Norway-based renewable energy solutions provider Scatec posted a revenue of NOK2.95 billion (~$291.73 million) in the third quarter (Q3) of 2025, a 22% year-over-year (YoY) increase from NOK2.14 billion (~$211.61 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to NOK1.06 billion (~$104.81 million) from NOK1.52 billion (~$150.19 million) in Q3 2024.

Net profit was NOK5 million (~$496,398) compared to NOK1.64 billion (~$162 million) in Q3 2024.

The quarterly drop reflects both the absence of last year’s disposal gains and a lower contribution from joint ventures and associates, notably a NOK130 million (~$12.9 million) impairment on the Mendubim power project in Brazil.

The company reported a loss per share of NOK0.02 (~$0.002) compared to NOK10.2 (~$1.01) in the corresponding quarter last year.

According to the company’s Q3 2025 earnings call transcript on Seeking Alpha, CEO Terje Pilskog said Scatec is ahead of plan on last year’s strategic priorities. “We have already secured projects in construction and backlog that will take us beyond the target of NOK750 million (~$74.25 million) in equity investments annually.”

He added that Scatec has secured NOK2.6 billion (~$257.40 million) in divestment proceeds, allocating more than 75% to reduce debt, bringing corporate interest-bearing debt down to NOK6.7 billion (~$663.30 million) from NOK9.2 billion (~$910.80 million) a year earlier. “All in all, we are on track to reach our 2027 targets communicated last year and well positioned to capture future attractive growth,” he said.

A supportive industry backdrop is reinforcing those ambitions. “Solar panels, wind turbines and battery prices continue to come down, and they are now again at all-time low levels,” Pilskog said, calling the battery price decline a game changer that broadens ancillary services and enables dispatchable renewables and load shifting. “This makes renewables the most attractive source of energy in the markets where we operate.”

Outlook

Scatec expects a proportionate power production of 4.1–4.2 TWh for the full year 2025.

It has raised its proportionate EBITDA estimate by NOK50 million (~$4.95 million) to a midpoint of NOK4.35 billion (~$430 million).  The increase is driven by an estimated strong performance in the Philippines in the fourth quarter 2025.

Management estimates a 10–12% gross margin on the projects currently under construction.

Reflecting the expanded 2030 horizon, Pilskog said Scatec is increasing its growth rate and now targets investing at least NOK1 billion (~$99 million) in equity annually in new projects and we will continue to focus on selected markets where we see renewables fundamentally making sense and where we see that we have a strong position and we will also continue to build on our multi-technology skills where we’re able to deploy hybrid projects.

The company has a 7.6 GW pipeline of maturing quality projects and more than 10 GW of early-stage and greenfield opportunities advancing toward pipeline status. “The key for us is to identify opportunities where we can capture attractive value,” he noted.

On markets, Pilskog said Scatec will concentrate growth capital where renewables are fundamentally competitive and where it already has strong positions, including Egypt, South Africa, and the Philippines. Scatec is also building early-stage pipelines in Tunisia and Romania to support long-term expansion.

In parallel, the company will recycle capital where appropriate. “Our scope for divestments, farm-downs and capital recycling remains the same,” Pilskog said. “We’ll divest where we don’t see continued attractive growth and farm down in larger markets when it makes sense to reinvest into new opportunities.”

Scatec posted a revenue of NOK1.31 billion (~$124.76 million) in the second quarter of 2025, a 26% YoY increase from NOK1.17 billion (~$111.43 million).