Scatec ASA

Investor Presentation • May 8, 2025

Q1 2025

Strong financials and increasing growth outlook

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 first quarter 2025 report for the group.

3

Q1 2025 Key highlights

Strong financial performance

Near-term growth set to double production capacity

Strengthening capital structure

Near term growth portfolio

GW capacity per reporting date

Corporate net interest bearing debt NOK billion

Power production

Power Production 72% revenues increase driven by strong power production

Philippines EBITDA 3.6x driven by favourable hydrology and ancillary services

77 151 149 116 Q1'24 Q1'25 Spot volumes Contract volumes AS volumes

Power Production, GWh Net Revenue, NOK million Prices, PHP/kWh EBITDA, NOK million ^{96 86} 224 30 Q1'24 Q1'25 116 320 Ancillary Services Spot & Contract

Strong year on year performance Q1 2024 vs Q1 2025

+1.9x Power Production to 149 GWh

+2.8x total revenues to NOK 320 million

+2.6x Ancillary Services revenues to 224 million

5

Construction All-time high construction activity

1,9881 MW under construction	Expected COD
273 MW solar Grootfontein, South Africa	H1 2025
120 MW solar Sidi Bouzid and Tozeur, Tunisia	H2 2025
60 MW solar Mmadinare phase 2, Botswana	H1 2026
142 MW solar Rio Urucuia, Brazil	H1 2026	Botswana (phase 1)
56 MW BESS Magat & Binga, Philippines	H1 2026	approaching COD
103 MW BESS Mogobe, South Africa	H2 2026
1,125 MW solar & 100 MW BESS Obelisk, Egypt	H1/H2 2026

• Started construction of solar & BESS in Egypt and the Philippines

• COD reached for 60 MW in Botswana (phase 1)
• Grootfontein in South Africa

Profitable growth Near-term growth set to double operating capacity

7 1. Includes BESS capacity (MW)

1. Includes P2X and electrolyser capacity for Egypt Green Hydrogen

Growth portfolio – backlog and construction NOK ~16 billion in remaining EPC revenues across construction and backlog

	2024	2025	2026	2027		Total EPC Scope
Under construction						NOK million
Grootfontein						2,079
Sidi Bouzid and Tozeur						777
Rio Urucuia						42
Mmadinare phase 2						494
Binga & Magat BESS						na
Mogobe BESS						1,481
Obelisk						4,316
Total est. EPC revenues under construction				6.7 billion		9,188
Backlog				remaining
Sidi Bouzid 2						840
Dobrun & Sadova						536
Egypt Green Hydrogen						1,019
Mercury 2						1,943
EgyptAlum						4,998
Total est. EPC revenues in backlog						9,335

8

Financial review

Hans Jakob Hegge, CFO

Group financials Strong financial performance driven by accounting gains and the Philippines

Power Production

Strong results driven by strong hydrology in the Philippines and divestments

Development & Construction Increasing activity levels across the construction portfolio

Free cash on group level NOK ~5.5 billion of available liquidity at the reporting date

Q1'25 movements of the Group's free cash & liquidity, NOK million

Proportionate net interest-bearing debt Net corporate debt reduced to 5.2 billion

Corporate net interest-bearing debt NOK billion

Project net interest-bearing debt* NOK billion

• Corporate NIBD down NOK 1.8 billion driven by increased cash and debt repayment
• NIBD for operational assets down NOK 1.7 billion driven by Uganda and Vietnam divestment
• Net increase of NOK 200 million for projects under construction

Asset rotation & deleverage 2.6 billion in proceeds funding growth and strengthening the capital structure

Targeting proceeds

Strong interest and good deals for divested assets…

Proceeds from divestments (NOK billion)

…funding debt repayments on corporate level

Gross corporate debt (NOK billion)

Corporate debt Extended maturity profile at attractive terms

Corporate debt maturity profile, USD million

• New NOK 1.25 billion bond @ 3M NIBOR + 315bps

• EUR 114 million repaid no large maturities until 2027
• NOK bonds swapped to USD to match operating cash flow

Outlook

Power Production

• FY'25 Power Production estimate: 4,100 4,500 GWh
• FY'25 EBITDA estimate: NOK 4,150 4,450 million
• Q2'25 Power production estimate: 900 1,000 GWh
• Q2'25 Philippines EBITDA estimate: NOK 180 220 million

Development & Construction

• Remaining D&C contract value: NOK 6.7 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
• Near term growth set to double operating portfolio
• Proceeds from divestments funding growth and strengthening the capital structure

Our asset portfolio

Plants in operation	MW	interest
South Africa	955	41%
Brazil	693	33%
Philippines	697	50%
Laos	525	20%
Egypt	380	51%
Ukraine	336	89%
Malaysia	244	100%
Pakistan	150	75%
Honduras	95	51%
Botswana	60	100%
Jordan	43	62%
Czech Republic	20	100%
Release	38	68%
Total	4,236	50%

Capacity MW	Economic interest	Under construction		Capacity MW	Economic Interest	Project pipeline
		Obelisk, Egypt		1225	100%
		Grootfontein, South Africa		273	51%
		Urucuia, Brazil		142	100%
		Sidi Bouzid and Tozeur, Tunisia		120	51%
		Mogobe, South Africa		103	51%
		Mmadinare, Botswana		60	100%
		Binga BESS, Philippines		40	50%
		Magat BESS 2, Philippines		16	50%
		Release		9	68%
		Total		1,988	86%
		Project backlog		Capacity	Economic
				MW	interest
		Egypt Aluminium		1,225	100%
		Egypt Green Hydrogen	H 2	3901	52%
		Mercury 2, South Africa		288	51%
		Dobrun & Sadova, Romania		190	65%
		Sidi Bouzid 2, Tunisia		120	50%
		Total		2,213	81%

	Capacity MW	Share in %
Solar	5,336	60%
Wind	2,219	25%
Power-to-X	980	11%
Storage	160	2%
Hydro	144	2%
Total	8,839	100%

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Overview of change in net debt during the quarter- proportionate

NOK billion	Q4'24	Repaym ents	New debt	Disposal	Change in cash	Currency effects and other changes	Q1'25
Project level	-14.9	0.3	-0.7	1.0	0.3	0.5	-13.4
Group level	-7.0	1.5	-1.2	0.0	1.4	0.1	-5.2
Total	-21.9	1.8	-1.9	1.0	1.7	0.6	-18.6

Project and Group level net interest bearing debt