Scatec (SCATC) Q3 2025 earnings summary

Executive summary

• Achieved 22% year-over-year proportionate revenue growth to NOK 2.95 billion, driven by record-high development and construction activity, robust project execution, and asset performance supporting future growth.

• Corporate net interest-bearing debt reduced to NOK 4.3 billion, reflecting ongoing deleveraging and repayment of nearly NOK 1 billion in the quarter.

• Strategic roadmap targets accelerated growth, NOK 1 billion in annual equity investments, and further deleveraging by 2030, supported by divestments and a self-funded business plan.

• Backlog at an all-time high of 3.4 GW, with new projects in Colombia, the Philippines, and South Africa, and a pipeline of 7.6 GW across solar, wind, storage, and green hydrogen.

• Significant progress in construction, with 2 GW of solar and battery storage projects underway across six countries and a gross margin of 11.4%.

Financial highlights

• Proportionate revenues rose 22% year-over-year to NOK 2.95 billion, with EBITDA at NOK 1.06 billion, down from NOK 1.52 billion year-over-year.

• Power production was 1,202 GWh, up 7% year-over-year after adjusting for divestments.

• D&C segment revenues were NOK 1.8 billion with an 11.4% gross margin.

• Free cash at group level stood at NOK 4.7 billion, maintaining a strong liquidity position.

• IFRS consolidated revenues were NOK 935 million, with net profit of NOK 5 million (down from NOK 1,646 million year-over-year).

Outlook and guidance

• 2025 power production estimated at 4,100–4,200 GWh; EBITDA guidance raised to NOK 4.35 billion.

• Q4 power production expected between 1,000–1,100 GWh; Philippines EBITDA forecasted at NOK 280–380 million.

• D&C segment maintains NOK 4.1 billion in remaining contract value with 10–12% gross margin guidance.

• Corporate full-year EBITDA expected at NOK 115–125 million negative.

• Strategic roadmap targets NOK 3.4 billion in asset divestments and corporate debt reduction to NOK 4 billion by 2030.