Scatec ASA

Investor Presentation • Oct 29, 2021

Third quarter 2021 Strong operational

performance

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 2021 report for the group.

Agenda

• Project update and market outlook Raymond Carlsen, CEO
• Financial review Mikkel Tørud, CFO
• Summary
  • Raymond Carlsen, CEO

Q3'21 Strong operational performance

• Solid plant performance and grid connection of new solar plants led to power production of 1,065 GWh
• Proportionate revenues of NOK 1,254 million (556) and EBITDA of NOK 767 million (319)
• Adjusted timelines of financial close for project backlog
• Scatec awarded 273 MW in Round 5 in South Africa
• Entered partnership with Fertiglobe and the Sovereign fund of Egypt to jointly develop a hydrogen facility
• Despite cost inflation, renewables continue to be a very competitive source energy in Scatec's core markets

Power production (GWh)

4

¹⁾ EBITDA and other alternative performance measures (APMs) are defined and reconciled as a part of the APM section of the third quarter 2021 report on pages 38-41.

Adjusted timelines of financial close for Scatec's project backlog

• Construction held back by an ongoing land demarcation process
• Construction start on site expected in Q1 2022

South Africa, 540 MW* India, 900 MW Tunisia, 360 MW Brazil, 530 MW

• Government approval process delayed
• Construction start expected in Q1 2022

• Uncertainty related to potential import duty for solar panels
• Expected financial close moved to 1H 2022

• Awaiting ratification of project documents by the Tunisian parliament
• Estimate to reach financial close within next 6-12 months

• Process of securing offtake agreements ongoing
• Target to reach financial close in 2022

(*) Solar + battery solution

5

Scatec is well positioned with a broad renewables offering, focus on high growth markets and a proven business model

Build a global leader across solar, hydro, wind and storage

Focus on high growth markets where our track record can be leveraged

Continue to apply our business model to a changing market

Scatec holds a large project pipeline in several renewable technologies

Pipeline development

• Continued broad project origination
• Increased focus on early stage development – securing sites
• Price level on new long-term PPAs to reflect the prevailing capex level
• Targeting 15 GW in operation or under construction by 2025

Scatec project pipeline of 13.9 GW*:

Staying selective when investing:

• Avg. Equity IRR on investments: 12-16%
• Development & Construction gross margin: 10-12%

Scatec is focusing on markets with strong growth and where we can leverage both our market presence and business model

About 11 GW or 70% of backlog & pipeline are held in these markets

9

Awarded 273 MW of solar projects in South Africa

• Scatec awarded preferred bidder status on three solar projects totaling 273 MW in the REIPPP* Round 5 tender in South Africa
• Production from the solar plants will be sold under 20-year Power Purchase Agreeements
• Scatec to own 51 % of the equity and provide EPC, O&M and A&M services to the power plants
• Financial close expected in 1H'22 with grid connection and commercial operation by the end of 2023

Philippine power generation mix 2020 The Philippines is developing into a core market for Scatec

Scatec in an attractive position

• 642 MW of hydropower in operation
• Strong partnership with Aboitiz Power through SNAP JV
• More than 2 GW pipeline hydro, solar, wind and storage

1.75 GW of offshore wind pipeline

• 750 MW of exclusive development rights signed with the Dep. Of Energy secured in the second quarter
• Another 1 GW awarded in third quarter
• The projects will enter the development phase and partners will be brought in at the appropriate stage

A needed shift towards renewables:

• Reduce use of coal
• Reduce reliance on fuel imports
• Policies to support renewables in place
• Target for renewables to account for 50% of energy mix by 2040

Technology integration is essential to address the future customer needs;

"Cost competitive renewable power delivered to match customer demand"

1 GW of Scatec backlog & pipeline relates to hybrid solutions, Release and 'Power to X'

Firm Renewable Power

Solar + storage solutions under development in South Africa, Philippines

Release

Release solutions under development across Latin America and Africa

Hybridising PV and hydro

Floating solar solutions under development in the Philippines, Malaysia and across Africa

Power to X

Power to X solutions under development in Egypt and South Africa

Developing 50-100 MW green hydrogen facility in Egypt

• Egypt has excellent conditions for solar and wind and a strategic location for supply of green ammonia
• Egypt has clear ambitions to develop the country into a regional green hydrogen hub
• Scatec has partnered with Fertiglobe and The Sovereign Fund of Egypt to develop a green hydrogen facility
• Scatec will build, operate and majority own the 50-100 MW facility with a long-term hydrogen off-take agreement with Fertiglobe

Financial review

Mikkel Tørud, CFO

Proportionate financials

14

Strong growth in revenues and EBITDA

CF to equity in Q1'21 includes NOK 397 million from refinancing of the assets in the Philippines. From 2021 the figures include assets from the acquisition of SN Power.

Power Production Strong increase in power production

15 CF to equity in Q1'21 includes NOK 397 million from refinancing of the assets in the Philippines.

Comments

• EBITDA increased from Q2 mainly explained by increased production in the Philippines and grid connection of new plants in Ukraine and Argentina
• Hydro assets with revenues of NOK 562 million and EBITDA of NOK 383 million
• Solar assets with fairly stable revenues and EBITDA generation year on year

Power Production A well diversified asset portfolio

Solar & Wind

• Low annual variability and moderate seasonality
• Power prices secured through long term PPAs or FiTs

Hydro

• Moderate annual variability and seasonality
• Uganda: Fixed capacity payments.
• Laos: 90% offtake through PPA with EGAT (Thailand), storage capacity reduces seasonal volatility
• Philippines: Seasonal hydrology profile. Optimizing revenue from available water. Limiting market exposure through bilateral contracts.

Power Production EBITDA distribution YTD 2021

Power Production – Philippines Generating stable long term cash flows

• Around 80% of expected production for year ahead is sold through bilateral contracts – stabilizing earnings
• A production profile tilted toward second half of the year
• Bilateral contracts matching production profile with limited power purchase needed to balance portfolio
• Further optimisation of revenues in periods with strong hydrology – sale in the spot market or ancillary services
• Ancillary Services* represent a stable base of net revenues

Quarterly power production - GWh

(*) Power grid stabilisation services (**) Q4'2021 production forecast

Services Stable financial performance

Quarterly (NOK million) Last 12 months (NOK million)

Development & Construction Short-term delays in Pakistan continued to impact construction revenues

Quarterly (NOK million) Last 12 months (NOK million)

120 -145 142 -204 164 Q3 20 2,049 Q3 21

Comments

• Construction of the 150 MW solar plant Pakistan held back by land demarcation process for public land
• Continued high project development activity
• Impairment of NOK 50 million related to discontinued development projects in Ukraine and Brazil

A solid financial position

• Group free cash of NOK 2,321 million
• Available undrawn credit facilities NOK 1,622 million
• Group* book equity of NOK 11,042 million

(NOK million)	Consolidated	Project level	Group level*	Total prop.
Cash	4,332	1,764	2,321	4,086
Debt	-19,607	-12,395	-7,272	-19,667
Net debt	-15, 274	-10,631	-4,951	-15,581

(*) Defined as 'recourse group' in the corporate bond and loan agreements, where

Consolidated financial position (NOK million)

20

Q3'21 movement of the Group's free cash

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

Scatec - 2021 short term guidance

Power Production (GWh) Proportionate production volume*		Development & Construction	FY2021 Services	FY2021 Corporate
Q4 2021: 1,000 – 1,100	FY 2021: 3,770 - 3,870	D&C revenues in Q4'21 expected on par with Q3'21	Revenues NOK 260 million	EBITDA NOK -110 million
Q4 in Philippines: Slightly above 5- year average production, partly offset by higher-than-normal maintenance cost		Remaining, not booked, construction contract value NOK 450 million per end-Q3'21	EBITDA margin: 30-35%

(*) Guidance based on production from plants in operations at the end of third quarter 2021.

Summary

Raymond Carlsen, CEO

Scatec is well positioned for continued growth

• Solid and predictable cash flow generation from Scatec's operating assets
• Scatec is well positioned with a broad renewables offering, focus on high growth markets and a proven business model
• Despite cost inflation, renewables continue to be a very competitive source of energy in Scatec's core markets

Our asset portfolio

Plants in operation		Capacity	Economic
		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	150	75%
Torex Gold, Mexico	9	100%
Total	159	76%
Project backlog	Capacity	Economic
	MW	interest
India	900	50%
South Africa	540	51%
Tunisia	360	55%
Bangladesh	62	65%
Mali	33	64%
Lesotho	20	48%
Total	1,915	52%
Project pipeline	Capacity	Share in %
	MW
Solar	6,799	49%
Wind	3,910	28%
Hydro	2,305	17%
Hybrid solutions	616	4%
Release	300	2%
Total	13,930	100%