Scatec Asa · OSL:SCATC

Scatec Asa — Q3 2026 Earnings Presentation

32 slides from Scatec Asa's earnings presentation, Oct 30, 2026

  1. Slide 1: Q3 2026: Doubling growth pace, fully self-funded

    Q3 2026 Doubling growth pace, fully self-funded CEO, Terje Pilskog CFO, Hans Jakob Hegge

  2. 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

  3. Slide 3: Q3 highlights

    Q3 highlights Several milestones reached in the quarter, while also addressing headwinds Revenues and other income Power production Key highlights 2,267 1,469 Started construction of Dandara and Shadwan in Egypt NOK million (2,953) -23% GWh (1,202) +22% Commitment of USD 221 million from EBRD to est

  4. Slide 4: New assets lifted production by 22%

    Power Production New assets lifted production by 22% Power production Revenues GWh NOK million +10% +22% 26 1,301 -136 -60 17 1,469 141 -38 -5 17 1,178 429 1,202 Q3’25 New Philippines Ukraine South Other Q3’26 Q3’25 New projects1 Philippines Ukraine Other incl. FX Q3’26 projects1 Africa 4 1. New pro

  5. Slide 5: Continued strong contribution from ancillary services

    Philippines financial performance Continued strong contribution from ancillary services Volumes & average effective prices Net revenues EBITDA PHP/KWh NOK million NOK million 403 411 363 367 10 385 332 9 8 354 152 279 7 214 235 231 244 6 201 249 218 5 4 224 199 107 3 233 2 189 176 64 1 55 45 0 Q3’25

  6. Slide 6: Preliminary assessment of the impact of the reserves market suspension

    Philippines financial performance Preliminary assessment of the impact of the reserves market suspension Net revenues in the Philippines since 2022 Net revenues in the Philippines in 2026 Background & impact NOK million NOK million • Reserves market suspended for six months Est. Q4 impact -NOK 80 mi

  7. Slide 7: Construction activity on track

    Construction activity on track Remaining contract value of NOK 10.5 billion Solar Wind BESS Expected CODs Philippines 120 MWh H2 2026 & H1 2027 South Africa 255 MW 412 MWh H1 2027 • 26% gross margin in the quarter Colombia 130 MW H1 2027 • Construction started on Shadwan and Dandara in Egypt Romania

  8. Slide 8: Financial review

    Financial review Hans Jakob Hegge, CFO

  9. Slide 9: Proportionate EBITDA up 14%, driven by strong D&C and new assets

    Group financials Proportionate EBITDA up 14%, driven by strong D&C and new assets Consolidated financials Proportionate financials NOK million NOK million Revenue EBITDA Revenue EBITDA 2,953 1,677 2,267 271 1,760 948 1,080 1,135 145 1,208 785 1,063 168 1,406 935 1,178 1,301 955 1,070 -28 -31 Q3’25 Q

  10. Slide 10: Generated NOK 1,070 million EBITDA from Power Production

    Power Production Generated NOK 1,070 million EBITDA from Power Production Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 5,738 1,301 806 1,178 4,807 1,070 4,347 806 955 3,352 4,932 4,403 4,001 3,408 -56 -56 Q3’25 Q3’26 Q3’25 Q3’26 Q3’25 Q3’26 Q3’25 Q3’26 Net gain f

  11. Slide 11: Strong D&C EBITDA of NOK 168 million, underlying margin of 11%

    Development & Construction Strong D&C EBITDA of NOK 168 million, underlying margin of 11% in line with target Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 1,760 168 5,140 753 4,525 135 948 261 Q3’25 Q3’26 Q3’25 Q3’26 Q3’25 Q3’26 Q3’25 Q3’26 11 For proportionate f

  12. Slide 12: Impairment of NOK 1.15 billion in Ukraine and Pakistan

    Impairments Impairment of NOK 1.15 billion in the quarter in Ukraine and Pakistan Ukraine Pakistan Prolonged war and intensified Russian attacks on energy Pakistan impacted by increased country risk premium, long- infrastructure impacting restoration of damaged plant, term interest rates, and uncert

  13. Slide 13: Total available liquidity of NOK 3.9 billion

    Free cash on group level Total available liquidity of NOK 3.9 billion Q3’26 movements of the Group’s free cash and liquidity, NOK million 3,864 1,128 Operations Investments Financing 2,736 1,533 137 1,596 147 -746 1,203 27 -304 854 -383 23 -147 Q2’26 Distributions EBITDA from Changes Other Investmen

  14. Slide 14: Issued new bond at record low margin

    Proportionate net interest-bearing debt Issued new bond at record low margin Corporate gross Project gross Corporate debt interest-bearing debt interest-bearing debt* • Issued new bond at 250 bps and NOK billion NOK billion repaid existing debt 7.1 19.6 • NOK ~0.7 billion drawn on RCF to 19.5 6.4 fu

  15. Slide 15: FY 2026 EBITDA guidance reduced

    Financial outlook FY 2026 EBITDA guidance reduced Power production Q4 2026 FY 2026 FY’26 Power Production EBITDA bridge NOK million (mid-point) Power production (GWh) 1,300 - 1,400 4,950 - 5,150 3,750 EBITDA (NOK million) 3,300 – 3,600 -214 3,450 -86 Philippines EBITDA (NOK million) 200 – 300 Philip

  16. Slide 16: Corporate strategy

    Corporate strategy Doubling growth pace, fully self-funded CEO, Terje Pilskog CFO, Hans Jakob Hegge

  17. Slide 17: The cost of renewables has dropped significantly over previous years

    Industry backdrop The cost of renewables has dropped significantly over previous years 1 Cheapest source of new power 2 Energy security and stability 3 Fastest deployment of new power Module prices at historically low levels1 Battery storage system prices continue dropping2 TOPCon prices stabilised

  18. Slide 18: Record high growth portfolio and ahead of plan on deleveraging

    Delivering on strategic targets Record high growth portfolio and ahead of plan on deleveraging Invest in profitable growth Capital recycling Deleveraging Equity invested in growth projects annually Divestment proceeds since Q3 2024 Gross corporate interest-bearing debt NOK billion NOK billion NOK bi

  19. Slide 19: Targeted equity investments doubled to NOK 2 billion annually

    2030 targets Targeted equity investments doubled to NOK 2 billion annually Profitable growth Increase cash generation Strengthen balance sheet Doubled New target Reiterated NOK 2 billion NOK 2.5 billion NOK 4 billion average annual equity investments to 2030 annual cash flow to equity from 20301 cor

  20. Slide 20: Record high near-term portfolio covers >60% of the growth target to 2030

    Profitable growth Record high near-term portfolio covers >60% of the growth target to 2030 Growing generation capacity +6.7 GW next few years.. ..while continuing to expand leading position within storage GW renewable generation capacity1 GWh battery storage capacity Solar Wind Hydro Green H2 Batter

  21. Slide 21: Selected markets have attractive growth potential

    Our markets Selected markets have attractive growth potential Market characteristics 2030 targets in selected markets exceed 50 GW Competitive economics Current renewable share 2030 target 1 Renewables the most cost-efficient energy 57% 60% source, meets required project returns 47% 42% Visible dema

  22. Slide 22: Value creation shifts toward portfolio optimisation as markets mature

    Where and how we play Value creation shifts toward portfolio optimisation as markets mature Regulated markets Deregulating markets Fully merchant markets Market maturity Higher market exposure • Single buyer of energy • Open for direct sales to certain consumers • Open market for energy and balancin

  23. Slide 23: New growth will be based on existing strengths and capabilities

    Where and how we play New growth will be based on existing strengths and capabilities Long-term Secure growth with a capital efficient model; 1 contracted offtake + markets where our model can be high leverage at attractive terms, divest and repeat replicated at scale – predominantly MENA Ensure a m

  24. Slide 24: More than half of the secured equity investments funded by D&C

    Capital efficient growth More than half of the secured equity investments funded by D&C Development & construction Estimated funding of Scatec’s secured growth portfolio Power production NOK billion ~NOK 4.2 billion 1 IRR 1.2x cost of equity Gross profit ~54 ~70% D&C scope ~NOK 0.6 billion 2 25-30%

  25. Slide 25: More than doubling recurring cash flow to equity

    Returns from the growth More than doubling recurring cash flow to equity Targeted annual recurring cash flow to equity >15.6 NOK billion NOK/share >2.5 ~0.5 ~7.5 NOK/share ~1.2 ~1.2 Strengthened Profitable growth balance sheet LTM Q3’26 CF growth CF growth CF from Corporate cost Run-rate from 2030 P

  26. Slide 26: Total business plan fully-funded by cash flow generation and divestments

    Self-funded growth Total business plan fully-funded by cash flow generation and divestments Capital allocation priorities 2027-2030 NOK billion Available liquidity #3: Available liquidity Cash flow from • Available liquidity for additional growth, deleverage and/or Power Production Corporate & inter

  27. Slide 27: Corporate debt on track to reach NOK 4 billion in 2030

    2030 corporate deleverage plan Corporate debt on track to reach NOK 4 billion in 2030 On track to reaching corporate deleveraging targets Already showing meaningful impact Gross corporate debt (NOK billion) Corporate bond margins on 3M NIBOR 9.2 660 -2.8 7.1 Refinanced in 2026; 0.7 0.7 ~NOK 50 milli

  28. Slide 28: Important milestones achieved, increasing growth pace towards 2030

    Third quarter Strategy update Important milestones achieved Increasing growth pace towards 2030 • Strong D&C contribution with 26% margin • Renewables competitiveness continues to strengthen • Started construction of Shadwan and Dandara • Doubling equity investments and cash flow to equity • Secured

  29. Slide 29: Scatec, improving our future

    29 Scate improving our future

  30. Slide 30: Our asset portfolio

    Our asset portfolio Generation Storage Economic Generation Storage Economic Generation Storage capacity capacity interest capacity capacity interest capacity capacity In operation MW MW MWh Under construction MW MW MWh Project pipeline MW MW MWh South Africa 1,003 225 1,140 44% Dandara phase 1, Egyp

  31. Slide 31: Overview of change in proportionate net interest-bearing debt during the quarter

    Overview of change in proportionate net interest-bearing debt during the quarter Project and Group level net interest bearing debt NOK billion Q2’26 Repayments New debt Change in FX and other Q3’26 cash changes 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

  32. Slide 32: Overview of key drivers in the Philippines for quarter

    Philippines Overview of key drivers in the Philippines for quarter Transaction Volumes, GWh Net Revenue, NOK million Spot volumes Contract volumes AS volumes One-off Spot & Contract Ancillary Services 405 411 373 385 323 152 235 201 177 152 233 176 Q3’25 Q3’26 Q3’25 Q3’26 Prices, PHP/kWh EBITDA, NOK

Scatec — Q3 2026 Earnings Presentation on 6ix