AI assistant
Scana Investor Presentation 2026
3736_rns_2026-05-21_5bd0d564-d8f1-48fd-9be5-e0037f1d86c5.pdf
Investor Presentation
Open in viewerOpens in your device viewer
21 MAY 2026 | BERGEN
Econs
FIRST QUARTER 2026 RESULTS PRESENTATION
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 21 May 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.
21 MAY 2026
FIRST QUARTER RESULTS 2026
3
Scana
OFFSHORE
TECHNOLOGY
SOLUTIONS
NAMISIA
WEST
Seasystems
Sharpenord
Subseatec
POWER & AUTOMATION
Visit Scana's website to learn more:
www.scana.no
Scana
HIGHLIGHTS – Q1 2026 VS Q1 2025
KEY TAKEAWAYS
- Strong quarter, significant improvement from Q1 2025
- Profitable in a relatively slow market
- Ready for growth
*) 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
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
HIGHLIGHTS – Q1 2026 VS Q1 2025
ORDER INTAKE
- 40 % (+ 69 %) * to
312 MNOK
ORDER BACKLOG
- 7 % to
1 084 MNOK
- ) Order intake change from Q1 2025, adjusted for extraordinary order intake (3-year option under frame agreement with Equinor).
KEY TAKEAWAYS
- Order intake reduced compared to exceptional high level in Q1 2025
- Pipeline is all-time high
- Megatrend supporting Scana's portfolio
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana OFFSHORE
Offshore performance supported by strong Mongstad business
- Strong performance across Mongstad segments
- Mongstad Industrier merged into PSW Technology to capture synergies
- Subseatec secured contract for riser products from Singapore-based client in Malaysia
21 MAY 2026
FIRST QUARTER RESULTS 2026
SUBSEA WELL CONTROL CAPPING STACK & BOP
- 15K capping stack: 2 confirmed wells + several pending
- Several BOPs maintained, modified and certified through our facilities
- Strong BOP pipeline for 2026
- Strong fit with existing facilities and competence
- Recurring revenues from wells, BOP services and specialist rental
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
ENERGY
Positive trend continues
- Turnaround continues – leaner and positioned for growth
- Strong pipeline across electrification, shore power including batteries and O&G
- PSW Power & Automation signed previously awarded contract for Megawatt Charging System
- EU electrification agenda reinforces market demand
Scana
FINANCIAL PERFORMANCE
Scana
Q1 | P&L OVERVIEW
| NOK million | Q1 2025 | Q1 2026 | Q4 2025 | FY 2025 |
|---|---|---|---|---|
| Revenue | 417.2 | 367.9 | 450.3 | 1,596.6 |
| Materials, goods and services | (187.8) | (158.2) | (164.6) | (678.8) |
| Payroll expenses | (149.2) | (181.9) | (157.5) | (665.3) |
| Other operating expenses | (28.7) | (34.3) | (37.8) | (142.8) |
| EBITDA | 51.5 | (6.6) | 70.4 | 109.7 |
| EBITDA-margin | 12% | -2% | 16% | 7% |
| Depreciation, amortisation, impairment | (32.4) | (29.2) | (30.9) | (122.7) |
| Operating profit/(loss) - EBIT | 19.1 | (35.7) | 39.5 | (13.0) |
| EBIT-margin | 5% | -10% | 9% | -1% |
| Income from interests in associated companies | - | - | 0.3 | 0.3 |
| Net financial expenses | (5.4) | (1.0) | (13.0) | (30.6) |
| Profit/(loss) before tax | 13.7 | (36.7) | 26.8 | (43.3) |
| Income tax expense | (3.1) | 8.1 | (8.6) | 6.9 |
| Profit/(loss) | 10.6 | (28.7) | 18.3 | (36.3) |
| Adjusted EBITDA* | 51.6 | 4.0 | 73.8 | 139.7 |
| Adjusted EBITDA-margin | 12% | 1% | 16% | 9% |
*) Ref appendix Alternative Performance Measures
Revenue of NOK 417 million
- Increase in revenue of 13% compared to Q1 last year. Decrease in revenue of 7% compared to Q4 2025.
EBITDA of NOK 51 million,
- EBITDA-margin of 12% in Q1 2026 compared to -2% in Q1 2025 and 16% in Q4 2025.
EBIT of NOK 19 million
- EBIT-margin of 5% in Q1 2026 compared to -10% in Q1 2025 and 9% in Q4 2025.
Profit before tax of NOK 14 million
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
Q1 | OFFSHORE
Revenue of NOK 295 million
Increase in revenue of 19% compared to Q1 last year. Decrease in revenue of 11% compared to Q4 2025. This reflects normal quarterly variation, and overall revenues are stable and in line with the 2025 average.
EBITDA of NOK 47 million
The EBITDA margin in Q1 of approximately 16% reflects a significant improvement compared to early 2025 levels, indicating that margin improvements implemented during 2025 are largely structural and have been maintained into 2026.
Order intake of NOK 221 million
A reduction in order intake in Q1 2026 compared to previous quarters with a book to bill of 0,8. The largest single order intake was a contract for delivery of riser products to a project in Malaysia.
Order backlog of NOK 740 million
Approximately NOK 351 million of the order backlog is expected to be delivered in 2026. NOK 340 million of the total backlog is related to Equinor frame agreement.
21 MAY 2026
FIRST QUARTER RESULTS 2026
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
Q1 | ENERGY
Revenue of NOK 132 million
Revenue in Q1 2026 represents an increase of 3% compared with Q1 2025 and an increase of 4% compared to last quarter.
EBITDA of NOK 11 million
EBITDA-margins improved in Q1 2026, compared with previous quarters. The development reflects a continued positive underlying trend in profitability.
Order intake of NOK 96 million
Order intake in Q1 2026 represents an increase of 574% compared with Q1 2025 and a decrease of 17% compared to last quarter.
Order intake for the period includes several contracts, with the largest single award being delivery of a Megawatt Charging System to Geiranger Port.
Order backlog of NOK 348 million
NOK 222 million of the order backlog is expected to be delivered in 2026.
12
Scana
Q1 | NET INTEREST-BEARING DEBT (NIBD)
FUNDING
31 MAR, 2026 | NOK MILLION
NIBD | NOK MILLION
FINANCIAL COVENANTS
NIBD of NOK 71 million
- NOK 50 million - bank loan
- Bullet maturity in Q1 2027
- NOK 30 million - bank loan
- Facility with maturities from Q1 2026 to Q1 2031
- NOK 5 million - Seller credit related to acquisition in 2024
- NOK 2 million - Other
- NOK -16 million - net cash
Financial covenants
- Scana is compliant with all financial covenants as of 31 March 2026
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
Q1 | CASH FLOW DRIVEN BY CHANGES IN NWC
CHANGE IN CASH | NOK MILLION
176
Undrawn credit facility
16
Q4 2025
EBITDA Change in working capital
Other changes in cash flow from operating activities
CAPEX
Other changes in cash flow from investing activities
Lease payments
Interests paid
Other changes in cash flow from financing activities
Q1 2026
Negative change in net working capital of NOK 52 million
Working capital increased in both divisions,
- Higher activity levels towards the end of the quarter
- Timing effects related to customer payments, which have subsequently been collected.
CAPEX of NOK 3 million
CAPEX remained at a stable and low level during the quarter
- Ongoing operational investments
Lease payments of NOK 21 million
Lease payments remained stable, reflecting a largely unchanged underlying cost structure.
Liquidity reserve of NOK 176 million
- Cash NOK 16 million
- Credit Facility NOK 160 million
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
Q1 | ORDER BACKLOG
- Options framework contract Equinor 3year option, renewal in 2029
** Inter-segment order backlog is not included in the presented segment figures.
Order backlog of NOK 1.084 million
NOK 573 million of the order backlog consists of contracts estimated to be executed in 2026.
NOK 268 million of the order backlog consists of contracts estimated to be executed in 2027.
NOK 153 million of the order backlog consists of contracts estimated to be executed in 2028.
NOK 89 million of the order backlog consists of contracts estimated to be executed in or after 2029.
Order backlog represents the estimated value of remaining work on agreed customer contracts. The estimated value of frame agreements includes only firm commitments.
21 MAY 2026
FIRST QUARTER RESULTS 2026
ADDITIONAL INFORMATION
Scana
INCOME STATEMENT
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| Revenue | 367.9 | 395.8 | 382.7 | 450.3 | 1 596.6 | 417.2 |
| Materials, goods and services | (158.2) | (176.6) | (159.3) | (184.6) | (678.8) | (187.8) |
| Payroll expenses | (181.9) | (174.8) | (151.1) | (157.5) | (665.3) | (149.2) |
| Other operating expenses | (34.3) | (36.5) | (34.2) | (37.8) | (142.8) | (28.7) |
| EBITDA | (6.6) | 7.8 | 38.1 | 70.4 | 109.7 | 51.5 |
| EBITDA-margin | -2 % | 2 % | 10 % | 16 % | 7 % | 12% |
| Depreciation, amortization, impairment | (29.2) | (30.4) | (32.2) | (30.9) | (122.7) | (32.4) |
| Operating profit/(loss) | (35.7) | (22.5) | 5.8 | 39.5 | (13.0) | 19.1 |
| EBIT-margin | -10 % | -6 % | 2 % | 9 % | -1 % | 5% |
| Income from interests in Joint Ventures | - | - | - | 0.3 | 0.3 | - |
| Net financial income/expenses (-) | (1.0) | (9.9) | (6.8) | (13.0) | (30.6) | (5.4) |
| Profit/(loss) before tax | (36.7) | (32.4) | (1.0) | 26.8 | (43.3) | 13.7 |
| Income tax expense | 8.1 | 7.3 | 0.2 | (8.6) | 6.9 | (3.1) |
| Profit/(loss) | (28.7) | (25.1) | (0.8) | 18.3 | (36.3) | 10.6 |
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
FINANCIAL POSITION
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| NON-CURRENT ASSETS | |||||
| Deferred tax assets | 52.4 | 59.8 | 59.9 | 54.9 | 51.9 |
| Goodwill | 313.1 | 313.1 | 313.1 | 313.1 | 313.1 |
| Intangible assets | 68.6 | 69.1 | 67.1 | 67.9 | 64.8 |
| Right of use assets | 395.7 | 385.4 | 364.0 | 347.3 | 342.0 |
| Property, plant and equipment | 162.4 | 167.0 | 167.2 | 163.1 | 159.5 |
| Investment in joint ventures | 1.1 | 1.3 | 1.3 | 1.7 | 1.6 |
| Other non-current assets | 14.7 | 13.9 | 8.3 | 7.9 | 7.2 |
| Total non-current assets | 1008.1 | 1009.7 | 981.0 | 956.1 | 940.1 |
| CURRENT ASSETS | |||||
| Inventories | 120.2 | 96.9 | 102.4 | 107.1 | 103.3 |
| Trade receivables | 182.4 | 265.1 | 253.1 | 239.8 | 293.8 |
| Contract assets | 157.5 | 168.5 | 216.2 | 117.6 | 111.1 |
| Derivatives | 7.7 | 7.0 | 4.7 | 0.9 | 2.7 |
| Prepayments and other current receivables | 36.1 | 27.2 | 20.9 | 25.9 | 34.6 |
| Cash | 2.0 | 7.4 | 3.9 | 53.8 | 16.4 |
| Total current assets | 505.9 | 572.2 | 601.1 | 545.1 | 562.0 |
| Total assets | 1514.0 | 1581.8 | 1582.1 | 1501.2 | 1502.1 |
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
| --- | --- | --- | --- | --- | --- |
| EQUITY | |||||
| Paid-in capital | 1166.6 | 1166.6 | 1166.6 | 1166.6 | 1166.6 |
| Other equity | (531.1) | (557.0) | (557.8) | (538.4) | (529.8) |
| Total equity | 635.4 | 609.6 | 608.8 | 628.2 | 636.7 |
| NON-CURRENT LIABILITIES | |||||
| Loans and borrowings | 58.2 | 53.9 | 54.0 | 54.1 | 28.1 |
| Lease liabilities | 325.3 | 313.8 | 296.0 | 279.3 | 272.8 |
| Other non-current liabilities | 2.8 | 2.8 | 3.2 | 10.4 | 8.5 |
| Total non-current liabilities | 386.3 | 370.4 | 353.2 | 343.8 | 309.4 |
| CURRENT LIABILITIES | |||||
| Loans and borrowings | 71.9 | 81.3 | 91.6 | 37.7 | 58.9 |
| Lease liabilities | 98.2 | 101.1 | 99.9 | 100.2 | 102.0 |
| Trade payables | 86.1 | 95.5 | 84.4 | 74.9 | 109.2 |
| Contract liabilities | 43.9 | 88.0 | 116.2 | 91.9 | 105.7 |
| Derivatives | 0.9 | 0.7 | 0.6 | 1.5 | 0.7 |
| Other current liabilities | 191.2 | 235.3 | 227.5 | 223.0 | 179.5 |
| Total current liabilities | 492.3 | 601.8 | 620.1 | 529.3 | 556.0 |
| Total equity and liabilities | 1514.0 | 1581.8 | 1582.1 | 1501.2 | 1502.1 |
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
CASH FLOW
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Profit / (loss) before tax | (36.7) | (32.4) | (1.0) | 26.8 | (43.3) | 13.7 |
| Taxes paid | (0.2) | (1.0) | (0.1) | (0.9) | (2.3) | (1.9) |
| Gain / loss | (0.0) | (0.1) | 0.3 | 0.6 | 0.8 | (1.4) |
| Currency exchange differences and non cash element | (7.7) | 1.6 | 2.8 | 5.0 | 1.7 | (2.8) |
| Depreciation, amortisation, impairment | 29.2 | 30.4 | 32.2 | 30.9 | 122.7 | 32.4 |
| Net interest costs | 7.8 | 9.0 | 8.0 | 8.5 | 33.3 | 7.2 |
| Interest received | 0.5 | 0.5 | 0.3 | 0.6 | 1.9 | 0.4 |
| Change in net working capital | (15.6) | 36.8 | (25.4) | 69.0 | 64.7 | (51.9) |
| Net cash flow from operating activities | (22.8) | 44.7 | 17.1 | 140.6 | 179.6 | (4.2) |
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||
| Proceeds from sales of property, plant, equipment | 0.1 | 0.3 | (0.3) | 0.0 | 0.1 | 3.1 |
| Acquisition of property, plant, equipment and intangible assets | (18.2) | (14.2) | (7.3) | (7.3) | (47.1) | (3.3) |
| Proceeds from sale of shares | - | - | 5.3 | - | 5.3 | - |
| Acquisition of subsidiaries | - | (8.7) | - | - | (8.7) | (4.5) |
| Net changes associated companies and other non-current assets | 0.2 | 0.7 | 0.7 | 0.7 | 2.4 | 0.5 |
| Net cash flow from investing activities | (17.8) | (21.9) | (1.6) | (6.5) | (48.0) | (4.3) |
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | Q1 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||
| Proceeds from borrowings | 20.0 | 10.0 | - | - | 30.0 | - |
| Payments of lease liabilities | (18.7) | (19.7) | (20.7) | (20.8) | (79.9) | (20.8) |
| Paid other finance costs | (0.2) | (0.2) | (0.3) | (0.3) | (1.0) | (0.4) |
| Interests paid | (8.1) | (9.6) | (8.4) | (8.1) | (34.2) | (7.7) |
| Net cash flow from financing activities | (6.9) | (19.5) | (29.4) | (29.3) | (85.2) | (28.9) |
| Net cash flow | (47.6) | 3.2 | (13.9) | 104.8 | 46.5 | (37.4) |
| Cash and cash equivalents at beginning of period | 7.3 | (40.3) | (37.0) | (51.0) | 7.3 | 53.8 |
| Net foreign exchange difference | (0.0) | (0.0) | (0.0) | 0.0 | 0.0 | (0.0) |
| Cash and cash equiv. at end of period | (40.3) | (37.0) | (51.0) | 53.8 | 53.8 | 16.4 |
21 MAY 2026
FIRST QUARTER RESULTS 2026
Scana
SPLIT PER SEGMENT
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| REVENUE | ||||||
| ENERGY | 128.1 | 130.0 | 92.2 | 126.9 | 477.2 | 132.0 |
| OFFSHORE | 248.0 | 278.7 | 300.6 | 332.7 | 1160.1 | 294.6 |
| SCANA HQ | 2.7 | 0.8 | 0.6 | 4.0 | 8.1 | 1.2 |
| ELIMINATION / INTERSEGMENT | (11.0) | (13.7) | (10.8) | (13.2) | (48.8) | (10.6) |
| REVENUE | 367.9 | 395.8 | 382.7 | 450.3 | 1596.6 | 417.2 |
| EBITDA | ||||||
| ENERGY | (2.2) | (7.4) | (1.2) | 1.1 | (9.8) | 10.6 |
| OFFSHORE | 8.6 | 27.2 | 44.4 | 75.5 | 155.8 | 46.6 |
| SCANA HQ | (12.9) | (12.0) | (5.1) | (6.2) | (36.2) | (5.8) |
| EBITDA | (6.6) | 7.8 | 38.1 | 70.4 | 109.7 | 51.5 |
| EBITDA% | ||||||
| ENERGY | -2 % | -6 % | -1 % | 1 % | -2 % | 8% |
| OFFSHORE | 3 % | 10 % | 15 % | 23 % | 13 % | 16% |
| EBITDA% | -2 % | 2 % | 10 % | 16 % | 7 % | 12% |
| ADJUSTED EBITDA | ||||||
| ENERGY | (2.2) | (5.6) | (0.5) | 4.6 | (3.7) | 10.8 |
| OFFSHORE | 15.3 | 36.8 | 44.1 | 75.4 | 171.6 | 46.6 |
| SCANA HQ | (9.1) | (8.1) | (4.7) | (6.2) | (28.2) | (5.8) |
| ADJUSTED EBITDA | 4.0 | 23.0 | 38.9 | 73.8 | 139.7 | 51.6 |
| ADJUSTED EBITDA% | ||||||
| ENERGY | -2 % | -4 % | -1 % | 4 % | -1 % | 8% |
| OFFSHORE | 6 % | 13 % | 15 % | 23 % | 15 % | 16% |
| ADJUSTED EBITDA% | 1 % | 6 % | 10 % | 16 % | 9 % | 12% |
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | Q1 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| EBIT | ||||||
| ENERGY | (12.3) | (17.5) | (14.4) | (8.9) | (54.1) | (1.1) |
| OFFSHORE | (10.4) | 7.0 | 25.3 | 55.6 | 77.6 | 26.0 |
| SCANA HQ | (13.0) | (12.0) | (5.1) | (6.2) | (36.4) | (5.9) |
| EBIT | (35.7) | (22.5) | 5.8 | 39.5 | (13.0) | 19.1 |
| EBIT% | ||||||
| ENERGY | -10 % | -13 % | -16 % | -8 % | -11 % | -1% |
| OFFSHORE | -4 % | 3 % | 8 % | 17 % | 7 % | 9% |
| EBIT% | -10 % | -6 % | 2 % | 9 % | -1 % | 5% |
| NET ORDER INTAKE | ||||||
| ENERGY | 14.3 | 242.3 | 167.8 | 116.6 | 541.0 | 96.5 |
| OFFSHORE | 517.7 | 173.7 | 300.7 | 283.3 | 1275.5 | 221.5 |
| ELIMINATION / INTERSEGMENT | (7.9) | (12.9) | (15.0) | (8.2) | (44.1) | (6.0) |
| NET ORDER INTAKE | 524.1 | 403.1 | 453.5 | 391.7 | 1772.4 | 311.9 |
| ORDER BACKLOG | ||||||
| ENERGY | 204.5 | 316.8 | 392.4 | 382.1 | 382.1 | 348.0 |
| OFFSHORE | 965.7 | 861.4 | 862.6 | 814.2 | 814.2 | 740.4 |
| ELIMINATION / INTERSEGMENT | (4.3) | (4.3) | (9.1) | (7.9) | (7.9) | (4.5) |
| ORDER BACKLOG | 1165.9 | 1174.0 | 1246.0 | 1188.4 | 1188.4 | 1083.9 |
21 MAY 2026
FIRST QUARTER RESULTS 2026
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 | Q2 2025 | Q2 2026 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| EBITDA | (6.6) | 7.8 | 38.1 | 70.4 | 51.5 |
| 1) Gain from sale | - | 0.0 | - | - | - |
| 2) Strategy and M&A costs | - | 0.0 | 0.4 | (0.0) | - |
| 3) Option program / incentive scheme | 0.9 | (0.8) | - | - | - |
| 4) Restructuring costs | 7.2 | 8.3 | 0.8 | 3.5 | 0.2 |
| 5) Business development | - | 0.0 | - | - | - |
| 6) ERP | 0.2 | - | - | - | - |
| 7) Arbitration case | 2.3 | 7.7 | (0.3) | (0.1) | - |
| Total items excluded from EBITDA | 10.6 | 15.2 | 0.8 | 3.4 | 0.2 |
| Adjusted EBITDA | 4.0 | 23.0 | 38.9 | 73.8 | 51.6 |
EBIT Operating profit/loss.
Margins EBITDA margin, Adjusted EBITDA margin and EBIT margin are calculated as EBITDA, Adjusted EBITDA and EBIT divided by revenue.
21 MAY 2026
FIRST QUARTER RESULTS 2026
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 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| Non-current loans and borrowings | 58.2 | 53.9 | 54.0 | 54.1 | 28.1 |
| Current loans and borrowings | 71.9 | 81.3 | 91.6 | 37.7 | 58.9 |
| Cash | (2.0) | (7.4) | (3.9) | (53.8) | (16.4) |
| NIBD | 128.1 | 127.7 | 141.7 | 38.0 | 70.6 |
Equity ratio Total equity divided by total assets.
Covenant EBITDA Adjusted EBITDA adjusted for financial lease.
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| Adjusted EBITDA | 4.0 | 23.0 | 38.9 | 73.8 | 51.6 |
| Effect leasing - IFRS 16 | (25.6) | (26.3) | (26.2) | (29.3) | (26.7) |
| Covenant EBITDA | (21.6) | (3.3) | 12.7 | 44.5 | 24.9 |
Liquidity reserve Available cash. Calculated by adding cash and cash equivalents and unused WC credit facility.
| NOK million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|
| WC Facility limit | 160.0 | 160.0 | 160.0 | 160.0 | 160.0 |
| WC Facility drawn | (42.2) | (44.4) | (54.8) | - | - |
| Cash and cash equivalents | 2.0 | 7.4 | 3.9 | 53.8 | 16.4 |
| Restricted cash | - | - | - | - | - |
| Liquidity reserve | 119.7 | 123.0 | 109.0 | 213.8 | 176.4 |
21 MAY 2026
FIRST QUARTER RESULTS 2026
PHOTO CREDITS
Nordhordaland Tekst & Foto
Zpirit