Scatec ASA

Investor Presentation • Nov 2, 2023

Third quarter 2023 Focus and discipline

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 third quarter 2023 report for the group.

Key highlights

• Solid revenue growth to NOK 2.5 billion (1.6) and EBITDA of NOK 893 million (850) proportionate
• Strong Development & Construction results - 13% gross margin
• Aligning growth rate with internal funding capacity
• Changing dividend policy to no dividend

Fundamentals of renewables remain strong

Attractive opportunities within solar as component prices are coming down

Sources: BNEF New Energy Outlook 2022 - Net Zero, Yahoo finance, BNEF Bimonthly PV Index September 2023, BNEF 1H 2023 LCOE *Combined-cycle gas turbine

• Solar and wind growing by 7x from 2020 to 2030
• Short-term increases in interest rates putting pressure on project profitability
• Component prices in solar rapidly decreasing - 35% YTD
• Strengthened competitiveness of solar and wind as levelised cost of energy is going down

Strong and predictable cash flow from operating assets Adding 25% EBITDA increase at attractive margins

Philippines, 649MW EBITDA LTM: NOK 664 million

Uganda, 255MW EBITDA LTM: NOK 353 million

South Africa, 190MW EBITDA Q3'23 LTM: NOK 680 million

5

Egypt, 380MW EBITDA LTM: NOK 270 million

PP EBITDA LTM NOK 3.2bn from operating assets¹

+

PP EBITDA addition NOK 750m from new assets

Power Production EBITDA of NOK 778 million

Prop. power production, GWh

Prop. power production EBITDA, NOK million

147

214

778

• Kept availability close to 100% with no Lost Time Incidents
• Solar and wind EBITDA increased by 9% driven by Ukraine
• Lower production, prices and ancillary services in the Philippines

Philippines: 3Q'23 impacted by production, limited ancillary services and spot prices

EBITDA, NOK million

7

Prices, PHPk/MWh

• Net revenue of 299 million (424) and EBITDA of NOK 214 million (375)

• Ancillary services revenues of NOK 6 million (75)
• Lower production volumes due to hydrology
• Significant reduction in spot prices year-on-year

Development & Construction High construction activity - preparing for commercial operations

1) Includes NOK 0.5 billion remaining contract value from projects under construction and NOK 2 billion for the 273 MW Grootfontein in South Africa with construction start in 2024

High-graded pipeline with increased share of attractive solar

Project backlog & pipeline Increased focus market share

Continuing to scale up solar and battery storage in Sub-Saharan Africa

Grootfontein, South Africa, 273 MW

• PPA: 20-years with state utility
• Capex: NOK 3 billion
• EPC contract value: NOK 2.0 billion
• Scatec equity: NOK 150 million
• Construction start expected in 2024

Selebi Phikwe, Botswana, 120 MW

• Project expanded to 120 MW
• 25-year PPAs with state utility
• Est. capex: NOK 1.3 billion
• Est. Scatec equity: NOK 390 million
• Est. EPC contract value: NOK 900 million
• Construction start expected in 2024

Release, Cameroon, 36MW+19MWh

• Closed NOK 1 billion funding
• Construction completed in Cameroon
• Attractive opportunities within utilities and mining sector

Financial review

Hans Jakob Hegge, CFO

Proportionate financials Total revenue growth driven by construction

Proportionate EBITDA, NOK million

Proportionate revenues, NOK million

Proportionate revenues up 51% to 2.5bn due to high construction activity

• D&C revenues of NOK 1.3 billion

5% EBITDA increase supported by construction and high margins

Revenues from Power Production from 2022 has been adjusted due to change in accounting policy, disclosed in note 2 in Q3'23 report *Other includes services & corporate

Consolidated financials EBITDA of NOK 686 million impacted by the Philippines

Consolidated revenues, NOK million

Consolidated EBITDA, NOK million

• Revenues of NOK 947 (-216) impacted by hydrology, prices and ancillary services in the Philippines

• EBITDA of NOK 686m (-200)

Proportionate Net debt unchanged in the quarter

Proportionate net interest-bearing debt NOK billion

• Net corporate debt reduced by NOK 400 million due to amortisation, increased cash, and FX
• Non-recourse project debt reduced by NOK 600 million due to ordinary amortisations and FX
• Non-recourse project debt from projects under construction increased by NOK 1.1bn, supporting a 25% EBITDA increase

Increased liquidity to NOK 3.9 billion

Q3'23 movements of the Group's free cash, NOK million

NOK 200 million added liquidity

NOK 114 million distributed from power plants

NOK 702 million invested in attractive growth

15

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

Outlook

Power Production

• FY'23 EBITDA estimate of NOK 3,050 3,250 million
• FY'23 Power production of 3,500 3,600 GWh
• 4Q'23 Philippines EBITDA estimate of NOK 200 260 million

Total D&C remaining contract value

• Remaining contract value of NOK 2.5¹ billion
• Estimated gross margin of 10-12% for projects under construction and 8-10% for new projects

Services EBITDA

• FY'23 estimate of NOK 95-105 million

Corporate EBITDA

• FY'23 estimate of NOK -155 to -165 million

¹⁶ 1) Includes NOK 0.5 billion remaining contract value from projects under construction and NOK 2 billion for the 273 MW Grootfontein in South Africa with construction start in 2024

Strategy update: Focus and discipline

Delivering attractive growth and recycling of capital

Building on our strengths

Emerging markets - track record and focus

Integrated business model – attractive margins

Technology integration – customer value

Partnerships – shared risk

Leading in ESG – competitive edge

Our strategy remains: Develop, build, own and operate renewable energy in emerging markets

Grow Renewables

• Increased focus on solar, onshore wind & batteries
• Ba • Selective growth within green hydrogen and hydro

Optimise Portfolio

• Enhanced focus on capital recycling
• Capital discipline and deleverage

Aligning growth rate to internal funding capacity Sustaining the historic growth rate

Summary

• Strong fundamentals for renewables
• Growth aligned with internal funding capacity
• Enhanced focus on capital recycling and deleverage

Overview of change in proportionate net debt during the quarter

NOK billion	Q2'23	Repayments	New debt	Change in cash	Currency effects	Q3'23
Project level	-13.5	0.4	-1.1	0.0	0.2	-14.0
Group level*	-6.8	0.1	-	0.2	0.1	-6.4
Total	-20.3	0.5	-1.1	0.2	0.3	-20.4

Project and Group level net interest bearing debt

• Repayments: Ordinary project debt repayments
• New debt: NOK 0.9 billion in South Africa and NOK 0.2 billion for Mendubim
• Currency effects: Strengthening of NOK against main functional currencies

Our asset portfolio

Plants in operation	MW	interest
Philippines	649	50%
Laos	525	20%
Egypt	380	51%
Ukraine	336	89%
Uganda	255	28%
Malaysia	244	100%
South Africa	190	45%
Brazil	162	44%
Argentina	117	50%
Honduras	95	51%
Jordan	43	62%
Mozambique	40	53%
Vietnam	39	100%
Czech Republic	20	100%
Release	38	100%
Rwanda	9	54%
Total	3,142	52%

Capacity MW	Economic interest	Under construction		Capacity MW	Economic interest	Project pipeline
		Kenhardt, South Africa		540	51%
		Mendubim, Brazil		531	33%
		Sukkur, Pakistan		150	75%
		Release		9	100%
		Philippines		24	50%
		Total		1,254	47%
		Project backlog		Capacity	Economic
				MW	interest
		Tunisia		360	51%
		South Africa	H 2	273	51%
		Egypt		260	52%
		Botswana		120	100%
		Total		1,013	57%

	Capacity MW	Share in %
Solar	5,262	52%
Wind	2,280	22%
Hydro	1,102	11%
Green Hydrogen	1,240	12%
Release	300	3%
Total	10,184	100%