Scatec ASA

Earnings Release • Jan 26, 2024

Q4 & FY 2023 Delivering on strategic milestones

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 2023 report for the group.

2023: Delivering on strategy

COP28 A global pledge to triple renewable energy capacity by 2030

Price drops pave the way for attractive growth

• Fundamentals for renewables continue to strengthen
  • o PV modules -45%
  • o Energy storage systems -24%
• Market balance indicating further price pressure
• Forecasted interest rates adding to positive outlook

1) Four-hour duration systems

Sources: BNEF: Bimonthly PV Index November 2023, 2H 2023 Battery Metals Outlook, Energy Storage System Cost Survey 2023, Clean Energy Associates

Q4 highlights

• Proportionate EBITDA increased to NOK 808 million
• D&C margin of 15%
• Finalised construction of Kenhardt NOK 40 million EBITDA recognised in Q4
• Initial works started for 273 MW in South Africa and 60 MW in Botswana – EPC revenues of NOK 2.5 billion secured
• Awarded first battery project in South Africa of 103 MW/412 MWh – estimated EPC revenues of NOK 1.4 billion
• Delivering on divestment plan closed sale of Mozambique and signed agreement to divest Rwanda
• New milestone for Release raised USD 100 million loan + USD 65 million guarantee from IFC
• Agreed refinancing terms for USD 150 million Green Term Loan with new maturity in Q4'27

Prop. power production, GWh

Power Production Solid EBITDA contribution from solar

1,000 GWh Q4'22 Q4'23 -17% MNOK Hydro, Philippines Hydro, Laos and Uganda Solar & wind

Prop. power production EBITDA, NOK million

• Close to 100% plant availability
• 22 % EBITDA increase for solar due to Ukraine, Kenhardt and Mozambique
• Lower prices and production in the Philippines due to el Niño

8

Philippines - Q4 results impacted by El Nino Increased contract volumes, lower prices

Net Revenue, NOK million Power Production, GWh

EBITDA, NOK million

Prices, PHP/kWh

• Net revenue of 231 million (361) and EBITDA of NOK 179 million (307)

• Ancillary services revenues increased to NOK 102 million (75)
• Lower production volumes due to el Niño
• Average spot price of 5.5 PHP/kWh down from 8.1 y-o-y

Development & Construction Finalising our largest construction programme in history

1) Includes NOK 2 billion for the 273 MW Grootfontein in South Africa and NOK 0.5 billion for the first 60 MW of the Mmadinare Solar Complex in Botswana, with construction start in 2024

9

Backlog & pipeline Increased to 12 GW - adding attractive solar

3% 13% 10% 20% 54% Q3'23 2% 1% 13% 6% 19% 59% Q4'23 Storage Release Green Hydrogen Hydro Wind Solar 12.0 GW 11.2 GW

11% 89% Q3'23 8% 92% Q4'23 Other Focus market 11.2 GW 12.0 GW 11.2 GW

Technology distribution Share in focus markets

• Continued high-grading of pipeline
  • Technology
  • Location
  • Maturity
  • Value creation
• Increasing solar PV to 59% attractive projects in core regions
• Increasing core markets to 92%

Financial review

Hans Jakob Hegge, CFO

Q4'23 Proportionate financials NOK 1.7 billion of revenues

Proportionate revenues, NOK million

Proportionate EBITDA, NOK million

• NOK 1 billion revenues from power production
• NOK 808 million total EBITDA (+3%)
• 15% D&C gross margin

Revenues from Power Production from 2022 has been adjusted due to change in accounting policy, disclosed in note 2 in Q4'23 report *Other includes services & corporate

FY'23 Proportionate financials All-time high revenues of 12.7 billion in 2023

13 423 3,697 4,113 1,069 8,177 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 368 FY'22 FY'23 5,133 12,714 Proportionate revenues, NOK million 2,835 3,216 -221 672 -400 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 4,000 -64 FY'22 -44 FY'23 2,550 3,845 Proportionate EBITDA, NOK million D&C Power Production Other*

• NOK 8.2 billion D&C revenues

• D&C gross margin of 12%
• NOK 3.8 billion EBITDA, up 51%

Revenues from Power Production from 2022 has been adjusted due to change in accounting policy, disclosed in note 2 in Q4'23 report *Other includes services & corporate

Q4'23 Consolidated financials 96% EBITDA increase to NOK 1.3 billion

Consolidated revenues, NOK million

Consolidated EBITDA, NOK million

• NOK 1.6 billion total revenues (+64%)
• NOK 906 million in Power sales (+ 17%) driven by Ukraine
• NOK 532 million gain from Mocuba and Release
• NOK 457 million tax benefit related to Kenhardt

FY'23 Consolidated financials 39% EBITDA increase to NOK 3.6 billion

Consolidated revenues, NOK million

Consolidated EBITDA, NOK million

• NOK 4.7 billion total revenues (+26%)
• NOK 3.4 billion Power sales (+13%)
• NOK 1.3 billion gain from Upington, Mocuba and Release transactions

Proportionate Net interest-bearing debt

NOK billion

• Non-recourse project debt reduced by 1.1 billion
• Net corporate debt increased by 1.6 billion due to investments and working capital movements
• Agreed refinancing terms for USD 150 million Green Term Loan

Corporate debt ¹⁶

Liquidity buffer of NOK 2.1bn going into 2024

Q4'23 movements of the Group's free cash, NOK million

17

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

Outlook

Power Production

• FY'24 Power production estimate: 4,200-4,600 GWh
• FY'24 EBITDA estimate: NOK 3,400-3,700
• 1Q'24 Power production estimate: 800-900 GWh
• 1Q'24 Philippines EBITDA estimate: NOK 10-70 million

Total D&C remaining contract value

• Remaining contract value: NOK 2.5¹ billion
• Estimated D&C gross margin: 8-10% for new projects

Services EBITDA

• FY'24 EBITDA estimate: NOK 120-130 million

Corporate EBITDA

• FY'24 EBITDA estimate: NOK -120 to -130 million

¹⁸ 1) Includes NOK 2 billion for the 273 MW Grootfontein in South Africa and NOK 0.5 billion for the first 60 MW of the 120 MW solar project in Botswana

Our strategy Develop, build, own and operate renewable energy in emerging markets

Grow Renewables

Optimise Portfolio

500-750 million NOK annually in gross equity investments towards 2027

Focus on PV, wind and BESS due to attractive fundamentals

Selective growth within green H2 in Egypt H² and hydro through partnerships

More capital recycling to self fund growth and consolidate the portfolio

Capital discipline and deleverage at corporate level, positioning for future opportunities

Overview of change in proportionate net debt during the quarter

NOK billion	Q3'23	Repayments	New debt	Disposal	Change in cash	Currency effects	Q4'23
Project level	-14.0	0.6	-0.5	0.4	0.3	0.4	-12.8
Group level*	-6.4		-0.7		-0.9	0.1	-8.0
Total	-20.4	0.6	-1.2	0.4	-0.6	0.5	-20.8

Project and Group level net interest bearing debt

• Repayments: Ordinary project debt repayments and repayment of PowerChina debt
• New debt, project level: Mainly drawdown in Pakistan
• Disposal: Disposal of projects in Mozambique and Argentina
• New debt, corporate level: Drawdown of revolving credit facility
• Currency effects: Strengthening of NOK against main functional currencies

Our asset portfolio

Plants in operation	Capacity MW	Economic interest	Under construction		Capacity MW	Economic interest	Project pipeline	Capacity MW	Share in %
South Africa	730	49%	Mendubim, Brazil		531	33%	Solar	6,571	59%
Philippines	673	50%	Sukkur, Pakistan		150	75%	Wind	2,280	21%
Laos	525	20%	Release		9	100%	Hydro	700	6%
Egypt	380	51%	Total		690	43%	Green Hydrogen	1,240	11%
Ukraine	336	89%					Release	300	3%
Uganda	255	28%					Total	11,091	100%
Malaysia	244	100%	Project backlog		Capacity	Economic
Brazil	162	44%			MW	interest
Honduras	95	51%
Jordan	43	62%	South Africa		273	51%
Vietnam	39	100%	Egypt	H 2	260	52%
Czech Republic	20	100%	Tunisia		120	51%
Release	38	100%	Botswana		120	100%
Rwanda	9	54%	South Africa		103	51%
Total	3,549	52%	Total		876	58%