Scatec (SCATC) Q2 2026 earnings summary

Executive summary

• Achieved commercial operation of Obelisk, Africa's largest hybrid renewable project, ahead of schedule and under budget, adding 1.1 GW solar and 200 MWh battery storage capacity.

• Operational capacity expanded to 5.9 GW generation and 1.4 GWh battery storage, with significant new projects in Brazil, the Philippines, Tunisia, and Romania.

• Record high backlog of 6.6 GW generation and 5.3 GWh storage, positioning to double generation capacity and increase battery storage fivefold in 2–3 years.

• Announced refinancing of the most expensive corporate bond, improving financial flexibility and extending debt maturity profile.

• Continued strong demand for renewables across all operating geographies, driven by energy security, cost competitiveness, and data center growth.

Financial highlights

• Proportionate revenues reached NOK 2.3 billion and EBITDA NOK 1.0 billion for Q2 2026, reflecting strong execution and disciplined cost management.

• D&C segment recognized NOK 1.2 billion in revenues and NOK 234 million EBITDA, with a gross margin of 24%.

• Power production increased to 1,135 GWh from 940 GWh year-over-year; EBITDA margin at 78%.

• Group liquidity at NOK 3.9 billion, including NOK 1.6 billion free cash and NOK 2.3 billion undrawn credit.

• IFRS consolidated net loss: NOK -157 million (Q2 2025: NOK 314 million profit); basic EPS: NOK -0.41.

Outlook and guidance

• Maintaining full-year EBITDA guidance; FY 2026 proportionate EBITDA outlook at NOK 3.75 billion and power production guidance at 5,200 GWh.

• D&C segment expected to maintain 10–12% gross margin across projects under construction.

• Strategic targets include NOK 1 billion annual equity investment in growth, reducing gross corporate debt to NOK 4 billion, and asset divestments of NOK 3.4 billion by 2030.