Scatec Solar Asa Stock Earnings Reports

Scatec reported a strong Q3 with rising revenues and EBITDA driven by higher activity in the D&C (design & construct) segment and good power production (notably the Philippines). Proportionate revenues rose 22% to ~NOK 3.0bn and group EBITDA was NOK 785m (proportionate EBITDA NOK 1.1bn). The D&C business reported NOK 1.8bn in revenues with an 11.4% gross margin and backlog reached an all‑time high of 3.4 GW (including recent additions in Colombia and the Philippines). Nearly 2 GW of solar + BESS projects are under construction across six countries, with NOK 4.1bn remaining contract value and an expected 10–12% gross margin on projects under construction. Power production increased (1,202 GWh this quarter) supported by good hydrology and a new Botswana project. The company repaid ~NOK 953m of corporate debt in the quarter, lowering net corporate interest‑bearing debt to NOK 4.3bn and leaving available liquidity of NOK 4.7bn. Management increased medium‑term ambitions: target at least NOK 1bn annual equity investments into new projects through 2030 while continuing a self‑funded approach, aiming to reduce corporate debt to ~NOK 4bn by 2030 and realize an additional NOK 3.4bn in divestments (total divestment target ~NOK 6bn). One impairment (Mendubim, Brazil) of NOK 130m was booked due to revised curtailment and price assumptions. Outlook: 2025 power production 4,100–4,200 GWh and raised full‑year EBITDA midpoint by NOK 50m (typo in transcript says 'NOK 435 billion' but context indicates an increased EBITDA midpoint for 2025). Overall the firm is scaling construction, pursuing capital recycling, and emphasizing disciplined hurdle rates and deleveraging while expanding its pipeline and backlog to support faster growth.