Slides
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Q2 2026 Growth journey 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 second quarter 2026 report for the group. Disclaimer 2
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3 1,016 NOK million 1,135 GWh 2,286 NOK million Proportionate revenues NOK 2.3 billion & EBITDA NOK 1 billion D&C EBITDA of NOK 234 million with 24% gross margin 631 NOK million Total revenues and other income Total EBITTotal EBITDA Power production (1,130) (780) (940)(2,302) Key figures - proportionate Completed the largest hybrid project in Africa (Obelisk) Figures in brackets are same quarter last year Near-term growth portfolio set to double operational capacity Q2 highlights High activity with steady progress on our growth portfolio Announced refinancing of Scatec’s most expensive corporate bond
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4 Obelisk - a model project for Scatec’s integrated model PPA signed Sep 2024 Construction Start & FID +9 months May & June 2025 COD phase 1 +17 months Feb 2026 COD phase 2 +23 months Aug 2026 ..learnings to be used for the upcoming growth in Egypt Egypt Aluminium Energy Valley Shadwan 1,125 MW 200 MWh 1,950 MW 3,935 MWh 900 MW Target cons. start Target Cons. start Target cons. start H2’26 H2’26 H2’26 • Built on record time and below budget, with significant value creation • Reduced ownership to 40% through farm-downs, and unlocked significant value through D&C • Generating long-term cash flow from 25-year PPA and service agreements 23 months from PPA signing; COD ahead of schedule and below budget..
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5 940 278 Q2’25 New projects2 -43 Philippines -32 Ukraine -17 South Africa 9 Other Q2’26 1,135 +21% 83 Q2’25 -231 One-offs1 Q2’25 adjusted New projects2 -45 Ukraine -28 South Africa -18 Philippines -34 Other incl. FX Q2’26 1,312 1,081 1,039 -4% Power production GWh Revenues NOK million 1. Retroactive tariff adjustment in the Philippines 2. New projects include: Mmadinare in Botswana, Grootfontein in South Africa, Sidi Bouzid & Tozeur in Tunisia and Obelisk in Egypt Power Production New assets contributing materially to power production and revenues
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Volumes & average effective prices PHP/KWh 49 233 189 55 45 213 152 214 224 199 231 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 493 385 403 279 244 Philippines financial performance Continued strong contribution from ancillary services 6 One-offs Ancillary services Contract & spot Net revenues NOK million 106 354 249 107 64 0 1 2 3 4 5 6 7 8 9 10 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 AS price Spot price Contract price Power generated (GWh) EBITDA NOK million 217 332 363 231 201 231 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 448 Underlying One-offs 1. Contract volumes include both spot-exposed (fixed PHP/kWh price) and cost-plus-margin contracts. Only spot-exposed volumes carry energy price risk; cost-plus-margin contracts are protected by design. Exposed share: 47% in Q2 2026 vs. 50% in Q2 2025. 2. Q1 2026 net revenues adjusted for an FX-related allocation between ancillary services and spot net revenues. Total revenues unchanged.
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• Total gross margin of 24% • COD reached for Obelisk ph2, Rio Urucuia and Magat BESS 2 • Construction started on Sidi Bouzid 2 in Tunisia • NOK 3.8 billion of remaining contract value Total 7 Expected CODs Colombia 130 MW H1 2027 Philippines H2 2026 & H1 2027120 MWh South Africa H2 2026 & H1 2027412 MWh 792 MW 571 MWh BESS Solar Release 39 MWh97 MW Romania 190 MW H2 2027 & H1 2028 255 MW Construction portfolio Strong construction progress with 24% gross margin Tunisia 120 MW H2 2027 Wind 77 MW 77 MW
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8 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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The Romanian opportunity Romania emerging as a high-value growth market for Scatec 9 • 57% CfD • Target COD 1H’28 Buciumi 89 MW/178 MWh Dobrun & Sadova 190 MW Attractive market fundamentals • Scale across solar, wind and BESS w/strong stand-alone economics • Capture additional value through portfolio diversification & flexibility • Combine contracted revenues with merchant and ancillary services upside • Target to add 3.9 GW solar and 4.3 GW onshore wind by 20301 • Phasing out coal within 2030 – 15% of Romanian generation mix2 • Attractive CfD tariffs with meaningful merchant upside • CfD scheme backed by EUR 3 billion from EU modernization fund Urleasca 77 MW • 100% merchant • Target COD 2H’27 • 70% CfD • Target COD 2H’27 Romania combines attractive project economics, contracted revenue visibility and portfolio-level upside, supporting scalable and disciplined growth Romania Positioned for scalable value creation 1. Romania National Energy and Climate Plan (NECP) 2. BNEF
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Financial review Hans Jakob Hegge, CFO
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Proportionate financials NOK million Consolidated financials NOK million 1,027 824 Q2’25 Q2’26 971 1,240 345 Q2’25 Q2’26 1,316 1,369 128 Group financials Robust power production with high contribution from D&C Net income from JVs and associated Power sales 1,110 805 234 -29 Q2’25 -23 Q2’26 1,130 1,016 1,312 1,039 976 1,231 Q2’25 Q2’26 2,302 2,286 11 Revenue EBITDARevenue EBITDA 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 Generated NOK 805 million EBITDA from Power Production 805 Q2’25 Q2’26 1,110 Q2’25 Q2’26 1,312 1,039 12 1,189 4,203 Q2’25 -56 3,293 Q2’26 5,392 3,237 5,143 4,281 1,189 Q2’25 -56 Q2’26 6,332 4,225 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 Strong revenue and EBITDA growth in the D&C segment Revenue EBITDA 49 234 Q2’25 Q2’26 976 Q2’25 Q2’26 1,231 13 Revenue EBITDA 139 720 Q2’25 Q2’26Q2’25 Q2’26 3,396 5,951 12 months rolling NOK million Quarterly NOK million For proportionate financials, see Alternative Performance Measures in the quarterly report
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Q2’26 movements of the Group’s free cash and liquidity, NOK million Movement of cash in ‘recourse group’ as defined in the corporate bond and loan agreements.14 334 211 Distributions from power plants EBITDA from D&C and Corporate -57 Taxes paid/refunded -873 Changes in working capital Q2’26 incl. new RCF limit Additional RCF limit Q2’26 Available liquidity Undrawn RCF Q2’26 Free cash CF from financing -215 Cash flow from investments -450 Other changes and FX 11 2,635 1,596 2,333 3,929 1,194 5,123 Q1’26 Free cash Free cash on group level Total available liquidity of NOK 5.1 billion including new RCF limit
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15 14.0 2.6 2.8 Q1’26 13.8 2.9 3.0 Q2’26 19.5 19.6 *Includes non-recourse financing and other interest-bearing liabilities (see note 6 in quarterly report) Project gross interest-bearing debt* NOK billion Corporate gross interest-bearing debt NOK billion 3.6 4.6 2.9 1.8 Q1’26 Q2’26 6.5 6.4 NIBD in operation NIBD under construction SPV cash Corporate debt • Corporate NIBD increased due to cash reduction, mainly driven by working capital changes Project debt • Obelisk moved to operation Proportionate net interest-bearing debt Stable gross corporate- and project debt Corporate NIBD Corporate Cash
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Improved margin 3m NIBOR + 660 bps margin 16 97 164 111 99 140 2027 2028 2029 2030 2031 304 Corporate debt maturities USD million 3m NIBOR + 425 bps margin SCATC 04 SCATC 05 3m NIBOR + 315 bps margin SCATC 06 3m NIBOR + 285 bps margin SCATC 07 Vendor note New bond Refinancing our most expensive bond, and extending the maturity profile Scatec has a clear strategy to reduce corporate debt and interest expenses • New bond issue of NOK 1,000 million (expected) to refinance SCATC 04 • New bond expected to reduce corporate financing costs • Scatec remains committed to reduce corporate debt over time Bond refinancing Extending maturity profile with reduced costs
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Continuous Remaining contract value (NOK million) 3,800 Gross margin 10-12% FY 2026 EBITDA (NOK million) -125 to -135 Q3 2026 FY 2026 Power production (GWh) 1,500 - 1,600 5,050 - 5,350 EBITDA (NOK million) 3,600 – 3,900 Philippines EBITDA (NOK million) 320 - 420 Corporate Development & construction 17 Power production Financial outlook EBITDA guidance unchanged Not updated
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Summary • Building an all-time high growth portfolio • Strong execution on record high construction activity • Improving financial flexibility 18
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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 capacity20 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
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Overview of change in proportionate net interest-bearing debt during the quarter 21 NOK billion Q1’26 Repayments* New debt Change in cash FX and other changes Q2’26 Project level -16.6 1.0 -0.7 0.1 -0.5 -16.6 Group level -3.6 0 0 -1.1 0.1 -4.6 Total -20.2 1.0 -0.7 -1.0 -0.3 -21.2 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. By the end of Q2 2026, Scatec’s ownership was 40%, compared to 60% in Q1 2026
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Net Revenue, NOK millionTransaction Volumes, GWh EBITDA, NOK millionPrices, PHP/kWh 213 199 231 49 Q2’25 45 Q2’26 493 244 One-off Ancillary Services Spot & Contract 56 41 121 132 566 501 Q2’25 Q2’26 Spot volumes Contract volumes AS volumes Q2’25 Q2’26 6.0 5.1 2.0 9.6 6.9 2.6 Effective spot price Effective contract price Effective AS price 22 217 201 231 Q2’25 Q2’26 448 Philippines Overview of key drivers in the Philippines for quarter