In the second quarter, Scatec delivered solid financial results and achieved several strategic milestones, reinforcing its position as a leading provider of renewable energy in high-growth markets. Proportionate revenues increased by 51% to NOK 2,302 million (1,528 million), and EBITDA rose by 19% to NOK 1,130 million (951 million).
Power production revenues were NOK 1,312 million (1,045 million) and EBITDA NOK 1,110 million (873 million), mainly driven by strong performance in the Philippines, including a retroactive effect of 231 million from official approval of the awarded ancillary services contract rates. Total power production from Scatec’s power plants ended at 940 GWh (995 GWh).
'We continue to deliver strong financial results across all segments, while adding quality projects to our backlog and further strengthening our capital structure. This quarter’s results confirm the resilience of our business platform and our ability to scale profitably. Scatec continues to execute on its self-funded growth strategy, and we are pleased with the development during the first half of 2025,' says CEO Terje Pilskog.
The Development & Construction (D&C) segment reported revenues of NOK 976 million (470 million) from construction projects in Egypt, the Philippines, Brazil, Botswana, South Africa, and Tunisia. Gross margin remained in the high end of the guided range, at 11.4%.
In South Africa, Scatec was awarded 846 MW of solar power in the seventh round of the REIPPPP, its largest-ever solar award in the country, and a 123 MW/492 MWh battery storage project (Haru BESS) under the BESIPPPP. These awards bring Scatec’s total backlog to an all-time high of 3.2 GW.
The company secured a new 25-year USD-denominated Power Purchase Agreement (PPA) for a 900 MW onshore wind project with the Egyptian Electricity Transmission Company (EETC). In addition, Scatec successfully closed long-term project financing for the 1.1 GW solar and 100 MW/200 MWh battery hybrid project “Obelisk” in Egypt.
Scatec further repaid USD 30 million in corporate debt during the second quarter and another USD 85 million after the quarter, in line with its long-term deleveraging strategy to further improve its financial flexibility. Gross corporate debt has now been reduced by ~26% to NOK 6.8 billion since the target was launched in Q3 last year.
Second quarter consolidated revenues and other income were NOK 1,316 million (1,172 million), EBITDA was NOK 1,027 million (930 million), and net profit was NOK 314 million (-33 million).
Outlook
- Full year 2025 proportionate power production of 4.0 – 4.3 TWh
- Full year 2025 proportionate EBITDA estimate unchanged at NOK 4.15 – 4.45 billion
- Remaining D&C contract value of NOK 6.0 billion for projects under construction
- Estimated 10 – 12% gross margin for projects under construction
Additional information
Proportionate historical financial information on a country-by-country level is attached to the stock exchange notice.
Attachments
Source: Scatec
