Scatec ASA

Investor Presentation • Mar 23, 2021

Capital Markets Update

23 March 2021

Building a global leader in renewables

Raymond Carlsen, CEO

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.

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 fourth quarter report of the group for 2020.

Building a global leader in renewables

• Realising 15 GW by end of 2025
• Proven business model
• Team with a growth track record
• Solid cash flow to fund growth
• ESG at the center

The world can be powered by renewables in 2050

60%

increase in global electricity demand

75%

demand covered by renewables

Fossil from 64% to 20% market share

Solar, wind, hydro & storage share of energy mix from 36% to 73%

USD 500 billion Annual renewables

investments

Source: Bloomberg New Energy Outlook 2020

Scatec has grown significantly since the IPO in 2014 - invested NOK 34 billion³

• ⁶ 1) 2020 EBITDA and cash flow pro forma including SN Power
• 2) Cash flow to Equity form Power Production
• 3) In total, including SN Power

Key achievements since our 2019 Capital Markets Update

8

Strong shareholder value creation

Share price development since IPO (NOK) Market cap growth since IPO (BNOK)

Source: Factset as of March 19, 2021

Note: Rebased to 100; Dividends reinvested on paydate; Core peers includes Northland Power, Neoen and Voltalia;

Other renewable IPPs includes Falck Renewables, ERG, Albioma and Boralex.

A broad and growing asset portfolio

We continue to lead and are broadening our growth strategy

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

Focus on new and existing high growth markets and a broader offering

Continue to adapt our business model to a changing market

4.5 GW by end 2021 and 15 GW by end 2025

GW – In operation and under construction – 100% basis

2021

Delivery of large solar projects in India, Brazil, Tunisia, South Africa & Pakistan

2025

Continued growth in pipeline and conversion of projects across key regions and technologies

2.6 GW in 2021 to be delivered from five large projects

A proven business model across renewables - Scatec role in wind and hydro expected to be similar to solar

	Develop	Build	Own	Operate
Scatec's role	Lead developer	Engineering, procurement and construction management	Scatec target equity of 50-60%	Scatec to provide O&M and Asset Mng. services
Solar
Wind
Hydro
Hybrid systems

Scatec role may vary across solar, hydro and wind projects. D&C revenues on average expected to represent 55%-65% % of capex

An agile organisation with a track record of delivering growth

• Experienced global team developed and built >6 GW across technologies
• M&A capabilities
• Strong result-driven and value-based culture
• Matrix organisation with focus on enterprise leadership

A leading position in ESG

• Experience from navigating complex markets
• Identifies ESG project risks early with dedicated teams on the ground
• A net positive carbon footprint and set targets for reductions in direct emissions
• Comprehensive ESG reporting and close monitoring of regulations (e.g. EU Taxonomy)

Rating: A- (excellent) Status: Prime Prime threshold: C+

Carbon Disclosure Project

Staying selective when investing - Operating cash flow funding growth

• Power Production: Return on Equity: 12-16%
• Development & Construction gross margin: 10-12%*
• 15 GW representing NOK 100 billion of capex
• Scatec equity investments of NOK 15-20 billion
• Liquidity available & operating cash flow until 2025: NOK 14-16 billion**

A NOK 100 billion business plan towards 2025 - Building on our key strengths

(*) In operation or under construction..

A robust financial platform

Mikkel Tørud, CFO

A robust financial platform

• Solid operating cash flow
• Excellent access to funding
• Prudent risk management
• Focus on capital discipline

Strong growth in power production

Proportionate production, revenues and EBITDA

21 Compound annual growth rates

2020 EBITDA almost doubled with new hydro assets

2020 pro forma proportionate financials

NOK million

Revenues	Solar	Hydro	Total
Power Production	1,708	1,648	3,356
Development & Construction (D&C)	873	-	873
Services	232	11	243
Corporate	33	7	40
Total	2,844	1,667	4,512
EBITDA
Power Production	1,404	1,302	2,706
Development & Construction	-28	-84	-112
Services	82	6	88
Corporate	-153	-50	-203
Total	1,306	1,173	2,478

Pro forma 2020 explained

• Hydro production revenues impacted by low hydrology and Covid-19
• Growth in solar production and reduced construction activities
• D&C opex of NOK 221 million 85% on development of project pipeline
• Corporate includes NOK 102 million of SN Power transaction cost
• Solar & Hydro financials to be reported combined going forward
• Country P&L break down of Power Production to be provided

A well diversified and high quality asset portfolio

2020 EBITDA distribution:

Dividends will grow with increased cash flow

• The Group's objective is to pay shareholders consistent and growing cash dividends
• From 2021, Scatec will adjust its dividend policy to pay out a minimum of 25 % of the cash distributions received from the power plants
• Cash distributions is typically received by Scatec 6-12 months after cash being generated in the power plants

Group funding: A solid financial position

Year End 2020: Pro forma proportionate net debt post closing of SN Power acquisition

NOK billion	Project level	Group level	Total
Cash	1.7	2.9	4.6
Debt	12.1	7.2	19.2
Net debt	10.4	4.3	14.7

Green financing

• Scatec Green Finance Framework
• Dark Green shading from CICERO
• EUR 250 mill Green bond issued in Q1'21
• Undrawn USD 180 million Green RCF

Available liquidity* NOK 4.4 billion

2020 Cash flow to equity / Group level net debt:

20%

Group debt all in interest rate

2.5%

(*) Post SNP transaction – Group level cash + USD 180 million Revolving Credit Facility (RCF).

Strong partnership with projectequity and debt providers

Raised project level financing of NOK 20 billion

• Experienced project equity partners often DFIs
• Non-recourse project level debt of 60-80%
• Quality projects with good ESG profile in high demand

Opportunistic re-financing

• Highly dependent on project structure and market
• Hydro assets in the Philippines refinanced and released NOK 408 million to Scatec in Q1 2021
• Refinancing continues to be explored across portfolio

Careful structuring of projects to manage risks

Project structuring

Project level debt currency matching cash flows

Long debt tenors: 12.2 years avg. remaining

Fixed interest rate: 6.5% average interest rate 86% hedging ratio

MIGA insurance in South Africa, Egypt, Uganda

Staying selective when investing

• Focus on capital discipline
• Power Production: Return on Equity: 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

Target of 15 GW by end 2025 representing NOK 100 billion of capex

Scatec - 2021 Guidance

Q1 2021 Power Production	FY2021 Power production volume*	FY2021 Services	FY2021 Corporate
Proportionate volume: 800-825 GWh	Proportionate: 3,500 - 3,700 GWh	Revenues NOK 280 million	EBITDA NOK -110 million
Proportionate EBITDA: NOK 660-680 million	Up from 3,045 GWh in 2020	EBITDA margin: 30-35%

(*) Production from plants in operations.

A robust financial platform supporting growth

2020 Proportionate P&L segment details

2020 pro forma proportionate financials

Development &
NOK MILLION	Power Production	Construction	Services	Corporate	Total
Revenues and other income	3,356	873	243.4	40	4,512
Cost of sales	-100	-764	-	-	-864
Gross profit	3,256	109	243	40	3,649
Personnel	-96	-117	-78	-97	-388
Other operating expenses	-453	-104	-77	-146	-780
EBITDA	2,706	-112	88	-203	2,478
D&A	-812	-26	-3	-20	-861
EBIT	1,894	-138	84	-223	1,618
Cash flow to equity	1,067	-78	69	-190	867
Cash flow to Equity % of EBITDA	39 %	70 %	79 %	94 %	35 %

Note: The pro forma figures include financials for SN Power as if the acquisition by Scatec occurred before January 1st 2020

2020 Proportionate - Power Production P&L details

2020 pro forma proportionate financials

	Power Production
NOK million	Philippines	Laos	Uganda	Solar assets	Other	Total
Power Production - GWh	576	473	394	1,602	n.a.	3,045
Revenues and other income	1,053	242	337	1,703	21	3,356
Cost of sales	-89	-11	0	-	-	-100
Gross profit	964	231	337	1,703	22	3,256
Personnel	-27	-7	-3	-2	-57	-96
Other operating expenses	-115	-16	-15	-253	-54	-453
EBITDA	822	208	319	1,449	-90	2,706
D&A	-126	-58	-60	-564	-3	-812
EBIT	696	149	258	885	-93	1,894
Cash flow to equity	400	59	216	460	-68	1,067
Cash flow to EQ % of EBITDA	49%	28%	68%	32%	n.a.	39%
Net debt end 2020	2,151	306	786	7,141		10,383

Note: The pro forma figures include financials for SN Power as if the acquisition by Scatec occurred before January 1st 2020

2019 Proportionate - Power Production P&L details

2019 pro forma proportionate financials

	Power Production
NOK million	Philippines	Laos	Uganda	Solar assets	Other	Total
Power Production - GWh	671	454	414	926	n.a.	2,465
Revenues and other income	1,191	217	315	1,162	21	2,906
Cost of sales	-258	-14	-	-	-	-272
Gross profit	933	203	315	1,162	21	2,634
Personnel	-28	-7	-2	-	-48	-86
Other operating expenses	-90	-18	-16	-164	-26	-314
EBITDA	815	178	297	999	-60	2,229
D&A	-116	-55	-50	-376	-36	-633
EBIT	699	123	247	624	-97	1,596
Cash flow to Equity	422	58	166	380	-47	979
Cash flow to Equity % of EBITDA	52%	33%	56%	38%	n.a.	44%

Note: The pro forma figures include financials for SN Power as if the acquisition by Scatec occurred before January 1st 2019

Fairly stable EBITDA generation through the year

2020 pro forma Power Production quarterly results

	Power Production (NOK million)	Q1	Q2	Q3	Q4	Total
Solar
	Revenues	391	458	457	402	1,708
	EBITDA	331	374	379	320	1,404
Hydro
	Revenues	329	389	419	512	1,648
	EBITDA	242	307	340	413	1,302
Total
	Revenues	720	847	876	914	3,356
	EBITDA	573	681	719	733	2,706
	% of yearly total	21%	25%	27%	27%	100%

Note: Solar & Hydro will be reported jointly in the Power Production segment going forward

2020 Cash flow to Equity details

2020 pro forma proportionate financials

NOK million	Power Production	Development & Construction	Services	Corporate	Total
Revenues	3,356	873	243	40	4,513
EBITDA	2,706	-112	88	-203	2,478
Debt repayments	-731	0	0	0	-731
Interest expenses	-783	1	1	-56	-837
Tax	-126	33	-19	69	-43
Cash flow to equity	1,067	-78	69	-190	867

• Power production includes debt service of project finance debt
• Corporate includes debt service of group level debt
• Quarterly reports will include P&L, balance sheet items and Cash flow to Equity for assets/countries: - The Philippines, South Africa, Laos, Uganda, Egypt, Malaysia, Brazil, Czech Republic, Jordan, other

Our capital structure - details

Pro forma capital structure – Per 31.12.2020 – with SN Power closing adjustment

Scatec

NOK million	Consolidated	Proportionate Project Level	Group level*	Total Proportionate
Cash	7,788	1,065	5,949	7,014
Interest bearing liabilities	-13,011	-8,205	-748	-8,953
Net debt	-5,223	-7,141	5,201	-1,939

SN Power

NOK million	Consolidated	Proportionate Project Level	Group level*	Total Proportionate
Cash	491	614	491	1,105
Interest bearing liabilities	-	-3,856	-	-3,856
Net debt	491	-3,242	491	-2,751

SN Power Acquisition closing

NOK million	Consolidated	Proportionate Project Level	Group level*	Total Proportionate
Acquisition financing debt	-6,415	-	-6,415	-6,415
Cash settlement	-3,558	-	-3,558	-3,558

Combined

NOK million	Consolidated	Proportionate Project Level	Group level*	Total Proportionate
Cash	4,721	1,679	2,882	4,561
Interest bearing liabilities	-19,426	-12,061	-7,163	-19,224
Net debt	-14,704	-10,382	-4,281	-14,663