Scatec third quarter 2025: Accelerating growth and continuing to deleverage

Core Insights - Scatec has shown significant progress in its strategy, reinforcing its position as a leading renewable energy provider in high-growth markets, with proportionate revenues increasing by 22% to NOK 2,953 million [1] - The company reported a decrease in EBITDA to NOK 1,063 million, impacted by previous year's divestment gains and catch-up payments [1] Financial Performance - Power production revenues decreased to NOK 1,178 million from NOK 1,772 million, with EBITDA also declining to NOK 955 million from NOK 1,540 million, primarily due to a divestment recognition in South Africa and a catch-up payment in the Philippines [2] - The Development & Construction (D&C) segment saw revenues rise to NOK 1,760 million from NOK 631 million, maintaining a gross margin of 11.4% [3] - Consolidated revenues and other income for the third quarter were NOK 1,080 million, down from NOK 2,967 million, with EBITDA at NOK 785 million compared to NOK 2,659 million, and a net profit of NOK 5 million versus NOK 1,646 million from the previous year [7] Strategic Developments - The company added two Battery Energy Storage System (BESS) projects of 80 MW / 80 MWh in the Philippines, increasing its backlog to an all-time high of 3,392 MW [5] - Scatec repaid NOK 943 million in corporate debt during the quarter, reducing gross corporate debt by approximately 27% to NOK 6.7 billion [6] - The company is refining its strategic roadmap towards 2030, with increased targets for growth, deleveraging, and capital discipline [8] Future Outlook - Full year 2025 proportionate power production is estimated at 4.1 - 4.2 TWh, with an increased EBITDA estimate of NOK 4.35 billion [9] - The company aims to reduce corporate interest-bearing debt to NOK 4 billion and realize at least NOK 3.4 billion from asset divestments [9] - Focus areas include Solar PV and BESS, with plans to build a wind portfolio over time while concentrating on attractive growth markets [9]