EDP Renewables SA · EURONEXT:EDPR
EDP Renewables SA — Q1 2023 Earnings Presentation
21 slides from EDP Renewables SA's earnings presentation, May 3, 2023
Slide 1: 1Q23 Results Presentation
©) dp Renewables 1Q23 Results Presentation May 3'¢, 2023 15:00 CET |14:00 UK / Lisbon www.edpr.com
Slide 2: Agenda
Agenda @ Update on Strategy Execution 2) 1Q23 Results 3 ] Closing Remarks 0 Annex
Slide 3: Update on Strategy Execution
Slide 4: Sound top line performance driven by capacity growth, pricing updates
Sound top line performance driven by capacity growth, pricing updates * Revenues +24% to €706m: inst. capacity +5%, renewables generation +11%, avg. selling price +8% * EBITDA +14% to €448m withall the 4 regional hubs contributing to YoY growth * Net Profit flat YoY at €65m with higher financial cos
Slide 5: Avg. selling price +8% on new PPAs, inflation updates and hedges roll over
(1) Avg. selling price +8% on new PPAs, inflation updates and gradual @eve hedges roll over, contracted revenues at ~90% for 23 ~80% for 24-25 Avg. selling price increase supported by new PPAs, inflation updates and hedging roll over EDPR average selling price (€/MWh) +8% YoY 64.7 625 1922 FY22 1923
Slide 6: Active PPA market with EDPR securing +1.5 GW since CMD
Active PPA market with EDPR securing +1.5 GW since CMD rising @eve Renewables secured capacity to 8.5 GW; 75% of the target additions for 23-24 Secured Capacity for 2023-2026 (aw) % of target acon ~40% ~50% — ~75% aks) ~8.5 AB) 7) £201 )9> CMD. Today 2023-24 ~30% 2025-26 Growth of secured capacity s
Slide 7: Record capacity under construction with GW of wind and solar
Record capacity under construction with 5 GW of wind and solar to @ecce be delivered during 2023 and beyond Secured Capacity breakdown by state of development (%) Under construction ~3.5 © Secured capacity Construction to be started Capacity under construction well diversified (%) Q 48% @ Europe @ N
Slide 8: Offshore wind: +1.8 GW under construction in UK and France
Offshore wind: +1.8 GW under construction in UK and France for COD @eve in 24-26 with inflation linked revenues Strong portfolio with 20% installed and under OW construction ‘OCEAN WINDS Seabed secured French projects Nourmountier and Le Tréport (992 MW) achieved FiD approval and started constructio
Slide 9: Resilient profile in a macro environment with higher interest rates
Resilient profile in a macro environment with higher interest rates, @eve Renewables both in terms of evolution of interest costs and asset rotation gains Despite current high yields environment... ) 76% financial debt at fixed rate ) Variable debt mainly from Brazil (inflation linked revenues) €1bn
Slide 10: EDPR is the largest EU listed 100% renewables player with ESG at the core
EDPR is the largest EU listed 100% renewables player with ESG at @eve the core of its strategy and operations We are continuously seeking initiatives aligned with ... while being recognized by the strong commitment to the Company’s business and strategy... our people, fostering diversity and inclusi
Slide 11: 1Q23 Results
Slide 12: EDPR begins the year delivering strong operational performance
EDPR begins the year delivering strong operational performance on @eve the back of 1.7 GW of new additions leading to higher production Installed Capacity YoY (EBITDA + Equity GW) adaed 17 15.8 Rotation (10) 49% 38% 8% 5% Under Construction as of Mar23 Net Capacity Factor 1Q23 NCF 32% 37% 27% 18%” 3
Slide 13: EBITDA +14% YoY with growth contribution from the four regional hubs
EBITDA +14% YoY with growth contribution from the four regional @eve hubs, backed by outstanding top line performance EBITDA per geography (€m) YoY 1Q@22 1Q23 YoY +14% a Installed Capacity Gv 14.0 148 +5% Renewables Index (vs. P50 GCF) % 102% 98% -3pp | Europe Electricity Generation | Vn 9.2 10.2 +N
Slide 14: Net Debt -3% YTD, with the €1bn Capital Increase
Net Debt -3% YTD, with the €1bn Capital Increase being offset by _ (@)ede €1bn Net Expansion Investments, Organic CF impacted by WC in Spain Net Debt Evolution from Dec22 to Mar23 (€bn) OE i LTM Net Debt/EBITDA | €1:4bn Expansion Capex (€0.9bn Capex & €0.2bn P&E) | ' €65m of Financial Investments H
Slide 15: Financial Results strongly penalized by MTM forward points
Financial Results strongly penalized by MTM forward points along @eve Renewables with higher average cost of debt and average gross debt YoY Financial Results (€m) 153 126 m ™m 80 35 29 29 74 - . : 1922 2Q22 3Q22 4Q22 1923 SInterest &TEICosts FX, Derivatives & Other FX, Derivatives & Other performan
Slide 16: Net Profit at €65m (flat YoY), driven by strong top line evolution
Net Profit at €65m (flat YoY), driven by strong top line evolution @ecce offset by clawbacks and higher financial costs 1Q23 EBITDA to Net Profit (€m) EBITDA D&A” EBIT Financial results Taxes Minorities Net Profit (126) (23) (62) VV VV VY VY VY NY YoY +€54m (€19m) +€35m (€52m) +€7m +€10m (€1m) Solid
Slide 17: Scrip Dividend program now launched providing optionality
ed Scrip Dividend program now launched providing optionality © a EDPR Scrip Dividend Terms 2) OO © © © 1 share of EDPR acquired until the last trading date equals to1 incorporation right. By May 9'*, shares will trade ex-rights 1 2 (8) 9 0 VME %4 5 16 22|23 | 24 2 2 27 2 29 30 31 Option to sell the
Slide 18: Closing Remarks
Slide 19: Key Takeaways
Key Takeways Strong top line performance in 1Q23, driven by increase in generation and avg. price resulting in EBITDA of €448m (+14% YoY). Net income flat YoY at €65m. EDPR average selling price benefitting from new PPAs, inflation updates gradual hedges rolling over. Decline of electricity prices,
Slide 20: IR Contacts
IR Contacts EDPR Online E-mail: [email protected] Phone: +34 900 830 004 Serrano Galvache 56, Edificio Olmo, 7th Floor 28033, Madrid - Spain Site: www.edpr.com Link Results & Presentations 20
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