Scatec (SCATC) Q1 2025 earnings summary

Executive summary

• Achieved record financial performance in Q1 2025, with proportionate revenues up 95% to NOK 2.4 billion and EBITDA up 63% to NOK 1.4 billion year-over-year, driven by strong power production and asset divestments.

• Power production reached 979 GWh, a 21% increase from the same quarter last year, supported by new projects and strong hydrology, especially in the Philippines.

• Construction portfolio at an all-time high with close to 2 GW in progress and 4.2 GW in backlog across six countries, supporting plans to double operating capacity by 2027.

• Proceeds from asset divestments, including African hydropower and Vietnam wind farm, are funding growth initiatives and reducing net corporate debt to NOK 5.2 billion.

• Recognized for sustainability, ranking #130 globally and #1 in Norway on TIME's World's Top GreenTech Companies 2025 list.

Financial highlights

• Consolidated revenues increased 42% to NOK 2,967 million; proportionate revenues up 95% to NOK 2,684 million; consolidated EBITDA rose 48% to NOK 2,659 million; proportionate EBITDA up 63% to NOK 1,520 million year-over-year.

• Power Production segment revenue grew 72% to NOK 1,623 million, with EBITDA at NOK 1,390 million, driven by strong hydrology and asset divestments.

• 12-month rolling revenues exceeded NOK 6 billion; EBITDA at NOK 5.2 billion.

• Available liquidity reached NOK 5.5 billion, bolstered by divestment proceeds and increased revolving credit facility.

• Net profit improved to NOK 764 million from -NOK 26 million year-over-year.

Outlook and guidance

• Full-year 2025 power production guidance: 4,100–4,500 GWh; Q2 2025 expected between 900–1,000 GWh.

• FY 2025 proportionate EBITDA guidance raised to NOK 4.3 billion, including NOK 426 million in divestment gains; underlying EBITDA midpoint unchanged at NOK 3.9 billion.

• DNC segment maintains gross margin guidance of 10–12% for projects under construction and in backlog.

• Corporate EBITDA expected to be negative NOK 115–125 million for the full year.