In the first quarter, Scatec continued to progress its near-term growth portfolio, which is at an all-time-high. Proportionate revenues were NOK 1,640 million (2,387 million), and EBITDA was NOK 774 million (1,379 million).
Power production revenues were NOK 929 million (1,623 million) and EBITDA NOK 702 million (1,390 million). The change is mainly driven by the divestment gains from Uganda and Vietnam in the same quarter last year. Total proportionate power production from Scatec’s power plants was 1,046 GWh (979 GWh).
The Development & Construction (D&C) segment reported revenues of NOK 695 million (751 million) and EBITDA of NOK 100 million (26 million). Revenues were mainly driven by the Obelisk and Mogobe projects, while the strong EBITDA margin was positively impacted by an 80 million contingency release related to the Obelisk project.
'We continue to execute on our strategy of combining disciplined growth with a strengthened financial position. During the quarter, we progressed our record-high development portfolio and advanced multiple projects towards construction and operation across our core markets. At the same time, we further strengthened our financial position through debt repayments and refinancing of our revolving credit facility, supporting our self-funded growth plan and long-term value creation,' says Scatec CEO Terje Pilskog.
Scatec reached several important milestones for the growth portfolio during the quarter, while improving the financial position:
- Reached COD for Sidi Bouzid and Tozeur in Tunisia and the first phase of Obelisk in Egypt
- Started construction of five new projects across the Philippines, Romania, Colombia and South Africa, totaling 575 MW solar and 80 MWh BESS
- Advanced the 900 MW wind project, Shadwan in Egypt to backlog
- Released NOK 80 million in contingency for the first phase of the Obelisk project, reflecting timely and cost-efficient execution
- Repaid NOK 286 million of corporate debt and refinanced the revolving credit facility at improved terms after the end of the quarter
First quarter consolidated revenues and other income were NOK 1,020 million (1,814 million), EBITDA was NOK 729 million (1,505 million), and net profit was NOK -192 million (764 million).
Outlook
- Full year 2026 proportionate power production of 5.05 to 5.45 TWh
- Full year 2026 proportionate EBITDA from power production of NOK 3,600 to 3,900 million
- Remaining D&C contract value of NOK 4.2 billion for projects under construction
- Estimated gross margin for projects under construction between 10% and 12%
Additional information
Proportionate historical financial information on a country-by-country level and a portfolio overview is published on the website. See definitions of the Alternative Performance Measures in the appendix in the quarterly report.
Source: Scatec
