#1Statkraft Results for Q3 2022 CEO CHRISTIAN RYNNING-TØNNESEN CFO ANNE HARRIS OSLO 11 NOVEMBER 2022#2Third quarter summary Q3 Year to date Safety TRI: 3.9 0 serious injuries TRI: 3.9 11 serious injuries Underlying EBIT 9.0 BNOK (+4.3 BNOK Q-on-Q) 30.7 BNOK (13.3 BNOK Y-on-Y) Net profit/loss 3.8 BNOK (-1.1 BNOK Q-on-Q) 14.0 BNOK (+1.9 BNOK Y-on-Y) • The European energy market is still very volatile Strong financial results - - Strong revenues driven by high energy prices and solid results from market activities Low Norwegian hydropower generation Steady operations and solid financial position Implementation of new organisational structure Continue to invest in Nordic hydropower and signing long-term industry contracts Proposed changes increasing taxes going forward for power producers in Norway 2 TRI (Total recordable injuries rate): 12-months rolling Statkraft#3Energy crisis in Europe continues . The energy crisis is creating a challenging situation for many consumers and businesses • Power prices came down towards the end of the quarter, and the trend has continued in October . Extreme price area differences in the Nordics with prices in Southern Norway at German level Nordic future prices has come down, but the market still expect high prices the coming winter • Large degree of uncertainty going forward and volatility expected to continue EUR/MWh EUR/MWh 250 200 150 100 50 50 0 2020 Gas price (monthly average) Gas price (TTF) 2021 2022 500 Power prices (monthly average) German base load price 400 Nordic system price (actual) 300 200 100 Nordic system price (forward) M 0 2020 2021 2022 2023 2024 Statkraft#4Nordic reservoir situation • Reservoir filling well below median However, hydro reservoir situation is improving: - - - For the Nordic as a whole For the high price areas in Southern Norway Statkraft is storing water for the winter % of total capacity (121.4 TWh) 100 90 80 60 70 60 60 50 50 40 40 30 50 4 20 20 10 Hydro reservoir filling in the Nordics Median 2021 .... 2022 (Jan-Sep) 2022 (Oct-Nov) 0 Q1 Q2 Q3 33 Q4 Statkraft#5The global energy transition from today to 2050 Three main challenges: Energy security Reduce cost of energy Reduce emissions Energy and climate crisis solution: More renewable energy Electrification Efficient use of energy Our expectation: A sharp change of pace in Europe's energy transition 5 Statkraft#6Significant growth in renewables is expected Global power supply by energy source 2020-2050 (TWh) 70 000 60 000 50 000 40 000 30 000 20 000 10 000 Renewables 0 2020 2030 Renewables 6 Source: Statkraft's low emissions scenario 2022 2050 Renewables ■ Hydrogen ■Fossil fuels with CCS Other RES ■Bioenergy ■ Hydropower Solar Offshore wind Onshore wind Nuclear Fossil gas ■Oil ■Coal Statkraft#7Strategy - enabling a net-zero future Provide clean flexibility - leveraging hydropower • Largest hydropower company in Europe, and a significant player in South America and India - investing in at least 5 larger projects in Norway by 2030 • • Accelerate solar, wind and battery storage Major developer of solar, onshore wind, and battery storage Annual delivery rate of 2.5-3 GW in 2025 and 4 GW by 2030 Industrial offshore wind player in the North Sea and Ireland Deliver green market solutions to customers • Top-tier provider of market solutions in Europe with a significant global reach Scale new green energy technologies • Leading developer of green hydrogen, biofuel, • EV charging and other green technologies - developing 2 GW green hydrogen by 2030 Top 3 customer friendly and profitable district heating player in Norway and Sweden Sustainable, ethical and safe operations Statkraft#8New organisational structure - Corporate Management Markets Hallvard Granheim CFO & IT Anne Harris Nordics Birgitte R. Vartdal . Energy management • • Trading & origination Hedging Route to Market Nordic hydro, wind, and solar • Offshore wind development Industrial ownership 8 • CEO Christian Rynning-Tønnesen Corporate Staff Henrik Sætness Europe Barbara Flesche European hydro, wind, solar, gas and batteries International Ingeborg Dårflot Hydro, wind, solar and batteries outside Europe Procurement . Project delivery unit • • New Energy Solutions Jürgen Tzschoppe • District heating • Hydrogen • Biofuel • MER (EV Charging) R&D and early phase initiatives Statkraft Ventures Statkraft#9Third quarter highlights: Norway Investment decision for Kjela dams (Norway) - Erect new rock filled dams The project scores high in terms of environment and encroachment on nature Estimated investment of NOK 430 million 9 Long-term power agreements Extended agreement with Finnfjord (ferrosilicon company) from 2031 to 2044 - Increased volume and extended agreement with Norske Skog (producer of publication paper)#10Contribution to owners Significant contribution to the owners over time • Previous five years* - - 31.5 BNOK in taxes - 34.8 BNOK in dividend - 16.6 BNOK in retained earnings • Retained earnings for reinvestments in profitable renewable energy projects 10 * Statkraft SF figures NOK billion 25 20 15 10 9.6 LO 5 2017 15.2 2018 12.4 5.7 23.5 2019 2020 2021 Retained earnings (net profit - dividend) Payable income tax to Norwegian authorities Dividend to owner Statkraft#11Ready to take a leading position in the energy transition . • Highly competent and motivated employees Updated organisation structure to support the updated growth strategy • Increased reservoir filling and prepared for the winter • Robust financial position enables significantly increased growth targets 11 ABUS 751/10t#12Key financial figures Quarter MNOK EBIT* 8,959 4,956 4,609 3,825 Net profit Net profit Quarterly performance driven by: - Strong results from the Market operations segment, particularly trading and origination Higher Nordic power prices offset by significantly lower Norwegian hydropower generation Operating expenses up 22% Net profit down due to large positive effects from reversal of impairments last year YTD performance driven by: Record-high Nordic power prices Q3 Q3 2021 2022 Q3 2021 Q3 2022 Year to date MNOK EBIT* - 30,729 - 17,458 12,198 14,049 Q3 2021 Q3 2022 Q3 Q3 2021 2022 12 Underlying figures, see definition in alternative performance measures in financial reports Significantly improved results from Market operations, particularly trading and origination Operating expenses up 24% Net profit 2 BNOK above last year Statkraft#13Volatile energy market with high prices Coal, USD/t +132% Gas, EUR/MWh +310% CO2, EUR/t +39% 155 360 Q3-21 Q3-22 Nordic reservoir capacity¹ 194.9 79.6 79 84 57.1 47.5 Q3-21 Q3-22 Q3-21 Q3-22 Q3-21 Q3-22 • Factors impacting power prices: Average quarterly Nordic system price was 176 EUR/MWh, up 108 EUR/MWh Q-on-Q Gas, coal and CO2 prices 500 - Low reservoir levels in Southern Norway due to dry weather German base load price 400 Kristiansand spot price Tromsø spot price Significant spread between price areas in the Nordics 300 200 13 1 Nordic reservoir capacity in percent of median. Sources: Nord Pool, European Energy Exchange. 100 2019 2020 2021 2022 Statkraft#1414 Generation TWh 2021 2022 20.6 18.5 15.5 15.3 14.2 Q1 72 Q2 33 Q3 12.2 18.5 44 Q4 Total power generation down 20% from Q3 2021 - Norwegian hydropower generation down 3.2 TWh to 8.6 TWh Wind power generation on par with 0.8 TWh Statkraft#15Hedging Hedged volume 2023 - 2030 Approx. 1/3 of total generation hedged for the next years TWh 70 70 60 60 50 40 30 20 10 Nordic system future price curve EUR/MWh 180 8428 160 140 120 100 80 60 60 60 40 40 20 20 Statkraft 0 2023 2024 2025 2026 2027 2028 2029 2030 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 ■ Europeisk flexibel kraftproduksjon - regulert European flexible generation - Commercial ■International power ■European wind and solar End of Q3 2022 End of Q2 2022 End of Q1 2022 Spot volume is based on an annual power generation of 65 TWh, which is the Groups average generation for the years 2019-2021 ■ Spot* *#16Underlying EBIT - Segments Quarter MNOK 7,956 8,128 16 1,342 Q3 2021 Q3 2022 -118-170 349 -42 -38 -315 705 565 • European flexible generation - - Improved contribution from Baltic Cable Norwegian hydropower lower due to low generation and hedging losses • Market operations - Strong contribution from trading and origination -243 -553 Other activities/ - Dynamic asset management negative, but significant improvement • European wind and solar Lower power prices in NO3 and SE2 price area and hedging losses Higher business development cost in line with growth strategy 2021 included gains from divestments • Industrial ownership High power prices in the NO2 area more than offset by lower generation -3,997 European Market International flexible operations generation power European wind and solar District heating Industrial ownership group items Statkraft#17ROACE • Rolling 12 months well above target of 17 12%, driven by a solid EBIT Average capital employed on par with previous periods 9.0% 8.3% 5.7% 16.1% 13.2% Q3 2020 Q4 Q1 2021 22 Q2 22.4% 31.8% 31.0% 29.0% Q3 Q4 Q1 2022 Q2 Q3 MNOK Q4-2021 EBIT, (12 months rolling) Average capital employed 26,792 119,422 Q1-2022 37,530 120,871 Q2-2022 35,714 123,114 Q3-2022 40,464 125,988 Statkraft#18Share of profit in equity accounted investments Quarter MNOK 863 18 -25 680 210 Q3 2021 103 61 -2 -309 -14. -159 Q3 2022 International power European wind and solar Industrial ownership Other • Lower contribution from International power Reversal of impairments in India last year • Losses from Industrial ownership Negative hedging effects in Agder Energi Statkraft#19Investment program - Year to date European flexible generation Market 10% 8% 21% operations International 1% power 0% European wind and solar 7,933 MNOK District heating Industrial 27% ownership 31% Other activities/ group items 1,707 2,209 New capacity for subsequent divestment (DS/DBS) New capacity investments (BOO) 1,991 1,518 Maintenance investments Other investments New capacity New capacity investments - Business models: DS: Develop - Sell; DBS: Develop - Build - Sell; BOO: Build - Own - Operate 508 Investments in shareholdings • Maintenance investments primarily related to Nordic hydropower • Other investments related to grid, district heating and EV charging • New capacity: • 19 DS/DBS investments - primarily wind and solar projects in Ireland. - BOO investments - solar park in India, wind farms in Chile and Brazil as well as a hydropower plants in Chile and India. Investments in shareholdings mainly related to investments within EV charging Statkraft#20Cash flow in the quarter MNOK 53,417 8,573 -1,544 Cash reserves 30.06.2022 Operating activities Investing activities 20 -5,468 743 Financing activities 55,721 Currency Cash reserves exchange 30.09.2022 rate effects • Solid cash flow from operations - - NOK 1.9 billion of unrealised positive effects included in EBIT Net cash inflow from margin calls of NOK 2 billion - Cash outflow of investments in DBS projects of NOK 1.4 billion Financing activities - Paid dividend NOK 10.2 billion - Cash inflow of NOK 5 billion from green bond issue Statkraft#21Rating, debt and maturity profile Standard & Poor's: A (stable outlook) Fitch Ratings: BBB+ (stable outlook) . Very solid cash position Net cash position of NOK 1.2 billion • Current ratings provide a framework for investments BNOK Gross debt 54.9 BNOK Net interest-bearing liabilities 38.6 Cash and cash equivalents, excl. restricted cash 12.3 55.5 Current financial 7.5 investments 21 21 25.6 Long-term liabilities, debt redemption profile Loans in subsidiaries 12.5 1.0 Loans in Statkraft AS 18.6 6.3 0.7 0.6 Q3 2021 -1.2) Q3 2022 2023 2024 2025 ≥2026 2022 Statkraft#22Summary Strong results so far this year Improved reservoir situation and expected high future power prices Robust financial position and solid foundation to meet growth targets 22 22#2323 Investor contacts: Debt Capital Markets Senior Vice President Tron Ringstad Phone: +47 992 93 670 E-mail: [email protected] Vice President Stephan Skaane Phone: +47 905 13 652 E-mail: Stephan. [email protected] Financial information Vice President Bjørn Inge Nordang Phone: +47 913 59 865 E-mail: [email protected] Senior Financial Advisor Arild Ratikainen Phone: +47 971 74 132 E-mail: [email protected] Statkraft