Scatec Reports NOK 774 Million EBITDA In Q1 As Development Portfolio Reaches Record High

Scatec delivered steady operational progress during the first quarter of 2026, supported by growth across its renewable energy portfolio and continued advancement of several large-scale projects in key international markets. The company reported proportionate revenues of NOK 1,640 million, compared to NOK 2,387 million in the same quarter last year, while proportionate EBITDA stood at NOK 774 million against NOK 1,379 million in the previous corresponding period.

The decline in revenue and EBITDA was largely linked to divestment gains recorded in Uganda and Vietnam during the first quarter of last year, which had created a higher comparison base. Despite this, Scatec’s operational performance remained stable, with total proportionate power production increasing to 1,046 GWh from 979 GWh in the same quarter last year.

Revenue from the company’s power production segment reached NOK 929 million, while EBITDA from the segment stood at NOK 702 million. Scatec continued to benefit from strong operational output across its renewable energy assets, reinforcing the company’s position as a leading independent renewable energy producer in emerging markets.

The Development & Construction (D&C) segment also delivered a solid performance during the quarter. Revenues from the segment came in at NOK 695 million compared to NOK 751 million in the previous year, while EBITDA increased significantly to NOK 100 million from NOK 26 million. The growth in profitability was mainly supported by the Obelisk and Mogobe projects, along with the release of an NOK 80 million contingency related to the first phase of the Obelisk project, reflecting efficient project execution and cost management.

Commenting on the company’s performance, Scatec CEO Terje Pilskog said the company continued to execute its strategy of combining disciplined growth with a stronger financial position. He noted that Scatec advanced several projects across its core markets during the quarter while also strengthening its balance sheet through debt repayments and refinancing activities, supporting the company’s long-term self-funded growth strategy.

During the quarter, Scatec achieved several important milestones across its renewable energy portfolio. The company reached Commercial Operation Date (COD) for the Sidi Bouzid and Tozeur projects in Tunisia, as well as the first phase of the Obelisk project in Egypt. In addition, construction began on five new projects across the Philippines, Romania, Colombia, and South Africa, representing a combined capacity of 575 MW of solar power and 80 MWh of battery energy storage systems (BESS).

Scatec also advanced the 900 MW Shadwan wind project in Egypt to backlog status, strengthening its long-term development pipeline. The company further improved its financial position by repaying NOK 286 million in corporate debt and refinancing its revolving credit facility on improved terms following the end of the quarter.

On a consolidated basis, first-quarter revenues and other income stood at NOK 1,020 million compared to NOK 1,814 million in the same period last year. Consolidated EBITDA reached NOK 729 million, while the company reported a net loss of NOK 192 million against a net profit of NOK 764 million in the corresponding quarter last year.

Looking ahead, Scatec expects full-year 2026 proportionate power production to range between 5.05 TWh and 5.45 TWh. The company also projects full-year proportionate EBITDA from power production to be between NOK 3,600 million and NOK 3,900 million. Additionally, Scatec currently holds a remaining Development & Construction contract value of NOK 4.2 billion for projects under construction and expects gross margins for these projects to range between 10% and 12%.