Scana (SCANA) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was NOK 388 million, a 2% decrease from Q2 2025, with stable revenue trends and significant profitability improvement.

• Adjusted EBITDA rose 116% year-over-year to NOK 50 million, reflecting strong operational leverage.

• Transitioned from restructuring to stable, profitable operations with disciplined cost management and a streamlined organization, resulting in sustainable profitability and positive cash flow.

• Offshore segment delivered strong activity and profitability, securing new long-term contracts and benefiting from stable framework agreements and project execution.

• Energy segment improved profitability despite lower revenue, reflecting a lean cost base and operational efficiency gains.

Financial highlights

• Q2 2026 EBITDA was NOK 49.2 million (13% margin), up from NOK 7.8 million (2% margin) in Q2 2025.

• EBIT improved to NOK 16 million (4% margin) from a loss of NOK 22.5 million (-6% margin) year-over-year.

• Net profit for Q2 2026 was NOK 4.2 million, reversing a loss of NOK 25.1 million in Q2 2025.

• Revenue increased to NOK 806 million in 1H 2026 from NOK 764 million in 1H 2025.

• EBITDA rose sharply to NOK 101 million (margin 12.5%) from NOK 1 million (margin 0.2%) year-over-year.

Outlook and guidance

• Growth can be supported with the existing cost base, and the company is well positioned for future expansion.

• Market activity and customer demand are developing favorably, with a strong pipeline positioning the company for future growth.

• Energy division sees strong opportunities in shore power, battery storage, and emergency backup for data centers, supported by European electrification and decarbonization trends.

• Offshore market remains stable, with subsea services expected to benefit from global growth and LNG activity.

• Despite geopolitical and market uncertainties, the company is well positioned due to efficiency improvements and solid profitability.