Lisbon, February 21st 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
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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
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-in Feb-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 4
EDP Hydro production in Iberia EDP Wind production
TWh TWh



13.7 29.8
28.1
4Q
10.0
+56% in 4Q19 vs.
Historical average1

9M
-39% in 9M19 vs.
Historical average1


2018 2019 2018 2019


Hydro resources Wind resources
vs. LT Avg.1 vs. LT Avg. (P50)
Hydro reservoir 0.4 TWh above
Avg. Load factor
YE (TWh) historical average


1) Hydro resources reference from Portugal only
RESULTS PRESENTATION 5
EBITDA 2019
€ Mn; YoY growth,%


∆ YoY
3,706
3,317

+€348 Mn Wind & Solar
-€159 Mn Hydro Iberia
2,286 -€100 Mn Hydro Brazil
Renewables 2,197



+€7 Mn Iberia
Networks +€154 Mn Brazil
991
831
Client solutions +€199 Mn Iberia
& EM 474 -€37 Mn Brazil
312
-23 -46
Other/adjust 2018 2019




RESULTS PRESENTATION 6
EBITDA – Wind & Solar
€ Mn; YoY growth,%



1,648
2018 2019 YoY

Avg. Installed Capacity1, GW
1,300
914
Production vs. LT Avg. (P50), %
Europe 651

Electricity Production, TWh


Avg. selling price, €/MWh
615
North America 654

Asset Rotation Gains, € Mn
120
-6
Brazil & Other
2018 2019


1) Considers capacity at EBITDA level
RESULTS PRESENTATION 7
EBITDA – Hydro
€ Mn; YoY growth, %

2018 2019 YoY

Hydro Production, TWh
896

Avg selling price1, €/MWh

638
Portugal 583
2018 2019 YoY

440 Physical Guarantee, TWh

Spain 41
Avg selling price, $R/MWh
25
Brazil 273
173 Gain on mini-hydro sale, € Mn

2018 2019


1) Does not consider results from hedging
RESULTS PRESENTATION 8
EBITDA – Networks
€ Mn; YoY growth,%
2018 2019 YoY

Return on RAB Portugal 1, %

991 Return on RAB Spain, %

831 RAB Iberia, €Mn

477 Opex Iberia2, €Mn

Portugal4 481

155 2018 2019 YoY

Spain 145 RAB distribution3, € Mn
360
Brazil4 206 Transmission EBITDA, € Mn

2018 2019 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 9
EBITDA – Client Solutions & Energy Management
€ Mn; YoY growth,%

Better results from energy management and forward
hedging in energy markets, mostly in 4Q
∆ YoY
474
Coal production -49% YoY (18% avg load factor in 4Q19)
Normalization of supply margins in Iberia, following a
particularly adverse 2018
248
312
# of clients complains in supply: -23% YoY
Thermal & EM Iberia 142
2018 2019 YoY
88
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 10
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
Pension fund extraord. contribution: €0.2 Bn
13.8
+20% YoY
-0.1
13.5
0.7
-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 11
Avg nominal debt by currency3
Net Financial Costs: 2019 vs. 2018
€ Mn
+2% 2%
4%
Other
11%
9%
685 BR L
671 670
14 15
USD 25%
117 29%
554
+€17 Mn 9M19 Euro denominated
-€3 Mn 4Q19 Hybrid: 11% in 2019
vs 5% in 2018

EUR 62% 58%


2018 Non- 2018 adj. Interest 2019 adj. Non- 2019
2018 2019
1 interest2
interest related


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 12
Reported Net Profit Bridge 2019
€ Mn
One-Off1
Items
Net Profit Breakdown 2019
€ Mn
EBITDA 3,706
-11
512
D&A and 64
1,867
-3 9 9
Provisions

EBIT 1,838
-4 0 9

Fin. Results &
392
645
+40
Associates

2nd year with negative results,
+103 226
Income Taxes
penalized by low hydro conditions and
Extraordinary one-off items:
-68 68
Energy Tax
153
Coal impairments (€94 Mn)
Non-controlling
-8 388
interest
-98 Fridão provision (€59 Mn)
-3 4 2 512
Net Profit

1) One-offs impacts 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 13
Recurring1 Net Profit 2019
€ Mn


∆ YoY
854
797 Portugal: Turnaround of supply operations;
123
Hydro production -28% YoY
285 186


137
EDPR all time record reported net profit +52% YoY
404

263


EDP Brasil all time record reported net profit +5% YoY in BRL
141
111

2018 2019
1) One-offs impacts 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 14
15
12th Mar 20th Feb




RESULTS PRESENTATION 16
Renewables Capacity LT
Projects already secured Unprecedent execution
contracts secured for 19-22
GW Build-out GW; Feb-20
Leadership position in securing LT
offshore contracts in 2019-20
solar
5.4 GW 1.6 GW1 of PPA secured in the
5.4
wind US
#1 awarded in Poland & Italy
1.8
auctions
0.3
1.4
1.3
2.9 1.2 Increased market position in
0.6
2.5 76% 0.4 wind in Brazil to #4
0.9
0.7
0.1
1.3
40%
35% 1.0 1.0
0.7 Expansion to new geographies
0.5
Colombia (0.5 GW) & Greece
Dec-18 Mar-19 Feb-20 2019 2020 2021 2022 post-2022 (0.1 GW)




1) Gross capacity
RESULTS PRESENTATION 17
Selective screening process of investment projects... … achieving risk/return discipline

Achieved1
Threshold
Expansion Capex opportunities analyzed
in 2019 at top decision-making level IRR/WACC
Attractive
returns
approved and successful …
NPV/CAPEX

… in projects located in geographies

Contracted
… totalling of renewables to be period
Sound contracted
deployed in 2020-24 profile and time
to cash
Contracted
NPV




1) Average of successful projects analyzed in Investment Committee in 2019
RESULTS PRESENTATION 18
US: Federal and State-level incentives:

PTC extension (60% up to 2024) 10.8 GW of wind & solar assets in
Continued decline in LCOE
operation in 10 geographies
Renewable Portfolio Standards (13
Hybrid projects: hydro/solar/wind
States enacted RPS targets in 2019) Development teams with extensive track
Wind repowering record
EU: Green deal launched by the EC
Offshore fixed/floating Procurement and O&M scale in
(€1 Trl investment plan):
renewables
Green hydrogen 2030: Emissions at least -50% vs. 1990
New markets under analysis
Storage 2050 carbon neutrality

Potential increase of renewable targets




RESULTS PRESENTATION 19
JV Offshore capacity Portfolio description
GW Gross

10-17


5-10

5.2

3.7
5-7
1.5
2019 2025E

Under development
Under construction/installed




1) Final terms agreed, awaiting EC clearance
RESULTS PRESENTATION 20
EBITDA from distribution Brazil
1
R$ Mn
Regulatory reviews in 2019 (visibility up to Aug-22 for EDP ES
and Oct-23 for EDP SP)
Net RAB Growth: + 36%
REAL GAINS of + 35-45% 1,393 R$ 234 Mn RAB
Return on RAB at 8.09%
update
+25% R$ 134 Mn Regulatory haircut over investments <0.5% (#1 in Brazil)
+35% employees
+40% benefits
887

2
Electricity demand in 2019 (+2.3% in EDPB vs 1.1% in Brazil)
1,025


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 21
Transmission portfolio
EBITDA from transmission in Brazil
R$ Mn
91%
203 km
Partial COD 11
53%
Jan-20 123 km
7
COD Apr-21E


231
100%
113 km
24
49%
30
COD Dec-18
375 km
COD Mar-21E 18 2018 2019 2022
52%
485 km 142 km
21
COD Dec-20E Q COD Dec-21E
Under licensing
% of completion




RESULTS PRESENTATION 22
Clients
Stable Client Base Supply EBITDA
Electricity and gas supply points Iberia
€ Mn
Focus on service quality Complaints YoY
>100
to retain high value clients # complaints/ 1k contracts Iberia

~90
Services contracted with clients
Increase services penetration
18.9% Homecare Services/contracts


Selfcare Portugal
Increased digitalization


Decentralized solar
sold capacity in Iberia & Brazil ~-5
New client solutions Contracted public charging points 2018 2019 2022
# Iberia & Brazil
Savings from energy efficiency
In the bill of our B2B clients in Portugal



RESULTS PRESENTATION 23
Proceeds from asset rotation
€ Bn




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:
>25%
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
2019-22




RESULTS PRESENTATION 24
... while other complementary options
may still be considered
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




RESULTS PRESENTATION 25
Weight on Opex

Operations Indicator YoY Change Highlights

Iberia Predictive maintenance generation up from 34% to 68%
Opex1
+34% smart meters in Portugal


EDP Brasil Avg. Inflation: +3.7%2
Opex1 in BRL


EDPR Avg MW +1%
Adj. Core Opex1/MW3
Predictive maintenance up to 67%


Opex ex-forex1
-€20 Mn OPEX YoY on a like-for-like basis
Opex like-for-like (excl. growth)




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 26
% 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 27
Most recent EDP consolidated debt maturities in 2020-2022
Market yields of 5y EDP Bonds, % (Jan 2019-Feb 2020)1
bond deals
€ Bn and bonds’ coupon rate
EUR2 USD3
Sep-19: €600 Mn 3.2 Other debt4 USD
5
green bond issued BRL EUR
(0.43% yield) ∆ Jan19-Feb20
4

3
Jan-20: €750 Mn 2.3% 1.7
4.1%
green hybrid bond 1.4
2
issued (1.75% yield)
4.9%
6.0%
1 5.3%
4.1%
1Q20: Repurchase and 0.1% 2.6%
clean-up call of the 0 5.4% 4.1%
2015 €750 Mn hybrid Jan Mar May Jul Sep Nov Jan Feb
(5.375% coupon) -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 28
Recurring Organic Cash Flow Uses of cash
€ Bn € Bn
2021-22E
2019-20E
>12 ~3

1.4
~2
1.2
>8

0.8




Sources of Cash Dividends Deleverage Net investments
2017 2018 2019




RESULTS PRESENTATION 29
Aboño 1 will be
628 gCO2 / kWh
2005 2005
20% converted to gas
Aboño 1&2 (0.9 GW) (COD 2022); Aboño
Soto 3 (0.3 GW) 2 as a backup
2019 2019
66% -66% No production since
Jun-19

2025 2025 Shutdown up to 2023,
conditional on positive
Sines (1.2 GW)
margins
2030 2030



Coal production in Iberia 2019: -49% YoY
2019 Performance: Penalized by weak hydro resources in Portugal




RESULTS PRESENTATION 30
Global
Global 1
Global
Integrated Utilities
Integrated Utilities Utilities (Score 4.7) Global Utilities
(Score 68)
(Score 90)




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 31
EBITDA Recurring Net profit Dividend
€ Bn € Bn € / share

81% payout ratio

0.19
3.7
0.9
Target payout range



Dividend floor


20191
2019 2020E 2022E 2019 2020E 2022E 2020-22E




1) Proposal of dividend, subject to AGM approval
RESULTS PRESENTATION 32
IR Contacts
E-mail: ir@edp.com
Phone +351 210 012 834
Site: www.edp.com




Next Events
Feb 26-28th: US and Canada Roadshow Mar 6th: Zurique Roadshow Apr 16th: General Shareholders’ Meeting
Mar 4-5th: London Roadshow Mar 6th : Paris Roadshow May 7th: 1Q20 Results
Mar 5th: Madrid Roadshow Mar 18th: London Roadshow (Eiffel Conf.)




RESULTS PRESENTATION 33