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Scana Earnings Release 2025
3736_rns_2026-02-19_ffcc379c-6d88-4cf4-8d92-974e086fceb6.pdf
Earnings Release
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19 FEBRUAR 2026 | BERGEN
Scana
DISCLAIMER
This presentation by Scana ASA is designed to provide a high-level overview of aspects of the operations of Scana ASA.
The material set out in the presentation is current as of 19 February 2026.
This presentation contains forward-looking statements relating to operations of Scana ASA that are based on the management's own current expectations, estimates and projections about matters relevant to Scana ASA's future financial performance. Words such as «likely», «aims», «looking forward», «potential», «anticipates», «expects», «predicts», «plans», «targets», «believes» and «estimates» and similar expressions are intended to identify forward-looking statements.
References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results.
No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of Scana ASA or the likelihood that the assumptions, estimates or outcomes will be achieved.
Scana ASA's divisions engage in project activities which means that significant fluctuations in sales and order intake from quarter to quarter can be expected. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. Scana ASA, its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation.
All forward-looking statements made in this presentation are based on information presently available to management and Scana ASA assumes no obligation to update any forward looking-statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity.
You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
3
scana
OFFSHORE
TECHNOLOGY
SOLUTIONS
NAMIBIA
MONGSTAD INDUSTRIER
Seasystems
Sharpenord
Subseatec
WEST
POWER & AUTOMATION
Visit Scana's website to learn more:
www.scana.no
Scana
HIGHLIGHTS – Q4 2025 VS Q4 2024
| REVENUE | EBITDA | ADJ. EBITDA* |
|---|---|---|
| +0 % to | +166 % to | +48 % to |
| 450 MNOK | 70 MNOK | 74 MNOK |
| ORDER INTAKE | ORDER BACKLOG | |
| --- | --- | |
| +19 % to | +18 % to | |
| 392 MNOK | 1188 MNOK |
*) EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods. Ref appendix, Alternative Performance Measures
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana HIGHLIGHTS OFFSHORE
Strong and stable performance.
- High activity period at Mongstad supported by production shutdown at Equinor's Mongstad refinery.
- Seasystems delivers a historically strong quarter, supported by strong project execution.
- Received first LNG infrastructure study, following the Seasystems Stena License agreement.
POST Q4:
Subseatec awarded sizable contract for riser products from Singapore-based client for an oil and gas field in Malaysia.
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
HIGHLIGHTS ENERGY
Organization and cost-level aligned to market.
- Cost program finalized.
- BESS facility at Ågotnes completed. Market entry expected in Q2 based on final approval.
- Lease BESS facilities operational.
- Challenging projects finalized.
POST Q4:
PSW Power & Automation informed of substantial contract for Megawatt Charging Systems.
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
*) Battery Energy Storage System
Scana
PROJECT EXECUTION AND GLOBAL PRESENCE 2025
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
TURRET CONNECTORS
Delivery autumn 2025
Installation offshore GoM 2027
Seasystems
Scana
FINANCIAL PERFORMANCE
Scana
Q4 P&L OVERVIEW: YEAR-HIGH REVENUE AND PROFITABILITY
| NOK million | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Revenue | 450,3 | 448,4 | 1 596,6 | 1 970,1 |
| Materials, goods and services | (184,6) | (196,0) | (678,8) | (919,3) |
| Payroll expenses | (157,5) | (171,9) | (665,3) | (634,1) |
| Other operating expenses | (37,8) | (52,0) | (142,8) | (156,0) |
| EBITDA | 70,4 | 26,4 | 109,7 | 260,6 |
| EBITDA-margin | 16 % | 6 % | 7 % | 13 % |
| Depreciation, amortisation, impairment | (30,9) | (29,7) | (122,7) | (113,0) |
| Operating profit/(loss) - EBIT | 39,5 | (3,2) | (13,0) | 147,6 |
| EBIT-margin | 9 % | -1 % | -1 % | 7 % |
| Income from interests in associated companies | 0,3 | - | 0,3 | - |
| Net financial income/expenses (-) | (13,0) | (10,8) | (30,6) | (37,7) |
| Profit/(loss) before tax | 26,8 | (14,1) | (43,3) | 109,9 |
| Income tax expense | (8,6) | 2,4 | 6,9 | (26,6) |
| Profit/(loss) | 18,3 | (11,7) | (36,3) | 83,3 |
| Adjusted EBITDA* | 73,8 | 49,8 | 139,7 | 253,3 |
| Adjusted EBITDA-margin | 16 % | 11 % | 9 % | 13 % |
*) Ref appendix Alternative Performance Measures
Revenue of NOK 450 million
- Stable revenue compared to Q4 last year.
- Increase in revenue in the offshore division, reduction in the energy division.
EBITDA of NOK 70 million, EBIT of NOK 40 million
- Improved profitability driven by the offshore division with higher activity levels and completion of projects with margins above expectations.
- Low activity and revenue in the energy division still places pressure on margins, reflecting lower absorption of fixed costs in the division.
Profit before tax of NOK 27 million
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana OFFSHORE
Revenue of NOK 333 million
Increase in revenue of 15% compared to Q4 last year. Increase in revenue of 11% compared to Q3 2025.
The increase in revenue is mainly due to:
- High activity at Mongstad in connection with the finalization of the production shutdown at the refinery
- High activity related to the completion of several mooring and installation projects
EBITDA of NOK 76 million
EBITDA margins improved over the year. EBITDA at its highest level since Q1 2024.
Improved profitability is mainly driven by higher activity and the completion of several mooring and installation projects with margins above expectations.
Order intake of NOK 283 million
Stable order intake with a book to bill of 0,9.
Order backlog of NOK 814 million
Approximately NOK 431 million of the order backlog is expected to be delivered in 2026.
NOK 370 million of the total backlog is related to Equinor frame agreement.
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
ENERGY
Revenue of NOK 127 million
Reduction in revenue of 25% compared to Q4 last year. Increase in revenue of 38% compared to Q3 2025.
The order intake in recent quarters has not contributed enough to drive higher revenue in the quarter.
EBITDA of NOK 1 million
Low activity and revenue results in lower absorption of fixed costs.
Q4 one-off effects:
- NOK 4 million in restructuring costs
Order intake of NOK 117 million
Order backlog of NOK 382 million
NOK 279 million of the order backlog is expected to be delivered in 2026.
19 FEBRUARY 2026
Scana
Q4 CASH GENERATION OF NOK 105 MILLION
CHANGE IN CASH AND CASH EQUIVALENTS | NOK MILLION
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Change in net working capital of NOK 69 million
- Reduction in net working capital in both divisions
CAPEX of NOK 7 million
- Rental equipment – NOK 3 million
- Other investments – NOK 4 million
Lease payments of NOK 21 million
Liquidity reserve of NOK 214 million
- Strengthens financial flexibility, and will be used to support operational needs
Scana
NET INTEREST-BEARING DEBT (NIBD)
FUNDING
31 DEC, 2025 | NOK MILLION
Net Capital Employed
Finance
NIBD | NOK MILLION
FINANCIAL COVENANT
NIBD of NOK 38 million
- NOK 50 million - bank loans
- NOK 30 million - green financing facility
- NOK 10 million - Seller credit and provision for earnout related to the acquisition of Mongstad Industrier last year
- NOK 1 million - Other
- NOK 54 million - net cash
Financial covenants
- Scana is compliant with all financial covenants as of 31 December 2025
- From Q1 2026 onwards, the financial EBITDA covenant will revert to its original level, requiring a NIBD to EBITDA ratio of below 2.5
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
NET WORKING CAPITAL (NWC)
FUNDING
31 DEC, 2025 | NOK MILLION
NWC | NOK MILLION
NWC of NOK 94 million
- The reduction in net working capital in Q4 relates to completion of several projects including the finalization of the production shutdown at the Mongstad refinery
- Fluctuations in working capital are to be expected and will vary over time depending on the scale, timing, and nature of individual projects
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
ORDER BACKLOG
Order backlog of NOK 1.188 million at end of Q4 2025.
NOK 716 million of the order backlog related to projects estimated to be executed in 2026.
Conservative approach to backlog where only firm commitments on frame agreements are included.
* Options framework contract Equinor 3year option, renewal in 2029
** Inter-segment order backlog is not included in the presented segment figures.
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
ADDITIONAL INFORMATION
Scana
INCOME STATEMENT
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 540,5 | 545,4 | 435,8 | 8,4 | 1970,1 | 367,9 | 395,8 | 382,7 | 450,3 | 1596,6 |
| Materials, goods and services | (266,5) | (267,8) | (187,0) | (198,0) | (919,3) | (158,2) | (176,6) | (159,3) | (184,6) | (678,8) |
| Payroll expenses | (148,5) | (158,0) | (155,7) | (171,9) | (634,1) | (181,9) | (174,6) | (151,1) | (157,5) | (665,3) |
| Other operating expenses | (28,8) | (39,3) | (36,0) | (52,0) | (156,0) | (34,3) | (36,5) | (34,2) | (37,8) | (142,8) |
| EBITDA | 96,7 | 80,4 | 57,1 | 26,4 | 260,6 | (6,6) | 7,8 | 38,1 | 70,4 | 109,7 |
| EBITDA-margin | 18 % | 15 % | 13 % | 6 % | 13 % | -2 % | 2 % | 10 % | 16 % | 7 % |
| Depreciation, amortisation, impairment | (27,2) | (28,6) | (27,6) | (29,7) | (113,0) | (29,2) | (30,4) | (32,2) | (30,9) | (122,7) |
| Operating profit/(loss) | 69,5 | 51,8 | 29,5 | (3,2) | 147,6 | (35,7) | (22,5) | 5,8 | 39,5 | (13,0) |
| EBIT-margin | 13 % | 9 % | 7 % | -1 % | 7 % | -10 % | -6 % | 2 % | 9 % | -1 % |
| Income from interests in Joint Ventures | - | - | - | - | - | - | - | - | 0,3 | 0,3 |
| Net financial income/expenses (-) | (12,2) | (3,2) | (11,4) | (10,8) | (37,7) | (1,0) | (9,9) | (6,8) | (13,0) | (30,6) |
| Profit/(loss) before tax | 57,2 | 48,6 | 18,1 | (14,1) | 109,9 | (36,7) | (32,4) | (1,0) | 26,8 | (43,3) |
| Income tax expense | (12,6) | (9,5) | (7,0) | 2,4 | (26,6) | 8,1 | 7,3 | 0,2 | (8,6) | 6,9 |
| Profit/(loss) | 44,7 | 39,1 | 11,2 | (11,7) | 83,3 | (28,7) | (25,1) | (0,8) | 18,3 | (36,3) |
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
FINANCIAL POSITION
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|
| NON-CURRENT ASSETS | ||||||||
| Deferred tax assets | 55,3 | 45,0 | 39,4 | 44,2 | 52,4 | 59,8 | 59,9 | 54,9 |
| Goodwill | 285,9 | 308,5 | 308,5 | 313,1 | 313,1 | 313,1 | 313,1 | 313,1 |
| Intangible assets | 71,7 | 69,1 | 69,7 | 69,8 | 68,6 | 69,1 | 67,1 | 67,9 |
| Right of use assets | 431,9 | 418,6 | 404,3 | 389,2 | 395,7 | 385,4 | 364,0 | 347,3 |
| Property, plant and equipment | 105,7 | 119,7 | 141,0 | 151,5 | 162,4 | 167,0 | 167,2 | 163,1 |
| Investment in joint ventures | 1,1 | 1,1 | 1,1 | 1,1 | 1,1 | 1,3 | 1,3 | 1,7 |
| Other non-current assets | 14,1 | 14,7 | 14,7 | 14,8 | 14,7 | 13,9 | 8,3 | 7,9 |
| Total non-current assets | 965,7 | 976,6 | 978,7 | 983,8 | 1 008,1 | 1 009,7 | 981,0 | 956,1 |
| CURRENT ASSETS | ||||||||
| Inventories | 87,8 | 124,5 | 108,1 | 99,4 | 120,2 | 96,9 | 102,4 | 107,1 |
| Trade receivables | 285,1 | 313,0 | 241,7 | 327,6 | 182,4 | 265,1 | 253,1 | 239,8 |
| Contract assets | 135,4 | 154,4 | 153,6 | 108,0 | 157,5 | 168,5 | 216,2 | 117,6 |
| Derivatives | 1,7 | 4,3 | 2,7 | 0,4 | 7,7 | 7,0 | 4,7 | 0,9 |
| Prepayments and other current receivables | 16,9 | 18,0 | 17,6 | 44,8 | 36,1 | 27,2 | 20,9 | 25,9 |
| Cash and cash equivalents | 36,0 | 23,9 | 72,9 | 7,3 | 2,0 | 7,4 | 3,9 | 53,8 |
| Total current assets | 562,9 | 638,1 | 596,6 | 587,5 | 505,9 | 572,2 | 601,1 | 545,1 |
| Total assets | 1 528,7 | 1 614,7 | 1 575,4 | 1 571,3 | 1 514,0 | 1 581,8 | 1 582,1 | 1 501,2 |
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EQUITY | ||||||||
| Paid-in capital | 1 153,1 | 1 153,1 | 1 166,6 | 1 166,6 | 1 166,6 | 1 166,6 | 1 166,6 | 1 166,6 |
| Other equity | (545,6) | (505,3) | (492,3) | (503,6) | (531,1) | (557,0) | (557,8) | (538,4) |
| Total equity | 607,4 | 647,8 | 674,3 | 663,0 | 635,4 | 609,6 | 608,8 | 628,2 |
| NON-CURRENT LIABILITIES | ||||||||
| Loans and borrowings | 48,8 | 58,4 | 58,5 | 58,0 | 58,2 | 53,9 | 54,0 | 54,1 |
| Lease liabilities | 354,3 | 349,4 | 334,9 | 322,5 | 325,3 | 313,8 | 296,0 | 279,3 |
| Other non-current liabilities | 2,2 | 2,2 | 2,2 | 2,8 | 2,8 | 2,8 | 3,2 | 10,4 |
| Total non-current liabilities | 405,3 | 410,0 | 395,6 | 383,2 | 386,3 | 370,4 | 353,2 | 343,8 |
| CURRENT LIABILITIES | ||||||||
| Loans and borrowings | 28,9 | 75,4 | 54,4 | 9,5 | 71,9 | 81,3 | 91,6 | 37,7 |
| Lease liabilities | 98,0 | 91,7 | 91,9 | 92,5 | 98,2 | 101,1 | 99,9 | 100,2 |
| Trade payables | 115,6 | 134,6 | 90,5 | 109,8 | 86,1 | 95,5 | 84,4 | 74,9 |
| Contract liabilities | 80,3 | 53,0 | 89,9 | 97,6 | 43,9 | 88,0 | 116,2 | 91,9 |
| Derivatives | 2,1 | 0,6 | 1,6 | 2,6 | 0,9 | 0,7 | 0,6 | 1,5 |
| Dividend | 22,6 | 0,0 | 0,0 | - | 0,0 | 0,0 | - | - |
| Other current liabilities | 168,4 | 201,7 | 177,2 | 213,0 | 191,2 | 235,3 | 227,5 | 223,0 |
| Total current liabilities | 515,9 | 556,9 | 505,5 | 525,1 | 492,3 | 601,8 | 620,1 | 529,3 |
| Total equity and liabilities | 1 528,7 | 1 614,7 | 1 575,4 | 1 571,3 | 1 514,0 | 1 581,8 | 1 582,1 | 1 501,2 |
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
CASH FLOW
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||
| Profit / (loss) before tax | 57,2 | 48,6 | 18,1 | (14,1) | 109,9 | (36,7) | (32,4) | (1,0) | 26,8 | (43,3) |
| Taxes paid | (0,2) | (0,4) | (1,5) | (4,1) | (6,2) | (0,2) | (1,0) | (0,1) | (0,9) | (2,3) |
| Gain / loss | (45,5) | (0,0) | (0,0) | (0,1) | (45,6) | (0,0) | (0,1) | 0,3 | 0,6 | 0,8 |
| Currency exchange differences and non cash element | 5,1 | (1,9) | 3,9 | 4,6 | 11,7 | (7,7) | 1,6 | 2,8 | 5,0 | 1,7 |
| Depreciation, amortisation, impairment | 27,2 | 28,5 | 27,6 | 29,7 | 113,0 | 29,2 | 30,4 | 32,2 | 30,9 | 122,7 |
| Net interest costs | 8,1 | 8,7 | 8,4 | 7,3 | 32,6 | 7,8 | 9,0 | 8,0 | 8,5 | 33,3 |
| Interest received | 1,5 | 1,1 | 1,1 | 1,0 | 4,6 | 0,5 | 0,5 | 0,3 | 0,6 | 1,9 |
| Change in net working capital | (78,7) | (58,4) | 57,8 | 5,7 | (73,6) | (15,6) | 36,8 | (25,4) | 69,0 | 64,7 |
| Net cash flow from operating activities | (25,0) | 26,1 | 115,3 | 30,0 | 146,5 | (22,8) | 44,7 | 17,1 | 140,6 | 179,6 |
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||||||
| Proceeds from sales of property, plant, equipment | 105,7 | 0,0 | 0,2 | 0,1 | 106,1 | 0,1 | 0,3 | (0,3) | 0,0 | 0,1 |
| Acquisition of property, plants, equipment and intangible assets | (19,9) | (13,0) | (29,9) | (18,2) | (81,0) | (18,2) | (14,2) | (7,3) | (7,3) | (47,1) |
| Proceeds from sale of shares | - | - | - | - | - | - | - | 5,3 | - | 5,3 |
| Acquisition of subsidiaries | - | (18,2) | 0,2 | (0,0) | (18,0) | - | (8,7) | - | - | (8,7) |
| Net changes associated companies and other non-current assets | 0,8 | (0,1) | 0,2 | (0,2) | 0,8 | 0,2 | 0,7 | 0,7 | 0,7 | 2,4 |
| Net cash flow from investing activities | 86,7 | (31,2) | (29,4) | (18,3) | 7,8 | (17,8) | (21,9) | (1,6) | (6,5) | (48,0) |
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||||||
| Proceeds from borrowings | - | - | - | - | - | 20,0 | 10,0 | - | - | 30,0 |
| Payments of borrowings | (55,0) | (5,0) | (5,0) | - | (65,0) | - | - | - | - | - |
| Payments of lease liabilities | (17,3) | (16,6) | (19,5) | (18,4) | (71,8) | (18,7) | (19,7) | (20,7) | (20,8) | (79,9) |
| Proceeds from issue of new share capital | 3,4 | 0,0 | 13,5 | - | 16,8 | - | - | - | - | - |
| Dividend paid | - | (22,6) | - | (0,0) | (22,6) | 0,0 | - | (0,0) | - | - |
| Paid other finance costs | (0,2) | (0,5) | (0,5) | (1,0) | (2,2) | (0,2) | (0,2) | (0,3) | (0,3) | (1,0) |
| Interests paid | (10,7) | (9,9) | (9,5) | (8,3) | (38,5) | (8,1) | (9,6) | (8,4) | (8,1) | (34,2) |
| Net cash flow from financing activities | (79,8) | (54,7) | (21,1) | (27,7) | (183,3) | (6,9) | (19,5) | (29,4) | (29,3) | (85,2) |
| Net cash flow | (18,2) | (59,7) | 64,8 | (16,0) | (29,0) | (47,6) | 3,2 | (13,9) | 104,8 | 46,5 |
| Cash and cash equivalents at beginning of period | 36,4 | 18,2 | (41,5) | 23,3 | 36,4 | 7,3 | (40,3) | (37,0) | (51,0) | 7,3 |
| Net foreign exchange difference | 0,0 | 0,0 | (0,0) | (0,0) | (0,0) | (0,0) | (0,0) | (0,0) | 0,0 | 0,0 |
| Cash and cash equiv. at end of period | 18,2 | (41,5) | 23,3 | 7,3 | 7,3 | (40,3) | (37,0) | (51,0) | 53,8 | 53,8 |
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
SPLIT PER SEGMENT
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | ||||||||||
| ENERGY | 8,6 | 232,2 | 203,8 | 170,0 | 824,6 | 128,1 | 130,0 | 92,2 | 126,9 | 477,2 |
| OFFSHORE | 336,1 | 330,6 | 246,2 | 288,2 | 1201,2 | 248,0 | 278,7 | 300,6 | 332,7 | 1160,1 |
| SCANA HQ | 0,2 | 1,5 | 0,8 | 3,3 | 5,9 | 2,7 | 0,8 | 0,6 | 4,0 | 8,1 |
| ELIMINATION / INTERSEGMENT | (14,4) | (18,9) | (15,1) | (13,2) | (61,6) | (11,0) | (13,7) | (10,8) | (13,2) | (48,8) |
| REVENUE | 540,5 | 545,4 | 435,8 | 448,4 | 1970,1 | 367,9 | 395,8 | 382,7 | 450,3 | 1596,6 |
| EBITDA | ||||||||||
| ENERGY | 20,5 | 29,3 | 21,3 | 15,3 | 86,5 | (2,2) | (7,4) | (1,2) | 1,1 | (9,8) |
| OFFSHORE | 88,0 | 62,7 | 46,9 | 28,2 | 225,7 | 8,6 | 27,2 | 44,4 | 75,5 | 155,8 |
| SCANA HQ | (11,9) | (11,6) | (11,1) | (17,1) | (51,6) | (12,9) | (12,0) | (5,1) | (6,2) | (36,2) |
| EBITDA | 96,7 | 80,4 | 57,1 | 26,4 | 260,7 | (6,6) | 7,8 | 38,1 | 70,4 | 109,7 |
| EBITDA% | ||||||||||
| ENERGY | 9 % | 13 % | 10 % | 9 % | 10 % | -2 % | -6 % | -1 % | 1 % | -2 % |
| OFFSHORE | 26 % | 19 % | 19 % | 10 % | 19 % | 3 % | 10 % | 15 % | 23 % | 13 % |
| EBITDA% | 18 % | 15 % | 13 % | 6 % | 13 % | -2 % | 2 % | 10 % | 16 % | 7 % |
| ADJUSTED EBITDA | ||||||||||
| ENERGY | 20,5 | 29,3 | 21,9 | 15,3 | 87,0 | (2,2) | (5,6) | (0,5) | 4,6 | (3,7) |
| OFFSHORE | 42,4 | 66,4 | 48,8 | 46,8 | 204,5 | 15,3 | 36,8 | 44,1 | 75,4 | 171,6 |
| SCANA HQ | (10,7) | (8,3) | (6,8) | (12,3) | (38,1) | (9,1) | (8,1) | (4,7) | (6,2) | (28,2) |
| ADJUSTED EBITDA | 52,3 | 87,4 | 63,9 | 49,8 | 253,4 | 4,0 | 23,0 | 38,9 | 73,8 | 139,7 |
| ADJUSTED EBITDA% | ||||||||||
| ENERGY | 9 % | 13 % | 11 % | 9 % | 11 % | -2 % | -4 % | -1 % | 4 % | -1 % |
| OFFSHORE | 13 % | 20 % | 20 % | 16 % | 17 % | 6 % | 13 % | 15 % | 23 % | 15 % |
| ADJUSTED EBITDA% | 10 % | 16 % | 15 % | 11 % | 13 % | 1 % | 6 % | 10 % | 16 % | 9 % |
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EBIT | ||||||||||
| ENERGY | 12,7 | 19,2 | 13,1 | 5,0 | 50,0 | (12,3) | (17,5) | (14,4) | (9,9) | (54,1) |
| OFFSHORE | 68,7 | 44,3 | 27,6 | 8,9 | 149,6 | (10,4) | 7,0 | 25,3 | 55,6 | 77,6 |
| SCANA HQ | (11,9) | (11,6) | (11,1) | (17,2) | (51,8) | (13,0) | (12,0) | (5,1) | (6,2) | (36,4) |
| EBIT | 69,5 | 51,8 | 29,5 | (3,2) | 147,6 | (35,7) | (22,5) | 5,8 | 39,5 | (13,0) |
| EBIT% | ||||||||||
| ENERGY | 6 % | 8 % | 6 % | 3 % | 6 % | -10 % | -13 % | -16 % | -8 % | -11 % |
| OFFSHORE | 20 % | 13 % | 11 % | 3 % | 12 % | -4 % | 3 % | 8 % | 17 % | 7 % |
| EBIT% | 13 % | 9 % | 7 % | -1 % | 7 % | -10 % | -6 % | 2 % | 9 % | -1 % |
| NET ORDER INTAKE | ||||||||||
| ENERGY | 198,2 | 187,6 | 319,3 | 140,1 | 845,1 | 14,3 | 242,3 | 167,8 | 116,6 | 541,0 |
| OFFSHORE | 368,9 | 308,6 | 188,6 | 201,6 | 1067,7 | 517,7 | 173,7 | 300,7 | 283,3 | 1275,5 |
| ELIMINATION / INTERSEGMENT | (14,2) | (17,4) | (15,8) | (13,0) | (60,4) | (7,9) | (12,9) | (15,0) | (8,2) | (44,1) |
| NET ORDER INTAKE | 552,8 | 478,8 | 492,1 | 328,7 | 1852,4 | 524,1 | 403,1 | 453,5 | 391,7 | 1772,4 |
| ORDER BACKLOG | ||||||||||
| ENERGY | 278,7 | 237,7 | 353,9 | 318,2 | 318,2 | 204,5 | 316,8 | 392,4 | 382,1 | 382,1 |
| OFFSHORE | 859,0 | 836,7 | 782,8 | 694,5 | 694,5 | 965,7 | 861,4 | 862,6 | 814,2 | 814,2 |
| ELIMINATION / INTERSEGMENT | - | - | (1,5) | (4,6) | (4,6) | (4,3) | (4,3) | (9,1) | (7,9) | (7,9) |
| ORDER BACKLOG | 1137,7 | 1074,5 | 1135,1 | 1008,1 | 1008,1 | 1165,9 | 1174,0 | 1246,0 | 1188,4 | 1188,4 |
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
ALTERNATIVE PERFORMANCE MEASURES
Alternative performance measures, which means financial target figures that are not defined within the current financial reporting framework, is used by Scana to provide additional information.
Alternative performance targets are intended to improve the comparability of the results from period to period. It is Scana's experience that these are often used by analysts, investors, and other parties.
Alternative performance measures are not a substitute for measuring results in accordance with IFRS.
ORDER INTAKE/BACKLOG MEASURES
Order intake Consists of the period's new orders as well as net changes to existing orders, including variation orders, cancellations and changes related to exchange rates.
Order backlog Consists of estimated value of remaining deliveries on contracts entered at the end of the period. The order backlog does not include potential growth or value of options in existing contracts. The order backlog does not include framework agreements, except for estimates of firm scope to be delivered
Book to bill Order intake divided by revenue in the period.
PROFIT MEASURES
EBITDA Operating profit/loss before depreciation, amortization and impairment.
Adjusted EBITDA EBITDA less adjustments related to identified cost or revenue that are excluded to improve comparability of the underlying business performance between periods.
| OOR edition | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 96,7 | 80,4 | 57,1 | 26,4 | (6,6) | 7,8 | 8,1 | 70,4 |
| 1) Gain from sale | (45,6) | - | - | - | - | 0,0 | - | - |
| 2) Strategy and M&A costs | - | 2,7 | 1,1 | 1,9 | - | 0,0 | 0,4 | (0,0) |
| 3) Option program / incentive scheme | 1,2 | 1,2 | 3,2 | 0,5 | 0,9 | (0,6) | - | - |
| 4) Restructuring costs | - | - | - | 1,8 | 7,2 | 8,3 | 0,8 | 3,5 |
| 5) Business development | - | 0,3 | 1,3 | 0,7 | - | 0,0 | - | - |
| 6) ERP | - | 2,8 | 1,2 | 3,2 | 0,2 | - | - | - |
| 7) Arbitration case | - | - | - | 15,2 | 2,3 | 7,7 | (0,3) | (0,1) |
| Total items excluded from EBITDA | (44,4) | 7,0 | 6,7 | 23,3 | 10,6 | 15,2 | 0,8 | 3,4 |
| Adjusted EBITDA | 52,3 | 87,4 | 63,9 | 49,8 | 4,0 | 23,0 | 38,9 | 73,8 |
EBIT Operating profit/loss.
Margins EBITDA margin, Adjusted EBITDA margin and EBIT margin are calculated as EBITDA, Adjusted EBITDA and EBIT divided by revenue.
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
Scana
ALTERNATIVE PERFORMANCE MEASURES (CONT.)
FINANCING MEASURES
Net working capital (NWC) Net working capital is a measure of the current capital necessary to maintain operations. Working capital includes inventories, trade receivables, trade payables, contract assets, contract liabilities, accruals and provisions.
Net interest-bearing debt (NIBD) Total non-current and current interest-bearing financial debt (excluding lease liabilities), minus total cash.
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|
| Non-current loans and borrowings | 48,8 | 58,4 | 58,5 | 58,0 | 58,2 | 53,9 | 54,0 | 54,1 |
| Current loans and borrowings | 51,5 | 75,4 | 54,4 | 9,5 | 71,9 | 81,3 | 91,6 | 37,7 |
| Cash and cash equivalents | (36,0) | (23,9) | (72,9) | (7,3) | (2,0) | (7,4) | (3,9) | (53,8) |
| NIBD | 64,2 | 109,8 | 40,0 | 60,1 | 128,1 | 127,7 | 141,7 | 38,0 |
Equity ratio Total equity divided by total assets.
Covenant EBITDA Adjusted EBITDA adjusted for financial lease.
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|
| Adjusted EBITDA | 52,3 | 87,4 | 63,9 | 49,8 | 4,0 | 23,0 | 38,9 | 73,8 |
| Effect leasing - IFRS 16 | (23,8) | (22,9) | (25,4) | (24,8) | (25,6) | (26,3) | (26,2) | (29,3) |
| Covenant EBITDA | 28,5 | 64,6 | 38,4 | 25,0 | (21,6) | (3,3) | 12,7 | 44,5 |
Liquidity reserve Available cash. Calculated by adding cash and cash equivalents and unused WC credit facility.
| NOK million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|
| WC Facility limit | 160,0 | 160,0 | 160,0 | 160,0 | 160,0 | 160,0 | 160,0 | 160,0 |
| WC Facility drawn | (17,8) | (65,5) | (49,6) | - | (42,2) | (44,4) | (54,8) | - |
| Cash and cash equivalents | 36,0 | 23,9 | 72,9 | 7,3 | 2,0 | 7,4 | 3,9 | 53,8 |
| Restricted cash | - | (2,7) | (1,0) | - | - | - | - | - |
| Liquidity reserve | 178,2 | 115,8 | 182,3 | 167,3 | 119,7 | 123,0 | 109,0 | 213,8 |
19 FEBRUARY 2026
FOURTH QUARTER RESULTS 2025
PHOTO CREDITS
Nordhordaland Tekst & Foto
Zpirit