- Near term growth portfolio reaches an all-time high with record projects under construction.
- Development and Construction segment boosted by progress in Egypt and South Africa.
- Balance sheet strengthened with reduced debt and strong liquidity.
Scatec has reported solid progress across its growth portfolio in the fourth quarter, underpinned by strong construction activity, disciplined capital management and a maturing global pipeline.
In the fourth quarter, proportionate revenues increased by 25 percent to NOK 3,362 million, compared with NOK 2,684 million in the same period last year. Earnings before interest, taxes, depreciation and amortisation reached NOK 1,065 million. For the full year, proportionate revenues rose to NOK 11,002 million, with EBITDA of NOK 4,635 million.
The Development and Construction segment delivered a particularly strong performance. Revenues more than doubled to NOK 2,266 million, driven by accelerated construction at the Obelisk project in Egypt and the Mogobe battery energy storage system in South Africa. The segment recorded a gross margin of 14 percent and EBITDA of NOK 251 million in the quarter. For the full year, Development and Construction EBITDA increased to NOK 462 million, compared with NOK 184 million in the previous year.
Power production revenues for the quarter were NOK 1,079 million, with EBITDA of NOK 842 million. This decline compared with the prior year was mainly the result of asset divestments completed in 2024 and 2025. Total power production from Scatec’s plants amounted to 1,017 GWh in the quarter. For the full year, the power production segment delivered EBITDA of around NOK 4.2 billion, while the group reported a net profit of NOK 1.05 billion.
Scatec chief executive officer Terje Pilskog said the company continued to execute its strategy of combining growth with financial discipline.
“We continue to deliver on our strategy, combining rapid and disciplined growth with a strengthened financial position. Liquidity remains strong and improved compared to last quarter, reinforcing our ability to execute self funded growth and create long term shareholder value,” he said.
During the quarter, Scatec achieved several operational milestones. In the Philippines, the company was awarded a 68 MW floating solar project through a public auction. In Southern Africa, Scatec reached commercial operation date for the Grootfontein solar power plant in South Africa and the Mmadinare solar power plant in Botswana. In Egypt, the company signed two equity partners for the Obelisk project, a 1.1 GW solar and 100 MW battery storage development, where construction continues at a record pace.
The company also strengthened its balance sheet by repaying a corporate term loan using proceeds from a new bond issue, extending the maturity profile of its debt. Corporate net interest bearing debt was reduced to NOK 3.4 billion, supported by strong cash generation. Scatec ended the year with NOK 5.6 billion in cash and cash equivalents.
Scatec currently has about NOK 1.8 billion worth of projects under construction, marking a record level for the company. Its total development pipeline stands at 8 GW, with four new projects totalling 2.1 GW added during the fourth quarter across Egypt, the Philippines and Tunisia. Six solar and battery storage projects are currently under construction.
Looking ahead, Scatec expects proportionate power production of between 5.2 TWh and 5.6 TWh in 2026. Proportionate EBITDA from power production is forecast at between NOK 3.8 billion and NOK 4.1 billion. The company estimates gross margins of between 10 percent and 12 percent for projects under construction.
“As we move into 2026, we are well positioned to capitalise on new opportunities, pursue innovation and scale up our impact on the global transition to renewable energy,” Pilskog said.
Historical financial information on a country-by-country level and the factsheet can be found under “databook” in the report library on the Scatec webpage: https://www.scatec.com/en/investors/reports-presentations/
Author: Bryan Groenendaal
