Scatec Asa · OSL:SCATC
Scatec Asa — Q1 2026 Earnings Presentation
23 slides from Scatec Asa's earnings presentation, May 6, 2026
Slide 1: Q1 2026: Executing on growth strategy
Q1 2026 Executing on growth strategy 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: Energy security and cost competitiveness reinforce the case for renewables
Macro Energy security and cost competitiveness reinforce the case for renewables Energy security on the top of regulatory agendas globally… …renewables the clear solution on both cost and availability Energy mix (TWh generated in 2024) Global LCOE1 (USD per MWh) Coal Gas Oil Renewables CCGT Coal Sol
Slide 4: Obelisk providing energy security and substantial cost savings for Egypt
Energy security, Egypt Obelisk providing energy security and substantial cost savings for Egypt Obelisk showcases our value proposition: faster and cheaper.. ..generating substantial savings for Egypt USD million saved annually by Obelisk versus LNG imports • Cost efficient execution triggered relea
Slide 5: High activity with steady progress on growth portfolio
Q1 highlights High activity with steady progress on growth portfolio Key figures - proportionate Proportionate revenues NOK 1.6 billion & EBITDA NOK 774 million Figures in brackets are same quarter last year Total revenues and other income Power production D&C EBITDA of NOK 100 million with 22% gros
Slide 6: 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 +19% 1,623 -42 1,046 -29 -6 979 241 -98 881 -506 -17% Mmadinare Uganda 1,117 68 -73 Grootfontein Vietnam Mmadinare -56 Sidi Bouzid & Tozeur Uganda -41 Obelisk Grootfontein -
Slide 7: Strong performance driven by Ancillary Services
Philippines power production Strong performance driven by Ancillary Services Volumes & average effective prices Net revenues EBITDA PHP/KWh NOK million NOK million 493 448 6.0 5.5 403 363 5.0 385 231 332 354 4.5 231 4.0 320 152 270 214 279 3.5 231 249 3.0 2.5 224 149 2.0 231 213 106 107 1.5 233 217
Slide 8: Strong construction progress with 22% gross margin incl. contingency
Construction portfolio Strong construction progress with 22% gross margin incl. contingency Solar BESS Expected CODs Brazil 142 MW H1 2026 Philippines 136 MWh H1 2026 & H1 2027 • 22% total and 11% underlying gross margin in Q1’26 South Africa 255 MW 412 MWh H2 2026 & H1 2027 • Obelisk phase 1, Sidi
Slide 9: Capitalising on deregulation of the South African power market
Lyra Energy, South Africa Capitalising on deregulation of the South African power market 50% 40% 10% C&I offtakers 100% Sale of Development development projects Construction Construction Power production & PPA aggregation Power sales services O&M and Thakadu Operations AM Services Additional project
Slide 10: Record high near-term growth with 900 MW wind in Egypt added to backlog
Profitable growth Record high near-term growth with 900 MW wind in Egypt added to backlog Growing generation capacity +7.2 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 Batt
Slide 11: Financial review
Financial review Hans Jakob Hegge, CFO
Slide 12: Group financials affected by divestments and operational one-offs
Group financials Group financials affected by divestments and operational one-offs Consolidated financials Proportionate financials NOK million NOK million Revenue EBITDA Revenue EBITDA 1,814 1,505 645 2,387 426 1,020 645 232 1,640 151 751 729 695 1,379 426 774 937 925 860 785 1,197 100 985 964 758
Slide 13: Quarterly performance impacted by Ukraine, Vietnam earn-out, and FX
Power Production Quarterly performance impacted by Ukraine, Vietnam earn-out, and FX Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 1,623 6,065 1,390 426 1,189 5,155 426 4,498 929 1,189 3,542 702 1,197 4,876 4,554 985 964 3,966 758 3,598 -56 -56 -56 -56 Q1’25 Q1’26
Slide 14: Positive effect from NOK 80 million contingency release
Development & Construction Positive effect from NOK 80 million contingency release Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 751 100 5,896 535 695 2,890 202 26 Q1’25 Q1’26 Q1’25 Q1’26 Q1’25 Q1’26 Q1’25 Q1’26 14 For proportionate financials, see Alternative Per
Slide 15: New credit facilities increases available liquidity to NOK 6.1 billion
Free cash on group level New credit facilities increases available liquidity to NOK 6.1 billion Q1’26 movements of the Group’s free cash and liquidity, NOK million 6,118 1,194 4,924 NOK 286 million corporate debt repaid 2,289 3,257 72 -8 -143 94 -25 -101 -195 -315 2,635 Q4’25 Distributions EBITDA fr
Slide 16: Gross corporate debt reduced by NOK 286 million
Proportionate net interest-bearing debt Gross corporate debt reduced by NOK 286 million Corporate gross Project gross Corporate debt interest-bearing debt interest-bearing debt* • Repaid USD 30 million corporate debt NOK billion NOK billion (vendor financing) 6.8 19.5 • Corporate NIBD increased due
Slide 17: Updated EBITDA guidance, largely driven by negative FX effects and Vietnam
Financial outlook Updated EBITDA guidance, largely driven by negative FX effects and Vietnam Power production Q2 2026 FY 2026 FY’26 Power Production EBITDA bridge NOK million (mid-point) Power production (GWh) 1,150 - 1,250 5,050 - 5,450 3,950 -150 3,750 -56 6 EBITDA (NOK million) 3,600 – 3,900 Phil
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% Obelisk phase 2, Egyp
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 Q4’25 Repayments New debt Change in FX and other Q1’26 cash changes Project level -16.7 0.2 -1.4 0.5 0.7 -16.6 Group level -3.4 0.3 0 -0.4 -0.1 -3.6 Total -2
Slide 22: 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 551 538 320 279 224 231 144 150 105 74 96 48 Q1’25 Q1’26 Q1’25 Q1’26 Prices, PHP/kWh EBITDA, NOK million Ef
Slide 23: Scatec
Scatec