Scatec ASA reported consolidated revenue of NOK 1.37 billion in Q2 2026, a 5.4% increase year-over-year, as the Norwegian renewable energy developer navigated a mixed quarter for profitability and operational execution.
Consolidated EBITDA declined 17.6% to NOK 824 million compared with NOK 1.0 billion in the same period last year, reflecting a shift in project mix and execution timing. Proportionate revenue remained flat at NOK 2.3 billion, while proportionate EBITDA fell 9.1% to NOK 1.0 billion. The company's stock traded at $96.65, up 0.16% on the day, though still 29.6% below its 52-week high of $137.20.
The development and construction segment delivered strong performance, with proportionate revenues rising 22.9% to NOK 1.2 billion. D&C EBITDA surged 377.6% to NOK 234 million, driven by higher-margin projects and contingency releases. Over the last 12 months, D&C revenue reached NOK 6.0 billion with rolling EBITDA of NOK 720 million. Gross margins stood at 24% including contingencies, with an underlying margin of 11%. Remaining contract value totaled NOK 3.8 billion, with expected gross margins of 10% to 12%.
Power production volume increased 21% year-over-year to 1.1 terawatt-hours, supported by new projects contributing 278 gigawatt-hours. Revenue from power production dipped slightly above NOK 1.0 billion, down from NOK 1.3 billion in the prior-year period. Liquidity remained robust at NOK 5.1 billion, including a NOK 1.6 billion free cash position and a $350 million revolving credit facility. Total debt was reported at $3.28 billion.
Executives emphasized the company's integrated model, with CEO Terje Pilskog stating that renewable energy remains the most competitive energy source in target markets due to continuous cost reductions and technological advancements. Pilskog highlighted the ability to transition swiftly from development to construction while maintaining capital efficiency.
Guidance for full-year power production EBITDA was maintained at a midpoint of NOK 375 million, though the power production volume estimate was lowered to 505–535 terawatt-hours from 555–565 terawatt-hours, citing persistent El Niño conditions expected to persist into 2027. Third-quarter targets include total power production of 1,500–1,600 gigawatt-hours and Philippines EBITDA of NOK 320 million to NOK 420 million.
Scatec expects three major Egyptian projects—Damara, Energy Valley, and Shadwan—to reach financial close and commence construction within six months. The Obelisk project in Egypt, with a 40% equity stake retained by Scatec, is on track to deliver over 3 terawatt-hours annually and reduce CO2 emissions by 1.3 million tons once fully operational.
