In the second quarter of 2025, Scatec delivered strong financial and strategic results, further cementing its role as a leading renewable energy provider in high-growth markets. Proportionate revenues rose 51% year-over-year to NOK 2,302 million (1,528 million), while EBITDA increased 19% to NOK 1,130 million (951 million).
Power production contributed NOK 1,312 million in revenues (1,045 million) and NOK 1,110 million in EBITDA (873 million), driven largely by strong performance in the Philippines, including a NOK 231 million retroactive adjustment from ancillary services contract approvals. Total power production reached 940 GWh (995 GWh).
The Development & Construction segment nearly doubled revenues to NOK 976 million (470 million), supported by projects across Egypt, the Philippines, Brazil, Botswana, South Africa, and Tunisia. Gross margin stood at 11.4%, the high end of guidance.
Strategically, Scatec achieved its largest-ever solar award in South Africa with 846 MW of capacity under REIPPPP Round 7, alongside a 123 MW/492 MWh battery storage project under BESIPPPP. These awards raised Scatec’s backlog to a record 3.2 GW. In Egypt, Scatec secured a 25-year USD-denominated PPA for a 900 MW wind project with EETC and closed long-term financing for the 1.1 GW “Obelisk” solar and 100 MW/200 MWh battery hybrid project.
On the balance sheet, Scatec repaid USD 30 million in corporate debt during the quarter and a further USD 85 million post-quarter, reducing gross corporate debt by ~26% to NOK 6.8 billion since launching its deleveraging strategy in Q3 2024.
Consolidated Q2 revenues and other income totaled NOK 1,316 million (1,172 million), EBITDA was NOK 1,027 million (930 million), and net profit reached NOK 314 million (-33 million in Q2 2024).
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