Norway's Scatec Q3 revenue falls, cuts FY EBITDA forecast

Scatec ASA

30/10/2026 06:12

Overview
Norway renewable energy provider's Q3 proportionate revenue declined yr/yr, while proportionate EBITDA increased
Revenue decline in D&C segment reflects lower activity after last year's Obelisk project
Q3 impairments on Ukraine and Pakistan assets led to consolidated net loss

Outlook
Company expects FY'26 power production of 4.95-5.15 TWh
Scatec lowers FY'26 proportionate power production EBITDA forecast to NOK 3.3-3.6 bln
Company sees gross margin for projects under construction between 10% and 12%

Result Drivers
NEW POWER PLANTS - Co said increased power production and EBITDA were driven by new plants coming online
OBELISK PROJECT - Co said prior-year D&C revenue was mainly driven by high activity on the Obelisk project, with lower activity this quarter
OBELISK CLOSE-OUT - Co said Q3 EBITDA margin was boosted by close-out effects and contingency releases from the Obelisk project

Company press release: ID:nMFN5SbwNB

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Proportionate Revenue
 
NOK 2.27 bln
 
Q3 Proportionate EBITDA
 
NOK 1.21 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the independent power producers peer group is "buy"
Wall Street's median 12-month price target for Scatec ASA is NOK129.50, about 54.3% above its October 29 closing price of NOK83.95
The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 20 three months ago

Reuters Recommended Reads
Oct 29 - Finland's Neste Q3 revenue and EBITDA jump on strong renewables
Oct 29 - Norway's Statkraft profit rises on higher power prices
Oct 29 - Data centre growth triggers backlash in Norway over power deficit concerns

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)