In the first quarter, Scatec, a leading renewable energy solutions provider, reported proportionate revenues of NOK 2.39 billion (1.23 billion), with an EBITDA of NOK 1.38 billion (0.85 billion).
Scatec's power plants generated 979 GWh in the quarter, up from 901 GWh in the same quarter last year, mainly driven by strong hydrology in the Philippines and Laos. Power production revenues were NOK 1.62 billion (1.06 billion) and EBITDA NOK 1.39 billion (0.87 billion). The increase was mainly driven by strong performance in the Philippines and gains from divestments.
The Development & Construction (D&C) segment delivered revenues of NOK 0.75 billion (0.15 billion) from construction activities across South Africa, the Philippines, Tunisia, Botswana and Brazil. The gross margin remained strong at 11%.
Scatec continued to deliver on its strategy to strengthen the capital structure and to divest non-core assets. Net corporate debt was reduced by approximately NOK 1.8 billion to NOK 5.2 billion in the quarter, supported by NOK 2.6 billion in proceeds from asset divestments in Uganda and Vietnam.
Scatec continued to deliver on its self-funded growth plan during the quarter. Construction started on 56 MW additional battery storage capacity in the Philippines, and this week, Scatec announced the construction start of its largest solar and battery hybrid project to date in Egypt, with a capacity of 1.1GW solar and 100MW/200MWh battery storage. The company also signed new power purchase agreements in Egypt and Tunisia, adding 1.3 GW of capacity to the backlog. These significant milestones reinforce Scatec's construction pipeline and will support a doubling of the operating capacity in the years ahead.
'We have delivered a strong quarter across all segments, expanded our construction portfolio and backlog, and strengthened our capital structure. This reinforces our platform and positions us for continued profitable growth. We remain firmly committed to disciplined capital allocation and to strengthening our financial position,' says CEO Terje Pilskog.
First quarter consolidated revenues and other income was NOK 1.81 billion (1.28 billion), EBITDA was NOK 1.51 billion (1.02 billion), and the net profit was NOK 0.76 billion (-0.03 billion).
Outlook
- Full year 2025 proportionate power production unchanged at 4.1 - 4.5 TWh
- Full year 2025 proportionate EBITDA estimate increased by NOK 400 million to NOK 4.15 - 4.45 billion
- Remaining D&C contract value of 6.7 billion for projects under construction
- Estimated 10-12 % gross margin for projects under construction and in backlog
Source: Scatec
