Slide 1: Q1 2024 Delivering on self-funded growth plan
Q1 2024 Delivering on self- funded growth plan 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
Q1 2024 Key highlights Key figures - proportionate Solid Power Production EBITDA - increased to NOK 870 million (707) Total revenues Power production and other income Finalised large construction programme - 681 MW solar in Brazil and Pakistan 901 1,226 GWh NOK million Q1 2023: 887 Q1 2023: 2,626 St
Slide 4: Strong EBITDA growth driven by new projects in operation
Strong EBITDA growth driven by new projects in operation - Positive contribution from Ukraine and settlement in Honduras Power Production, GWh EBITDA NOKm +20% +37% 887 45 901 33 38 870 22 194 85 135 752 707 Kenhardt, 135 74 633 Mendubim, Sukkur Kenhardt, Mendubim, Sukkur Q1’23 Divestments Q1’23 Gro
Slide 5: Philippines: Volumes impacted by El Niño, partly offset by low spot prices
Philippines Volumes impacted by El Niño, partly offset by low spot prices as a net buyer Net Revenue, NOK million Power Production, GWh Ancillary Services Production volumes 161 Spot & Contract 196 Contract volumes • Net revenues down 28% due to 151 lower production volumes 80 116 120 86 77 • Ancill
Slide 6: Continuing to grow our renewable energy capacity
Continuing to grow our renewable energy capacity - Started construction of 333 MW in South Africa & Botswana Grootfontein, South Africa, 273 MW solar Q1’24 financial performance NOK 152m D&C revenues Q1’24 49% / 9%* Gross D&C margin Mmadinare ph1, Botswana, 60 MW solar NOK 2.3bn EPC contract value N
Slide 7: Reaching 4.6 GW with projects under construction
Reaching 4.6 GW with projects under construction - Additional 0.7 GW maturing in backlog 5,249 +35% 685 4,564 4,230 342 South Africa, 9 Brazil, Egypt, South Africa, Botswana & Rwanda Botswana & Tunisia 1,263 Release 3,382 415 South Africa, South Africa, Argentina & Brazil, Pakistan Mozambique & Phil
Slide 8: Maturing pipeline fuelling attractive growth
Maturing pipeline fuelling attractive growth 13.2 GW • Converted 142 MW solar in Brazil 2% into backlog 9% 10.8 GW 7% 11% 3% 7% • Added attractive growth 6% prospects within solar 21% 45% 10.8 GW • Conversion of projects into value accretive growth top priority 63% 32% 93% Q1’23 Q1’24 Release Hydro
Slide 9: Strengthening position in South Africa through Lyra Energy platform
Strengthening position in South Africa through Lyra Energy platform - Leverage strong partnership with Standard Bank and Stanlib South Africa Smart, flexible, private power supply solution for industry 730 MW in operation 1 2 273 MW under construction 4 3 103 MW in backlog 1 Electricity generation v
Slide 10: Financial review
Financial review Hans Jakob Hegge, CFO
Slide 11: Q1'24 Proportionate Financials
Q1’24 Proportionate Financials Strong EBITDA increase in Power Production to NOK 870 million Revenues, NOK million EBITDA, NOK million 2,800 1,000 2,600 2,626 848 • Power production EBITDA 2,400 765 7 increase driven by Kenhardt, 2,200 800 96 Honduras, and Ukraine 2,000 1,800 1,728 1,600 600 • D&C p
Slide 12: Q1'24 Consolidated Financials
Q1’24 Consolidated Financials EBITDA increased by 62% driven by new plants and Honduras Revenues, NOK million EBITDA, NOK million 1,300 1,281 1,200 • Revenues increased by 39% 1,200 1,016 1,100 1,000 1,000 • NOK 285 million revenues from 900 919 new plants in operation 800 800 700 1,219 600 629 • NO
Slide 13: Net interest-bearing debt of NOK 21.8 billion
Proportionate Net interest-bearing debt of NOK 21.8 billion NOK billion 21.8 20.8 0.8 • NOK 1 billion increase driven driven by currency effects and change in cash 13.1 12.1 • NOK 0.8 billion of project debt moved from construction to operation 8.0 8.7 Q4’23 Q1’24 Non-recourse project debt - under d
Slide 14: Extended maturity profile through bond issue, bond buy-back and refinancing
Successful refinancing Extended maturity profile through bond issue, bond buy-back and refinancing • Extended USD 150 million green term loan from Q1’25 to Q4’27 Corporate debt maturity profile, USD million 438 • Extended USD 180 million RCF 180 334 from Q3’25 to Q3’27 164 98 • Issued 4-year NOK 1.7
Slide 15: Close to 2 billion in available liquidity
Free cash on Group level Close to 2 billion in available liquidity Q1’24 movements of the Group’s free cash, NOK million 1,249 -22 -14 144 -178 1,963 20 -129 -84 977 714 End Q4’23 Distributions from EBITDA from D&C Taxes paid Changes in Other changes Cash flow from CF from financing End Q1’24 Undraw
Slide 16: Outlook
Outlook Power Production • FY’24 Power Production estimate: 4,200-4,600 GWh (Unchanged) • FY’24 EBITDA estimate: NOK 3,750-4,050 million (350 million increase) • Increase reflecting Q1 performance, FX and inclusion of the Services segment • Q2’24 Power production estimate: 1,000-1,100 GWh • Q2’24 Ph
Slide 17: Key takeaways
Key takeaways • Largest construction programme completed • Strong EBITDA growth from new plants • Attractive solar projects started construction • Extended debt maturity profile
Slide 18: Scatec improving our future
Scate improving our future
Slide 19: 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 Q4’23 Repayments New debt Change in Currency effects Q1’24 cash and other changes Project level -12.8 0.3 -0.3 0.4 -0.7 -13.1 Group level -8.0 1.7 -1.7 -0.2 -0.5 -8.7 Total
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 730 49% Grootfontein, South Africa 273 51% Solar 6,816 63% Brazil 693 33% Mmadinare phase 1, Botswana 60 100% Wind 2,280 21% Phi