Scatec ASA — Investor Presentation 2021

Apr 30, 2021

First quarter 2021

Strong growth and solid cash flow

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.

The following presentation contains unaudited pro forma financial information which has been prepared solely for illustrative purposes to show how the acquisition of SN Power might have affected the financials of the group if the acquisition had occurred at an earlier date. All pro forma financials in this presentation are unaudited.

Alternative performance measures (APM) used in this presentation are described and presented in the fourth quarter report of the group for 2020.

Agenda

• Highlights and project update Raymond Carlsen, CEO
• Financial review Mikkel Tørud, CFO
• Market & outlook
• Raymond Carlsen, CEO

Q1'21 Strong growth and solid cash flow

• Acquisition of SN Power completed hydro assets contributing with strong growth
• Power production of 854 (349) GWh and EBITDA¹ of NOK 636 (346) million
• Power Production cash flow to equity of NOK 681² (105) million
• Started construction of 150 MW in Pakistan
• 2025 growth target: 15 GW installed - capex of NOK 100 billion

1) EBITDA and other alternative performance measures (APMs) are defined and reconciled as a part of the APM section of the first quarter report on pages 37-40.

4 2) including refinancing proceeds of NOK 397 million

Power production (GWh)

A broad and growing asset portfolio

Mature projects expected to start construction in 2021

Pakistan, 150 MW

• Financial Close in Q1
• 75% leverage
• 75% equity stake
• Construction started in April

Tunisia*, 360 MW

• Backlog
• Tariff awarded
• 75% leverage
• 50-60% target equity stake

South Africa, 600 MW

• Pipeline
• Bid into RMIPP**
• 80% leverage
• 51% equity stake

Brazil, 101 MW

• Backlog
• Blended off-take
• Kroma and Equinor partners
• 60% leverage
• 40% equity stake

Brazil, 530 MW

• Pipeline
• Equinor and Hydro partners
• Negotiating off-take
• 70% leverage
• 33% equity stake

India, 900 MW

• Pipeline
• Tariff awarded
• 75% leverage
• 50% equity stake
• No EPC

* Tozeur and Sidi Bouzid, 60 MWp each and Tataouine, 240 MWp

** RMIPP: Risk Mitigation IPP Procurement Program. REIPPP: Renewables IPP Procurement Program ⁶

ESG: Maintaining our strong presence in local communities

Ukraine: Online training courses Virtual education courses for about 200 teenagers

Argentina: Women empowerment programme Garment manufacturing to make fleece ponchos

Honduras: Installation of a water tank Installed water tank for 52 families

Jordan: School heating project in Ma'an Solar systems totalling 111.7 KWp for 9 schools

ESG ambitions

32 ESG targets for 2021

Key focus areas

Lifecycle management Strategy for lifecycle management of equipment

Climate target Climate roadmap to reach 2050 targets

Responsible supply chain ESG risk and close engagement with key suppliers

Human rights Strengthen due diligence and training to exposed groups

Financial review

Mikkel Tørud, CFO

Strong growth in revenues and EBITDA

Proportionate financials

Quarterly (NOK million) Last 12 months (NOK million)

EBITDA Revenues Cash Flow to Equity

Growth in Power Production partly offset by D&C

Proportionate financials

NOK million
Revenues	Q1'21	Q1'20	FY2020
Power Production	924	391	1,708
Services	56	52	232
Development & Construction	24	414	873
Corporate	6	8	33
Total	1,010	866	2,844
EBITDA
Power Production	704	331	1,404
Services	17	16	82
Development & Construction	-60	15	-28
Corporate	-25	-16	-153
Total	636	346	1,306

Comments

• Strong growth in Power Production after SN Power acquisition
• Growth despite currency headwinds
• Stable performance in Services
• D&C revenues down with low construction activity and opex increased with development of large project pipeline
• Corporate cost increased moderately with the inclusion of SN Power

Power Production Strong increase in power production

Quarterly (NOK million) Last 12 months (NOK million)

1,777

2,241

1,003

Comments

• New hydro assets adding NOK 367 million of EBITDA from last year
• Strong performance on the Philippines, EBITDA of NOK 243 million - up NOK 117 million from last year
• Solar assets with stable EBITDA generation year on year
• Debt refinancing on the Philippines released cash of NOK 397 million to Scatec

EBITDA margin

Power Production A well diversified power plant portfolio

2020 Pro forma Power Production:

EBITDA: NOK 2,706 million

Cash flow to Equity NOK 1,067 million

Remaining contract duration* 18+ yrs

Pro forma 2020 EBITDA distribution:

(*) Perpetual concession for the hydro assets on the Philippines.

Services Stable financial performance

EBITDA Revenues

Quarterly (NOK million) Last 12 months (NOK million)

Development & Construction Increased project development efforts

Bridging proportionate to consolidated P&L

	Prop ortionate	Residual Ownership fully consolidated entities	Elimination of equity consolidated entities	Other Eliminations	Consolidated
External revenues	925	279	-511	-	693
Internal revenues	85	6	-3	-88	-
Net income from JV and associates	-	-	138	-	138
Total revenues and other income	1,010	284	-376	-87	831
Cost of sales	-103	-	79	23	-
Gross profit	907	284	-295	-64	831
Personnel expenses	-99	-2	12	7	-82
Other operating
expenses	-172	-50	43	60	-118
EBITDA	636	232	-240	3	631
Depreciation and
impairment	-230	-78	77	44	-187
EBIT	406	153	-162	47	444

Proportionate

• Financials across operating segments – based on Scatec's ownership in power plants

Residual ownership

• Adding financials of non-controlling interest for fully consolidated power plants (solar & wind)

Elimination of equity consolidated entities

• Deducting revenues, EBITDA and EBIT for equity consolidated entities – and adding net income from the same
• Net income from hydro, in IFRS consolidated financials, is reported from 29 January 2021 control transferred under IFRS

Other eliminations

• Eliminating internal gross profit in D&C and internal revenues and related opex in Services and Corporate segments
• Eliminating depreciation charges from historic internal gains – mostly related to D&C

17

A solid financial position

• Group free cash of NOK 2,918 million
• Investments in JVs and associated companies of NOK 9,750 million, increased from NOK 612 million in 2020
• Group* book equity of NOK 11,190 million

(NOK million)	Consolidated	Project level	Group level*	Total prop.
Cash	4,783	1,698	2,918	4,616
Debt	-19,527	-11,277	-7,114	-18,392
Net debt	-14,744	-9,580	-4,196	-13,776

(*) Defined as 'recourse group' in the corporate bond and

Consolidated financial position (NOK million)

Q1'21 movement of the Group's free cash

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

Staying selective when investing

• Focus on capital discipline
• Power Production: Avg. Equity IRR on investments: 12-16%
• 30-year cash flows
• Average across technologies, regions & currencies
• Development & Construction gross margin: 10-12%
• D&C revenues expected to average 50-70% of project capex dependent on Scatec's role in the project

Target of 15 GW by end 2025 representing NOK 100 billion of capex

Capital structure for 12 GW new capacity towards 2025 NOK billion

Scatec Equity funded by cash & operating cash flow NOK billion

Scatec - 2021 Guidance

Power Production (GWh) Proportionate	production volume*	Development & Construction	FY2021 Services	FY2021 Corporate
Q2 2021: 815-865 Up from 406 in Q2 2020	FY 2021: 3,500 - 3,700 Up from 3,045 in 2020	End of Q1'21: Remaining, not booked, construction contract value NOK 513 million	Revenues NOK 280 million EBITDA margin: 30-35%	EBITDA NOK -110 million

(*) Guidance based on production from plants in operations at the end of first quarter 2021.

Market & outlook

Raymond Carlsen, CEO

4.5 GW by end 2021 and 15 GW by end 2025

GW – In operation and under construction – 100% basis

2021

Delivery of large solar projects in India, Brazil, Tunisia, South Africa & Pakistan

2025

Continued growth in pipeline and conversion of projects across key regions and technologies

Our renewables universe

Project backlog & pipeline of almost 12 GW

Milestone for Release 8.5 MW flexible lease agreement

• Lease agreement with Torex Gold for 8.5 MW solar plant for two projects in Mexico
• Initial contract of 10 years
• The plant can be expanded at any time, including adding battery storage
• Estimated completion in fourth quarter 2021

Hydropower development

– Building on key strengths from SN Power and Scatec

Hydro project development focus:

• Brownfield projects with upgrade potential
• Greenfield with regulation capability
• Hybridisation

Building on key strengths:

• Hydropower competence
• Project development
• Hydropower engineering and construction
• Structuring and financing
• Market operations
• Strong ESG focus and high HSSE standards
• Applying Scatec's integrated business model

Project opportunity in Africa:

Existing hydro portfolio of 260 MW

Opportunity to add 220 MW: Upgrade plant, add hydro capacity, and add floating solar on reservoir

Realising 15 GW by end of 2025

• NOK 100 billion investments
• Proven business model
• Team with a growth track record
• Solid cash flow to fund growth
• ESG at the center

Our asset portfolio

- 3,035 MW in operation

Under construction	Capacity MW	Economic interest	Project backlog	Capacity MW	Economic interest	Project pipeline	Capacity MW	Share in %
Sukkur, Pakistan	150	75%	Tunisia	360	100%	Solar	4,686	42%
Progressovka, Ukraine	148	100%	Brazil	101	40%	Hydro	2,516	23%
Guanizuil IIA, Argentina	117	50%	Ukraine	65	65%	Wind	1,871	17%
Chigirin, Ukraine	55	100%	Bangladesh	62	65%	Hybrid solutions	1,726	15%
Torex Gold, Mexico	9	100%	Mali	33	64%	Release	300	3%
Total	479	78%	Lesotho	25	48%	Total	11,098	100%
			Total	646	55%