PricewaterhouseCoopers Auditores, S.L., Torre PwC, Pº de la Castellana 259 B, 28046 Madrid, España Tel.: +34 915 684 400 / +34 902 021 111, Fax: +34 915 685 400, www.pwc.es 1 R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290 Independent auditor's report on the annual accounts To the shareholders of EDP Renováveis, S.A.: Report on the annual accounts Opinion We have audited the annual accounts of EDP Renováveis, S.A. (the Company), which comprise the balance sheet as at 31 December 2021, and the income statement, statement of changes in equity, cash flows statement and related notes for the year then ended. In our opinion, the accompanying annual accounts present fairly, in all material respects, the equity and financial position of the Company as at 31 December 2021, as well as its financial performance and cash flows for the year then ended, in accordance with the applicable financial reporting framework (as identified in note 2.A of the notes to the annual accounts), and in particular, with the accounting principles and criteria included therein. Basis for opinion We conducted our audit in accordance with legislation governing the audit practice in Spain. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the annual accounts section of our report. We are independent of the Company in accordance with the ethical requirements, including those relating to independence, that are relevant to our audit of the annual accounts in Spain, in accordance with legislation governing the audit practice. In this regard, we have not rendered services other than those relating to the audit of the accounts, and situations or circumstances have not arisen that, in accordance with the provisions of the aforementioned legislation, have affected our necessary independence such that it has been compromised. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

EDP Renováveis, S.A. 2 Key audit matter How our audit addressed the key audit matter Assessment of the recovery of the carrying amount of long-term investments in equity instruments in group companies and associates The accompanying annual accounts present long-term investments in equity instruments in group companies and associates, as detailed in note 8, amounting to €8,992,446 thousand as at December 31, 2021. The Company analyses these assets annually for impairment in accordance with the criteria described in note 8, and determines their recoverable amount based on the present value of future cash flows, considering the business plans approved by management. The key assumptions considered are detailed in mentioned. Furthermore, management carried out a sensitivity analysis on the most significant assumptions which, based on earlier experience, may reasonably show variations, as detailed in note 8. As a result of the previous analyses, Company’s management has concluded that there is no need to recognise or reverse impairment in 2021. This area is key due to its significance over the total assets of the Company and because it entails the application of critical judgements and significant estimates by management (note 2.D) concerning the key assumptions used in the calculations performed, which are subject to uncertainty, regarding significant future changes could have a significant impact on the Company’s annual accounts. We started our analysis obtaining an understanding of the process and relevant controls that the Company has in place to analyse the recovery of long-term investments in equity instruments group companies and associates. In addition, we assessed the adequacy of the measurement models employed, the assumptions and estimates used in the calculations, including, among others, estimated performance of electricity prices, consistency with the applicable regulatory framework and the evolution of discount rates. Respect to discount rates, in collaboration with our valuation experts, we verified the methodology used in their estimation and that their value is within a reasonable range. Also, we checked the mathematical accuracy of the calculations and models prepared by management and assessed the sensitivity calculations carried and we have compared the recoverable value calculated by the Company with long-term investments in equity instruments in group companies and associates carrying amount. Finally, we also assessed the sufficiency of the information disclosed in the annual accounts with respect to the assessment of the recoverable amount of these assets. Based on the procedures carried out, we consider that management’s approach and conclusions and the information disclosed in the accompanying annual accounts are consistent with the evidence obtained.

EDP Renováveis, S.A. 3 Key audit matter How our audit addressed the key audit matter Recognition and measurement of derivative financial instruments As indicated in note 7 to the accompanying annual accounts, the Company is exposed to certain financial risks, namely, exchange rate risk and interest rate risk due to the activities performed and the countries where it operates. In order to manage these risks, management has contracted several derivatives financial instruments whose values at December 31,2021 amounted to €23,304 thousand and € 120,103 thousand, of asset and liability, respectively (note 11). The fair value of the derivatives is estimated through valuation techniques that require the application of judgement by management (note 2.D). Due to the significance of the amount associated to these instruments, whose valuation is based on management estimations and the complexity of complying with accounting legislation on the application of hedge accounting, we consider this a key audit matter. We started our analysis by understanding the procedure established by management to identify and measure the derivatives and the relevant controls on this area. For all of derivatives financial instruments, we checked their main characteristics with their respective contracts. Similarly, and with the involvement of our experts in the valuation of derivatives financial instruments, we assessed the valuation methodology used and for all of derivatives financial instruments, we performed a contrast assessment over the management’s valuation. Finally, we analysed the sufficiency of the disclosures included in the accompanying annual accounts regarding financial derivatives. As a result of our tests, we consider that the measurement of financial derivatives and the information disclosed in the accompanying annual accounts are consistent with the information available. Other information: Management report Other information comprises only the management report for the 2021 financial year, the formulation of which is the responsibility of the Company's directors and does not form an integral part of the annual accounts. Our audit opinion on the annual accounts does not cover the management report. Our responsibility regarding the management report, in accordance with legislation governing the audit practice, is to: a) Verify only that the statement of non-financial information and certain information included in the Corporate Governance Report and the Remuneration Report, both prepared according to the Portuguese applicable legislation, as referred to in the Auditing Act, has been provided in the manner required by applicable legislation and, if not, we are obliged to disclose that fact. b) Evaluate and report on the consistency between the rest of the information included in the management report and the annual accounts as a result of our knowledge of the Company obtained during the audit of the aforementioned financial statements, as well as to evaluate and report on whether the content and presentation of this part of the management report is in accordance with applicable regulations. If, based on the work we have performed, we conclude that material misstatements exist, we are required to report that fact.

EDP Renováveis, S.A. 4 On the basis of the work performed, as described above, we have verified that the information mentioned in section a) above is provided in the manner required by applicable legislation and that the rest of the information contained in the management report is consistent with that contained in the annual accounts for the 2021 financial year, and its content and presentation are in accordance with applicable regulations. Responsibility of the directors and the audit, control and related party transactions committee for the annual accounts The directors are responsible for the preparation of the accompanying annual accounts, such that they fairly present the equity, financial position and financial performance of the Company, in accordance with the financial reporting framework applicable to the entity in Spain, and for such internal control as the aforementioned directors determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The audit, control and related party transactions committee is responsible for overseeing the process of preparation and presentation of the annual accounts. Auditor’s responsibilities for the audit of the annual accounts Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with legislation governing the audit practice in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts. As part of an audit in accordance with legislation governing the audit practice in Spain, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: x Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. x Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. x Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

EDP Renováveis, S.A. 5 x Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. x Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the entity's audit, control and related party transactions committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the entity's audit, control and related party transactions committee with a statement that we have complied with relevant ethical requirements, including those relating to independence, and we communicate with the aforementioned those matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the entity’s audit, control and related party transactions committee, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter. Report on other legal and regulatory requirements European single electronic format We have examined the digital file of the European single electronic format (ESEF) of EDP Renováveis, S.A. for the 2021 financial year that comprises an XHTML file of the annual accounts for the financial year, which will form part of the annual financial report. The directors of EDP Renováveis, S.A. are responsible for presenting the annual financial report for 2021 financial year in accordance with the formatting requirements established in the Delegated Regulation (EU) 2019/815 of 17 December 2018 of the European Commission (hereinafter the ESEF Regulation). Our responsibility is to examine the digital file prepared by the Company's directors, in accordance with legislation governing the audit practice in Spain. This legislation requires that we plan and execute our audit procedures in order to verify whether the content of the annual accounts included in the aforementioned file completely agrees with that of the annual accounts that we have audited, and whether the format of these accounts has been affected, in all material respects, in accordance with the requirements established in the ESEF Regulation. In our opinion, the digital file examined completely agrees with the audited annual accounts, and these are presented, in all material respects, in accordance with the requirements established in the ESEF Regulation.

EDP Renováveis, S.A. 6 Report to the audit, control and related party transactions committee The opinion expressed in this report is consistent with the content of our additional report to the audit, control and related party transactions committee of the Company dated 16 February 2022. Appointment period The General Ordinary Shareholders' Meeting held on 12 April 2021 appointed us as auditors for a period of 3 years, as from the year ended 31 December 2021. Previously, we were appointed by resolution of the General Ordinary Shareholders' Meeting for a period of 3 years and we have audited the accounts continuously since the year ended 31 December 2018. Services provided Services provided to the Company for services other than the audit of the accounts, and additional to those indicated in the note 23 of the accompanying annual accounts. For the non-audit services, provided to the Company´s subsidiaries, please see the audit report of 16 February 2022 on the consolidated annual accounts of EDP Renováveis, S.A. and subsidiaries in which they are included. PricewaterhouseCoopers Auditores, S.L. (S0242) Iñaki Goiriena Basualdu (16198) 16 February 2022 2022-02-16 09:23:51 ( UTC +01:00 ) 22725304Q IÑAKI GOIRIENA