First quarter 2023 Strong operational performance

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 2023 report for the group.

Key highlights

Group EBITDA of NOK 765 million
Strong progress on projects under construction – gross margin increase to 11%*
Delivering on strategic pillar to optimise portfolio

Strong and predictable cash flow from operating assets Supported by inflation protection and interest hedges*

Proportionate Power Production - EBITDA

Additional EBITDA NOK 750 million from projects under construction

*80% of project debt with interest hedges and 90% of Power Production EBITDA is either in USD/EUR, have partial or full inflation protection through local CPI adjustments, or is based on sales in the local power market (Philippines).

Power Production Strong performance with EBITDA increase of 40%

Prop. power production, GWh

Prop. power production EBITDA, NOK million

440

133

113

686

• 887 GWh from high availability and no incidents

• Philippines EBITDA +55% y-o-y to NOK 113 million

• Ukraine EBITDA of NOK 49 million Development & Construction Solid progress for projects under construction with gross margin increase*

Kenhardt, South Africa 540 MW solar + 225MW battery storage

531 MW solar

Mendubim, Brazil

Sukkur, Pakistan 150 MW solar

*Compared to Q4'22

Growing responsibly with net zero SBTi targets approved

SBTi targets approved and net zero strategy in place
Continuing our relentless efforts of improving our future
Targets to minimise direct emissions by 2030 and achieve net zero emissions by 2040
Ambitions in line with the climate science from IPCC to limit warming to 1.5˚C

Strong demand for renewables supported by net zero agenda and increased cost efficiency

1.5 OC Paris agreement

30 % reduction in LCOE since 2019

20 % reduction in module prices since 2022

Sources: BNEF 2H 2022 LCOE update, BNEF Bimonthly PV index April 2023

Delivering on strategic pillar to optimise our portfolio

Recycle capital

Focus pipeline

Launch Release

Reduce opex

✓ Finalising sale of Upington in South Africa

✓ High-graded pipeline on location, timeline and value

✓ Platform in place raising debt and equity in progress
✓ Efficiency programme launched NOK 150 million opex reduction target

Financial review

Hans Jakob Hegge, CFO

3x revenues growth from core segments

Revenues from Power Production from 2022 has been adjusted due to change in accounting policy, disclosed in note 2 in Q1'23 report *Other includes services & corporate

21% revenues increase y-o-y from power production

Absolute EBITDA +40% to NOK 686 million
Strong contributions from the Philippines and Ukraine

11% gross margin from projects under construction

Revenues of NOK 1.7 billion
EBITDA +171 million to NOK 96 million

New project debt and currency movements driving increased NIBD

Proportionate interest bearing debt NOK billion

First drawdown of project debt for Mendubim in Brazil
NOK 861 million of new project debt for construction projects
NOK 1.2 billion increase from weakening NOK

Corporate debt maturity profile

Weighted average margin of 3.25%

Refinanced USD 193 million short-term bridge facility
No debt maturity until 1H'2025
Continue to optimise our capital structure
Committed to pay dividends

¹³ Figures in NOK and EUR have been updated based on currency rates per the end of first quarter 2023

Solid liquidity position of NOK 3.3 billion

Q1'23 movements of the Group's free cash, NOK million

NOK 3.3 billion total liquidity

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

Increased focus on effiency and capital discipline

NOK 10 billion equity investments

1.2x CoE Project equity IRR

NOK 569 million from Upington sale

NOK 150 million from opex reductions vs Q1'23

Outlook highlights

Power Production

FY 2023 EBITDA estimate increased by NOK 150 million to NOK 2.85 – 3.15 billion
Q2'23 Philippine EBITDA estimate of NOK 10-50 million

Development & Construction

D&C revenues estimated to increase in Q2'23 compared to previous quarters
NOK 6.4 billion contract value with estimated gross margin of 10-12 %

Summing up

Strong operational performance
Solid progress of projects under construction
Delivering on strategic pillar to optimise the portfolio

Overview of change in proportionate net debt during the quarter

NOK billion	Q4'22	Repayments	New debt	Change in cash	Currency effects	Q1'23
Project level	-12.1	0.2	-0.9	0.3	-0.7	-13.2
Group level	-6.1	-	-	-0.4	-0.5	-7.1
Total	-18.2	0.2	-0.9	-0.1	-1.2	-20.3

Proportionate interest bearing debt

Repayments: Ordinary project debt repayments
New debt: NOK 590 million for RMIPPP and NOK 271 million for Mendubim
Change in cash: Primarily net EPC payments for construction and payment of debt
Currency effects: Weakening of NOK against main functional currencies

Plants in operation
	MW	interest
Theun Hinboun, Laos	525	20%
Magat, Philippines	388	50%
Benban, Egypt	380	51%
Upington, South Africa	258	46%
Bujagali, Uganda	255	28%
Quantum Solar Park, Malaysia	197	100%
Apodi, Brazil	162	44%
Project I, Ukraine	148	100%
Binga, Philippines	140	50%
Guanizuil IIA, Argentina	117	50%
Ambuklao, Philippines	105	50%
Kalkbult, South Africa	75	45%
Dreunberg, South Africa	75	45%
Agua Fria, Honduras	60	40%
Project II, Ukraine	55	100%
Project III, Ukraine	54	100%
Project IV, Ukraine	47	51%
Redsol, Malaysia	47	100%
Jordan, Jordan	43	62%
Linde, South Africa	40	45%
Mocuba, Mozambique	40	53%
Dam Nai, Vietnam	39	100%
Los Prados, Honduras	35	70%
Project V, Ukraine	32	61%
Czech, Czech Republic	20	100%
Maris Hydro, Philippines	9	50%
Release	20	100%
Asyv, Rwanda	9	54%
Total	3,375	52%

Under construction		Capacity MW	Economic interest
Kenhardt, South Africa		540	51%
Mendubim, Brazil		531	33%
Sukkur, Pakistan		150	75%
Release		26	100%
Philippines		20	50%
Total		1,267	47%

Project backlog		Capacity MW	Economic interest
Tunisia		360	51%
South Africa		273	51%
Egypt	H 2	260	52%
Botswana Total		60 953	100% 54%

Under construction	Capacity MW	Economic interest	Project pipeline	Capacity MW	Share in %
Kenhardt, South Africa	540	51%	Solar	4,259	32%
Mendubim, Brazil	531	33%	Wind	5,983	46%
Sukkur, Pakistan	150	75%	Hydro	1,443	11%
Release	26	100%	Green Hydrogen	1,181	9%
Philippines	20	50%	Release	300	2%
Total	1,267	47%	Total	13,166	100%

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