Slide 1: Q3 2025: Accelerating growth and continuing to deleverage
Q3 2025 Accelerating growth and continuing to deleverage 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
Q3 2025 Key highlights Key figures - proportionate Proportionate revenues up 22% YoY Figures in brackets are same quarter last year Total revenues and other income Power production NOK 1.8bn D&C revenues with 11.4% gross margin 2,953 1,202 NOK million GWh All-time high backlog following solar and BE
Slide 4: Revenues of NOK 1.2 billion from power production
Power Production Revenues of NOK 1.2 billion from power production Power production Revenues GWh NOK million +7% 1,254 1,772 1,202 -131 1,123 -9 31 8 49 Botswana -620 +2% 1,152 1,178 13 -19 12 20 Q3’24 Divested Q3’24 Philippines Honduras New Other Q3’25 Q3’24 Divested Q3’24 Philippines Honduras New
Slide 5: Continue to allocate larger volumes to Ancillary Services
Philippines financial performance Continue to allocate larger volumes to Ancillary Services Volumes & average effective prices Net revenues EBITDA PHP/KWh NOK million NOK million 493 448 6.0 5.5 432 382 5.0 60 390 385 231 60 332 332 354 4.5 231 4.0 320 305 152 270 285 3.5 157 205 3.0 2.5 224 149 2.0
Slide 6: All-time high construction activity
Construction All-time high construction activity 1,749 MW solar + 687 MWh BESS under construction1 Expected COD 273 MW solar Solid construction progress H2 2025 Grootfontein, South Africa • Good progress across the 120 MW solar construction portfolio H2 2025 Sidi Bouzid and Tozeur, Tunisia 60 MW sol
Slide 7: Strong contribution from D&C with 10-12% gross margin
Near-term growth Strong contribution from D&C with 10-12% gross margin NOK~21bn remaining EPC revenues in construction & backlog EPC revenue recognition following an S-curve.. Illustrative Project 2025 2026 2027 NOK million Grootfontein 1,980 100% completion Sidi Bouzid and Tozeur 740 Rio Urucuia 40
Slide 8: Financial review
Financial review Hans Jakob Hegge, CFO
Slide 9: All-time high D&C activity driving revenue growth
Group financials All-time high D&C activity driving revenue growth Consolidated financials Proportionate financials NOK million NOK million Revenue EBITDA Revenue EBITDA 2,967 2,953 2,659 2,684 2,416 2,387 2,302 1,814 1,505 1,520 1,316 1,375 1,379 1,153 1,080 1,130 1,063 1,027 816 785 Q3’24 Q4’24 Q1
Slide 10: Stable development, with new plants partially offsetting divested assets
Power Production Stable development, with new plants partially offsetting divested assets Quarterly 12 months rolling NOK million NOK million Revenue EBITDA Revenue EBITDA 1,772 1,625 1,623 6,332 1,540 6,065 1,390 5,504 5,738 1,312 1,352 5,392 4,923 5,155 1,178 4,635 4,807 1,110 4,107 955 Q3’24 Q4’2
Slide 11: 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 1,760 4,525 261 135 3,396 202 183 2,890 1,038 976 139 139 2,291 751 1,785 631 51 49 26 13 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q3’24 Q
Slide 12: Strong liquidity position of NOK ~4.7 billion
Free cash on group level Strong liquidity position of NOK ~4.7 billion Q3’25 movements of the Group’s free cash & liquidity, NOK million 4,735 -81 -414 2,346 1,420 -1,082 108 -7 2,389 2,021 424 Q2’25 Distributions from EBITDA from D&C Taxes Changes in Other changes Cash flow from CF from financing Q
Slide 13: Strengthening of the balance sheet continues
Proportionate net interest-bearing debt Strengthening of the balance sheet continues Corporate Project net interest-bearing debt net interest-bearing debt* • Repaid NOK ~1 billion of NOK billion NOK billion corporate debtCort 5.6 15.9 13.6 • NOK ~4.1 billion drawn for 5.2 4.3 2.7 projects under cons
Slide 14: Outlook
Outlook Power Production • FY’25 Power Production estimate: 4,100 - 4,200 GWh • FY’25 EBITDA estimate: NOK 4,250 - 4,450 million • Q4’25 Power production estimate: 1,000 - 1,100 GWh • Q4’25 Philippines EBITDA estimate: NOK 280 - 380 million Development & Construction • Remaining D&C contract value:
Slide 15: 2030 strategic roadmap
2030 strategic roadmap Accelerating growth and continuing to deleverage
Slide 16: Ahead of plan to reach strategic targets for 2027
Strategic progress Ahead of plan to reach strategic targets for 2027 Growth pace ahead of plan Deleverage ahead of plan Divestments according to plan Secured equity investments, NOK billion Corporate gross interest-bearing debt, NOK billion Received divestment proceeds, NOK billion NOK 750m average
Slide 17: Renewables is the preferred source of energy
The macro situation for renewables Renewables is the preferred source of energy Solar PV modules Energy storage systems Global LCOE prices normalising at all-time lows prices continue to drop renewables are the cheapest source of energy USD/kW 4-hour turnkey from China, USD/Kwh USD/MWh 260 254 200 1
Slide 18: USD ~560 trillion investments in our regions across technologies
Internal Scatec is well positioned in the transition mega trend USD ~560 trillion investments in our regions across technologies Solar PV, onshore wind and batteries Solar PV, onshore wind and battery capacity USD trillion annual investment GW total accumulated installed capacity 132 3,858 113 112 1
Slide 19: Increased growth pace & continued deleveraging funded by divestments
Internal Increased targets towards 2030 Increased growth pace & continued deleveraging funded by divestments Profitable growth Deleverage Capital efficient NOK 1 billion NOK 4 billion NOK 3.4 billion annual equity investments gross corporate debt by 2030 divestment proceeds by 2030 Build scale in St
Slide 20: Growth plan backed by strong project pipeline
Profitable growth Growth plan backed by strong project pipeline - 5.4 GW already secured Gross power production capacity1, 2 GW Solar BESS (GW) Onshore wind Hydro Green H2 11.7 3.4 9.6 1.2 7.6 2.8 0.8 2.0 1.7 4.2 1.2 7.3 2.8 Operational Under Backlog Near-term Pipeline Projects construction portfoli
Slide 21: Uniquely positioned in markets where renewables makes most sense
Strategic approach to market selection Uniquely positioned in markets where renewables makes most sense Global average horizontal irradiation Scatec market selection criteria kWh/m2 • Meets required project returns • Renewables the most cost-efficient source of energy • Large and growing power deman
Slide 22: Diversified market portfolio ensuring long-term growth
Strategic approach to growth markets Diversified market portfolio ensuring long-term growth Established growth markets New attractive growth markets Egypt Romania / Central Eastern Europe Leverage leading market position and strong partnerships Targeting a flexible, multi-technology portfolio with a
Slide 23: Low-cost batteries the solution for grid stability and baseload energy
Scatec at the forefront of Solar & BESS integration Low-cost batteries the solution for grid stability and baseload energy Providing baseload power Unlocking grid capacity Enhancing grid stability Addressing peak demand Kenhardt, Mogobe & Haru, Magat, Binga & Ambuklao, Obelisk & Egypt Aluminium, Sou
Slide 24: Maintaining robust IRR levels
Robust return profile Maintaining robust IRR levels Scatec project equity IRR build up - Average equity IRRs for projects under construction and backlog • Strict value creation criteria IRR drives all investment decisions ~30% • 1.2x Cost of Equity • 10-12% D&C gross margin • 25-30% Service margins
Slide 25: Continuing to deleverage – targeting NOK 4 billion by 2030
2030 corporate deleverage plan Continuing to deleverage – targeting NOK 4 billion by 2030 Corporate debt deleverage target Corporate interest expenses1 reduced Gross corporate debt (NOK billion) NOK million 9.2 671 -2.5 555 6.7 Previous 2027 target NOK 6.2 billion -2.7 4.0 ~80% of divestment proceed
Slide 26: Continuing to divest to fund growth and debt repayments
2030 divestment plan Continuing to divest to fund growth and debt repayments Targeting NOK 3.4 bn divestment proceeds to 2030 Proven ability to execute value accretive deals Proceeds from divestments (NOK billion) Divestment transactions since 2023 (sales proceeds) 6.0 June ‘23 USD 55 million, South
Slide 27: Summary: 2030 roadmap
Summary: 2030 roadmap • Increasing growth pace at attractive returns • Continuing to deleverage on corporate level • Self-funded plan supported by additional divestments 27
Slide 28: Scatec
Scatec
Slide 29: 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 955 41% Obelisk, Egypt 1225 100% Solar 4,135 54% Brazil 693 33% Grootfontein, South Africa 273 51% Wind 1,919 25% Philippines 67
Slide 30: 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 Q2’25 Repayments New debt Change in FX and other Q3’25 cash changes Project level -13.6 0.3 -4.1 1.8 -0.3 -15.9 Group level -5.6 1.0 0 0.4 0.0 -4.3 Total -19
Slide 31: 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 Catch-up Ancillary Services Spot & Contract 359 373 432 323 60 385 254 152 157 152 104 215 233 Q3’24 Q3’25 Q3’24 Q3’25 Prices, PHP/kWh EBITDA,
Slide 32: Scatec
Scatec