Scana (SCANA) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was NOK 450 million, stable year-over-year, with strong offshore performance and high offshore margins offsetting a decline in energy.

• EBITDA rose to NOK 70 million, up 166% from Q4 2024, driven by high activity, project completions in offshore, and structural efficiency measures.

• Profit before tax reached NOK 27 million, a significant turnaround from a loss in Q4 2024.

• Order intake increased 19% year-over-year to NOK 392 million, and order backlog grew 18% to NOK 1,188 million.

Financial highlights

• Adjusted EBITDA for Q4 2025 was NOK 74 million, up 48% year-over-year.

• EBITDA margin improved to 16% from 6% in Q4 2024.

• Offshore division revenue increased 15% year-over-year to NOK 333 million, with EBITDA at NOK 76 million.

• Energy division revenue declined 25% year-over-year to NOK 127 million, with EBITDA at NOK 1 million, impacted by low activity and restructuring costs.

• Cash generation in Q4 was NOK 105 million, with a liquidity reserve of NOK 214 million at year-end.

Outlook and guidance

• Approximately NOK 716 million of the order backlog is expected to be executed in 2026.

• Offshore backlog includes NOK 370 million related to the Equinor frame agreement, with significant deliveries anticipated in 2026.

• Energy segment expects market entry for BESS facility in Q2 2026, pending final approval.

• Recent contract awards after quarter-end are expected to further strengthen the order backlog and support higher activity in the Energy division.