Scatec (SCATC) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 performance with high activity, robust project execution, and increased operating portfolio, including commercial operation for three projects totaling 683 MW solar and 200 MWh BESS.

• Commenced construction on five new projects, expanding the renewable energy footprint and project pipeline to 6.7 GW.

• Maintained a strong safety record with no high potential incidents or fatalities and minimal lost time injuries.

• Advanced the Obelisk project in Egypt, delivering significant cost savings and rapid payback.

• Awarded top ESG scores by Sustainalytics and MSCI, reinforcing sustainability leadership.

Financial highlights

• Proportionate revenues reached NOK 1.6 billion (down from NOK 2.4 billion Q1 2025); EBITDA was NOK 774 million (down from NOK 1,379 million Q1 2025).

• Power Production EBITDA: NOK 702 million; D&C EBITDA: NOK 100 million, supported by NOK 80 million contingency release.

• Net profit (IFRS): negative NOK 192 million (down from NOK 764 million Q1 2025); basic EPS: -1.00 NOK.

• Free cash flow ended at NOK 2.6 billion; total available liquidity increased to NOK 6.1 billion post Q1 2026.

• Divestment gain of NOK 426 million included in results.

Outlook and guidance

• FY 2026 proportionate EBITDA guidance reduced by NOK 200 million to a mid-point of NOK 3.75 billion, mainly due to reversal of Vietnam sales gain and negative FX effects.

• FY 2026 power production guidance set at 5,050–5,450 GWh; Q2 2026 estimate: 1,150–1,250 GWh.

• D&C segment expected to maintain 10–12% gross margin; contract value increased to NOK 4.2 billion.

• Strategic targets include NOK 1 billion average annual equity investment in growth and reducing gross corporate debt to NOK 4 billion by 2030.

• Noted increased uncertainty in the Philippines due to El Niño and geopolitical factors, with potential upside from higher spot prices.