Scatec Reports Strong Q4 Performance, Driven by Construction and Power Production

Image: Scatec

Norwegian independent power producer (IPP) Scatec has reported strong fourth-quarter results, with proportionate revenues rising 25% year-on-year to NOK 3.36 billion (US$350 million).

Fourth-quarter proportionate EBITDA reached NOK 1,065 million, with the company attributing the performance to solid execution across its Development & Construction (D&C) segment and continued contributions from its operating power assets.

The D&C segment generated revenues of NOK 2,266 million during the quarter, delivering a gross margin of 14% and EBITDA of NOK 251 million. Scatec said the results were driven by strong construction progress at the Obelisk solar project in Egypt and the Mogobe battery energy storage system (BESS) project in South Africa.

Power production revenues totalled NOK 1,079 million, with EBITDA of NOK 842 million. Total power generation from Scatec’s operating portfolio reached 1,017 GWh in the fourth quarter, compared with 1,138 GWh in the same period last year. The company said the decline primarily reflected asset divestments completed in 2024 and 2025.

On a consolidated basis, Scatec reported fourth-quarter revenues and other income of NOK 1,028 million, EBITDA of NOK 697 million, and a net loss of NOK 28 million.

For the full year, proportionate revenues amounted to NOK 11,002 million, while proportionate EBITDA reached NOK 4,635 million. Consolidated revenues and other income totalled NOK 5,238 million, EBITDA was NOK 4,013 million, and net profit reached NOK 1,054 million.

“Our achievements in 2025 are a testament to Scatec’s mission to deliver clean, affordable energy across markets worldwide,” said Terje Pilskog, CEO of Scatec. “As we move into 2026, we are well positioned to capitalise on new opportunities, pursue innovation, and scale up our impact on the global energy transition.”

During the quarter, Scatec advanced several projects across its portfolio. In the Philippines, the company was awarded a 68 MW floating solar project through a public auction. In southern Africa, Scatec reached commercial operation at the Grootfontein solar plant in South Africa and the Mmadinare solar project in Botswana.

In Egypt, Scatec signed two equity partners for its Obelisk project, while construction continued at what the company described as a “record pace”. The company also strengthened its balance sheet by repaying a corporate term loan using proceeds from a new bond issuance, extending its debt maturity profile. Corporate net interest-bearing debt was reduced to NOK 3.4 billion, supported by strong cash generation during the quarter.

Looking ahead, Scatec expects proportionate power production of between 5.2 TWh and 5.6 TWh in 2026, with proportionate EBITDA from power production forecast at between NOK 3.8 billion and NOK 4.1 billion. The company reported a remaining D&C contract value of NOK 1.8 billion for projects under construction, with estimated gross margins of 10%–12%.