Scatec, the Norwegian renewable energy developer, reported a 10% year-over-year decline in proportionate EBITDA to NOK 1,016 million for Q2 2026, despite a 21% surge in power production to 1,135 GWh. Proportionate revenues remained essentially flat at NOK 2,286 million, while consolidated revenues increased 4% to NOK 1,369 million.
The EBITDA decline was partially attributed to a NOK 231 million retroactive tariff adjustment in the Philippines during Q2 2025. Power production revenues fell 21% to NOK 1,039 million, reflecting lower contributions from Ukraine (-NOK 45 million), South Africa (-NOK 28 million), and the Philippines (-NOK 18 million). Offsetting these declines were new project additions totaling 278 GWh across Botswana, South Africa, Tunisia, and Egypt.
The company highlighted the Obelisk project in Egypt as a key milestone, with Phase 2 achieving commercial operation in August 2026. Completed 23 months after the PPA signing, the project was delivered ahead of schedule and below budget. Scatec reduced its ownership stake to 40% through farm-downs while retaining long-term cash flows from 25-year agreements.
Development and construction revenues surged 26% to NOK 1,231 million, with EBITDA jumping nearly fivefold to NOK 234 million, reflecting a 24% gross margin. The segment's trailing 12-month revenues reached NOK 5,951 million, with an EBITDA of NOK 720 million. The remaining contract value stood at NOK 3.8 billion, with an active portfolio of 792 MW solar, 77 MW wind, and 571 MWh battery storage.
Scatec's near-term portfolio now totals 12.3 GW of renewable generation capacity, a 116% increase from the 5.7 GW currently operational. Battery storage capacity is set to rise to 6.8 GWh from 1.4 GWh, supported by projects in Romania, Colombia, and Tunisia.
Liquidity remained robust at NOK 5.12 billion, including undrawn credit facilities, though free cash position declined to NOK 1.60 billion due to working capital changes. Corporate net debt increased to NOK 4.6 billion, while project-level debt remained stable at NOK 19.6 billion. The company plans to refinance its SCATC 04 bond maturing in 2027 through a new NOK 1 billion issue.
For Q3 2026, Scatec guided for total power production of 1,500–1,600 GWh and Philippines EBITDA of NOK 320–420 million. Full-year guidance includes power production of 5,050–5,350 GWh and power production EBITDA of NOK 3,600–3,900 million, with corporate EBITDA expected to remain negative at NOK 125–135 million.
