Scatec ASA

Investor Presentation • Oct 30, 2025

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 third quarter 2025 report for the group.

Q3 2025

Key highlights

Proportionate revenues up 22% YoY

NOK 1.8bn D&C revenues with 11.4% gross margin

All-time high backlog following solar and BESS additions

Corporate NIBD down to NOK 4.3 billion

Increasing growth pace and continuing to deleverage towards 2030

Key figures - proportionate

Figures in brackets are same quarter last year

Total revenues and other income

2,953

NOK million

(2,416) (1,254)

Total EBITDA Total EBIT

1,063

NOK million

(1,520) (1,129)

Power production

1,202

GWh

590

NOK million

Power Production

Revenues of NOK 1.2 billion from power production

^1. Divestment gain of NOK 383 million, divested revenues of NOK 177 million, and NOK 60 million catch-up effect in the Philippines

Philippines financial performance

Continue to allocate larger volumes to Ancillary Services

Net revenues
NOK million

EBITDANOK million

Construction

All-time high construction activity

1,749 MW solar + 687 MWh BESS under construction1		Expected COD
	273 MW solar Grootfontein, South Africa	H2 2025	Solid construction progress
	120 MW solar Sidi Bouzid and Tozeur, Tunisia	H2 2025	Good progress across the • construction portfolio
	60 MW solar Mmadinare phase 2, Botswana	H1 2026	Remaining contract value of • NOK 4.1 billion for projects
	142 MW solar Rio Urucuia, Brazil	H1 2026	under construction Estimated average
	56 MW/56 MWh BESS Magat & Binga, Philippines	H1 2026	• gross margin of 10-12%
	103 MW/412 MWh BESS Mogobe, South Africa	H2 2026
	1,125 MW solar + 100MW/200MWh BESS Obelisk, Egypt	H1 & H2 2026

Solid construction progress

• Good progress across the construction portfolio
• Remaining contract value of NOK 4.1 billion for projects under construction
• Estimated average

Near-term growth

Strong contribution from D&C with 10-12% gross margin

NOK~21bn remaining EPC revenues in construction & backlog

Project	2025	2026	2027	NOK million
Grootfontein				1,980
Sidi Bouzid and Tozeur				740
Rio Urucuia				40
Mmadinare phase 2				470
Binga & Magat BESS				na
Mogobe BESS			4.1 -:11:	1,410
Obelisk			4.1 billion remaining	1 /11/0
Total estimated EPC rever	8,750
Barzalosa				850
Dobrun & Sadova				510
Sidi Bouzid 2				880
Egypt Aluminium				4,760
Binga 2 & Ambuklao BESS				na
Haru BESS				960
Egypt Green Hydrogen			>	970
Mercury 2			>	1,850
Kroonstad Cluster			>	5,880
Total estimated EPC revenues in backlog 16,660

Financial review

Hans Jakob Hegge, CFO

Group financials

All-time high D&C activity driving revenue growth

Consolidated financials

NOK million

Proportionate financials

NOK million

Power Production

Stable development, with new plants partially offsetting divested assets

Development & Construction

All-time-high activity levels across the construction portfolio

Free cash on group level Strong liquidity position of NOK ~4.7 billion

Q3'25 movements of the Group's free cash & liquidity, NOK million

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 ~1 billion of corporate debtCort
• NOK ~4.1 billion drawn for projects under construction, mainly Obelisk
• Amortised NOK ~300 million of project debt in operation

Outlook

Power Production

• FY'25 Power Production estimate: 4,100 4,200 GWh
• FY'25 EBITDA estimate: NOK 4,250 4,450 million
• Q4'25 Power production estimate: 1,000 1,100 GWh
• Q4'25 Philippines EBITDA estimate: NOK 280 380 million

Development & Construction

• Remaining D&C contract value: NOK 4.1 billion
• Est. D&C gross margin for projects under construction: 10-12%

Corporate

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

Strategic progress

Ahead of plan to reach strategic targets for 2027

The macro situation for renewables

Renewables is the preferred source of energy

prices continue to drop

Solar PV modules prices normalising at all-time lows

Energy storage systems Global LCOE renewables are the cheapest source of energy

Scatec is well positioned in the transition mega trend USD ~560 trillion investments in our regions across technologies

¹⁸ 1. BNEF New Energy Outlook 2025

^2. Excluded markets: Australia, China, Japan, South Korea, Europe, Japan, Vietnam, North America and "rest of world"-category in BNEF

Increased targets towards 2030

Increased growth pace & continued deleveraging funded by divestments

Profitable growth

NOK 1 billion

annual equity investments

Build scale in selected growth markets

Leading position within Solar, BESS & Hybrid solutions

Deleverage

NOK 4 billion

gross corporate debt by 2030

Strengthening the balance sheet

Significantly reduced interest expenses

Capital efficient

NOK 3.4 billion

divestment proceeds by 2030

Exit non-growth markets & selective farm-downs

Capital light approach to maximise value creation

Profitable growth

Growth plan backed by strong project pipeline - 5.4 GW already secured

²⁰ 1. Includes BESS capacity

^2. Includes P2X and electrolyzer capacity for Egypt Green Hydrogen

Strategic approach to market selection

Uniquely positioned in markets where renewables makes most sense

Global average horizontal irradiation kWh/m²

Scatec market selection criteria

• Meets required project returns
• Renewables the most cost-efficient source of energy
• Large and growing power demand
• Outlook for repeat business and long-term growth
• Stable regulatory environment
• Established offtake routes

Strategic approach to growth markets

Diversified market portfolio ensuring long-term growth

Egypt

Leverage leading market position and strong partnerships to expand multi-tech position.

South Africa

Expand market leading position through public auctions and private PPA platform.

Philippines

Expand BESS capacity for ancillary services and develop solar & wind opportunities.

Brazil

Expand into BESS through public auctions with cautious approach to solar & wind due to current market conditions.

Established growth markets New attractive growth markets

Romania / Central Eastern Europe

Targeting a flexible, multi-technology portfolio with a mix of public, private and merchant offtake.

Tunisia

Expand within solar, wind and BESS mainly through public auctions leveraging market position and partnerships.

Botswana

Expand through public auctions, utilising synergies with the South Africa organisation.

Colombia

Grow selectively over time within solar, wind and BESS through private PPA market and public auctions.

Quickly adapting to changing market conditions

Scatec at the forefront of Solar & BESS integration

Low-cost batteries the solution for grid stability and baseload energy

Providing baseload power

Unlocking grid capacity Enhancing grid stability Addressing peak demand

Kenhardt, South Africa 540 MW solar + 225 MW / 1,140 MWh BESS

Magat, Binga & Ambuklao, Philippines

136 MW / 136 MWh BESS

Obelisk & Egypt Aluminium, Egypt

2.2 GW solar + 200 MW / 400 MWh BESS

Robust return profile Maintaining robust IRR levels

Scatec project equity IRR build up

• Average equity IRRs for projects under construction and backlog

• Strict value creation criteria drives all investment decisions
• 1.2x Cost of Equity
• 10-12% D&C gross margin
• 25-30% Service margins
• Maximising returns through an integrated approach
• Returns locked in before construction start

^*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%

2030 corporate deleverage plan

Continuing to deleverage – targeting NOK 4 billion by 2030

Corporate debt deleverage target

Gross corporate debt (NOK billion)

Corporate interest expenses¹ reduced

NOK million

2030 divestment plan

Continuing to divest to fund growth and debt repayments

Targeting NOK 3.4 bn divestment proceeds to 2030

Proceeds from divestments (NOK billion)

Proven ability to execute value accretive deals

Divestment transactions since 2023 (sales proceeds)

Summary: 2030 roadmap

• Increasing growth pace at attractive returns
• Continuing to deleverage on corporate level
• Self-funded plan supported by additional divestments

Scatec

Our asset portfolio

Plants in operation	Capacity MW		Economic interest
South Africa	% E +	955	41%
Brazil	- *:	693	33%
Philippines	₩ E†	673	50%
Laos	***	525	20%
Egypt	- *	380	51%
Ukraine	- :	336	89%
Malaysia	- *	244	100%
Pakistan	- X	150	75%
Honduras	35	95	51%
Botswana	> <	60	100%
Jordan	>3	43	62%
Czech Republic	- 3K	20	100%
Release	※目1	66	68%
Total	4	1,240	50%

Under construction	Capacity MW	Economic Interest
Obelisk, Egypt Grootfontein, South Africa Urucuia, Brazil Sidi Bouzid and Tozeur, Tunisia Mogobe, South Africa Mmadinare, Botswana Binga BESS, Philippines Magat BESS 2, Philippines Release Total	273 142 120 103 60 16 16 2,014	100% 51% 100% 51% 51% 100% 50% 50% 68%

Project backlog	Capacity MW	Economic interest
Egypt Aluminium Kroonstad Cluster, South Africa Egypt Green Hydrogen Mercury 2, South Africa Dobrun & Sadova, Romania Barzalosa, Colombia Haru BESS, South Africa Sidi Bouzid 2, Tunisia Ambuklao BESS, Philippines	H 2 ; 390 1 288 190 130 123 120 40	100% 51% 52% 51% 65% 65% 50% 50%
Binga BESS 2, Philippines Total	3,3 92	50% 71%

Project pipeline	Capacity MW	Share in %
Solar	4,135	54%
Wind	1,919	25%
Power-to-X	980	13%
Release	300	4%
Storage	169	2%
Hydro	144	2%
Total	7,647	100%

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

Project and Group level net interest bearing debt

NOK billion	Q2'25	Repayments	New debt	Change in cash	FX and other changes	Q3'25
Project level	-13.6	0.3	-4.1	1.8	-0.3	-15.9
Group level	-5.6	1.0	0	0.4	0.0	-4.3
Total	-19.2	1.2	-4.1	2.2	-0.3	-20.1

Philippines

Overview of key drivers in the Philippines for quarter

Scatec