Second quarter and first half 2021: Strong growth in project backlog and pipeline

Oslo, 23 July 2021: Scatec’s second quarter proportionate revenues was NOK 1,101 million (925) with EBITDA of NOK 601 million (417) and associated EBITDA margin of 55%. Power production more than doubled from the same quarter last year and totaled 860 GWh (406) with strong contributions from the new hydropower assets.

The Group’s power production capacity increased by almost 1,500 MW compared to last year. Power Production revenues reached 969 million (458) and EBITDA 660 million (374). Development & Construction’s revenues and EBITDA decreased compared to the same period last year but will be ramping up again in second half of the year when new projects move into construction.

“We are experiencing strong market development across all our technology segments with major projects in South Africa and India secured as backlog in the quarter. I am pleased to see our development teams globally adding significant volume to our backlog and pipeline. We have also reached important milestones with commercial operations in Argentina and Ukraine, continuing to deliver on our ambitious targets”, says Raymond Carlsen, CEO of Scatec.

Scatec holds a project backlog of almost 2,100 MW. In addition, the project pipeline is solid, totaling close to 12,300 MW across several technologies. This also include offshore wind projects under development in Southeast Asia.

Due to an error in the Q1’21 reporting, the proportionate net interest bearing debt figure for Q1’21 was corrected from NOK 13,674 million to NOK 14,934 million in the Q2’21 report.

First half 2021 proportionate revenues were NOK 2,111 million (1,791) with EBITDA of NOK 1,237 million (763).

Scatec’s second quarter consolidated revenues were NOK 874 million (725), with EBITDA of NOK 670 million (580). The consolidated net profit was NOK 110 million (-81).

For further details, please see the attached second quarter and first half 2021 report and presentation.

A presentation of the results followed by a Q&A session will be held through a live webcast today at 08:00 am CEST. You can follow the webcast from our website: www.scatec.com, or this direct link: Scatec Webcast Q2 2021 (royalcast.com). You may ask questions through the webcast solution or email your question in advance to ir@scatec.com.

Numbers in brackets are comparative figures from Q2 2020 or first half 2020. EBITDA and other alternative performance measures (APMs) are defined and reconciled as a part of the APM section of the attached quarterly report on pages 41-44.


For further information, please contact:

Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatec.com
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364, ingrid.aarsnes@scatec.com

About Scatec ASA:
Scatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long- term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. Scatec has more than 3.5 GW in operation and under construction on four continents and more than 500 employees. The company is targeting 15 GW capacity in operation or under construction by the end of 2025. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com, or connect with us on Linkedin.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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