Scatec (SCATC) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 performance with proportionate revenues of NOK 1.6 billion and EBITDA of NOK 774 million, reflecting high activity, project execution, and improved liquidity to NOK 6.1 billion.

• Advanced several projects to commercial operation, notably the Obelisk project in Egypt, and commenced construction on five new projects, adding 683 MW solar and 200 MWh BESS to operations.

• Maintained robust growth visibility with a record backlog of 5.9 GW in generation and 4.6 GWh in storage, and expanded the project pipeline to 6.7 GW.

• Strengthened financial position by reducing corporate debt, refinancing revolving credit facility at improved terms, and increasing available liquidity.

• Awarded top ESG scores by Sustainalytics and MSCI, reinforcing sustainability leadership.

Financial highlights

• Proportionate revenues reached NOK 1.6 billion, down from NOK 2.4 billion year-over-year; EBITDA was NOK 774 million, down from NOK 1,379 million.

• Power Production EBITDA was NOK 702 million; D&C EBITDA was NOK 100 million with a 22% gross margin, including NOK 80 million contingency release.

• Net profit (IFRS) was negative NOK 192 million, mainly due to divestment reversals and FX losses.

• Free cash flow ended at NOK 2.6 billion; total available liquidity increased to NOK 6.1 billion.

• Gross corporate debt reduced to NOK 6.5 billion; project-level debt increased to NOK 19.5 billion due to new project drawdowns.

Outlook and guidance

• Full-year 2026 EBITDA guidance midpoint reduced by NOK 200 million to NOK 3.75 billion, mainly due to reversal of Vietnam sales gain and negative FX effects.

• Power production guidance for FY 2026 set at 5,050–5,450 GWh; Q2 2026 estimate: 1,150–1,250 GWh.

• D&C segment expected to maintain 10–12% gross margin on NOK 4.2 billion contract value.

• Increased uncertainty in the Philippines due to El Niño and geopolitical factors, with potential upside from higher spot prices.

• Strategic targets include NOK 1 billion average annual equity investment in growth and reducing gross corporate debt to NOK 4 billion by 2030.