Slides
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Q4 2025 Growth continues 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 fourth quarter 2025 report for the group. Disclaimer 2
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3 66% near-term portfolio growth MW generation capacity1 Leading within BESS and hybrids MWh storage capacity1 2025 growth & deleverage Building a solid platform through strong growth and deleveraging 2023 2024 2025 4,863 6,629 11,059 +67% Backlog Under construction Operational 2023 2024 2025 1,584 1,840 6,595 +258% 2023 2024 2025 9.1 8.9 6.7 -25% Strengthened financial platform NOK billion gross corporate debt2 1. At reporting date 2. At year-end
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4 1,065 NOK million 1,017 GWh 3,362 NOK million Proportionate revenues increased by 25% YoY to NOK 3.4 billion NOK 2.3bn D&C revenues with 14% gross margin 705 NOK million Total revenues and other income Total EBITTotal EBITDA Power production (1,375) (1,021) (1,138)(2,684) Key figures - proportionate All-time high backlog of 5.3 GW + 4.7 GWh including Energy Valley Figures in brackets are same quarter last year Extended debt maturity profile through successful bond issue Q4 2025 highlights Growth continues, D&C driving revenue growth Ending 2025 with liquidity position of NOK 5.6 billion
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Power Production NOK 1.1 billion revenues from stable operational performance 5 984 73 Q4’24 -154 Divested assets Q4’24 adjusted New projects -35 Philippines -14 Ukraine 10 Other Q4’25 1,138 1,017 +3% Q4’24 -537 Divested assets & one-offs1 Q4’24 adjusted 33 New projects 13 Philippines -67 Ukraine 12 Other Q4’25 1,625 1,088 1,079 -1%Mmadinare Grootfontein Power production GWh Revenues NOK million 1. Includes divestment gain of NOK 380 million Mmadinare Grootfontein Uganda Vietnam Uganda Vietnam
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Volumes & average effective prices PHP/KWh 185 96 49 233 189 205 224 213 152 214 231 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 390 320 493 385 403 Philippines financial performance Continued strong contribution from Ancillary Services 6 One-offs Ancillary services Contract & spot Net revenues NOK million 285 149 106 354 249 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 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 AS price Spot price Contract price Power generated (GWh) EBITDA NOK million 332 270 217 332 363 231 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 448 Underlying One-offs
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• 14% gross margin in the quarter • Obelisk ahead of schedule • COD reached at Grootfontein & Mmadinare • Remaining projects progressing well • Remaining contract value of NOK 1.8 billion Total under construction Construction portfolio Strong construction progress with 14% gross margin 7 Expected COD Sidi Bouzid & Tozeur 120 MW H1 2026 Rio Urucuia 142 MW H1 2026 Magat 2 H1 202616 MWh Mogobe H2 2026412 MWh Obelisk H1 & mid 2026200 MWh1,125 MW Binga 1,452 MW 707 MWh BESS Solar H1 202640 MWh Release 39 MWh65 MW
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8 Construction progress Obelisk construction progressing at record pace Total capex NOK 5.9 billion Est. annual production 3,127 GWh 100 MW / 200 MWh batteries1,125MW solar Substation CO2 emissions avoided p.a 1.3 million tonnes Total D&C revenues NOK 4.1 billion 100% complete>50% complete 100% complete
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9 Growing generation capacity +6.7 GW next few of years.. 1. Includes P2X and electrolyzer capacity for Egypt Green Hydrogen 3.1 1.2 Operational 1.5 Under construction 4.9 Backlog 9.5 1.2 Near-term portfolio 59% 26% Pipeline 4.3 5.3 11.1 7.4 +157% Solar Wind Hydro Green H2 Profitable growth Record high near-term growth portfolio ..while continuing to expand leading position within storage GW renewable generation capacity1 GWh battery storage capacity Operational 0.7 Under construction 4.7 Backlog 6.6 Near-term portfolio Pipeline 1.2 6.6 2.2 +454% Battery storage
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10 Growth Landmark agreement signed for Energy Valley in Egypt Scatec’s largest project to date… 1.95 GW Solar + 3.9 GWh BESS • 25-year USD denominated Power Purchase Agreement • Two stand-alone BESS installations in Abu Qir & Naga Hammadi • One Solar + BESS hybrid providing 24/7 baseload power Project Status Solar (MW) Wind (MW) BESS (MWh) H2 (MW) Benban Operation 380 Obelisk Construction 1,125 200 Egypt Alum. Backlog 1,125 200 Energy Valley Backlog 1,950 3,935 EGH Backlog 90 200 100 Shadwan Pipeline 900 Total 4,670 1,100 4,300 100 …cementing leading position in Egypt Energy Valley Egypt Aluminium Benban Obelisk Shadwan EGH
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Financial review Hans Jakob Hegge, CFO
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Proportionate NOK million Consolidated NOK million 2023 2024 2025 4,720 6,574 5,238 Full year group financials Last three years reflecting strategic deliveries Net gain from sale of assets Net income from JVs and associated Power sales 12 Revenue EBITDARevenue EBITDA Net gain from sale of assets D&C Power Production Corporate 2023 2024 2025 3,567 5,421 4,013 2023 2024 2025 12,371 7,853 11,002 2023 2024 2025 3,845 4,694 4,635 For proportionate financials, see Alternative Performance Measures in the quarterly report
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Proportionate financials NOK million Consolidated financials NOK million Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 816 1,505 1,027 785 697 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1,153 1,814 1,316 1,080 1,028 Group financials 4Q Strong D&C contribution driving proportionate revenue growth Net gain from sale of assets Net income from JVs and associated Power sales Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1,375 1,379 1,130 1,063 1,065 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 2,684 2,387 2,302 2,953 3,362 13 Revenue EBITDARevenue EBITDA Net gain from sale of assets D&C Power Production Corporate For proportionate financials, see Alternative Performance Measures in the quarterly report
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12 months rolling NOK million Quarterly NOK million Power Production Robust financial performance from operating assets 955 842 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1,352 1,390 1,110 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1,625 1,623 1,312 1,178 1,079 14 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 4,635 5,155 5,392 4,807 4,295 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 5,504 6,065 6,332 5,738 5,188 Net gain from sale of assets Power Production Revenue EBITDARevenue EBITDA For proportionate financials, see Alternative Performance Measures in the quarterly report
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Development & Construction All-time-high activity levels across the construction portfolio Revenue EBITDA 51 26 49 135 251 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 751 976 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1,038 1,760 2,266 15 Revenue EBITDA 183 202 139 261 462 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 2,291 2,890 3,396 4,525 5,752 12 months rolling NOK million Quarterly NOK million For proportionate financials, see Alternative Performance Measures in the quarterly report
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Q4’25 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.16 631 223 596 Q3’25 Free cash Distributions from power plants EBITDA from D&C and Corporate -82 Taxes paid/refunded Changes in working capital -77 Other changes and FX -220 Cash flow from investments -202 CF from financing Q4’25 Free cash Undrawn RCF Q4’25 Available liquidity 2,389 3,257 2,367 5,624 Free cash on group level Strong liquidity position of NOK 5.6 billion
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17 Q3’25 Q4’25 15.9 16.7 5.2 10.6 3.8 12.9 *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 Q3’25 Q4’25 4.3 3.4 Under development & construction In operation Corporate debt • Corporate NIBD reduced due to cash increase • Repaid outstanding term loan with proceeds from NOK 1bn bond Project debt • Grootfontein and Mmadinare project debt moved to operation Proportionate net interest-bearing debt Strengthening of the balance sheet continues
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Outlook 18 Power Production • FY’26 Power Production estimate: 5,200 - 5,600 GWh • FY’26 EBITDA estimate: NOK 3,800 - 4,100 million • Q1’26 Power production estimate: 950 - 1,050 GWh • Q1’26 Philippines EBITDA estimate: NOK 180 - 240 million Development & Construction • Remaining D&C contract value: NOK 1.8 billion • Est. D&C gross margin for projects under construction: 10-12% Corporate • FY’26 EBITDA estimate: NOK -125 to -135 million
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Summarising 2025 and looking ahead 2025 summary • Solid financial performance • Strong growth momentum • Strengthened financial platform 2026 priorities • Strong operational performance • Progressing near-term growth portfolio • Advancing additional divestments • Continuing to deleverage 19
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Generation capacity Storage capacity Economic interest Under construction MW MW MWh Obelisk 1,125 100 200 60% Rio Urucuia 142 100% Sidi Bouzid & Tozeur 120 51% Mogobe BESS 103 412 51% Binga BESS 40 40 55% Magat BESS 2 16 16 50% Release 65 26 39 68% Total 1,452 268 707 62% Backlog MW MW MWh Energy Valley 1,950 842 3,935 100% Egypt Aluminium 1,125 100 200 100% Kroonstad Cluster 846 51% Mercury 2 288 51% Dobrun & Sadova 190 65% Barsaloza 130 65% Tataouine 120 100% Sidi Bouzid 2 120 50% Egypt Green Hydrogen1 360 52% El Fahs 75 50% Magat floating solar 68 50% Haru BESS 123 492 50% Binga BESS 2 40 40 50% Ambuklao BESS 40 40 50% Total 5,302 1,145 4,697 82% Our asset portfolio Generation capacity Storage capacity Economic interest In operation MW MW MWh South Africa 1,003 225 1,140 44% Brazil 693 33% Philippines 649 24 32 50% Laos 525 20% Egypt 380 51% Ukraine 336 93% Malaysia 244 100% Pakistan 150 75% Botswana 120 100% Honduras 95 51% Jordan 43 62% Czech Republic 20 100% Release 47 19 19 68% Total 4,305 268 1,191 51% www.scatec.com 1. Includes P2X and electrolyser capacity21 H2 Generation capacity Storage capacity Project pipeline MW MW MWh Solar 4,302 Wind 1,928 Green H2 980 Release 300 Storage 649 2,178 Hydro 140 Total 7,350 649 2,178
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Overview of change in proportionate net interest-bearing debt during the quarter 22 NOK billion Q3’25 Repayments New debt Change in cash FX and other changes Q4’25 Project level -15.9 0.7* 0.6* -1.9 -0.1 -16.7 Group level -4.3 1 -1 1 0 -3.4 Total -20.1 1.7 -0.4 -0.8 -0.1 -20 Project and Group level net interest bearing debt *Repayment and new debt at project level is impacted by the reduced ownership share in the Obelisk project in Egypt.In Q3, Scatec’s ownership was 100%, compared to 60% in Q4
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Net Revenue, NOK millionTransaction Volumes, GWh EBITDA, NOK millionPrices, PHP/kWh 185 189 205 214 Q4’24 Q4’25 390 403 Ancillary Services Spot & Contract 226 221168 175 530 475 Q4’24 Q4’25 Spot volumes Contract volumes AS volumes Q4’24 Q4’25 4.1 4.0 2.0 4.4 4.6 2.6 Effective spot price Effective contract price Effective AS price 23 332 363 Q4’24 Q4’25 Philippines Overview of key drivers in the Philippines for quarter