Scatec Q4 2025: Growth Momentum Sustained Across Projects
Scatec delivered another quarter of solid performance in the fourth quarter of 2025, underscoring sustained growth across its Development & Construction (D&C) segment and a robust project pipeline. The company reported a D&C revenue of NOK 2,266 million, up from NOK 1,038 million in the prior-year period, signaling a strong execution focus and effective project management that translated into meaningful top-line expansion.
The D&C segment anchored its quarterly results with a gross margin of 14% and an EBITDA of NOK 251 million. This performance reflects the blend of high-visibility project execution and disciplined cost control, even as the company navigates inflationary pressures, supply chain dynamics, and the complex logistics of solar and storage deployments.
Key Projects Driving D&C Growth
Two marquee projects highlight Scatec’s Q4 2025 performance and longer-term growth trajectory:
- Obelisk, Egypt – Construction progress on the Obelisk project continued to accelerate, validating the company’s strategy to deploy large-scale solar plus storage solutions in North Africa. The project’s execution is emblematic of Scatec’s ability to align engineering, procurement, and construction (EPC) activities with local regulations and grid integration standards, delivering reliable power supply for the region.
- Mogobe BESS, South Africa – The successful advancement of the Mogobe battery energy storage system (BESS) in South Africa demonstrates Scatec’s growing role in accelerating energy transition through storage. The project underpins the company’s commitment to providing flexible, low-emission capacity in markets with rising demand for resilience and rapid ramping capability.
These projects illustrate Scatec’s integrated approach to project development and construction, combining solar assets with rapidly deployable storage to unlock value for utilities, independent power producers, and end users seeking reliable, dispatchable green power.
Broader Growth Framework and Outlook
Beyond the headline D&C figures, Scatec continues to focus on:
– Expanding its project pipeline through strategic collaborations and selective bidding in key growth regions.
– Enhancing the financial profile of its projects with improved capital efficiency and risk management.
– Differentiating through technical execution excellence in both solar and storage technologies, including hybrid configurations that optimize capacity factors and dispatchability.
Management reiterated its commitment to robust capital discipline, ensuring that growth in revenues is matched by sustainable margins and free cash flow generation. As the sector collectively prioritizes grid reliability, Scatec’s combination of development, EPC execution, and operation-ready projects positions the company well for the medium term.
Market Dynamics and Strategic Positioning
The fourth quarter of 2025 reinforces Scatec’s position within the global renewable energy landscape where demand for solar-plus-storage solutions remains resilient. The company’s regional diversification — spanning Africa, the Middle East, and beyond — provides a hedge against country-specific policy shifts while leveraging local partnerships. As energy markets increasingly favor dispatchable renewables, Scatec’s project wins and milestones in Egypt and South Africa contribute to a compelling growth narrative for the year ahead.
Conclusion: A Q4 That Reinforces Confidence
With D&C revenues and EBITDA reflecting disciplined execution, Scatec’s Q4 2025 results reinforce confidence in its growth trajectory. The continued progress on flagship projects such as Obelisk and Mogobe BESS demonstrates the company’s ability to translate a robust order book into tangible, near-term cash generation while laying a solid foundation for long-term value creation in a rapidly evolving energy market.
