Scatec ASA

Investor Presentation • Aug 16, 2024

Q2 2024 Solid strategic progress

CEO, Terje Pilskog & CFO, Hans Jakob Hegge

Disclaimer

The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included therein.

The following presentation may include information related to investments made and key commercial terms thereof, including future returns. Such information cannot be relied upon as a guide to the future performance of such investments. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Scatec ASA or any company within the Scatec Group. This presentation contains statements regarding the future in connection with the Scatec Group's growth initiatives, profit figures, outlook, strategies and objectives as well as forward looking statements and any such information or forward-looking statements regarding the future and/or the Scatec Group's expectations are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements.

Alternative performance measures (APM) used in this presentation are described and presented in the second quarter and first half 2024 report for the group.

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Q2 2024 Key highlights

Proportional revenues of NOK 1.5 billion and EBITDA of NOK 951 million

Construction progressing well with 10% underlying D&C margin

Signed 10-year PPA with Statkraft for 142 MW in Brazil

Signed 20-year ammonia offtake with Fertiglobe and Heads of Terms for ammonia offtake with Yara Clean Ammonia

Refinancing in the Philippines with NOK 170 million in proceeds

Ranked 2nd most sustainable company in Norway and 99th in the world by TIME magazine

Key figures - proportionate

951 NOK million 995 GWh 1,528 NOK million 579 NOK million Total revenues and other income Total EBITDA Total EBIT Power production Q2 2023: 5,784 Q2 2023: 873

Q2 2023: 1,379 Q2 2023: 700

Power Production Production increased 25% adjusted for divestments

Power Production, GWh EBITDA NOKm

Philippines EBITDA of NOK 91 million driven by Ancillary Services

EBITDA, NOK million Prices, PHP/kWh

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Net Revenue, NOK million Power Production, GWh

• Net revenues increased by 61% driven by ancillary services (AS)

• AS revenues of NOK 114 million including NOK 41 million from Q1'24
• EBITDA of NOK 91 million above estimate due to AS revenue recognition

Growth Continuing to mature our growth projects

Growth 120 MW moved to construction and new 56 MW BESS added to backlog

Asset portfolio, MW on 100% basis

^*In operation Q1'23 includes the upgrade of the Ambuklao hydropower plant

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Growth Maturing pipeline fueling attractive growth

• Above 90% of backlog and pipeline in focus markets
• 120 MW in Tunisia moved from backlog to construction
• Philippine BESS projects of 56 MW moved from pipeline to backlog
• Hydropower projects in Africa taken out of pipeline following divestment

Construction South Africa and Botswana progressing well while ramping up in Tunisia

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Q2'24 financial performance

D&C revenues Q2'24

^x36%* Gross D&C margin Q2'24

NOK 2.6 bn remaining EPC contract value

NOK 590m total equity investment

Portfolio optimisation

Divestments and refinancing supporting self-funded growth plan

Financial review

Hans Jakob Hegge, CFO

Q2'24 Proportionate Financials Power Production revenues of NOK 1,045 million

• Power Production EBITDA of NOK 873 million

• 36% gross D&C margin including Kenhardt contingency release

• Continued cost discipline reflected in corporate EBITDA

As of 1 January 2024, Scatec's revenues and operating expenses from the Service segment are reported as part of the Power Production segment.

Q2'24 Consolidated Financials Power sales increased by 29% to 1.1 billion

Revenues, NOK million

EBITDA, NOK million

• Increase in power sales driven by new plants in operation and Ukraine
• Net income from JVs of 81 million
• EBITDA increased by 3% to NOK 930 million

Proportionate Net interest-bearing debt of NOK 22 billion

NOK billion

Non-recourse project debt - in operation Corporate debt ¹⁴

• NOK 170 million in proceeds from refinancing in the Philippines
• NOK 300 million debt drawn for projects under construction
• Net corporate debt down to 8.4 billion due to increased cash & FX

Free cash on Group level NOK 592 million distributed from power plants

Q2'24 movements of the Group's free cash, NOK million

15 Movement of cash in 'recourse group' as defined in the corporate bond and loan agreements.

Outlook

Power Production

• FY'24 Power Production estimate: 4,100-4,500 GWh
• FY'24 EBITDA estimate: NOK 3,750-4,050 million
• Q3'24 Power production estimate: 1,150-1,250 GWh
• Q3'24 Philippines EBITDA estimate: NOK 280-380 million

Development & Construction

• Remaining D&C contract value: NOK 2.6 billion
• Estimated D&C gross margin: 8-10% for new projects

Corporate

• FY'24 EBITDA estimate: NOK -120 to -130 million

Key takeaways

• Strong financial performance
• Delivering on our self-funded growth plan
• Strategic divestments to fund growth and deleverage

Overview of change in net debt during the quarter - proportionate

NOK billion	Q1'24	Repayments	New debt	Change in cash	Currency effects and other changes	Q2'24
Project level	-13.1	0.4	-0.5	-0.6	0.2	-13.6
Group level	-8.7	0.0	0.0	0.2	0.1	-8.4
Total	-21.8	0.4	-0.5	-0.4	0.3	-22.0

Project and Group level net interest bearing debt

• Repayments: Ordinary project debt repayment and full repayment of the project debt in Honduras
• New debt, Project level: Drawdown of project debt for Grootfontein and Botswana and refinancing in the Philippines

Our asset portfolio

Plants in operation	MW	interest
South Africa	730	49%
Brazil	693	33%
Philippines	673	50%
Laos	525	20%
Egypt	380	51%
Ukraine	336	89%
Uganda	255	28%
Malaysia	244	100%
Pakistan	150	75%
Honduras	95	51%
Jordan	43	62%
Vietnam	39	100%
Czech Republic	20	100%
Release	38	68%
Total	4,221	50%

Capacity MW	Economic interest	Under construction		Capacity MW	Economic Interest	Project pipeline
		Grootfontein, South Africa Tunisia portfolio Mmadinare phase 1, Botswana Release		273 120 60 9	51% 51% 100% 68%
		Total		462	58%
		Project backlog		Capacity	Economic
				MW	interest
		Egypt	H 2	260	52%
		Brazil		142	100%
		South Africa		103	51%
		Botswana		60	100%
		Philippines		40	50%
		Philippines		16	50%
		Total		621	67%

	Capacity MW	Share in %
Solar	6,358	63%
Wind	2,364	23%
Hydro	144	1%
Green Hydrogen	980	10%
Release	300	3%
Total	10,146	100%