Scatec (SCATC) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, with proportionate revenues up 25% year-over-year and a record-high project backlog, including 5.3 GW generation and 4.7 GWh battery storage, driven by D&C activities and landmark agreements in Egypt and the Philippines.

• Strengthened financial position through significant deleveraging, reducing corporate debt by 25% to NOK 6.7–6.8 billion and maintaining NOK 5.6 billion in liquidity.

• Commenced commercial operations at new projects in Botswana and South Africa, and divested non-core assets in Vietnam and African hydropower, generating gains and streamlining the portfolio.

Financial highlights

• Proportionate revenues for Q4 2025 reached NOK 3.4 billion, up 25% year-over-year, with D&C revenues at NOK 2.3 billion and a 14% gross margin.

• Full-year 2025 consolidated revenues were NOK 5.2 billion and EBITDA NOK 4 billion; proportionate revenues NOK 11 billion and EBITDA NOK 4.6 billion.

• Power Production segment generated NOK 1.1 billion in Q4 2025, with stable operational performance and a divestment gain of NOK 380 million.

• Cash flow from operations in Q4 2025 was NOK 1,291 million, with total available liquidity of NOK 5,624 million at year-end.

Outlook and guidance

• 2026 power production guidance: 5,200–5,600 GWh; estimated full-year EBITDA NOK 3.8–4.1 billion.

• D&C segment expected to maintain high activity with NOK 1.8 billion in remaining contract value and 10–12% gross margin.

• Focus on converting backlog, completing key projects, and further deleveraging, with new contributions expected from projects in Tunisia, Egypt, South Africa, Philippines, and Brazil.