EDPR 9M21 Results Report

Results Report

9M21

November 3rd, 2021

Contents

Index

9M21 Highlights	3
Asset Base & Investment Activity	4
Operating Performance	5
Financial Performance	6
Cash-Flow	7
Net Debt and Institutional Partnership Liability	8
Business Platforms	9
Europe	10
North America (USD)	11
Latin America (BRL)	12
Balance Sheet & Income Statements	13
EDPR: Balance Sheet	14
EDPR: Income Statement by Region	15
EDPR Europe: Income Statement by Country	16
ESG Performance	17
ESG Ratings & Sustainable Development Goals	18
Environmental Performance	19
Social Performance	20
Governance Performance	21
Annex	22
Remuneration Frameworks	23
Share Performance & Shareholder Structure	24

Conference Call & Webcast Details

Date: Wednesday, 3rd of November, 2021, 16:00 CET | 15:00 UK/Lisbon

Webcast: www.edpr.com

Phone dial-innumber: UK: [phone] | US: [phone]

Access Password: EDPR

Investor Relations

André Fernandes, Head of IR

Pia Domecq

Celia de Cominges

Duarte Andrada

Email: [e-mail]

Site: www.edpr.com

Telefone: [phone] | [phone]

EDP Renováveis, S.A.

Head office: Plaza del Fresno, 2 33007 Oviedo, Spain

LEI: 529900MUFAH07Q1TAX06

C.I.F. n. º A-74219304

Important Information

• In June-21, EDPR concluded an Asset Rotation deal regarding the 68% stake of a 405 MW wind portfolio in the US, in Sep-21 the transaction was upsized to an 80% stake.

- 2 -

9M21 Highlights

Operational Results

EDPR had, by Sep-21, a portfolio of operating assets of 13.0 GW, with 9 years of avg. age, of which 12.3 GW fully consolidated and

0.8 GW equity consolidated (Spain, Portugal, US and Offshore). Since Dec‐20, EDPR added a total of 1,216 MW of wind and solar capacity out of which 1,173 MW fully consolidated, specifically 264 MW in Europe, 678 MW in North America, 208 MW in Brazil, and 28 MW in APAC, namely in Vietnam. Equity consolidated increased by 43 MW on the back of the Seamade offshore project in Belgium, that entered in operation during the first quarter of the year.

Pursuing its Asset rotation strategy, EDPR successfully concluded the sale of a 80% equity stake in a 405 MW operational wind portfolio in the US (324 MW net) and the sale of a 25% equity stake of a project in Spain (11 MW net). All in all, EDPR YoY consolidated portfolio net variation was +1,501 MW (+2,467 MW net of the 965 MW from asset rotations).

As of Sep‐21, EDPR had 2.7 GW of capacity under construction, of which 2,170 MW of wind onshore, 215 MW of solar and 269 MW of equity participations in offshore projects.

In the period, EDPR produced 21.5 TWh of clean electricity (+5% YoY), avoiding 13mt of CO2 emissions. The YoY evolution benefits from the capacity additions over the last 12 months along with a stable wind resource.

The average selling price declined -6% YoY driven by new capacity, the Spanish portfolio mix YoY and the impact of Spain regulatory and financial hedges, which was not fully offset by high pool prices.

Revenues to Net Profit

Revenues decreased to €1,192m (-5% YoY; -€68m), where the impact from low wind resource (€-12m YoY), Sell-down transactions (- €92m YoY), lower average selling price (-€27m YoY; ex-Sell-down), mostly driven by Spain and US, unfavourable forex translation and others (-€54m YoY), were not offset by additional capacity MW (+€118m YoY).

Other operating income amounted to €201m (-€58m YoY). Operating Costs (Opex) totalled €465m (+7% YoY) given upfront costs to cope with expanded growth over the coming years. In comparable terms, Core Opex per avg. MW adjusted by Sell-down, offshore costs, service fees and one-offs was -3% YoY, given O&M strategy and cost control.

EBITDA summed €917m (-15% YoY) and EBIT €472m (-€171m YoY) given top line performance mainly affected by the US weather one-off event in the 1Q, lower average wind resource in US and Spain, lower capital gains YoY and unfavourable forex translation. Net Financial Expenses decreased to €188m (-€29m vs 9M20) with YoY comparison affected by lower avg. cost of debt in the period (-0.2pp YoY).

At the bottom line, Net Profit summed €148m (-54% YoY) partially offset by an improvement of the average cost of debt, lower financials and a higher generation YoY. Non-controlling interests in the period totalled €89m, decreasing by €4m YoY as a result of top line performance.

Cash Flow & Net Debt

As of Sep-21, Net Debt totalled €3,320m (-€122m vs Dec-20) reflecting the investment strategy compensated by the Capital increase received in April.

Institutional Partnership Liabilities summed €1,456m (+€313m vs Dec-20), reflecting benefits captured by the projects and the deconsolidation of asset sold in the period.

Operational Results	9M21	9M20	∆ YoY
EBITDA MW		10,988		+1,281
12,268
Other equity consolidated	781	560		+221
EBITDA MW + Equity Consolidated	13,049	11,548		+1,501
EBITDA MW metrics		29%		(0.6pp)
Load Factor (%)	28%
Output (GWh)	21,462	20,355		+5%
Avg. Electricity Price (€/MWh)	51.2	54.7		(6%)
Financial Results (€m)	9M21	9M20	∆ YoY
Revenues		1,259		(5%)
1,192
Other operating income/(cost)	(264)	(177)		+49%
Share of profit of associates	(11)	(8)		+26%
EBITDA	917	1,074		(15%)
EBITDA/Revenues	77%	85%		(8pp)
EBIT	472	643		(27%)
Net Financial Expenses	(188)	(217)		(13%)
Non-controlling interests	(89)	(92)		(4%)
Net Profit (Equity holders of EDPR)	148			(54%)
319
Cash-flow and Net debt (€m)	9M21	9M20	∆ YoY
FFO (Funds From Operations)				(139)
804	943
Operating Cash-Flow	417	682		(265)
Capex & Financial Investments	(2,023)	(1,461)		(562)
Changes in PP&E working capital	(177)	87		(264)
Government grants	-	-		-
Net Operating Cash-Flow	(1,783)	(692)		(1,091)
Proceeds from Asset rotation	297	119		+178
Proceeds from institutional partnerships	583	310		+273
Payments to institutional partnerships	(51)	(44)		(8)
Net interest costs (post capitalisation)	(88)	(115)		+27
Dividends net & other distributions	1,325	(162)		+1,487
Forex & others	(159)	154		(314)
Decrease / (Increase) in Net Debt	122	(429)		+552
Net Debt & Tax Equity (€m)	Sep-21	Dec-20	∆ %
Net Debt		3,443		(4%)
3,320
Institutional Partnership Liabilities	1,456	1,143		+27%
Rents due from lease contracts (IFRS 16)	730	689		+6%

- 3 -

Asset Base & Investment Activity

Installed Capacity	Sep-21	∆ YoY		2021		Under
(MW)	Additions	AR	∆ MW	Constr.
EBITDA MW
Spain	2,177	+203	+40	-	+40	61
Portugal	1,238	+74	+10	-	+10	125
France & Belgium	176	+60	+40	-	+40	15
Poland	556	+80	+80	-	+80	291
Romania	521	-	-	-	-	-
Italy	314	+44	+44	-	+44	232
Greece	45	+45	+45	-	+45	14
UK	5	+5	+5	-	+5	-
Europe	5,032	+511	+264	-	+264	739
United States	6,039	+134	+616	(405)	+211	530
Canada	130	+100	+62	-	+62	-
Mexico	400	+200	-	-	-	96
North America	6,569	+433	+678	(405)	+273	626
Brazil	639	+309	+204	-	+204	735
Colombia	-	-	-	-	-	286
Latin America	639	+309	+204	-	+204	1,021
Vietnam	28	+28	+28	-	+28	-
APAC	28	+28	+28	-	+28	-
Total EBITDA MW	12,268	+1,281	+1,173	(405)	+768	2,385
Equity Consolidated (MW)
Spain	156	+4	-	(11)	(11)	-
Portugal	20	+20	-	-	-	-
United States	552	+154	-	+81	+81	-
Wind Onshore & Solar	727	+177	-	+70	+70	-
Wind Offshore	53	+43	+43	-	+43	269
Total Eq. Cons. MW	781	+221	+43	+70	+112	269
Total EBITDA + Eq. MW	13,049	+1,501	+1,216	(335)	+880	2,654
Investments (€m)			9M21	9M20	∆ %	∆ €
Europe					+89%	+248
		526	278
North America			966	789	+22%	+177
Brazil			260	97	+168%	+163
Other			10	60	(83%)	(49)
Total Capex			1,762	1,224	+44%	+538
Financial investments			260	612	(58%)	(352)
Government grant			-	-	-	-
Sell-down strategy & divestments			(554)	(545)	+2%	(9)
Net Investments			1,469	1,292		+177
		+14%

Assets' Average Age & Useful Life by Country

EBITDA MW

Spain				12
Portugal				12
Fran. & Belg.	2
Poland			7
Romania			9
Italy	4
Greece	0.0
UK			10
US			9
Canada	2
Mexico	3
Brazil	3
Vietnam	0.3
EDPR			9
	0	5	10	15	20	25	30	35

Property, Plant & Equipment - PP&E (€m)	9M21	9M20	∆ €
PP&E (net)
14,406	12,841	+1,564
(-)	PP&E assets under construction	2,812	2,044	+769
(=)	PP&E existing assets (net)	11,593	10,798	+795
(+)	Accumulated Depreciation	6,075	5,712	+364
(-)	Government Grants	516	511	+5
(=) Invested capital on existing assets	17,152	15,998	+1,154

- 4 -

Operating Performance

Load Factor	9M21	9M20	∆ YoY
Europe			-
25%	25%
North America	30%	32%	(1pp)
Brazil	41%	36%	+5pp
APAC
23%	n.a.	n.a.
Total				28%	29%	(0.6pp)
					9M21	9M20	∆ YoY
Electricity Generation (GWh)
Europe			+10%
7,880	7,167
North America	12,365	12,403	(0.3%)
Brazil	1,204	785	+53%
APAC	14	-	-
Total				21,462	20,355	+5%

Renewables Index (vs expected LT avg. GCF)	9M21	9M20	∆ YoY
Europe			+4pp
96%	92%
North America	94%	96%	(3pp)
Brazil	104%	94%	+9pp
APAC
n.a.	n.a.	n.a.
			95%
EDPR		(0.04pp)
95%
Selling Prices (per MWh)	9M21	9M20	∆ YoY
Europe		€81.6	(10%)
€73.8
North America	$45.6	$45.2	+1%
Brazil	R$238.5	R$218.3	+9%
APAC	€61.4	n.a.	-
Averag	e Selling Price		€51.2	€54.7	(6%)

Electricity Sales and Other (€m)	9M21	9M20	∆ YoY
Europe			(0.4%)
595	598
North America	430	496	(13%)
Brazil	41	27	+50%
Total			1,069	1,115	(4%)
Income from Institutional Partnerships (€m)	9M21	9M20	∆ YoY
Total			(14%)
123	144
Revenues	9M21	9M20	∆ YoY
Revenues (€m)			(5%)
1,192	1,259
Revenues per avg. MW in operation (€k)	104	118	(12%)

Note: Operational Performance considers only capacity consolidated at EBITDA level.

Electricity Output

GWh
	+5%
20,355	21,462
9M20	9M21

Average Selling Price €/MWh
€/MWh
	(6%)
€54.7	€51.2
9M20	9M21

Revenues

€m

(5%)

1,259 1,192

9M20 9M21

- 5 -