Scatec (SCATC) Q4 2025 earnings summary

Executive summary

• Achieved robust financial results in 2025, with proportionate revenues up 25% year-over-year and a record backlog of up to 6.4 GW, driven by D&C activities and major new projects in Africa and Asia.

• Strengthened financial position by reducing corporate debt by 25% to NOK 6.7–6.8 billion and maintaining liquidity of NOK 5.6 billion.

• Signed landmark 25-year PPA in Egypt for 1.95 GW solar and 3.9 GWh BESS, the largest in Africa and company history.

• Commenced commercial operations at new projects in Botswana and South Africa, and divested assets in Vietnam and African hydropower to streamline the portfolio.

• Asset rotation program targets NOK 3.4 billion in proceeds by 2030, focusing on non-core assets and reducing ownership stakes in select projects.

Financial highlights

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

• Full-year 2025 consolidated revenue was NOK 5,238 million, with EBITDA at NOK 4,013 million; proportionate full-year revenue was NOK 11,002 million and EBITDA NOK 3,845 million.

• Power Production segment generated NOK 1.1 billion in revenues for 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 free cash at year-end of NOK 3,257 million and total available liquidity of NOK 5,624 million.

• Proportionate EBITDA margin for Q4 2025 was 32%.

Outlook and guidance

• 2026 power production guidance: 5,200–5,600 GWh; estimated full-year EBITDA NOK 3.8–4.1 billion, with D&C gross margin expected at 10–12%.

• Q1 2026 expected power production: 950–1,150 GWh; Philippines EBITDA: NOK 180–240 million.

• Focus for 2026: operational performance, execution of growth portfolio, divestment of non-core assets, and further deleveraging.

• Corporate EBITDA for 2026 estimated at NOK -125 to -135 million.

• New projects in Tunisia, Egypt, South Africa, Philippines, and Brazil expected to contribute.