EDP Energias do Brasil S A : 1Q21 Results Release

EARNINGS CONFERENCE CALL AND WEBCAST

May 13, 2021

The Conference will be held in Portuguese with simultaneous translation into English.

Portuguese

08:30 a.m. (Brasília) [phone]Webinar in Portuguese

English

07:30 a.m. (Eastern Time) 12:30 p.m. (London Time) Webinar with simultaneous translationinto English

INVESTOR

RELATIONS

www.edp.com.br/ri

[e-mail]

+ 55 11 2185-5907

São Paulo, May 12, 2021 - ENERGIAS DO BRASIL S.A. ("EDP Energias do Brasil", "Company" or "Group") a listed company of B3's Novo Mercado (ticker: ENBR3) announces today its financial and operational results for the first quarter 2021. The information is shown in consolidated form, pursuant to the accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS), based on reviewed financial information. The independent auditors did not review the operational information.

Release 1Q21

A MESSAGE FROM THE CHIEF EXECUTIVE

The first quarter of 2021 was marked by the beginning of my term as CEO of EDP Brasil, a company where I had served as Director since 2015 and where I now take over as president with enthusiasm and pride.

In this respect, we started implementing the 2021-2025 strategic plan, which provides for BRL 10 billion in investments in the Company's main operating and in accelerated and sustainable growth of the Company. Ninety percent of the amount will be allocated to the Distribution and Solar Generation areas, with the remainder allocated to the Transmission segment. The topic was widely discussed by EDP Brasil's Executive Board during the analyst day event, held on April 26.

Although the effects of the pandemic remain evident, we have been using every effort to mitigate its impacts. We were thus able to achieve very positive results in the first quarter of 2021. Briefly put, EBITDA was BRL 1.0 billion, up 50.1% YoY, and Net income was BRL 495.8 million, up 82.9%.

We made important gains in the first months of the year, particular emphasis due on the acquisition of AES Inova, an investment platform for distributed solar energy that holds a portfolio of approximately 34 MWp, and the acquisition of Mata Grande Transmissora de Energia, the holder of Lot 18 from Transmission Auction No. 002/2018.

Also on Transmission, we are glad to underscore the partial operational startup of Transmission Lot MA I, in the state of Maranhão (Lot 7), 17 months ahead of regulatory schedule, as well as the brisk construction pace of the other Lots, reinforcing our commitment with early delivery and value crystallization.

On Distribution, the volume of energy distributed was up 4.4% due to the period's high temperatures caused by low rainfall, and an increased number of customers.

In the Trading and Generation segments, EDP Comercializadora has been key to mitigating the effects of hydrological risk, as it has been operating as an energy portfolio management instrument, acting together with hydro generation in energy sale transactions. The quarter was - again - under impact from increased hydrological risk, due to the drier scenario and the delayed rainy season. Thus, the energy allocation strategy has been focusing on the first quarter to mitigate these externalities' impacts.

EDP's consolidated leverage focuses on capital structure optimization and reached 2.5x Net Debt-to-Adjusted EBITDA at the end of the quarter, ex- non-recurring effects of the past 12 months. According to the Company's Dividends Policy as announced, we have been pursuing, and maintaining, leverage levels of approximately 2.5x to 3.0x, be it through increased investment in our business or via share buyback programs. It is worth emphasizing that, on April 06, we completed our first Share Buyback Program, which began on August 28, 2020. Over the period, we bought back 24.2 million shares, equivalent to 8.10% of the free float.

This has been a period of transformation, where the electric energy industry around the world is undergoing massive changes, with new forms of energy production and market liberalization. This shift has been adding significant momentum to the energy transition process. In line with the EDP Group's global vision, EDP Brasil enthusiastically and determinedly plays a key role in this process, standing as a leader of the shift.

Finally, I would like to thank all colleagues at EDP Brasil and in the market at large for their warm welcome to Brazil. I had the opportunity to visit some of our business units in person and meet the teams at the head of each of the Company's areas. At these meetings, I was able to see their technical skill, commitment and discipline as regards the objective of implementing our Business Plan and reach ever- higher targets and results - which the numbers provided here will substantiate. I am certain that we will keep using every effort to continue to create even more value for all of our stakeholders.

Warm regards to all of you,

João Marques da Cruz| CEO

2

Release 1Q21

	Period Highlights (BRL thousands)				1Q21				1Q20				Chg
	Gross Margin	1,385,564		1,060,492		30.7%
	PMTO	(327,029)		(333,861)		-2.0%
	Recurring PMTO1	(273,634)		(275,728)		-0.8%
	EBITDA	1,048,651		698,583		50.1%
	Adjusted EBITDA	807,472		601,318		34.3%
	Net Income	495,782		271,035		82.9%
	Adjusted Net Income	337,042		212,526		58,6%
	Capex2	523,647		197,823		164.7%
	Net Debt3	6,855,718		6,135,717		11.7%

Notes: 1 Recurring PMTO ex- B2C, Solar, Transmission, EDP Varejista, EDP Ventures, EDP GRID and Soluções. 2 Capex includes consolidated assets 3 Net debt balance as at

03/31/2021 and 12/312020. Cash includes cash at hand, securities, and escrow deposit associated with transmission financing.

3

Release 1Q21

Summary

7

8

9

9

10

10

10

11

11

12

13

15

15

17

17

18

18

19

19

19

20

21

21

22

22

23

24

25

26

26

4

Release 1Q21

EDP Listed in the ICO2 Portfolio for the First Time

On January 04, B3 announced the new Carbon-Efficient Index (Índice Carbono Eficiente - "ICO2") portfolio, valid from 01/04/2021 to 04/30/2021 and to be adjusted every four months according to IBrX 100 updates. The Index collects 62 shares of 58 B3-listed companies that collectively represent BRL 3.3 trillion in market cap. Until, 2019, IBrX 50 companies were invited to join the process. Beginning in 2020, after a methodological review process, B3 started to invite IBrX 100 companies to become part of the portfolios.

Acquisition of a Transmission Line in the state of Maranhão

On February 11, EDP announced entry into a sale agreement with the consortium formed by I.G. Distribuição e Transmissão de Energia S.A and ESS Energias Renováveis LTDA to acquire 100% of the shares of Mata Grande Transmissora de Energia LTDA ("MGTE"). MGTE comprises a 113-kilometer, 230 kV transmission line in the state of Maranhão. The project already has an installation license and operational startup is expected ahead of the ANEEL deadline of September 2022. Total estimated investment is BRL 88.5 million and the Annual Permitted Revenue ("RAP") is BRL 8.4 million1 a 9.4% RAP-to-CAPEX ratio. The acquisition closing took place on May 11.

Change in the Board of Directors of EDP Portugal

On January 19, the Company announced that a General Shareholders' Meeting of its controlling entity, EDP Portugal, elected the members of its Board of Directors ("Conselho de Administração Executivo" - CAE) for the 2021-2023 term, to include: Eng. Miguel Stilwell de Andrade as Chairman of the CAE, Eng. Miguel Nuno Simões Nunes Ferreira Setas, Eng. Rui Manoel Rodrigues Lopes Teixeira, Dr. Vera Pinto Pereira and Dr. Ana Paula Garrido Pina Marques.

Changes in the Company's Executive Board and Board of Directors

On February 19, an Extraordinary General Meeting approved changes to the Board of Directors, appointing Mr. Miguel Nuno Simões Nunes Ferreira Setas as Chairman of the Board, Mr. João Manuel Veríssimo Marques da Cruz as Deputy Chairman of the Board, and Mr. Rui Manuel Rodrigues Lopes Teixeira, Ms. Vera Pinto Pereira and Ms. Ana Paula Garrido Pina Marques as members of the Board of Directors.

In addition, the same Meting elected Mr. João Manuel Veríssimo Marques da Cruz to the position of Chief Executive Officer of EDP Brasil as Mr. Miguel Setas's replacement, and elected Ms. Fernanda Nascimento Pires to the position of People and ESG Vice President, renewing the election of Mr. Henrique Manuel Marques Faria Lima Freire as Financial and Investor Relations Vice President, Mr. Luiz Otávio Henriques as Generation, Transmission and Trading Vice President, Mr. Carlos Emanuel Andrade as Clients Vice President, and Mr. João Brito Martins as Distribution Vice President.

Acquisition of the Distributed Generation Portfolio of AES Tietê Energia S.A.

On February 25, the Company, through its subsidiary EDP Grid Gestão de Redes Inteligentes de Distribuição S.A., executed an agreement with AES Tietê Energia S.A for the acquisition of 100% of the equity stock of AES Inova Soluções de Energia Ltda., a distributed solar generation investment platform.

Completed Investment in Blue Sol Participações S.A.

On March 05, the Company, through its subsidiary EDP Ventures Brasil S.A., executed an Investment Agreement for the acquisition of up to 40% of the voting stock of Blue Sol Participações S.A.

Partial Operational Startup of EDP Transmissão MA I S.A. (Lot 07)

On March 23, the Company completed the steps required to energize one of the two stretches of EDP Transmissão MA I and integrate it with the National Interconnected System ("SIN"). Initial operational startup took place 17 months ahead of the ANEEL calendar, leading to Partial Annual Allowed Revenue ("RAP") of BRL 44,0 million¹, equivalent to 59% of the total revenue.

Conclusion of the Share Buyback Program

On April 06, the Company concluded its share buyback program, which began on August 28, 2020. The Company holds 26,109,281 common shares in Treasury.

Funds Released and Raised

The following funds were raised up to the present moment:

1 2020-2021 Cycle

5