Scatec Asa · OSL:SCATC
Scatec Asa — Investor Presentation (November 2025)
24 slides from Scatec Asa's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
Investor Presentation November 2025 1
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: Scatec is a leading emerging market renewables IPP
Scatec is a leading emerging market renewables IPP focused on strong, contracted cashflow and value accretive growth • Leading renewable power producer with 4.2 GW in operation Operational gross capacity and additional 2 GW under construction • Generating strong predictable cash flows from PPAs • In
Slide 4: Strong historical track record of delivering capacity growth
Scatec has a strong historical track record of delivering capacity growth… Historical capacity additions, GW SN Power acquisition in 2021 7.2 GW 6.2 GW capacity, Current installed, portfolio in acquired and operation and under under construction construction >2018 2019-2020 2021-2022 2023-2024 2025
Slide 5: Operating assets generating EBITDA of NOK 4.35 billion in 2025
Operating assets generating EBITDA of NOK 4.35 billion in 2025 Proportionate power production EBITDA1, NOK million 2 GW in construction 3.4 GW in backlog 5,000 4,635 4,500 4,350 4,000 Acquisition of SN Power 3,500 3,244 3,000 2,950 2,834 2,500 2,000 1,500 1,404 975 1,000 2021/22: COVID related emerg
Slide 6: 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 7: USD ~560 trillion investments in our regions across technologies
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 3,858 113 112 114 3,224
Slide 8: 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 9: 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 10: 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 11: Increased growth pace & continued deleveraging funded by divestments
Strategy 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 Strengthening Exit non-growt
Slide 12: Growth plan backed by strong project pipeline - 5.4 GW secured
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 13: 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 14: 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 expense1 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 proceeds
Slide 15: Continuing to divest to fund growth and debt repayments
2030 divestment plan Continuing to divest to fund growth and debt repayments Proven ability to execute value accretive deals Targeting NOK 3.4 bn divestment proceeds to 2030 Divestment transactions since 2023 (sales proceeds) Proceeds from divestments (NOK billion) 6.0 June ‘23 USD 55 million, South
Slide 16: Develop, build, own & operate renewable energy with in-house expertise
What we do Develop, build, own & operate renewable energy with in-house expertise Development Construction Power Production Experienced local Skilled in-house EPC teams Strong predictable cash flow from power development teams ensuring safe and efficient execution plants owned and operated by Scatec
Slide 17: Generating value and funding growth through capital efficient model
Continued capital efficient growth Generating value and funding growth through capital efficient model Extracting value through multiple revenue streams Capital efficient funding structure Illustrative cash flow chart Illustrative funding structure1 Corporate costs & interest expenses 100.0% 75.0% D
Slide 18: Long-term contracted and risk mitigated cashflows
Long-term contracted and risk mitigated cashflows ~80% of capacity under Matching revenues and debt 75% interest hedging long-term PPAs currencies to reduce exposure of project debt 14 years ~70% 12 years Average remaining PPA in hard currencies Average remaining and/or inflation adjusted debt tenor
Slide 19: 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 20: Partnering with development banks for project financing and risk mitigation
Partnering with development banks for project financing and risk mitigation Multilateral development banks (DFIs) are providing equity and debt to infrastructure projects in emerging markets DFIs are often advising governments on design of renewable programs to promote private/public partnerships Pr
Slide 21: Strong ESG focus across all operating activities
Strong ESG focus across all Net Zero climate target operating activities Minimise direct emissions by 2030 and achieve net zero emissions across the value chain by 2040. Minimising social and environmental impacts • Science based approach to climate change • Responsible lifecycle management • Minimi
Slide 22: Key takeaways
Key takeaways • Solid position in markets with significant energy demand • Renewables the cheapest source of energy in our growth markets • Strong momentum with an all-time high growth portfolio 22
Slide 23: Scatec improving our future
Scate improving our future
Slide 24: 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