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• Total Proportionate EBITDA: Increased by 22% to NOK4.7 billion for 2024.

• Backlog and Pipeline: 2.7 gigawatts under construction and in backlog, a 73% increase from the previous year.

• Net Corporate Debt Reduction: Reduced by NOK1 billion during the quarter.

• Proportionate Revenues: NOK2.7 billion for the fourth quarter, up 70% from the same quarter last year.

• Proportionate EBITDA: NOK1.4 billion for the fourth quarter, up 70% from the same quarter last year.

• Gross Margin: 12% for the quarter.

• Power Production EBITDA: NOK1.35 billion for the quarter, up from NOK726 million last year.

• Philippines Net Revenues: Increased to NOK390 million, with a production volume increase of 77% to 285 gigawatt hours.

• Philippines EBITDA: Increased by 85% to NOK332 million.

• Development and Construction Revenues: NOK1 billion for the quarter, with a margin of 12%.

• Consolidated Revenues: Close to NOK1.2 billion for the quarter.

• Net Profit: NOK101 million negative for the quarter.

• Full Year Proportionate Revenues: NOK7.9 billion for 2024.

• Full Year Power Production EBITDA: NOK4.6 billion, a 39% increase from last year.

• Available Liquidity: NOK3.7 billion at the end of the quarter.

• Total Net Interest-Bearing Debt: NOK22 billion, unchanged from the last quarter.

• 2025 Power Production Estimate: 4.1 to 4.5 terawatt hours, with an EBITDA estimate of NOK3.75 billion to NOK4.05 billion.

• Warning! GuruFocus has detected 10 Warning Signs with FRA:66T.

Release Date: January 31, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Scatec ASA (FRA:66T) reported a 22% increase in total proportionate EBITDA for 2024, reaching NOK4.7 billion, driven by strong results in the Philippines and increased production from new plants.

• The company has significantly increased its backlog and pipeline, with 2.7 gigawatts of projects under construction and in the backlog, marking a 73% increase from the previous year.

• Scatec ASA (FRA:66T) reduced its net corporate debt by NOK1 billion during the quarter, primarily through proceeds from asset sales and refinancing.

• The company achieved strong financial results in the fourth quarter, with proportionate revenues of NOK2.7 billion and an EBITDA of NOK1.4 billion, both up by approximately 70% compared to the same quarter last year.

• Scatec ASA (FRA:66T) has a robust growth pipeline, with 90% related to core markets, and expects to bring these projects into backlog and construction during 2025.

Negative Points

• The company is still awaiting approval from the Regulatory Commission in the Philippines for higher ancillary services prices, which affects revenue recognition.

• Scatec ASA (FRA:66T) reported a net profit of NOK101 million negative for the quarter, indicating financial challenges despite strong operational performance.

• The company has not disclosed the selected electrolyzer supplier for its hydrogen plant project in Egypt, leaving some uncertainty about the project's progress.

• There is a lack of detailed guidance on the expected cash flow to equity from Power Production once the current backlog and projects under construction are fully invested.

• Scatec ASA (FRA:66T) continues to face challenges in reducing contract volumes in the Philippines, with existing contracts expiring and no new contracts being entered into.