Scatec ASA

Earnings Release • Apr 30, 2024

Q1 2024 Delivering on selffunded growth plan

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 first quarter 2024 report for the group.

Q1 2024 Key highlights

Solid Power Production EBITDA - increased to NOK 870 million (707)

Finalised large construction programme - 681 MW solar in Brazil and Pakistan

Started new construction - 333 MW solar in South Africa and Botswana

Extended debt maturity profile - bond issue and bank refinancing

Strengthened position in South Africa – launched Lyra Energy platform

Key figures - proportionate

901 GWh Power production Total revenues and other income

1,226 NOK million Q1 2023: 887 Q1 2023: 2,626

848 NOK million Total EBITDA Total EBIT Q1 2023: 765 Q1 2023: 405

429 NOK million

Strong EBITDA growth driven by new projects in operation

- Positive contribution from Ukraine and settlement in Honduras

Power Production, GWh EBITDA NOKm

Philippines Volumes impacted by El Niño, partly offset by low spot prices as a net buyer

EBITDA, NOK million Prices, PHP/kWh

5

• Net revenues down 28% due to lower production volumes

• Ancillary Services revenues in line with last year
• EBITDA of NOK 75 million above estimate due to lower prices

Continuing to grow our renewable energy capacity

- Started construction of 333 MW in South Africa & Botswana

Grootfontein, South Africa, 273 MW solar

Mmadinare ph1, Botswana, 60 MW solar

Q1'24 financial performance

NOK 152m D&C revenues Q1'24

49% / 9%* Gross D&C margin

NOK 2.3bn EPC contract value

NOK 350m Equity investment

Reaching 4.6 GW with projects under construction - Additional 0.7 GW maturing in backlog

*In operation Q1'23 includes the upgrade of the Ambuklao hydropower plant **Including equity loan of EUR 15 million for 142 MW project in Brazil

7

Maturing pipeline fuelling attractive growth

into backlog

• Added attractive growth prospects within solar
• Conversion of projects into value accretive growth top priority

Strengthening position in South Africa through Lyra Energy platform

- Leverage strong partnership with Standard Bank and Stanlib

730 MW in operation 273 MW under construction 103 MW in backlog 5 GW in pipeline

Financial review

Hans Jakob Hegge, CFO

Q1'24 Proportionate Financials Strong EBITDA increase in Power Production to NOK 870 million

Revenues, NOK million

• Power production EBITDA increase driven by Kenhardt, Honduras, and Ukraine

• D&C performance reflecting early-stage construction activities
• Cost discipline supporting corporate EBITDA improvement

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

Q1'24 Consolidated Financials EBITDA increased by 62% driven by new plants and Honduras

Revenues, NOK million

EBITDA, NOK million

• Revenues increased by 39%
• NOK 285 million revenues from new plants in operation
• NOK 152 million from settlement in Honduras

Net income from JVs and associated

Proportionate Net interest-bearing debt of NOK 21.8 billion

NOK billion

Non-recourse project debt - in operation Corporate debt ¹³

• NOK 1 billion increase driven by currency effects and change in cash
• NOK 0.8 billion of project debt moved from construction to operation

Successful refinancing Extended maturity profile through bond issue, bond buy-back and refinancing

Corporate debt maturity profile, USD million

• Extended USD 150 million green term loan from Q1'25 to Q4'27
• Extended USD 180 million RCF from Q3'25 to Q3'27
• Issued 4-year NOK 1.75 billion green bond
• Bought back EUR 136 million of existing EUR bond
• Continue to amortise USD 25 million annually

Free cash on Group level Close to 2 billion in available liquidity

Q1'24 movements of the Group's free cash, NOK million

Outlook

Power Production

• FY'24 Power Production estimate: 4,200-4,600 GWh (Unchanged)
• FY'24 EBITDA estimate: NOK 3,750-4,050 million (350 million increase)
  • Increase reflecting Q1 performance, FX and inclusion of the Services segment
• Q2'24 Power production estimate: 1,000-1,100 GWh
• Q2'24 Philippines EBITDA estimate: NOK 10-70 million
  • Continued low production due to el Niño and higher power prices

Development & Construction

• Remaining D&C contract value: NOK 2.3 billion
• Estimated D&C grow margin: 8-10% for new projects

Corporate

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

Key takeaways

• Largest construction programme completed
• Strong EBITDA growth from new plants
• Attractive solar projects started construction
• Extended debt maturity profile

Overview of change in net debt during the quarter- proportionate

NOK billion	Q4'23	Repayments	New debt	Change in cash	Currency effects and other changes	Q1'24
Project level	-12.8	0.3	-0.3	0.4	-0.7	-13.1
Group level	-8.0	1.7	-1.7	-0.2	-0.5	-8.7
Total	-20.8	2.0	-2.0	0.2	-1.2	-21.8

Project and Group level net interest bearing debt

• Repayments: Ordinary project debt repayments
• New debt, Project level: Mainly drawdown on Botswana
• New debt and repayment, Group level: Issuance of NOK 1,750 million bond, buy-back of EUR 136 million bonds, and repayment of USD 12.5 million of term loans
• Currency effects: Weaking of NOK against main functional currencies

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%
Rwanda	9	54%
Total	4,230	50%

Capacity MW	Economic interest	Under construction		Capacity MW	Economic interest	Project pipeline
		Grootfontein, South Africa Mmadinare phase 1, Botswana Release		273 60 9	51% 100% 68%
		Total		342	60%
		Project backlog		Capacity	Economic
				MW	interest
		Egypt	H 2	260	52%
		Brazil		142	100%
		Tunisia		120	51%
		South Africa		103	51%
		Botswana		60	100%
		Total		685	66%

Capacity MW	Share in %
	63%
2,280	21%
700	6%
740	7%
300	3%
10,836	100%
	6,816