Scatec reported a 21% year-on-year increase in proportionate power generation to 1,135 GWh in the second quarter of 2026, supported by new projects coming online and contributing to production and revenues.
Proportionate revenue stood at NOK 2.286 billion during the quarter, compared with NOK 2.302 billion in the corresponding period last year, while EBITDA was NOK 1.016 billion, compared with NOK 1.130 billion a year earlier.
The company’s Development & Construction (D&C) segment recorded revenue of NOK 1.231 billion, up from NOK 976 million in Q2 2025. D&C EBITDA increased to NOK 234 million from NOK 49 million, with a gross margin of 24%, exceeding Scatec’s guided range of 10% to 12%.
Power production revenue was NOK 1.039 billion, compared with NOK 1.312 billion in the same quarter last year, while EBITDA from power production stood at NOK 805 million, down from NOK 1.110 billion. Scatec attributed the decline primarily to one-off items recorded in the previous year, including a NOK 231 million retroactive tariff adjustment in the Philippines.
On a consolidated basis, Scatec reported revenue and other income of NOK 1.369 billion, compared with NOK 1.316 billion in Q2 2025. Consolidated EBITDA stood at NOK 824 million, down from NOK 1.027 billion, while net profit was a loss of NOK 157 million compared with a profit of NOK 314 million in the year-ago quarter.
Scatec said several projects reached key milestones following its first-quarter results. These included commercial operation dates (COD) for the 563 MW Obelisk Phase 2 solar project in Egypt, the 142 MW Rio Urucuia solar project in Brazil and the 16 MWh Magat BESS 2 project in the Philippines.
The company also started construction of the 120 MW Sidi Bouzid 2 solar project in Tunisia and the 77 MW Urleasca onshore wind project in Romania. In addition, the 89 MW/178 MWh Buciumi battery energy storage system (BESS) project in Romania was advanced to Scatec’s backlog.
Scatec also announced plans for a new NOK 1 billion bond issue to refinance its SCATC04 corporate debt.
“ We delivered a solid second quarter with continued good progress across our construction portfolio and strong financials from our growing asset base. New projects are contributing meaningfully to production and revenues, and we remain on track to deliver on our full-year targets,” said Terje Pilskog, CEO of Scatec.
The company highlighted the Obelisk project in Egypt as a key milestone after Phase 2 reached full commercial operation ahead of schedule and below budget.
For 2026, Scatec maintained its guidance for proportionate power production of 5.05 TWh to 5.35 TWh and proportionate EBITDA from power production of NOK 3.6 billion to NOK 3.9 billion.
The company has a remaining D&C contract value of approximately NOK 3.8 billion for projects under construction and expects gross margins of between 10% and 12% for those projects.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
