Scatec ASA

Earnings Release • Feb 3, 2022

Fourth quarter 2021: High development activity and robust cash flow

Fourth quarter 2021: High development activity and robust cash flow

Oslo, 3 February 2022: In the fourth quarter 2021 Scatec's proportionate

revenues reached NOK 1,250 million (497) with EBITDA of NOK 683 million (223)

and an associated EBITDA margin of 55%. Power production reached 1,047 GWh an

increase by more than 2.5 times compared to the same quarter last year.

"We saw another quarter with stable operations, robust cash generation and

continued high project development activity within renewables across our core

markets. We are further pursuing new and exciting opportunities in the Middle-

East within hydrogen, ammonia and desalination powered by green energy. With a

substantial track record, a proven value creating business model and a large

developing pipeline, we are well positioned for further growth", says Raymond

Carlsen, CEO of Scatec.

803 MW in Brazil and South Africa were added to the project backlog in the

quarter, and Release started delivery of redeployable solar and battery

solutions in Cameroon, Chad and South Africa. A 900 MW project in India was put

on hold and moved from backlog to pipeline due to the introduction of an import

duty on solar panels. The backlog and pipeline now total 1,818 MW and 14,775 MW

respectively.

Scatec's fourth quarter consolidated revenues were NOK 1,039 million (679), with

an EBITDA of NOK 775 million (448). The consolidated net profit was NOK 136

million (negative 561).

For the full year 2021, Scatec's proportionate revenues and EBITDA reached NOK

4,615 million (2,844) and NOK 2,686 million (1,306), respectively.

The 2021 Power Production EBITDA more than doubled from 2020 to NOK 2,949

million, mainly driven by the acquisition of SN Power and grid connection of

three new power plants. In 2021 construction start of new projects was delayed

due to prolonged government approval processes and cost inflation, resulting in

limited revenue in the Development and Construction segment.

The Board of Directors has proposed 2021 dividends of NOK 2.54 per share

totalling NOK 401 million to be paid out in 2022 following approval by the

Annual General Meeting to be held on 28 April 2022.

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

live webcast today at 08:30 am CET. You can follow the webcast from our

website www.scatec.com (https://www.globenewswire.com/Tracker?data=vST0pYdhbMJD-

KfSRf1VY2SroJjeyCwgUbbT-tDRX-da1hd2lfK_lP6S2c9ufMLQJVn_u1GJDILxU4TPREpqZg==), or

this direct link: Scatec Webcast Q4 2021

(https://www.globenewswire.com/Tracker?data=oBxLFvSXoYwnG2O9sBw2BrRhLUtjP2Esja3b

6V7umoRao20u6WZ5rRYwAqilJCA5Ys5Se_Gpk8dA2KyfIKpplXF4iNJcrEezSyVCL-

Y2HjQK2ugTP7ZEh_n0rrpeX9o6Mqra5l0g8tnQRShJah0CMhnyDVxWZTvh-rLLb804YEc=). You may

ask questions through the webcast solution.

EBITDA and other alternative performance measures (APMs) are defined and

reconciled as a part of the APM section of the attached quarterly report on

pages 41-44.

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 86,

andreas.austrell@scatec.com

(https://www.globenewswire.com/Tracker?data=xENId0BYhGKyXXJhsRxN_rKPiQvcyW2gn7f2

Hq6Jeip-I208oW-aPdR_aWVO3I1ND3R7WAbTWgg54ShHXBebzJTqN8q-

CEoTCAlINnUW3CdntorclUq4Sinmj-MdVZxr)

For media: Stian Tvede Karlsen, Communications Manager, tel: +47 920 67 460,

stian.karlsen@scatec.com (mailto:stian.karlsen@scatec.com)

About Scatec ASA

Scatec is a leading renewable power producer, delivering affordable and clean

energy worldwide. As a long- term player, Scatec develops, builds, owns and

operates solar, wind and hydro power plants and storage solutions. Scatec has

more than 3.5 GW in operation and under construction on four continents and more

than 600 employees. The company is targeting 15 GW capacity in operation or

under construction by the end of 2025. 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://www.globenewswire.com/Tracker?data=kGhdeZ3-

E6aUeFYMgYavRbFr5R8sdY2BQx6CTo1HIMkJXDyiQWk6GyRnzLJOczDq0F9PZP9CZhkROzpnyD3bmw==

) or connect with us on Linkedin

(https://www.globenewswire.com/Tracker?data=5O2pdn4VoGoAr-

tccDnbbQglS4ARJk2dFsY7_4b75cjfpYexJt9cr9dpdpIK6IPamEVlDHNnfOKe8JxsGdd9mu-

cZrdTFrI6GtJQD0brZxA=).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act