Scana (SCANA) Q4 2024 earnings summary

Executive summary

• Revenue grew 9% year-over-year in Q4 2024 to NOK 448 million, with full-year revenue up 23% to NOK 1,970 million compared to 2023, driven by offshore and energy segments.

• EBITDA for Q4 was NOK 26 million, down 28% year-over-year, while full-year EBITDA rose 44% to NOK 261 million.

• Offshore and Energy divisions delivered strong operational performance, with Mongstad Industrier achieving its best quarter ever and offshore expanding internationally, including a joint venture in Singapore.

• Energy division secured long-term revenues with frame agreements for BESS and module deliveries to data centers.

• 2024 marked the first dividend payout to shareholders since 2010.

Financial highlights

• Q4 2024 revenue: NOK 448 million (+9% YoY); full-year 2024 revenue: NOK 1,970 million (+23% YoY).

• Q4 EBITDA: NOK 26 million (-28% YoY); full-year EBITDA: NOK 261 million (+44% YoY); Q4 EBITDA margin: 5.9%; full-year EBITDA margin: 13.2%.

• Adjusted EBITDA for Q4: NOK 50 million (+21% YoY); full-year adjusted EBITDA: NOK 253 million.

• Order intake for Q4: NOK 329 million; order backlog at year-end: NOK 1,008 million.

• Q4 net loss before tax: NOK -14 million, mainly due to one-off arbitration costs and unrealized currency losses.

Outlook and guidance

• Strategic focus on China, Singapore, and Brazil for offshore mooring solutions, with continued international expansion and fish farming projects gaining traction.

• Electrification trend and energy storage agreements expected to drive growth in all energy segments, with increased bidding activity in Northern Europe and data center module deliveries.

• Energy storage as a service model to be deployed in 2025, expected to uplift margins.

• Significant growth potential in the Baltics and Middle East for energy storage.

• Focus remains on operational efficiency and margin improvements.