Scatec Asa (STECF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

It's been a very strong start of 2025 for Skatec. And financially, we've also had a strong first quarter. We have made significant progress in the quarter towards our strategic ambitions. We have and we continue to grow renewables within our core areas. And we also continue to progress well in terms of optimizing our portfolio and bring down corporate debt on overall level. And I will usually start with an overall summary, and then Hans-Jakob will take us through the financials. So let us first start with the highlights of the quarter. Firstly, as I said, we've had a very strong financial quarter with 2.4 billion in revenues on a proportionate basis and 1.4 billion in EBITDA. These are figures that are significantly up relative to the same quarter last year. Secondly, we currently have 4.2 gigawatts in backlog and in construction. This is an all-time high number and enables us to have significant construction activity going forward and also enables us to double our operating capacity over the next couple of years. Finally, we've also made significant progress on optimizing our portfolio. And we are now having a corporate net debt, interest-bearing debt of 5.2 billion. And this is based on proceeds from divestments, as well as a very strong cash position in the company. Let me also mention the fact that we've issued a new green bond during the quarter of 1.25 billion Norwegian kroners at very attractive terms. And we've used the proceeds from this bond, including our available cash position, to also pay down our Euro bond. And through this, we have significantly improved the maturity profile of our debt on corporate level. And I'd like to thank our investors for the confidence that they are putting in us related to this. So altogether, this puts us in a very robust po...