Scatec Q2 2026 slides: Obelisk milestone offsets revenue headwinds

Scatec, the Norwegian renewable energy developer, reported its Q2 2026 results on August 21, revealing a mixed performance amid revenue headwinds. Despite a 10% year-over-year decline in EBITDA to NOK 1,016 million, power production volumes increased 21% to 1,135 GWh as new assets came online. The company maintained its full-year guidance, positioning itself for a potential capacity doubling.

Scatec completed its Obelisk project in Egypt, the largest hybrid renewable energy project in Africa, ahead of schedule and below budget. New assets contributed significantly to power production growth, with a 21% increase year-over-year. However, power production revenues declined 21% due to a NOK 231 million retroactive tariff adjustment in the Philippines and reduced contributions from Ukraine, South Africa, and the Philippines.

The D&C segment showed strong growth, with revenues up 26% to NOK 1,231 million and EBITDA nearly fivefold to NOK 234 million. Overall, Scatec's near-term growth portfolio reached a record 12.3 GW of renewable generation capacity, indicating a potential capacity doubling.