Scatec ASA

Investor Presentation • Jan 31, 2025

Q4 2024 Continued profitable growth

CEO, Terje Pilskog & CFO, Hans Jakob Hegge

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 fourth quarter 2024 report for the group.

FY 2024 Building a solid foundation for further growth

Proportionate EBITDA (full year), NOK million MW in construction and backlog (year end) Net corporate debt (year end), NOK billion

Growing EBITDA by 22% Growing portfolio by 73% Reducing corporate debt by 1 bn

4

Favourable price drops paves the way for attractive growth

Solar PV module prices (USD/W)

Turnkey energy storage system prices¹(USD/kWh)

^1. Four-hour duration systems

Sources: BNEF: 4Q 2024 Global PV Market Outlook, Energy Storage System Cost Survey 2024

Global newbuild PV forecast excl. China (GW)

2024e global manufacturing capacity vs 2025e PV installations (GW/year)

Q4 2024 Key highlights

Proportionate revenues up 69% and EBITDA up 70%

High construction activity with 12% D&C margin

305 MW solar & BESS started construction in Brazil, South Africa & Botswana

478 MW solar awarded in South Africa & Romania and added to backlog

Net corporate debt reduced by NOK 1 billion through debt repayments & increased cash

Power Production Strong EBITDA increase of 86% backed by robust production

Power Production, GWh EBITDA NOKm

Philippines EBITDA +85% driven by increased volumes and Ancillary Services

EBITDA, NOK million Prices, PHP/kWh

7

• Total revenues +69% to NOK 390 million
• Power Production +77% to 285 GWh
• AS revenues +103 million due to reserve market with added capacity from Magat BESS
• EBITDA +85% to NOK 332 million

Construction Strong progress with 12% underlying D&C-margin 767¹ MW under construction following construction start in Brazil and Botswana

Q4'24 financial performance

NOK 1,038m D&C revenues

12% Gross D&C margin

NOK 3.4bn remaining EPC contract value

NOK 948m total equity investment²

Growth Continuing to mature our growth projects

202 MW started construction 478 MW added to backlog

Attractive fundamentals driving projects forward…

with D&C gross margins covering a substantial part of Scatec's target equity investments

…with solid project equity returns generated from our integrated approach

Scatec project equity IRR build up

• Average equity IRRs for projects under construction, backlog and mature pipeline projects

• Strict value creation criteria drives all investment decisions
• Maximising returns through an integrated approach
• Average IRR from operations of ~15% and integrated IRR of ~30% incl. construction margins
• Returns locked in before start of construction

12 *Project equity IRR from construction calculated based on D&C gross profit with a project leverage and EPC-scope of 80-85%, equity share of 51% and D&C gross margin of 10-12%

Improving the future for communities and individuals

Financial review

Hans Jakob Hegge, CFO

Q4'24 Proportionate Financials EBITDA +70% to NOK 1.4 billion

Revenues, NOK million EBITDA, NOK million

• Power Production revenues +55% driven by new projects, the Philippines and sales gain

• D&C revenues +95% driven by high construction activity with strong gross margin of 12%

• Total EBITDA +70% to NOK 1.4 billion

As of 1 January 2024, Scatec's revenues and operating expenses from the Service segment are reported as part of the Power Production segment.

Q4'24 Consolidated Financials Total revenues of NOK 1.2 billion

Revenues, NOK million

• Power sales revenues of NOK 0.9 billion in line with last year
• Net income from JVs +38% driven by the Philippines
• Total EBITDA of NOK 816 million

FY 2024 Proportionate Financials Total EBITDA increased by 22% to NOK 4.7 billion

Revenues, NOK million EBITDA, NOK million

• Power Production revenues +33% driven by new operating plants, the Philippines and sales gains
• D&C revenues reflecting construction programme and high activity in 2023
• Corporate EBITDA +23% driven by cost reductions

FY 2024 Consolidated Financials Total EBITDA increased by 52% to NOK 5.4 billion

Revenues, NOK million

EBITDA, NOK million

• Power sales +29% driven by new operating plants and sales gains
• Net income from JVs increased by NOK 0.7 billion driven by the Philippines
• Net gains from assets +17% due to high transaction activity

Free cash on Group level Q4'24 Available liquidity increased by 1.6 billion to NOK 3.7 billion

Q4'24 movements of the Group's free cash & liquidity, NOK million

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

Proportionate Continuing to deleverage corporate debt in line with our self-funded growth plan

Proportionate net debt, NOK billion

• Project debt in operation*
• Corporate debt

20

• Net corporate debt reduced by NOK 1.0 billion from repayment of RCF and increased cash
• Net increase of NOK 600 million for projects under construction

Deleverage Reducing debt and extending maturity profile through new NOK ~1 billion bond issue

Corporate debt maturity profile, USD million

• Corporate debt to be reduced with no large maturities in 2025/2026
• New contemplated bond issue of NOK ~1,000 million
• Repayment of EUR 114 million with bond proceeds and cash
• Committed to deleverage, ~75% of divestment proceeds used for debt repayments

Outlook

Power Production

• FY'25 Power Production estimate: 4,100 4,500 GWh
• FY'25 EBITDA estimate: NOK 3,750 4,050 million
• Q1'25 Power production estimate: 900 1,000 GWh
• Q1'25 Philippines EBITDA estimate: NOK 170 230 million

Development & Construction

• Remaining D&C contract value: NOK 3.4 billion
• Est. D&C gross margin for projects under construction and backlog: 10-12%

Corporate

• FY'25 EBITDA estimate: NOK -115 to -125 million

Key takeaways

• Strong financial performance
• Solid platform for further growth
• Continuing to deleverage

Our asset portfolio

Plants in operation	MW	interest
South Africa	730	41%
Brazil	693	33%
Philippines	673	50%
Laos	525	20%
Egypt	380	51%
Ukraine	336	89%
Uganda	255	28%
Malaysia	244	100%
Pakistan	150	75%
Honduras	95	51%
Jordan	43	62%
Vietnam	39	100%
Czech Republic	20	100%
Release	38	68%
Total	4,221	49%

Capacity	MW	Economic interest	Under construction		Capacity MW	Economic Interest	Project pipeline	Capacity MW	Share in %
			Grootfontein, South Africa Urucuia, Brazil Tunisia portfolio Mmadinare, Botswana Mogobe, South Africa		273 142 120 120 103	51% 100% 51% 100% 51%	Solar Wind Green Hydrogen Release Storage	6,258 2,274 980 300 160	62% 22% 10% 3% 2%
			Release Total		9 767	68% 68%	Hydro Total	144 10,116	1% 100%
			Project backlog		Capacity MW	Economic interest
			Egypt Egypt South Africa	H 2	1,125 290 288	100% 52% 51%
			Romania		190	65%
			Philippines Total		56 1,949	50% 81%

Overview of change in net debt during the quarter- proportionate

NOK billion	Q3'24	Repayments	New debt	Change in cash	Currency effects and other changes	Q4'24
Project level	-14.1	0.4	-1.1	-0.1	0.0	-14.9
Group level	-8.0	0.8	0.0	0.6	-0.4	-7.0
Total	-22.1	1.2	-1.1	0.5	-0.4	-21.9

Project and Group level net interest bearing debt

Overview of change in net debt during the year- proportionate

NOK billion	Q4'23	Repayments	New debt	Change in cash	Currency effects and other changes	Q4'24
Project level	-12.8	1.4	-2.6	-0.3	-0.6	-14.9
Group level	-8.0	2.6	-1.7	0.6	-0.5	-7.0
Total	-20.8	4.0	-4.3	0.3	-1.1	-21.9

Project and Group level net interest bearing debt