Scana — Earnings Release 2024

Nov 8, 2024

Third quarter results 2024 – Energy drives growth while Offshore drives margins

Third quarter results 2024 – Energy drives growth while Offshore drives margins

Bergen, 8 November 2024: Scana (the Company) continues to deliver solid results, maintaining high EBITDA margins in Offshore and achieving revenue growth driven by the Energy division.

Q3 2024 Financial Highlights:

· Revenue NOK 436 million

· EBITDA NOK 57 million

· EBITDA margin 13.1 %

· Order intake NOK 492 million

· Order backlog NOK 1,135 million

The Energy division has achieved an all-time high order intake with 9 sizable contracts within battery energy storage solutions (BESS), E-House modules and shore systems. The achievement of green financing for energy storage solutions marked a strategic milestone, enabling a more sustainable and scalable business model.

The Offshore division has delivered high EBITDA margins in a quarter where seasonality impacted revenues. First 4 months at PSW Namibia were successfully completed with consistent, high-quality deliveries, and a strong project delivery contributed to a successful installation of the FPSO Maria Quitería operation for Petrobras.

A strong cashflow development gives Scana financial flexibility, expanding its potential for value creation, both organically and through M&A.

Q3 Presentation

Today, at 10:00 CET, Scana will present the Q3 2024 results in an online session via Microsoft Teams. The presentation will be held by Pål Selvik, CEO, and Torvald Ulland Reiestad, CFO.

The webcast presentation can be viewed at this link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_Yzk1YmZlOTYtNjFmZS00MzVhLTkyZjItNWM4ZDdmODM4MWU0%40thread.v2/0?context=%7b%22Tid%22%3a%2230fb2d84-9197-45ce-9191-94efb765a32d%22%2c%22Oid%22%3a%222d41941f-0583-4c30-a7ab-2d50ecb4b7c8%22%7d

The presentation will be available for replay shortly afterwards on Scana's website: www.scana.no.

Update – contract value thresholds

Scana ASA will going forward apply the following contract value thresholds to communicate contract values to the stock market.

(1) A sizeable contract is defined as between NOK 25 million and NOK 75 million.

(2) A substantial contract is defined to be between NOK 75 million and NOK 150 million.

(3) A large contract is defined to be between NOK 150 million and NOK 250 million.

(4) A very large contract is over NOK 250 million.

For more information, please contact:

Pål Selvik, CEO, +47 97 04 65 02

Torvald Ulland Reiestad, CFO, +47 97 98 78 95

Anette Netteland Dybvik, Head of IR and Communication, +47 41 66 77 87

Scana in brief

Scana is an active industrial owner of technology and services to both the energy and offshore industries. With an industrial history dating back to the early 1900s, Scana has evolved to become a leader in technology and innovation. This journey has provided a unique position to shape solutions for tomorrow, driven by extensive industrial experience combined with quality and value creation. Scana is headquartered in Bergen and has above 600 employees. www.scana.no