Scatec (SCATC) investor relations material

Executive summary

• Proportionate revenues increased 51% year-over-year to NOK 2.3 billion, with EBITDA up 19% to NOK 1.13 billion, driven by strong performance in the Philippines and Laos, higher ancillary service rates, and robust construction activity.

• Achieved an all-time high construction backlog, with major new awards in South Africa and Egypt, including 846 MW solar and 123 MW/492 MWh BESS in South Africa.

• Closed project financing and signed a 25-year PPA for a 900 MW wind project in Egypt; financial close on the Obelisk hybrid project.

• Corporate debt repayments totaled NOK 2.4 billion (USD 30 million in Q2 and USD 85 million post-quarter), improving financial flexibility.

• Recognized for sustainability, ranking 167th on TIME and Statista's World's Most Sustainable Companies of 2025.

Financial highlights

• Proportionate revenues reached NOK 2,302 million (up from NOK 1,528 million year-over-year); EBITDA at NOK 1,130 million (up from NOK 951 million); EBIT at NOK 780 million (up from NOK 579 million).

• Consolidated revenues up 12% to NOK 2,967 million; consolidated EBITDA up 10% to NOK 2,659 million.

• Power Production segment revenues rose 48% year-over-year, mainly due to the Philippines and Laos.

• D&C segment reported proportionate revenues of NOK 976 million and EBITDA of NOK 49 million, with a gross margin of 11.4%.

• Free cash at group level stood at NOK 4.4 billion at quarter-end, with total available liquidity of NOK 4,391 million.

Outlook and guidance

• 2025 power production estimated at 4,000–4,300 GWh; full-year 2025 EBITDA guidance at NOK 4,150–4,450 million.

• Q3 2025 power production expected at 1,100–1,200 GWh; Philippines Q3 EBITDA guidance at NOK 280–380 million.

• D&C segment maintains a contract value of NOK 6.0 billion with gross margin estimates of 10–12%.

• FY'25 corporate EBITDA expected between NOK -115 and -125 million.