Scatec ASA (STECF) Q2 2025 Earnings Call Transcript

Scatec ASA (OTCPK:STECF) Q2 2025 Earnings Conference Call August 19, 2025 3:00 AM ET

Company Participants

Hans Jakob Hegge – Chief Financial Officer
Terje Pilskog – Chief Executive Officer

Conference Call Participants

Terje Pilskog

Good morning, everyone, and welcome to our second quarter presentation. I’m truly excited to present strong financials, additional growth and also excellent progress on our projects in construction. This means we continue to make significant progress on our strategic objectives, both in terms of growing our renewables portfolio and also in terms of strengthening our balance sheet.

Let me start with a summary of the quarter, and then I will hand over to Hans Jakob to take us through the financials. On total — our total proportionate revenues increased to NOK 2.3 billion and our EBITDA to NOK 1.1 billion. This represents an increased activity level across all our segments. Our projects under construction are progressing well with revenues close to NOK 1 billion in the quarter, and we’re still also recognizing gross margins at the high end of our guided range of 11.4%. I’m also very pleased with the development of the backlog that is now at all-time high of 3.2 gigawatts. And this is after adding close to 1 gigawatt of solar and BESS in South Africa during the quarter.

In Egypt, we reached financial close and first drawdown on our Obelisk project during the quarter. And further, we signed a PPA for 900 megawatts of onshore wind in the country. And finally, in terms of the balance sheet, we continue to focus on debt reductions. We repaid NOK 300 million in the quarter, and we repaid another NOK 850 million after the quarter end. And with this, our now interest- bearing debt, gross debt on corporate level is down to NOK 6.8 billion, which is a significant reduction relative to where we were 1 year ago.