Slides
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August 2026 Investor Presentation 1
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Scatec is a leading emerging market renewables IPP focused on strong, contracted cashflow and value accretive growth 2 • Leading renewable power producer with a significant growth portfolio to be realised in the short term • Generating strong predictable cash flows from PPAs • Integrated business model generating 15-30% project equity IRR from multiple revenue streams • Self-funded growth and deleverage plan with high visibility on attractive short-term growth • High ESG standards across all operating activities Colombia Brazil Honduras South Africa Botswana Egypt Tunisia Philippines Laos Malaysia PakistanJordan Ukraine Romania Czechia Oslo HQ H2 Solar BESS Hydro Wind Green H2 Gross capacity MW MW MWh MW MW MW Operational 4,518 384 1,400 1,174 - - Under construction 792 249 571 - 77 - Backlog 4,487 1,154 4,805 - 1,175 100 Pipeline 3,919 760 2,400 140 1,028 861 Growth markets Non-core markets
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3 3.1 1.2 1.1 Q2 2023 4.2 0.5 0.6 Q2 2024 4.0 1.7 3.0 Q2 2025 5.7 0.9 5.8 Q2 2026 5.4 5.2 8.7 12.3 1.2 Q2 2023 1.2 0.5 Q2 2024 1.2 0.7 0.7 Q2 2025 1.4 0.6 4.8 Q2 2026 1.2 1.6 2.5 6.8 Operational Construction Backlog All-time high near-term portfolio Scatec has a strong track record of advancing and divesting capacity Renewable generation capacity (GW) Storage capacity (GWh) Divested Uganda and Vietnam
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4 Total proportionate EBITDA1, NOK million 348 796 426 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 0 2019 2020 2021 2022 2023 2024 1,570 1,305 2,687 2,549 3,845 4,694 4,635 Q2’26 LTM 3,918 4,2093,898 3,497 2025 1) Restated based on new reporting structure effective as on 1 January 2024 Gain from asset sales Acquisition of SN Power 2021/22: COVID related emerging markets slowdown Profitable growth With growth also funded through solid operating cash flow
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5 Scatec is well positioned in the transition mega trend USD ~560 billion investments in our regions across technologies Solar PV, onshore wind and batteries USD billion 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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6 Sources: BNEF Energy storage system survey 2025, 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 90 2022 2023 2024 2025 -65% 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 261 167 87 62 2022 2023 2024 2025 -76%
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7 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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8 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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9 What we do Develop, build, own & operate renewable energy with in-house expertise Construction Power ProductionDevelopment Experienced local development teams Skilled in-house EPC teams ensuring safe and efficient execution Strong predictable cash flow from power plants owned and operated by Scatec In-house expertise throughout the value chain creates competitive advantages
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10 D&C (100%) Power plants (51%) Equity partners (49%) Project lenders Services (100%) D&C and Service cash flow PP Distributions Growth equity injections D&C revenues Service revenues Continued capital efficient growth Generating value and funding growth through capital efficient model Capex Debt financing Equity Equity partner Scatec equity D&C gross profit Scatec equity 100.0% 75.0% 25.0% 12.5% 12.5% 8.0% 4.5% Extracting value through multiple revenue streams Illustrative cash flow chart Capital efficient funding structure Illustrative funding structure1 Equity need could be further reduced through ownership platforms and farm-downs Corporate costs & interest expenses 1. Based on 50% ownership, 75% leverage, 80% EPC scope, 8% gross margin & excluding D&C operating expenses
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11 Strategy 2030 Increased growth pace & continued deleveraging funded by divestments Self-funded business plan through operating cash flow, divestments, and available liquidity 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
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12 Growing generation capacity +6.7 GW next few years.. 1. Includes P2X and electrolyzer capacity for Egypt Green Hydrogen 4.5 1.2 Operational 0.8 Under construction 4.5 Backlog 9.8 1.2 Near-term portfolio 59% 26% Pipeline 5.7 5.8 12.3 5.9 0.9 +116% 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 0.6 Under construction 4.8 Backlog 6.8 Near-term portfolio Pipeline 1.4 6.8 2.4 +384% Battery storage
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13 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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Long-term contracted and risk mitigated cashflows 14 Power production EBITDA1 ~70% of EBITDA from long-term PPAs 14 years Average remaining PPA Non-Recourse Project Debt 83% interest hedging of project debt Matching revenues and debt currencies to reduce exposure ~70% in hard currencies and/or inflation adjusted Power production EBITDA1 16 years Average remaining debt tenor 67% 33%Merchant Contracted 83% 17%Floating Hedged 32% 33% 16% 8% 7% 3%CZK MYR EUR ZAR PHP USD 1) FY 2025 EBITDA - Excluding gains from sale of assets
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15 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 6.8 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 expense1 reduced NOK million
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16 0.6 1.0 2023 0.9 0.7 2024 2.4 1.1 2025 0.3 1.0 LTM Q2 2026 1.6 1.7 3.4 1.3 Refinancing and asset sales Underlying cash flow to equity Deleverage progress Leverage significantly reduced through debt repayments Proportionate CF to Equity Corporate debt vs cash flow to equity 4.9x 3.7x 2023 2024 2025 LTM Q2 2026 9.1 8.9 6.8 6.4 NIBD Cash VS GIBD VS NIBD Divested Uganda and Vietnam
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17 2030 divestment plan Continuing to divest to fund growth and debt repayments Received proceeds (Q3’24 to Q4’25) 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) 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 Previous 2027 target NOK 4 billion
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Partnering with development banks for project financing and risk mitigation Multilateral development banks (DFIs) are providing equity and debt to infrastructure projects in emerging markets DFIs are often advising governments on design of renewable programs to promote private/public partnerships Project insurance/guarantee arrangements through MIGA to protect investments against non-commercial risks 18
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Net Zero climate target Strong ESG focus across all operating activities 19 Minimising social and environmental impacts • Science based approach to climate change • Responsible lifecycle management • Minimise potential negative impacts and restore biodiversity Safeguarding our people and local value creation • Work for zero harm • Embrace diversity, equity, inclusion and belonging • Positively impact the local communities Being a trusted business partner • Maintain the highest ethical standards • Respect and protect human rights • Mitigate risk to ensure responsible supply chain All projects must adhere to the IFC Performance Standards and Equator Principles Minimise direct emissions by 2030 and achieve net zero emissions across the value chain by 2040.
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Key takeaways • Solid position in markets with significant energy demand • Renewables the cheapest source of energy in our growth markets • Strong momentum with an all-time high growth portfolio 20
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Generation capacity Storage capacity Economic interest Under construction MW MW MWh Thakadu, South Africa 255 50% Dobrun & Sadova, Romania 190 65% Barsaloza, Colombia 130 65% Sidi Bouzid 2, Tunisia 120 50% Urleasca, Romania 77 100% Mogobe BESS, South Africa 103 412 51% Binga BESS, Philippines 40 40 50% Binga BESS 2, Philippines 40 40 50% Ambuklao BESS, Philippines 40 40 50% Release 97 26 39 68% Total 869 249 571 60% Backlog MW MW MWh Energy Valley, Egypt 1,950 842 3,935 100% Egypt Aluminium 1,125 100 200 100% Shadwan, Egypt 900 100% Kroonstad, South Africa 846 51% Mercury 2, South Africa 288 51% Tataouine, Tunisia 120 100% Egypt Green Hydrogen1 360 52% Buciumi, Romania 89 178 100% El Fahs, Tunisia 75 50% Magat floating solar, Phil. 68 50% Haru BESS, South Africa 123 492 50% Total 5,762 1,154 4,805 86% Our asset portfolio Generation capacity Storage capacity Economic interest In operation MW MW MWh South Africa 1,003 225 1,140 44% Egypt 1,505 100 200 42% Brazil 835 45% Philippines 649 40 40 50% Laos 525 20% Ukraine 336 89% Malaysia 244 100% Pakistan 150 75% Botswana 120 100% Tunisia 120 51% Honduras 95 51% Jordan 43 62% Czech Republic 20 100% Release 47 19 20 68% Total 5,692 384 1,400 50% www.scatec.com 1. Includes P2X and electrolyser capacity22 H2 Generation capacity Storage capacity Project pipeline MW MW MWh Solar 3,619 Wind 1,028 Green H2 861 Storage 760 2,400 Hydro 140 Total 5,948 760 2,400