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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.
A presentation of the results, followed by a Q&A session will be held
at Scatec’s headquarters at Skøyen Atrium III (1(st) floor), Askekroken
11, 0277 Oslo, today at 09:00 am CEST. You can also follow the presentation and
Q&A session from our website, or through this link:
Scatec webcast Q2 2025
(https://channel.royalcast.com/landingpage/hegnarmedia/20250819_5/)
For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP IR
andreas.austrell@scatec.com (mailto:andreas.austrell@scatec.com)
+47 974 38 686
For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)
+47 468 44 959
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy in emerging markets. As a long-term player,
we develop, build, own, and operate renewable energy plants, with 6.2 GW in
operation and under construction across five continents today. We are committed
to grow our renewable energy capacity, delivered by our passionate employees and
partners who are driven by a common vision of ‘Improving our Future’. Scatec is
headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol ‘SCATC’. To learn more, visit www.scatec.com
(https://scatec.com/) or connect with us on LinkedIn
(Scatec ASA | LinkedIn).
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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