First quarter results 2025 – Margin and profitability impacted by reduced activity and order intake

Scana released its first quarter results today. Low order intake in preceding quarters impacts revenues and EBITDA while the company’s order backlog remains solid.

Q1 2025 Financial Highlights

• Revenue NOK 368 million
• EBITDA NOK -7 million
• EBITDA margin -1,8 %
• Order intake NOK 524 million
• Order backlog NOK 1166 million

Following several years of strong revenue and EBITDA growth, Scana is currently experiencing slower than expected order intake and delayed project activity, which affected both turnover and profitability.

“With a project-based business model, earnings are sensitive to timing and fluctuations in order intake. In response, cost and efficiency measures have been implemented within both Offshore and Energy, while preserving the capacity needed to maintain a strong market position and competitiveness,” says Pål Selvik, CEO at Scana ASA.

The Energy division had a decline in revenues and a negative EBITDA in Q1, partly due to a cancelled BESS project in Sweden. Shore power continued its upward trend during Q1, though activity in energy storage and modules fell short of expectations. Despite a strong pipeline and significant tender activity, the decline in order intake in Q4 2024 and Q1 2025 is expected to prolong the strategic review of PSW Power & Automation AS beyond Q2 2025 (see process update in stock exchange notice of 15 December 2024).

Order intake was driven by the Offshore division, which reported NOK 518 million, primarily due to Equinor exercising the first 3-year option under the maintenance contract at Mongstad, thereby securing recurring revenue over time. Additionally, a global frame agreement was signed for the exclusive supply of steel parts for subsea production, and a mooring contract was awarded for an FLNG project. However, overall order intake and activity levels were lower than expected, reinforcing the need for continued focus on costs.  

Going forward, Scana’s long term order backlog remains solid, providing a foundation for a stronger performance, further reinforced by the company’s low debt level.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Stian Vikebø, General Counsel at Scana ASA, on 15 May 2025 at 08:00 CEST.

Ready the full report here:

Q1 Report 2025

1 file(s) 6.05 MB

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Q1 Presentation

On 15th May at 10:00 CEST, Scana presented the Q1 2025 results at Norne Securites, Jonsvollsgaten 2, 5011 Bergen. The presentation was held by Pål Selvik, CEO, and Morten Riiser, CFO.

Due to technical problems, some questions from the meeting chat remained unanswered. Please direct any question to ir@scana.no, and we will do our best to answer as soon as possible.

Watch the recording here: