Scatec ASA (STECF) Q3 2026 Earnings Report
STECF Q3 2026 EPS Results
- Actual EPS
- -$0.77
- Consensus EPS
- $0.18
- Beat/Miss
- Missed by -$0.95
- One Year Ago EPS
- $0.00
STECF Q3 2026 Revenue Results
- Actual Revenue
- $152.65M
- Expected Revenue
- $174.42M
- Beat/Miss
- Missed by -$21.77M
- YoY Revenue Growth
- +50.37%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
Scatec ASA's next earnings date is estimated for January 29, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by higher consolidated EBITDA, strong power-production growth from new projects, record D&C activity, a sharply larger backlog, secured financing, lower borrowing costs, and increased 2030 growth and cash-flow targets. These strengths were partly offset by significant Ukraine and Pakistan impairments, a reduced power-production EBITDA outlook, lower expected generation, the Philippines reserves-market suspension, project delays, and higher corporate debt during the quarter. Highlights significantly outweighed the lowlights.
The company reduced full-year power production EBITDA guidance to NOK 3.3 billion-NOK 3.6 billion, NOK 300 million lower than the previous midpoint, and now expects full-year power production of 4,950-5,150 GWh, fourth-quarter production of 1,300-1,400 GWh, and fourth-quarter Philippines EBITDA of NOK 200 million-NOK 300 million; D&C is expected to deliver a gross margin of 10%-12% on average across the portfolio for projects under construction, while corporate full-year EBITDA is expected at -NOK 110 million to -NOK 120 million. The reserves market is expected to be reinstated within six months with normalized prices, and the company expects limited economic impact in the longer term; a likely gain related to the Obelisk farm-down has not been included in guidance, while the company expects to receive in a range of EUR 300 million related to the EBRD platform. Towards 2030, the company targets NOK 8 billion in equity investments, NOK 2 billion annually with 60% already secured, cash flow generation of NOK 2.5 billion, corporate debt of NOK 4 billion, and new assets contributing about NOK 1.2 billion in cash flow; by end of 2028, it expects total generation capacity of 12.3 GW and storage capacity of 6.8 GWh.
- Strong Group EBITDA and Cash Flow PerformanceConsolidated revenues were NOK 1.7 billion compared to NOK 1.1 billion in the same quarter last year, while EBITDA increased to NOK 1.1 billion from NOK 785 million. Proportionate EBITDA was NOK 1.2 billion, up 14% year-on-year, and cash flow to equity was NOK 385 million, up 35% year-on-year after adjusting for approximately NOK 250 million of refinancing gains in the Philippines in the prior-year quarter.
- Power Production Growth from New ProjectsPower production increased 22% year-on-year to approximately 1.5 TWh, with more than 400 GWh coming from new projects in South Africa, Tunisia, Botswana, Egypt, and Brazil. Power production revenues increased 10% to NOK 1.3 billion, with new projects contributing approximately NOK 140 million.
- Record D&C Activity and ProfitabilityThe Development & Construction segment delivered revenues of NOK 948 million, a 26% gross margin, and EBITDA of NOK 168 million. The quarter included approximately NOK 140 million of closeout effects from Obelisk, reflecting timely and cost-efficient execution.
- Strong D&C Trailing PerformanceOver the last 12 months, D&C revenues reached NOK 5.1 billion, up 14% year-on-year, while EBITDA almost tripled to NOK 753 million. Strong execution and disciplined cost control produced NOK 340 million of contingency releases on Obelisk so far this year.
- Significant Increase in D&C BacklogRemaining D&C contract value increased to approximately NOK 10.5 billion from NOK 3.5 billion in the prior quarter, representing almost a three times increase. The company stated that this provides strong visibility on future D&C revenues.
- Construction Started on Shadwan and DandaraConstruction began on the 900 MW Shadwan wind project in Egypt, described as the largest wind project in Africa, with expected production of approximately 4 TWh when fully operational and phased operations planned during the first half of 2028. Construction also began on the first phase of Dandara, Egypt's first corporate PPA.
- Financing Secured for Dandara and Egyptian PortfolioDandara loan agreements were signed with EIB, EBRD, and AfDB, while National Bank of Egypt agreed to take a 20% equity stake. Scatec also secured a USD 150 million equity bridge loan to support an equity-light approach for its Egyptian project portfolio.
- EBRD Equity Platform Supports Capital EfficiencyEBRD agreed to take a 40% stake in the Egyptian equity platform and committed USD 221 million. Through the platform, EBRD will also invest in Obelisk, reducing Scatec's equity stake in Obelisk to 24%.
- Lower Financing Costs from New BondScatec issued a new NOK 1.5 billion bond at a 250 basis-point credit margin and used the proceeds to refinance more expensive debt. The company stated that this will reduce annual interest costs by approximately NOK 50 million.
- Strong Philippines Quarterly EBITDAPhilippines EBITDA was NOK 367 million, approximately 10% higher than the same quarter last year and in line with the company's quarterly outlook. Revenues were NOK 411 million, supported by high prices across the different segments, including a jump in ancillary-services prices driven by high reserve-market prices.
- Flexible Philippines Asset BaseThe company stated that it continues to capture value from its flexible asset base by optimizing its commercial strategy across energy sales, ancillary services, and reserves. Compensating measures include shifting contracted ancillary-services delivery to BESS units, offering bilateral ancillary-services contracts, and conducting intraday BESS trading.
- Expansion of Philippines Battery CapacityScatec currently has 40 MWh of battery capacity in the Philippines and expects one new battery to come online over the next couple of months and two more during next year, increasing capacity from 40 MWh to 160 MWh over the next 12 to 15 months.
- Improved Corporate EBITDA GuidanceFull-year corporate EBITDA guidance improved by NOK 15 million to negative NOK 110 million to negative NOK 120 million.
- Strong Liquidity and Financing AccessTotal available liquidity was NOK 2.7 billion including NOK 1.5 billion of undrawn RCF capacity, and NOK 3.9 billion including additional RCF capacity. The company also stated that its plan is fully funded and could generate available liquidity toward the end of the period.
- Progress on Capital Recycling and DeleveragingScatec has completed NOK 2.6 billion toward its NOK 6 billion capital-recycling target and expects an additional NOK 300 million from EBRD's investment in the Egyptian platform and Obelisk. The company remains on track to reduce corporate debt to NOK 4 billion by 2030 and said it has reduced debt by more than NOK 2 billion since announcing the target.
- Higher 2030 Equity Investment AmbitionThe company increased its target to NOK 2 billion of annual cash-equity investments toward 2030, or NOK 8 billion over the period. It stated that 60% of the annual target is already secured through projects in construction or backlog and that returns will not be compromised.
- Higher Long-Term Cash Flow TargetScatec introduced a target to more than double cash flow to equity to NOK 2.5 billion by 2030 from a current run rate of approximately NOK 1.2 billion. The company expects new assets to contribute approximately NOK 1.2 billion of cash flow and higher D&C activity to add approximately NOK 0.5 billion.
- Large Construction and Storage PortfolioThe near-term portfolio includes 2.3 GW of generation capacity in construction and 4.3 GW in backlog, which is expected to bring total generation capacity to 12.3 GW by the end of 2028. Storage capacity includes 0.7 GWh in construction and 4.7 GWh in backlog, expected to reach 6.8 GWh by the end of 2028, a four to five times increase from current levels.
- Renewables Cost CompetitivenessThe company stated that module costs have declined by 60% over the last three to four years and battery-system costs by close to 80% over the same period. It also stated that renewables are the most competitive source of new power generation in its operating markets.
- Significant Addressable Market PotentialScatec identified South Africa, the Philippines, Egypt, Tunisia, and Romania as priority markets and stated that these markets alone represent more than 50 GW of renewables growth potential toward 2030.
- New Energy Applications Under EvaluationThe company is evaluating new demand and offtake opportunities involving green hydrogen, desalination, and data centers. It also highlighted Energy Valley, a hybrid project combining renewables and batteries to deliver energy on a 24/7 basis and provide frequency control and regulating power.
- Attractive Target Returns for Growth PortfolioScatec stated that its equity investments are subject to a 1.2 times cost-of-equity hurdle and a 20%-30% services margin. The completed portfolio is expected to generate approximately NOK 750 million in average annual cash flow, representing approximately 15% average cash yield across the portfolio.
- Tunisia Operations Unaffected by Load SheddingThe company stated that load shedding in Tunisia during last summer did not affect its operations or production, and that it is working with authorities to accelerate construction and bring more capacity onto the grid.
STECF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 29, 2027 | 2026 (Q4) | 0.05- | 0.01 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 0.18-0.77 | 0 | -35300.00% (-0.77) | |
| Aug 21, 2026 | 2026 (Q2) | 0.06-0.04 | 0.19 | -123.98% (-0.23) | |
| May 06, 2026 | 2026 (Q1) | 0.03-0.01 | 0.52 | -102.08% (-0.53) | |
| Jan 30, 2026 | 2025 (Q4) | 0.080.01 | -0.09 | 111.25% (+0.10) | |
| Oct 30, 2025 | 2025 (Q3) | 0.16-0.00 | 1.11 | -100.20% (-1.11) | |
| Aug 19, 2025 | 2025 (Q2) | 0.140.19 | -0.03 | 670.00% (+0.22) | |
| May 08, 2025 | 2025 (Q1) | 0.220.52 | -0.08 | 785.71% (+0.60) | |
| Jan 31, 2025 | 2024 (Q4) | 0.00-0.09 | 0.44 | -119.68% (-0.53) | |
| Nov 01, 2024 | 2024 (Q3) | 0.171.11 | 0.03 | 3441.67% (+1.08) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
