Norway-based renewable energy solutions provider Scatec reported a revenue of NOK1.03 billion (~$106.3 million) in the fourth quarter (Q4) of 2025, declining 10.8% year-over-year (YoY) from NOK1.15 billion (~$119.23 million)

Earnings before interest, taxes, depreciation, and amortisation (EBIDTA) stood at NOK697 million (~$72.07 million), a 14.6% YoY decline from NOK816 million (~$84.4 million).

The company’s net loss came in at NOK28 million (~$3 million), improving 72.3% from NOK101 million (~$10.5 million) in the same quarter of the previous year.

Terje Pilskog, CEO at Scatec, said, “During the quarter, we saw strong progress across our development and construction portfolio and also extended the maturity profile of our corporate debt. Importantly, liquidity remains strong and improved compared to last quarter, reinforcing our ability to execute self-funded growth and create long-term shareholder value.”

Scatec’s liquidity at the end of the quarter stood at NOK5.6 billion (~$581.42 million).

Full Year 2025

Scatec earned revenues of NOK5.24 billion (~$543.84 million) in 2025, reducing 20.3% YoY from NOK6.57 billion (~$682.55 million).

EBITDA stood at NOK4.01 billion (~$416.65 million), a 26% YoY decline from NOK5.42 billion (~$562.84 million).

Net profit came in at NOK1.05 billion (~$109.43 million), decreasing 29.1% from NOK1.48 billion (~$154.3 million) in 2024.

The Ukraine conflict directly impacted Scatec’s performance. During the year, one of Scatec’s five Ukrainian projects, part of the company’s 336 MW portfolio in the country, was disconnected following a drone attack that damaged substations and transformers.

The solar project stopped delivering power. During an earnings call, Scatec reported that the project’s disconnection resulted in a loss of approximately NOK100 million (~$10.35 million). It added that insurance is unlikely to cover such damage caused by conflict.

Scatec aims to reconnect the solar project in the second half of 2026.

Business Highlights

Scatec was awarded a 68 MW floating solar project in the Philippines.

In Oslo, Norway, Scatec repaid a corporate term loan with proceeds from a new bond issue. The company’s corporate net interest-bearing debt decreased to NOK3.4 billion (~$353.01 million).

Total power production from Scatec’s energy projects stood at 1,017 GWh, compared to 1,138 GWh in the same quarter of the previous year.

The company was also awarded a 25-year power purchase agreement by Tunisia’s state utility for a 75 MW onshore wind power project.

Scatec’s growth portfolio includes 6.5 GWh BESS. This was driven by falling battery prices over the last two years.

It has a project pipeline of 7.4 GW. Additionally, Scatec has a backlog generation capacity of 5.3 GW and a backlog battery storage capacity of 4.7 GWh.

The company has 1.5 GW of solar and 700 MWh of battery storage projects under construction.

Scatec said it is strengthening its hybrid solutions portfolio, reflecting increasing industry demand for flexible, hybrid systems.

Responding to questions, Pilskog noted that some renewable energy equipment costs are increasing, partly due to China’s removal of export tax rebates. However, he added that the lower price of other equipment will offset the rising costs. Such industry changes are unlikely to delay project approvals, financing, and construction plans.

Outlook

Scatec expects a proportionate power output of 5.2-5.6 TWh in 2026. It projects EBITDA for this segment of NOK3.8 billion (~$394.54 million) to NOK4.1 billion (~$425.7 million) during the same period.

The company’s remaining development and construction contract value for projects under construction stands at NOK1.8 billion (~$186.9 million).

It expects to reach a total capacity of 11 GW upon completion of its solar and storage projects.

Scatec posted a revenue of NOK2.95 billion (~$291.73 million) in Q3 2025, a 22% YoY increase from NOK2.14 billion (~$211.61 million).