Scatec ASA

Investor Presentation • Aug 19, 2025

Q2 2025

Growth momentum continues

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 second quarter 2025 report for the group.

Q2 2025 Key highlights

3

Proportionate revenues up 51% and EBITDA up 19%

High construction activity with 11.4% D&C margin

All-time high backlog following ~1 GW awards in South Africa

Closed project financing for Obelisk and signed PPA for 900MW wind in Egypt

Repaid NOK ~1.2 billion of corporate debt since last reporting date

Key figures - proportionate Figures in brackets are same quarter last year

Total revenues and other income

2,302 NOK million (1,528) (995)

1,130 NOK million Total EBITDA Total EBIT (951) (579)

940 GWh Power production

780 NOK million Power production

Power Production 48% revenues increase driven by the Philippines

NOK million

Philippines Strong performance and higher AS rate approved

Power Production, GWh Net Revenue, NOK million

91 217

Q2'24 Q2'25

Strong year on year performance

• Approval of Ancillary Services contract rate with NOK 231 million retroactive effect
• Ancillary services revenues increased by 87% to NOK 213 million
• Power production revenues increased to NOK 49 million
• Total EBITDA of NOK 448 million

1.Time weighted average price 5

Construction All-time high construction activity

1,979 MW under construction	Expected COD
273 MW solar Grootfontein, South Africa	H2 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
56 MW BESS Magat & Binga, Philippines	H1 2026
103 MW BESS Mogobe, South Africa	H2 2026
1,125 MW solar & 100 MW BESS Obelisk, Egypt	H1 & H2 2026

• Good progress across the construction portfolio
• Remaining contract value of NOK 6 billion for projects under construction
• Estimated average gross margin of 10-12%

Profitable growth Momentum continues with 5.2 GW of growth projects

7 1. Includes BESS capacity (MW)

1. Includes P2X and electrolyzer capacity for Egypt Green Hydrogen

Scatec adds largest solar award to date in South Africa

• 846 MW of additional solar awarded in South Africa
• 1.4 GW solar and 226 MW/904 MWh BESS under construction or in backlog in total
• South African projects highly compatible with Scatec's business model
• Well positioned and strong market outlook

Strong and growing portfolio of stable, long-term cash flow

Financial review

Hans Jakob Hegge, CFO

Group financials Strong financial performance driven by the Philippines and high D&C activity

1,130

+19%

Power Production Significant 12 month rolling growth, driven by divestments and the Philippines

Development & Construction Increasing activity levels across the construction portfolio¹

Free cash on group level Strong liquidity position of NOK ~4.4 billion

Q2'25 movements of the Group's free cash & liquidity, NOK million

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

Proportionate net interest-bearing debt Strengthening of the balance sheet continues

Corporate net interest-bearing debt NOK billion

Project net interest-bearing debt* NOK billion

• Repaid NOK ~300 million of corporate debtCort

• NOK ~800 million drawn for projects under construction

Cort

• Repaid final instalment of NOK ~300 million to PowerChina

*Includes non-recourse financing and other interest-bearing liabilities (see note 6 in quarterly report)

Corporate debt Gross corporate debt down by 2.4 billion (26%)

Steady debt repayments on corporate level driving lower interest expenses Gross corporate interest-bearing debt (NOK billion)

• Gross corporate debt reduced by NOK 0.6 billion in the quarter
  • Repaid NOK 0.3 billion
  • FX effect NOK 0.3 billion
• Further repaid NOK ~0.9 billion (USD 85 million) after Q2'25 closing date
• Total reduction of NOK 2.4 billion (26%) since Q3'24 strategy update
  • Repaid NOK 2.2 billion
  • FX effect NOK 0.2 billion
• Committed to continue reducing corporate debt

Outlook

Power Production

• FY'25 Power Production estimate: 4,000 4,300 GWh
• FY'25 EBITDA estimate: NOK 4,150 4,450 million
• Q3'25 Power production estimate: 1,100 1,200 GWh
• Q3'25 Philippines EBITDA estimate: NOK 280 380 million

Development & Construction

• Remaining D&C contract value: NOK 6.0 billion
• Est. D&C gross margin for projects under construction: 10-12%

Corporate

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

Key takeaways

• Strong financial performance
• Growth momentum continues
• Committed to continue reducing corporate debt

Our asset portfolio

Plants in operation	MW	interest
South Africa	955	41%
Brazil	693	33%
Philippines	673	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	47	68%
Total	4,221	50%

Capacity MW	Economic interest	Under construction	Capacity MW	Economic Interest	Project pipeline
		Obelisk, Egypt Grootfontein, South Africa Urucuia, Brazil Sidi Bouzid and Tozeur, Tunisia Mogobe, South Africa Mmadinare, Botswana Binga BESS, Philippines Magat BESS 2, Philippines Total	1225 273 142 120 103 60 40 16 1,979	100% 51% 100% 51% 51% 100% 50% 50% 86%

Project backlog	Capacity MW	Economic interest
Egypt Aluminium	1,225	100%
Kroonstad Cluster, South Africa Egypt Green Hydrogen	846 3901 H 2	51% 52%
Mercury 2, South Africa Dobrun & Sadova, Romania	288 190	51% 65%
Haru BESS, South Africa Sidi Bouzid 2, Tunisia	123 120	50% 50%
Total	3,182	71%

	Capacity MW	Share in %
Solar2	4,497	58%
Wind	1,919	25%
Power-to-X	980	13%
Storage	160	2%
Hydro	144	2%
Total	7,700	100%

Overview of change in proportionate net interest-bearing debt during the quarter

NOK billion	Q1'25	Repayments	New debt	Disposal	Change in cash	FX and other changes	Q2'25
Project level	-13.4	0.6	-1.3	0	0.2	0.4	-13.6
Group level	-5.2	0.3	0	0	-0.9	0.2	-5.6
Total	-18.6	0.8	-1.3	0	-0.7	0.7	-19.2

Project and Group level net interest bearing debt