Overview: Scatec’s Q4 2025 highlights growth momentum
Scatec’s fourth quarter of 2025 marked another step in the company’s ongoing growth trajectory. The Development & Construction (D&C) segment delivered solid revenues and a healthy gross margin, underpinned by continued progress on key projects like Obelisk in Egypt and the Mogobe BESS project in South Africa. The quarter confirms that Scatec’s strategy of advancing a diversified project portfolio and strengthening its execution capabilities is delivering tangible results.
Financial snapshot: D&C revenue, margin, and EBITDA
In Q4 2025, Scatec’s D&C segment reported revenues of NOK 2,266 million, a strong increase from NOK 1,038 million in the prior-year period. This growth reflects robust project execution, favorable project mix, and an accelerating pipeline of development activity. The gross margin stood at 14%, a credible level considering the early-stage construction risk profile of several projects and regional mix. EBITDA for the D&C segment reached NOK 251 million, underscoring the segment’s ability to convert project progress into meaningful earnings.
Key drivers behind the revenue uptick
- Obelisk project in Egypt: Continued construction progress driving revenue recognition and milestone invoicing in the quarter.
- Mogobe BESS in South Africa: Steady advancement in battery energy storage systems supporting steady cash flow.
- Project mix and milestone timing: A favorable mix of early-stage and late-stage projects helped optimize revenue recognition.
Operational momentum and execution excellence
Scatec’s quarterly results highlight the company’s emphasis on execution excellence across its global project base. The D&C team has focused on predictable delivery, risk management, and cost discipline, all of which contribute to a stable gross margin in a competitive market. The progress on Obelisk and Mogobe demonstrates the ability to manage complex projects in dynamic regional contexts, aligning with the company’s strategy to diversify geographically while pursuing scalable, bankable assets.
Strategic context: portfolio growth and future prospects
Looking ahead, Scatec is positioned to capitalize on favorable demand for solar and energy storage solutions. The D&C gains in Q4 2025 reinforce the company’s plan to grow earnings through project execution, while advancing development activity that can be monetized in subsequent quarters. The balance between high-quality pipeline development and on-time project delivery remains central to strengthening the company’s long-term value proposition for investors and partners.
Investor takeaway: what the quarter means for stakeholders
For investors and stakeholders, the Q4 2025 results confirm that Scatec is navigating a mixed market environment with a disciplined approach to growth. The healthier revenue level in D&C, coupled with a solid EBITDA contribution, signals resilience and potential for further expansion as the project portfolio matures. As the company continues to progress its flagship projects and expands its geographic footprint, there is a clear path toward higher annualized earnings and cash generation.
Closing thoughts: momentum sustained into 2026
Scatec’s fourth quarter performance indicates a sustained growth trajectory, driven by the dependable execution of its D&C operations and a diversified project slate. If the company maintains its execution discipline and leverages its global network, 2026 could bring continued revenue acceleration, improved margins, and increasing stakeholder confidence.
