Scana (SCANA) Q3 2024 earnings summary

Executive summary

• Revenue and EBITDA have grown significantly over the past three years, with LTM Q3 2024 revenue at NOK 1,934 million and EBITDA at NOK 271 million.

• Revenue grew 13% year-over-year to NOK 436 million in Q3, driven by strong Energy division performance, while Offshore maintained high EBITDA margins despite seasonal impacts.

• All-time high order intake in Energy, with nine new sizable contracts in battery energy storage, E-House modules, and shore power systems.

• The company operates across multiple segments, focusing on oil & gas and transitioning to renewable energy.

• Strong operational cash flow and improved financial flexibility, with a liquidity reserve of NOK 182 million at quarter-end.

Financial highlights

• Revenue increased from NOK 305 million in FY 2021 to NOK 1,934 million in LTM Q3 2024.

• Q3 2024 revenue was NOK 436 million, up 13% year-over-year; EBITDA rose 33% to NOK 57 million.

• Adjusted EBITDA margin reached 14.7% (excluding NOK 7 million one-off cost), up from 12% last year.

• Order backlog stood at NOK 1,135 million, with NOK 396 million to be executed in 2024.

• Net interest-bearing debt at NOK 40 million; equity ratio at 59%.

Outlook and guidance

• Plans to build value through organic growth in revenue and margins, selective and accretive M&A, and opportunistic growth investments.

• Strong project pipeline in both Energy and Offshore, with high tender activity in battery energy storage and focus on electrification and energy transition.

• Offshore segment expects increased regional growth and is preparing for a major turnaround project at Equinor Mongstad.

• Energy division anticipates long-term revenue growth through BESS rental and storage, supported by green financing.

• Focus on new establishments, financial structure to enable acquisitions, and potential cash returns to shareholders.