Scana (SCANA) Q3 2025 earnings summary

Executive summary

• Revenue declined 12% year-over-year to NOK 383 million in Q3 2025, with improved profitability in the offshore segment but continued weakness in energy.

• EBITDA was NOK 38 million, down 33% from Q3 2024, while EBIT was NOK 6 million, reflecting margin pressure in energy.

• Order intake was NOK 453 million, down 8% year-over-year, but order backlog grew 10% to NOK 1,246 million.

• High activity during Equinor's Mongstad refinery maintenance contributed to strong performance.

• Delivered a solid quarter with improved operating results and efficiency due to targeted measures implemented earlier in the year.

Financial highlights

• Adjusted EBITDA was NOK 39 million, down 39% year-over-year, with a margin of 10%.

• Net interest-bearing debt stood at NOK 142 million; liquidity reserve was NOK 109 million.

• Net working capital increased to NOK 165 million, mainly due to higher offshore activity.

• CAPEX for the quarter was NOK 8 million.

• Revenue reached NOK 383 million in Q3 2025, with EBITDA of NOK 38 million and an EBITDA margin of 10%.

Outlook and guidance

• Cost reduction programs in energy are nearing completion, with expected positive effects from Q4 2025.

• Focus remains on building recurring revenue streams and expanding the product portfolio, especially in sustainable maritime electrification.

• Solid order backlog in the Energy division provides a strong foundation for improved performance in coming quarters, despite currently low revenue and negative margins.