Norway's Scatec Q2 proportionate revenue falls on prior-year tariff adjustment effect

Scatec ASA

21/08/2026 06:12

Overview
Norway renewable energy firm's Q2 proportionate revenue declined slightly yr/yr
Q2 proportionate EBITDA fell yr/yr, mainly due to one-off items last year
Company plans NOK 1,000 mln bond issue to refinance most expensive corporate debt

Outlook
Scatec sees 2026 proportionate power production of 5.05 to 5.35 TWh
Company expects 2026 proportionate EBITDA from power production of NOK 3,600 to 3,900 mln
Estimated gross margin for projects under construction between 10% and 12%

Result Drivers
NEW PROJECTS - Co said higher power production was mainly driven by new projects entering operation
ONE-OFF ITEMS - Co said lower power production revenue yr/yr was mainly due to a one-off retroactive tariff adjustment in the Philippines last year
D&C SEGMENT MARGIN - Co reported a 24% gross margin in Development & Construction, above guided range, reflecting strong project execution

Company press release: ID:nMFNqG2SC

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Proportionate Revenue
 
NOK 2.29 bln
 
Q2 Proportionate EBITDA
 
NOK 1.02 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 NOK132.00, about 36.6% above its August 20 closing price of NOK96.60
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 27 three months ago

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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.)