Scatec ASA

Earnings Release • Jan 26, 2024

Scatec FY & Q4 financial results: A year of delivering on strategy, record construction activity at attractive margins in 2023

Scatec FY & Q4 financial results: A year of delivering on strategy, record construction activity at attractive margins in 2023

Oslo, 26 January 2024: In the fourth quarter, Scatec reported proportionate

revenues of NOK 1.7 billion (1.8), with an EBITDA of NOK 808 million (786). In

the development and construction segment, we delivered revenues of NOK 532

million (627) with a gross margin of 15 percent.

For the year we reported all-time high proportionate revenues of NOK 12.7

billion (5.1) and EBITDA of NOK 3.8 billion (2.6), driven by high construction

activity.

"Throughout 2023 we delivered on our strategy, and I am proud of the

achievements by our global team. EBITDA from our operating assets reached NOK

3.2 billion and we generated 3.6 TWh of clean energy with no lost time

incidents, while our power plants helped to avoid 3.9 million tonnes of

greenhouse gas emissions," says Scatec CEO Terje Pilskog.

In the fourth quarter 2023 Scatec generated proportionate Power Production of

811 GWh (979) with revenues of NOK 1,034 million (1,032) and EBITDA of NOK 793

million (821).

"The year was also characterised by the largest construction programme in

Scatec's history. We crossed the finish line for Kenhardt in South Africa, one

of the world's largest hybrid solar and battery storage plants and are close to

completing our construction projects in Brazil and Pakistan. In total these

projects have generated all-time high D&C revenues of 8.2 billion in 2023, with

a solid average gross margin of 12 percent," he adds.

During the year, Scatec has focused its efforts on optimising the company's

portfolio through consolidation of assets and capital recycling and secured NOK

2.7 billion of growth funding from strategic transactions. Scatec has divested

four solar power plants across South Africa, Mozambique, Argentina, and Rwanda,

and raised USD 202 million in debt and equity funding for Release to accelerate

growth.

In January 2024, Scatec agreed refinancing terms with DNB, Nordea and Swedbank

for its USD 150 million Green Term Loan, with new maturity in the fourth quarter

Furthermore, Scatec has laid the foundation for further growth in 2024. The

company has started initial construction works for a 273 MW solar project

(Grootfontein) in South Africa and a 60 MW solar plant (first phase) in

Botswana. Scatec was also awarded a battery storage project of 103 MW in the

first ever battery storage tender in South Africa.

Scatec's strategy remains firm - to develop, build, own, and operate renewable

energy, with a focus on growing renewables and optimising the portfolio. Scatec

continues to see strong long-term demand for renewables and particularly

attractive opportunities within solar as component prices are decreasing. Scatec

continues to be committed to disciplined growth with attractive margins funded

by internal capacity, while focusing on optimising the company's portfolio.

"The outlook for renewables has continued to strengthen with significant price

drops of both solar modules and batteries last year. The reductions are driven

by significant scaling up of capacity, technology development and innovation.

Renewables are more competitive than ever, which is especially the case in our

focus markets," concludes Pilskog.

Outlook

The full year 2024 proportionate power production estimate is 4.2 - 4.6 TWh with

a proportionate EBITDA estimate of NOK 3.4 - 3.7 billion.

Additional information

Proportionate historical financial information on a country-by-country level is

attached to the stock exchange notice.

A presentation of the results, followed by a Q&A session will be held at House

of Oslo (the auditorium), Ruseløkkveien 34, 0251 Oslo, today at 09:00 am

CET. You can also follow the presentation and Q&A session from our website, or

this direct link: Scatec webcast Q4 2023

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240126_1).

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,

andreas.austrell@scatec.com

(https://www.globenewswire.com/Tracker?data=Hb0NQs1FEM_L5UKgknJRBO2ToOiY05Gqblhr

eps0dr8otSUGWZTZhtMmjiagDF65mJUCeQDSNuVTmGDLqf3SVx5okmjOPrnK_uyk5b9jHFjEK65YCypR

Ct7VfqPR3qs8)For media: Meera Bhatia, SVP Communications & Government Affairs,

phone: +47 468 44 959, meera.bhatia@scatec.com

(https://www.globenewswire.com/Tracker?data=i_Z5cgfSzDS6_PBmr57KOQaz5gP87azHZehU

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About Scatec

Scatec is a leading renewable energy solutions provider, accelerating access to

reliable and affordable clean energy emerging markets. As a long-term player, we

develop, build, own, and operate renewable energy plants, with 4.2 GW in

operation and under construction across four continents today. We are committed

to grow our renewable energy capacity, delivered by our passionate employees and

partners who are driven by a common vision of 'Improving our Future'. Scatec is

headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the

ticker symbol 'SCATC'. To learn more, visit www.scatec.com

(https://scatec.com/) or connect with us on LinkedIn

(https://www.linkedin.com/company/scatec).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act