Slides
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Q3 2025 Accelerating growth and continuing to deleverage CEO, Terje Pilskog CFO, Hans Jakob Hegge
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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 third quarter 2025 report for the group. Disclaimer 2
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3 1,063 NOK million 1,202 GWh 2,953 NOK million Corporate NIBD down to NOK 4.3 billion Proportionate revenues up 22% YoY NOK 1.8bn D&C revenues with 11.4% gross margin 590 NOK million Total revenues and other income Total EBITTotal EBITDA Power production (1,520) (1,129) (1,254)(2,416) Key figures - proportionate All-time high backlog following solar and BESS additions Figures in brackets are same quarter last year Q3 2025 Key highlights Increasing growth pace and continuing to deleverage towards 2030
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Power Production Revenues of NOK 1.2 billion from power production 4 Q3’24 -131 Divested assets Q3’24 adjusted 49 Philippines -9 Honduras 31 New projects 8 Other Q3’25 1,254 1,123 1,202 +7% Q3’24 -620 Divested assets & one-offs1 Q3’24 adjusted 13 Philippines -19 Honduras 12 New projects 20 Other Q3’25 1,772 1,152 1,178 +2% Botswana Power production GWh Revenues NOK million 1. Divestment gain of NOK 383 million, divested revenues of NOK 177 million, and NOK 60 million catch-up effect in the Philippines
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Volumes & average effective prices PHP/KWh 215 185 96 49 233 157 205 224 213 152 60 231 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 432 390 320 493 385 Philippines financial performance Continue to allocate larger volumes to Ancillary Services 5 One-offs Ancillary services Contract & spot Net revenues NOK million 305 285 149 106 354 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 AS price Spot price Contract price Power generated (GWh) EBITDA NOK million 322 332 270 217 33260 231 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 382 448 Underlying One-offs
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Construction All-time high construction activity 6 60 MW solar Mmadinare phase 2, Botswana 273 MW solar Grootfontein, South Africa 120 MW solar Sidi Bouzid and Tozeur, Tunisia 103 MW/412 MWh BESS Mogobe, South Africa 142 MW solar Rio Urucuia, Brazil 1,749 MW solar + 687 MWh BESS under construction1 Expected COD H2 2025 • Good progress across the construction portfolio • Remaining contract value of NOK 4.1 billion for projects under construction • Estimated average gross margin of 10-12% 56 MW/56 MWh BESS Magat & Binga, Philippines 1,125 MW solar + 100MW/200MWh BESS Obelisk, Egypt H2 2025 H2 2026 H1 2026 H1 2026 H1 & H2 2026 H1 2026 Solid construction progress 1. Includes 29MW solar + 19MWh BESS in Release
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Near-term growth Strong contribution from D&C with 10-12% gross margin 7 Project 2025 2026 2027 NOK million Grootfontein 1,980 Sidi Bouzid and Tozeur 740 Rio Urucuia 40 Mmadinare phase 2 470 Binga & Magat BESS na Mogobe BESS 1,410 Obelisk 4,110 Total estimated EPC revenues under construction 8,750 Targeted construction period Inflow Outflow Cash position ..with positive cash position throughout the period Illustrative EPC revenue recognition following an S-curve.. Illustrative 100% completion 6 12 18 Targeted construction start No. of months Barzalosa 850 Dobrun & Sadova 510 Sidi Bouzid 2 880 Egypt Aluminium 4,760 Binga 2 & Ambuklao BESS na Haru BESS 960 Egypt Green Hydrogen 970 Mercury 2 1,850 Kroonstad Cluster 5,880 Total estimated EPC revenues in backlog 16,660 4.1 billion remaining NOK~21bn remaining EPC revenues in construction & backlog
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Financial review Hans Jakob Hegge, CFO
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Proportionate financials NOK million Consolidated financials NOK million Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 2,659 816 1,505 1,027 785 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 2,967 1,153 1,814 1,316 1,080 Group financials All-time high D&C activity driving revenue growth Net gain from sale of assets Net income from JVs and associated Power sales Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 1,520 1,375 1,379 1,130 1,063 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 2,416 2,684 2,387 2,302 2,953 9 Revenue EBITDARevenue EBITDA Net gain from sale of assets D&C Power Production Corporate
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12 months rolling NOK million Quarterly NOK million Power Production Stable development, with new plants partially offsetting divested assets 1,110 955 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 1,540 1,352 1,390 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 1,772 1,625 1,623 1,312 1,178 10 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 4,107 4,635 5,155 5,392 4,807 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 4,923 5,504 6,065 6,332 5,738 Net gain from sale of assets Power Production Revenue EBITDARevenue EBITDA
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Development & Construction All-time-high activity levels across the construction portfolio Revenue EBITDA 13 51 26 49 135 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 631 751 976 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 1,038 1,760 11 Revenue EBITDA 139 183 202 139 261 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 1,785 2,291 2,890 3,396 4,525 12 months rolling NOK million Quarterly NOK million
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Q3’25 movements of the Group’s free cash & liquidity, NOK million Movement of cash in ‘recourse group’ as defined in the corporate bond and loan agreements.12 424 -1,082 CF from financing Q3’25 Free cash Undrawn RCF Q2’25 Free cash Distributions from power plants 108 EBITDA from D&C and Corporate -7 Taxes paid/refunded Changes in working capital -81 Other changes and FX -414 Cash flow from investments 2,021 1,420 2,389 2,346 4,735 Q3’25 Available liquidity Free cash on group level Strong liquidity position of NOK ~4.7 billion
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Proportionate net interest-bearing debt Strengthening of the balance sheet continues 13 Q2’25 Q3’25 13.6 15.9 2.7 10.9 5.2 10.6 *Includes non-recourse financing and other interest-bearing liabilities (see note 6 in quarterly report) Project net interest-bearing debt* NOK billion Corporate net interest-bearing debt NOK billion Q2’25 Q3’25 5.6 4.3 Under development & construction In operation • Repaid NOK ~1 billion of corporate debtCort • NOK ~4.1 billion drawn for projects under construction, mainly Obelisk • Amortised NOK ~300 million of project debt in operation Cort
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Power Production • FY’25 Power Production estimate: 4,100 - 4,200 GWh • FY’25 EBITDA estimate: NOK 4,250 - 4,450 million • Q4’25 Power production estimate: 1,000 - 1,100 GWh • Q4’25 Philippines EBITDA estimate: NOK 280 - 380 million Development & Construction • Remaining D&C contract value: NOK 4.1 billion • Est. D&C gross margin for projects under construction: 10-12% Corporate • FY’25 EBITDA estimate: NOK -115 to -125 million Outlook 14
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2030 strategic roadmap Accelerating growth and continuing to deleverage
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16 Strategic progress Ahead of plan to reach strategic targets for 2027 1.6 Q3’24 2.9 Q3’25 2.3 2027 target Growth pace ahead of plan Secured equity investments, NOK billion Divestments according to plan Received divestment proceeds, NOK billion Q3’24 2.6 Q3’25 4.0 2027 target Deleverage ahead of plan Corporate gross interest-bearing debt, NOK billion 9.2 Q3’24 6.7 Q3’25 6.2 2027 target NOK 750m average 75% of divestment proceeds
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17 Sources: BNEF Energy storage system survey 2024, BNEF Solar spot price index, BNEF LCOE global average USD/kW 4-hour turnkey from China, USD/Kwh The macro situation for renewables Renewables is the preferred source of energy Solar PV modules prices normalising at all-time lows Energy storage systems prices continue to drop Global LCOE renewables are the cheapest source of energy 260 181 102 89 2022 2023 2024 YTD 2025 -66% Average 254 162 85 80 2022 2023 2024 2025 est. -69% 0 50 100 150 200 2015 2020 2025 2030 CCGT Coal Solar PV Solar PV + storage Onshore wind USD/MWh Solar + BESS now outcompetes traditional energy sources
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Internal 18 Scatec is well positioned in the transition mega trend USD ~560 trillion investments in our regions across technologies Solar PV, onshore wind and batteries USD trillion annual investment 2025 2026 2027 2028 2029 2030 77 94 113 112 114 132 MENAT Sub-Saharan Africa South East & Pacific Asia (ex. China) Latin America India Solar PV, onshore wind and battery capacity GW total accumulated installed capacity 2025 2026 2027 2028 2029 2030 1,312 1,681 2,141 2,671 3,224 3,858 1. BNEF New Energy Outlook 2025 2. Excluded markets: Australia, China, Japan, South Korea, Europe, Japan, Vietnam, North America and “rest of world” -category in BNEF
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Internal 19 Increased targets towards 2030 Increased growth pace & continued deleveraging funded by divestments Capital efficient Exit non-growth markets & selective farm-downs Capital light approach to maximise value creation Deleverage Strengthening the balance sheet Significantly reduced interest expenses Profitable growth Build scale in selected growth markets Leading position within Solar, BESS & Hybrid solutions NOK 1 billion annual equity investments NOK 4 billion gross corporate debt by 2030 NOK 3.4 billion divestment proceeds by 2030 Self-funded business plan through operating cash flow, divestments, and available liquidity
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20 Gross power production capacity1, 2 GW Profitable growth Growth plan backed by strong project pipeline - 5.4 GW already secured 1. Includes BESS capacity 2. Includes P2X and electrolyzer capacity for Egypt Green Hydrogen 2.8 1.2 Operational 1.7 Under construction 2.8 Backlog 7.3 0.8 1.2 Near-term portfolio 4.2 2.0 3.4 9.6 Solar BESS (GW) Onshore wind Hydro Green H2 Pipeline Projects approaching pipeline 7.6 11.7
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21 Strategic approach to market selection Uniquely positioned in markets where renewables makes most sense Source: Global solar atlas Global average horizontal irradiation kWh/m2 • Meets required project returns • Renewables the most cost-efficient source of energy • Large and growing power demand • Outlook for repeat business and long-term growth • Stable regulatory environment • Established offtake routes Scatec market selection criteria
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22 Strategic approach to growth markets Diversified market portfolio ensuring long-term growth Established growth markets New attractive growth markets Egypt Leverage leading market position and strong partnerships to expand multi-tech position. South Africa Expand market leading position through public auctions and private PPA platform. Philippines Expand BESS capacity for ancillary services and develop solar & wind opportunities. Brazil Expand into BESS through public auctions with cautious approach to solar & wind due to current market conditions. Romania / Central Eastern Europe Targeting a flexible, multi-technology portfolio with a mix of public, private and merchant offtake. Tunisia Expand within solar, wind and BESS mainly through public auctions leveraging market position and partnerships. Botswana Expand through public auctions, utilising synergies with the South Africa organisation. Colombia Grow selectively over time within solar, wind and BESS through private PPA market and public auctions. Quickly adapting to changing market conditions
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23 Kenhardt, South Africa 540 MW solar + 225 MW / 1,140 MWh BESS Obelisk & Egypt Aluminium, Egypt 2.2 GW solar + 200 MW / 400 MWh BESS Magat, Binga & Ambuklao, Philippines 136 MW / 136 MWh BESS Providing baseload power Mogobe & Haru, South Africa 226 MW / 904 MWh BESS Unlocking grid capacity Enhancing grid stability Addressing peak demand Scatec at the forefront of Solar & BESS integration Low-cost batteries the solution for grid stability and baseload energy
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24 Scatec project equity IRR build up - Average equity IRRs for projects under construction and backlog Operations Construction* Integrated IRR Refinancing Asset rotation (Power Production + Services) • Strict value creation criteria drives all investment decisions • 1.2x Cost of Equity • 10-12% D&C gross margin • 25-30% Service margins • Maximising returns through an integrated approach • Returns locked in before construction start IRR ~30% IRR ~15% *Project equity IRR from construction calculated based on D&C gross profit with a project leverage and EPC -scope of 80-85%, equity share of 51% and D&C gross margin of 10-12% Robust return profile Maintaining robust IRR levels
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25 1. Calculated based on outstanding gross corporate debt and average all-in interest rate as per 30 September 2024 & 2025 Corporate debt deleverage target Gross corporate debt (NOK billion) Q3’24 strategy update -2.5 Debt repaid Q3’25 strategy update -2.7 Additional repayments (2026-2030) 2030 target 9.2 6.7 4.0 Previous 2027 target NOK 6.2 billion ~80% of divestment proceeds 2030 corporate deleverage plan Continuing to deleverage – targeting NOK 4 billion by 2030 671 555 Q3’24 run-rate Q3’25 run-rate Corporate interest expenses1 reduced NOK million
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26 2030 divestment plan Continuing to divest to fund growth and debt repayments Received proceeds (Q3’24 to Q3’25) Targeted proceeds (2026-2030) Total proceeds (2030) 2.6 3.4 6.0 Targeting NOK 3.4 bn divestment proceeds to 2030 Proceeds from divestments (NOK billion) Previous 2027 target NOK 4 billion Proven ability to execute value accretive deals Divestment transactions since 2023 (sales proceeds) June ‘23 USD 55 million, South Africa Dec ‘23 USD 8.5 million, Mozambique Aug ‘24 USD 1.4 million, Rwanda Nov ‘24 Feb ‘25 USD 27 million, Vietnam Feb ‘25 USD 161 million, Uganda USD 51 million, South Africa Included in 2027 target
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• Increasing growth pace at attractive returns • Continuing to deleverage on corporate level • Self-funded plan supported by additional divestments 27 Summary: 2030 roadmap
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Our asset portfolio Capacity Economic MW Interest Obelisk, Egypt 1225 100% Grootfontein, South Africa 273 51% Urucuia, Brazil 142 100% Sidi Bouzid and Tozeur, Tunisia 120 51% Mogobe, South Africa 103 51% Mmadinare, Botswana 60 100% Binga BESS, Philippines 40 50% Magat BESS 2, Philippines 16 50% Release 35 68% Total 2,014 86% Capacity Economic MW interest Egypt Aluminium 1,225 100% Kroonstad Cluster, South Africa 846 51% Egypt Green Hydrogen 3901 52% Mercury 2, South Africa 288 51% Dobrun & Sadova, Romania 190 65% Barzalosa, Colombia 130 65% Haru BESS, South Africa 123 50% Sidi Bouzid 2, Tunisia 120 50% Ambuklao BESS, Philippines 40 50% Binga BESS 2, Philippines 40 50% Total 3,392 71% Under construction Project backlog Capacity Share in % MW Solar 4,135 54% Wind 1,919 25% Power-to-X 980 13% Release 300 4% Storage 169 2% Hydro 144 2% Total 7,647 100% Project pipeline Capacity Economic MW interest South Africa 955 41% Brazil 693 33% Philippines 673 50% Laos 525 20% Egypt 380 51% Ukraine 336 89% Malaysia 244 100% Pakistan 150 75% Honduras 95 51% Botswana 60 100% Jordan 43 62% Czech Republic 20 100% Release 66 68% Total 4,240 50% Plants in operation www.scatec.com H2 1. Includes P2X and electrolyser capacity29
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Overview of change in proportionate net interest-bearing debt during the quarter 30 NOK billion Q2’25 Repayments New debt Change in cash FX and other changes Q3’25 Project level -13.6 0.3 -4.1 1.8 -0.3 -15.9 Group level -5.6 1.0 0 0.4 0.0 -4.3 Total -19.2 1.2 -4.1 2.2 -0.3 -20.1 Project and Group level net interest bearing debt
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Net Revenue, NOK millionTransaction Volumes, GWh EBITDA, NOK millionPrices, PHP/kWh 215 233 157 152 60 Q3’24 Q3’25 432 385 Catch-up Ancillary Services Spot & Contract 254 323 104 152 359 373 Q3’24 Q3’25 Spot volumes Contract volumes AS volumes Q3’24 Q3’25 5.3 4.6 2.3 3.7 5.0 2.4 Effective spot price Effective contract price Effective AS price 31 322 33260 Q3’24 Q3’25 382 Philippines Overview of key drivers in the Philippines for quarter Catch-up EBITDA