#1Scatec Investor presentation May 2022#22 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 included therein. The following presentation may include information related to investments made and key commercial terms thereof, including future returns. Such information cannot be relied upon as a guide to the future performance of such investments. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Scatec ASA or any company within the Scatec Group. This presentation contains statements regarding the future in connection with the Scatec Group's growth initiatives, profit figures, outlook, strategies and objectives as well as forward looking statements and any such information or forward-looking statements regarding the future and/or the Scatec Group's expectations are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. Alternative performance measures (APM) used in this presentation are described and presented in the first quarter 2022 report for the group.#3S Contents 1. Scatec in brief 2. Our business model 3. Financials 4. Outlook#401 Scatec in brief Scatec#55 Key investment highlights A leading renewable power producer with 3.5 GW in operation and under construction Solid and predictable cash flow generation supported by 17+ years PPAs A track record of growth with a 14.5 GW project pipeline across high growth markets A business model to develop, build, own and operate renewable power plants across multiple technologies Strong focus on ESG with top rating from independent rating agencies#6Scatec provides renewable energy solutions in high growth markets - 3.5 GW of solar, wind and hydro in operation and under construction Scatec in brief одо Develop, build, own and operate renewable energy 2,089 MW 1,422 MW 39 MW 3.5 GW in operation and under construction APA More than 600 employees in 27 countries HQ Plants in operation Plants under construction Projects in backlog Latin America 374 MW Africa & the Middle East 1,220 MW m m Europe & Central Asia 506 MW Southeast Asia 1,450 MW#77 Power production Key figures A growing portfolio of renewable assets Capacity1 MW 3,500 4.1 3,000 Power 2,500 TWh² production 2,000 1,500 1,000 3,954 $ Q1'22 LTM 500 MNOK revenues³ 0 Q4 18 Q1 19 Q2 19 Q3 19 $ MNOK 2,736 Q1'22 LTM EBITDA³ 3,000 2,500 2,000 1,500 $ 1,350 Q1'22 LTM 1,000 MNOK Cash flow to Equity³ 500 ■III Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Wind Hydro Solar 0 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Power Production - EBITDA (LTM) Power Prodction - Cash flow to equity (LTM) (1) In operation. Gross capacity. Average Economic Interest of 52% (2) Median annual net production. (3) Proportionate Financials#8Predictable and diversified long-term cash flows Long-term PPA's with weighted average remaining tenor of 17 years¹ 2022 2025 SNAP M&B (2) Mocuba BenBan Bujagali Guañizuil RedSol Upington Malaysia QSP portfolio (3 plants) ASYV Dam Nai wind Los Prados 8 Apodi Jordan portfolio Agua Fria Linde + Dreunberg Kalkbult Theun Hinboun Ukraine portfolio Czech portfolio 2030 10 8 8 2035 14 2040 16 66 16 16 17 18 11 19 20 2045 22 22 (1) Assets in operation as per december 2021, weighted average tenor based on PPA portfolio for operating assets (2) Illustrating operating license for assets in the Philippines. Power sold under short term bilateral contracts and in the spot market. 2050 Diversified asset portfolio Power Production EBITDA distribution Q1'22 LTM Vietnam Argentina Brazil Jordan 2% Honduras 3% 3% Czech Republic 4% Ukraine 4% Laos 9% Egypt 9% -Other Philippines 25% 10% 10% Malaysia Uganda 15% South Africa#902 Our business model Scatec#10汎 Scatec's integrated business model Develop, build, own & operate An agile and proven approach Focus on markets with excellent conditions for renewables Value creation from multiple sources Risk management integrated in Scatec operating system 10 Scatec's business model and strategic approach Project development Attractive returns Financing & structuring Construction High growth markets Own and Operate Partnerships Strategic approach Long-term offtake agreements Risk management Non-recourse project financing and ESG#11A typical project structure Illustration of company structure and main contracts 11 Scatec Equity co- investors 100% 39%-100% Shareholders' agreement Land lease agreements Component Suppliers Sub-Contractors Scatec O&M / EPC EPC contract O&M contract World Bank/others Single Purpose Vehicle Loan agreements Asset Management contract Political risk insurance (when relevant) Land owners Project financing Sovereign PPA guarantee agreement Concession agreement State government State owned utility#1212 Value creation in Scatec's integrated business model • The integrated business model yields multiple sources of value Project cost of equity defined based on e.g. leverage, currency and country risk premium • Scatec guidance: Avg project Equity IRR of 12-16% • D&C gross margins of 10-12% • Cost inflation with some impact on Development & Construction margin for project backlog Illustration of Equity IRR build up: 18+% 12-16% Project Company Equity IRR Project Development margin Construction margin Service margin Refinancing Total Equity IRR#13S Partnering with Development Banks for project finance and risk mitigation oon Multilateral development banks (DFIs) are providing equity and debt to infrastructure projects in emerging markets IFC 50 AFRICA FINANCING AFRICA'S INFRASTRUCTURE POUR LES INFRASTRUCTURES EN AFRIQUE International Finance Corporation WORLD BANK GROUP EMERGING AFRICA INFRASTRUCTURE FUND Norfund の European Bank for Reconstruction and Development CAD DFIs are often advising governments on design of renewable programmes to promote private/public partnerships 13 مى للتنم ـات الإسر InfraCo AFRICA FMO Entrepreneurial Development Bank Project insurance/guarantee arrangements through MIGA to protect investments against non-commercial risks DEVELOPMENT BANK RANDE YAGOUE DE DEVELOPPEMEN Cifto PROPARCO Multilateral Investment MIGA Guarantee Agency WORLD BANK GROUP#1414 Environmental, Social & Governance aspects are integrated in our operating model Opportunity Project Development Financing Risk assessment & monitoring Environmental & social impacts LAR CA PÅ Delivery Power Production Stakeholder engagement, grievance mechanism & local development Health & Safety Responsible procurement Investment decision Calculate emissions End of life management#1515 Top rating from independent rating agencies How we work with ESG A competitive advantage SUSTAINALYTICS Rating summary: Low risk #1 of 450 - Utilities #1 of 48 - Renewable power producers • • ESG is an integrated part of our business Dedicated E&S resources for long term approach and impact • • Attracts projects and business partners Reduces risks and strengthens probability of successful completion of projects ISS ESG Rating: A- (excellent) Status: Prime Prime threshold: C+ MSCI • Solid Environmental and Social Management System covering all projects Becoming imperative to qualify for and win new projects Rating: AAA (top rating) Highest scoring range relative to global peers CDP Rating: A Carbon Disclosure Project Top score All our projects must adhere to the IFC PS and Equator Principles IFC EQUATOR PRINCIPLES >> OECD THE GOVERNANCE GROUP Rating: A+ #1 in ESG reporting among the 100 largest companies on Oslo Stock Exchange#1603 Financials Scatec#17Proportionate financials NOK million Revenues Q1'22 Q4'21 Q1'21 Power Production 933 1,073 868 3,889 Services 66 66 56 260 Development & Construction 5 18 24 137 Corporate 10 11 6 42 Total 1,014 1,169 954 4,328 EBITDA Power Production 490 763 704 2,949 Services 16 11 17 75 Development & Construction -75 -57 -60 -223 Corporate -34 -35 -25 -114 Total 398 683 636 2,686 EBIT Power Production -554 511 483 1,977 Services 15 10 16 70 Development & Construction -193 -79 -62 -301 Corporate -40 -42 -31 -140 Total -772 399 406 1,606 17 Revenues from Power Production from 2021 has been adjusted due to change in accounting policy, disclosed in note 10 in Q1'22 report 2021 Q1'22 vs Q1'21 • Increased production in solar & wind Hydropower production impacted by seasonality • Power Production EBITDA down: • Increased purchase of power of NOK 181 million in the Philippines • NOK 87 million credit loss provision in Ukraine D&C revenues in line with guidance EBIT impacted by impairments: • Assets in Ukraine - NOK 770 million • Discontinued project development in Mali, India and Bangladesh - NOK 116 million#18Power Production - Philippines Short-term impact by seasonality - long-term asset values increasing Quarterly power production - GWh (100%) · Q1'22 production 25% below 5-year average as expected - power purchased at high prices in the market Production profile tilted toward second half of year and normal hydrology variations of +/- 25% 600 5 year avg production 2021 production 2022 production • ~80% of annual production year ahead is sold on bilateral contracts - stabilising earnings 450 300 • Continued high spot prices is expected to generate extra revenues in periods with strong hydrology Contract portfolio 150 • Long-term asset values increasing – capturing higher energy prices over time with a premium for flexibility 18 (*) Power grid stabilisation services (**) Q2'2022 production forecast 0 Q1 Q2** 03 Q3 Q4#19S A solid financial position Consolidated financial position (NOK million) As of 31.03.2022 As of 31.12.2021 Group free cash of NOK 2,550 million 33,030 33,030 31,758 31,758 • Available undrawn credit facilities NOK 1,612 million 5,645 5,474 Group* book equity of NOK 10,381 million 9,919 8,554 2,913 3,385 (NOK Project Consolidated Group Total million) level level* prop. 27,385 26,284 Cash 4,186 1,613 2,550 4,163 20,197 19,819 Debt -19,471 -12,097 -7,128 -19,225 Net debt -15,285 -10,484 -4,578 -15,062 Assets Equity & Liabilities Assets Equity & Liabilities (*) Defined as 'recourse group' in the corporate bond and loan agreements, where restricted cash is excluded. Current assets Equity Non-current liabilities Non-current assets Current liabilities 19#20Q1'22 movement of the Group's free cash NOK million 20 20 2,335 13 -69 -67 -33 -105 479 2,550 1,612 End Q4 21 I Distributions Cash flow to I from operating equity D&C Cash flow to equity Services Cash flow to equity Corporate Working Capital/other I power plants Project Development capex Project equity End Q1 22 Available undrawn credit facilities Operations Movement of cash in 'recourse group' as defined in the corporate bond and loan agreements. Investments 4,162 Total incl. credit facilities#2104 Outlook Scatec#22Project backlog progressing with returns in line with guidance Pakistan, 150 MW Brazil, 530 MW South Africa, 540 MW* South Africa, 273 MW Tunisia, 360 MW 222 Construction start for 1.7 GW in backlog with total capex of NOK 18 billion expected in 2022 (*)Solar battery solution#23Developing a large pipeline across technologies to assure future growth 23 223 Scatec's project pipeline Q1'22 5% 2% 34% 14,553 MW 41% 18% Solar Wind Release Hydro P2X#24Power-to-X Building strategic position within green ammonia and green hydrogen • Partnership with Acme for green ammonia facility in Oman First phase 100,000 MT – second phase up to 1.2 million MT • Partnership with Fertiglobe, Orascom and Sovereign Fund of Egypt for green hydrogen facility in Egypt 100 MW electrolyser capacity Antalya Turkey Baghdad Cyprus Syria Lebanon Iraq Alexandria الإسكندرية Cairo Jerusalem Jordan Israel Egypt Medina المدينة المنورة Jeddah Mecca مكة المكرمة Red Sea • Partnership with Egyptian authorities for green ammonia facility Production volumes of 1-3 million MT Sudan Eritrea Khartoum لخرطوم 24 Ethiopia uth Sudan Kuwait Tehran عمران о Iran Persian Gulf Bahrain Dubai Riyadh الرياض Saudi Arabia Sanaa صنعان Yemen Gulf of Aden Djibouti As Qatar United Arab Emirates Gulf of O Musca Oman#252022 guidance Power Production¹ Production - GWh EBITDA - NOK million • • Q1'22 Q2'22 FY2022 868 860-960 3,850 - 4,150 2,300 - 2,600 EBITDA guidance down NOK 400 million to reflect Ukraine - write down of receivables in Q1 and zero underlying EBITDA in 2022 In the Philippines production in Q2 2022 is forecasted about 20% higher than 5-year average Services & Corporate Services 2022 EBITDA is expected slightly above 2021. Corporate 2022 EBITDA is expected slightly below 2021 25 (1) Proportionate production volume based on production from plants in operations at the end of Q1'22. EBITDA based on currency rates as per year end of Q1'22.#2626 A renewable solution provider well positioned for further growth Building a global leader across renewable energy technologies Focus on high growth markets where our track record can be leveraged Continue to apply our business model to a changing market#27Scatec improving our future#28Our asset portfolio Plants in operation Capacity Economic Under construction Capacity MW interest MW Economic interest Project pipeline Capacity Share in % MW Theun Hinboun, Laos 525 20% Sukkur, Pakistan 150 75% Solar 5,924 41% Magat, Philippines Benban, Egypt Upington, South Africa Bujagali, Uganda Quantum Solar Park, Malaysia Apodi, Brazil Progressovka, Ukraine Binga, Philippines Guanizuil IIA, Argentina ****** 388 50% Wind Release 45 100% 5,000 34% 380 51% Total 195 61% Hydro 2,569 18% 258 46% P2X 760 5% 255 28% Release 300 2% 197 100% Project backlog Capacity Economic Total 14,553 100% 162 44% MW interest 148 100% 140 50% South Africa 813 51% 117 50% Brazil 530 33% Ambuklao, Philippines 105 50% Tunisia 360 55% Kalkbult, South Africa 75 45% Lesotho 20 48% Dreunberg, South Africa 75 45% Total 1,723 46% Agua Fria, Honduras 60 40% Chigirin, Ukraine 55 100% Boguslav, Ukraine Rengy, Ukraine 54 100% 47 51% Redsol, Malaysia 47 100% Jordan, Jordan 43 62% Linde, South Africa 40 45% Mocuba, Mozambique 40 53% Dam Nai, Vietnam 39 100% Los Prados, Honduras Kamianka, Ukraine Czech, Czech Republic Maris Hydro, Philippines Asyv, Rwanda Total ***** 35 70% 32 61% 20 100% 9 50% 9 54% 3,355 52% Scatec www.scatec.com