Scatec has reported strong financial and operational performance in the second quarter, achieving key strategic milestones that reinforce its position as a leading renewable energy provider in high-growth markets. Proportionate revenues increased by 51 percent to NOK 2,302 million from NOK 1,528 million in the same period last year, while proportionate EBITDA rose by 19 percent to NOK 1,130 million from NOK 951 million. Power production contributed revenues of NOK 1,312 million compared to NOK 1,045 million last year, with EBITDA increasing to NOK 1,110 million from NOK 873 million.
This growth was largely driven by strong operations in the Philippines, including a retroactive gain of NOK 231 million following official approval of ancillary services contract rates. Total power production during the quarter reached 940 GWh, compared to 995 GWh in the prior year. The Development & Construction segment reported revenues of NOK 976 million, more than double the NOK 470 million achieved in the second quarter last year. This growth was supported by construction projects in Egypt, the Philippines, Brazil, Botswana, South Africa, and Tunisia. Gross margin for the segment remained solid at 11.4 percent, the upper end of the company’s guided range.
Terje Pilskog, stated, “We continue to deliver strong financial results across all segments, while adding quality projects to our backlog and further strengthening our capital structure. This quarter’s results confirm the resilience of our business platform and our ability to scale profitably. Scatec continues to execute on its self-funded growth strategy, and we are pleased with the development during the first half of 2025.”
In South Africa, Scatec secured its largest-ever solar award of 846 MW under the seventh round of REIPPPP, along with a 123 MW/492 MWh battery storage project under BESIPPPP, bringing the company’s total project backlog to a record 3.2 GW. Scatec also strengthened its presence in Egypt, securing a new 25-year USD-denominated Power Purchase Agreement for a 900 MW onshore wind project with the Egyptian Electricity Transmission Company. Additionally, the company achieved financial close on its 1.1 GW solar and 100 MW/200 MWh battery hybrid project “Obelisk” in Egypt.
As part of its long-term deleveraging strategy, Scatec repaid USD 30 million in corporate debt during the quarter and an additional USD 85 million after the quarter ended, reducing gross corporate debt by approximately 26 percent to NOK 6.8 billion since the launch of the program in Q3 last year. Consolidated revenues and other income reached NOK 1,316 million compared to NOK 1,172 million last year, while consolidated EBITDA rose to NOK 1,027 million from NOK 930 million.
Net profit for the quarter was NOK 314 million, a strong turnaround from a net loss of NOK 33 million in the same period last year. Through its solid financial results, expanding project pipeline, and disciplined debt reduction, Scatec continues to demonstrate its strong growth trajectory and its role as a key enabler of renewable energy development in emerging and high-growth markets worldwide.
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