Scatec Asa · OSL:SCATC
Scatec Asa — Q1 2025 Earnings Presentation
21 slides from Scatec Asa's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Strong financials and increasing growth outlook
Q1 2025 Strong financials and increasing growth outlook CEO, Terje Pilskog CFO, Hans Jakob Hegge
Slide 2: Disclaimer
Disclaimer 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 inc
Slide 3: Key highlights
Proportionate revenues Proportionate EBITDA Q1 2025 NOK billion NOK billion Key highlights 2.4 1.4 0.8 1.2 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Strong financial performance Near term growth portfolio GW capacity per reporting date 8.4 2.2 4.2 2.0 Near-term growth set to double production capacity Operati
Slide 4: 72% revenues increase driven by strong power production
Power Production 72% revenues increase driven by strong power production Power production Revenues GWh NOK million +21% +72% 979 1,623 7 39 12 901 44 72 204 -90 811 45 Botswana, Brazil, Pakistan 1,062 426 -120 942 Uganda Vietnam Q1’24 Divested Q1’24 New Philippines Laos Other Q1’25 Q1’24 Divested Q1
Slide 5: EBITDA 3.6x driven by favourable hydrology and ancillary services
Philippines EBITDA 3.6x driven by favourable hydrology and ancillary services Power Production, GWh Net Revenue, NOK million Strong year on year performance Spot volumes Contract volumes AS volumes Ancillary Services Spot & Contract Q1 2024 vs Q1 2025 151 149 320 Power Production 116 +1.9x to 149 GW
Slide 6: All-time high construction activity
Construction All-time high construction activity 1,9881 MW under construction Expected COD 273 MW solar H1 2025 Grootfontein, South Africa 120 MW solar • Started construction of solar & H2 2025 BESS in Egypt and the Philippines Sidi Bouzid and Tozeur, Tunisia 60 MW solar H1 2026 • COD reached for 60
Slide 7: Near-term growth set to double operating capacity
Profitable growth Near-term growth set to double operating capacity 2.2 GW in backlog1, 2 +2 GW under construction1 =4.2 GW1,2 to be built over the coming years Sidi Bouzid 2 - NEW Obelisk - NEW Solar BESS (MW) Wind Hydro Green hydrogen 120MW Solar 1.1GW Solar + 100MW/200MWh BESS EgyptAlum - NEW Bin
Slide 8: NOK ~16 billion in remaining EPC revenues across construction and backlog
Growth portfolio – backlog and construction NOK ~16 billion in remaining EPC revenues across construction and backlog 2024 2025 2026 2027 Total EPC Scope EPC revenue recognition following an S-curve.. Under construction NOK million Illustrative Grootfontein 2,079 100% completion Sidi Bouzid and Toze
Slide 9: Financial review
Financial review Hans Jakob Hegge, CFO
Slide 10: Strong financial performance driven by accounting gains and the Philippines
Group financials Strong financial performance driven by accounting gains and the Philippines Consolidated financials Proportionate financials NOK million NOK million Revenue EBITDA Revenue EBITDA +42% 2,967 +48% +95% 2,659 2,684 2,416 2,387 +63% 1,814 1,505 1,528 1,520 1,375 1,379 1,281 1,226 1,172
Slide 11: Strong results driven by strong hydrology in the Philippines and divestments
Power Production Strong results driven by strong hydrology in the Philippines and divestments Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA +53% 1,772 +60% +40% 1,625 1,623 1,540 6,065 +47% 1,352 1,390 5,504 4,923 5,155 4,635 1,062 1,045 4,321 4,189 4,107 870 873
Slide 12: Increasing activity levels across the construction portfolio
Development & Construction Increasing activity levels across the construction portfolio Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 1,038 6,601 582 112 751 631 470 2,890 51 2,477 233 2,291 183 202 1,785 139 26 152 13 7 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q1’24 Q2’24 Q
Slide 13: NOK ~5.5 billion of available liquidity at the reporting date
Free cash on group level NOK ~5.5 billion of available liquidity at the reporting date Q1’25 movements of the Group’s free cash & liquidity, NOK million 5,469 4,950 519 1,946 -214 -391 3,004 1,998 1,619 155 -11 47 -101 -97 Q4’24 Distributions EBITDA from Taxes Changes in Other changes Net proceeds O
Slide 14: Net corporate debt reduced to 5.2 billion
Proportionate net interest-bearing debt Net corporate debt reduced to 5.2 billion Corporate Project • Corporate NIBD down NOK 1.8 net interest-bearing debt net interest-bearing debt* billion driven by increased cash NOK billion NOK billion and debt repayment 7.0 14.9 1.7 13.4 • NIBD for operational
Slide 15: 2.6 billion in proceeds funding growth and strengthening the capital structure
Asset rotation & deleverage 2.6 billion in proceeds funding growth and strengthening the capital structure Strong interest and good deals for divested assets… …funding debt repayments on corporate level Proceeds from divestments (NOK billion) Gross corporate debt (NOK billion) Targeting proceeds Cas
Slide 16: Extended maturity profile at attractive terms
Corporate debt Extended maturity profile at attractive terms Corporate debt maturity profile, USD million 334 • New NOK 1.25 billion bond @ 3M NIBOR + 315bps 258 164 98 • EUR 114 million repaid - no large maturities until 2027 70 55 170 • NOK bonds swapped to USD to 30 25 90 120 match operating cash
Slide 17: Outlook
Outlook Power Production • FY’25 Power Production estimate: 4,100 - 4,500 GWh • FY’25 EBITDA estimate: NOK 4,150 - 4,450 million • Q2’25 Power production estimate: 900 – 1,000 GWh • Q2’25 Philippines EBITDA estimate: NOK 180 – 220 million Development & Construction • Remaining D&C contract value: NO
Slide 18: Key takeaways
Key takeaways • Strong financial performance • Near term growth set to double operating portfolio • Proceeds from divestments funding growth and strengthening the capital structure 18
Slide 19: Scatec
Scatec
Slide 20: Our asset portfolio
Our asset portfolio Plants in operation Capacity Economic Under construction Capacity Economic Project pipeline Capacity Share in % MW interest MW Interest MW South Africa 955 41% Obelisk, Egypt 1225 100% Solar 5,336 60% Brazil 693 33% Grootfontein, South Africa 273 51% Wind 2,219 25% Philippines 69
Slide 21: Overview of change in net debt during the quarter- proportionate
Overview of change in net debt during the quarter- proportionate Project and Group level net interest bearing debt NOK billion Q4’24 Repaym New debt Disposal Change in Currency effects Q1’25 ents cash and other changes Project level -14.9 0.3 -0.7 1.0 0.3 0.5 -13.4 Group level -7.0 1.5 -1.2 0.0 1.4