In the fourth quarter, Scatec continued to progress its near-term growth portfolio, which is now at an all-time-high. Proportionate revenues increased by 25% to NOK 3,362 million (2,684 million), and EBITDA was NOK 1,065 million (1,375 million).
The Development & Construction (D&C) segment reported revenues of NOK 2,266 million (1,038 million), a gross margin of 14%, and EBITDA of NOK 251 million, driven by strong construction progress on Obelisk in Egypt and Mogobe BESS in South Africa.
Power production revenues were NOK 1,079 million (1,625 million) and EBITDA NOK 842 million (1,352 million). The change is mainly driven by divestments made in 2024 and 2025. Total power production from Scatec’s power plants was 1,017 GWh (1,138 GWh). For the full year, Scatec reported proportionate revenues of NOK 11,002 million (7,853 million), with an EBITDA of NOK 4,635 million (4,694 million).
'We continue to deliver on our strategy, combining rapid and disciplined growth with a strengthened financial position. During the quarter we saw strong progress across our development and construction portfolio and also extended our maturity profile of our corporate debt. Importantly, liquidity remains strong and improved compared to last quarter, reinforcing our ability to execute self-funded growth and create long-term shareholder value,' says Scatec CEO Terje Pilskog.
Scatec reached several important milestones for the growth portfolio during the quarter, while improving the financial position:
- In the Philippines, Scatec was awarded a 68MW floating solar project through a public auction.
- In South Africa and Botswana, Scatec reached Commercial Operation Date (COD) for the Grootfontein and Mmadinare Solar Power Plants.
- In Egypt, Scatec signed two equity partners for the Obelisk project, while continuing construction at a record pace.
- In Oslo, Scatec repaid a corporate term loan with proceeds from a new bond issue, further extending the maturity profile. Corporate net interest bearing debt was reduced to NOK 3.4 billion, also positively affected by strong cash generation in the quarter.
Fourth quarter consolidated revenues and other income were NOK 1,028 million (1,153 million), EBITDA was NOK 697 million (816 million), and net profit was NOK -28 million (-101 million).
For the full year, consolidated revenues and other income was NOK 5,238 million (6,574 million), EBITDA was NOK 4,013 million (5,421 million), and the net profit was NOK 1,054 million (1,486 million).
'Our achievements in 2025 are a testament to Scatec’s mission: to deliver clean, affordable energy across markets worldwide. As we move into 2026, we are well-positioned to capitalise on new opportunities, pursue innovation, and scale up our impact on the global transition to renewable energy,' says Scatec CEO Terje Pilskog.
Outlook
- Full year 2026 proportionate power production of 5.2 to 5.6 TWh
- Full year 2026 proportionate EBITDA from power production of NOK 3,800 to 4,100 million
- Remaining D&C contract value of NOK 1.8 billion for projects under construction
- Estimated gross margin for projects under construction between 10% and 12%
Source: Scatec
