs. Euro

Recurring Net Profit: +8% YoY

Avg cost of debt -70bps to 3.3% supported by more competitive refinancing costs

Non recurring items (anticipated coal shutdowns, debt management): Reported Net Profit €315m (-22% YoY)

Net debt: +2% YTD to €14.1Bn

Recurring Organic Cash Flow of €1Bn (+51% YoY)

Ramp-up of expansion investment (€0.8bn, of which 87% renewables)

EBITDA

Recurring Net Profit

Net Debt / EBITDA(1)

Significant strategic developments post 1H20

Agreement for Viesgo acquisition (€2.7bn EV, electricity network & wind), €1bn Rights Issue (8.45% of share capital) closed in Aug-20 Two asset rotations in renewables agreed in 3Q20, totaling €1.1Bn: 242 MW Spain (EV/MW of €2.1M), 563 MW US (EV/MW of

US$2.1M)

1. Adjusted to reflect Regulatory Receivables and the temporary impact from tariff deficit sale

1H20 RESULTS PRESENTATION

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