Slides
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Q3 2026 Doubling growth pace, fully self-funded CEO, Terje Pilskog CFO, Hans Jakob Hegge
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The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included therein. The following presentation may include information related to investments made and key commercial terms thereof, including future returns. Such information cannot be relied upon as a guide to the future performance of such investments. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Scatec ASA or any company within the Scatec Group. This presentation contains statements regarding the future in connection with the Scatec Group’s growth initiatives, profit figures, outlook, strategies and objectives as well as forward looking statements and any such information or forward-looking statements regarding the future and/or the Scatec Group’s expectations are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. Alternative performance measures (APM) used in this presentation are described and presented in the third quarter 2026 report for the group. Disclaimer 2
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3 Q3 highlights Several milestones reached in the quarter, while also addressing headwinds Revenues and other income 2,267 NOK million (2,953) -23% Power production 1,469 GWh (1,202) +22% EBITDA 1,208 NOK million (1,063) Cash flow to equity 385 NOK million (5381) Proportionate figures (See APMs in quarterly report). Figures in brackets are the same quarter last year 1. Includes NOK 253 million in refinancing proceeds in the Philippines same quarter last year. Underlying cash flow to equity: 35% increase from 285 -28%+14% Commitment of USD 221 million from EBRD to establish renewables investment platform Secured USD 150 million EBLs for growth projects in Egypt Successful placement of new NOK 1.5 billion bond at improved terms Key highlights Impairment loss of NOK 1,066 million in the quarter mainly relating to Ukraine assets Started construction of Dandara and Shadwan in Egypt
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4 1,202 1,469 429 Q3’25 New projects1 -136 Philippines -38 Ukraine -5 South Africa 17 Other Q3’26 +22% 141 Q3’25 New projects1 26 Philippines -60 Ukraine 17 Other incl. FX Q3’26 1,178 1,301 +10% Power production GWh Revenues NOK million 1. New projects include: Mmadinare phase 2 in Botswana, Grootfontein in South Africa, Sidi Bouzid & Tozeur in Tunisia, Rio Urucuia in Brazil and Obelisk in Egypt Power Production New assets lifted production by 22%
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Volumes & average effective prices PHP/KWh 233 189 55 45 176 152 214 224 199 235 Q3’25 Q4’25 Q1’26 Q2’26 385 403 279 244 Q3’26 411 Philippines financial performance Continued strong contribution from ancillary services 5 Ancillary services Contract & spot Net revenues NOK million 354 249 107 64 218 0 1 2 3 4 5 6 7 8 9 10 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 AS price Spot price Contract price Power generated (GWh) EBITDA NOK million 332 363 231 201 367 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 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. Spot-exposed share of contract volumes: 61% in Q3 2026 vs. 58% in Q3 2025.
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NOK millionNOK million 6 Philippines financial performance Preliminary assessment of the impact of the reserves market suspension 780 582 451 486 451 295 193 372 791 369 190 179 214 145 197 2022 2023 60 2024 2025 2026e new 1,074 775 1,073 1,601 1,231 AS RM BESS AS RM Hydro AS contracted Spot & contract Before reserve market Reserves market operational Net revenues in the Philippines since 2022 Net revenues in the Philippines in 2026 55 45 176 91 171 126 84 54 110 11057 60 87 8041 54 95 96 Q1’26 Q2’26 Q3’26 Q4’26e old 610 Q4’26e new 279 244 411 376 296 Est. Q4 impact -NOK 80 million Background & impact • Reserves market suspended for six months • Suspension triggered by high prices in the Visayas region where Scatec do not operate • Expect continued strong demand for ancillary services in the Philippines • Initial assessment indicates NOK 80m impact in Q4’26 but limited long-term effects Mitigating actions • Reallocate hydro capacity to energy spot market • Reallocate BESS capacity to existing long-term AS contracts • Enter new AS contracts with the NGCP • Arbitrage trading in the energy spot market
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• 26% gross margin in the quarter • Construction started on Shadwan and Dandara in Egypt • Contract value increased by NOK 6.7 billion to NOK 10.5 billion • Mogobe COD moved to H1 2027 Total 7 Expected CODs Colombia 130 MW H1 2027 Philippines H2 2026 & H1 2027120 MWh South Africa H1 2027412 MWh 1,361 MW 678 MWh BESS Solar Release 39 MWh97 MW Romania 190 MW H2 2027 & H1 2028 255 MW Construction activity on track Remaining contract value of NOK 10.5 billion Tunisia 120 MW H2 2027 Wind 77 MW 977 MW Egypt H1 2028900 MW569 MW 100 MWh
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Financial review Hans Jakob Hegge, CFO
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Proportionate financials NOK million Consolidated financials NOK million 785 1,135 Q3’25 Q3’26 935 145 271 Q3’25 1,406 Q3’26 1,080 1,677 Group financials Proportionate EBITDA up 14%, driven by strong D&C and new assets 9 Net income from JVs and associated Power sales 955 1,070 168 -28 Q3’25 -31 Q3’26 1,063 1,208 1,178 1,301 1,760 948 Q3’25 Q3’26 2,953 2,267 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 1,070 million EBITDA from Power Production 10 955 Q3’25 Q3’26 1,070 Q3’25 Q3’26 1,178 1,301 4,001 3,408 806 Q3’25 -56 Q3’26 4,807 3,352 806 4,932 Q3’25 -56 4,403 Q3’26 5,738 4,347 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 D&C EBITDA of NOK 168 million, underlying margin of 11% in line with target 11 Revenue EBITDA 135 168 Q3’25 Q3’26 948 Q3’25 Q3’26 1,760 Revenue EBITDA 261 753 Q3’25 Q3’26Q3’25 Q3’26 4,525 5,140 12 months rolling NOK million Quarterly NOK million For proportionate financials, see Alternative Performance Measures in the quarterly report
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12 Impairments Impairment of NOK 1.15 billion in the quarter in Ukraine and Pakistan Ukraine Pakistan 1,860 860 Carrying value pre Q3 -1,000 Impairment Carrying value post Q3 976 826 Carrying value pre Q3 -150 Impairment Carrying value post Q3 Impact on consolidated book value, NOK million Impact on consolidated book value, NOK million Prolonged war and intensified Russian attacks on energy infrastructure impacting restoration of damaged plant, country risk premium, and long-term price forecast Pakistan impacted by increased country risk premium, long- term interest rates, and uncertainty regarding future cash flows due to delayed true-up process
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Q3’26 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. Free cash on group level Total available liquidity of NOK 3.9 billion 13 1,596 1,203 2,736 3,864 147 137 854 1,533 1,128 Net corporate financing Q3’26 Free cash Undrawn RCF Q2’26 Free cash New RCF capacity Post Q3 available liquidity Distributions from power plants EBITDA from D&C and Corporate -746 Changes in working capital 27 Other changes inc. FX -304 Investments in projects under construction -383 Investments in projects under development 23 Other -147 Interest paid Q3’26 available liquidity Operations Investments Financing
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Proportionate net interest-bearing debt Issued new bond at record low margin 14 13.8 2.9 3.0 Q2’26 14.2 2.2 3.0 Q3’26 19.6 19.5 *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 4.6 1.8 Q2’26 5.0 1.4 Q3’26 6.4 7.1 0.7 NIBD in operation NIBD under construction SPV cash Corporate debt • Issued new bond at 250 bps and repaid existing debt • NOK ~0.7 billion drawn on RCF to fund short-term working capital Project debt • Project debt mainly unchanged • Secured USD 217 million financing for Dandara post quarter end Corporate NIBD Corporate Cash RCF
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15 Continuous Remaining contract value (NOK million) 10,500 Gross margin 10-12% FY 2026 EBITDA (NOK million) -110 to -120 Q4 2026 FY 2026 Power production (GWh) 1,300 - 1,400 4,950 - 5,150 EBITDA (NOK million) 3,300 – 3,600 Philippines EBITDA (NOK million) 200 – 300 Corporate Development & construction Power production Financial outlook FY 2026 EBITDA guidance reduced 3,750 3,450 Previous guidance -214 Operational -86 FX 2026e FY’26 Power Production EBITDA bridge NOK million (mid-point) Philippines: -80 Pakistan: - 40 South Africa: -40 Ukraine: -30 Other: -24
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Corporate strategy Doubling growth pace, fully self-funded CEO, Terje Pilskog CFO, Hans Jakob Hegge
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17 Industry backdrop The cost of renewables has dropped significantly over previous years Sources: 1. BNEF solar spot price index (average quote), 2. BNEF battery pricing dashboard. 261 167 87 62 57 2022 2023 2024 2025 2026e -78% Energy security and stabilityCheapest source of new power Fastest deployment of new power1 2 3 260 181 102 90 111 2022 2023 2024 2025 2026e -57% Module prices at historically low levels1 TOPCon prices stabilised at low levels following end of China's PV export VAT rebate Battery storage system prices continue dropping2 4-hour turnkey cost down 78% since 2022, and expected to continue (USD/kWh)
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18 Delivering on strategic targets Record high growth portfolio and ahead of plan on deleveraging 9.2 6.8 6.4 Q3 2024 Q3 2025 Q3 2026 7.1 Invest in profitable growth DeleveragingCapital recycling Gross corporate interest-bearing debt NOK billion 0.6 2.6 2.9 0.3 1.8 0.3 South Africa Vietnam Uganda Q3 2026 Egypt Progress Divestment proceeds since Q3 2024 NOK billion Equity invested in growth projects annually NOK billion 0.8 1.1 1.3 2024 2025 2026e RCF
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Increase cash generation Profitable growth Strengthen balance sheet New target NOK 2.5 billion annual cash flow to equity from 20301 19 2030 targets Targeted equity investments doubled to NOK 2 billion annually Doubled NOK 2 billion average annual equity investments to 2030 Reiterated NOK 4 billion corporate debt by 2030 Business plan fully funded through strong cash flow generation and divestments 40% of the debt target achieved, 3.1 billion in debt repayments remain 3.4 billion in targeted divestment proceeds D&C cash flow funds large share of equity investments Target ~1.2 billion annual recurring cash flow from new assets >60% of the investment target secured in backlog and under construction Focus on scalable markets, integrated model and multi-technology approach 1. Annual run-rate post NOK 8 billion investment program with full-year contribution from new assets
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20 Growing generation capacity +6.7 GW next few years.. 1. Includes P2X and electrolyzer capacity for Egypt Green Hydrogen 4.5 1.2 Operational 1.4 1.0 Under construction 3.9 Backlog 9.8 1.2 Near-term portfolio 59% 26% Pipeline 5.7 2.3 4.3 12.3 6.2 +116% Solar Wind Hydro Green H2 Profitable growth Record high near-term portfolio covers >60% of the growth target to 2030 ..while continuing to expand leading position within storage GW renewable generation capacity1 GWh battery storage capacity Operational 0.7 Under construction 4.7 Backlog 6.8 Near-term portfolio Pipeline 1.4 6.8 8.3 +385% Battery storage
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21 Our markets Selected markets have attractive growth potential Market characteristics 1 Competitive economics Renewables the most cost-efficient energy source, meets required project returns 2 Visible demand and repeatability Large, growing power demand with an outlook for repeat business 3 Bankable route to market Stable regulation and established offtake routes 4 Competitive advantage Scatec can compete on its strengths and business model 13% 21% 6% 11% 47% 33% 35% 35% 42% 57% 0% 20% 40% 60% South Africa Philippines Tunisia Egypt Romania Current renewable share 2030 target +8.2 GW+19.5 GW +6.3 GW+19.7 GW +3.8 GW Other markets where Scatec’s business model is highly competitive 2030 targets in selected markets exceed 50 GW Source: Ember
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22 Where and how we play Value creation shifts toward portfolio optimisation as markets matureMarket maturity Higher market exposure Regulated markets Deregulating markets Fully merchant markets Predictable cash flow from long-term PPAs with state owned utilities Portfolio of private and public offtake agreements at various tenures Flexible generation and storage portfolio to capture offtake value and manage risk • Single buyer of energy • Long-term PPAs and capacity contracts • Open for direct sales to certain consumers • Mix of government tenders and (C)PPAs • Open market for energy and balancing • Offtake based on PPAs, hedging and spot
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Where and how we play New growth will be based on existing strengths and capabilities 23 Long-term contracted offtake Flexible, mixed offtake portfolios New demand and offtake routes 1 2 3 + markets where our model can be replicated at scale – predominantly MENA Secure growth with a capital efficient model; high leverage at attractive terms, divest and repeat Ensure a market fit and risk optimised portfolio; ability to capture upsides from volatility, with a secured revenue base that meets our hurdles H2 Remain opportunistic and build on our strengths; Stay ahead of government agendas and megatrends, capture opportunities where Scatec fits into the value chain of adjacent markets/power-to-X Prioritise growth in our key regions, where we can use existing organisation
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24 Capital efficient growth More than half of the secured equity investments funded by D&C Assumptions • Includes projects under construction and in backlog at Q3’26 • Figures related to capex, leverage, equity and D&C scope based on Scatec’s published Q3’26 databook (available on the website). • D&C gross margin of 11%, D&C operating expenses of NOK 275 million annually • Power Production based on an average project equity IRR and cash yield of 15% across the portfolio. Total capex ~80% Non recourse debt ~12% Equity partners Scatec equity ~54 ~5 ~NOK 4.2 billion Gross profit Estimated funding of Scatec’s secured growth portfolio NOK billion Must meet our hurdle rates ~NOK 0.6 billion D&C OPEX in ’27+’28 ~NOK 0.8 billion 22% tax ~NOK 2.8 billion Total cash flow to equity Development & construction = ~70% D&C scope Power production ~NOK 750 million Average annual cash flow to equity first 10 operational years IRR 1.2x cost of equity 25-30% service margin = 15% IRR and cash yield 1 3 2
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25 Returns from the growth More than doubling recurring cash flow to equity LTM Q3’26 ~1.2 CF growth Power Production ~0.5 CF growth Development & Construction CF from divested assets Corporate cost incl. debt service Run-rate from 2030 ~1.2 >2.5 ~7.5 NOK/share >15.6 NOK/share Increased cash flow from NOK 8 billion investment Increased cash flow from higher investment pace Improved cash flow from lower interest cost and amortisations Targeted total recurring CF to Equity Reduced cash flow from divested assets Assumptions • CF additions from Power Production based on 15% cash yield from NOK 8 billion investment • Reduction from divested assets based on cash flow to equity from targeted divestments • Additional D&C based on average annual investment of NOK 2 billion, 80% leverage, 45% ownership share, 70% EPC scope, NOK 275m annual D&C opex, 22% tax and 11% gross margin Profitable growth Strengthened balance sheet Targeted annual recurring cash flow to equity NOK billion 1.4bn PP & Services 0.6bn D&C -0.8bn Corporate
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Available liquidity D&C cash flow Divestments ~3.4 Cash ~1.2 Sources Debt repayments ~3.1 Equity investments ~8.0 Uses Corporate & interest Cash flow from Power Production 26 Self-funded growth Total business plan fully-funded by cash flow generation and divestments #1: Profitable renewable growth #2: Deleverage on corporate level • Gross corporate debt to NOK 4 billion by 2030, from NOK 7.1 billion today • NOK 3.4 billion targeted divestment proceeds fund repayments • Available liquidity for additional growth, deleverage and/or shareholder distributions • NOK 8 billion equity investments 2027–2030, >60% already secured • Only projects that meet our hurdles Capital allocation priorities 2027-2030 NOK billion #3: Available liquidity Cash flow from Development & Construction
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2030 corporate deleverage plan Corporate debt on track to reach NOK 4 billion in 2030 27 1. Cash flow to equity excluding proceeds asset sales and refinancing proceeds On track to reaching corporate deleveraging targets Gross corporate debt (NOK billion) Q3’24 target launched -2.8 Debt repaid Q3’26 -3.1 Additional repayments (2026-2030) 2030 target 9.2 7.1 4.0 0.7 RCF drawdown, short-term WC bridge 6.4 0.7 Already showing meaningful impact Corporate bond margins on 3M NIBOR 660 425 315 285 250 SCATC04 2023 (repaid) SCATC05 2024 SCATC06 2025 SCATC07 2025 SCATC08 2026 Refinanced in 2026; ~NOK 50 million annual savings To be repaid 1H’27
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28 Third quarter Important milestones achieved Strategy update Increasing growth pace towards 2030 • Strong D&C contribution with 26% margin • Started construction of Shadwan and Dandara • Secured equity partners and EBLs for Egypt projects • Renewables competitiveness continues to strengthen • Doubling equity investments and cash flow to equity • Continuing to strengthen the balance sheet
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Generation capacity Storage capacity Economic interest Under construction MW MW MWh Dandara phase 1, Egypt 569 50 100 56% Thakadu, South Africa 255 50% Dobrun & Sadova, Romania 190 65% Barsaloza, Colombia 130 65% Sidi Bouzid 2, Tunisia 120 50% Shadwan, Egypt 900 80% 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 30 46 68% Total 2,338 303 678 66% Backlog MW MW MWh Energy Valley, Egypt 1,950 842 3,935 76% Dandara phase 2, Egypt 556 50 100 100% 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 FPV, Philippines 68 50% Haru BESS, South Africa 123 492 50% Total 4,293 1,104 4,705 70% Our asset portfolio 30 Generation capacity Storage capacity Economic interest In operation MW MW MWh South Africa 1,003 225 1,140 44% Egypt 1,505 100 200 31% 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 47% www.scatec.com 1. Includes P2X and electrolyser capacity H2 Generation capacity Storage capacity Project pipeline MW MW MWh Solar 3,919 Wind 1,308 Green H2 861 Storage 2,199 8,256 Hydro 140 Total 6,228 2,199 8,256
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Overview of change in proportionate net interest-bearing debt during the quarter 31 NOK billion Q2’26 Repayments New debt Change in cash FX and other changes Q3’26 Project level -16.6 0.3 -1.0 0.1 0.8 -16.4 Group level -4.6 1.4 -2.2 -0.4 0.1 -5.7 Total -21.2 1.6 -3.2 -0.2 0.9 -22.1 Project and Group level net interest bearing debt • Repayments, project level: Ordinary project debt repayments • New debt, Project level: Drawdown on Thakadu, Romania, Philippines and Tunisia (Sidi Bouzid II) • New debt and repayment, Group level: Issuance of NOK 1,500 million bond, buy-back of part of the NOK 1,750 million bond, repayment of NOK 1,000 million bond and vendor note. Drawdown on RCF • Currency effects and other changes: Strengthening of NOK against main functional currencies