First quarter 2022 First quarter impacted by Ukraine

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Alternative performance measures (APM) used in this presentation are described and presented in the first quarter 2022 report for the group.

Agenda

Project update and market outlook Terje Pilskog, CEO
Financial review

Mikkel Tørud, CFO

Improving our Future

Renewable energy is becoming increasingly attractive - Demand driven by environmental, economic and geopolitical factors

Source: BloombergNEF, EU and global power and fuel prices. Source: Lazard Capital, LCOE v15 Oct-21, Scatec.

First quarter impacted by Ukraine

Proportionate revenues of NOK 1,014 million (954)1) and EBITDA of NOK 398 million (636)
EBITDA impacted by seasonality in the Philippines and a NOK 87 million credit loss provision in Ukraine
Impairment of NOK 770 million of assets in Ukraine
NOK 479 million in cash distributions from power plants, including refinancing proceeds
Partnership for green ammonia in Oman and finalising offtake agreement for green hydrogen in Egypt
Investment decision taken for 20 MW battery system in Philippines

Advancing our position within ancillary services in the Philippines

Final investment decision taken for 20 MW battery system connected to Magat hydro power plant
Facility to be owned and operated in joint venture with AboitizPower
Initial phase of a strategy to grow our ancillary service offering in the Philippines
Preparing for construction start in late 2022 with start of operations in 2024

Project backlog progressing with returns in line with guidance

Construction start for 1.7 GW in backlog with total capex of NOK 18 billion expected in 2022

Developing a large pipeline across technologies to assure future growth

Scatec's project pipeline Q1'22

Partnership with Acme for green ammonia facility in Oman
First phase 100,000 MT second phase up to 1.2 million MT
Partnership with Fertiglobe, Orascom and Sovereign Fund of Egypt for green hydrogen facility in Egypt
100 MW electrolyser capacity
Partnership with Egyptian authorities for green ammonia facility
Production volumes of 1-3 million MT

Top priorities

Start construction of 1.7 GW project backlog in 2022
Grow and convert pipeline in core markets for utility-scale business
Build P2X business and bring first projects to financial close
Further strengthen and develop our team to fit strategy

Strengthened Executive Management Team

Financial review

Mikkel Tørud, CFO

Proportionate financials

NOK million
Revenues	Q1'22	Q4'21	Q1'21	2021
Power Production	933	1,073	868	3,889
Services	66	66	56	260
Development & Construction	5	18	24	137
Corporate	10	11	6	42
Total	1,014	1,169	954	4,328
EBITDA
Power Production	490	763	704	2,949
Services	16	11	17	75
Development & Construction	-75	-57	-60	-223
Corporate	-34	-35	-25	-114
Total	398	683	636	2,686
EBIT
Power Production	-554	511	483	1,977
Services	15	10	16	70
Development & Construction	-193	-79	-62	-301
Corporate	-40	-42	-31	-140
Total	-772	399	406	1,606

Q1'22 vs Q1'21

Increased production in solar & wind
Hydropower production impacted by seasonality
Power Production EBITDA down:
Increased purchase of power of NOK 181 million in the Philippines
NOK 87 million credit loss provision in Ukraine
D&C revenues in line with guidance
EBIT impacted by impairments:
Assets in Ukraine NOK 770 million
Discontinued project development in Mali, India and Bangladesh - NOK 116 million

Revenues from Power Production from 2021 has been adjusted due to change in accounting policy, disclosed in note 10 in Q1'22 report

Power Production – Philippines Short-term impact by seasonality long-term asset values increasing

Q1'22 production 25% below 5-year average as expected – power purchased at high prices in the market
Production profile tilted toward second half of year and normal hydrology variations of +/- 25%
~80% of annual production year ahead is sold on bilateral contracts – stabilising earnings
Continued high spot prices is expected to generate extra revenues in periods with strong hydrology
Long-term asset values increasing capturing higher energy prices over time with a premium for flexibility

Quarterly power production – GWh (100%)

Impact on Scatec by the Russian war in Ukraine

Operational and financial implications;

Scatec owns and operates 336 MW of solar power
95% of Scatec's capacity is available payment received for 15% of invoiced power
Strong support from EBRD and other project lenders
Impairment and credit loss provision on future scenarios;
Assets by NOK 770 million*
Receivables by NOK 87 million*

Refinancing and financial innovation releasing NOK 400 million to Scatec

A clear trend of improved debt terms from project lenders as the renewables asset class matures in Scatec's core markets
100-200 bps reduced interest margin, release of cash reserves and increased debt leverage
Green Project Bond in Egypt with credit enhancement from MIGA/World bank and EBRD - first of its kind in Africa
Assets refinanced in South Africa, Vietnam, Egypt and the Philippines the last 15 months
Improved debt terms reduces the impact of increased long term interest rates on new investment opportunities

A solid financial position

Group free cash of NOK 2,550 million
Available undrawn credit facilities NOK 1,612 million
Group* book equity of NOK 10,381 million

(NOK million)	Consolidated	Project level	Group level*	Total prop.
Cash	4,186	1,613	2,550	4,163
Debt	-19,471	-12,097	-7,128	-19,225
Net debt	-15,285	-10,484	-4,578	-15,062

(*) Defined as 'recourse group' in the corporate bond and loan agreements, where restricted cash is excluded. ¹⁸

27 385 20 197 5 645 2 913 9 919 33,030 Equity & Liabilities Assets 33,030 26 284 19 819 3 385 8 554 31,758 Equity & Liabilities Assets 5,474 31,758 As of 31.12.2021 As of 31.03.2022 Current assets Equity

Consolidated financial position (NOK million)

Non-current liabilities

Non-current assets Current liabilities

Q1'22 movement of the Group's free cash

NOK million

2022 guidance

Power Production1	Q1'22	Q2'22	FY2022
Production - GWh	868	860-960	3,850 – 4,150
EBITDA - NOK million			2,300 – 2,600

EBITDA guidance down NOK 400 million to reflect Ukraine write down of receivables in Q1 and zero underlying EBITDA in 2022
In the Philippines production in Q2 2022 is forecasted about 20% higher than 5-year average

Services & Corporate

Services 2022 EBITDA is expected slightly above 2021. Corporate 2022 EBITDA is expected slightly below 2021

(1) Proportionate production volume based on production from plants in operations at the end of Q1'22. EBITDA based on currency rates as per year end of Q1'22.

Power production financials

	Q1'22	Q4'21	Q1'21	2021
Power production (GWh)
Solar & Wind	527	548	449	2,002
Hydro the Philippines	100	236	168	729
Hydro Laos and Uganda	241	263	237	1,092
Total	868	1,047	854	3,823
Revenues (NOK million)
Solar & Wind	479	509	429	1,971
Hydro the Philippines	316	416	304	1,310
Hydro Laos and Uganda	138	148	142	608
Total	933	1,073	868	3,889
EBITDA (NOK million)
Solar & Wind	293	377	337	1,521
Hydro the Philippines	73	254	243	874
Hydro Laos and Uganda	124	132	124	554
Total	490	763	704	2,949

²² Revenues from Power Production from 2021 has been adjusted due to change in accounting policy, disclosed in note 10 in Q1'22 report Revenues and EBITDA for Solar & Wind include other asset ownership expenses in the Power Production segment

Our asset portfolio

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%
Progressovka, 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%
Chigirin, Ukraine	55	100%
Boguslav, Ukraine	54	100%
Rengy, 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%
Kamianka, Ukraine	32	61%
Czech, Czech Republic	20	100%
Maris Hydro, Philippines	9	50%
Asyv, Rwanda	9	54%
Total	3,355	52%

Under construction	Capacity MW	Economic interest
Sukkur, Pakistan Release Total	150 45 195	75% 100% 61%

Project backlog	Capacity MW	Economic interest
South Africa Brazil Tunisia Lesotho	813 530 360 20	51% 33% 55% 48%
Total	1,723	46%

	Capacity MW	Share in %
Solar	5,924	41%
Wind	5,000	34%
Hydro	2,569	18%
P2X	760	5%
Release	300	2%
Total	14,553	100%

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