Scatec first quarter 2024

Pursuing new valuable growth after finalising all time high construction programme - Seite 2

Maturing the pipeline is a priority for Scatec and we continue to seek value accretive opportunities in our markets to drive further growth. Some 93% of the pipeline is in our focus markets, and 5 GW is related to South Africa, where Scatec sees significant opportunities going forward. During the quarter Scatec launched the Lyra Energy platform in South Africa, with renowned local partners Stanlib and Standard Bank. Lyra is a platform that offers access to affordable and predictable utility-scale renewable energy to medium and large commercial and industrial (C&I) players, strengthening our position in South Africa. Last week, Scatec also signed a 10-year power purchase agreement with Statkraft in Brazil, enabling us to move forward with a 142 MW solar project and convert it into backlog.

The company extended its maturity profile through successful issuance of a NOK 1.75 billion 4-year senior unsecured green bond, with a subsequent buy-back of EUR 136 million of outstanding bonds, and extensions of the USD 150 million Green Term Loan and the USD 180 Revolving Credit Facility – all at attractive rates.

“2024 is off to a good start with EBITDA growth in the Power Production segment, new projects entering construction and pipeline and backlog projects maturing. We are committed to our self-funded, disciplined growth plan and I would like to thank our team for the fantastic achievements we have celebrated this quarter,” concludes Pilskog.

First-quarter consolidated revenues and other income were NOK 1.28 billion (919 million), EBITDA NOK 1.02 billion (629 million) and the net loss was NOK 26 million (-98 million).

Outlook
The full year 2024 proportionate power production estimate is 4.2 – 4.6 TWh with a proportionate EBITDA estimate of NOK 3.75 – 4.05 billion, an increase of NOK 350 million. The increase is explained by, actual first quarter performance, currency exchange rates as per the end of first quarter 2024, and inclusion of the Services segment. The estimate reflects a normalisation to P50 production in the second half of 2024 in the Philippines from the ongoing El Niño phenomenon.

Additional information
Proportionate historical financial information on a country-by-country level is attached to the stock exchange notice.

A presentation of the results, followed by a Q&A session will be held at Scatec's headquarters at Skøyen Atrium III (1(st) floor), Askekroken 11, 0277 Oslo, today at 09:00 am CEST. You can also follow the presentation and Q&A session from our website, or this direct link: Scatec webcast Q1 2024