Investors Presentation

December 2019

CONFIDENTIAL AND PROPRIETARYAny use of this material without specific permission of McKinsey & Company is strictly prohibited

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Disclaimer

This presentation has been prepared by EDP Renováveis, S.A. (the "Company“; LEI 529900MUFAH07Q1TAX06) solely for use at the presentation to be made on December, 2019. By attending the meeting where this presentation ismade, 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 any other person, and may notbe reproduced in any form, in whole or in part for any other purpose without the express consent in writing of the Company.

The information contained in this presentation has not been independently verified by any of the Company's advisors. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should beplaced on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (innegligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction oran inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract orcommitment or investment decision whatsoever.

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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 growthprospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company’s markets; the impact ofregulatory 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 assumptionswere 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 beyondits control. 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 orimplied 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 Companyand its respective agents, employees 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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Agenda

1 Our Execution

2 Our Sector

3 EDP Group vision

4 Our Strategy

5 Annex

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Our execution

- 5 -

EDPR has successfully executed its 2016-20 strategic agenda…

Presented in May-2016

3.5 GW2016-20

Prioritize quality investments in our core markets

4.0 GW securedfor 2016-20,of which 2.2 GW already built

Selective growth

Presented in May-2016

up to €1.1bnproceeds from assets sale

Sale of stakes to keep enhancing value growth

€1.1bn cashed-inEU assets asset rotation (2016), offshore stakes & Sell-Down (Dec-18)

Self-funding

Presented in May-2016

-1% Core Opex/MWCAGR 2015-20

Unique O&M strategy to keep lowering Core Opex/MW

-2% Core Opex/MWCAGR 2015-18delivering 2020 target in 2018

Operational excellence

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…delivering 2 years in advance and above target at the bottom-line

(1) Considers 2015 Adj EBITDA of €1.06bn; (2) Post-2015 considers useful life at 30 years

EBITDA evolution1

€bnNet Profit evolution2

€bn

+7%CAGR 15-18

EBITDA increasing at 7% CAGR vs 2015, despite unexpected regulatory adjustments and lower 2018 wind-resource…

…which along with financial results improvements and gains, allowed EDPR to deliver more than €300m of net profit in 2018 vs target 2020

+43%CAGR 15-18

€1.06bn€1.3bn €1.3bn

€1.55bn

2015 2018Target

2018Actual

2020Target

€0.1bn

€0.2bn

€0.3bn €0.3bn

2015 2018Target

2018Actual

2020Target

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Our sector

- 8 -

EDPR operates in a sector with an increased competitiveness and solid outlook…

North America

Europe

Brazil

Other Markets

Offshore

• US: PTC phase-out; Increasing demand drivers at State, Utility and C&I;

• CA: demand supported by auctions (20-yr FiT)

• RES Targets & new governance based on EU coordination;

• Increasing demand for Corporate PPAs;

• Good natural resources (wind & solar);• Strong wind and solar energy demand

(auctions & PPAs);

• Good natural resources, consistent regulation & solid fundamentals;

• Economic growth & infrastructure need

• Increasing state level auctions (e.g. US);• Competitiveness backed by technological

progresses and O&M

(1) Source: EDPR analysis; (2) NA includes US, Canada and México; Source: IHS; C&I stands for Commercial and Industrial companies; Includes wind onshore & solar utilities per region; Offshore & Other Markets excludes China

Wind and Solar are already cost competitive…2018 LCOE1 [€/MWh]

41

44

61

81

89

91

WindOnshore

Solar PV

WindOffshore

CCGT

Coal

Nuclear

-1%

-3%

+1%

+1%

-2%

-%

CAGR 18-25

…which along with solid fundamentals are driving demand across regions2

+67 GW>50% wind; >80% US

2019-22E additions

+84 GW>70% wind; <30% solar

+9 GW80% wind; 20% solar

+102 GWacross different geographies

+17 GWincluding US; NL; UK & FR

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>60 GWavg year

…with high expected growth across regions and technologies, with >60 GW avg per year until 2030

Expected renewables total installed capacity by region1… ...and per technology

Total installed GW; wind onshore, offshore & solar utilities Total installed GW; wind onshore, offshore & solar utilities

(1) Source: IHS; excludes China

168 188 203 216 231 235 242 249 257 265 275 285

231 253 276 298 322 344 367 389 411 432 451 470

1618 20 24

28 31 34 40 45 50 56 61

542611

678744

814871

932995

1,0591,123

1,1871,250

2019 20 21 22 23 24 25 26 27 28 29 2030

404 443 476 509 541 570 601 633 666 699 732 7641923 28 33 40 46 54 61 68 77 84 91

119145

173202

234255

278301

324348

371395

542611

678744

814871

932995

1,0591,123

1,1871,250

2019 20 21 22 23 24 25 26 27 28 29 2030

>60 GWavg year

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EDP Group vision

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EDP envisions to keep capitalising on a winning sector…

EDP is already a global leading renewables player1… ...and aims to strongly increase renewables weight

Source of generated electricity, TWh

20%

66%

>90%>70%

20182005 2022 2030

~21 GW

>€20 BnRenewables

Non-renewablesof renewables capacity2 deployed worldwide

Top global wind player with ~12 GW

>9 GW in hydro, of which 4.3 GW with reservoirs, and ~3 GW pumped hydro

deployed in renewables since 2006

75% in wind onshore

40% in the US

(1) As of March 2019 (2) EBITDA + Equity GWs

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…and is committed to accelerate EDPR growth in the new Business Plan 2019-22

EDP Group total investments…€bn; 2016-18

~60%

€5.7bn2016-18

EDPR is the main growth driver of EDP, representing already

~35% of group EBITDA

…to accelerate under new strategic plan…Investments; €bn per year

…with strong focus in renewables€bn; %

1.8

2.9

2016-20 targets 2019-22 targets

+60%

EDP group to accelerate its growth plan, increasing annual investments under new strategy

EDPR continues to be the growth driver of EDP, with new strategy planned to unlock EDPR development capabilites

~70%

~€12bn2019-2022

EDPR

Hydro, Networks; Client solutions &

energy mgmt.

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Our strategy

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1,164 MW

2,120MW

5,592MW

Poland

Romania

ItalyPortugal

Spain

UKUS

Brazil

Canada

Offshore under constr.

418 MW

521 MW

271 MW

30 MW

330MW

Mexico

Offshore under

develop.

53MW

200MW

project under

develop.Greece

France

project under constr.

Belgium

Onshore under

develop. Colombia

EDPR is one of the largest wind energy producer, with a 10.7 GW portfolio…

As of Sep-19: Installed capacity includes EDPR’s Equity consolidated: 152 MW in Spain and 259 MW in the US; Includes 145 MW of Solar PV and the deconsolidation of 137 MW in Brazil from Sell-down announced in 2H19

Offshore under

develop.

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…and has defined a new BP 2019-22 based on the same pillars and complemented by an expanded growth and sell-down model…

Selective growth Self-funding Operational excellence

Solid value creation, investing in quality projects with predictable

cash-flow stream…

…enhanced by selling assets’ stakes, crystalizing value and accelerate

value creation…

…and supported by distinctive core competences &

unique know-how

…unlocking EDPR’s full capabilities, by leveraging on core competences and by crystalizing upfront value

~ 7.0 GW cumulative build-out of which 74% already secured

Technological diversified:70% wind onshore; 25% solar; 5% offshore

Geographical diversified:60% NA; 20% EU; 20% BR & New

33% load factor in 2022from additions of competitive projects

> 97.5% availabilitytechnical expertise to maximise output

Core Opex/MW -1% CAGR 18-221

from efficient O&M strategy

> €8.0 bn of investmentsfinanced by sell-down & assets’ cash flow

> €4.0 bn of sell-down proceedsof which ~€1.3bn already announced

€4.0 bn of net investmentsfully financed by assets’ CF generation

2019-22E 2019-22E 2019-22E

(1) Core Opex defined as Supplies & Services and Personnel Costs

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70%25%

5%

Selective growth: a 7 GW growth plan increasing geographical and technological diversification

Capacity Build-out by region (GW; 2019-22)

60%20%

10%10%

of which 74% already secured through PPAs or tariffs awarded

~7.0 GW1.8 GW avg/year

projects with long-term visibility & low risk profile

~7.0 GW1.8 GW avg/year

North America (60%)Driven by RPS, C&I and coal/nuclear retirements; EDPR has already secured 2.8 GW all with LT contracts

Europe (20%)Supported by governance & PPA appetite; EDPR has secured 1.0 GW wind/solar & 0.3 GW offshore

Brazil (10%) & Other (10%)BR: auctions/PPAs & stable regulation (EDPR has 0.6 GW secured); New: Greece (0.1 GW); Colombia (0.5 GW) Other: being analysed

Capacity Build-out by technology(GW; 2019-22)

(1) Includes UK (Moray East; 33% of 950 MW); Floating FR (35% 24 MW); Floating PT (54% of 25 MW); Excludes FR (30% of 992 MW) and projects u/dev. (US Mayflower, UK Moray West and other under EDPR/ENGIE JV)

Wind Onshore – 3.9 GW securedA competitive technology, in which EDPR has competitive advantage and know-how

Solar PV – 1.1 GW securedIncreasing competitiveness, and relevance in EDPR technological mix post-2020

Wind Offshore – 0.3 GW secured1

EDPR & ENGIE JV set to strengthen company’s profitable offshore growth and increase efficiency

with CoD until 2022; excludes projects under

development1Other markets

- 17 -

US Demand driven by increasing cost-competitiveness

RPS29 states + DC

• Defined at state level• RPS policies cover 56% of total US

retail electricity sales

RetirementsCoal & Nuclear

• Coal (23% fleet): old & non-compliant w/environmental;

• Nuclear: ~15 GW proposed until 2030

C&I PPAs>6 GW in 2018

• Renewable demand from RE100 companies is to grow to 123 TWh by 2022, 59% over 2017 levels

Selective growth: North America as the main market with 4.2 GW target of which 2.8 GW already secured…

Build-out capacity breakdownGW

Projects already securedMW

Prairie QueenTimber Road IVBright StalkHidalgo IINation Rise (CA)Broadlands IHeadwaters IIRosewater1

Crossing TrailsReloj del SolWildCatMexico projectIndiana Crossroad1

RiverstartSonrisaCalifornia ProjectGolden Eye

Project Name CoDRegionMW19912520550

100200198102104209180100302202200200139

2019E2019E2019E2019E2019E2020E2020E2020E2020E2020E2020E2021E2021E2021E2022E2022E19/20E

KansasOhio

IllinoisTexas

OntarioIllinoisIndianaIndiana

ColoradoTexasTexas

MexicoIndianaIndiana

CaliforniaCaliforniaEast NA

(1) Build and Transfer project

…and 1.3 GW to be secured in a competitive environment

0.7

1.1

0.6

0.4

1.3

4.2 GW

under negotiation/

identified 2.8 GWalready secured

2019

2020

2021

2022

- 18 -

Selective growth: Europe supported by new governance model and increasing appetite for private PPAs…

Build-out capacity breakdownGW

…with 1.0 GW already secured and 0.4 GW to be secured on both wind and solar technology

Projects already securedMW

Country CoDStatusMW

29105

2019E2021/22E

U/ constructionU/development

Projects’ develop./ promotion Increasing relevance of Private PPAs

Preparing projects for new auctionsSecure Private PPAs & Green-field

Preparing and optimizing projects Projects for new auctions; developing wind & solar

Concluding Ventinveste, OE & solar projectsDevelop pipeline for future growth

Obtain permits for an identified projectsDevelop wind & solar projects

EDPR strategy per market

47279

20192020/22E

InstalledU/ const. & dev.

1995

20192019/20E

InstalledU/ const. & dev.

5016

20192019/20E

U/ const. & dev.U/development

38327

2020E2020/22E

U/constructionU/ development

0.1

0.2

0.7

0.4

1.4 GW

under negotiation/

identified

1.0 GWalready secured

2019

2020

2021/22

- 19 -

Developing portfolio of competitive projects with tariffs already secured

10%

Selective growth: Brazil set to increase its representativeness, while continuing to analyse new markets opportunities

0.1 GWAventura

CoD: 2022

Competitive projects with >50% load factor (wind)

0.2 GW Santa Rosa & Mundo Novo CoD: 2022

0.2 GWPereira Barreto

CoD: 2021

0.5 GW Monte Verde & Jerusalem CoD: post-2022 Strong fundamentals:

renewable demand & good natural resourcesFrom wind and solar resources

Others: Selecting investment opportunitiesIn countries with strong long-term fundamental

1.2 GWportfolio with PPAs

already awarded of which0.6 GW until 2022

and 0.6 GW post-2022

Competitive advantages: implementing our know-how in markets not yet maturedtaking advantage of being pioneers

Profitable: long-term contracts and predictable cash-flowAuction system and or private PPAs

Analyzing new profitable markets to increase potential growth:

Colombia:Executing projects awarded (492 MW in 2022)

10%

Greece:Executing projects awarded (45 MW in 2020 & 77 MW in 2021/22)

0.1 GWBoqueirao & Monte Verde

CoD: 2022

0.1 GW CatandubaCoD: post-2022

- 20 -

JV operational until 2019 YE

New opportunitiesbeing screened

Selective growth: Creating EDPR/ENGIE 50:50 joint-venture to focus on a fastest growing renewable technology

Combination of the right set of skills along with a successful track record…

Energy management and offtake

…and a EDPR/ENGIE 50:50 control structure with the right governance

Project management

Business development

Energy and risk assessment

Procurement

Towards a leadership position by combining complementary competences to accelerate growth, minimize risks and increase efficiency

CEO and COO: 3-yr mandates

Initial CEO proposed by EDPR & COO by ENGIE

At the end of mandate, COO becomes CEO and the other partner proposes new COO

Portfolio of

5.5 GW(~3.3 GW net)

19GW

2019E

91GW

2030E

+15%CAGR

Expected wind offshore global installed capacity1

(1) Source: IHS; excludes China

- 21 -(1) Gross MW; equivalent to c.3.3 GW net; Projects with tariffs/PPAs awarded

29.5%Tréport & Noirmoutier 992 MW U/Development31.0%Offshore-Fixed

Selective growth: Full integrated JV with 5.5 GW1 of pre-determined offshore wind assets

33.3%California 100-150 MW U/Development-Offshore-Floating

100.0%B&C Wind 400 MW U/Development-Offshore-Fixed

EDPR ENGIEPROJECT NAME CAPACITY COUNTRYTYPE

33.3%Moray East 950 MW U/Construction23.3%Offshore-Fixed

STATUS

67.0%Moray West 800-950 MW U/Development33.0%Offshore-Fixed

U/Construction54.4%Wind Float Atlantic 25 MW 25.0%Offshore-Floating

35.0%Leucate 24 MW U/Development45.0%Offshore-Floating

-SeaMade 487 MW U/Construction17.5%Offshore-Fixed

50.0%Mayflower 804 MW U/Development-Offshore-Fixed

Offshore partners since 2013, with 1.5 GW under construction and 1.8 GW awarded

631 MWTotal ownership with tariffs/PPAs (net MW)

Total ownership (net MW)631 MW

2,352-2,470 MW 895-945 MW

1,262 MW

3,247-3,397 MW=+

- 22 -

Mayflower804 MWStatus: DevelopmentJV Stake: 50.0%CoD: post-2022

Selective growth: Together a portfolio of 5.5 GW1 initial capacity across 6 markets and defined growth targets

Moray East950 MWStatus: ConstructionJV Stake: 56.6%CoD: 4Q 2022E

WFA (floating)25 MWStatus: ConstructionJV Stake: 79.4%CoD: 2019E

Leucate (floating)24 MWStatus: DevelopmentJV Stake: 80.0%CoD: 2021E

Tréport & Noirmoutier992 MWStatus: DevelopmentJV Stake: 60.5%CoD: 2023/24E

California (floating)100-150 MWStatus: DevelopmentJV Stake: 33.3%CoD: post-2025

B&C Wind400 MWStatus: DevelopmentJV Stake: 100.0%CoD: post-2025

SeaMade487 MWStatus: ConstructionJV Stake: 17.5%CoD: 4Q 2020E

Moray West800-950 MWStatus: DevelopmentJV Stake: 100%CoD: post-2022

with tariff awarded

(1) Gross MW; equivalent to c.3.3 GW net

- 23 -

JV Growth TargetsGross MW

Selective growth: The Offshore JV has a clear investment framework and selective yet ambitious growth targets

50:50 JV with selective investment criteria

Sound market fundamentals

Stable regulatory frameworks

Contracted NPV (i.e. cash-flows visibility)

Compliance with target risk return profile

Maximize projects self-funding

This JV is set to pave the way for a greener future, by strengthening offshore growth, increasing efficiency and returns

2025E

(1) Gross MW; 1.5 GW Under construction equivalent to 0.6 net GW and 4.0 GW Under advanced development equivalent to c.2.7 net GW

5-7 GW

Operational& Under construction

Under advanceddevelopment

5-10 GW

1.5GW1

Today

4.0GW1

- 24 -

…and extra-value

(2019-22)

Sell-down strategy: set to create extra value through the sale of majority stakes, without increasing capital employed

Sell-down strategy rational…

(incremental value created at project execution)

Build to Sell

To own (value captured throughout 30-yr life)

Year 1 Year 2 Year 3 Year 4

Valu

e

…to propelled extra-growth & value…

Sell-downs(capacity)

~50% of 7 GW

Proceeds(Equity & Debt)

> €4bn

(Sell-down: Sale majority stakes)

Visible value creation in Net Profit

Less capital intensive ~€0.7bn of Capital gains in 2019-22Recycling capital and creating value

(Benefits of the Sell-down strategy)

Capital recycleup-front cash-flows crystallization by

selling majority stakes

Service chargeproviding operating and maintenance

services in exchange for management fee

Value Creationgains accounted in P&L and proceeds to be re-invested in accretive growth

- 25 -

…with €1.1bn Sell-down transactions announced, crystalizing value and accelerating value creation

Creating extra value through the sale of majority stakes, without increasing capital employed, and re-investing at higher returns

(1) subject to customary closing adjustment; (2) Illustrative and non-exhaustive; Reinvesting IRR at 7-11% excludes Brazilian projects

…capturing value created & propelling new projects execution with superior returns

4-5%7-11%

Sell-down transaction announced1

Sell-down of EDPR’s full equity in two onshore wind portfolios executing its 2019-22 target of >€4.0bn proceeds, with €1.3bn to be concluded in 2H19…

spreadScope

997 MW491 net MW

137 MW137 net MW

€226m(eq. to €0.4m/MW)

Capital Gains(pre-tax; booked in EBITDA)

n.a.(n.a.)

8years

1year

Assets age(average)

€1.6mper MW

€2.2mper MW

EV/MW

€0.8bn

€0.3bn

Proceeds

Rationale2

low-mid 10s%high 10s%

spread

IRRRe-investing

IRRSelling

Status

Closed3Q19

Pending4Q19E

- 26 -

Operational excellence: EDPR core competences and unique know-how set to maximize efficiency

Wind assessment know-how to maximize asset value…

…and highly experienced teams delivering unique O&M strategy…

…set to maximize efficiency and optimize costs

New MW with above average load-factorvs 2018: 30% (94% P50)

33%NCF

Predictive maintenance and O&M strategy are key to reduce downtime

>97.5%TEA

Driven by accretive contributions from new capacity additions

+7% GWh CAGR

2018 2022

-1% CAGR

Core Opex/ avg. MW

In addition to saving programs and initiatives (e.g. OBZ, OPEX V and US Cost Reduction Program) in place to increase efficiency

O&M contract breakdown (avg MW;%)

optimizing O&M activities by increasing internalization at the end of initial

contract warranty

52% 60%

2018 2022E

M3 & Self-perform

Full scope contracts

- 27 -

Selective growth

Self-funding

Operational excellence

EDPR’s 2022 agenda and the 3 strategic pillars will unlock our full capabilities…

Growth: increasing EDPR own portfolio at a faster pace…

Diversified:…with technological & geo mix (new markets momentum)…

Sell-down:…given extra-visible value generated to speed-up growth…

O&M know-how:…propelled by assets’ management core competences…

Efficiency mind-set:…and cost-control focus and saving programs implementation

- 28 -

…to deliver solid and ambitious growth targets through 2022…

…positioning EDPR to successfully lead a sector with increased worldwide relevance

Capacity build-out

~7.0 GW1

2019-22E

New capacity being technological &

geographical diversified

Excellence in operations

+7% CAGR TWh

2018-22E

From MW to own with output propelled by superior

load-factor & availability

Unlocking bottom-line

+11% CAGR

2018-22E

From growth, recurrent capital gains, controlled cost of debt

and solid balance sheet

Net ProfitMW TWh

Less capital intensive

>€4.0bn proceeds

2019-22E

Generating extra value without increasing capital employed

Sell-down

Excel at operational results

+6% CAGR

2018-22E

From capacity additions, operating efficiency and

sell-down strategy

EBITDA

(1) Of which ~50% to own.

- 29 -

Annex

- 30 -

9M 2019 Results

30% load factor (vs. 30% in 9M18) 96% of LT avg. with 3Q19 @ 98%

Availability @ 97% (vs 97% in 9M18)

Adj. Core Opex/ avg. MW flat YoY(1)

given cost control in the context of a growth strategy

Revenues at €1,364m (+10% YoY; +€125m)MWs (+€46m), Price (+€49m), NCF (+€11m),

PTCs (-€27m) and FX (+€34m)

Quality assets

EDPR operational performance on track to deliver solid growth, along with the execution of Sell-down strategy

- 31 -

96% of Revenues fixed for 2019(2)

€56/MWh avg. price (+5% YoY)Net Profit €342m (vs €115m in 9M18)

on top-line performance and Sell-down execution

€1,218m EBITDA (+40% YoY)including €226m from 491 net MW Sell-down gain

(+36% YoY ex-IFRS16)

+344 MW built YTD1,156 MW Sold-out

1,164 MW already under construction

Already secured c.70% of ~7.0 GW cumulative 19-22 build-out target

Selective and profitable growth

Operating Cash Flow(2) at €838m+9% YoY from top line performance

€63m Net Debt & TEI decreasefrom growth & investments, keeping

solid balance sheet

€1.0bn of Sell-down YTDfrom EU (491 net MW; €0.8bn) & US sell-down tax-equity proceeds

Optimizing Cost of Debt and TEI CostsDebt: 4.0% Sep-19 (+0.1pp YoY; on different mix);

Avg TEI: 6.7%

Self-funding business

(1) Core Opex per average MW adjusted by IFRS16, offshore costs (mainly cross-charged to projects’ SPVs), one offs and FX(2) at Sep-2019

- 32 -

(1) Incl. equity consolidated: 152 MW in Spain & 259 MW in the US; (2)Bright Stalk (205 MW), Broadlands (200 MW), Timber Road IV (125 MW), Hidalgo II (50 MW) and Nation

Rise (100 MW) on which an 80% stake was sold in Dec-18 (keeping the responsibility to build the project);(3) Includes 316 MW of EDPR stake in UK Moray and 14 MW from Windplus floating in Portugal

EDPR built 344 MW YoY reaching 10.8 GW after Sell-down transactions

YTD EDPR built 344 MW, sold 1,156 MW and kept 1,164 MW under construction (including stake in UK offshore)

UnderConstruction

+154 MW

+1,164 MW

+680 MW2

-

+330 MW3

MW Built YTD

+145 MW

+344 MW

+199 MW

-

-

Evolution of Installed Capacity(1)

(EBITDA MW + Equity Consolidated)

11,672

12,016

344

(1,156)

10,860 (24)

10,836

Dec-18 MW Built Sell-down Sep-19 Re-powering Portfolio

• US: PQ (80% of199 MW; 3Q19)

• EU: 997 MW (Net 491 MW; Jul-19)

54%

42%

4%

Load Factor and Technical Availability(1)

96%

89%

95%

99%

- 33 -(1) Technical Energy Availability (TEA)

…while in the 3Q19, EDPR reached a 25% load factor (vs 22% in the 3Q18), with QoQ comparison benefitting from higher wind resource (P50 of 98% vs 89% in 3Q18)

In the 9M19 EDPR achieved a 30% load factor (vs 30% in 9M18) reflecting 96% of P50 (long term average for 9M)…

EDPR Availability1

9M19

33%

26%

41%

96.9%

30%

+1pp

-1 pp

+1 pp

+1 pp

∆ YoY

-0.1 pp

9M19 vs. LT avg.

EDPR Quarterly Load Factor vs. Long-term average (%) 20192018

+5%

-8%

-11% -12%

-7%

-1% -2%

-

1Q 2Q 3Q 4Q

20.7+1.0

+0.2 21.9

9M18 9M19

- 34 -

EDPR produced 21.9 TWh of clean electricity (+6% YoY), avoiding 15 mt of CO2 emissions Geographical output breakdown: 55% in North America, 39% in Europe and 6% in Brazil

Electricity output higher 6% YoY, with capacity additions over the period and load factor offsetting impact from EU assets deconsolidation

Electricity Production(TWh)TWh

% YoY

+4%

Driven by new capacity and higher wind resource (despite the deconsolidation of 977 MW in Jul-19 related to the EU portfolio Sell-down)

+50% Driven by capacity additions and higher wind resource

+4% From new installed capacity,offsetting lower wind resource

∆ Load Factor

+5%+6%

∆ MW

€53.7 €56.1

9M18 9M19

- 35 -(1) Calculated in local currency

Average selling price totalled €56/MWh (+5% YoY), on the back of positive price performance and FX

Avg. price at €56/MWh (+5% YoY) mainly driven by Eastern Europe price recovery, higher prices in Spain, US and Brazil, along with favorable FX translation

9M19 % YoY(1)

€80.0 +3%

SP higher price +4% (higher realised price); RoE +7% (mainly due to RO & PL recovery);PT -2% (from new additions)

R$205 +6% Different mix of a new wind farm in operation vs 9M18 & inflation linked

$46.3 +1%

US (+2%): primarily due to new MWs in operationCAN (-3%): +1% in local currencyMX: (+1%) from PPA @$65

EDPR Price Evolution(€/MWh)

+5%

+3% ex-fx

1,2391,364

9M18 9M19

+10%

- 36 -

Revenues increased €125m mainly driven by capacity in operation (+€46m), higher price (+€49m), forex translation (+€34m), slightly higher wind resource (+€11m) despite scheduled PTCs expiration (-€27m)

Revenues increased 10% YoY given higher avg. EBITDA MW (+3%), higher avg. price (+5%) and positive forex, despite scheduled PTCs expiration

Higher output: +6% YoY; +€58m (NCF: +€11m; MW: +€46m)

from load factor and higher avg. MW (+3% YoY; including impact from deconsolidation of 997 MW in EU)

Higher average selling price: +5% YoY; +€46mmainly driven by price recovery in Spain

and Rest of Europe

Forex impact & scheduled 10 years PTCs expiringPTCs expiring (10-year life): -€27m

Impact from FX: +€34m

Main drivers for Revenues performance

+7% ex-fx

Revenues(€ million)

9M18 9M19

31… 29.3

9M18 9M19

-3%

-6%

-3%reported

- 37 -

Core Opex increasing YoY on the back of higher installed capacity while Adj. Core Opex/ Avg. MW was flat YoY

Core Opex per Avg. MW Flat YoY given O&M strategy and cost control offsetting the requirements needed to cope with Business Plan expanded growth

Core Opex/Avg. MW (€k)(Supplies & Services and Personnel Costs)

Core Opex(2)

Levies &Non-recurrent

(1) Reported figures presented; for YoY analysis purposes, was included impact (€34m) from IFRS16 in 9M19; (2) Includes Supplies and Services and Personnel Costs; (3) Core Opex/avg MW adjusted by IFRS16, offshore costs (mainly cross-charged to projects’ SPVs), one offs and FX

Opex (excludes Other Operating Income) (1)

(€ million)

IFRS 16 (€34m)

Flat(3)adjusted

+5%ex-IFRS16

+7%ex-IFRS16

+40%

- 38 -(1) Includes hedges from Spain, Rest of Europe and US

EBITDA totalled €1,218m (+40% YoY), being +36% YoY if excluded impacted from IFRS16 given top line performance

Delivering EBITDA of €1,218m (+40% YoY) from the execution of Sell-down strategy, top line performance and IFRS16

869 +125+211

(13)1,218

9M18 9M19

+37% ex-fx

EBITDA YoY(€ million)

EBITDA per Region(1)

(%)

Revenues

OtherIncome

OperatingCost

Includes capital gain(€226m YoY) fromSell-down in EU(997 MW; 491 net MW)

Spain23%

Portugal25%

RoE13%

Braz…

North America36%

€1,218m

- 39 -

Net Profit totaled €342m (+197%), with YoY comparison driven by top-line performance and a Sell-down transaction

342

784

1,218

113

51

277

435D&A

EBIT

Taxes

Minorities

FinancialResults(1)

€m YoY

EBITDA

Effect from YoY capacity additions and IFRS16 -€37m

As a result of top line performance +€312m

YoY comparison impacted higher avg. nominal Debt, IFRS16 and forex

-€59m

Effective Tax Rate of 10% in 9M19 (from tax exempted capital gains; includes CESE)

-€26m

+€0.5m

Operating performance driven by top-line &gains related to Sell-down transaction+€349m

Net Profit Net profit totalled €342m+227m

(1) Includes Share of profit of associates

9M19 EBITDA to Net Profit(€ million)

+197% YoY

Reflecting top-line performance from strategic partnership assets and asset rotation program

1,218

(231)(18)

(251)(8… 636 226

862

+40%

- 40 -(1) Note that RCF includes tax benefits generated by the projects in the US under the TE structures, which are not included in the Organic Free Cash-flow concept;

Cash Flow generation with RCF at €636m, +8% higher YoY

9M19: Retained Cash Flow (RCF) 1

(€ million)

EBITDA Non-operating cash adjustments

Dividends & interests to Minorities

Current income taxes

Interests, TEI, fees & derivatives

+8%

RCF w/ Sell-down gains

RCF(1) of €636m (vs €590m in 9M18) YoY propelled by operating performance and impacted by PTC 10-year expiration and higher interests on debt increase (following growth capex).

Includes the capital gain ofthe EU portfolio Sold-down; €226m cashed-in

RCF Sell-downgains

Gross Debt

€3.6bn30%

Loans with EDP

60%

TEI€1.2bn

63%

Other & TEI40%

7%

Debt & TEI Currency Type

- 41 -

...to €3.0bn of Net Debt and €1.2bn Tax Equity

Solid balance sheet with Net debt and Tax Equity decreasing by €63m...

RCF Net Debt and TEI

decrease

Cash Invest.(1)

Dividends to EDPR

Shareholders

Forex & Other

+8%

9M19 Debt and TEI Breakdown (%)

(1) Cash investments include Capex (net of projects sold), Net financial investments and Changes in working capital related with PPE suppliers and Government Grants

2019 from RCF to Debt and TEI variance(€ million)

636

63

(384)

(61)(127)

ForexImpact

- 42 -

EBITDA performance benefitting from gain on Sell-down strategy execution…

EBITDA YoY variance walk by driver(€ million)

869

(27)

34 25 900 1182

226 1,218

+35%

9M18 Business performance

9M19

Mainly USD

…along with MW additions, price recovery, fx and cost-control.

+4%

+40%YoY

Scheduled

PTC phase-out

Load factor

IFRS16 Sell-down strategy

- 43 -

2019 is being a record year in terms of new investments execution, with +2.4 GW already secured…

…for 2019-22 at attractive returns…

2019: Accelerating growth(GW secured in the period)

Jul-Oct 19

Project Tech. CoD RemunerationMWGolden Eye Solar 139 2019/20 PPA/LT ContractMarchéville Wind 13 2020 CfDRosewater Wind 102 2020 Build & TransferCrossing Trails Wind 104 2020 PPA/LT ContractWildCat Wind 180 2020 PPA/LT ContractReloj del Sol Wind 209 2020 PPA/LT ContractMexico Project Wind 96 2021 PPA/LT ContractPPAs Wind 105 2021/22 PPAIndiana Crossroad Wind 302 2021 Build & TransferChalkodonio Wind 29 2022 AuctionMonte Verde VI Wind 46 2022 PPA/LT ContractBoqueirao I-II Wind 80 2022 PPA/LT ContractRibatejo Solar 142 2022 AuctionCalifornia Project Solar 200 2022 PPA/LT ContractSonrisa Solar 200 2022 PPA/LT ContractAlpha Wind 212 2022 AuctionBeta Wind 280 2022 Auction

0.6

1.8

2.4

1H

2H

YTDNew

Country

4.9 GW

0.7 1.3

0.6 0.9

0.1 0.4

0.5

0.3

0.9

1.31.0

1.8

2019 2020 2021 2022c.70%

- 44 -

…leading to c.70% of the ~7 GW target build-out capacity, already secured for 2019-22…

Execution of ~7 GW build-out target…

SecuredMWs

Build-out GW; Oct-19

~7.0 GW1.8 GW avg/year

under negotiation/identified

…being geographically and technologically diversified

…with 4.9 GW of wind onshore, solar and offshore projects already secured

Build-out GW secured per COD

+2.4 GW YTD

- 45 -

Conclusions

9M19 YoY positive top-line performance benefitted from higher avg. capacity (+3% YoY) and price recovery (+5% YoY), mainly in Eastern Europe along with higher realized price in Spain, US and Brazil. Adj. Core Opex/avg. MW was flat YoY, given cost control in the context of a growth strategy…

…additionally execution of EDPR’s new strategy is well on track with c.70% of the 7 GW capacity build-out secured (1.8 GW only in 2H19), being technologically & geographically diversified, creating an offshore JV, as well as €1.3bn out of ~€4.0bn Sell-down target already announced.

…together with EDPR’s Sell-down strategy execution (€226m gain), lead to an EBITDA of €1,218m (+40% YoY; +36% ex-IFRS16) and to a Net Profit of €342m (vs. €115m in the 9M18)…

46

a company of group