EDP Renewables SA · EURONEXT:EDPR
EDP Renewables SA — Investor Presentation (November 2022)
39 slides from EDP Renewables SA's investor presentation, November 2022
Slide 1: Investors' Presentation November 2022
edo Renewables INVESTORS' PRESENTATION November 2022 www.edpr.com
Slide 2: Agenda
Agenda @ Our sector @ EDP Group vision 3 ] EDPR at a glance 4] Our strategy © 922 results
Slide 3: Our sector
Slide 4: New energy sector at the centre of the economy and transformation towards Net Zero
New energy sector at the centre of the economy and transformation @eve towards Net Zero We need a new decarbonized and ... in which a new energy sector is electrified world... required ~95% renewables share in power generation in 2050 3x global electricity demand growth by 2050 -100% coal phase-out
Slide 5: REPowerEU plan presented in May, reinforcing ambitious targets
REPowerEU plan presented in May, taking the lead reinforcing ambitious targets EU RES targets for 2030 have been reviewed upwards twice in 3.5 years... ) RES energy target for 2030 from 22% achieved in 2020 (+2% above target) doubled to 45% in REPowerEU Plan e~ With the share of RES in the electrici
Slide 6: EDPR is well positioned to capture the renewables growth in Europe
EDPR is well positioned to capture the renewables growth in Europe @eve being present in12 markets covering 86% of growth potential Ambitious plan but needs to be executed urgently, Member States are slowly addressing the constraints Constraints to renewable ... with EU countries now deployment... a
Slide 7: Inflation Reduction Act brings visibility to capture renewables growth in US
Inflation Reduction Act brings visibility to capture the renewables @ecce growth in US representing 45% of EDPR’s growth target for 2021-25 Inflation Reduction Acts brings stability to investors by providing tax pee ee ee ee ee 1 credits visibility of 10+ years adjusted for inflation Expansion and e
Slide 8: EDP Group vision
Slide 9: The World is facing a challenge
The World is facing a challenge @edp Leading the energy transition to create superior value All green by 2030 (1) Scope 1&2 own activites by 2025 €24 bn Capex for energy transaction 4 GW/year Renewable capacity added Double Solar and wind capacity Coal free @©ep by 2030 >50 ew Additions of renewable
Slide 10: EDP platforms are fully aligned with the energy transition
EDP platforms are fully aligned with the energy transition Renewables Clean energy growth engine Networks Energy transition enabler Client solutions & energy management Decentralized growth t & & t ~60% Wind, Solar, and Hydro ¥ RR Distribution Transmission D, * oo ap frit Ww Clients New Trading solu
Slide 11: Leading the energy transition to create superior value
Accelerated and ESG excellence and sustainable growth Leading the energy transition attractive returns Step-up green growth to create superior value ESG reference Distinctive and resilient portfolio Green leadership positioning Solid balance sheet Strong return visibility Future-proof organization G
Slide 12: EDPR at a glance
Slide 13: A top renewables player with a portfolio of 14.3 GW
A top renewables player with a portfolio of 14.3 GW and presence in @eve 28 markets with almost 3,000 employees worldwide... EDPR global wind and solar capacity Europe 100% Renewable @ e America ve @) es < 71 Top 4 aw wind & solar 1,080 player‘! , Px South Founded in insted Capacity America 2007 15
Slide 14: Extensive track record that has delivered secular growth
... with an extensive track record that has delivered secular growth @eve while keeping debt under control... Remarkable performance over the last decade... EBITDA (Emilion) Net Profit (Emilion) Net Debt (Emilion) ND/ EBITDA ND + TEI/ EBITDA 20n 2021 +8% CAGR 1,760 6 || +22% CAGR 655, 89 || -€452m O
Slide 15: Independent and diverse Corporate Governance structure
... and with an independent and diverse Corporate Governance @ecce structure in line with best practices Board of Directors Management General team Secretary Key highlights Independent Chairperson Composed by 12 members Only 2 executive directors Independent directors with 50% representation Women d
Slide 16: Our strategy
Slide 17: +20 GW additions, €8bn asset rotation, core opex/MW target
Growth Value Excellence +20 GW €8bn -2% additions target CAGR 2021-25 2021-25 Core Opex/MW Promoting clean energy while operating in a sustainable way across the three ESG dimensions
Slide 18: , , 5% , 46% , 7% , 15% , , 2% 8.0, 44%
, , 5% , 46% , 7% , 15% , , 2% 8.0, 44%
Slide 19: Out of the GW target for 2021-25 capacity additions, 40% already installed or U/C
Out of the 20 GW target for 2021-25 capacity additions, 40% @ecce already installed or U/C, or 55% including all secured capacity EDPR continues to accelerate growth across all Short-term challenges have implied some transfers platforms from 2022 to 23... 10.8 GW of secured capacity breakdown vs BP
Slide 20: Ocean Winds continues to grow with a total portfolio of 14.6 GW
th ed Ocean Winds continues to grow with a total portfolio of 14.6 GW © a GW Gross OVW ° / 3.6 OCEAN WINDS Moray West 882 MW project in Scotland (14.7 MW x 9.5 Q 60, COD 2024) under construction since July 22 & EFGL (COD 2024) completed its Financial Close on July 22 Total Portfolio Total Installed
Slide 21: Innovation will be a key part in securing growth
Innovation will also be a key part in securing this growth, through our @eve Renewables new business models and new technologies New business models ifs Hybridization Improve asset efficiency and utilization iN Repowering Increase long-term value of existing assets st i Solar DG Increase the scope o
Slide 22: Accelerate growth maintaining distinctive Asset Rotation model
We will accelerate growth, maintaining our distinctive Asset @eve rotation model Asset rotation model fuelling growth... Asset rotation model capacity GW/year 14 up 0.9 €8bn?) Asset Rotation proceeds for 2021-25 Target 2021-23 2024-25 2019-22 BP. ~50% ~40% ~30% Renewables ... aligned with our track
Slide 23: EDPR Asset Rotation program keeps delivering value
EDPR Asset Rotation program keeps delivering value, with €3.4bn of (©) web edp AR proceeds secured, >40% of the €8bn target for 2021-25 AR net GW/year Gw 1.4 1.0 BP Executed Guidance 21-22 2 GW sold in 2021-22, @) below the 1.4 GW/year average assumed in the BP for 2021-23... BP Guidance AR Gains/ye
Slide 24: Asset rotation deals in markets in 2021-22
9 asset rotation deals in 6 markets in 2021-22 reaching >40% of @eve target proceeds for 2021-25 AR proceeds 2021-2022 €bn ° 2022 . 2021 Closed Signed ~3.4 Te 1 . I 7 | ~0.25 rl (1 oO ~0.35 I | : e jo e@ =~ lest) | o 03 | S 08 => | i I a | = 7 1 = 0.2 | | [5 a 1 \ 4+ wy 4 4 4 4 4 4 w AR Proceeds 405
Slide 25: Asset Rotation transactions signed in 3Q22 continue to show value creation
Asset Rotation transactions signed in 3Q22 continue to show value @eve creation AR deal of 172 MW of wind capacity in Italy (signing Jul-22) €2.4m EV/MW €1.0m AR gain/ MW. >25% NPV/Capex BP target >65% Gain/Capex © Higher energy prices as a significant valuation driver >2.5x value generated over the
Slide 26: Average selling price benefitting from positive market dynamics
Average selling price benefitting from positive market dynamics with @eve gradual hedges roll over for 23-25 considering regulation uncertainty 9M22 market dynamics to be maintained until end of Hedges roll over and hedging strategy optimization year increase exposure to merchant prices over 2023-25
Slide 27: Manage the full value chain to deliver competitive and quality projects
We will continue to manage the full value chain to deliver @eve Renewables competitive and quality projects at the highest excellence standards Development Competitive Projects 100% Biodiversity high risk Local development knowledge and multi-partnership network to bring best opportunities Second to
Slide 28: 2025 growth supported by top-class team
Renewables 2025 growth will be supported by current top-class team reinforced (©) by best talent in the market attracted by a strong value proposition 2025 — 2020 2021 53,000 ee — —— 2,150 i oe tol wee = Headcount Committed team developed & reinforced ee Develop Road to 2025 Attract Great company cu
Slide 29: We operate with the highest ESG standards through the whole value chain
We operate with the highest ESG standards through the whole value chain () Circular economy % Biodiversity % People % Communities a 020 qp €m/year Suppliers % Recovery rate for generated wastes in the whole value chain Facilities with high biodiversity risk with action plans defined Improve diversit
Slide 30: 9M22 results
Slide 31: Solid operational performance on higher installed capacity and stronger resources
EDPR continues to deliver solid operational performance on the @eve back of higher installed capacity and stronger resources Installed Capacity YoY Net Capacity Factor 9M22 Electricity Production YoY (EBITDA + Equity MW) (%) (TWh) 9m2i 13,049 ae tor om21 pee 2,628 @ = 2% +080 AMW 15,672 £; 33% +2.4p
Slide 32: EBITDA +62% YoY
EBITDA +62% YoY on the back of outstanding top line driven by (©) higher average prices reinforced by capital gains in the period EBITDA (€m EBITDA (Cr ) 9M21 9M22 YoY Installed Capacity 13.0 14.3 +10% +62% = 1,482 Prod. deviation vs. exp. LT Gross -5% 0% 45 (2) Capacity Factor ° ° PP 917 Europe’ +1
Slide 33: Net Debt at €5.6bn well protected against interest rate increase
9M22 Results Net Debt at €5.6bn well protected against interest rate increase with @eve 65% at fixed rate and pricing risk mitigated by pre-hedging strategy Nominal Financial Debt Breakdown as of Sep-22 Mm, Cw Closing in 9M22 5-year pre-hedging of fixed interest rate for €1.5bn debt maturing post 20
Slide 34: Net Debt evolution driven by €3.5bn Expansion Investments
Net Debt evolution driven by €3.5bn Expansion Investments in edp renewables additions, €1.3bn of AR Proceeds and €0.8bn Forex & Other Net Debt Evolution from Dec-21 to Sep-22 la ~€2.3bn Capex ~€0.7bn Sunseap"”) ' 13 ' ~€0.6bn OW N . 0.8 | ~€0.25bn Solar Portfolio Vietnam __~>. O41 : 4 3.5 0.4 5.6 Ne
Slide 35: Net Profit +181% YoY to €416m
Net Profit +181% YoY to €416m, driven by top line partially offset by @ecce higher financial costs and non controlling interests 9M22 EBITDA to Net Profit (€m) YoY EBITDA ee > +€565m_ Solid top line performance (+62% YoY) D&A” (520) > (€75m) — Onthe back of YoY capacity additions EBIT 963 > +€490m F
Slide 36: Committed to being a top renewables player with ESG at the core
EDPR is committed to being a top renewables player, while @eve maintaining ESG at the core of its strategy and operations YoY evolution reflecting acceleration of the growth and the implementation of best ESG standards... ¥ Environment 9M22 Capex aligned with EU Taxonomy (%) 100% CO, avoided (kt) 14
Slide 37: Key Takeaways
Key Takeways Strong 9M22 results, driven by generation increase of +14% YoY and increase of avg. selling price +29% YoY resulting in EBITDA of €1,482m (+62% YoY) and Net profit of €416m (+181% YoY) e Out of the 20 GW of 2021-25 capacity additions, >40% already installed or under construction and10.8
Slide 38: 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 www.edpr.com Link Results & Presentations 38
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