Scana (SCANA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was NOK 383 million, down 12% year-over-year, with EBITDA at NOK 38 million and adjusted EBITDA at NOK 39 million; profitability improved in offshore but remained weak in energy.

• Order intake reached NOK 453 million, with order backlog up 10% to NOK 1,246 million, providing a solid foundation for future growth.

• Cost reduction programs, including workforce reductions, are delivering results, especially in offshore and HQ, with further effects expected in Q4.

• Loss before and after tax was negative NOK 1 million, compared to a profit of NOK 18 million in Q3 2024.

• High activity at Equinor's Mongstad refinery and a major FPSO contract in Brazil supported strong offshore performance.

Financial highlights

• Offshore division revenue increased 22% year-over-year to NOK 301 million, while energy division revenue dropped 55% to NOK 92 million.

• Group EBITDA margin was 10%, with EBIT at NOK 6 million; adjusted EBITDA was NOK 39 million.

• Net interest-bearing debt (excluding leases) rose to NOK 142 million, with a liquidity reserve of NOK 109 million at quarter-end.

• Net working capital increased to NOK 165 million, mainly due to higher offshore activity.

• Positive operating cash flow of NOK 17 million, with capex at NOK 8 million.

Outlook and guidance

• Order backlog supports long-term value creation, with NOK 318 million expected to be delivered in 2025 (NOK 123 million from energy, NOK 195 million from offshore).

• Energy division expected to see higher revenue in Q4 due to strong order intake and cost reductions, though project-based nature introduces uncertainty.

• Focus remains on building recurring revenue streams and expanding the product portfolio, especially in sustainable maritime electrification.

• Market prospects are strong in both traditional and new segments, especially for combined battery storage and shore power solutions.

• Solid order backlog in the Energy division provides a strong foundation for improved performance in coming quarters.