Scatec ASA

Investor Presentation • Jul 23, 2021

Second quarter 2021 Strong growth in project backlog and pipeline

Disclaimer

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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.

The following presentation contains unaudited pro forma financial information which has been prepared solely for illustrative purposes to show how the acquisition of SN Power might have affected the financials of the group if the acquisition had occurred at an earlier date. All pro forma financials in this presentation are unaudited.

Alternative performance measures (APM) used in this presentation are described and presented in the second quarter and first half 2021 report for the group.

Agenda

• Highlights and project update Raymond Carlsen, CEO
• Financial review Mikkel Tørud, CFO
• Market & outlook
• Raymond Carlsen, CEO

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Q2'21 Strong growth in project backlog and pipeline

• Power production of 860 (406) GWh and EBITDA¹ of NOK 601 (417) million
• 2.6 GW added to project backlog and pipeline
• First large-scale hybrid (540 MW solar + storage) project awarded in South Africa
• Entering the Indian market secured 900 MW solar plant with local partner
• Moving into offshore wind in Southeast Asia
• 320 MW in Ukraine and Argentina started commercial operation in July

1) EBITDA and other alternative performance measures (APMs) are defined and reconciled as a part of the APM section of the second quarter and first half 2021 report on pages 42-45.

Power production (GWh)

Another 203 MW in commercial operation in Ukraine – 336 MW total

Progressovka, 148 MW

• Annual production: 184 GWh
• 70,000 tonnes GHG emissions to be avoided
• 76,000 households to be powered

Chigirin, 55 MW

• Annual production: 64 GWh
• 25,000 tonnes GHG emissions to be avoided
• 28,000 households to be powered

The 117 MW Guanizuil project in commercial operation

• Scatec's first power plant in Argentina and the second largest solar plant in the country
• The plant is owned and operated 50% by Scatec and 50% by Equinor
• Annual production: 305 GWh
• GHG emissions avoided: 98,000 tonnes/year
• Green energy for 80,000 households

32 ESG targets for 2021 shared in our 2020 Sustainability report

• Status on 1H'21 performance available in the Q2 report

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ESG ambitions Key focus areas

Lifecycle management

Strategy for lifecycle management of equipment

Climate target Climate roadmap to reach 2050 targets

Responsible supply chain ESG risk and close engagement with key suppliers

Human rights

Strengthen due diligence and training to exposed groups

EU Taxonomy: Low GHG emissions for Scatec's operating hydropower assets

• Lifecycle GHG emissions* from reservoirs estimated by independent third party, International Hydropower Association (IHA)
• Threshold for lifecycle emissions in the Taxonomy: 100 gCO2/kWh
• Lifecycle emissions estimates for Scatec's reservoirs: ranging from 1.2 – 21.6 gCO2/kWh
• "Do no significant harm assessment" in process

Nam Gnouang Reservoir, TPHC, Lao PDR

*Lifecycle GHG emissions: Assessment of greenhouse gas emissions during the entire value chain of a project.

Financial review

Mikkel Tørud, CFO

Strong growth in revenues and EBITDA

Proportionate financials 45% 55% 33% 56% EBITDA margin Quarterly (NOK million) Last 12 months (NOK million) 158 177 417 601 925 Q2 20 Q2 21 1,101 ^{683 808} 3,165 1,780 Q2 20 1,630 Q2 21 4,956 Cash Flow to Equity EBITDA Revenues

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

Power Production Strong increase in power production

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

Comments

• New hydro assets with revenues of NOK 504 million and EBITDA of NOK 292 million
• EBITDA decreased by NOK 44 million from Q1, mainly explained by a seasonal dryer period and lower own production in the Philippines
• Solar assets with fairly stable revenues and EBITDA generation year on year

Services Stable financial performance

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73

230

Comments

• Stable contract portfolio
• Underlying EBITDA broadly in line with last year
• EBITDA in Q2 last year included a one-off catch up of NOK 14 million.

Development & Construction Strong project development focus

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

Comments

• Revenues decreased with lower construction activity
• Construction started on the 150 MW Sukkur project in Pakistan
• Continued high project development activity with major projects in South Africa, India and Brazil
• 1,440 MW matured and moved to backlog in the quarter

Update on the Ukraine portfolio

• Commercial operation achieved for the whole asset portfolio – 336 MW
• Loan agreements to be adjusted based on revised cash flows - in principle agreement in place with lenders for Kamianka and Boguslav - implementation in 2H 2021
• In compliance with all loan agreement covenants for the whole portfolio at end of Q2 2021

A solid financial position

• Group free cash of NOK 2,361 million
• Available undrawn credit facilities NOK 1,588 million
• Group* book equity of NOK 11,061 million

(NOK million)	Consolidated	Project level	Group level*	Total prop.
Cash	4,192	1,664	2,361	4,025
Debt	-19,530	-12,539	-7,179	-19,718
Net debt	-15,337	-10,875	-4,818	-15,693

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

Consolidated financial position (NOK million)

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Q2'21 movement of the Group's free cash

Staying selective when investing

• Focus on capital discipline
• Power Production: Avg. Equity IRR on investments: 12-16%
• 30-year cash flows
• Average across technologies, regions & currencies
• Development & Construction gross margin: 10-12%
• D&C revenues expected to average 50-70% of project capex dependent on Scatec's role in the project

Scatec - 2021 Guidance

Power Production (GWh) Proportionate production volume*		Development & Construction	FY2021 Services	FY2021 Corporate
Q3 2021: 970-1,040	FY 2021: 3,600 - 3,750	End of Q2'21: Remaining, not booked, construction	Revenues NOK 260 million	EBITDA NOK -110 million
Up from 430 in Q3 2020	Up from 3,045 in 2020	contract value NOK 490 million	EBITDA margin: 30-35%
Based on seasonal variations, the EBITDA from the Philippines in second half 2021 is normally 20-30% higher than in first half of the year.

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

Market & outlook

Raymond Carlsen, CEO

BNEF's Green scenario The world to be powered by renewables in 2050

4.6x

Increase in global electricity demand (from 2019)

89%

Power generation covered by renewables

Fossil fuels from 68% to 13% of final energy consumption¹

USD 840 bn

Annual renewables investments²

Source: Bloomberg New Energy Outlook 2021. 1) Total energy consumed by end users,. 20 2) Annualised based on BNEF's mid point invstment estimate.

IEA report: Hydropower - a critical contributor to the green energy transition

• Additional 477 GW of hydropower capacity needs to be built globally by 2030 to achieve IEA's net zero scenario
• 75% of capacity from large-scale projects in Asia and Africa
• Until 2030, USD 127 billion or ¼ of investments in modernising ageing plants
• Hydropower can be stored and be dispatched to match demand as well as provide system stability
• Combined with wind and solar, hydropower offers unmatched flexibility in renewable power production
• Scatec well positioned:
• Hydropower and hybrids project pipeline of 3.3 GW
• Track record across multiple technologies

IEA: International Energy Agency

Technology integration strengthens renewables & expands market potential

PV and/or wind with battery storage to provide stable renewable power

Firm Renewable Power Hybridising PV and hydro Release Power to X

PV installations mounted on floating supports on the artificial basin of a hydro dam

Redeployable PV systems to replace diesel and HFO generators as standard solution

Competitive renewable power as enabler of infrastructure and industrial projects

Project backlog & pipeline of more than 14 GW

Solar+storage hybrid project in South Africa A breakthrough for our large scale hybrid solutions

• The Kenhardt project will be one of the largest PV and battery plants in the world
• Project competed successfully in a technology agnostic bidding process
• The only bid exclusivity making use of renewable energy technology
• Our integrated approach strengthens competitiveness of renewables and expands market potential

The project:

• Government requirement: Deliver 150 MW capacity between 5:00am and 21:30pm – all year
• Scatec's solution: A 540 MW solar plant + 225MW/1140MWh Storage facility
• Ca. USD 1 billion capex investment
• Fixed 'Capacity Payments' over 20 years

Entering India with 900 MW – a key growth market for renewables

• Scatec has partnered with ACME, a leading solar developer, to realise a 900 MW solar plant in India
• Pursuing long-term partnerships and upcoming tenders/auctions
• India is targeting 450 GW of new renewable energy capacity by 2030:
• Opportunities for large-scale renewables, including hydropower and hybrid solutions
• Round-the-clock tenders, corporate PPAs and hydrogen
• Indian operation up and running

Scatec moves into offshore wind in Southeast Asia

• Vietnam and the Philippines our key focus
• Attractive offshore wind conditions
• Aggressive long term renewable energy growth plans
• Target to secure 4 GW of development rights

• The Philippines

• 750 MW of exclusive development rights signed with the Dep. Of Energy
• Another 1 GW of development rights expected to be awarded and signed in second half 2021

• Vietnam

• Sites for 2 GW under development
• Development rights to be awarded post PDP8 announcement

Realising 15 GW by end of 2025

• Delivering on 2021 targets
• Construction activity ramping up 2H'21
• Positive market and pipeline development
• Broad technology platform
• Solid basis for 15 GW growth plan

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%
		Capacity	Economic
Project backlog		MW	interest
India		900	50%
South Africa		540	51%
Tunisia		360	55%
Brazil		101	40%
Ukraine		65	65%
Bangladesh		62	65%
Mali		33	64%
Lesotho		20	48%
Total		2,081	54%
		Capacity	Share in %
Project pipeline		MW
Solar		6,082	49%
Wind		2,620	21%
Hydro		2,428	20%
Hybrid solutions		858	7%
Release		300	3%
Total		12,288	100%