Scatec (SCATC) investor relations material

Executive summary

• Proportionate revenues increased 22% year-over-year to NOK 2,953 million, driven by record-high development and construction activity and a growing project backlog.

• Corporate net interest-bearing debt reduced to NOK 4.3 billion, reflecting ongoing deleveraging efforts.

• Strategic roadmap targets accelerated growth and further deleveraging by 2030, supported by divestments and a self-funded business plan.

• Awarded 846 MW of solar projects in South Africa, secured long-term financing in Brazil, and signed a 15-year PPA in Colombia.

• Construction activity reached record levels, with a gross margin of 11.4% driven by progress in Egypt, Tunisia, Brazil, and Botswana.

Financial highlights

• Total revenues and other income reached NOK 2,953 million, up from NOK 2,416 million in the same quarter last year.

• EBITDA was NOK 1,063 million, down from NOK 1,520 million year-over-year.

• Power production was 1,202 GWh, with new plants partially offsetting divested assets.

• Free cash at group level stood at NOK 4.7 billion, maintaining a strong liquidity position.

• IFRS consolidated revenues were NOK 935 million, with net profit of NOK 5 million (down from NOK 1,646 million year-over-year).

Outlook and guidance

• FY'25 power production estimated at 4,100–4,200 GWh and EBITDA at NOK 4,250–4,450 million.

• Q4'25 power production expected at 1,000–1,100 GWh; Philippines Q4'25 EBITDA estimated at NOK 280–380 million.

• Remaining D&C contract value is NOK 4.1 billion, with gross margins for projects under construction estimated at 10–12%.

• Strategic roadmap targets NOK 1 billion average annual equity investment, corporate debt reduction to NOK 4 billion, and NOK 3.4 billion in asset divestments by 2030.