Interim report
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1 Scatec ASA Third quarter 2024 Second quarter and first half report 2026
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CEO letter Completed the largest hybrid project in Africa The second quarter was a period of high activity and strong execution across our portfolio. We delivered proportionate revenues of NOK 2.3 billion and EBITDA of NOK 1.0 billion. Our development & construction segment delivered EBITDA of NOK 234 million, with a gross margin of 24%, reflecting strong project execution and disciplined cost management during a period with high construction activity. In August, we reached a major milestone with full commercial operation (COD) of Obelisk, the largest renewable energy project on the African continent. Based on 1.1 GW of solar and 200 MWh of battery storage capacity, the hybrid project will generate 3 TWh of electricity and deliver more than 1.2 million tonnes of expected CO2 emissions abatement per year. The project was delivered on record time and below budget which demonstrates our strong execution capabilities. In addition to Obelisk, we expect to start construction of three major projects in Egypt in the second half of 2026, which will generate significant D&C margins and long- term secured cash flows to Scatec. We have also reached commercial operation for the 16 MW Magat BESS 2 battery storage system in the Philippines and the 142 MW Rio Urucuia solar plant in Brazil. With these projects, we have 5.9 GW of generation capacity and 1.4 GWh of battery storage capacity in operation. At the same time, we continued to build for the future. We started construction on the 120 MW Sidi Bouzid II solar project in Tunisia, expanding our footprint in a market with strong renewable energy potential. In Romania, we started construction of the 77 MW onshore wind project acquired in July, adding to our European pipeline. We also added 176 MWh of battery storage to our backlog this quarter. The new projects provide attractive returns individually and in Romania we also see the opportunity to capture upsides based on the flexibility we create with a multi-technology portfolio, including batteries. Overall, the second quarter underlined the strength of our execution capabilities, the resilience of our integrated business model, and our continued focus on long-term value creation. Looking ahead, our short term growth outlook is very strong, with a backlog of 6.6 GW of generation capacity and 5.3 GWh of battery storage capacity. Further, renewable energy is more competitive and relevant than ever. The energy transition continues to accelerate, driven by electrification, decarbonisation, and energy security. Our priorities remain clear: deliver on projects under construction, convert our mature backlog, strengthen partnerships in priority markets and maintain a sharp focus on value creation and capital discipline. I would like to thank our employees, partners and shareholders for their continued support and trust. Your commitment underpins our progress and long-term ambition. Together, we are advancing the global energy transition, providing energy security and helping build a more sustainable future. Terje Pilskog Scatec CEO 2 Scatec ASA Second quarter 2026
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Second quarter and first half of 2026 High activity and strong execution • Completed the largest hybrid project in Africa (Obelisk) • Proportionate revenues of NOK 2.3 billion and EBITDA of NOK 1.0 billion • D&C EBITDA of NOK 234 million with 24% gross margin • Near-term growth portfolio set to double operational capacity Highlights and key figures 3 Scatec ASA Second quarter 2026 Revenues and other income 2,286 (2,302) NOK million Power Production 1,135 (940) GWh Total EBITDA 1,016 (1,130) NOK million Total EBIT 631 (780) NOK million All figures on this page are Proportionate financials, see Alternative Performance Measures appendix for definition Amounts from same period last year in brackets
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Key figures NOK million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Proportionate Financials 1) Revenues and other income 2,286 1,640 2,302 3,925 4,689 11,002 Power Production 1,039 929 1,312 1,968 2,935 5,188 Development & Construction 1,231 695 976 1,925 1,727 5,752 Corporate 16 16 15 32 28 61 EBITDA 1) 1,016 774 1,130 1,790 2,509 4,568 Power Production 805 702 1,110 1,507 2,500 4,228 Development & Construction 234 100 49 334 75 462 Corporate -23 -28 -29 -51 -67 -122 Operating profit (EBIT) 631 422 780 1,053 1,803 3,028 Power Production 473 376 801 849 1,852 2,811 Development & Construction 194 85 17 279 37 402 Corporate -35 -40 -38 -75 -86 -185 Net interest- bearing debt 1) 21,226 20,220 19,162 21,226 19,162 20,043 Scatec's share of distributions from power plant companies 334 94 327 428 482 1,536 Power Production (GWh) 1,135 1,046 940 2,181 1,918 4,141 Power Production (GWh) 100% 2) 2,702 2,452 2,227 5,154 4,705 10,049 1) See Alternative Performance Measures appendix for definition 2) Production volume on 100% basis from all entities, including JV companies NOK million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Consolidated IFRS Financials Revenues and other income 1,369 1,020 1,316 2,389 3,130 5,238 EBITDA 1) 824 729 1,027 1,553 2,532 3,946 Operating profit (EBIT) 457 404 732 861 1,956 2,778 Profit/(loss) -157 -192 314 -349 1,077 987 Basic earnings per share -0.41 -1.00 1.71 -1.41 6.51 6.15 Net interest- bearing debt 1) 28,348 26,217 22,845 28,348 22,845 25,663 Highlights and key figures 4 Scatec ASA Second quarter 2026 EBITDA excl gain from project assets Net gain/(loss) from sale of projects assets Revenues excl gain from project assets Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -500 – 500 1,000 1,500 2,000 2,500 3,000 3,500 EBITDA excl gain from project assets Net gain/(loss) from sale of projects assets Revenue excl gain from project assets Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -500 – 500 1,000 1,500 2,000 Proportionate revenues and EBITDA Consolidated revenues and EBITDA
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Portfolio expansion drives strong production growth Production increased to 1,135 GWh, supported by 278 GWh from new projects Production volume reached 1,135 GWh in the second quarter. The increase was driven by five new projects which have commenced operations during the last twelve months. This was partly offset by lower year-on-year production in the Philippines, Ukraine and South Africa. Revenue and other income amounted to NOK 1,039 million (1,312)2, positively impacted by new projects commencing operations. In South Africa, revenues were lower due to irradiation levels below the seasonal average. Revenues from the Philippines were reduced to NOK 244 million (493), following a one-off effect of NOK 231 million recognised in the prior-year period related to the approval of new ancillary services tariff. Further, revenues were impacted by lower production in Ukraine due to damages to a power plant sustained in 2025. Additional movements in revenue are attributable to foreign exchange rate fluctuations and liquidity damages recognised for Grootfontein in 2025. Operating expenses increased to NOK 234 million (-202), driven by new projects in operation. EBITDA for the quarter was NOK 805 million (1,110), of which the Philippines contributed with NOK 201 million (448). Depreciation and amortisation slightly increased compared to last year due to new projects, resulting in a EBIT of NOK 473 million (801). Cash flow to Equity was NOK 258 million (571). The decrease compared to the same quarter last year was mainly driven by lower contributions from the Philippines. NOK million 1) Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 Revenue and other income 1,039 929 1,312 1,968 2,935 Operating expenses -234 -227 -202 -461 -434 EBITDA 805 702 1,110 1,507 2,500 EBITDA margin 78 % 76 % 85 % 77 % 85 % EBIT 473 376 801 849 1,852 Cash flow to equity 258 228 571 486 3,133 1) Proportionate financials - See Alternative Performance Measures appendix for definition 2) Amounts from same period last year in brackets Segment reporting – Power Production 5 Scatec ASA Second quarter 2026 940 278 -43 -32 -17 9 1,135 Q2'25 New projects 1) PhilippinesUkraine South Africa Other Q2'26 1,312 -231 1,081 83 -45 -28 -18 -34 1,039 Q2'25 Philippines 2) Q2'25 adj. New Projects Ukraine South Africa PhilippinesOther incl. FX Q2'26 Overview of development in revenues Revenues, NOK million Production increase is driven by new projects Production volume, GWh 2) Recognition of Ancillary Services revenue following approval of the new tariff 1) New projects include Botswana (Mmadinare), South Africa (Grootfontein), Tunisia (Sidi Bouzid & Tozeur) and Egypt (Obelisk)
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Strong project execution with 24% gross margin High construction activity with EBITDA of NOK 234 million Scatec started construction of the 120 MW Sidi Bouzid II project in Tunisia in the second quarter, while construction on other projects progressed well across the portfolio. Revenues in the D&C segment was NOK 1,231 million (976) with a gross margin of 24% positively impacted by an additional contingency release related to the Obelisk project in Egypt of NOK 160 million, compared to NOK 80 million in the first quarter this year. The underlying gross margin was 11%. Revenues were primarily driven by construction and installation progress on the second phase of Obelisk, Dobrun & Sadova and Thakadu projects. Operating expenses were in line with the same quarter last year at NOK 62 million (-62). Following the contingency release, EBITDA increased to NOK 234 million (49). EBIT of NOK 194 million (17) was impacted by an impairment of NOK 37 million related to discontinued development projects in Poland. Cash flow to Equity ended at NOK 195 million (44) in the quarter. NOK million 1) Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 Revenue and other income 1,231 695 976 1,925 1,727 Gross profit 295 156 111 451 197 Gross margin 24 % 22 % 11 % 23 % 11 % Operating expenses -62 -55 -62 -117 -122 EBITDA 234 100 49 334 75 EBIT 194 85 17 279 37 Cash flow to equity 195 84 44 279 65 1) Proportionate financials; See Alternative Performance Measures appendix for definition Growth portfolio2) Scatec continued maturing projects during the quarter, and holds a large portfolio of projects under construction and in backlog, totaling 6.6 GW of generation capacity and 5.3 GWh of storage capacity. This unique near-term visible growth is supplemented by a maturing pipeline of 5.9 GW generation capacity and 2.4 GWh storage capacity, which will ensure continued long-term growth. During the quarter, Scatec added one project to the backlog totalling 176 MWh BESS in Romania. The backlog comprises 11 projects including solar, wind, battery storage and Green hydrogen. Scatec currently has 9 solar, wind and BESS projects under construction: Project Solar (MW) Wind (MW) BESS (MW / MWh) Thakadu, South Africa 255 Dobrun & Sadova, Romania 190 Barzalosa, Colombia 130 Sidi Bouzid 2, Tunisia 120 Urleasca, Romania 77 Mogobe BESS, South Africa 103 / 412 Binga BESS, Philippines 40 / 40 Binga BESS 2, Philippines 40 / 40 Ambuklao BESS, Philippines 40 / 40 Release 97 26 / 39 Total 792 77 249 / 571 2) Portfolio figures are as of publication date Segment reporting – Development & Construction 6 Scatec ASA Second quarter 2026 3,182 6,916 2,659 4,487 223 1,154 200 1,175 Solar Storage Wind Hydro Green hydrogen Q2 2025 Q2 2026 Backlog growth primarily driven by Energy Valley & Shadwan Technology distribution, MW capacity Pipeline down as projects have advanced to backlog Technology distribution, MW capacity 7,700 6,708 4,497 3,919 160 760 1,919 1,028 980 861 Solar BESS Wind Hydro Green hydrogen Q2 2025 Q2 2026
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Improved financing costs Gross interest bearing debt reduced by NOK 1.3 billion Y-O-Y Corporate EBITDA was negative of NOK 23 million (-29) and EBIT was negative NOK 35 million (-38). Operating expenses decreased compared to the same period last year, primarily due to lower personnel costs, driven by a reduction in social security expenses associated with share-based compensation arrangements. Cash flow to Equity for the Corporate segment was negative NOK 179 million (-286). The year‑on‑year improvement was mainly driven by lower interest expenses and reduced amortisation as a result of repaid corporate debt. Gross corporate interest-bearing debt was NOK 6.4 billion by the end of the quarter compared to NOK 7.7 billion in the same quarter last year. NOK million 1) Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 Revenue and other income 16 16 15 32 28 Operating expenses -39 -44 -44 -83 -95 EBITDA -23 -28 -29 -51 -67 EBIT -35 -40 -38 -75 -86 Cash flow to equity -179 -173 -286 -351 -598 1) Proportionate financials - See Alternative Performance Measures appendix for definition For further details on financial results for segment reporting on a country-by-country basis, please refer to Scatec’s Q2 2026 Databook with historical financial information published on Scatec’s web page. Segment reporting – Corporate 7 Scatec ASA Second quarter 2026
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FY'26 Power Production EBITDA maintained at NOK 3.75 billion Development & Construction expected to continue to deliver strong margins with high construction activity Power Production In the Philippines, EBITDA for the third quarter of 2026 is estimated at NOK 370 million. The full-year 2026 proportionate EBITDA outlook is maintained at a mid-point of NOK 3.75 billion, with no changes to the operational assumptions. The outlook has not been adjusted for recent foreign currency movements, reflecting continued volatility and uncertainty in exchange rate developments. Full-year 2026 power production is estimated at 5,200 GWh on a proportionate basis, down 50 GWh from previous guidance, mainly due to lower expected hydrology in the Philippines. The lower production is expected to be offset by higher reserve market prices and therefore does not impact the EBITDA outlook. Third quarter 2026 power production is estimated at 1,500–1,600 GWh on a proportionate basis. Development & Construction On June 30, the value of the remaining D&C contract value was approximately NOK 3.8 billion, primarily related to the Thakadu project in South Africa, the Barzalosa project in Colombia and the Sidi Bouzid II project in Tunisia. The latter project started construction during Q2 2026, while several other projects have been completed or are near completion, including the Obelisk project. D&C revenues and margins are dependent on progress in ongoing development and construction projects and are recognised in line with planned execution, following an S-curve. The value of remaining construction contracts will vary based on revenue recognition and the addition of new projects. The estimated average D&C gross margin for projects currently under construction is 10–12%. Corporate The full year 2026 EBITDA for Corporate is estimated to be between NOK -125 and NOK -135 million. Additional attention is given to the hydro operations in the Philippines based on its significant share of EBITDA for the Group, strong seasonality and exposure to fluctuations in the spot market. EBITDA estimates reflect the latest operational assumptions. All figures related to estimated performance are based on the Company’s current assumptions and are subject to change. All figures on this page are Proportionate financials, see Alternative Performance Measures appendix for definition 2026 outlook Power Production FY'26 power production estimate 5,050 to 5,350 GWh Q3'26 power production estimate 1,500 to 1,600 GWh FY'26 EBITDA estimate NOK 3,600 to 3,900 million Q3'26 Philippines EBITDA estimate NOK 320 to 420 million Development & Construction Remaining contract value NOK 3,800 million Estimated D&C gross margin 10 to 12 percent Corporate FY'26 EBITDA estimate NOK -125 to -135 million Long-term strategic targets Scatec has set strategic targets around three main pillars: profitable growth, deleveraging and divestments. Scatec will target an average annual equity investment in growth of NOK 1 billion toward 2030. Further, Scatec is targeting to reduce gross corporate interest- bearing debt to NOK 4 billion, and to divest assets for total proceeds of NOK 3.4 billion within year-end 2030. Outlook 8 Scatec ASA Second quarter 2026
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IFRS Consolidated financials Revenues Revenues for the quarter were NOK 1,240 million (971), with the increase primarily driven by construction revenues of NOK 255 million related to Scatec's Joint venture in South Africa, the Lyra Energy 255 MW Thakadu project. Revenue growth was further supported by new projects commencing operation. This was partly offset by lower revenues from South Africa due to lower irradiation during the quarter and lower revenues from Ukraine following damage to a power plant sustained in the fourth quarter of 2025. The year-on-year increase in first-half revenues was driven by the same factors and partly offset by the absence of NOK 52 million of retroactive tariff compensation recognised in Pakistan in the prior- year period. The gain from sale of project assets of NOK 645 million in the first half of 2025 relates to the divestments of the African hydropower assets and Vietnam wind farm, while the sales loss in the first half of this year relates to a reversal of an earn‑out payment linked to the divestment in Vietnam. Net income from Joint Ventures (JVs) and associated companies was NOK 128 million (345) in the quarter. The contribution was in line with the prior year, excluding a one-off effect of NOK 231 million recognised in the comparative period following the approval of the ancillary services tariff in the Philippines. The change in the half-year contribution is attributable to the same factors. Operating profit Operating expenses were NOK 309 million (290) in the quarter and NOK 601 million (598) for the first half year. Increased expenses related to new projects commencing operations were largely offset by cost reductions across the portfolio. Depreciation, amortisation and impairment amounted to NOK 368 million (295) in the quarter, reflecting the contribution from new projects commencing operations and an impairment of NOK 37 million related to discontinued development projects in Poland. The increase for the first half of 2026 was driven by the same factors. Net financial income and expenses Net financial expenses were NOK 563 million (-387). The quarter was impacted by a foreign exchange gain of NOK 25 million compared to a gain of NOK 133 million last year. Interest cost increased to NOK 634 million (-566) due to new projects in operation, partly offset by decreased interest cost on corporate debt. The same factors explain the change for the first half year. Net profit The Group recognised a tax cost of NOK 51 million (-31) in the quarter. Net profit for the quarter was negative NOK 157 million (314), and profit attributable to Scatec was negative NOK 66 million (272). The allocation of profits between non-controlling interests (NCI) and Scatec is impacted by the fact that NCI only represents shareholdings in the power plants that are fully consolidated, while Scatec also carries the cost of project development, construction, operation & maintenance and corporate functions. Profits allocated to NCI neither include net income from JVs nor associated companies, or gain/loss from sale of project assets. Profit and loss NOK million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 Revenues 1,240 925 971 2,165 1,908 Net gain/(loss) from sale of project assets – -56 – -56 645 Net income/(loss) from JVs and associated 128 151 345 280 577 Cost of Sales -235 – – -235 – Operating expenses -309 -292 -290 -601 -598 EBITDA 824 729 1,027 1,553 2,532 Operating profit (EBIT) 457 404 732 861 1,956 Net financial expenses -563 -619 -387 -1,182 -842 Profit before income tax -106 -215 345 -321 1,113 Profit/(loss) for the period -157 -192 314 -349 1,077 IFRS consolidated financials 9 Scatec ASA Second quarter 2026
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Liquidity position at Group level of NOK 3.9 billion Lower interest payments at Group level following reduction in Corporate debt Free cash at Group level is Scatec’s share of available cash in the recourse group, defined as all entities in the Group excluding power plant companies. Cash flow from operations was negative NOK 374 million (10) positively impacted by distributions from power plants and strong EBITDA results from D&C. The effects were offset by changes in working capital arising from construction activities, mainly in Egypt. Cash flow from investments was negative NOK 450 million (-119) in the quarter driven by equity injections to projects in the development phase, primarily in Egypt. The effects were partly offset by positive contribution of NOK 73 million from sale of development projects attributable to the Lyra platform in South Africa, being accounted for as a Joint venture. Year to date 2026, Scatec has invested NOK 769 million of equity in growth projects. Cash flows from financing was negative NOK 215 million (-875) explained by interest paid on corporate debt. Free cash as of 30 June 2026 was NOK 1,596 million and available undrawn credit facilities was NOK 2,333 million. In total, the Group had NOK 3,929 million in available liquidity. On March 31, 2026 the Group signed two new green revolving credit facilities with a total commitment of USD 350 million, replacing the existing USD 230 million credit facility. The new facilities will become effective in the third quarter of 2026. Movement in free cash at Group level Reconciliation of free cash to total cash and cash equivalents on consolidated basis Capital management and project spendings 10 Scatec ASA Second quarter 2026 Cash in power plant companies 2,948 2,548 2,334 2,948 2,334 2,119 Other restricted cash 189 235 210 189 210 220 Free cash 1,596 2,635 2,021 1,596 2,021 3,257 Total cash and cash equivalents 4,733 5,418 4,565 4,733 4,565 5,595 NOK million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Scatec's share of distributions from power plant companies 334 94 327 428 482 1,536 EBITDA from D&C and Corporate segments 211 72 20 283 8 339 Taxes refunded/(paid) -57 -8 -71 -65 -23 -112 Share-based remuneration – -25 – -25 – – Changes in working capital -873 -143 -251 -1,016 -352 1,663 Other changes and FX 11 -101 -15 -91 -112 -270 Cash flow from operations -374 -112 10 -486 3 3,157 Scatec's share of equity injection and shareholder loans in projects under construction -63 -104 -68 -167 -189 -631 Scatec's share of equity injection, shareholder loans and capitalised expenditures in projects under development -483 -118 -80 -602 -199 -449 Proceeds from sale of project assets and development projects 73 – – 73 1,998 1,998 Interest received 24 27 29 51 55 113 Cash flow from investments -450 -195 -119 -645 1,665 1,031 Net of proceeds and repayments from corporate financing – -286 -302 -286 -542 -1,557 Repayment of other interest-bearing liabilities – – -281 – -281 -281 Interest paid -215 -109 -293 -324 -443 -712 Share capital increase – 80 – 80 – – Cash flow from financing -215 -315 -875 -530 -1,266 -2,549 Change in cash and cash equivalents -1,038 -622 -984 -1,662 403 1,638 Free cash at beginning of period 2,635 3,257 3,004 3,257 1,619 1,619 Free cash at end of period 1,596 2,635 2,021 1,596 2,021 3,257 Available undrawn credit facilities 2,333 2,289 2,371 2,333 2,371 2,367 Total free cash and undrawn credit facilities at the end of period 3,929 4,924 4,391 3,929 4,391 5,624
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ESG performance Scatec's commitment to sustainability is fundamental to its strategy, and the Company's sustainability pillars include green footprint, responsible supply chain and local value creation. Biodiversity strategy strengthens sustainable growth Scatec launched an updated biodiversity strategy, reinforcing the Company’s focus on developing resilient renewable energy projects across global markets. Biodiversity is a key consideration for project viability, influencing site selection, permitting, stakeholder acceptance, financing, and overall project feasibility. The strategy includes: • Early biodiversity risk screening to identify potential constraints before significant capital is committed. • Clear no-go criteria for projects that may result in irreversible impacts on critical habitats or threatened species. • Defined governance and decision gates to ensure biodiversity risks and impacts are assessed and managed consistently. • Alignment with leading international standards and frameworks, supporting a robust and globally recognised approach to biodiversity management. • Systematic integration of biodiversity considerations across the project lifecycle, from opportunity screening through to operations and decommissioning. Access the Biodiversity Strategy on Scatec's corporate website. Community impact at scale Scatec published its first annual Impact Report in second quarter presenting the Company’s community commitment and shows how social investment supports long-term value beyond renewable energy generation. These investments support local development near Scatec project sites, strengthen stakeholder relationships, reduce operational risk and reinforce the Company's social license to operate. During the quarter, the Dairy Cow programme, implemented in connection with the Obelisk project, supported 92 beneficiaries, primarily vulnerable female-headed households near Nagaa Hammadi in Egypt. Through the provision of dairy cows, participants can generate sustainable income from the sale of milk, dairy products, and calves. To date, beneficiaries reported monthly incomes of approximately USD 120–125 per household. Refer to the Company's corporate website for the full Impact Report 2025. ESG performance 11 Scatec ASA Second quarter 2026
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ESG reporting Scatec reports on the Company’s results and performance across various environmental, social and governance (ESG) topics on a quarterly basis. Indicator1) Unit Q2 2026 Q1 2026 Q2 2025 FY 2025 Target 2026 Environmental Scope 2 GHG emissions (location-based) tonnes CO2e 3,976 3,150 2,373 9,304 N/A GHG emissions avoided2) mill tonnes CO2e 1.1 1.2 1.0 4.5 6.1 Social Lost Time Incident Frequency (LTIF) per mill hours (12 months rolling) 0.9 0.5 0.5 0.6 ≤1.5 Hours worked mill hours (12 months rolling) 14.9 15.4 8.5 13.8 N/A Fatalities number – – – – – Female leaders % of females in mgmt. positions 33 32 32 32 33 Governance Whistleblowing channel number of reports received 2 3 8 18 N/A Corruption incidents number of confirmed incidents 1 – – – – 1) For a definition of each indicator in the table see the 'ESG Performance Indicators' section under other definitions. 2) The figure includes the actual annual production for all renewable power projects where Scatec has an ownership stake. Environmental Scatec’s climate efforts and net zero targets include reporting on emissions across Scope 1, 2, and 3. Indirect Scope 2 emissions include all purchased and consumed electricity on project sites and for corporate offices. The increase compared to first quarter is primarily due to phase one of the Obelisk project in Egypt starting commercial operation during late February 2026. During the quarter, 1.1 million tonnes of GHG emissions were avoided, slightly higher than second quarter 2025. Social 33% of leaders in the Company were female at the end of second quarter 2026. During the quarter, Scatec rolled out leadership capabilities training to all people managers and established gender equality content for upcoming leadership programmes. Further, the Company continued inclusive hiring through female shortlisting and manager bias training, and delivered regional diversity, equity, inclusion and belonging (DEIB) initiatives. Scatec employees and contractors worked close to 14.9 million hours with no fatalities or serious injuries (12-months rolling). The lost time incident frequency rate (LTIF) was 0.9 per million hours at the end of the quarter, up from 0.5 in the previous quarter. Governance Two concerns related to workplace environment were reported through the externally managed whistleblowing channel during second quarter 2026. Both reports were investigated and subsequently closed following the Company's procedures, and were not substantiated. Separately, one corruption allegation was reported directly to the Scatec compliance function during the quarter. This concerned a Scatec sub-supplier attempting to bribe a Company consultant responsible for supplier quality assurance. Following an internal investigation, the allegation was substantiated. Robust disciplinary action was implemented and the sub-supplier's contract was terminated. ESG performance 12 Scatec ASA Second quarter 2026
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Condensed interim consolidated financial statements 14 Scatec ASA Second quarter 2026 Condensed interim consolidated financial statements
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Condensed interim consolidated statement of profit and loss NOK million Notes Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Revenues 2 1,240 971 2,165 1,908 3,628 Net gain/(loss) from sale of project assets 8 – – -56 645 645 Net income/(loss) from JVs and associated companies 5 128 345 280 577 964 Total revenues and other income 1,369 1,316 2,389 3,130 5,238 Cost of Sales 2 -235 – -235 – – Personnel expenses 2 -127 -121 -260 -261 -520 Other operating expenses 2 -182 -169 -341 -336 -771 Depreciation, amortisation and impairment 2, 4 -368 -295 -692 -576 -1,168 Operating Profit (EBIT) 457 732 861 1,956 2,778 Interest and other financial income 45 46 93 88 281 Interest and other financial expenses -634 -566 -1,231 -1,151 -2,280 Net foreign exchange gain/(losses) 25 133 -44 220 229 Net financial expenses -563 -387 -1,182 -842 -1,771 Profit/(loss) before income tax -106 345 -321 1,113 1,008 Income tax (expense)/benefit 3 -51 -31 -28 -36 -20 Profit/(loss) for the period -157 314 -349 1,077 987 Profit/(loss) attributable to: Equity holders of the parent -66 272 -226 1,034 978 Non-controlling interest -92 42 -123 43 9 Basic earnings per share (NOK) 1) -0.41 1.71 -1.41 6.51 6.15 Diluted earnings per share (NOK) 1) -0.41 1.71 -1.41 6.51 6.12 1) Based on average 159.7 million shares outstanding for the purpose of earnings per share in Q2 2026 Condensed interim consolidated statement of comprehensive income NOK million Notes Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Profit/(loss) for the period -157 314 -349 1,077 987 Other comprehensive income: Items that may subsequently be reclassified to profit or loss Net movement of cash flow hedges 50 -44 412 -168 -149 Transfer of cash flow hedge reserve to non-financial assets, net of tax -2 -5 -64 -7 -19 Income tax effect 3 -13 9 -65 30 44 Foreign currency translation differences 235 -306 -310 -1729 -1746 Net other comprehensive income to be reclassified 270 -346 -27 -1,874 -1,869 Items that will subsequently not be reclassified to profit and loss Foreign currency translation differences -22 2 -33 121 150 Net other comprehensive income not reclassified -22 2 -33 121 150 Total comprehensive income for the period, net of tax 90 -31 -408 -676 -732 Attributable to: Equity holders of the parent 97 -21 -364 -506 -609 Non-controlling interest -7 -10 -44 -169 -123 Condensed interim consolidated financial statements 14 Scatec ASA Second quarter 2026
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Condensed interim consolidated statement of financial position NOK million Notes 30 June 2026 31 December 2025 Assets Non-current assets Deferred tax assets 3 2,024 1,915 Property, plant and equipment 4 31,013 29,787 Goodwill and intangible assets 533 548 Investments in JVs and associated companies 5 9,677 10,149 Non-current derivatives 6 647 447 Other non-current assets 158 139 Total non-current assets 44,052 42,985 Current assets Trade and other receivables 868 555 Current derivatives 6 86 31 Other current assets 1,044 1,004 Cash and cash equivalents 4,733 5,595 Total current assets 6,732 7,185 Total assets 50,784 50,170 NOK million Notes 30 June 2026 31 December 2025 Equity and liabilities Equity Share capital 4 4 Share premium 9,995 9,923 Total paid-in capital 9,999 9,927 Retained earnings 153 441 Other reserves -450 -344 Total other equity -297 97 Non-controlling interests 1,958 2,010 Total equity 11,661 12,034 Non-current liabilities Deferred tax liabilities 3 834 718 Corporate financing 6 5,341 6,348 Non-recourse project financing 6 23,121 20,916 Non-current derivatives 6 92 226 Other interest-bearing liabilities 6 923 1,249 Other non-current liabilities 2,066 1,905 Total non-current liabilities 32,377 31,362 Current liabilities Corporate financing 6 1,055 427 Non-recourse project financing 6 1,874 1,871 Income tax payable 3 81 101 Trade payables and supplier finance 598 1,085 Current derivatives 6 127 159 Other interest-bearing liabilities 6 767 449 Other current liabilities 2,245 2,683 Total current liabilities 6,746 6,774 Total liabilities 39,124 38,136 Total equity and liabilities 50,784 50,170 Condensed interim consolidated financial statements 15 Scatec ASA Second quarter 2026 Oslo, 20 August 2026 The Board of Directors Scatec ASA
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Condensed interim consolidated statement of changes in equity Other reserves NOK million Share capital Share premium Retained earnings Foreign currency translation Hedging reserves Total Non-controlling interests Total equity 1 January 2025 4 9,876 -603 1,321 30 10,628 2,136 12,764 Profit for the period – – 1,034 – – 1,034 43 1,077 Foreign currency translations – – 121 -1,567 -8 -1,454 -154 -1,608 Movement in cash flow hedges, net of tax – – – – -79 -79 -58 -138 Transfer of cash flow hedge reserve to non-financial assets, net of tax – – – – -7 -7 – -7 Total comprehensive income – – 1,155 -1,567 -94 -506 -169 -676 Share-based payment – 24 – – – 24 – 24 Dividend distribution – – – – – – -78 -78 Capital increase from NCI – – – – – – 22 22 30 June 2025 4 9,901 553 -246 -65 10,146 1,911 12,057 1 January 2026 4 9,923 441 -326 -18 10,024 2,010 12,034 Profit for the period – – -226 – – -226 -123 -349 Foreign currency translations – – -33 -296 7 -322 -21 -343 Movement in cash flow hedges, net of tax – – – – 249 249 99 347 Transfer of cash flow hedge reserve to non-financial assets, net of tax – – – – -64 -64 – -64 Total comprehensive income – – -259 -296 192 -364 -44 -408 Share capital increase 1) – 80 – – – 80 – 80 Share-based payment 2) – -7 -5 – – -12 – -12 Dividend distribution – – – – – – -68 -68 Capital increase from NCI – – – – – – 35 35 Transactions with NCI – – -25 – – -25 25 – 30 June 2026 4 9,995 153 -623 173 9,702 1,958 11,661 1) Share capital increase relates to exercise of 1 746 805 employee share options granted and accumulated under the 2023, 2024 and 2025 option programmes. 1000 000 new shares was issued as a result of the option exercise. 2) In Q1 2026, 746 805 exercised share options were settled in cash, resulting in a reduction in equity of NOK 22 million. Condensed interim consolidated financial statements 16 Scatec ASA Second quarter 2026
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Condensed interim consolidated statement of cash flow NOK million Notes Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Cash flow from operating activities Operating profit (EBIT) 457 732 861 1,956 2,778 Depreciation and impairment 4 368 295 692 576 1,168 Net income from JV and associated companies 5 -128 -345 -280 -577 -964 Gain from sale of project assets 8 – – 56 -645 -645 Taxes paid -66 -84 -77 -41 -159 Share-based remuneration – – -25 – – Increase/(decrease) in trade and other receivables -227 -52 -314 -98 -68 Increase/(decrease) in trade and other payables 61 -107 -9 -236 -12 Increase/(decrease) in other assets and liabilities -42 204 -330 79 361 Net cash flow from operating activities 422 643 574 1,014 2,460 Cash flow from investing activities Investments in property, plant and equipment 4 -1,352 -1,243 -3,050 -2,114 -6,029 Proceeds from sale of project assets, net of cash disposed 8 – – – 1,965 1,965 Net proceeds from sale of fixed assets 73 – 73 – – Distributions from JV and associated companies 5 313 260 400 332 1,150 Investment in JV and associated companies 5 -22 -7 -14 29 -34 Interest received 45 46 93 88 201 Net cash flow from investing activities -943 -944 -2,498 300 -2,747 NOK million Notes Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Cash flow from financing activities Proceeds from non-recourse project financing 6 939 635 2,851 1,202 5,425 Proceeds from corporate financing 6 – – – 1,236 2,225 Proceeds from other interest-bearing liabilities and shareholder loans 6 140 868 140 1,272 2,118 Proceeds received under supplier finance arrangements 6 151 -7 941 65 470 Repayment of non-recourse project financing 6 -201 -310 -480 -620 -1,155 Repayment of corporate financing 6 – -302 -287 -1779 -3,782 Repayment of other interest-bearing liabilities and shareholder loans 6 – -281 – -281 -523 Repayment under supplier finance arrangements 6 -451 -100 -914 -301 -327 Interest paid -784 -756 -1107 -1021 -2,055 Dividends paid to equity holders of non-controlling interests -62 -54 -68 -78 -166 Proceeds from equity injections from non-controlling interests -10 2 35 52 161 Repayments to non-controlling interests – -4 – -30 -59 Payments of principal portion of lease liabilities -7 -6 -15 -12 -25 Interest paid on lease liabilities -8 -6 -15 -12 -24 Proceeds from share capital increase – – 80 – – Net cash flow from financing activities -295 -320 1,161 -307 2,283 Net increase/(decrease) in cash and cash equivalents -815 -621 -763 1,008 1,996 Effect of exchange rate changes on cash and cash equivalents 130 -33 -98 -335 -291 Cash and cash equivalents at beginning of the period 5,418 5,217 5,595 3,890 3,890 Cash and cash equivalents at end of the period 4,733 4,564 4,733 4,564 5,595 Condensed interim consolidated financial statements 17 Scatec ASA Second quarter 2026
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Notes to the condensed interim consolidated financial statements Note 01 Organisation and basis for preparation Corporate information Scatec ASA is incorporated and domiciled in Norway. The address of its registered office is Askekroken 11, NO-0277 Oslo, Norway. Scatec ASA was established on 2 February 2007. Scatec ASA (“the Company”), its subsidiaries and investments in associated companies (“the Group” or “Scatec”) is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, Scatec develops, builds, owns, and operates renewable energy plants. Basis of preparation These condensed interim consolidated financial statements are prepared in accordance with recognition, measurement, and presentation principles consistent with Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) adopted by the European Union (EU). These condensed interim consolidated financial statements are unaudited. These condensed interim consolidated financial statements are condensed and do not include all of the information and notes required by IFRS® Accounting Standards as adopted by the EU for a complete set of consolidated financial statements. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements. The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for 2025. The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which each company operates. The presentation currency of the Group is Norwegian kroner (NOK). All amounts are presented in NOK million unless otherwise stated. As a result of rounding adjustments, the figures in some columns may not add up to the total of that column. Significant estimates and judgements In the preparation of the condensed interim consolidated financial statements in conformity with IFRS, management has made estimates and assumptions and applied judgements, that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis, considering the current and expected future market conditions. Changes in accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. In the process of applying the Group’s accounting policies, management makes judgements of which the following have the most significant effect on the amounts recognised in the condensed interim financial statements. Consolidation of power plant companies Scatec’s value chain comprises all downstream activities such as project development, financing, construction and operations, as well as having an asset management role through ownership of the power plants. Normally Scatec enters into partnerships for the shareholding of the power plant companies. To be able to fully utilise the business model, Scatec normally seeks to obtain operational control of the power plant companies. Operational control is obtained through governing bodies, shareholder agreements and other contractual arrangements. Other contractual arrangements may include Scatec’s role as the developer of the project, EPC provider (construction), operation and maintenance service provider and asset management service provider. When assessing whether Scatec controls a power plant company, the Group’s roles and activities are analysed in line with the requirements and definitions in IFRS 10. Refer to note 1 of the 2025 Annual Report for further information on judgements, including control assessments made in previous years. Seasonality in operations Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. The Group’s operating results are impacted by external factors, such as seasonal variations and weather conditions. Condensed interim consolidated financial statements 18 Scatec ASA Second quarter 2026
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Note 02 Operating segments Operating segments align with internal management reporting to the Group's chief operating decision makers, defined as the Group management team. The operating segments are determined based on differences in the nature of their operations, products and services. Scatec manages its operations in three segments: Power Production (PP), Development & Construction (D&C) and Corporate. The segment financials are reported on a proportionate basis. With proportionate financials Scatec reports its share of revenues, expenses, profits and cash flows from all its subsidiaries, associates and joint ventures (JVs) without eliminations based on Scatec’s economic interest in the subsidiaries. The Group introduced proportionate financials as the Group is of the opinion that this method improves earnings visibility. Proportionate financials are further described in the APM section of this report. The accounting principles for construction revenue are the same as those described in the 2025 Annual Report. In the consolidated financial statements, construction revenues and related costs from consolidated entities are fully eliminated. For JVs and associates, 100% of construction revenues and related cost of sales are included in the statement of profit or loss. Scatec's share of any unrealised margin is eliminated through “Net income/(loss) from JVs and associates.” The Group has continued to recognise revenue from power production in Ukraine to the extent that Scatec believes collection of the consideration is probable, which is being equal to the actual paid amounts. Q2 2026 Proportionate financials NOK million Power Production Development & Construction 1) Corporate Total Residual ownership for fully consolidated entities Elimination of equity consolidated entities Other eliminations Consolidated financials External revenues 1,039 3 – 1,042 335 -386 250 1,240 Net gain/(loss) from sale of project assets – – – – – – – – Internal revenues – 1,228 16 1,244 32 -45 -1,232 – Net income/(loss) from JVs and associates – – – – – 128 – 128 Total revenues and other income 1,039 1,231 16 2,286 367 -303 -982 1,369 Cost of Sales – -936 – -936 -30 32 699 -235 Gross profit 1,039 295 16 1,350 337 -271 -283 1,133 Personnel expenses -103 -33 -13 -149 – 19 4 -127 Other operating expenses -130 -29 -26 -185 -64 67 – -182 EBITDA 805 234 -23 1,016 273 -185 -279 824 Depreciation and amortisation -330 -3 -12 -345 -125 107 34 -328 Impairment -2 -37 – -40 – – – -40 Operating Profit (EBIT) 473 194 -35 631 148 -78 -245 457 1) NOK 255 million of the Internal revenues and NOK 235 million of Cost of Sales in the D&C segment relate to Scatec's Joint venture in South Africa, the Lyra Energy 255 MW Thakadu project. In the Consolidated financials, the revenues are reclassified to External revenues through the Other eliminations column. Condensed interim consolidated financial statements 19 Scatec ASA Second quarter 2026
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Q2 2025 Proportionate financials NOK million Power Production Development & Construction Corporate Total Residual ownership for fully consolidated entities Elimination of equity consolidated entities Other eliminations Consolidated financials External revenues 1,297 – – 1,297 297 -660 37 971 Net gain/(loss) from sale of project assets – – – – – – – – Internal revenues 15 976 15 1,005 35 1 -1,041 – Net income/(loss) from JVs and associates – – – – – 345 – 345 Total revenues and other income 1,312 976 15 2,302 332 -315 -1,004 1,316 Cost of Sales – -865 – -865 1 4 859 – Gross profit 1,312 111 15 1,438 333 -311 -145 1,316 Personnel expenses -81 -33 -22 -136 – 14 1 -121 Other operating expenses -121 -29 -23 -172 -47 65 -14 -169 EBITDA 1,110 49 -29 1,130 286 -232 -158 1,027 Depreciation and amortisation -309 -2 -9 -320 -113 107 61 -265 Impairment – -30 – -30 – – – -30 Operating Profit (EBIT) 801 17 -38 780 173 -125 -97 732 YTD 2026 Proportionate financials NOK million Power Production Development & Construction Corporate Total Residual ownership for fully consolidated entities Elimination of equity consolidated entities Other eliminations Consolidated financials External revenues 2,019 24 – 2,043 637 -819 304 2,165 Net gain/(loss) from sale of project assets -56 – – -56 – – – -56 Internal revenues 4 1,902 32 1,938 52 -70 -1,920 – Net income/(loss) from JVs and associates – – – – – 280 – 280 Total revenues and other income 1,968 1,925 32 3,925 688 -609 -1,616 2,389 Cost of Sales – -1,475 – -1,475 -46 61 1,225 -235 Gross profit 1,968 451 32 2,450 642 -548 -391 2,154 Personnel expenses -212 -62 -35 -308 -1 44 5 -260 Other operating expenses -249 -55 -48 -352 -121 136 -4 -341 EBITDA 1,507 334 -51 1,790 520 -367 -390 1,553 Depreciation and amortisation -656 -6 -24 -685 -231 218 57 -641 Impairment -2 -49 – -52 – – – -52 Operating Profit (EBIT) 849 279 -75 1,053 289 -149 -332 861 Condensed interim consolidated financial statements 20 Scatec ASA Second quarter 2026
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YTD 2025 Proportionate financials NOK million Power Production Development & Construction Corporate Total Residual ownership for fully consolidated entities Elimination of equity consolidated entities Other eliminations Consolidated financials External revenues 2,484 10 – 2,494 603 -1,230 41 1,908 Net gain/(loss) from sale of project assets 426 – – 426 – -346 565 645 Internal revenues 25 1,717 28 1,769 176 -1 -1,945 – Net income/(loss) from JVs and associates – – – – – 577 – 577 Total revenues and other income 2,935 1,727 28 4,689 779 -1,000 -1,339 3,130 Cost of Sales – -1,529 – -1,529 -132 5 1,656 – Gross profit 2,935 197 28 3,160 647 -995 317 3,130 Personnel expenses -172 -76 -51 -300 -1 39 – -261 Other operating expenses -262 -46 -44 -351 -98 136 -20 -336 EBITDA 2,500 75 -67 2,509 548 -820 298 2,532 Depreciation and amortisation -649 -4 -19 -672 -185 250 65 -542 Impairment – -34 – -34 – – – -34 Operating Profit (EBIT) 1,852 37 -86 1,803 363 -570 362 1,956 FY 2025 Proportionate financials NOK million Power Production Development & Construction Corporate Total Residual ownership for fully consolidated entities Elimination of equity consolidated entities Other eliminations Consolidated financials External revenues 4,737 – – 4,737 1,160 -2,380 111 3,628 Net gain/(loss) from sale of project assets 426 – – 426 – -346 565 645 Internal revenues 25 5,752 61 5,838 407 -2 -6,243 – Net income/(loss) from JVs and associates – – – – – 964 – 964 Total revenues and other income 5,188 5,752 61 11,002 1,567 -1,764 -5,567 5,238 Cost of Sales – -5,038 – -5,035 -356 -1 5,391 – Gross profit 5,188 714 61 5,967 1,211 -1,765 -176 5,238 Personnel expenses -358 -136 -96 -590 -1 75 -3 -520 Other operating expenses -605 -117 -87 -809 -196 282 -48 -771 EBITDA 4,228 462 -122 4,568 1,014 -1,408 -227 3,946 Depreciation and amortisation -1,276 -7 -48 -1,330 -347 458 118 -1,101 Impairment -142 -53 -14 -209 – 142 – -67 Operating Profit (EBIT) 2,811 402 -185 3,028 667 -808 -108 2,778 Condensed interim consolidated financial statements 21 Scatec ASA Second quarter 2026
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Note 03 Income tax expense Effective tax rate NOK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Profit before income tax -106 345 -321 1,113 1,008 Income tax (expense)/benefit -51 -31 -28 -36 -20 Equivalent to a tax rate of (%) -48 % 9 % -9 % 3 % 2 % Movement in deferred tax NOK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 Net tax asset at the beginning of the period 1,123 911 1,196 880 880 Recognised in the consolidated statement of P&L -1 76 67 119 211 Tax on financial instruments recognised in OCI -13 9 -65 30 44 Effect of movements in foreign exchange rates 81 8 -8 -25 60 Net tax asset/(liability) at the end of the period 1,190 1,004 1,190 1,004 1,196 The Group recognised a tax cost of NOK 51 million in the quarter compared to NOK 31 million in the same quarter last year. The tax expense for the quarter included a NOK 80 million tax charge related to the Obelisk project in Egypt, which is expected to benefit from a tax incentive allowing accelerated depreciation of qualifying plant and equipment. The incentive is expected to significantly reduce taxable income for several years following the start of operations, enhancing cash flow and project returns. For accounting purposes, however, the accelerated depreciation generates tax losses that are expected to be only partly utilised within Egypt’s five-year tax loss carry-forward period permitted by the law. Consequently, only part of the related deferred tax asset is recognised, resulting in an increased tax expense in the second quarter. Similar tax charges related to the project are expected in the remaining quarters of 2026. The difference between the effective tax expense for the quarter and the calculated tax expense based on the Norwegian tax rate of 22% is also driven by the differences in tax rates between the jurisdictions in which the companies operate, withholding taxes paid on dividends and interest, currency effects and effects from unrecognised tax losses. The profit/loss from JVs and associates are reported net after tax which also impacts the effective tax rate. The underlying tax rates in the consolidated companies are in the range of 0% to 35%. In some markets, Scatec receives special tax incentives intended to promote investments in renewable energy. Note 04 Property, plant and equipment Movement in Property, plant and equipment NOK million Power plants Power plants under development and construction Other fixed assets Total Carrying value at 31 December 2025 22,134 7,460 192 29,787 Additions 28 2,200 27 2,256 Disposals – -73 - -73 Transfer between asset classes 3,217 -3,217 – – Depreciation -601 -3 -28 -631 Impairment losses -3 -49 – -52 Effect of movements in foreign exchange rates -242 -25 -4 -272 Carrying value at 30 June 2026 24,533 6,294 187 31,013 Estimated useful life (years) 20-30 N/A 3-5 Transfer between asset classes mainly relates to the Obelisk power plant in Egypt and the Sidi Bouzid and Tozeur power plants in Tunisia, which commenced operation during the first half of the year. The carrying value of the largest power plants under development and construction mainly consist of Obelisk in Egypt (2,399), Mogobe BESS in South Africa (1,613), Rio Urucuia in Brazil (923) and Egypt Green Hydrogen (734). Condensed interim consolidated financial statements 22 Scatec ASA Second quarter 2026
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Note 05 Investments in joint venture and associated companies The consolidated financial statements include the Group’s share of profit/loss from joint ventures (JVs) and associated companies where the Group has joint control or significant influence, accounted for using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted for further investments, distributions and the Group’s share of the net income from the investment. The elimination of the internal margin related to construction revenue generated from Scatec’s downstream transactions with JVs and associated companies, such as the Lyra platform, is included in "Net income/(loss) from JV and associated companies" in the table below. See Note 02 Operating segments for further details. The Mendubim power plant in Brazil, which is selling approximately 65% of the energy under a 20-year fixed price PPA with Alunorte and the remaining energy in the merchant market, has continued to experience uncompensated curtailments in 2026. Due to the current market situation, the project is expected to have difficulties to meet certain financial covenants related to the non-recourse project financing in the second half of 2026. Ongoing discussions are being held with the lenders. Scatec's share (30%) of the non-recourse project financing related to the Mendubim power plant was NOK 640 million as of June 30, 2026. In 2025, a NOK 130 million (Scatec's share) impairment charge was recognised related to the power plant. Material JVs and associated companies are presented in the table on the right-hand side. Movement in carrying value of joint ventures and associated companies Country Carrying value 31 December 2025 Additions/ disposals Net income/(loss) from JV and associated companies Dividends Foreign currency translations/other Carrying value at 30 June 2026 Philippines 6,143 – 257 -235 -338 5,828 Laos 1,723 – 66 -110 -25 1,654 Release 1,090 -3 -20 – -16 1,051 Brazil 994 8 -20 -42 12 952 South Africa 199 9 -3 -12 – 192 Total 10,149 14 280 -400 -366 9,677 Joint Ventures Registered office 30/6/2026 31/12/2025 SN Aboitiz Power – Magat Inc Manila, Phillippines 50.00% 50.00% Manila-Oslo Renewable Enterprise Manila, Phillippines 16.70% 16.70% SN Aboitiz Power – Benguet Inc Manila, Phillippines 50.00% 50.00% SN Aboitiz Power – RES Inc Manila, Phillippines 50.00% 50.00% SN Aboitiz Power – Generation Inc Manila, Phillippines 50.00% 50.00% Release Solar AS 2) Oslo, Norway 68.00% 68.00% Release Management B.V. 2) Amsterdam, the Netherlands 68.00% 68.00% Lyra Energy (RF) (Pty) Ltd (Holdco) Cape Town, South Africa 50.00% 50.00% Lyra Energy Trading (RF) (Pty) Ltd (TradeCo) Cape Town, South Africa 25.12% 25.12% Thakadu Solar Power Plant RF (Pty) Ltd Cape Town, South Africa 50.00% 50.00% Associated companies Registered office 30/6/2026 31/12/2025 Scatec Solar Brazil BV Amsterdam, the Netherlands 50.00% 50.00% Apodi I Energia SPE S.A Quixeré, Brazil 43.75% 43.75% Apodi II Energia SPE S.A Quixeré, Brazil 43.75% 43.75% Apodi III Energia SPE S.A Quixeré, Brazil 43.75% 43.75% Apodi IV Energia SPE S.A Quixeré, Brazil 43.75% 43.75% Mendubim Holding B.V. 1) Amsterdam, the Netherlands 33.33% 33.33% Mendubim Geração de Energia Ltda. 1) Assu, Brazil 30.00% 30.00% Mendubim (I-XIII) Energia Ltda. 1) Assu, Brazil 30.00% 30.00% Mendubim Solar EPC Ltda. 1) Assu, Brazil 33.00% 33.00% Scatec Solar Solutions Brazil B.V. Amsterdam, the Netherlands 50.00% 50.00% Scatec Solar Brasil Servicos De Engenharia LTDA São Paulo, Brazil 50.00% 50.00% Theun-Hinboun Power Company Vientiane, Laos 20.00% 20.00% Scatec Solar SA 164 (Pty) Ltd. Cape Town, South Africa 21.00% 21.00% Simacel 155 (RF) (Pty) Ltd. Cape Town, South Africa 11.55% 11.55% Simacel 160 (RF) (Pty) Ltd. Cape Town, South Africa 11.55% 11.55% Scatec Solar SA 165 (Pty) Ltd. Cape Town, South Africa 21.00% 21.00% Scatec Solar SA 166 (Pty) Ltd. Cape Town, South Africa 12.60% 12.60% 1) Mendubim project structure includes 13 SPVs, EPC and an operating company 2) Release project structure includes 14 companies Condensed interim consolidated financial statements 23 Scatec ASA Second quarter 2026
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Note 06 Financing and financial instruments measured at fair value Corporate financing Bonds and other corporate financing facilities Scatec ASA has outstanding senior unsecured green bonds totalling NOK 5.0 billion, comprising a NOK 1,250 million four-year bond at 3-month NIBOR + 3.15% p.a., a NOK 1,000 million 4.25-year bond at 3-month NIBOR + 2.85% p.a., a NOK 1,750 million four-year bond issued in 2024 at 3-month NIBOR + 4.25% p.a., and a NOK 1,000 million four-year bond issued in 2023 at 3-month NIBOR + 6.60% p.a. All NOK-denominated bond exposures have been swapped to USD. Two tranches of USD 30 million respectively of the Vendor Financing facility provided by Norfund were repaid in 2025 and in the first quarter of 2026. Scatec’s Revolving Credit Facility of USD 230 million and overdraft facility of USD 5 million remained undrawn in the quarter. By the end of the second quarter the interest hedge ratio for Scatec’s corporate debt was 34%. Overview Corporate financing NOK million Currency Denominated currency (million) Maturity Carrying value 30 June 2026 Carrying value 31 December 2025 Green Bond NOK (Ticker: SCATC04) NOK 1,000 Q1 2027 998 994 Green Bond NOK (Ticker: SCATC05) NOK 1,750 Q1 2028 1,733 1,733 Green Bond NOK (Ticker: SCATC06) NOK 1,250 Q1 2029 1,238 1,234 Green Bond NOK (Ticker: SCATC07) NOK 1,000 Q1 2030 986 982 Total unsecured bonds 4,955 4,941 Vendor Financing (Norfund) USD 140 Q1 2028 1,387 1,709 Total Principal amount 6,342 6,650 Accrued interest 55 124 Total Corporate financing 6,396 6,774 As of non-current 5,341 6,348 As of current 1,055 427 Non-recourse project financing Scatec’s power plant companies in Ukraine with non-recourse financing were in breach with covenants at the end of the quarter due to the ongoing war in Ukraine. The non-recourse debt, NOK 423 million, is presented as current non-recourse project financing at June 30, 2026. Scatec has continuous and constructive dialogue with the lenders and the parties have agreed on a non-formalised “stand still”. Other interest-bearing liabilities Scatec uses equity bridge loans in selected projects to create an equity-last financing structure in order to optimise working capital and increase value creation. As of June 30, 2026 equity bridge loans amounted to NOK 1,690 million, of which NOK 767 million was classified as current, relating to projects in Tunisia and Egypt. Scatec ASA has provided corporate guarantees for its share (83%) in support of the obligations of the equity bridge loans. Financial instruments measured at fair value All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy on the basis of the lowest level input that is significant to the fair value measurement. The nature of the derivative instruments and the valuation method are consistent with the disclosed information in the annual financial statements as of December 2025. Financial instruments measured at fair value NOK million Measurement category Carrying value at 30 June 2026 Carrying value at 31 December 2025 Assets Interest rate swap Fair value through OCI 243 226 Foreign exchange forward contracts Fair value through OCI 491 251 Other debt instruments and receivables Fair value through PL 247 283 Total derivatives included in assets 982 760 Liabilities Interest rate swap Fair value through OCI 168 317 Foreign exchange forward contracts and cross-currency interest rate swaps Fair value through OCI 50 68 Total derivatives included in liabilities 218 385 Condensed interim consolidated financial statements 24 Scatec ASA Second quarter 2026
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Note 07 Legal disputes and contingencies The Sukkur project in Pakistan was awarded a “cost plus tariff” by the National Electric Power Regulatory Authority (NEPRA) in 2020 and the project reached commercial operation in January 2024. The project has a 25-year PPA with the Central Power Purchasing Agency of Pakistan. The revenue is recorded based on a lower reference tariff and is subject to a “tariff true up” after approval of NEPRA. In the first quarter of 2025, the project was awarded an interim relief tariff and received a compensation of approximately NOK 52 million on a consolidated basis and NOK 39 million on a proportionate basis. The tariff true-up is a routine regulatory process for NEPRA projects. The process has progressed more slowly than originally anticipated, and the previously indicated 18 to 24 month timeline for final tariff approval has now been exceeded. The delay is primarily attributable to slower processing by the relevant government authorities in Pakistan. Depending on the outcome of the process, any differential revenue will be recorded in the period in which the approval is granted by the regulator. An unfavorable outcome of the process may negatively impact the economics of the project. During recent years, Scatec has been affected by regulatory changes and delayed payments related to its power plants in Honduras. In May 2022, a new Energy Law introduced by the Honduran government resulted in amendments to the applicable power purchase arrangements. As part of this process, Scatec received a one-off compensation payment, an extension of the PPA tenor, and a reduced tariff going forward. The offtaker, ENEE, has historically delayed payments and this situation continued during the first half of 2026. As of June 30, 2026, the outstanding receivables in Honduras was NOK 60 million, of which NOK 34 million was overdue. Scatec has observed lower performance ratios at the power plants in Honduras during the first half of 2026 and is currently analysing the extent of the matter. Note 08 Changes in the composition of the Group In the second quarter of 2026, Scatec signed a shareholder agreement with the National Bank of Egypt (NBE) for a 20% equity partnership in the Obelisk project. Following the transaction, NBE holds a 20% economic interest in the project and has committed to contribute USD 24 million. The transaction brings Scatec’s economic interest in the Obelisk project to 40%, while still retaining majority control. The transaction is accounted for as an equity transaction with non-controlling interests and no gain or loss will be recognised. Scatec will continue to consolidate the project in its consolidated financial statements. The remaining ownership stakes in the project are held by EDF power solutions (20%) and Norfund (20%). On 13 February 2025, Scatec divested its 100% shareholding in the 39 MW Dam Nai Wind farm and associated operating company in Vietnam to Sustainable Asia Renewable Assets (“SARA”), a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund (“SAETF”). Scatec received the initial payment of NOK 300 million in the first quarter of 2025, with potential for additional earn-out payments of up to USD 13 million. The earn-out was subject to certain conditions being fulfilled prior to May 2026 . At closing, the transaction generated a net gain from sale of project assets of NOK 80 million on a proportionate and consolidated basis, including a fair value estimate of the contingent consideration of approximately NOK 60 million, recorded in the first quarter of 2025. Following the transaction, Scatec exited all operations in Vietnam. The associated assets and liabilities of the subsidiaries were derecognised at closing, including NOK 34 million in non-recourse and NOK 3 million in recourse cash. In the first quarter of 2026, the fair value of the contingent consideration was reassessed as the payment conditions were not met, which resulted in a fair value of zero, and a loss from sale of project assets of NOK 56 million was recorded. In total, the transaction generated a positive contribution of NOK 24 million. On 28 February 2025, Scatec divested its 51% shareholding in the African hydropower joint venture with Norfund and British International Investment (BII) in line with the Company’s strategy to TotalEnergies. The sale covers Scatec’s indirect interest held through SN Power of the operating 255 MW Bujagali hydropower plant in Uganda, and a development portfolio consisting of the 361 MW Mpatamanga in Malawi, and the 206 MW Ruzizi III at the border of Rwanda, DRC and Burundi. The transaction closed at an agreed sales price of USD 167 million, based on a valuation date of 31 December 2023. The net proceeds from the transaction were NOK 1,810 million, adjusted for cash movements between the valuation date and the closing date. The transaction generated a net gain from sale of project assets of NOK 346 million on a proportionate and NOK 565 million on a consolidated basis, recorded in the first quarter of 2025. The associated balances of the investments in JVs and related holding entities, including part of the goodwill deriving from the acquisition of SN Power, were derecognised at closing, including NOK 108 million in recourse cash in consolidated subsidiaries. On 4 December 2025, Scatec Solar Netherlands B.V. acquired an additional 40% ownership interest in the Kamianka power plant in Ukraine following the exit of the project partner, FMO. The shares were acquired for a consideration of EUR 1. Following the transaction, Scatec holds a 100% interest in the project. FMO’s outstanding shareholder loan to Scatec Solar Netherlands B.V was waived as part of the transaction, resulting in finance income of NOK 80 million in the fourth quarter of 2025. The project is consolidated in Scatec's financials. Note 09 Subsequent events On 31 July, 2026, Scatec ASA signed an agreement to acquire the Urleasca onshore wind project in Romania from OX2, a leading European renewable energy developer. The 77 MW project is located in the Brăila county in south-east Romania and is supported by a Contract-for-Difference (CfD) covering approximately 43 MW of the capacity at an average price of EUR 71.3/MWh, with the remaining generation to be sold in the Romanian wholesale electricity market. The Urleasca project was developed by OX2, who will continue to manage the project through to commissioning under a Construction and Asset Transfer Agreement. Scatec has subsequently secured financing for the project and moved it into construction with targeted COD in the second half of 2028. Condensed interim consolidated financial statements 25 Scatec ASA Second quarter 2026
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Responsibility statement We confirm to the best of our knowledge, that the condensed interim financial statement for the period 1 January to 30 June 2026 has been prepared in accordance with IFRS as adopted by EU, and that the information gives a true and fair view of the Group’s assets, liabilities, financial position and result for the period. We also confirm to the best of our knowledge, that presented information provides a fair overview of important events that have occurred during the period and their impact on the financial statements, key risk and uncertainty factors that Scatec is facing during the next accounting period. Scatec ASA Second quarter 2026 Oslo, 20 August 2026 The Board of Directors Scatec ASA
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Our asset portfolio1) In operation Country Solution Capacity MW Economic interest 2) South Africa Solar 1,003 44 % South Africa Storage 225 51 % Egypt Solar 1,505 42 % Egypt Storage 100 40 % Brazil Solar 835 45 % Philippines Hydro 649 50 % Philippines Storage 40 50 % Laos Hydro 525 20 % Ukraine Solar 336 93 % Malaysia Solar 244 100 % Pakistan Solar 150 75 % Tunisia Solar 120 51 % Botswana Solar 120 100 % Honduras Solar 95 51 % Jordan Solar 43 62 % Czech Republic Solar 20 100 % Release Solar & storage 66 68 % Total 6,076 50 % 1) Asset portfolio per publication date 2) Scatec’s share of the total estimated economic return from its subsidiaries. For projects under development the economic interest may be subject to change 3) Renewable and electrolyser capacity for production of green hydrogen Under Construction Asset Solution Capacity MW Economic interest 2) Thakadu, South Africa Solar 255 50 % Dobrun & Sadova, Romania Solar 190 65 % Barzalosa, Colombia Solar 130 65 % Sidi Bouzid 2, Tunisia Solar 120 50 % Urleasca, Romania Wind 77 100 % Mogobe, South Africa Storage 103 51 % Binga, Philippines Storage 40 50 % Binga 2, Philippines Storage 40 50 % Ambuklao, Phillipines Storage 40 50 % Release Solar & storage 123 68 % Total 1,118 60 % Project backlog Asset Solution Capacity MW Economic interest 2) Energy Valley, Egypt Solar 1,950 100 % Energy Valley, Egypt Storage 842 100 % Egypt Aluminium Solar 1,125 100 % Egypt Aluminium Storage 100 100 % Shadwan, Egypt Wind 900 100 % Kroonstad Cluster Solar 846 41 % Egypt Green Hydrogen3) Power-to-X 390 52 % Mercury 2, South Africa Solar 288 51 % Haru BESS, South Africa Storage 123 50 % Tatouine, Tunisia Solar 120 100 % Buciumi, Romania Storage 89 100 % El Fahs, Tunisia Onshore wind 75 50 % Magat floating solar, Philippines Solar 68 50 % Total 6,916 86 % Project pipeline Solution Capacity (MW) Share in % Solar 3,619 54 % Wind 1,028 15 % Hydro 140 2 % Green hydrogen 861 13 % Release 300 4 % Storage 760 11 % Total 6,708 100 % Other information 27 Scatec ASA Second quarter 2026
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Alternative Performance Measures Scatec discloses alternative performance measures (APMs) in addition to those normally required by IFRS. This is based on the Group’s experience that APMs are frequently used by analysts, investors and other parties for supplemental information. The purpose of APMs is to provide an enhanced insight into the operations, financing and future prospects of the Group. Management also uses these measures internally to drive performance in terms of long-term target setting. APMs are adjusted IFRS measures that are defined, calculated and used in a consistent and transparent manner over the years and across the Group where relevant. Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. Disclosures of APMs are subject to established internal control procedures. Definition of alternative performance measures used by the Group for enhanced financial information Cash flow to equity: is a measure that seeks to estimate value creation in terms of the Group’s ability to generate funds for equity investments in new power plant projects and/or for shareholder dividends over time. Management believes that the cash flow to equity measure provides increased understanding of the Group’s ability to create funds from its investments. The measure is defined as EBITDA less net interest expense, normalised loan repayments and normalised income tax payments, plus any proceeds from refinancing. The definition excludes changes in net working capital, investing activities and fair value adjustment of first-time recognition of joint venture investments. Normalised loan repayments are calculated as the annual repayment divided by four quarters for each calendar year. However, loan repayments are normally made bi-annually. Loan repayments will vary from year to year as the payment plan is based on a sculpted annuity. Net interest expense is here defined as interest income less interest expenses, excluding shareholder loan interest expenses, non-recurring fees, and accretion expenses on asset retirement obligations. Normalised income tax payment is calculated as operating profit (EBIT) less normalised net interest expense multiplied with the nominal tax rate of the jurisdiction where the profit is taxed. EBITDA: is defined as operating profit adjusted for depreciation, amortisation and impairments. EBITDA margin: is defined as EBITDA divided by total revenues and other income. EBITDA and EBITDA margin are used for providing consistent information of operating performance which is comparable to other companies and frequently used by other stakeholders. Gross profit: is defined as total revenues and other income minus the cost of goods sold (COGS). Gross profit is used to measure project profitability in the D&C segment. Gross margin: Is defined as gross profit divided by total revenues and other income in the D&C segment. Gross interest-bearing debt: is defined as the Group’s total interest bearing debt obligations except shareholder loan and consists of non-current and current external non-recourse financing, external corporate financing, and other interest-bearing liabilities, irrespective of its maturity as well as bank overdraft. Net interest-bearing debt (NIBD): is defined as gross interest- bearing debt, less cash and cash equivalents. Net working capital: includes trade- and other receivables, other current assets, trade- and other payables, income tax payable and other current liabilities. Proportionate project net-interest bearing debt: is defined as net interest bearing debt, including non-recourse financing and Equity bridge facilities, less proportionate cash and cash equivalents in renewable energy companies including joint ventures and associated companies, based on Scatec’s economic interest in the subsidiaries holding the net-interest bearing debt. Corporate net interest-bearing debt: is defined as corporate financing, less proportionate cash and cash equivalent in non- renewable energy companies including joint ventures and associated companies. Proportionate Financials The Group’s segment financials are reported on a proportionate basis. The consolidated revenues and profits are mainly generated in the Power Production segment. Activities in Development & Construction segments mainly reflect deliveries to other companies controlled by Scatec, for which revenues and profits are eliminated in the Consolidated Financial Statements. With proportionate financials Scatec reports its share of revenues, expenses, profits and cash flows from all its subsidiaries without eliminations based on Scatec’s economic interest in the subsidiaries. The Group introduced Proportionate Financials as the Group is of the opinion that this method improves earnings visibility. Alternative performance measures 28 Scatec ASA Second quarter 2026
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The key differences between the proportionate and the consolidated IFRS financials are that; • Internal gains are eliminated in the consolidated financials but are retained in the proportionate financials. These internal gains primarily relate to gross profit on D&C goods and services delivered to project companies which are eliminated as a reduced group value of the power plant compared to the stand-alone book value. Similarly, the consolidated financials have lower power plant depreciation charges than the proportionate financials since the proportionate depreciations are based on power plant values without elimination of internal gain. • The consolidated financials are presented on a 100% basis, while the proportionate financials are presented based on Scatec’s ownership percentage/economic interest. • In the consolidated financials joint venture companies are equity consolidated and are presented with Scatec’s share of the net profit on a single line in the statement of profit or loss. In the proportionate financials the joint venture companies are presented in the same way as other subsidiaries on a gross basis in each account in the statement of profit or loss. See Note 2 for further information on the reporting of proportionate financial figures, including reconciliation of the proportionate financials against the consolidated financials. A bridge from proportionate to consolidated key figures including APMs like gross interest-bearing debt, net interest-bearing debt and net-working capital is included in Scatec’s Q2 2026 Databook with historical financial information published on Scatec’s web page. NOK million Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025 EBITDA Operating profit (EBIT) 457 732 861 1,956 2,778 Depreciation, amortisation and impairment 368 295 692 576 1,168 EBITDA 824 1,027 1,553 2,532 3,946 Total revenues and other income 1,369 1,316 2,389 3,130 5,238 EBITDA margin 60 % 78 % 65 % 81 % 75 % Gross interest-bearing debt Non-recourse project financing 23,121 16,382 23,121 16,382 20,916 Corporate financing 5,341 7,398 5,341 7,398 6,348 Non-recourse project financing - current 1,874 1,827 1,874 1,827 1,871 Corporate financing - current 1,055 330 1,055 330 427 Other non-current interest-bearing liabilities 923 1,263 923 1,263 1,249 Other current interest-bearing liabilities 767 210 767 210 449 Gross interest-bearing debt 33,081 27,409 33,081 27,409 31,258 Net interest-bearing debt Gross interest-bearing debt 33,081 27,409 33,081 27,409 31,258 Cash and cash equivalents 4,733 4,564 4,733 4,564 5,595 Net interest-bearing debt 28,348 22,845 28,348 22,845 25,663 Net working capital Trade and other account receivables 868 585 868 585 555 Other current assets 1,044 1,077 1,044 1,077 1,004 Trade payables and supplier finance -598 -486 -598 -486 -1,085 Income taxes payable -81 -136 -81 -136 -101 Other current liabilities -2,245 -1,394 -2,245 -1,394 -2,683 Non-recourse project financing - current -1,874 -1,827 -1,874 -1,827 -1,871 Corporate financing - current -1,055 -330 -1,055 -330 -427 Other current interest-bearing liabilities -767 -210 -767 -210 -449 Net working capital -4,708 -2,722 -4,708 -2,722 -5,056 Alternative performance measures 29 Scatec ASA Second quarter 2026
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Break-down of proportionate cash flow to equity Q2 2026 NOK million Power production Development & Construction Corporate Total EBITDA 805 234 -23 1,016 Net interest expenses -276 4 -117 -389 Normalised loan repayments -260 – -72 -332 Normalised income tax payment -11 -44 33 -22 Cash flow to equity 258 195 -179 274 Q2 2025 NOK million Power production Development & Construction Corporate Total EBITDA 1,110 49 -29 1,130 Net interest expenses -231 – -159 -389 Normalised loan repayments -236 – -142 -378 Normalised income tax payment -72 -6 43 -34 Cash flow to equity 571 44 -286 328 Q1 2026 NOK million Power production Development & Construction Corporate Total EBITDA 702 100 -28 774 Net interest expenses -268 2 -106 -371 Normalised loan repayments -227 – -72 -299 Less proportionate gain on sale of project assets 56 – – 56 Normalised income tax payment -34 -19 32 -22 Cash flow to equity 228 84 -173 138 YTD 2026 NOK million Power production Development & Construction Corporate Total EBITDA 1,507 334 -51 1,790 Net interest expenses -545 7 -221 -759 Normalised loan repayments -487 – -143 -630 Less proportionate gain on sale of project assets 56 – – 56 Normalised income tax payment -45 -63 65 -43 Cash flow to equity 486 279 -351 414 YTD 2025 NOK million Power production Development & Construction Corporate Total EBITDA 2,500 75 -67 2,509 Net interest expenses -483 – -324 -806 Normalised loan repayments -461 – -298 -759 Proceeds from refinancing and sale of project assets 2,110 – – 2,110 Less proportionate gain on sale of project assets -426 – – -426 Normalised income tax payment -107 -11 90 -28 Cash flow to equity 3,133 65 -598 2,599 FY 2025 NOK million Power production Development & Construction Corporate Total EBITDA 4,228 462 -122 4,568 Net interest expenses -897 – -593 -1,490 Normalised loan repayments -908 – -553 -1,462 Proceeds from refinancing and sale of project assets 2,362 – – 2,362 Less proportionate gain on sale of project assets -426 – – -426 Normalised income tax payment -196 -92 171 -116 Cash flow to equity 4,168 370 -1,098 3,437 Alternative performance measures 30 Scatec ASA Second quarter 2026
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Other definitions Backlog Project backlog is defined as projects with a secure off-take agreement assessed to have more than 90% probability of reaching financial close and subsequent realisation. Pipeline The pipeline projects are in different stages of development and maturity, but they are all typically in markets with an established government framework for renewables and for which project finance is available (from commercial banks or multilateral development banks). The project sites and concessions have been secured and negotiations related to power sales and other project implementation agreements are in various stages of completion. Project equity Project equity comprises of equity and shareholder loans in power plant companies. Scatec share of distribution from power plant companies Include dividend on equity injected power plant companies, repayment of shareholder loan and proceeds from refinancing received by recourse group entities. Recourse Group means all entities in the Group, excluding renewable energy companies (each a recourse group company). Free cash at Group level Include cash in all entities in the Group, excluding cash held in renewable energy companies. Definition of project milestones Financial close (FC): The date on which all conditions precedent for drawdown of debt funding has been achieved and equity funding has been subscribed for, including execution of all project agreements. Notice to proceed for commencement of construction of the power plant will normally be given directly thereafter. Projects in Scatec defined as “backlog” are classified as “under construction” upon achievement of financial close. Commercial Operation Date (COD): A scheduled date when certain formal key milestones have been reached, typically including grid compliance, approval of metering systems and technical approval of a plant by independent engineers. Production volumes have reached normalised levels sold at the agreed off-taker agreement price. This milestone is regulated by the off-taker agreement with the power off-taker. In the quarterly report grid connection is used as a synonym to COD ESG performance indicators Scope 2 location-based GHG emissions: All purchased and consumed electricity on Scatec-controlled project sites and for corporate offices. The location-based method reflects the emissions intensity based on the power generation connected to the grid. Emission factors applied from the International Energy Agency (IEA) and reported in alignment with the ESRS E1 guidelines. GHG emissions avoided (in mill tonnes of CO2): Actual annual production from all renewable power projects where Scatec has an ownership stake multiplied by the country and region-specific emissions factor (source IEA). Lost Time Incident Frequency (per mill hours): The number of lost time incidents per million hours worked for all renewable power projects where Scatec has operational control. Hours worked (mill hours – 12 months rolling): The total number of hours worked by employees and contractors for all renewable power projects where Scatec has operational control for the last 12 months. Female leaders (% of female in management positions): The total number of female managers as a percentage of all managers. Corruption incidents: The number of confirmed incidents of corruption from reports received via Scatec’s publicly available whistleblower function (on the Company’s corporate website) managed by an independent third party. Other information 31 Scatec ASA Second quarter 2026
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Condensed interim consolidated financial statements 32 Scatec ASA Third quarter 2024 www.scatec.com