Slide 1: Q2 2026 Growth journey continues
Q2 2026 Growth journey continues 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: Q2 highlights: High activity with steady progress on our growth portfolio
Q2 highlights High activity with steady progress on our growth portfolio Key figures - proportionate Figures in brackets are same quarter last year Completed the largest hybrid project in Africa (Obelisk) Total revenues and other income Power production Proportionate revenues NOK 2.3 billion & EBITD
Slide 4: Obelisk - a model project for Scatec's integrated model
Obelisk - a model project for Scatec’s integrated model • Built on record time and below budget, with significant value creation • Reduced ownership to 40% through farm-downs, and unlocked significant value through D&C • Generating long-term cash flow from 25-year PPA and service agreements 23 month
Slide 5: New assets contributing materially to power production and revenues
Power Production New assets contributing materially to power production and revenues Power production Revenues GWh NOK million +21% 1,312 -43 1,135 -32 -17 9 -4% -231 278 -45 1,081 83 -28 940 -18 -34 1,039 Q2’25 New Philippines Ukraine South Other Q2’26 Q2’25 One-offs1 Q2’25 New Ukraine South Philip
Slide 6: Philippines: 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 493 448 10 9 403 363 8 385 231 332 354 231 7 6 152 214 279 249 244 231 5 201 4 213 224 107 3 199 106 233 217 2 189 64 1 49 55
Slide 7: Construction portfolio: Strong construction progress with 24% gross margin
Construction portfolio Strong construction progress with 24% gross margin Solar Wind BESS Expected CODs Philippines 120 MWh H2 2026 & H1 2027 South Africa 255 MW 412 MWh H2 2026 & H1 2027 • Total gross margin of 24% • COD reached for Obelisk ph2, Rio Colombia 130 MW H1 2027 Urucuia and Magat BESS 2
Slide 8: Record high near-term growth portfolio
Profitable growth Record high near-term growth portfolio 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 Battery storage +116% +384% 5.8 12.3 6.8
Slide 9: Romania emerging as a high-value growth market for Scatec
The Romanian opportunity Romania emerging as a high-value growth market for Scatec Attractive market fundamentals Romania • Target to add 3.9 GW solar and 4.3 GW onshore wind by 20301 • Phasing out coal within 2030 – 15% of Romanian generation mix2 • Attractive CfD tariffs with meaningful merchant u
Slide 10: Financial review
Financial review Hans Jakob Hegge, CFO
Slide 11: Robust power production with high contribution from D&C
Group financials Robust power production with high contribution from D&C Consolidated financials Proportionate financials NOK million NOK million Revenue EBITDA Revenue EBITDA 2,302 2,286 976 1,231 1,316 1,369 128 1,130 345 1,027 1,016 824 234 1,240 1,312 971 1,039 1,110 805 -29 -23 Q2’25 Q2’26 Q2’2
Slide 12: Generated NOK 805 million EBITDA from Power Production
Power Production Generated NOK 805 million EBITDA from Power Production Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 6,332 1,312 1,189 5,392 1,110 4,225 1,189 1,039 805 3,237 5,143 4,281 4,203 3,293 -56 -56 Q2’25 Q2’26 Q2’25 Q2’26 Q2’25 Q2’26 Q2’25 Q2’26 Net gain
Slide 13: Strong revenue and EBITDA growth in the D&C segment
Development & Construction Strong revenue and EBITDA growth in the D&C segment Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 1,231 234 5,951 720 976 3,396 49 139 Q2’25 Q2’26 Q2’25 Q2’26 Q2’25 Q2’26 Q2’25 Q2’26 13 For proportionate financials, see Alternative Perfo
Slide 14: Total available liquidity of NOK 5.1 billion including new RCF limit
Free cash on group level Total available liquidity of NOK 5.1 billion including new RCF limit Q2’26 movements of the Group’s free cash and liquidity, NOK million 5,123 1,194 3,929 211 -57 2,635 334 2,333 -873 11 -450 -215 1,596 Q1’26 Distributions EBITDA from Taxes Changes in Other changes Cash flow
Slide 15: Stable gross corporate- and project debt
Proportionate net interest-bearing debt Stable gross corporate- and project debt Corporate gross Project gross Corporate debt interest-bearing debt interest-bearing debt* • Corporate NIBD increased due to NOK billion NOK billion cash reduction, mainly driven by working capital changes 6.5 6.4 19.5 1
Slide 16: Bond refinancing: Extending maturity profile with reduced costs
Bond refinancing Extending maturity profile with reduced costs Corporate debt maturities Scatec has a clear strategy to reduce USD million corporate debt and interest expenses 304 • New bond issue of NOK 1,000 million (expected) to refinance SCATC 04 140 Vendor note • New bond expected to reduce 111
Slide 17: Financial outlook: EBITDA guidance unchanged
Not updated Financial outlook EBITDA guidance unchanged Power production Q3 2026 FY 2026 Power production (GWh) 1,500 - 1,600 5,050 - 5,350 EBITDA (NOK million) 3,600 – 3,900 Philippines EBITDA (NOK million) 320 - 420 Development & construction Continuous Remaining contract value (NOK million) 3,800
Slide 18: Summary
Summary • Building an all-time high growth portfolio • Strong execution on record high construction activity • Improving financial flexibility 18
Slide 19: Scatec
Scatec
Slide 20: 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% Thakadu, South Africa
Slide 21: 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 Q1’26 Repayments* New debt Change in FX and other Q2’26 cash changes Project level -16.6 1.0 -0.7 0.1 -0.5 -16.6 Group level -3.6 0 0 -1.1 0.1 -4.6 Total -20
Slide 22: Philippines: Overview of key drivers for the 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 566 493 501 231 244 121 132 213 199 56 41 49 45 Q2’25 Q2’26 Q2’25 Q2’26 Prices, PHP/kWh EBITDA, NOK
Slide 23: Scatec
Scatec