Scatec (SCATC) Q4 2024 earnings summary

Executive summary

• Achieved strong financial results in Q4 and FY 2024, with proportionate EBITDA up 22% to NOK 4.7 billion and revenues up 69%, driven by high construction activity, asset sales, and strong performance in the Philippines.

• Expanded operational and construction portfolio, with backlog and projects under construction up 73% year-over-year to 2.7 GW and 767 MW under construction across multiple countries.

• Net corporate debt reduced by NOK 1 billion in Q4, supported by significant cash flow from operations, divestments, and a new bond issue extending debt maturity profile.

• Awarded 478 MW of new solar projects in South Africa and Romania, increasing the near-term growth portfolio.

• Continued focus on innovation, sustainability, and collaboration with governments and partners to accelerate renewables.

Financial highlights

• Q4 2024 proportionate revenues reached NOK 2.7 billion, up 69% year-over-year, and EBITDA was NOK 1.4 billion, up 70% year-over-year.

• Full-year proportionate EBITDA increased to NOK 4.7 billion, consolidated EBITDA to NOK 5.4 billion, and net profit was NOK 1.5 billion.

• Power Production revenues grew 33% for the year, driven by new plants and the Philippines.

• D&C segment reported NOK 1 billion in Q4 revenues, up 95% year-over-year, with a 12% gross margin.

• Available liquidity at year-end was NOK 3.7 billion, up NOK 1.6 billion from the previous year.

Outlook and guidance

• FY 2025 Power Production expected at 4,100–4,500 GWh, generating EBITDA of NOK 3.75–4.05 billion.

• Q1 2025 power production estimated at 900–1,000 GWh; Philippines Q1 EBITDA expected at NOK 170–230 million.

• D&C segment maintains expected margin of 10–12% for projects under construction and in backlog.

• Corporate EBITDA for 2025 estimated at NOK 115–125 million.

• Remaining construction contract value at NOK 3.4 billion, with high activity expected to continue.