Scatec Asa (STECF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to our second quarter presentation. I'm truly excited to present strong financials, additional growth, and also excellent progress on our projects in construction. This means we continue to make significant progress on our strategic objectives, both in terms of growing our renewables portfolio and also in terms of strengthening our balance sheet. Let me start with the summary of the quarter and then I will hand over to Hans Jakob to take us through the financials. Our total proportionate revenues increased to 2.3 billion and our EBITDA to 1.1 billion. This represents an increased activity level across all our segments. Our projects under construction are progressing well with revenues close to one billion in the quarter. And we're still also recognizing gross margins at the high end of our guided range of 11.4%. I'm also very pleased with the development of the backlog that is now at all time high of 3.2 gigawatts. And this is after adding close to one gigawatt of solar and best in South Africa during the quarter. In Egypt, we reached financial close and first drawdown on our Obelisk project during the quarter. And further, we signed a PPA for 900 megawatt of onshore wind in the country. And finally, in terms of the balance sheet, we continue to focus on debt reductions. We repaid 300 million in the quarter. And we paid another 850 million after the quarter end. And with this, our now interest-bearing debt, gross debt on corporate level, is down to 6.8 billion, which is a significant reduction relative to where we were one year ago. Now, in terms of power production. We generated 940 gigawatt hours in the quarter. This is an increase of 10% if we adjust for divestments during the year. This is driven by good hydrology in the Philip...