Scatec ASA

Investor Presentation • Aug 18, 2023

Second quarter 2023 Strong construction progress

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 and first half 2023 report for the group.

Key highlights

• Solid increase in proportionate EBITDA to NOK 1.4 billion
• Strong progress on projects under construction while improving gross margin to 12%
• Continued progress on our strategy implementation

Development & Construction Significant progress on construction activities with increased margins

Solid returns from projects under construction Fuelled by several revenue streams

Integrated IRR Cost of Equity 20% uplift Power Refinancing production IRR D&C margin Service margin Asset rotation potential Lifecycle IRR Hurdle rate 1.2x CoE Equity IRR build up • Project equity IRR of 1.2x CoE

from Power Production

• Solid value uplift from D&C and Services margins

• Added value from refinancing and asset rotation

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Strong and predictable cash flow from operating assets Supported by inflation protection and interest hedges*

Proportionate Power Production - EBITDA

Additional EBITDA NOK 750 million from projects under construction

*80% of project debt with interest hedges and 90% of Power Production EBITDA is either in USD/EUR, have partial or full inflation protection through local CPI adjustments, or is based on sales in the local power market (Philippines).

Power Production Strong EBITDA of NOK 959 million

Prop. power production, GWh

• 457 315 157 Q2'23 30 959
• Prop. power production EBITDA, NOK million Total EBITDA increase 55%, underlying growth 4%
  • NOK 315 million from Upington sale
  • NOK 76 million EBITDA from Ukraine – initiated spot sales
  • Lower production and absence of ancillary services in the Philippines

Delivering on our strategy Important milestones reached

Grow renewables

Recycling capital

Cost efficiency

Release launched ✓ Financial close for 273 MW Grootfontein solar projects ✓ Signed land agreement for 5 GW wind in Egypt ✓ Participating in a BESS tender in South Africa

✓ Signing of PPA for 300 MW in India

✓ Closed the sale of Upington in South Africa (NOK 546m) ✓ Agreement to sell Mocuba in Mozambique (NOK 85m)

✓ Majority of cost efficiency programme finalised • NOK 150 million cost reduction target

✓ Raising NOK 1 billion for Release to accelerate growth

Milestone on Release: Raising NOK 1 billion for growth Re-deployable solar PV and battery lease solution

Deliver on strategy: scale and launch independent Release platform

Strong operating platform: Positive EBITDA contribution from assets in operation and under construction

Solid partner: Climate Fund Managers acquires 32% for USD 55m and provides USD 47m in additional funding

Strong growth potential: attractive potential within mining and Africa's utilities market

Financial review

Hans Jakob Hegge, CFO

Proportionate financials Significant revenues growth from core segments

Revenues from Power Production from 2022 has been adjusted due to change in accounting policy, disclosed in note 2 in Q2'23 report *Other includes services & corporate

12% gross margin from projects under construction

• D&C revenues of NOK 4.6 billion
• EBITDA of NOK 461 million (+542)

43% revenues increase y-o-y from power production

• Absolute Power Production EBITDA +55% to NOK 959 million
• Solid contributions from Ukraine and the sale of Upington

Consolidated financials Total EBITDA of NOK 904 million

Consolidated revenues, NOK million

Consolidated EBITDA, NOK million

• 848 million from power sales (+18%)
• 744 million gain from sale of Upington
• 350 million impairment in Argentina

Proportionate Net debt unchanged in the quarter

Proportionate net interest-bearing debt NOK billion

• New debt for construction projects 1.6 billion
• Net project debt reduced 0.9 billion due to Upington
• Repaid project debt 0.5 billion

Solid liquidity position of NOK 3.7 billion

NOK 3.7 billion total liquidity

NOK 180 million distributed from power plants

NOK 434 million invested in growth

NOK 546 million Net proceeds from Upington sale

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

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Reiterating our NOK 10 billion equity target

Efficiency and capital discipline remains a priority

• ✓ Closed sale of Upington
• ✓ Initiated sale of Mozambique solar power plant
• ✓ Implemented the efficiency programme

Outlook

Power Production EBITDA

• FY'23 estimate increased by NOK 250 million to 3.1-3.4 billion
• Q3'23 Philippines estimate of NOK 180-240 million
• Proportionate power production reduced by 100 GWh to 3,400-3,800 GWh

Development & Construction

• Remaining contract value of NOK 1.8 billion
• Estimated gross margin of 10-12 %

Services EBITDA

• FY'23 estimate increased by NOK 15 million to 95-105 million

Corporate EBITDA

• FY'23 estimate reduced by NOK 15 million to -155 million to-165 million

Summing up

• Strong operational performance
• Speedy construction with margins increased
• Solid progress on strategy implementation

Overview of change in proportionate net debt during the quarter

NOK billion	Q1'23	Repayments	New debt	NIBD related to disposal of assets	Change in cash	Currency effects	Q2'23
Project level	-13.2	0.5	-1.6	0.9	-0.1	0.0	-13.5
Group level*	-7.1	-	-	-	0.4	-0.1	-6.8
Total	-20.3	0.5	-1.6	0.9	0.3	-0.1	-20.3

Project and Group level net interest bearing debt

• Repayments: Ordinary project debt repayments
• New debt: NOK 1.3 billion for RMIPPP and NOK 0.3 billion for Mendubim
• NIBD related to disposal of assets: Net interest-bearing debt related to the Upington solar plants disposed in the quarter
• Currency effects: Weakening of NOK against main functional currencies

Plants in operation
		MW	interest
Theun Hinboun, Laos		525	20%
Magat, Philippines		388	50%
Benban, Egypt		380	51%
Bujagali, Uganda		255	28%
Quantum Solar Park, Malaysia		197	100%
Apodi, Brazil		162	44%
Project I, Ukraine		148	100%
Binga, Philippines		140	50%
Guanizuil IIA, Argentina		117	50%
Ambuklao, Philippines		112.5	50%
Kalkbult, South Africa		75	45%
Dreunberg, South Africa		75	45%
Agua Fria, Honduras		60	40%
Project II, Ukraine		55	100%
Project III, Ukraine		54	100%
Project IV, Ukraine		47	51%
Redsol, Malaysia		47	100%
Jordan, Jordan		43	62%
Linde, South Africa		40	45%
Mocuba, Mozambique		40	53%
Dam Nai, Vietnam		39	100%
Los Prados, Honduras		35	70%
Project V, Ukraine		32	61%
Czech, Czech Republic		20	100%
Maris Hydro, Philippines		9	50%
Release		20	100%
Asyv, Rwanda		9	54%
Total		3,124	52%

Under construction		Capacity MW	Economic interest
Kenhardt, South Africa		540	51%
Mendubim, Brazil		531	33%
Sukkur, Pakistan		150	75%
Release		26	100%
Philippines		24	50%
Total		1,271	47%
Project backlog		Capacity MW	Economic interest
Tunisia		360	51%
South Africa		273	51%
Egypt	H 2	260	52%
Botswana Total		60 953	100% 54%

Capacity MW	Economic interest	Under construction	Capacity MW	Economic interest	Project pipeline	Capacity MW	Share in %
		Kenhardt, South Africa	540	51%	Solar	4,150	34%
		Mendubim, Brazil	531	33%	Wind	5,383	44%
		Sukkur, Pakistan	150	75%	Hydro	1,158	10%
		Release	26	100%	Green Hydrogen	1,181	10%
		Philippines	24	50%	Release	300	2%
		Total	1,271	47%	Total	12,172	100%