In the second quarter, Scatec delivered strong progress across its growth portfolio, with new assets contributing materially to power generation and revenues, and strong performance in the D&C segment with a gross margin of 24% and an EBITDA of NOK 234 million. Proportionate revenues were NOK 2,286 million (2,302 million), and EBITDA was NOK 1,016 million (1,130 million).
'We delivered a solid second quarter with continued good progress across our construction portfolio and strong financials from our growing asset base. New projects are contributing meaningfully to production and revenues, and we remain on track to deliver on our full-year targets. The Obelisk project in Egypt stands out as a proof point for our integrated model, reaching full commercial operation ahead of schedule and below budget. We continue to execute with discipline, and our record-high near-term portfolio gives us strong confidence in our growth trajectory,' says Scatec CEO Terje Pilskog.
Power production revenues were NOK 1,039 million (1,312 million) and EBITDA NOK 805 million (1,110 million). The change is mainly driven by one-off items compared to the same quarter last year, which included a retroactive tariff adjustment in the Philippines of NOK 231 million. Total proportionate power production from Scatec's power plants was 1,135 GWh (940 GWh), up 21% year-on-year, mainly driven by new projects in operation.
The Development & Construction (D&C) segment reported revenues of NOK 1,231 million (976 million) and EBITDA of NOK 234 million (49 million), reflecting a gross margin of 24%, significantly higher than the guided range of 10-12%.
Scatec has reached several important milestones since the Q1 reporting:
- Reached COD for Obelisk phase 2 in Egypt (563 MW solar), Rio Urucuia in Brazil (142 MW solar) and Magat BESS 2 (16 MWh) in the Philippines
- Started construction of two projects; the 120 MW Sidi Bouzid 2 solar project in Tunisia and the 77 MW onshore wind project Urleasca in Romania
- Advanced one project in Romania to backlog, the 89 MW / 178 MWh Buciumi BESS project
- Today announced an expected new NOK 1,000 million bond issue to refinance Scatec’s most expensive corporate debt (SCATC04)
On consolidated basis, revenues and other income were NOK 1,369 million (1,316 million), EBITDA was NOK 824 million (1,027 million), and net profit was NOK -157 million (314 million) in the quarter.
Outlook
- Full year 2026 proportionate power production of 5.05 to 5.35 TWh
- Full year 2026 proportionate EBITDA from power production of NOK 3,600 to 3,900 million
- Remaining D&C contract value of NOK 3.8 billion for projects under construction
- Estimated gross margin for projects under construction between 10% and 12%
Source: Scatec
