Scatec (SCATC) Q2 2025 earnings summary

Executive summary

• Proportionate revenues increased 51% year-over-year to NOK 2.3 billion, with EBITDA up 19% to NOK 1.13 billion, driven by strong power generation in the Philippines and Laos, and high construction activity.

• Achieved an all-time high project backlog of 3.2 GW, with 1.7–2 GW under construction and a pipeline of 7.7 GW of maturing projects, including major new awards in South Africa.

• Major milestones included financial close and first drawdown on Obelisk (Egypt), a 25-year PPA for 900 MW wind in Egypt, and significant project awards in South Africa.

• Corporate debt repayments totaled NOK 1.2 billion since the last report, improving financial flexibility.

• Recognized for sustainability, ranking 167th on TIME and Statista's World's Most Sustainable Companies of 2025.

Financial highlights

• Proportionate revenues reached NOK 2,302 million (up from NOK 1,528 million year-over-year); EBITDA at NOK 1,130 million (up from NOK 951 million); EBIT at NOK 780 million (up from NOK 579 million).

• Consolidated revenues increased 12% to NOK 1,300–2,967 million; consolidated EBITDA up 10% to NOK 1,000–2,659 million.

• Power production segment revenues up 26–48% year-over-year to NOK 1.3 billion; EBITDA up 27% to NOK 1.1 billion, mainly due to the Philippines.

• D&C segment proportionate revenues NOK 976 million; rolling 12-month D&C revenues NOK 3.4 billion; margin at 11.4%.

• Free cash at group level stood at NOK 4.4 billion at quarter-end.

Outlook and guidance

• 2025 power production guidance: 4,000–4,300 GWh; 2025 EBITDA guidance unchanged at NOK 4,150–4,450 million.

• Q3 power production expected at 1,100–1,200 GWh; Philippines Q3 EBITDA guidance NOK 280–380 million.

• D&C segment has NOK 6 billion in remaining contract value with 10–12% gross margin estimate.

• FY'25 corporate EBITDA expected between NOK -115 and -125 million.