Scatec ASA

Earnings Release • May 5, 2023

Scatec first quarter 2023: Strong operational performance

Scatec first quarter 2023: Strong operational performance

Oslo, 5 May 2023: In the first quarter 2023, Scatec's proportionate revenues

rose to NOK 2,706 million (809), with a 92 percent increase in EBITDA to NOK

765 million compared to the first quarter last year. Power production was 887

GWh (868) and the proportionate power production EBITDA rose by 40 percent to

NOK 686 million (490), mainly driven by the Philippines.

"We are pleased with a solid start to the year, driven by strong operational and

financial performance. Scatec delivered high power production availability in

the quarter and without any injuries. We also report solid progression and

strong margins of 11 percent for our projects under construction in South

Africa, Brazil, and Pakistan. We will continue to deliver on our strategy with a

focused and disciplined approach providing renewables projects with attractive

returns. The world is facing a climate crisis and Scatec is ready to drive the

clean energy transition forward by building out renewable energy in our focus

markets," says Scatec CEO Terje Pilskog.

Power Production and Development & Construction

Proportionate revenues in the Power Production segment increased by NOK 154

million to NOK 882 million compared to the same quarter last year, as a result

of improved hydrology in the Philippines, high payment level in Ukraine, higher

irradiation in South Africa and currency effects.

Development and construction revenues reached NOK 1,728 million in the first

quarter, with a gross margin of 11 percent generated from projects under

construction in South Africa, Brazil, and Pakistan. In the quarter Scatec

recognised an impairment charge of NOK 44 million related to pipeline projects

in Oman and in Brazil.

Consolidated profit and loss

Consolidated revenues for the first quarter were NOK 919 million (759), with an

EBITDA of NOK 629 million (433), mainly explained by higher revenues from

Ukraine, higher irradiation in South Africa and foreign currency effects.

EBIT was NOK 353 million (-716) in the quarter following ordinary depreciations

and a NOK 44 million impairment charge. The net loss was NOK 98 million (-

1,062) after net financial expenses of NOK 350 million (295), mainly consisting

of interest expenses of NOK 413 million (310) and unrealised currency gains of

NOK 81 million (30), and a tax expense of NOK 100 million (50).

Refinancing, portfolio optimisation and growth

During the quarter and as previously communicated, Scatec signed an agreement to

sell the Upington solar plants in South Africa for a gross contribution of NOK

569 million. The transaction is expected to be completed in the second quarter

of 2023. The company also refinanced the USD 193 million Bridge-to-Bond facility

related to the acquisition of SN Power, with a new USD 100 million green term

loan provided by Scatec's corporate banks and a new NOK 1,000 million green

bond.

Outlook

The full year 2023 EBITDA estimate has increased by NOK 150 million from NOK

2.7 - 3.0 billion to NOK 2.85 - 3.15 billion, reflecting actual first quarter

performance, estimated second quarter performance and currency exchange rates as

per the end of the first quarter 2023.

Additional information

Proportionate historical financial information on a country-by-country level is

attached to the stock exchange notice.

A presentation of the results, followed by a Q&A session will be held at

Scatec's headquarters at Skøyen Atrium III (1(st) floor), Askekroken 11, 0277

Oslo, today at 09:00 am CEST. You can also follow the presentation and Q&A

session from our website, or this direct link: Scatec webcast Q1 2023

(https://www.globenewswire.com/Tracker?data=JBrOGlMGWBqofK0sB9ckMGZJ6SSkrAmLpVGv

tTezKG4VSissqqPB7dVwZorrBRyNUCz39cr4_zd-EDn8-

tSgLBQ0E42KuCbdOsvaTDb7E3D5vSas3A0h2a-4ZrlSHJejZnmvU1GEtcrDD9JQ3oXVug==).

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,

andreas.austrell@scatec.com (mailto:andreas.austrell@scatec.com%0b)

For media: Meera Bhatia, SVP Communications & Government Affairs, phone:

+47 468 44 959, meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)

About Scatec?

Scatec is a leading renewable energy solutions provider, accelerating access to

reliable and affordable clean energy emerging markets. As a long-term player, we

develop, build, own, and operate renewable energy plants, with 4.6 GW in

operation and under construction across four continents today. We are committed

to grow our renewable energy capacity, delivered by our passionate employees and

partners who are driven by a common vision of 'Improving our Future'. Scatec is

headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the

ticker symbol 'SCATC'.?To learn more, visit?www.scatec.com

(https://scatec.com/)?or connect with us on?LinkedIn

(https://www.linkedin.com/company/scatec).?

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act