Slide 1: Q4 2025 Growth continues
Q4 2025 Growth 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: 2025 growth & deleverage
2025 growth & deleverage Building a solid platform through strong growth and deleveraging 66% near-term portfolio growth Leading within BESS and hybrids Strengthened financial platform MW generation capacity1 MWh storage capacity1 NOK billion gross corporate debt2 11,059 6,595 9.1 8.9 Backlog Under
Slide 4: Q4 2025 highlights
Q4 2025 highlights Growth continues, D&C driving revenue growth Key figures - proportionate Proportionate revenues increased by 25% YoY to NOK 3.4 billion Figures in brackets are same quarter last year Total revenues and other income Power production NOK 2.3bn D&C revenues with 14% gross margin 3,36
Slide 5: NOK 1.1 billion revenues from stable operational performance
Power Production NOK 1.1 billion revenues from stable operational performance Power production Revenues GWh NOK million 1,138 +3% 1,625 -154 -35 1,017 984 73 -14 10 Uganda Mmadinare -537 -1% Vietnam Grootfontein 1,088 13 1,079 33 -67 12 Uganda Mmadinare Vietnam Grootfontein Q4’24 Divested Q4’24 New
Slide 6: 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 6.0 5.5 390 403 363 5.0 385 231 332 332 354 4.5 231 4.0 320 152 270 285 3.5 214 205 249 3.0 2.5 224 149 2.0 213 106 1
Slide 7: Strong construction progress with 14% gross margin
Construction portfolio Strong construction progress with 14% gross margin Solar BESS Expected COD Sidi Bouzid & Tozeur 120 MW H1 2026 • 14% gross margin in the quarter Rio Urucuia 142 MW H1 2026 • Obelisk ahead of schedule Magat 2 16 MWh H1 2026 • COD reached at Grootfontein & Binga 40 MWh H1 2026 M
Slide 8: Obelisk construction progressing at record pace
Construction progress Obelisk construction progressing at record pace 1,125MW solar 100 MW / 200 MWh batteries Substation >50% complete 100% complete 100% complete Total capex Est. annual production Total D&C revenues CO2 emissions avoided p.a NOK 5.9 billion 3,127 GWh NOK 4.1 billion 1.3 million to
Slide 9: Record high near-term growth portfolio
Profitable growth Record high near-term growth portfolio Growing generation capacity +6.7 GW next few of years.. ..while continuing to expand leading position within storage GW renewable generation capacity1 GWh battery storage capacity Solar Wind Hydro Green H2 Battery storage +157% +454% 5.3 11.1
Slide 10: Landmark agreement signed for Energy Valley in Egypt
Growth Landmark agreement signed for Energy Valley in Egypt Scatec’s largest project to date… 1.95 GW Solar + 3.9 GWh BESS • 25-year USD denominated Power Purchase Agreement • Two stand-alone BESS installations in Abu Qir & Naga Hammadi EGH • One Solar + BESS hybrid providing 24/7 baseload power Ene
Slide 11: Financial review
Financial review Hans Jakob Hegge, CFO
Slide 12: Last three years reflecting strategic deliveries
Full year group financials Last three years reflecting strategic deliveries Consolidated Proportionate NOK million NOK million Revenue EBITDA Revenue EBITDA 6,574 12,371 11,002 5,238 5,421 4,694 4,635 4,720 7,853 3,845 4,013 3,567 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 Net gain
Slide 13: Strong D&C contribution driving proportionate revenue growth
Group financials 4Q Strong D&C contribution driving proportionate revenue growth Consolidated financials Proportionate financials NOK million NOK million Revenue EBITDA Revenue EBITDA 1,814 3,362 2,953 1,505 2,684 1,316 2,387 2,302 1,153 1,080 1,028 1,027 816 785 697 1,375 1,379 1,130 1,063 1,065 Q4
Slide 14: Robust financial performance from operating assets
Power Production Robust financial performance from operating assets Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 1,625 1,623 6,332 6,065 1,390 5,504 5,738 1,312 1,352 5,188 5,392 5,155 1,178 4,635 4,807 1,079 1,110 4,295 955 842 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’2
Slide 15: All-time-high activity levels across the construction portfolio
Development & Construction All-time-high activity levels across the construction portfolio Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 2,266 5,752 462 251 1,760 4,525 3,396 261 2,890 1,038 135 202 976 2,291 183 751 139 51 49 26 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’2
Slide 16: Strong liquidity position of NOK 5.6 billion
Free cash on group level Strong liquidity position of NOK 5.6 billion Q4’25 movements of the Group’s free cash & liquidity, NOK million 5,624 2,367 -77 -220 596 -202 3,257 223 -82 631 2,389 Q3’25 Distributions from EBITDA from D&C Taxes Changes in Other changes Cash flow from CF from financing Q4’25
Slide 17: Strengthening of the balance sheet continues
Proportionate net interest-bearing debt Strengthening of the balance sheet continues Corporate Project Corporate debt net interest-bearing debt net interest-bearing debt* • Corporate NIBD reduced due to NOK billion NOK billion cash increase 4.3 16.7 • Repaid outstanding term loan with 15.9 proceeds
Slide 18: Outlook
Outlook Power Production • FY’26 Power Production estimate: 5,200 - 5,600 GWh • FY’26 EBITDA estimate: NOK 3,800 - 4,100 million • Q1’26 Power production estimate: 950 - 1,050 GWh • Q1’26 Philippines EBITDA estimate: NOK 180 - 240 million Development & Construction • Remaining D&C contract value: NO
Slide 19: Summarising 2025 and looking ahead
Summarising 2025 and looking ahead 2025 summary • Solid financial performance • Strong growth momentum • Strengthened financial platform 2026 priorities • Strong operational performance • Progressing near-term growth portfolio • Advancing additional divestments • Continuing to deleverage 19
Slide 20: Scatec
Scatec
Slide 21: 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% Obelisk 1,125 100 200
Slide 22: 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 Q3’25 Repayments New debt Change in FX and other Q4’25 cash changes Project level -15.9 0.7* 0.6* -1.9 -0.1 -16.7 Group level -4.3 1 -1 1 0 -3.4 Total -20.1
Slide 23: 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 Ancillary Services Spot & Contract 530 390 403 475 205 214 226 221 168 175 185 189 Q4’24 Q4’25 Q4’24 Q4’25 Prices, PHP/kWh EBITDA, NOK million
Slide 24: Scatec
Scatec