Scatec ASA

Quarterly Report • Apr 30, 2024

First quarter report

1

2024

Scatec ASA First quarter 2024

CEO letter

Celebrating Successes

- while pursuing new value-creating growth

Over the last months, we have inaugurated our two largest plants constructed to date, Mendubim in Brazil and Kenhardt in South Africa. In addition, we also started commercial operation of the Sukkur plant in Pakistan, and we had the official groundbreaking ceremony for the Mmadinare Solar Complex in Botswana. It is with immense pride I have participated in these celebrations, seeing how the projects contribute to driving the green transition and positively impact the local communities and the life of individuals. In Q1, the effect of the plants coming into operation also starts to be visible in our Power Production segment, with proportionate EBITDA increasing by 23% to NOK 870 million.

Power production delivered 901 GWh in the quarter, up from 887 same quarter last year. The increase comes from the new projects coming online, while we also divested some projects last year and El Niño has impacted negatively in the Philippines.

In the quarter, we also commenced construction at the 273 MW Grootfontein plant in South Africa and the first 60 MW of the 120 MW solar complex in Botswana, securing development and construction revenues of NOK 2.5 billion.

At the end of the first quarter the total project pipeline was 10.8 GW, with a 63% share of solar projects and more than 90% in our focus markets. Our backlog consists of five projects totalling 685 MW including solar, battery storage and renewable capacity for green hydrogen. During the first quarter two projects totalling 333 MW were moved from backlog to construction. We continue to seek value

accretive opportunities in our markets, and I am pleased with Scatec signing a 10-year power purchase agreement in Brazil with Statkraft, a leading renewable energy generator also in Brazil. This enables us to move forward with a 142 MW solar project.

In addition, we launched our "Lyra Energy" trading platform in South Africa, with renowned local partners Stanlib and Standard Bank. Lyra is a platform that offers distributed access to affordable and predictable utility-scale renewable energy to medium and large commercial and industrial (C&I) players, strengthening our position in South Africa.

The beginning of the year has also been impacted by continued geopolitical turbulence and on the macro-economic side, inflation and interest rates are not fully tamed yet, with the 10-year US treasury bond moving up above 4.5 again.

In this environment, we have extended our maturity profile through successful issuance of a NOK 1.75 billion 4-year senior unsecured Green bond, and refinancing of a the USD 150 million Green Term Loan with new maturity in Q4 2027, and new terms and extension of the USD 180 Revolving Credit Facility until Q3 2027 – all at attractive rates.

2024 is off to a good start with EBITDA growth in the Power Production segment, new projects entering construction and also pipeline and backlog projects maturing. We are committed to our selffunded, disciplined growth plan and I would like to thank our team for the fantastic achievements we have celebrated this quarter.

First quarter 2024 Delivering on self-funded growth plan

Highlights

• Solid Power Production EBITDA increased to NOK 870 million (707)1)
• Finalised large construction program 681 MW solar in Brazil and Pakistan
• Started new construction 333 MW solar in South Africa and Botswana
• Extended debt maturity profile successful bond issue and bank refinancing
• Strengthened position in South Africa launched Lyra Energy platform

All figures on this page are Proportionate financials, see Alternative Performance Measures appendix for definition 1) Amounts from same period last year in brackets

Revenues and other income 1,226 NOK million Q1 2023: 2,626 EBITDA 848 NOK million Q1 2023: 765 Power Production 901 GWh Q1 2023: 887 EBIT 429 NOK million Q1 2023: 405

3

All time high first quarter revenues from Power Production with 23% increase in EBITDA YoY

NOK million	Q1 2024	Q4 2023	Q1 2023	FY 2023
Proportionate Financials 1) 3)
Revenues and other income	1,226	1,589	2,626	12,372
Power Production	1,062	1,044	885	4,144
Development & Construction	152	532	1,728	8,177
Corporate	12	14	13	50
EBITDA 3)	848	808	765	3,845
Power Production	870	824	707	3,334
Development & Construction	7	7	96	672
Corporate	-29	-23	-39	-162
Operating profit (EBIT)	429	463	405	2,152
Power Production	462	488	403	1,743
Development & Construction	6	8	49	607
Corporate	-39	-33	-47	-198
bearing debt 3) Net interest-	21,792	20,786	20,279	20,786
Scatec's share of distributions from power plant companies	144	418	202	914
Power Production (GWh)	901	811	887	3,615
Power Production (GWh) 100% 2)	2,142	1,918	2,106	8,540

1) The segment reporting structure was changed effective as of 1 January 2024 and comparable figures for 2023 have been restated 2) Production volume on 100% basis from all entities, including JV companies

NOK million	Q1 2024	Q4 2023	Q1 2023	FY 2023
Consolidated IFRS Financials
Revenues and other income	1,281	1,624	919	4,721
EBITDA 3)	1,016	1,348	629	3,567
Operating profit (EBIT)	643	1,103	353	2,625
Profit/(loss)	-26	724	-98	1,122
Basic earnings per share	-0.73	2.80	-1.02	3.95
bearing debt 3) Net interest-	24,695	23,284	22,257	23,284

3) See Alternative Performance Measures appendix for definition

Solid Power Production EBITDA

Power Production generated all-time-high first quarter revenues driven by new plants in operation, settlement in Honduras, and strong contributions from Ukraine.

Revenues and other income increased by 20% compared to last year, mainly driven by Kenhardt in South Africa which started commercial operations in the previous quarter. In addition, Scatec signed a settlement agreement and an amended PPA with ENEE in Honduras and recognised NOK 85 million in one-off compensation. The quarter was also positively impacted by high payment levels in Ukraine and a gain of NOK 33 million from sale in Brazil after Alunorte entered the Mendubim project with a 10% economic interest.

The revenue increase was partly offset by divestments in 2023 and decreased revenues in the Philippines in the quarter mainly due to lower inflows caused by El Nino. Power production was impacted by the same factors and delivered 901 GWh compared to 887 GWh last year with plant availability close to 100%. Adjusted for divestments power production increased by 20%.

Power production EBITDA increased by a total of 23% to NOK 870 million due to the factors above. New projects in operation and currency effects led to an 8% increase in operating expenses.

Scatec also delivered a solid EBIT increased by NOK 59 million driven by the EBITDA increase, partly offset by a NOK 60 million impairment in Honduras reflecting the lower tariff in the amended PPA. Depreciation increased year-on-year due to the new plants in operation, partly offset by divested entities.

Cash flow to Equity increased by 35% to NOK 363, positively impacted by the strong EBITDA generation and NOK 83 million in proceeds from the divested shares in the Mendubim project in Brazil.

NOK million 1)			Q1 2024 Q1 2023 Q4 2023 FY 2023
Revenue and other income	1,062	885	1,044	4,150
Operating expenses	-192	-178	-222	-815
EBITDA	870	707	824	3,334
EBITDA margin	82%	80%	79%	80%
EBIT	462	403	489	1,743
Cash flow to equity	363	268	424	1,759

1) See Alternative Performance Measures appendix for definition

23% EBITDA increase QoQ driven by new plants in operation and settlement in Honduras MNOK EBITDA

Finalised the largest construction programme ever while embarking on new construction for 2024

During the quarter Scatec finalised construction and reached commercial operations for Mendubim in Brazil and Sukkur in Pakistan, while starting construction in South Africa and Botswana.

Projects under construction generated NOK 152 million of revenues in the quarter. NOK 65 million of contingencies related to Kenhardt were further released, leading to a gross margin of 49%. The underlying gross margin for the new projects under construction was 9%. Operating expenses were reduced to NOK 68 million based on continued focus on managing costs.

EBITDA ended at NOK 7 million (96) and Cash flow to Equity at NOK 5 million (88) in the quarter explained by the above.

NOK million 1)			Q1 2024 Q1 2023 Q4 2023 FY 2023
Revenue and other income	152	1,728	532	8,177
Gross profit	75	190	79	994
Operating expenses	-68	-94	-73	-322
EBITDA	7	96	7	672
EBIT	6	49	8	607
Cash flow to equity	5	88	11	555

1) See Alternative Performance Measures appendix for definition

Backlog and Pipeline

In addition to the projects under construction, Scatec holds a solid portfolio of projects in backlog and pipeline. The backlog consists of four projects totalling 685 MW including solar, battery storage and renewable capacity for green hydrogen.

The decision to start construction of the 273 MW solar in South Africa and 60 MW solar in Botswana backlog projects in the quarter were based on strong business cases meeting Scatec's investment hurdles, final governmental approvals, completion of project finance processes and component price development.

During the quarter, Scatec secured a 10-year PPA with Statkraft for the sales of 75% of the energy produced for the 142 MW solar plant in Brazil and the project was moved into backlog.

Scatec continues to high-grade the pipeline, focusing on project locations, timelines, maturity and value creation. At the end of the first quarter the total project pipeline was 10,836 MW, with a 63% share of solar projects and more than 90% in focus markets.

The pipeline projects are in different stages of development and maturity, but they are typically in markets with an established government framework for renewables.

Maturing pipeline fueling attractive growth dominated by attractive solar PV projects in our focus markets

333 MW of backlog projects started construction in the first quarter

Backlog and pipeline review1)

Location	Q1 2024 Capacity (MW)	Q1 2023 Capacity (MW)
Project backlog 2)	685	953
Project pipeline 2)	10,836	13,166
Total	11,521	14,119

1) Status per reporting date

2) See other definitions

Continued cost discipline in corporate functions

Corporate revenues were in line with last year. Operating expenses decreased by NOK 10 million compared to the same quarter last year driven by the cost efficiency programme.

Cash flow to Equity for the Corporate segment was NOK -225 million explained by amortisation and interest costs on corporate debt.

NOK million 1)			Q1 2024 Q1 2023 Q4 2023 FY 2023
Revenue and other income	12	13	14	50
Operating expenses	-41	-52	-38	-212
EBITDA	-29	-39	-23	-162
EBIT	-39	-47	-33	-198
Cash flow to equity	-225	-157	-187	-716

1) See Alternative Performance Measures appendix for definition

For further details on financial results for segment reporting on a country -by -country basis please refer to Scatec's 'Q1 2024 historical financial information published on Scatec's web page.

7

Full-year EBITDA estimate increased

Full-year 2024 EBITDA estimate increased by NOK 350 million for Power production reflecting strong first quarter performance, FX effects and inclusion of the Services segment.

Power Production

Second quarter 2024 power production is estimated at 1,000-1,100 GWh on proportionate basis.

In the Philippines, EBITDA for the second quarter 2024 is estimated at NOK 10-70 million based on lower-than-average power production due to continued effects from el Niño and higher power market prices compared to the first quarter in 2024.

The full-year 2024 proportionate EBITDA estimate has increased by NOK 350 million to a mid-point of NOK 3.9 billion compared to the year-end 2023 estimate. The increase is explained by actual first quarter performance, currency exchange rates as per the end of first quarter 2024, and inclusion of the Services segment. The estimate reflects a normalisation to P50 production in the second half of 2024 in the Philippines from the ongoing El Niño phenomenon.

The full year estimate for Ancillary Services in the Philippines is subject to regulatory uncertainty. Firstly, Scatec delivers volumes under long-term ancillary services contracts which started in September 2023. The prices received are however in line with the previous expired contracts, as the higher awarded prices are pending regulatory approval. Approval is expected to be received later this year with retroactive effect. The difference between the awarded prices and the recognised prices is estimated to NOK 160 million for the year which is included in the full-year 2024 EBITDA estimate.

Secondly, the regulatory authorities in the Philippines started operations of a reserve market for ancillary services on 26 January 2024. The market was however suspended on 26 March 2024 following volatile prices but is expected to resume later this year when an audit of the market pricing system is finalised. Scatec participated in the market between start-up and suspension. The revenues earned in the period was NOK 105 million, but no revenues were recognised due to the regulatory uncertainty. The revenues are expected to be recognised later this year when the audit of the pricing system is concluded and the revenue recognition criteria are met, hence the NOK 105 million is included in the full-year 2024 EBITDA estimate.

Development & Construction

At the end of the first quarter 2024 the value of the remaining construction contracts was approximately NOK 2.3 billion related to the 273 MW Grootfontein project in South Africa and the first 60 MW of the 120 MW Mmadinare Solar Complex in Botswana.

D&C revenues and margins are dependent on progress on development and construction projects. The above-mentioned projects commenced construction in the quarter, and the percentage of completion is expected to increase next quarter according to planned progress following an S-curve.

In line with previous communication, Scatec estimates to generate an average D&C gross margin of 8-10 percent for new projects under construction.

Corporate

2024 EBITDA for Corporate is estimated to be between NOK -120 million and NOK -130 million.

All figures related to estimated performance are based on the Company's current assumptions and are subject to change. Further, all figures related to Power Production are based on assets in operations as per the end of the first quarter 2024.

Power Production

FY'24 power production estimate	4,200-4,600 GWh
Q2'24 power production estimate	1,000-1,100 GWh
FY'24 EBITDA estimate	NOK 3,750-4,050 million
Q2'24 Philippines EBITDA estimate	NOK 10-70 million

Development & Construction

8-10 percent
NOK -120 to -130 million

Scatec ASA First quarter 2024

Forward-looking statements reflect current views about future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Although Scatec believes that these assumptions were reasonable when made, the Group cannot assure that the future results, level of activity or performances will meet these expectations.

IFRS Consolidated financials

Revenues

Revenues and other income increased to NOK 1,219 million (841) in the quarter, mainly driven by Kenhardt in South Africa and by NOK 152 million in one-off compensation in Honduras following the settlement agreement for the amended PPA. The quarter was further positively impacted by high payment levels in Ukraine.

Net income from joint ventures (JVs) and associated companies was NOK 62 million (78) in the quarter. The change compared to the same quarter last year is mainly driven by lower water inflows in the Philippines caused by El Nino, partly offset by the gain on the divested shares in the Mendubim project in Brazil.

Operating profit

Consolidated operating expenses were NOK 266 million, a decrease by NOK 25 million compared to the same quarter last year driven by the Group's cost efficiency programme. EBITDA reached NOK 1,016 million (629) in the quarter explained by the factors above.

Depreciation, amortisation and impairment for the quarter of NOK 373 million (276) include depreciation of new plants in operation and impairment of NOK 81 million in Honduras reflecting the lower tariff in the amended PPA. The effects were partly offset by depreciation for divested consolidated entities.

Net financial income and expenses

Net financial expenses increased year-on-year to negative NOK 681 million (-350), explained by interest cost on non-recourse debt for new plants in operation and increased interest cost on corporate debt. Further, the devaluation of the Egyptian pound in March resulted in a FX loss of NOK 65 million. The first quarter in 2023 was positively impacted by a gain on USD/ZAR currency hedging contracts related to the construction of the Kenhardt projects.

Net profit

The Group recognised a tax benefit of NOK 12 million (-100) in the quarter.

Net profit for the quarter was negative NOK 26 million (-98) while profit attributable to Scatec was negative NOK 115 million (-163). The allocation of profits between non-controlling interests (NCI) and Scatec is impacted by the fact that NCI only represent shareholdings in the power plants that are fully consolidated, while Scatec also carries the cost of project development, construction, operation & maintenance and corporate functions. Profits allocated to NCI neither include net income from JVs and associated companies.

Profit and loss

NOK million Q1 2024 Q1 2023 Q4 2023 FY 2023 Revenues 1,219 841 906 3,399 Net gain/(loss) from sale of project assets - - 532 1,276 Net income/(loss) from JVs and associated 62 78 186 46 EBITDA 1,016 629 1,348 3,567 Operating profit (EBIT) 643 353 1,103 2,625 Net financial expenses -681 -350 -632 -1,617 Profit before income tax -38 2 471 1,008 Profit/(loss) for the period -26 -98 724 1,122

Maintaining strong liquidity position

Maintained strong liquidity position with NOK 0.7 billion in free cash and NOK 1.2 billion undrawn credit facilities

Financial review of free cash flow

Free cash at Group level is Scatec's share of available cash in recourse group. Recourse group entities are defined as all entities in the Group excluding renewable energy companies, namely power plant companies.

Cash flow from operations was negative NOK 49 million (207) in the quarter mainly explained by working capital changes for the Kenhardt project, partly offset by distributions from power plant companies.

Cash flow from investments was negative NOK 129 million (-414) driven by the final equity injection to the Kenhardt project.

Cash flows from financing was negative NOK 84 million (-122) explained by interest payments on corporate debt, partly offset by proceeds from corporate financing. Proceeds and repayments from corporate financing include buy back of EUR 136 million of the 250 million EUR bond and the 1,750 million NOK bond, and bi-annual repayment of USD term loans of USD 12.5 million.

Free cash as of 31 March 2024 was NOK 714 million and available undrawn credit facilities of NOK 1,249 million. In total, the Group had NOK 1,963 million in available liquidity.

Movement in free cash at Group level

NOK million	Q1 2024	Q4 2023	Q1 2023	FY 2023
Scatec's share of distributions from power plant companies	144	418	202	914
EBITDA from D&C and Corporate segments	-22	-17	58	510
Taxes paid	-14	-80	3	-167
Changes in working capital	-178	-988	-57	-213
Other changes and FX	20	-115	2	259
Cash flow from operations	-49	-782	207	1,303
Scatec's share of equity injection and shareholder loans in projects under construction	-120	-529	-302	-1,723
Scatec's share of equity injection, shareholder loans and capitalised expenditures in projects under development	-35	-130	-129	-503
Net proceeds from disposals of project assets	-	86	-	632
Interest received	26	28	17	107
Cash flow from investments	-129	-545	-414	-1,487
Drawdown of credit facilities in Scatec ASA	-	713	-	713
Net of proceeds and repayments from corporate financing 1)	26	-247	-32	-357
Interest paid	-110	-123	-90	-630
Dividend distribution to Scatec ASA shareholders	-	-	-	-308
Cash flow from financing	-84	343	-122	-582
Change in cash and cash equivalents	-263	-984	-329	-766
Free cash at beginning of period	977	1,961	1,743	1,743
Free cash at end of period	714	977	1,414 977
Available undrawn credit facilities	1,249	1,171	1,932	1,171
Total free cash and undrawn credit facilities at the end of period	1,963	2,148	3,346	2,148

1) Net of proceeds and repayments from corporate financing includes repayment of construction loan for Ukraine to PowerChina in Q4 2023.

ESG performance

Continuing our journey to Net Zero

Scatec's near term and net zero targets were validated by the Science Based Target Initiative (SBTi) in January 2023, to minimise direct emissions by 2030 and achieve net zero emissions across the Company's value chain by 2040. Scatec's Net Zero Roadmap details the six key initiatives that will be prioritised to reach the targets. This plan integrates climate mitigation into the Company's day-to-day operations, driving necessary changes to operations, technology, and behaviour. The initiatives included were selected based on an analysis of climate emissions over the past few years across all three scopes. Refer to the Company's corporate website under "ESG resources" for all published reports.

Environmental

New projects in the Philippines were subject to E&S desktop screening, due diligences and impact assessments during the first quarter. These new projects are Category B projects according to the IFC Performance Standards, with potential limited adverse E&S impact.

For the first quarter 2024, 0.7 million tonnes of GHG emissions were avoided for projects where Scatec has operational control. On a 100% basis, for all projects where Scatec has an ownership stake, 1.16 mill tonnes of GHG emissions were avoided. The increase from the previous quarter reflects new projects in Brazil, Pakistan and South Africa that started producing renewable energy.

The total water withdrawal amounted to 6.0 million litres in the first quarter 2024. The increase compared to fourth quarter 2023 is attributed to the 540 MW Kenhardt project that started operations in South Africa.

Social

At the end of first quarter 2024, 31% of leaders in the Company were female, compared to 29% in the previous quarter.

During the quarter, 9.2 million working hours were exceeded with no fatalities or serious injuries (12 months rolling). The lost time incident frequency rate (LTIF) for the first quarter 2024 was 0.7 per million working hours, slightly lower than fourth quarter 2023.

Governance

The two whistleblowing reports received during the quarter relate to the workplace environment, and health and safety. All reports were investigated according to the Company's procedures.

Scatec engages its strategic suppliers through tailored ESG workshops on an annual basis. Workshops include various topics such as human rights, traceability, climate and emissions.

ESG reporting

Scatec reports on the Company's results and performance across material environmental, social and governance (ESG) topics on a quarterly basis.

	Indicator1)	Unit	Q1 2024	Q4 2023	Q1 2023	FY 2023	Targets 2024
Environmental	Environmental and social assessments	% completed in new projects	100	100	100	100	100
	GHG emissions avoided2)	mill tonnes CO2e	0.7	0.5	0.5	1.9	2.8
	Water withdrawal	mill litres (water-stressed3) areas)	6.0	2.8	1.8	9.3	N/A
Social	Lost Time Incident Frequency (LTIF)	per mill hours (12 months rolling)	0.7	0.9	0.7	0.9	≤ 2.2
	Hours worked	mill hours (12 months rolling)	9.2	9.2	5.8	9.2	N/A
	Female leaders	% of females in mgmt. positions	31	29	29	29	31
Governance	Whistleblowing channel	number of reports received	2	2	6	29	N/A
	Corruption incidents	number of confirmed incidents	0	0	0	0	0
	Supplier ESG workshops	% of strategic suppliers	0	0	0	50	100

1) For a definition of each indicator in the table see ESG Performance Indicators under other definitions on page 30.

2) The figure includes the actual annual production for all renewable power projects where Scatec has operational control.

3) As per the WRI Aqueduct Water Risk Atlas, Scatec reports on water withdrawal for projects located within water-stressed areas in South Africa and Jordan.

Condensed interim consolidated financial statements

Interim consolidated statement of profit and loss

NOK million	Notes	Q1 2024	Q1 2023	FY 2023
Revenues	2	1,219	841	3,399
Net gain/(loss) from sale of project assets		-	-	1,276
Net income/(loss) from JVs and associated companies	5	62	78	46
Total revenues and other income		1,281	919	4,721
Personnel expenses	2	-115	-149	-570
Other operating expenses	2	-150	-141	-584
Depreciation, amortisation and impairment	2, 4	-373	-276	-942
Operating profit (EBIT)		643	353	2,625
Interest and other financial income		47	149	415
Interest and other financial expenses		-685	-466	-1,977
Net foreign exchange gain/(losses)		-44	-34	-56
Net financial expenses		-681	-350	-1,617
Profit/(loss) before income tax		-38	2	1,008
Income tax (expense)/benefit	3	12	-100	114
Profit/(loss) for the period		-26	-98	1,122
Profit/(loss) attributable to:
Equity holders of the parent		-115	-163	628
Non-controlling interest		89	65	494
Basic earnings per share (NOK) 1)		-0.73	-1.02	3.95
Diluted earnings per share (NOK) 1)		-0.73	-1.02	3.95

1) Based on average 158.9 million shares outstanding for the purpose of earnings per share in Q1 2024

Scatec ASA First quarter 2024

Interim consolidated statement of comprehensive income

NOK million	Notes	Q1 2024	Q1 2023	FY 2023
Profit/(loss) for the period		-26	-98	1,122
Other comprehensive income:
Items that may subsequently be reclassified to profit or loss
Net movement of cash flow hedges		206	-220	-292
Income tax effect	3	-37	53	69
Foreign currency translation differences		565	798	194
Net other comprehensive income to be reclassified		735	631	-30
Total comprehensive income for the period net of tax		709	533	1,092
Attributable to:
Equity holders of the parent		480	497	704
Non-controlling interest		229	37	389

Interim consolidated statement of financial position

NOK million	Notes		31 March 2024 31 December 2023
Assets
Non-current assets
Deferred tax assets	3	1,297	1,226
Property, plant and equipment	4	22,845	22,035
Goodwill and intangible assets		760	717
Investments in JVs and associated companies	5	13,127	12,368
Other non-current assets		560	564
Total non-current assets		38,588	36,911
Current assets

Trade and other receivables	684	478
Other current assets	612	1,166
Cash and cash equivalents	3,252	3,101
Assets classified as held for sale	154	138
Total current assets	4,702	4,884
Total assets	43,289	41,795

NOK million	Notes		31 March 2024 31 December 2023
Equity and liabilities
Equity
Share capital		4	4
Share premium		9,851	9,847
Total paid in capital		9,855	9,851
Retained earnings		-2,027	-1,911
Other reserves		1,342	747
Total other equity		-685	-1,164
Non-controlling interests		2,088	1,884
Total equity		11,258	10,570
Non-current liabilities
Deferred tax liabilities	3	882	849
Corporate financing	6	8,347	7,947
Non-recourse project financing	6	15,785	15,026
Other financial liabilities		183	179
Other interest-bearing liabilities	6	260	247
Other non-current liabilities		1,351	1,343
Total non-current liabilities		26,808	25,590
Current liabilities
Corporate financing	6	1,267	1,132
Non-recourse project financing	6	2,178	1,931
Income tax payable	3	105	48
Trade and other payables		184	294
Other financial liabilities		24	41
Other current liabilities		1,326	2,060
Liabilities directly associated with assets classified as held for sale		138	129
Total current liabilities		5,222	5,635
Total liabilities		32,031	31,225
Total equity and liabilities		43,289	41,795

Oslo, 29 April 2024

The Board of Directors Scatec ASA

Interim consolidated statement of changes in equity

				Other reserves
NOK million	Share capital	Share premium	Retained earnings	Foreign currency translation	Hedging reserves	Total	Non-controlling interests	Total equity
1 January 2023	4	9,819	-2,231	472	199	8,263	540	8,803
Profit for the period	-	-	-163	-	-	-163	65	-98
Other comprehensive income	-	-	-	753	-93	660	-29	631
Total comprehensive income	-	-	-163	753	-93	497	37	533
Share-based payment	-	11	-	-	-	11	-	11
Dividend distribution	-	-	-	-	-	-	-80	-80
Capital increase from NCI	-	-	-	-	-	-	-22	-22
31 March 2023	4	9,830	-2,394	1,225	106	8,771	475	9,246
1 January 2024	4	9,847	-1,911	713	34	8,686	1,884	10,570
Profit for the period	-	-	-115	-	-	-115	89	-26
Other comprehensive income	-	-	-	459	135	595	139	735
Total comprehensive income	-	-	-115	459	135	480	229	709
Share-based payment	-	4	-	-	-	4	-	4
Dividend distribution	-	-	-	-	-	-	-135	-135
Capital increase from NCI	-	-	-	-	-	-	110	110
31 March 2024	4	9,851	-2,027	1,172	169	9,170	2,088	11,258

Interim consolidated statement of cash flow

NOK million	Notes	Q1 2024	Q1 2023 1)	FY 2023
Cash flow from operating activities
Operating profit (EBIT)		643	353	2,625
Depreciation and impairment	4	373	276	942
Net income from JV and associated companies	5	-62	-78	-46
Gain from sale of project assets		-	-	-1,276
Taxes paid		9	-6	-261
Net proceeds from sale of fixed assets		1	12	68
Increase/(decrease) in trade and other receivables		-206	-50	18
Increase/(decrease) in trade and other payables		97	-98	-77
Increase/(decrease) in other assets and liabilities 1)		1	-58	191
Net cash flow from operating activities		855	351	2,184
Cash flow from investing activities

Investments in property, plant and equipment 1)	4	-708	-1,172	-7,145
Proceeds from sale of project assets, net of cash disposed		-	-	390
Distributions from JV and associated companies	5	-	82	457
Investments in JV and associated companies	5	21	-286	-447
Interest received		47	34	170
Net cash flow from investing activities		-640	-1,342	-6,575

1) Cash-flows related to prepayments and incurred expenses for construction of new power plants are from 2023 presented as investing activities in line item "Investments in property, plants and equipment". Comparable numbers are correspondingly updated. The comparative amounts for Q1 2023 prior to restatement were NOK -1,951 million for "Investments in property, plant and equipment" and NOK 573 million for "Increase/decrease in current assets and current liabilities".

NOK million	Notes	Q1 2024	Q1 2023 1)	FY 2023
Cash flow from financing activities
Proceeds from non-recourse project financing	6	334	1,214	6,038
Proceeds from corporate financing	6	1,702	-	713
Repayment of non-recourse financing	6	-288	-240	-1,818
Repayment of corporate financing	6	-1,676	-32	-110
Interest paid		-297	-411	-1,962
Dividends paid to equity holders of the parent company and non-controlling interests		-73	-80	-429
Proceeds from non-controlling interests		112	-	944
Repayments to non-controlling interests		-1	-22	-35
Payments of principal portion of lease liabilities		-5	-6	-21
Interest paid on lease liabilities		-7	-5	-27
Net cash flow from financing activities		-200	418	3,294
Net increase/(decrease) in cash and cash equivalents		16	-573	-1,097
Effect of exchange rate changes on cash and cash equivalents		151	193	78
Cash transferred to assets held for sale		-16	-96	-12
Cash and cash equivalents at beginning of the period		3,101	4,132	4,132
Cash and cash equivalents at end of the period		3,252	3,656	3,102

Notes to the condensed interim consolidated financial statements

Note 01 Organisation and basis for preparation

Corporate information

Scatec ASA is incorporated and domiciled in Norway. The address of its registered office is Askekroken 11, NO-0277 Oslo, Norway. Scatec ASA was established on 2 February 2007. Scatec ASA ("the Company"), its subsidiaries and investments in associated companies ("the Group" or "Scatec") is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, Scatec develops, builds, owns, and operates renewable energy plants.

Basis of preparation

These condensed interim consolidated financial statements are prepared in accordance with recognition, measurement, and presentation principles consistent with International Financing Reporting Standards as adopted by the European Union ("IFRS") for interim reporting under International Accounting Standard ("IAS") 34 Interim Financial Reporting. These condensed interim consolidated financial statements are unaudited.

These condensed interim consolidated financial statements are condensed and do not include all of the information and notes required by IFRS for a complete set of consolidated financial statements. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements. The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for 2023.

The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which each company operates. The presentation currency of the Group is Norwegian kroner (NOK). All amounts are presented in NOK million unless otherwise stated. As a result of rounding adjustments, the figures in some columns may not add up to the total of that column.

Significant estimates and judgements

In the preparation of the condensed interim consolidated financial statements in conformity with IFRS, management has made estimates and assumptions and applied judgements, that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis, considering the current and expected future market conditions. Changes in accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

In the process of applying the Group's accounting policies, management makes judgements of which the following have the most

significant effect on the amounts recognised in the condensed interim financial statements.

Consolidation of power plant companies

Scatec's value chain comprises all downstream activities such as project development, financing, construction and operations, as well as having an asset management role through ownership of the power plants. Normally Scatec enters into partnerships for the shareholding of the power plant companies. To be able to fully utilise the business model, Scatec normally seeks to obtain operational control of the power plant companies. Operational control is obtained through governing bodies, shareholder agreements and other contractual arrangements. Other contractual arrangements may include Scatec's role as the developer of the project, EPC provider (construction), operation and maintenance service provider and asset management service provider.

When assessing whether Scatec controls a power plant company, the Group's roles and activities are analysed in line with the requirements and definitions in IFRS 10. Refer to note 2 of the 2023 Annual Report for further information on judgements, including control assessments made in previous years.

Seasonality in operations

Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. The Group's operating results are impacted by external factors, such as seasonal variations and weather conditions.

Note 02 Operating segments

Operating segments align with internal management reporting to the Group's chief operating decision makers, defined as the Group management team. The operating segments are determined based on differences in the nature of their operations, products and services. Scatec manages its operations in three segments: Power Production (PP), Development & Construction (D&C) and Corporate.

The segment financials are reported on a proportionate basis. With proportionate financials Scatec reports its share of revenues, expenses, profits and cash flows from all its subsidiaries, associates and joint ventures without eliminations based on Scatec's economic interest in the subsidiaries. The Group introduced proportionate financials as the Group is of the opinion that this method improves earnings visibility.

Proportionate financials are further described in the APM section of this report.

The Group has reorganised its segment structure and the Service segment is reported as part of the Power Production segment, effective from 1 January 2024. Comparable periods have been restated accordingly.

Q1 2024

	Proportionate financials
NOK million	1) Power Production	Development & Construction	Corporate	Total	Residual ownership for fully consolidated entities	Elimination of equity consolidated entities	Other eliminations	Consolidated financials
External revenues	1,029	-	-	1,029	467	-314	37	1,219
Net gain/(loss) from sale of project assets	33	-	-	33	-	-33	-	-
Internal revenues	-	152	12	164	22	-33	-154	-
Net income/(loss) from JVs and associates	-	-	-	-	-	62	-	62
Total revenues and other income	1,062	152	12	1,226	489	-318	-117	1,281
Cost of sales	-	-78	-	-78	-24	31	71	-
Gross profit	1,062	75	12	1,149	465	-286	-46	1,281
Personnel expenses	-75	-45	-24	-144	-4	31	2	-115
Other operating expenses	-117	-23	-17	-156	-56	50	13	-150
EBITDA	870	7	-29	848	405	-206	-31	1,016
Depreciation and impairment	-408	-1	-10	-419	-105	148	3	-373
Operating profit (EBIT)	462	6	-39	429	300	-58	-28	643

1) The segment reporting structure was changed effective as of 1 January 2024 and comparable figures for 2023 have been restated

Q1 2023

	Proportionate financials
NOK million	Power Production 1)	Development & Construction	Corporate	Total	Residual ownership for fully consolidated entities	Elimination of equity consolidated entities	Other eliminations	Consolidated financials
External revenues	885	-	-	885	298	-346	5	841
Internal revenues	-	1,728	13	1,742	371	-65	-2,047	-
Net income/(loss) from JVs and associates	-	-	-	-	-	78	-	78
Total revenues and other income	885	1,728	13	2,626	669	-333	-2,042	919
Cost of sales	1	-1,538	-	-1,537	-350	50	1,838	-
Gross profit	885	190	14	1,089	318	-283	-205	919
Personnel expenses	-67	-64	-32	-163	-2	21	-4	-149
Other operating expenses	-111	-30	-21	-161	-49	54	15	-141
EBITDA	707	96	-39	765	267	-209	-194	629
Depreciation and impairment	-305	-47	-8	-360	-62	129	17	-276
Operating profit (EBIT)	403	49	-47	405	205	-80	-177	353

FY 2023

	Proportionate financials
NOK million	Power Production 1)	Development & Construction	Corporate	Total	Residual ownership for fully consolidated entities	Elimination of equity consolidated entities	Other eliminations	Consolidated financials
External revenues	3,792	4	-	3,796	1,199	-1,601	4	3,399
Net gain/(loss) from sale of project assets	348	-	-	348	-	-	928	1,276
Internal revenues	6	8,172	50	8,228	1,929	-521	-9,636	-
Net income/(loss) from JVs and associates	-	-	-	-	-	46	-	46
Total revenues and other income	4,145	8,177	50	12,373	3,128	-2,076	-8,703	4,721
Cost of sales	5	-7,182	-	-7,179	-1,888	502	8,565	-
Gross profit	4,150	994	50	5,194	1,239	-1,575	-138	4,721
Personnel expenses	-278	-216	-139	-633	-12	94	-20	-570
Other operating expenses	-536	-107	-74	-716	-201	279	53	-584
EBITDA	3,334	672	-162	3,845	1,027	-1,201	-105	3,567
Depreciation and impairment	-1,591	-65	-36	-1,692	-323	939	135	-942
Operating profit (EBIT)	1,743	607	-198	2,152	704	-262	31	2,625

1) The segment reporting structure was changed effective as of 1 January 2024 and comparable figures for 2023 have been restated

Note 03 Income tax expense

Effective tax rate

NOK million	Q1 2024	Q1 2023	FY 2023
Profit before income tax	-38	2	1,008
Income tax (expense)/benefit	12	-100	114
Equivalent to a tax rate of (%)	NA	NA	-11%

Movement in deferred tax

NOK million	Q1 2024	Q1 2023	FY 2023
Net deferred tax asset at the beginning of the period	377	117	117
Recognised in the consolidated statement of profit or loss	72	21	384
Deferred tax on financial instruments recognised in OCI	-37	53	69
Deferred tax transferred to assets classified as held for sale	-	-193	-193
Effect of movements in foreign exchange rates	2	5	-
Net deferred tax asset/(liability) at the end of the period	414	3	377

The Group recognised tax benefit of NOK 12 million (-100) in the first quarter. The difference between the effective tax expense for the quarter and the calculated tax expense based on the Norwegian tax rate of 22% is mainly driven by the differences in tax rates between the jurisdictions in which the companies operate, withholding taxes paid on dividends, currency effects and effects from unrecognised tax losses. The profit/loss from JVs and associates are reported net after tax which also impacts the effective tax rate.

The underlying tax rates in the companies in operation are in the range of 0% to 30%. In some markets, Scatec receives special tax incentives intended to promote investments in renewable energy.

Note 04 Property, plant and equipment

Movement in Property, plant and equipment

		Power plants under
NOK million	Power plants	development and construction	Other fixed assets	Total
Carrying value at 31 December 2023	20,855	943	238	22,035
Additions	10	315	7	332
Disposals	-1	-	-	-1
Transfer between asset classes	367	-367	-	-
Depreciation and amortisation	-274	-	-12	-286
Impairment losses	-81	-	-	-81
Effect of movements in foreign exchange rates	768	64	12	844
Carrying value at 31 March 2024	21,645	955	245	22,845
Estimated useful life (years)	20-30	N/A	3-5

In the first quarter, Scatec recognised NOK 152 million in additional revenues and an impairment loss of NOK 81 million in Honduras reflecting the upfront compensation and lower tariff in the amended PPA agreement.

Transfer between asset classes mainly relates to the plants which started operation in the first quarter.

Note 05 Investments in joint venture and associated companies

The consolidated financial statements include the Group's share of profit/loss from joint ventures and associated companies where the Group has joint control or significant influence, accounted for using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted for further investments, distributions and the Group's share of the net income from the investment. In the first quarter of 2024 Alunorte entered the Mendubim project in Brazil with a 10% economic interest and Scatec's ownership share decreased from 33% to 30%.

Movement in carrying value of joint ventures and associated companies

Country	Carrying value 31 December 2023	Additions/ disposals	Net income/(loss) from JV and associated companies Dividends		Net movement of cash flow hedges recognised in OCI	Foreign currency translations	Carrying value 31 March 2024
Philippines	6,770	-5	-20	-	-	365	7,110
Laos	1,882	1	13	-	-	126	2,022
Uganda	1,288	-	35	-	22	87	1,432
Release	1,217	1	-	-	-	76	1,295
Brazil	1,093	3	24	-	-	35	1,155
Other 1)	118	-21	10	-	-	8	114
Total	12,368	-21	62	-	22	697	13,127

1) Other includes Malawi, Rwanda and the Netherlands.

Company	Registered office		31 March 2024 31 December 2023
Scatec Solar Brazil BV	Amsterdam, the Netherlands	50.00%	50.00%
Apodi I Energia SPE S.A	Quixeré, Brazil	43.75%	43.75%
Apodi II Energia SPE S.A	Quixeré, Brazil	43.75%	43.75%
Apodi III Energia SPE S.A	Quixeré, Brazil	43.75%	43.75%
Apodi IV Energia SPE S.A	Quixeré, Brazil	43.75%	43.75%
Mendubim Holding B.V. 1)	Amsterdam, the Netherlands	33.33%	33.33%
1) Mendubim Geração de Energia Ltda.	Assu, Brazil	30.00%	33.33%
Mendubim (I-XIII) Energia Ltda. 1)	Assu, Brazil	30.00%	33.33%
1) Mendubim Solar EPC Ltda.	Assu, Brazil	33.33%	33.33%
Scatec Solar Solutions Brazil B.V.	Amsterdam, the Netherlands	50.00%	50.00%
Scatec Solar Brasil Servicos De Engenharia LTDA	São Paulo, Brazil	50.00%	50.00%
Theun-Hinboun Power Company	Vientiane, Laos	20.00%	20.00%
SN Aboitiz Power – Magat Inc	Manila, Phillippines	50.00%	50.00%
Manila-Oslo Reneweable Enterprise	Manila, Phillippines	16.70%	16.70%
SN Aboitiz Power – Benguet Inc	Manila, Phillippines	50.00%	50.00%
SN Aboitiz Power – RES Inc	Manila, Phillippines	50.00%	50.00%
SN Aboitiz Power – Generation Inc	Manila, Phillippines	50.00%	50.00%
SN Power Uganda Ltd.	Kampala, Uganda	51.00%	51.00%
Bujagali Energy Ltd.	Jinja, Uganda	28.28%	28.28%
Ruzizi Energy Ltd.	Kigali, Rwanda	20.40%	20.40%
SN Development B.V.	Amsterdam, the Netherlands	51.00%	51.00%
Mpatamanga Hydro Power Ltd.	Blantyre, Malawi	14.00%	14.00%
SN Malawi B.V.	Amsterdam, the Netherlands	51.00%	51.00%
Release Solar AS 2)	Oslo, Norway	68.00%	68.00%
Release Management B.V. 2)	Amsterdam, the Netherlands	68.00%	68.00%

1) Mendubim project structure includes 13 SPVs, EPC and an operating company

2) Release project structure includes 11 companies

Note 06 Financing

Corporate financing

The table gives an overview of the corporate financing at Group. The loan balances include the non-current and current portion.

The book equity of the recourse group, as defined in the facility agreements, was NOK 10 746 million on 31 March 2024. Scatec was in compliance with financial covenants for recourse debt at quarter end.

Bonds

On 31 January 2024, Scatec ASA announced the issuance of a NOK 1,750 million 4-year senior unsecured bond with a coupon of 3 months NIBOR + 4.25% p.a. with quarterly interest payments. DNB Markets, Nordea and SpareBank 1 Markets acted as Joint Lead Managers in connection with the placement of the new bond issue. The bond has maturity in Q1'28 and is contemplated to be listed on Oslo Stock Exchange in Q2'24. With the new bond, Scatec ASA has entered into a cross-currency fixed interest rate swap contract in which the principal of NOK 1,750 million was swapped to USD 164 million, and the interest payments based on NIBOR rates are swapped to fixed SOFR rates.

On 1 February 2024, Scatec ASA announced buy-back of EUR 136 million of the outstanding EUR 250 million senior unsecured bond with ticker "SCATC03 ESG" (ISIN NO0010931181). Following the transaction, the total nominal outstanding amount is EUR 114 million as of 31 March 2024.

Corporate financing facilities

On 25 January 2024, Scatec ASA agreed refinancing terms with DNB, Nordea and Swedbank for its USD 150 million green term loan, with USD 128 million outstanding as of 31 March 2024. The new green term loan will be amortised through semi-annual repayments of USD 7.5 million with final maturity in the fourth quarter 2027.

The existing USD 180 million Revolving Credit Facility (RCF) was in the first quarter 2024 further extended with maturity in the third quarter of 2027. USD 70 million was drawn under the Facility as of 31 March 2024.

Overview of corporate financing

	Currency	Denominated currency value (million)	Maturity	Carrying value 31 March 2024 (NOK million)	Carrying value 31 December 2023 (NOK million)
Green Bond EUR (Ticker: SCATC03 NO0010931181)	EUR	114	Q3 2025	1,328	2,793
Green Bond NOK (Ticker: SCATC04 NO0012837030)	NOK	1,000	Q1 2027	991	989
Green bond ISIN NO 0013144964	NOK	1,750	Q1 2028	1,726	-
Total unsecured bonds				4,045	3,782
USD 150 million Green Term Loan	USD	128	Q4 2027	1,383	1,374
USD 100 million Green Term Loan	USD	95	Q4 2027	1,022	1,008
Total secured financing				2,405	2,382
Vendor Financing (Norfund) 1)	USD	200	Q1 2028	2,171	2,038
Total unsecured financing				2,171	2,038
Revolving credit facility	USD	180	Q3 2027	760	713
Overdraft facility	USD	5		-	-
Total secured back-stop bank facilities				760	713
Total Principal amount				9,382	8,915
Accrued interest				235	164
Total Corporate financing 1)				9,617	9,079
As of non-current				8,347	7,947
As of current				1,267	1,132

1) USD 30 million of the Vendor Financing falls due in June 2025

Non-recourse financing

As a main rule, Scatec uses non-recourse financing for constructing and/or acquiring assets in power plant companies. Compared to corporate financing, non-recourse financing has certain key advantages, including a clearly defined and limited risk profile. In this respect, the banks recover the financing solely through the cash flows generated by the projects financed.

The table shows the non-current non-recourse debt and the current non-recourse debt due within 12 months including accrued interest. The maturity dates for the loans range from 2028 to 2045.

NOK million	As of March 31 2024
Non-recourse project financing
Non-current liabilities	15,785	15,026
Current liabilities	2,178	1,931

The current non-recourse debt as of 31 March 2024 includes NOK 878 million in non-recourse debt in Ukraine. None of Scatec's power plant companies in Ukraine with non-recourse financing were in compliance with covenants in the loan agreements at the end of the first quarter of 2024. Scatec has continuous and constructive dialogue with the lenders and the parties have agreed on a non-formalised "stand still".

Reference is made to Scatec's Annual report 2023, where Scatec disclosed that Egypt announced a full free floating of the local currency, Egyptian Pound (EGP), on 6 March 2024 and the local currency devaluated against USD. The change of the central bank's strategy in Egypt has eased the convertibility of EGP to USD and Scatec's project companies in Egypt have exchanged all material deposits in local currency to USD, paid the first installment of the non-recourse debt for 2024 and refilled the Debt Service Reserve Accounts with the required amounts for the non-recourse Green Project Bond.

Other financing

Please refer to the 2023 Annual Report for information related to the construction loan provided by PowerChina Guizhou Engineering Co ("PowerChina") to Scatec for the Progressovska power plant in Ukraine. In 2022, Scatec and PowerChina signed a revised payment plan for the construction loan where part of the loan was paid in 2022 and 2023. The last tranche of EUR 22 million will be paid by mid-2025. Scatec ASA has provided a corporate and bank guarantee to PowerChina in support of this obligation.

Scatec has no other recourse construction financing arrangements for other projects. Refer to Note 24 Guarantees and commitments in the 2023 Annual Report for further details.

Note 07 Legal disputes and contingencies

The joint ventures in the Philippines are subject to tax reviews by the local tax authorities on a regular basis, and one entity received a final assessment notice related to the year 2019 of NOK 192 million equivalent (at 31 March 2024) in March 2022. The matter is disputed, and the amount is not included in net income from JVs and associated companies for the period.

The joint venture in Uganda is subject to a tax investigation by a local tax authority and received tax claims in total amount of NOK 329 million equivalent (at 31 March 2024) on Scatec's proportionate share during the third quarter 2023. The matter is disputed, and the amount is not included in net income from JVs and associated companies for the period. If the claims materialise, the joint venture will claim this through the tariff according to the Power Purchase Agreement. Should this be challenged the JV has certain indemnities under the Power Purchase Agreement with the off-taker. Further, Scatec has certain tax indemnities under the SN Power share purchase agreement with Norfund.

Reference is made to Scatec's previous communication around changes to the PPA in Honduras. In May 2022, a new Energy law came into force as introduced by the new Government of Honduras. Per 31 January 2024, a PPA amendment agreement was signed between Scatec's operating entities in Honduras and the off taker ENEE. The agreement includes a compensation for production in previous years, 5 years extended PPA period and lower tariff for future periods effective from 2024. Following the settlement agreement the overdue receivables in Honduras are significantly reduced and outstanding balance as of 31 March 2024 is NOK 66 million.

Note 08 Subsequent events

On April 24, 2024, Scatec ASA signed a 10-year power purchase agreement (PPA) with Statkraft Energia do Brasil Ltda in Brazil, for a 142 megawatt (MW) solar plant in Minas Gerais, in Brazil. The BRL-denominated PPA covers about 75% of the expected power produced, while the remainder is expected to be sold under short, medium, and long-term contracts (PPAs). Scatec will have a 100% ownership stake in the solar plant, with the aim to bring on equity partners once commercial operation is reached to enhance value creation. Scatec will also be the EPC manager for the project but with a limited EPC scope. The estimated total capital expenditure for the solar plant is USD 94 million, to be financed by non-recourse financing covering approximately 63% of this amount with the balance funded by equity from Scatec. Furthermore, Scatec is in mature discussions with lenders in respect of a debt facility of approximately EUR 15 million to partially fund Scatec's equity share in the project. Financial close and construction start for the solar plant is expected in the second half of this year, with commercial operations expected to start at the end of 2025.

Our asset portfolio1)

In operation

Country	Solution	Capacity (MW)	Economic interest2)
South Africa	Solar & storage	730	49%
Brazil	Solar	693	33%
Philippines	Hydro & storage	673	50%
Laos	Hydro	525	20%
Egypt	Solar	380	51%
Ukraine	Solar	336	89%
Uganda	Hydro	255	28%
Malaysia	Solar	244	100%
Pakistan	Solar	150	75%
Honduras	Solar	95	51%
Jordan	Solar	43	62%
Vietnam	Wind	39	100%
Czech Republic	Solar	20	100%
Release	Solar & storage	38	68%
Rwanda	Solar	9	54%
Total		4,230	50%

Under construction

Asset	Solution	Capacity (MW)	Economic interest2)
Grootfontein, South Africa	Solar	273	51%
Mmadinare Ph.1, Botswana	Solar	60	100%
Release	Solar & Storage	9	68%
Total		342	60%

Project backlog

Asset	Solution	Capacity (MW)	Economic interest2)
Egypt	Green hydrogen	2603)	52%
Brazil	Solar	142	100%
Tunisia	Solar	120	51%
South Africa	Storage	103	51%
Botswana	Solar	60	100%
Total		685	66%

Project pipeline

Solution	Capacity (MW)	Share in %
Solar	6,816	63%
Wind	2,280	21%
Hydro	700	6%
Green hydrogen	7403)	7%
Release	300	3%
Total	10,836	100%

1) Asset portfolio as per reporting date

2) Scatec's share of the total estimated economic return from its subsidiaries. For projects under development the economic interest may be subject to change.

3) Renewable capacity for production of green hydrogen

Alternative Performance Measures

Scatec discloses alternative performance measures (APMs) in addition to those normally required by IFRS. This is based on the Group's experience that APMs are frequently used by analysts, investors and other parties for supplemental information.

The purpose of APMs is to provide an enhanced insight into the operations, financing and future prospects of the Group. Management also uses these measures internally to drive performance in terms of long-term target setting. APMs are adjusted IFRS measures that are defined, calculated and used in a consistent and transparent manner over the years and across the Group where relevant.

Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. Disclosures of APMs are subject to established internal control procedures.

Definition of alternative performance measures used by the Group for enhanced financial information

Cash flow to equity: is a measure that seeks to estimate value creation in terms of the Group's ability to generate funds for equity investments in new power plant projects and/or for shareholder dividends over time. Management believes that the cash flow to equity measure provides increased understanding of the Group's ability to create funds from its investments. The measure is defined as EBITDA less net interest expense, normalised loan repayments and normalised income tax payments, plus any proceeds from refinancing. The definition excludes changes in net working capital, investing activities and fair value adjustment of first-time recognition of joint venture investments. Normalised loan repayments are calculated as the annual repayment divided by four quarters for each calendar year. However, loan repayments are normally made

bi-annually. Loan repayments will vary from year to year as the payment plan is based on a sculpted annuity. Net interest expense is here defined as interest income less interest expenses, excluding shareholder loan interest expenses, non-recurring fees, and accretion expenses on asset retirement obligations. Normalised income tax payment is calculated as operating profit (EBIT) less normalised net interest expense multiplied with the nominal tax rate of the jurisdiction where the profit is taxed.

EBITDA: is defined as operating profit adjusted for depreciation, amortisation and impairments.

EBITDA margin: is defined as EBITDA divided by total revenues and other income.

EBITDA and EBITDA margin are used for providing consistent information of operating performance which is comparable to other companies and frequently used by other stakeholders.

Gross profit: is defined as total revenues and other income minus the cost of goods sold (COGS). Gross profit is used to measure project profitability in the D&C segment.

Gross margin: Is defined as gross profit divided by total revenues and other income in the D&C segment.

Gross interest-bearing debt: is defined as the Group's total interest bearing debt obligations except shareholder loan and consists of non-current and current external non-recourse financing, external corporate financing, and other interest-bearing liabilities, irrespective of its maturity as well as bank overdraft.

Net interest-bearing debt (NIBD): is defined as gross interestbearing debt, less cash and cash equivalents.

Net working capital includes trade- and other receivables, other current assets, trade- and other payables, income tax payable and other current liabilities.

Proportionate net-interest bearing debt: is defined as net interest bearing debt based on Scatec's economic interest in the subsidiaries holding the net-interest bearing debt.

Proportionate Financials

The Group's segment financials are reported on a proportionate basis. The consolidated revenues and profits are mainly generated in the Power Production segment. Activities in Development & Construction segments mainly reflect deliveries to other companies controlled by Scatec, for which revenues and profits are eliminated in the Consolidated Financial Statements. With proportionate financials Scatec reports its share of revenues, expenses, profits and cash flows from all its subsidiaries without eliminations based on Scatec's economic interest in the subsidiaries. The Group introduced Proportionate Financials as the Group is of the opinion that this method improves earnings visibility. The key differences between the proportionate and the consolidated IFRS financials are that;

• Internal gains are eliminated in the consolidated financials but are retained in the proportionate financials. These internal gains primarily relate to gross profit on D&C goods and services delivered to project companies which are eliminated as a reduced group value of the power plant compared to the stand-alone book value. Similarly, the consolidated financials have lower power plant depreciation charges than the proportionate

financials since the proportionate depreciations are based on power plant values without elimination of internal gain.

• The consolidated financials are presented on a 100% basis, while the proportionate financials are presented based on Scatec's ownership percentage/economic interest.
• In the consolidated financials joint venture companies are equity consolidated and are presented with Scatec's share of the net profit on a single line in the statement of profit or loss. In the proportionate financials the joint venture companies are presented in the same way as other subsidiaries on a gross basis in each account in the statement of profit or loss.

See Note 2 for further information on the reporting of proportionate financial figures, including reconciliation of the proportionate financials against the consolidated financials.

A bridge from proportionate to consolidated key figures including APMs like gross interest-bearing debt, net interest-bearing debt and net-working capital is included in Scatec's Q1 historical financial information 2024 published on Scatec's web page.

NOK million	Q1 2024	Q1 2023	FY 2023
EBITDA
Operating profit (EBIT)	643	353	2,625
Depreciation, amortisation and impairment	373	276	942
EBITDA	1,016	629	3,567
Total revenues and other income	1,281	919	4,721
EBITDA margin	79%	68%	76%
Gross interest-bearing debt
Non-recourse project financing	15,785	12,651	15,026
Corporate financing	8,347	8,196	7,947
Non-recourse project financing - current	2,178	2,020	1,931
Corporate financing - current	1,267	373	1,132
Other non-current interest-bearing liabilities	260	249	247
Other current interest-bearing liabilities	-	249	-
Gross interest-bearing debt associated with disposal group held for sale	125	2,270	115
Gross interest-bearing debt	27,963	26,008	26,398
Net interest-bearing debt
Gross interest-bearing debt	27,963	26,008	26,398
Cash and cash equivalents	3,252	3,656	3,101
Cash and cash equivalents associated with disposal group held for sale	16	96	12
Net interest-bearing debt	24,695	22,257	23,284
Net working capital
Trade and other account receivables	684	547	478
Other current assets 1)	559	1,470	1,151
Trade and accounts payable	-184	-453	-294
Income taxes payable	-105	-138	-48
Other current liabilities	-1,326	-1,347	-2,060
Non-recourse project financing - current	-2,178	-2,020	-1,931
Corporate financing - current	-1,267	-373	-1,132
Other current interest-bearing liabilities	-	-249	-
Net working capital associated with disposal group held for sale	-5	-26	-6
Net working capital	-3,821	-2,590	-3,842

1) Excluding current portion of derivatives of NOK 53 million in Q1 2024

Break-down of proportionate cash flow to equity

Q1 2024

NOK million	Power Production	Development & Construction	Corporate	Total
EBITDA	870	7	-29	848
Net interest expenses	-272	-	-179	-451
Normalised loan repayments	-266	-	-65	-331
Proceeds from refinancing and sale of project assets	83	-	-	83
Less proportionate gain on sale of project assets	-33	-	-	-33
Normalised income tax payment	-18	-2	48	28
Cash flow to equity	363	5	-225	144

Q1 2023

NOK million	Power Production	Development & Construction	Corporate	Total
EBITDA	707	96	-39	765
Net interest expenses	-179	3	-128	-304
Normalised loan repayments	-234	-	-39	-273
Proceeds from refinancing and sale of project assets	-	-	10	10
Normalised income tax payment	-27	-11	38	-
Cash flow to equity	268	88	-157	198

Q4 2023

NOK million	Power Production	Development & Construction	Corporate	Total
EBITDA	824	7	-23	808
Net interest expenses	-181	7	-169	-343
Normalised loan repayments	-227	-	-39	-265
Proceeds from refinancing and sale of project assets	86	-	-	86
Less proportionate gain on sale of project assets	-33	-	-	-33
Normalised income tax payment	-46	-3	44	-5
Cash flow to equity	424	11	-187	247

FY 2023

NOK million	Power Production	Development & Construction	Corporate	Total
EBITDA	3,334	672	-162	3,845
Net interest expenses	-708	22	-593	-1,279
Normalised loan repayments	-998	-	-145	-1,144
Proceeds from refinancing and sale of project assets	632	-	10	642
Less proportionate gain on sale of project assets	-348	-	-	-348
Normalised income tax payment	-151	-138	174	-116
Cash flow to equity	1,759	555	-716	1,600

Other definitions

Backlog Project backlog is defined as projects with a secure offtake agreement assessed to have more than 90% probability of reaching financial close and subsequent realisation.

Pipeline The pipeline projects are in different stages of development and maturity, but they are all typically in markets with an established government framework for renewables and for which project finance is available (from commercial banks or multilateral development banks). The project sites and concessions have been secured and negotiations related to power sales and other project implementation agreements are in various stages of completion.

Project equity Project equity comprise of equity and shareholder loans in power plant companies.

Scatec share of distribution from power plant companies

Include dividend on equity injected power plant companies, repayment of shareholder loan and proceeds from refinancing received by recourse group entities.

Recourse Group Recourse Group means all entities in the Group, excluding renewable energy companies (each a recourse group company).

Free cash at Group level Include cash in all entities in the Group, excluding cash held in renewable energy companies.

Definition of project milestones

Financial close (FC): The date on which all conditions precedent for drawdown of debt funding has been achieved and equity funding has been subscribed for, including execution of all project agreements. Notice to proceed for commencement of construction of the power plant will normally be given directly thereafter. Projects in Scatec defined as "backlog" are classified as "under construction" upon achievement of financial close.

Commercial Operation Date (COD): A scheduled date when certain formal key milestones have been reached, typically including grid compliance, approval of metering systems and technical approval of a plant by independent engineers. Production volumes have reached normalised levels sold at the agreed off-taker agreement price. This milestone is regulated by the off-taker agreement with the power offtaker. In the quarterly report grid connection is used as a synonym to COD

ESG performance indicators

Environmental and social assessments (% completed in new

projects): Environmental and Social Impact Assessments (ESIAs), due diligence or baseline studies to identify potential environmental and social risks and impacts of our activities (in accordance with the IFC Performance Standards and Equator Principles).

GHG emissions avoided (in mill tonnes of CO2): Actual annual production from renewable power projects where Scatec has operational control multiplied by the country and region-specific emissions factor (source IEA).

Water withdrawal (in mill liters within water-stressed areas): As per the WRI Aqueduct Water Risk Atlas, the Company reports on water withdrawal by source for projects located within water- stressed areas in South Africa and Jordan.

Lost Time Incident Frequency (per mill hours): The number of lost time incidents per million hours worked for all renewable power projects where Scatec has operational control.

Hours worked (mill hours – 12 months rolling): The total number of hours worked by employees and contractors for all renewable power projects where Scatec has operational control for the last 12 months.

Female leaders (% of female in mgmt. positions): The total number of female managers as a percentage of all managers.

Corruption incidents: The number of confirmed incidents of corruption from reports received via Scatec's publicly available whistleblower function (on the Company's corporate website) managed by an independent third party.

Supplier ESG workshops (% of strategic suppliers): The number of ESG workshops with strategic suppliers.

Condensed interim consolidated financial statements 31