The Norwegian energy producer Scatec recorded significant revenue growth in the second quarter of 2025, with a 51% increase in its proportional revenues, reaching NOK 2.3 billion (compared to NOK 1.5 billion a year earlier). Its EBITDA stands at NOK 1.13 billion, up 19% compared to the same period in 2024.
The power production segment generated NOK 1.31 billion in revenue, up from NOK 1.05 billion last year, mainly driven by results in the Philippines. This performance includes a retroactive effect of NOK 231 million linked to the official approval of ancillary services contract tariffs. Total plant production reached 940 GWh, slightly down from 995 GWh in the second quarter of 2024.
Order book growth and geographical diversification
The Development and Construction (D&C) segment reported NOK 976 million, compared to NOK 470 million a year earlier — more than double. This growth is based on ongoing projects in Egypt, the Philippines, Brazil, Botswana, South Africa, and Tunisia. The segment’s gross margin remains at the upper end of the announced range, at 11.4%.
In South Africa, Scatec secured the allocation of 846 MW of solar energy under the seventh round of the REIPPPP (Renewable Energy Independent Power Producer Procurement Programme), representing its largest awarded capacity in the country to date. In addition, the 123 MW/492 MWh Haru BESS (Battery Energy Storage System Independent Power Producer Procurement Programme) storage project was also added.
Secured contracts in Egypt and debt reduction
In Egypt, Scatec signed a 25-year Power Purchase Agreement (PPA), denominated in US dollars, for a 900 MW onshore wind project with the Egyptian Electricity Transmission Company (EETC). At the same time, the company finalized long-term financing for the hybrid “Obelisk” project, combining 1.1 GW of solar and 100 MW/200 MWh of battery storage.
Financially, the company continued its deleveraging efforts begun in the third quarter of 2024, repaying USD 30 million of corporate debt during the quarter, followed by an additional USD 85 million after the close. Total gross corporate debt was thus reduced by nearly 26%, reaching NOK 6.8 billion.
Outlook confirmed for 2025
Consolidated revenue for the second quarter amounts to NOK 1.316 billion (compared to NOK 1.172 billion in 2024), with consolidated EBITDA at NOK 1.027 billion and a net profit of NOK 314 million, versus a loss of NOK 33 million in the same period last year.
For the full fiscal year 2025, Scatec maintains its forecasts, with proportional electricity production expected between 4.0 and 4.3 TWh and estimated EBITDA between NOK 4.15 and 4.45 billion. The remaining value of ongoing D&C contracts is estimated at NOK 6 billion, with a projected gross margin between 10% and 12%.
