Scatec ASA

Report Publication Announcement • Apr 30, 2021

Scatec ASA first quarter 2021: Strong growth and solid cash flow generation

Scatec ASA first quarter 2021: Strong growth and solid cash flow generation

Oslo, 30 April 2021: Scatec delivered proportionate revenues of NOK 1,010

million (866) with EBITDA of NOK 636 million (346) and associated EBITDA margin

of 63% in first quarter 2021. Power production is more than doubled from the

same quarter last year and reached 854 GWh with strong contributions from

hydropower, especially in the Philippines.

With a larger portfolio of power plants in operation after the acquisition of SN

Power earlier this year, both revenues and EBITDA increased significantly in the

Power Production segment to NOK 924 million (391) and NOK 704 million (331)

respectively. Cash flow to equity for the Group also increased substantially to

NOK 571 million (107), which included a refinancing gain related to the

hydropower plant on the Philippines.

"In our first quarter as a broader renewable company, we are pleased to report

stable operations as well as strong growth in power production and cash flow. We

recently started construction of our 150 MW solar project in Pakistan and

several large projects in our backlog and pipeline are expected to start

construction this year", says Raymond Carlsen, CEO of Scatec.

In March, Scatec announced its 2025 growth target of 15 GW capacity and

investments of NOK 100 billion. The target is supported by our track record of

strong growth and a solid project pipeline across several renewable

technologies.

Scatec's first quarter consolidated revenues were NOK 831 million (625), with

EBITDA of NOK 631 million (503). The consolidated net profit was NOK 42 million.

For further details, please see the attached first quarter report and

presentation.

A presentation of the results followed by a Q&A session will be held through a

live webcast today at 08:00 am CEST. You can follow the webcast from our

website: www.scatec.com (http://www.scatec.com), or this direct link: Scatec

Webcast Q1 2021 (royalcast.com)

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210430_1). You may

ask questions through the webcast solution or email your question in advance to

ir@scatec.com (mailto:ir@scatec.com).

EBITDA and other alternative performance measures (APMs) are defined and

reconciled as a part of the APM section of the attached quarterly report on

pages 37-40.

For further information, please contact:

Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatec.com (mailto:ir@scatec.com)

Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364,

ingrid.aarsnes@scatec.com (mailto:ingrid.aarsnes@scatec.com)

About Scatec ASA:

Scatec is a leading renewable power producer, delivering affordable and clean

energy worldwide. As a long- term player, Scatec develops, builds, owns and

operates solar, wind and hydro power plants and storage solutions. Scatec has

more than 3.5 GW in operation and under construction on four continents and more

than 500 employees. The company is targeting 15 GW capacity in operation or

under construction by the end of 2025. 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 (http://www.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