First quarter 2021: Strong growth and solid cash flow generation

Oslo, 30 April 2021: Scatec delivered proportionate revenues of NOK 1,010 million (866) with EBITDA of NOK 636 million (346) and associated EBITDA margin of 63% in first quarter 2021. Power production is more than doubled from the same quarter last year and reached 854 GWh with strong contributions from hydropower, especially in the Philippines.

With a larger portfolio of power plants in operation after the acquisition of SN Power earlier this year, both revenues and EBITDA increased significantly in the Power Production segment to NOK 924 million (391) and NOK 704 million (331) respectively. Cash flow to equity for the Group also increased substantially to NOK 571 million (107), which included a refinancing gain related to the hydropower plant on the Philippines.

“In our first quarter as a broader renewable company, we are pleased to report stable operations as well as strong growth in power production and cash flow. We recently started construction of our 150 MW solar project in Pakistan and several large projects in our backlog and pipeline are expected to start construction this year”, says Raymond Carlsen, CEO of Scatec.

In March, Scatec announced its 2025 growth target of 15 GW capacity and investments of NOK 100 billion. The target is supported by our track record of strong growth and a solid project pipeline across several renewable technologies.

Scatec’s first quarter consolidated revenues were NOK 831 million (625), with EBITDA of NOK 631 million (503). The consolidated net profit was NOK 42 million.

For further details, please see the attached first quarter report and presentation:

EBITDA and other alternative performance measures (APMs) are defined and reconciled as a part of the APM section of the attached quarterly report on pages 37-40.

For further information, please contact:
Mikkel Tørud, CFO, tel: +47 976 99 144,
Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364,