Scana (SCANA) Q2 2025 earnings summary

Executive summary

• Revenue declined 27% year-over-year to NOK 396 million in Q2 and to NOK 764 million in 1H 2025 from NOK 1,086 million in 1H 2024, with both offshore and energy divisions experiencing lower activity.

• EBITDA dropped 90% to NOK 8 million in Q2 and to NOK 1 million in 1H 2025, with EBIT turning negative and net loss at NOK 53.8 million compared to a profit of NOK 83.8 million in the prior year.

• Adjusted EBITDA was NOK 23 million in Q2, with one-off costs from restructuring and arbitration totaling NOK 16 million.

• Cost-reduction measures have been implemented, targeting NOK 60 million in annual savings and a 40% reduction in the running cost base compared to 2024.

• Leadership changes include a new acting CEO and CFO appointed in 2025.

Financial highlights

• Order intake decreased 16% year-over-year to NOK 403 million in Q2, while order backlog increased 9% to NOK 1,174 million.

• Offshore segment revenue fell 16% to NOK 279 million in Q2 and to NOK 527 million in 1H 2025; EBITDA dropped 57% to NOK 27 million in Q2 and to NOK 36 million in 1H 2025.

• Energy segment revenue declined 44% to NOK 130 million in Q2 and 43% to NOK 258 million in 1H 2025; EBITDA was NOK -7 million in Q2 and NOK -10 million in 1H 2025.

• Net interest-bearing debt stood at NOK 128 million; liquidity reserve was NOK 123 million at quarter-end.

• Net cash flow from operations improved to NOK 22 million from NOK 1 million year-over-year.

Outlook and guidance

• Focus remains on increasing order intake, revenue, and accelerating cash conversion from backlog.

• Cost-reduction measures are expected to deliver full impact in Q4 2025, with partial effects in Q3 and 2H 2025.

• Offshore division is focusing on prefabrication assignments and maintenance contracts to build resilience.

• Energy segment is recovering, leveraging electrification trends and recurring revenue from grid balancing services.

• Order intake and revenue recognition may vary significantly between quarters due to project-based business.