Scatec on Friday released fourth-quarter results showing consolidated metrics that did not meet market forecasts, although proportionate figures were largely consistent with expectations.
At the consolidated level, the company recorded revenues of NOK1,028 million for the quarter, representing an 11% decline from the same period a year earlier and a 5% decrease versus the prior quarter. Those top-line figures were below Kepler Cheuvreux's estimate of NOK1,302 million and the consensus forecast of NOK1,133 million.
Consolidated EBITDA amounted to NOK697 million, down 15% from a year ago and 11% from the previous quarter. The consolidated EBITDA margin narrowed to 68% from 71% in the comparable quarter last year.
Net income for the quarter was a loss of NOK28 million, an improvement versus a NOK101 million loss in the fourth quarter of 2024, but still well under analysts' expectations of NOK114 million.
On a proportionate basis, Scatec's power production totaled 1,017 GWh in the quarter, an 11% decrease year-on-year and a 15% decline quarter-on-quarter. Power Production EBITDA was reported at NOK842 million, marginally below expectations.
Offsetting the modest shortfall in Power Production, the company's Development & Construction business delivered EBITDA of NOK251 million, a result described by the company as significantly ahead of the forecasts.
Backlog and strategic contract
Scatec highlighted a major pipeline development: its backlog rose to 5.3 GW of solar capacity together with 4.7 GWh of battery energy storage systems. This increase was driven in large part by the signing of the Energy Valley project in Egypt, a combined asset that comprises 1.95 GW of solar capacity paired with 3.9 GWh of storage. The project includes a 25-year power purchase agreement denominated in US dollars.
Liquidity and outlook
The company reported a solid liquidity position at quarter-end of NOK5.6 billion, which included NOK3.3 billion in free cash and NOK2.4 billion in undrawn facilities.
For 2026, Scatec reiterated its guidance for proportionate power production of 5.2-5.6 TWh and projected Power Production EBITDA in the range of NOK3.8-4.1 billion.
These results present a mixed operational picture: consolidated headline numbers underperformed relative to analyst models while proportionate operations and project development activity showed resilience and meaningful growth in contracted pipeline.