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"f-350": { "value": "135000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsHeldByEntityUnavailableForUseByGroup", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-351": { "value": "Scatec ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "Scatec ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "Askekroken 11, NO-0277 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "Askekroken 11, NO-0277 Oslo, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
Scatec ASA (\u201cthe Company\u201d) and its subsidiaries and investments in
associated companies and joint ventures (\u201cthe Group\u201d or \u201cScatec\u201d) is
a leading renewable energy solution provider, accelerating access to
reliable and affordable clean energy in high growth markets.
Note 26 Consolidated subsidiaries
The consolidated financial statement of Scatec comprises more than
130 legal companies controlled by Scatec ASA. Consolidated
economic interests correspond to the voting interests if not
otherwise stated. For subsidiaries of the ultimate parent\u2019s
subsidiaries, the economic interest stated is the mathematically
indirect consolidated economic interests. For information on
associated companies and joint venture companies, refer to Note 13
Investments in joint ventures and associated companies. The
following table includes material consolidated subsidiaries, including
material holding companies.
Company
Economic
interests
Netherlands
Scatec Solar Netherlands BV
100%
Czech Republic
Scatec Solar s.r.o.
100%
Signo Solar PV1 s.r.o.
100%
Signo Solar PP01 s.r.o.
100%
Signo Solar PP02 s.r.o.
100%
Signo Solar PP04 s.r.o.
100%
FVE Sulkov 3, s.r.o.
100%
Poland
Scatec Solutions Poland SP. Z.o.o.
100%
PV Konin SP. Z.o.o.
100%
Romania
RB Solar Energy S.R.L.
65%
Energie Soleil S.R.L.
65%
Solar World S.R.L.
65%
Scatec Operations Romania S.R.L.
100%
Company
Economic
interests
Ukraine
Scatec Solar Solutions Ukraine LLC
100%
Chysta Energhiaa 2011 LLC
100%
Boguslav Energy LLC
100%
Greenteco SES LLC
100%
Rengy Bioenergy LLC
51%
PV Progressovka Alpha LLC
100%
PV Progressovka Beta LLC
100%
PV Progressovka Gamma LLC
100%
Jordan
Scatec Solar Jordan (EPC)
100%
Scatec Solar AS/ Jordan PSC
100%
Anwar Al Ardh For Solar Energy Generation PSC
50%
Ardh Al Amal For Solar Energy Generation PSC
50%
Tunisia
Scatec Solar Tunisia Management Services SARL
100%
Scatec Solar Tunisia Operations SARL
100%
Scatec Solar Tunisia Constructions SARL
100%
Scatec Tozeur PV Power Sarl
51%
Scatec Sidi Bouzid Mezzouna PV Power
51%
Egypt
Scatec Solar Solutions Egypt LLC
100%
Aswan PV Power SAE
51%
Daraw Solar Power SAE
51%
Kom Ombo Renewable Energy SAE
51%
Red Sea Solar Power SAE.
51%
Upper Egypt Solar Power
51%
Zafarana Power SAE
51%
Egypt Green Hydrogen SAE
46%
EGH for Renewable Energy SAE
56%
Egypt Green Ammonia SAE
100%
Company
Economic
interests
Damietta Green Ammonia SAE
75%
Obelisk Solar Power SAE
60%
South Africa
Scatec Solar Africa (Pty) Ltd
100%
Scatec Solar Management Services (Pty) Ltd
100%
Scatec Solar SA 163 (Pty) Ltd.
92%
Scatec Solar SA (pty) Ltd.
100%
Scatec Hybrid EPC (Pty) Ltd
75%
Scatec Kenhardt 1 (Pty) Ltd
51%
Scatec Kenhardt 2 (Pty) Ltd
51%
Scatec Kenhardt 3 (Pty) Ltd
51%
Scatec R5 Construction (Pty.) Ltd.
75%
Scatec R5 Operations (Pty.) Ltd.
51%
Grootfontein PV1 (RF) (Pty) Ltd
51%
Grootfontein PV2 (RF) (Pty) Ltd
51%
Grootfontein PV3 (RF) (Pty) Ltd
51%
Mogobe BESS (Pty) Ltd
51%
Scatec Renewable EPC (Pty) Ltd
75%
Scatec Renewable Operations (Pty) Ltd
75%
Botswana
Scatec Operations Botswana (Pty) Ltd
100%
Selebi Phikwe Solar Proprietary Ltd
100%
Mmadinare Solar Proprietary Ltd
100%
Brazil
Scatec Brasil Renov\u00e1veis Ltda
100%
Aruna Energias Renov\u00e1veis Ltda.
100%
H\u00e9lios Energias Renov\u00e1veis Ltda.
100%
F\u00eanix Energias Renov\u00e1veis Ltda.
100%
Hinata Energias Renov\u00e1veis Ltda.
100%
Urucuia EPC Solar Ltda.
100%
Company
Economic
interests
Honduras
Scatec Solar Honduras SA
100%
Energias Solares S.A.
70%
Fotovoltaica Surena S.A.
70%
Generaciones Energeticas S.A.
70%
Produccion de Energia Solar y Demas Renovables S.A (Agua Fria)
40%
Malaysia 1)
Scatec Solar Solutions Malaysia Sdn Bhd
100%
Quantum Solar Park (Kedah) Sdn Bhd
100%
Quantum Solar Park (Melaka) Sdn Bhd
100%
Quantum Solar Park (Terengganu) Sdn Bhd
100%
Quantum Solar Park Semenanjung Sdn Bhd
100%
Redsol Sdn Bhd
100%
Philippines
SN Power Philippines Inc.
100%
India
Scatec Renewables India Private Ltd
100%
Scatec India Renewables One Private Limited
100%
Pakistan
Helios Power Ltd
75%
HNDS Energy Ltd
75%
Meridian Energy Ltd
75%
Scatec Solar Pvt Ltd (Pakistan)
100%
1) The consolidated economic interest in the Malaysian project companies represents
Scatec\u2019s share of the contributed equity and retained earnings in the project companies
as of the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "Scatec ASA (\u201cthe Company\u201d) and its subsidiaries and investments in associated companies and joint ventures (\u201cthe Group\u201d or \u201cScatec\u201d) is a leading renewable energy solution provider, accelerating access to reliable and affordable clean energy in high growth markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "Scatec ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
The consolidated financial statements for the full year 2025 were
authorised for issue in accordance with a resolution by the Board of
Directors on 26 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
Basis for preparation
The Scatec Group\u2019s consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting Standards as
adopted by the EU (IFRS). In compliance with the Norwegian
Accounting Act, additional disclosure requirements are included in
the notes to the financial statements of Scatec ASA.
The statement of cash flows is prepared under the indirect method.
The segment financials are reported on a proportionate basis in line
with how the management team assesses the segments
performance, refer to Note 2 Operating segments and revenues.
The functional currency of the companies in the Group is determined
according to the nature of the primary economic environment in
which each company operates. The functional currency of the
Company is US dollar (USD). Foreign currency translation differences
for the Company are recorded in the OCI under \u201cItems that will
subsequently not be reclassified to profit and loss\u201d. The consolidated
financial statements are presented in Norwegian kroner (NOK). The
assets and liabilities of entities with functional currencies other than
NOK are translated at the rate of exchange prevailing at the reporting
date, while their income statements are translated using average
monthly exchange rates when consolidated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
Basis for preparation
The Scatec Group\u2019s consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting Standards as
adopted by the EU (IFRS). In compliance with the Norwegian
Accounting Act, additional disclosure requirements are included in
the notes to the financial statements of Scatec ASA.
The statement of cash flows is prepared under the indirect method.
The segment financials are reported on a proportionate basis in line
with how the management team assesses the segments
performance, refer to Note 2 Operating segments and revenues.
The functional currency of the companies in the Group is determined
according to the nature of the primary economic environment in
which each company operates. The functional currency of the
Company is US dollar (USD). Foreign currency translation differences
for the Company are recorded in the OCI under \u201cItems that will
subsequently not be reclassified to profit and loss\u201d. The consolidated
financial statements are presented in Norwegian kroner (NOK). The
assets and liabilities of entities with functional currencies other than
NOK are translated at the rate of exchange prevailing at the reporting
date, while their income statements are translated using average
monthly exchange rates when consolidated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
The Scatec Group\u2019s consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting Standards as
adopted by the EU (IFRS). In compliance with the Norwegian
Accounting Act, additional disclosure requirements are included in
the notes to the financial statements of Scatec ASA.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
The functional currency of the companies in the Group is determined
according to the nature of the primary economic environment in
which each company operates. The functional currency of the
Company is US dollar (USD). Foreign currency translation differences
for the Company are recorded in the OCI under \u201cItems that will
subsequently not be reclassified to profit and loss\u201d. The consolidated
financial statements are presented in Norwegian kroner (NOK). The
assets and liabilities of entities with functional currencies other than
NOK are translated at the rate of exchange prevailing at the reporting
date, while their income statements are translated using average
monthly exchange rates when consolidated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
Estimation uncertainty
In preparation of the Group\u2019s consolidated financial statements,
management has made assumptions and estimates about future
events that affect the reported amounts and related disclosures.
Uncertainty about these assumptions and estimates could result in
outcomes that require a material adjustment to the carrying amount
of assets or liabilities in future periods. Assumptions about future
developments may change due to market conditions beyond the
control of the Group and are reflected in the financial statements
when changes in assumptions occur. Information about estimation
uncertainty and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next financial year is incorporated into the individual notes.
Critical judgement
The Group\u2019s management believes the following critical accounting
items represent significant judgements and estimates not naturally
belonging in the individual notes, but used in the preparation of the
consolidated financial statements:
Estimation uncertainty
Deferred tax assets are recognised for unused tax losses only when it
is considered probable that future taxable profits will be available to
utilise those losses. Significant management judgement is required to
determine the amount of deferred tax assets that can be recognised
based upon the likely timing and level of future taxable profits.
When assessing the probability of utilising tax losses several factors
are considered, including whether the entity in question has a history
of losses, whether there is an expiration date for the entity\u2019s ability to
carry the losses forward and/or whether the losses can be used to
offset taxable income elsewhere in the Group. The majority of the
Group\u2019s tax losses relate to favourable tax rules for depreciation of
power plants and their reversal is merely a timing effect.
Uncertain tax positions and potential tax exposures are assessed
individually, and the best estimate of the probable amount of
liabilities to be paid (unpaid potential tax exposure amounts,
including penalties) and assets to be received (disputed tax positions
for which payment has already been made) are recognised within
current tax or net deferred tax, as appropriate.
Estimation uncertainty
Estimated useful life of power plants
The estimated useful life of power plants is reviewed on an annual
basis and changes in the useful life are accounted for prospectively.
In most of the markets where Scatec operates, the sale of electricity
depends on having a PPA, hence, the length of the PPA is relevant to
determining useful life. The power plants currently in operation have
9 to 25 years offtake agreements. The technical useful life of a power
plants is subject to several factors such as climatic conditions and
the maintenance programme but is generally expected to be up to
30 years. The technical useful life of storage equipment, including the
BESS (battery energy storage system) at the Kenhardt plant, is
dependent on usage and the number of charging cycles and is
estimated to be 20 years.
The assessment is made on a plant-by-plant basis, and the Group\u2019s
power plants are depreciated over the length of the PPA or up to 30
years based on expected usage.
Scatec\u2019s operational assets are protected from physical damage,
including damage from natural catastrophes and weather-related
events, by property damage & business interruption insurance.
Similar insurance has been designed for projects under construction
and covers physical damage, loss of income and transportation risks.
Thus, potential physical damage to plants will be repaired and is not
expected to impact the useful life of the plants. Other climate-
related risks have been considered and it has been concluded that
they do not impact the useful life of the plants.
Estimation uncertainty
An impairment loss is recognised when the carrying value of an asset or
cash generating unit (CGU) exceeds the recoverable amount.
Factors which trigger impairment testing include, but are not limited to,
political changes, macroeconomic fluctuations, changes in the Group\u2019s
strategy, project delays, underperformance, tariff changes and similar.
When an asset is constructed, certain assumptions are made about
climate-related factors such as irradiation and temperature. Deviations
from such assumptions may lead to the underperformance of assets,
which, if significant, may be an indicator of impairment. Furthermore,
climate-related changes are expected to have a pervasive effect on the
energy industry overall which may impact factors such as regulations
and the financial viability of our assets in the markets we operate in, and
are considered in our impairment testing. Climate-related changes at
specific locations, such as extreme weather events, may reduce
production and increase maintenance costs and, if pervasive, trigger
impairment testing.
Recoverable amount calculations of value-in-use are based on a
discounted cash flow model. The future cash flows include a number of
estimates and assumptions, including future market conditions and
energy prices, discount rates, estimated useful life and others. Climate
risks such as more extreme weather and natural disasters, and changes
to environmental regulations are accounted for in the discount rates.
The estimates are based on the Group\u2019s budgets and long-term
outlooks approved by management. The recoverable amount is sensitive
to changes in discount rate, expected production rates, and demand and
price forecasts for power assets with variable revenue streams.
The Group monitors changes in government legislation on a continual
basis. Legal changes may impact key assumptions in the value-in-use
calculations in future periods.
Estimation uncertainty
There is considerable estimate uncertainty associated with the value
of intangible assets. Please refer to Note 10 Impairment testing for
the assessment of the recoverable amount.
Estimation uncertainty
When calculating the lease liability and the right-of-use asset, the
discount factor is a significant estimate. In the absence of an
identifiable discount rate, implicit in the lease agreement, the
discount rate used is the Group\u2019s incremental borrowing rate. The
incremental borrowing rate has been estimated by each subsidiary
on an individual basis. For power producing entities, the interest rate
on the non-recourse loans has been central for estimating the
incremental borrowing rate. For other subsidiaries, non-secured debt
has been used as a benchmark for the discount rate.
Several of the Group\u2019s lease agreements contain options to extend
the lease agreement beyond the contractual lease term. As the
extension period is at the end of the PPA period, it is uncertain
whether the option will be exercised for land leases. The Group has
evaluated the options, and they are recognised when it is reasonable
certain that the Group will exercise the options. The Group
reevaluates exercising the options on a continuous basis.
Accounting principle and estimation uncertainty
A joint venture or associate is an entity over which the Group has
joint control or significant influence. The Group\u2019s investments in its
associates and joint ventures are accounted for using the equity
method. Under the equity method, an investment is initially
recognised at cost or at fair value when acquired through a
transaction, and subsequently adjusted for further investments,
distributions and the Group\u2019s share of the net income from the
associate or joint venture. Refer to Note 1 for preparation, basis for
consolidation and key sources of estimation.
Other non-current assets in the table of \u201cFinancial positions for
material joint venture and associated companies\u201d include excess
values for all JVs excluding Brazil. Excess values mainly relate to
water rights, and infrastructure assets in the solar power companies.
The estimated useful life of the water rights is reviewed on an annual
basis and amortised over the remaining concession period. The
excess values, and related amortisation, are grossed up on a 100%
basis in the tables below according to the values allocated to
Scatec\u2019s share.
Estimation uncertainty
The Group operates in various jurisdictions and is subject to legal
disputes and regulatory reviews. Management applies assumptions
and judgement to consider all information available when assessing if
unfavourable outcomes are probable and when estimating amounts
required to settle any obligation. Legal claims are assessed on an
individual basis and provisions are recognised if the specific claims
give rise to present, probable obligations and the costs can be
reliably measured", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "In preparation of the Group\u2019s consolidated financial statements, management has made assumptions and estimates about future events that affect the reported amounts and related disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. Assumptions about future developments may change due to market conditions beyond the control of the Group and are reflected in the financial statements when changes in assumptions occur. Information about estimation uncertainty and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is incorporated into the individual notes.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
Consolidation of power plant companies
The Group considers all relevant facts and circumstances in
assessing whether it controls an investee. Control exists when the
Group has the power over the investee, is exposed, or has rights, to
variable returns and can use its power to affect those returns. The
assessment of whether Scatec controls the investee is performed
upon first time of consolidation and is renewed annually or more
often, if facts that could impact the conclusion change.
Scatec\u2019s value chain comprises all downstream activities such as
project development, financing, construction and operations as well as
having an asset management role. Normally, Scatec enters
partnerships for the shareholding of the power plant companies. To be
able to fully utilise the business model, Scatec normally seeks to
obtain control of the companies. Control is obtained through governing
bodies, shareholder agreements and other contractual arrangements.
Other contractual arrangements are usually protected by the
shareholder agreements and include Scatec\u2019s role as the developer of
the project, EPC provider (construction), operation and maintenance
service provider, and asset management service provider.
1. As developer, it obtains project rights, land permits, off taker
agreements and other local approvals
2. As EPC contractor, it is responsible for the construction of the
project
3. As provider of operation and maintenance services to the projects,
it is responsible for the day-to-day operations of the plant
4. As provider of management services to the power plant
companies, it provides these services
These constitute the main relevant activities that affect the variable
return in the difference project phases. For the power plant
companies consolidated in the financial statement, Scatec has
concluded that it controls the entities through its involvement and
ownership share.
Significant judgement is required in assessing whether exposure to
variable returns exists. The activities over which Scatec has power, by
their nature, influence the project\u2019s returns.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
Note 2 Operating segments and revenues
Operating segments align with internal management reporting to the
Group\u2019s chief operating decision-makers, defined as the executive
management team. The operating segments are determined by the
differences in the nature of their operations, products and services.
Scatec manages its operations in three segments: Power Production
(PP), Development & Construction (D&C) and Corporate.
Power Production
The PP segment manages the Group\u2019s power-producing assets and
derives its revenue from the production and sale of solar, wind and
hydro generated electricity mainly based on long-term power purchase
agreements (PPAs) or feed-in-tariffs. In the Philippines, electricity is sold
using bilateral contracts, in the spot market, and as ancillary services. In
Ukraine, with regards to the Progressovka plants, electricity is sold in
the spot market with the option to re-enter the long-term PPA at a
later stage. In Brazil, approximately 35% of the electricity from the
Mendubim solar power plant (a joint venture) is sold in the merchant
market, while the remaining energy is sold through a 20-year corporate
PPA. The segment also includes revenues from operations in Release.\u00a0
For revenues from renewable power\u2011producing assets, the
performance obligation comprises the delivery of a series of distinct
goods (electricity). This performance obligation is satisfied over time,
and revenue is recognised for each unit delivered at the applicable
transaction price. The Group recognise revenue from power
production in Ukraine to the extent that Scatec believes collection of
the consideration is probable, which is being equal to the actual paid
amounts.
The segment also include immaterial revenues related to external
Operations & Maintenance (O&M) and asset management services
provided to power production plants not owned by Scatec.
Development & Construction
The D&C segment derives its revenue from the sale of development
rights and construction deliverables and services to project entities
set up to operate the Group\u2019s power production plants. Transactions
in this segment are mainly between entities under the Group\u2019s
control and hence eliminated in the consolidated financial statement.
The construction phase is where Scatec is responsible for the total
scope of a turnkey installation of a power plant through a contract
covering Engineering, Procurement and Construction.
Revenues from construction are recognised over time according to
the percentage of completion. A contract\u2019s percentage of completion
is determined by assessing actual progress compared to the total
estimated cost at completion. Progress is measured when control is
transferred to the customer. For equipment such as modules, Scatec
considers that control is transferred when the equipment is installed
and permanently attached or fitted to the power production systems
as required by the engineering designs.
The construction contracts are fixed-price contracts with variable
considerations related to liquidated damages for performance and
delay. Scatec periodically revises contract profit estimates and
immediately recognises any losses on contracts if applicable.
The construction contracts include construction warranties. The
expected warranty amounts are recognised as an expense at the
time of sale and are adjusted for subsequent changes in estimates or
actual outcomes.
Corporate
The Corporate segment consists of the corporate and management
service activities.
Use of proportionate financials
The segment financials are reported on proportionate basis. With
proportionate financials Scatec reports its share of revenues,
expenses, profits and cash flows from its subsidiaries without
eliminations based on Scatec\u2019s economic interest in the subsidiaries.
The Group has introduced proportionate financials as the Group is of
the opinion that this method improves earnings visibility and
improves transparency in underlying value creation in Scatec\u2019s
business activity.
Revenues from transactions between group companies, where
Scatec is deemed to hold a controlling interest, are presented as
internal revenues in the segment reporting. These transactions are
based on international contract standards and terms negotiated at
arm\u2019s length with lenders and co-investors in each power plant
company. The consolidated revenues and profits are mainly
generated in the PP segment.
The key differences between the proportionate and consolidated
(IFRS) financials are as follows:
\u2022 In the consolidated financials, fully consolidated companies are
presented on a 100% basis. In the proportionate financials the fully
consolidated companies are presented according to Scatec\u2019s
ownership percentage/economic interest. The residual ownership
interests in the table below represent the share of fully
consolidated subsidiaries that Scatec does not own.
\u2022 In the consolidated financials, JVs and associated companies are
equity consolidated and presented with Scatec\u2019s share of the net
profit on a single line in the statement of profit or loss. In the
proportionate financials, the JVs and associate companies are
presented, like other subsidiaries, on a gross basis for each line in
the statement of profit or loss based on Scatec\u2019s economic
interest. In the table below, elimination of equity-consolidated
entities shows the elimination of proportionate financials to arrive
at Scatec\u2019s share of net income/(loss).
\u2022 Internal gains from transactions between segments are eliminated
in the consolidated financials but are retained in the proportionate
financials. These internal gains primarily relate to gross profit on
D&C goods and services delivered to project companies. Hence, the
consolidated financials have a lower book value of solar plants than
the proportionate financials and corresponding lower depreciation
charges.
\u2022 Other eliminations are mainly related to eliminations of other
intercompany and internal margins in the consolidated financial
statements.
Major customers
The Kenhardt solar power plants in South Africa started commercial
operation in December 2023 under a 20-year power purchase
agreement (PPA) that was awarded under the Risk Mitigation
Independent Power Producer Procurement Programme (RMIPPPP).
Eskom\u2019s financial commitments under the PPA are guaranteed by the
South African National Treasury under the Implementation
Agreement.
The Benban solar power plants in Egypt commenced operation in
2019. The electricity is sold under a 25-year PPA with Egyptian
Electricity Transmission Company, S.A.E. The financial commitments
of Egyptian Electricity Transmission Company, S.A.E under the PPA
are guaranteed by the sovereign guarantee from The Ministry of
Finance under the Egyptian Law.
The Rengy plant in Ukraine commenced operation in 2019, Boguslav
and Kamianka commenced operations in 2020 and Chigrin and
Progressovka commenced operations in 2021. The electricity is sold
under PPAs all ending 31 December 2029 with the state-owned
company Guaranteed Buyer. The Guaranteed Buyer under the PPA is
guaranteed by the State under the law on Alternative Energy Sources
and the Law on Electric Energy Market. In June 2023, Scatec started
selling power from the Progressovka power plant in the spot market,
The decision was made based on changes in the local law which
enabled Scatec to pause the PPA.
The Gurun plant in Malaysia commenced operation in 2018, the
Merchang and Jasin plant commenced operation in 2019, and RedSol
commenced operations in 2020. The electricity is sold under 21-year
PPAs with the country\u2019s largest electricity utility, Tenaga Nasional
Berhad (TNB). The PPA is not guaranteed by the government as TNB
is a reputable AAA-rated listed company in Malaysia.
The Sukkur project in Pakistan was awarded a \u201ccost plus tariff\u201d
agreement by the National Electric Power Regulatory Authority
(NEPRA) in 2020 and the project reached commercial operation in
January 2024. The project has a 25-year PPA with the Central Power
Purchasing Agency of Pakistan. Refer to Note 18 Legal disputes and
contingencies for further information.
Geographical break down of consolidated revenues and PPE
Consolidated revenues by country
NOK million
2025
2024
South Africa
1,381
1,829
Egypt
617
653
Ukraine
494
539
Malaysia
394
374
Pakistan
177
74
Jordan
172
181
Honduras
161
398
Czech Republic
142
129
Botswana
50
\u2013
Vietnam
16
81
Other
22
109
Total
3,628
4,368
Property, plant and equipment by country
NOK million
2025
2024
South Africa
11,572
10,110
Egypt
7,063
3,998
Malaysia
2,602
2,825
Ukraine
2,027
2,108
Honduras
1,092
1,291
Pakistan
1,041
1,227
Botswana
980
543
Tunisia
912
205
Brazil
782
\u2013
Jordan
728
894
Norway
438
373
Czech Republic
266
290
Other
283
203
Total
29,787
24,068
Bridge proportionate \u2013 to consolidated financials
2025
Proportionate financials
NOK million
Power Production
Development &
Construction
Corporate
Total
Residual ownership for fully
consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
4,737
\u2013
\u2013
4,737
1,160
-2,380
111
3,628
Net gain/(loss) from sale of project assets
426
\u2013
\u2013
426
\u2013
-346
565
645
Internal revenues
25
5,752
61
5,838
407
-2
-6,243
\u2013
Net income/(loss) from JVs and associates
\u2013
\u2013
\u2013
\u2013
\u2013
964
\u2013
964
Total revenues and other income
5,188
5,752
61
11,002
1,567
-1,764
-5,567
5,238
Cost of sales
\u2013
-5,038
\u2013
-5,035
-356
-1
5,391
\u2013
Gross profit
5,188
714
61
5,967
1,211
-1,765
-176
5,238
Personnel expenses
-358
-136
-96
-590
-1
75
-3
-520
Other operating expenses
-605
-117
-87
-809
-196
282
-48
-771
EBITDA
4,228
462
-122
4,568
1,014
-1,408
-227
3,946
Depreciation
-1,276
-7
-48
-1,330
-347
458
118
-1,101
Impairment 1)
-142
-53
-14
-209
\u2013
142
\u2013
-67
Operating Profit (EBIT)
2,811
402
-185
3,028
667
-808
-108
2,778
1) Impairment loss of NOK 130 million recognised related to the Mendubim power plant in Brazil, see Note 13 Investments in joint ventures and associated companies. NOK 53 million in impairment is recognised related to discontinued development projects, see Note 9 Property, plant and
equipment.
2024
Proportionate financials
NOK million
Power Production
Development &
Construction
Corporate
Total
Residual ownership for fully
consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
4,707
\u2013
\u2013
4,707
1,653
-1,991
\u2013
4,368
Net gain/(loss) from sale of project assets
796
\u2013
\u2013
796
\u2013
-33
728
1,491
Internal revenues
\u2013
2,291
59
2,351
327
-21
-2,657
\u2013
Net income/(loss) from JVs and associates
\u2013
\u2013
\u2013
\u2013
\u2013
714
\u2013
714
Total revenues and other income
5,503
2,291
59
7,853
1,980
-1,330
-1,929
6,574
Cost of sales
\u2013
-1,850
\u2013
-1,850
-386
40
2,196
\u2013
Gross profit
5,503
441
59
6,003
1,594
-1,290
267
6,574
Personnel expenses
-314
-164
-110
-587
-12
104
\u2013
-495
Other operating expenses
-553
-94
-75
-722
-222
272
14
-658
EBITDA
4,636
184
-125
4,694
1,360
-915
281
5,421
Depreciation
-1,356
-7
-40
-1,404
-368
538
96
-1,138
Impairment 2)
-67
-65
\u2013
-132
-28
4
\u2013
-156
Operating Profit (EBIT)
3,212
112
-165
3,158
964
-373
378
4,127
2) Impairment loss of NOK 64 million recognised related to plants in operations in Honduras. NOK 65 million in impairment is recognised related to discontinued development projects, see Note 9 Property, plant and equipment
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
Note 2 Operating segments and revenues
Operating segments align with internal management reporting to the
Group\u2019s chief operating decision-makers, defined as the executive
management team. The operating segments are determined by the
differences in the nature of their operations, products and services.
Scatec manages its operations in three segments: Power Production
(PP), Development & Construction (D&C) and Corporate.
Power Production
The PP segment manages the Group\u2019s power-producing assets and
derives its revenue from the production and sale of solar, wind and
hydro generated electricity mainly based on long-term power purchase
agreements (PPAs) or feed-in-tariffs. In the Philippines, electricity is sold
using bilateral contracts, in the spot market, and as ancillary services. In
Ukraine, with regards to the Progressovka plants, electricity is sold in
the spot market with the option to re-enter the long-term PPA at a
later stage. In Brazil, approximately 35% of the electricity from the
Mendubim solar power plant (a joint venture) is sold in the merchant
market, while the remaining energy is sold through a 20-year corporate
PPA. The segment also includes revenues from operations in Release.\u00a0
For revenues from renewable power\u2011producing assets, the
performance obligation comprises the delivery of a series of distinct
goods (electricity). This performance obligation is satisfied over time,
and revenue is recognised for each unit delivered at the applicable
transaction price. The Group recognise revenue from power
production in Ukraine to the extent that Scatec believes collection of
the consideration is probable, which is being equal to the actual paid
amounts.
The segment also include immaterial revenues related to external
Operations & Maintenance (O&M) and asset management services
provided to power production plants not owned by Scatec.
Development & Construction
The D&C segment derives its revenue from the sale of development
rights and construction deliverables and services to project entities
set up to operate the Group\u2019s power production plants. Transactions
in this segment are mainly between entities under the Group\u2019s
control and hence eliminated in the consolidated financial statement.
The construction phase is where Scatec is responsible for the total
scope of a turnkey installation of a power plant through a contract
covering Engineering, Procurement and Construction.
Revenues from construction are recognised over time according to
the percentage of completion. A contract\u2019s percentage of completion
is determined by assessing actual progress compared to the total
estimated cost at completion. Progress is measured when control is
transferred to the customer. For equipment such as modules, Scatec
considers that control is transferred when the equipment is installed
and permanently attached or fitted to the power production systems
as required by the engineering designs.
The construction contracts are fixed-price contracts with variable
considerations related to liquidated damages for performance and
delay. Scatec periodically revises contract profit estimates and
immediately recognises any losses on contracts if applicable.
The construction contracts include construction warranties. The
expected warranty amounts are recognised as an expense at the
time of sale and are adjusted for subsequent changes in estimates or
actual outcomes.
Corporate
The Corporate segment consists of the corporate and management
service activities.
Use of proportionate financials
The segment financials are reported on proportionate basis. With
proportionate financials Scatec reports its share of revenues,
expenses, profits and cash flows from its subsidiaries without
eliminations based on Scatec\u2019s economic interest in the subsidiaries.
The Group has introduced proportionate financials as the Group is of
the opinion that this method improves earnings visibility and
improves transparency in underlying value creation in Scatec\u2019s
business activity.
Revenues from transactions between group companies, where
Scatec is deemed to hold a controlling interest, are presented as
internal revenues in the segment reporting. These transactions are
based on international contract standards and terms negotiated at
arm\u2019s length with lenders and co-investors in each power plant
company. The consolidated revenues and profits are mainly
generated in the PP segment.
The key differences between the proportionate and consolidated
(IFRS) financials are as follows:
\u2022 In the consolidated financials, fully consolidated companies are
presented on a 100% basis. In the proportionate financials the fully
consolidated companies are presented according to Scatec\u2019s
ownership percentage/economic interest. The residual ownership
interests in the table below represent the share of fully
consolidated subsidiaries that Scatec does not own.
\u2022 In the consolidated financials, JVs and associated companies are
equity consolidated and presented with Scatec\u2019s share of the net
profit on a single line in the statement of profit or loss. In the
proportionate financials, the JVs and associate companies are
presented, like other subsidiaries, on a gross basis for each line in
the statement of profit or loss based on Scatec\u2019s economic
interest. In the table below, elimination of equity-consolidated
entities shows the elimination of proportionate financials to arrive
at Scatec\u2019s share of net income/(loss).
\u2022 Internal gains from transactions between segments are eliminated
in the consolidated financials but are retained in the proportionate
financials. These internal gains primarily relate to gross profit on
D&C goods and services delivered to project companies. Hence, the
consolidated financials have a lower book value of solar plants than
the proportionate financials and corresponding lower depreciation
charges.
\u2022 Other eliminations are mainly related to eliminations of other
intercompany and internal margins in the consolidated financial
statements.
Major customers
The Kenhardt solar power plants in South Africa started commercial
operation in December 2023 under a 20-year power purchase
agreement (PPA) that was awarded under the Risk Mitigation
Independent Power Producer Procurement Programme (RMIPPPP).
Eskom\u2019s financial commitments under the PPA are guaranteed by the
South African National Treasury under the Implementation
Agreement.
The Benban solar power plants in Egypt commenced operation in
2019. The electricity is sold under a 25-year PPA with Egyptian
Electricity Transmission Company, S.A.E. The financial commitments
of Egyptian Electricity Transmission Company, S.A.E under the PPA
are guaranteed by the sovereign guarantee from The Ministry of
Finance under the Egyptian Law.
The Rengy plant in Ukraine commenced operation in 2019, Boguslav
and Kamianka commenced operations in 2020 and Chigrin and
Progressovka commenced operations in 2021. The electricity is sold
under PPAs all ending 31 December 2029 with the state-owned
company Guaranteed Buyer. The Guaranteed Buyer under the PPA is
guaranteed by the State under the law on Alternative Energy Sources
and the Law on Electric Energy Market. In June 2023, Scatec started
selling power from the Progressovka power plant in the spot market,
The decision was made based on changes in the local law which
enabled Scatec to pause the PPA.
The Gurun plant in Malaysia commenced operation in 2018, the
Merchang and Jasin plant commenced operation in 2019, and RedSol
commenced operations in 2020. The electricity is sold under 21-year
PPAs with the country\u2019s largest electricity utility, Tenaga Nasional
Berhad (TNB). The PPA is not guaranteed by the government as TNB
is a reputable AAA-rated listed company in Malaysia.
The Sukkur project in Pakistan was awarded a \u201ccost plus tariff\u201d
agreement by the National Electric Power Regulatory Authority
(NEPRA) in 2020 and the project reached commercial operation in
January 2024. The project has a 25-year PPA with the Central Power
Purchasing Agency of Pakistan. Refer to Note 18 Legal disputes and
contingencies for further information.
Geographical break down of consolidated revenues and PPE
Consolidated revenues by country
NOK million
2025
2024
South Africa
1,381
1,829
Egypt
617
653
Ukraine
494
539
Malaysia
394
374
Pakistan
177
74
Jordan
172
181
Honduras
161
398
Czech Republic
142
129
Botswana
50
\u2013
Vietnam
16
81
Other
22
109
Total
3,628
4,368
Property, plant and equipment by country
NOK million
2025
2024
South Africa
11,572
10,110
Egypt
7,063
3,998
Malaysia
2,602
2,825
Ukraine
2,027
2,108
Honduras
1,092
1,291
Pakistan
1,041
1,227
Botswana
980
543
Tunisia
912
205
Brazil
782
\u2013
Jordan
728
894
Norway
438
373
Czech Republic
266
290
Other
283
203
Total
29,787
24,068
Bridge proportionate \u2013 to consolidated financials
2025
Proportionate financials
NOK million
Power Production
Development &
Construction
Corporate
Total
Residual ownership for fully
consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
4,737
\u2013
\u2013
4,737
1,160
-2,380
111
3,628
Net gain/(loss) from sale of project assets
426
\u2013
\u2013
426
\u2013
-346
565
645
Internal revenues
25
5,752
61
5,838
407
-2
-6,243
\u2013
Net income/(loss) from JVs and associates
\u2013
\u2013
\u2013
\u2013
\u2013
964
\u2013
964
Total revenues and other income
5,188
5,752
61
11,002
1,567
-1,764
-5,567
5,238
Cost of sales
\u2013
-5,038
\u2013
-5,035
-356
-1
5,391
\u2013
Gross profit
5,188
714
61
5,967
1,211
-1,765
-176
5,238
Personnel expenses
-358
-136
-96
-590
-1
75
-3
-520
Other operating expenses
-605
-117
-87
-809
-196
282
-48
-771
EBITDA
4,228
462
-122
4,568
1,014
-1,408
-227
3,946
Depreciation
-1,276
-7
-48
-1,330
-347
458
118
-1,101
Impairment 1)
-142
-53
-14
-209
\u2013
142
\u2013
-67
Operating Profit (EBIT)
2,811
402
-185
3,028
667
-808
-108
2,778
1) Impairment loss of NOK 130 million recognised related to the Mendubim power plant in Brazil, see Note 13 Investments in joint ventures and associated companies. NOK 53 million in impairment is recognised related to discontinued development projects, see Note 9 Property, plant and
equipment.
2024
Proportionate financials
NOK million
Power Production
Development &
Construction
Corporate
Total
Residual ownership for fully
consolidated entities
Elimination of equity
consolidated entities
Other eliminations
Consolidated
financials
External revenues
4,707
\u2013
\u2013
4,707
1,653
-1,991
\u2013
4,368
Net gain/(loss) from sale of project assets
796
\u2013
\u2013
796
\u2013
-33
728
1,491
Internal revenues
\u2013
2,291
59
2,351
327
-21
-2,657
\u2013
Net income/(loss) from JVs and associates
\u2013
\u2013
\u2013
\u2013
\u2013
714
\u2013
714
Total revenues and other income
5,503
2,291
59
7,853
1,980
-1,330
-1,929
6,574
Cost of sales
\u2013
-1,850
\u2013
-1,850
-386
40
2,196
\u2013
Gross profit
5,503
441
59
6,003
1,594
-1,290
267
6,574
Personnel expenses
-314
-164
-110
-587
-12
104
\u2013
-495
Other operating expenses
-553
-94
-75
-722
-222
272
14
-658
EBITDA
4,636
184
-125
4,694
1,360
-915
281
5,421
Depreciation
-1,356
-7
-40
-1,404
-368
538
96
-1,138
Impairment 2)
-67
-65
\u2013
-132
-28
4
\u2013
-156
Operating Profit (EBIT)
3,212
112
-165
3,158
964
-373
378
4,127
2) Impairment loss of NOK 64 million recognised related to plants in operations in Honduras. NOK 65 million in impairment is recognised related to discontinued development projects, see Note 9 Property, plant and equipment
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
Use of proportionate financials
The segment financials are reported on proportionate basis. With
proportionate financials Scatec reports its share of revenues,
expenses, profits and cash flows from its subsidiaries without
eliminations based on Scatec\u2019s economic interest in the subsidiaries.
The Group has introduced proportionate financials as the Group is of
the opinion that this method improves earnings visibility and
improves transparency in underlying value creation in Scatec\u2019s
business activity.
Revenues from transactions between group companies, where
Scatec is deemed to hold a controlling interest, are presented as
internal revenues in the segment reporting. These transactions are
based on international contract standards and terms negotiated at
arm\u2019s length with lenders and co-investors in each power plant
company. The consolidated revenues and profits are mainly
generated in the PP segment.
The key differences between the proportionate and consolidated
(IFRS) financials are as follows:
\u2022 In the consolidated financials, fully consolidated companies are
presented on a 100% basis. In the proportionate financials the fully
consolidated companies are presented according to Scatec\u2019s
ownership percentage/economic interest. The residual ownership
interests in the table below represent the share of fully
consolidated subsidiaries that Scatec does not own.
\u2022 In the consolidated financials, JVs and associated companies are
equity consolidated and presented with Scatec\u2019s share of the net
profit on a single line in the statement of profit or loss. In the
proportionate financials, the JVs and associate companies are
presented, like other subsidiaries, on a gross basis for each line in
the statement of profit or loss based on Scatec\u2019s economic
interest. In the table below, elimination of equity-consolidated
entities shows the elimination of proportionate financials to arrive
at Scatec\u2019s share of net income/(loss).
\u2022 Internal gains from transactions between segments are eliminated
in the consolidated financials but are retained in the proportionate
financials. These internal gains primarily relate to gross profit on
D&C goods and services delivered to project companies. Hence, the
consolidated financials have a lower book value of solar plants than
the proportionate financials and corresponding lower depreciation
charges.
\u2022 Other eliminations are mainly related to eliminations of other
intercompany and internal margins in the consolidated financial
statements.
Major customers
The Kenhardt solar power plants in South Africa started commercial
operation in December 2023 under a 20-year power purchase
agreement (PPA) that was awarded under the Risk Mitigation
Independent Power Producer Procurement Programme (RMIPPPP).
Eskom\u2019s financial commitments under the PPA are guaranteed by the
South African National Treasury under the Implementation
Agreement.
The Benban solar power plants in Egypt commenced operation in
2019. The electricity is sold under a 25-year PPA with Egyptian
Electricity Transmission Company, S.A.E. The financial commitments
of Egyptian Electricity Transmission Company, S.A.E under the PPA
are guaranteed by the sovereign guarantee from The Ministry of
Finance under the Egyptian Law.
The Rengy plant in Ukraine commenced operation in 2019, Boguslav
and Kamianka commenced operations in 2020 and Chigrin and
Progressovka commenced operations in 2021. The electricity is sold
under PPAs all ending 31 December 2029 with the state-owned
company Guaranteed Buyer. The Guaranteed Buyer under the PPA is
guaranteed by the State under the law on Alternative Energy Sources
and the Law on Electric Energy Market. In June 2023, Scatec started
selling power from the Progressovka power plant in the spot market,
The decision was made based on changes in the local law which
enabled Scatec to pause the PPA.
The Gurun plant in Malaysia commenced operation in 2018, the
Merchang and Jasin plant commenced operation in 2019, and RedSol
commenced operations in 2020. The electricity is sold under 21-year
PPAs with the country\u2019s largest electricity utility, Tenaga Nasional
Berhad (TNB). The PPA is not guaranteed by the government as TNB
is a reputable AAA-rated listed company in Malaysia.
The Sukkur project in Pakistan was awarded a \u201ccost plus tariff\u201d
agreement by the National Electric Power Regulatory Authority
(NEPRA) in 2020 and the project reached commercial operation in
January 2024. The project has a 25-year PPA with the Central Power
Purchasing Agency of Pakistan. Refer to Note 18 Legal disputes and
contingencies for further information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
Major customers
The Kenhardt solar power plants in South Africa started commercial
operation in December 2023 under a 20-year power purchase
agreement (PPA) that was awarded under the Risk Mitigation
Independent Power Producer Procurement Programme (RMIPPPP).
Eskom\u2019s financial commitments under the PPA are guaranteed by the
South African National Treasury under the Implementation
Agreement.
The Benban solar power plants in Egypt commenced operation in
2019. The electricity is sold under a 25-year PPA with Egyptian
Electricity Transmission Company, S.A.E. The financial commitments
of Egyptian Electricity Transmission Company, S.A.E under the PPA
are guaranteed by the sovereign guarantee from The Ministry of
Finance under the Egyptian Law.
The Rengy plant in Ukraine commenced operation in 2019, Boguslav
and Kamianka commenced operations in 2020 and Chigrin and
Progressovka commenced operations in 2021. The electricity is sold
under PPAs all ending 31 December 2029 with the state-owned
company Guaranteed Buyer. The Guaranteed Buyer under the PPA is
guaranteed by the State under the law on Alternative Energy Sources
and the Law on Electric Energy Market. In June 2023, Scatec started
selling power from the Progressovka power plant in the spot market,
The decision was made based on changes in the local law which
enabled Scatec to pause the PPA.
The Gurun plant in Malaysia commenced operation in 2018, the
Merchang and Jasin plant commenced operation in 2019, and RedSol
commenced operations in 2020. The electricity is sold under 21-year
PPAs with the country\u2019s largest electricity utility, Tenaga Nasional
Berhad (TNB). The PPA is not guaranteed by the government as TNB
is a reputable AAA-rated listed company in Malaysia.
The Sukkur project in Pakistan was awarded a \u201ccost plus tariff\u201d
agreement by the National Electric Power Regulatory Authority
(NEPRA) in 2020 and the project reached commercial operation in
January 2024. The project has a 25-year PPA with the Central Power
Purchasing Agency of Pakistan. Refer to Note 18 Legal disputes and
contingencies for further information", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
Geographical break down of consolidated revenues and PPE
Consolidated revenues by country
NOK million
2025
2024
South Africa
1,381
1,829
Egypt
617
653
Ukraine
494
539
Malaysia
394
374
Pakistan
177
74
Jordan
172
181
Honduras
161
398
Czech Republic
142
129
Botswana
50
\u2013
Vietnam
16
81
Other
22
109
Total
3,628
4,368
Property, plant and equipment by country
NOK million
2025
2024
South Africa
11,572
10,110
Egypt
7,063
3,998
Malaysia
2,602
2,825
Ukraine
2,027
2,108
Honduras
1,092
1,291
Pakistan
1,041
1,227
Botswana
980
543
Tunisia
912
205
Brazil
782
\u2013
Jordan
728
894
Norway
438
373
Czech Republic
266
290
Other
283
203
Total
29,787
24,068
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Note 3 Employee benefits
Salaries and other personnel costs
NOK million
2025
2024
Salaries
595
491
Share-based payment
46
29
Payroll tax
65
45
Pension costs
52
39
Other personnel costs
36
37
Capitalised to PP&E (project assets)
-275
-146
Total
520
495
Salaries and personnel expenses for management
NOK million
2025
2024
Salary and bonus
50
47
Pension
2
2
Total
52
50
Number of employees in the financial year in consolidated entities
2025
2024
South Africa
354
295
Egypt
136
107
Norway
118
110
Ukraine
55
49
Tunisia
50
13
Brazil
48
16
Malaysia
32
32
Netherlands
26
26
Botswana
21
12
Honduras
19
19
Philippines
15
14
India
14
16
Pakistan
12
23
Other
18
22
Total
918
754
The Group\u2019s pension schemes are classified as defined contribution
plans. No severance package agreements have been established with
management in 2025 and 2024. For further details on employee
benefits and management remuneration, refer to the separate
Executive Remuneration Report 2025.
Long-term incentive programmes
The cost of equity-settled transactions is recognised in personnel
expenses, together with a corresponding increase in equity over the
vesting period. To calculate the fair value of the options that satisfies
the definition of an equity-settled share-based payment transaction,
the BlackScholes-Merton option-pricing model is applied to each
tranche. Share price (spot), exercise price, expected option lifetime,
expected volatility, expected dividend and risk-free interest rate are
the model\u2019s input parameters.
In line with the terms adopted by the Annual General Meeting of
Scatec ASA on 4 May 2016, and prolonged in the years that followed,
the Board of Directors have established an option programme for
leading employees of the Company. Options are vested in tranches
over a three-year period, with the first tranche vesting one year from
award. As of 31 December 2025, there are options not fully vested
from the grants awarded in 2023 and onwards. Each share option
gives a right to subscribe for and be allotted one share in Scatec ASA.
The strike price is equivalent to the volume weighted average price of
the shares during the ten trading days preceding the grant.
For the options granted in 2025, the assumptions used to calculate
the fair value of the options are as follows: 5 years (3 years) for
expected lifetime, 49.59% (51.19%) for expected volatility and 0 (0) for
expected dividend. The calculations are based on average values. In
2025 NOK 46 million (29) was expensed.
Outstanding number of options
Date granted
Number of
instruments
Strike price
Lapse date
1/4/2021
122,773
311.28
1/1/2026
5/6/2021
85,957
241.74
1/1/2026
1/4/2022
496,572
148.25
1/1/2027
28/3/2022
10,000
131.99
1/1/2027
27/4/2022
14,353
124.34
1/1/2027
16/5/2022
16,711
96.16
1/1/2027
1/3/2023
930,010
80.25
1/1/2028
3/2/2023
67,516
80.25
1/1/2028
1/3/2024
1,209,339
79.47
1/1/2029
1/3/2025
1,373,650
78.66
1/1/2030
Sum
4,326,881
Movements in options
Number of
instruments
Weighted average strike
price
Opening balance
3,498,253
106.10
Granted
1,546,009
78.66
Terminated
-537,148
96.77
Expired
-180,233
110.25
Closing balance
4,326,881
97.42
Closing balance vested options
1,814,452
122.75
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
The Group\u2019s pension schemes are classified as defined contribution
plans. No severance package agreements have been established with
management in 2025 and 2024. For further details on employee
benefits and management remuneration, refer to the separate
Executive Remuneration Report 2025.
Long-term incentive programmes
The cost of equity-settled transactions is recognised in personnel
expenses, together with a corresponding increase in equity over the
vesting period. To calculate the fair value of the options that satisfies
the definition of an equity-settled share-based payment transaction,
the BlackScholes-Merton option-pricing model is applied to each
tranche. Share price (spot), exercise price, expected option lifetime,
expected volatility, expected dividend and risk-free interest rate are
the model\u2019s input parameters.
In line with the terms adopted by the Annual General Meeting of
Scatec ASA on 4 May 2016, and prolonged in the years that followed,
the Board of Directors have established an option programme for
leading employees of the Company. Options are vested in tranches
over a three-year period, with the first tranche vesting one year from
award. As of 31 December 2025, there are options not fully vested
from the grants awarded in 2023 and onwards. Each share option
gives a right to subscribe for and be allotted one share in Scatec ASA.
The strike price is equivalent to the volume weighted average price of
the shares during the ten trading days preceding the grant.
For the options granted in 2025, the assumptions used to calculate
the fair value of the options are as follows: 5 years (3 years) for
expected lifetime, 49.59% (51.19%) for expected volatility and 0 (0) for
expected dividend. The calculations are based on average values. In
2025 NOK 46 million (29) was expensed.
Outstanding number of options
Date granted
Number of
instruments
Strike price
Lapse date
1/4/2021
122,773
311.28
1/1/2026
5/6/2021
85,957
241.74
1/1/2026
1/4/2022
496,572
148.25
1/1/2027
28/3/2022
10,000
131.99
1/1/2027
27/4/2022
14,353
124.34
1/1/2027
16/5/2022
16,711
96.16
1/1/2027
1/3/2023
930,010
80.25
1/1/2028
3/2/2023
67,516
80.25
1/1/2028
1/3/2024
1,209,339
79.47
1/1/2029
1/3/2025
1,373,650
78.66
1/1/2030
Sum
4,326,881
Movements in options
Number of
instruments
Weighted average strike
price
Opening balance
3,498,253
106.10
Granted
1,546,009
78.66
Terminated
-537,148
96.77
Expired
-180,233
110.25
Closing balance
4,326,881
97.42
Closing balance vested options
1,814,452
122.75
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
The Group\u2019s pension schemes are classified as defined contribution
plans. No severance package agreements have been established with
management in 2025 and 2024. For further details on employee
benefits and management remuneration, refer to the separate
Executive Remuneration Report 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
Long-term incentive programmes
The cost of equity-settled transactions is recognised in personnel
expenses, together with a corresponding increase in equity over the
vesting period. To calculate the fair value of the options that satisfies
the definition of an equity-settled share-based payment transaction,
the BlackScholes-Merton option-pricing model is applied to each
tranche. Share price (spot), exercise price, expected option lifetime,
expected volatility, expected dividend and risk-free interest rate are
the model\u2019s input parameters.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
Note 4 Other operating expenses
NOK million
2025
2024
Facilities and IT costs
387
409
Professional fees, including O&M
180
224
Travel costs
29
30
Social development contributions
29
32
Insurance and guarantee
91
21
Other costs
56
22
Expected credit loss
\u2013
-80
Total other operating expenses
771
658
Grants
Government grants are recognised when it is reasonably certain that
the Company will meet the conditions stipulated for the grants and
that the grants will be received. Grants are recognised either as a
cost reduction or as a deduction of the asset\u2019s carrying amount. For
grants recognised as a deduction from asset\u2019s carrying amount, refer
to Note 9 Property, plant and equipment. In 2025 Scatec recognised
NOK 3 million (20) in grants as a cost reduction in operating
expenses.\u00a0
Refer to Note 18 Legal disputes and contingencies for further
information on the guarantee cost recognised in 2025 related to a
project in India.
Remuneration to the auditors
NOK million
2025
2024
Audit services
14
17
Other attestation services
2
2
Tax services
\u2013
1
Total remuneration
17
20
VAT is not included in the numbers above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
Note 4 Other operating expenses
NOK million
2025
2024
Facilities and IT costs
387
409
Professional fees, including O&M
180
224
Travel costs
29
30
Social development contributions
29
32
Insurance and guarantee
91
21
Other costs
56
22
Expected credit loss
\u2013
-80
Total other operating expenses
771
658
Grants
Government grants are recognised when it is reasonably certain that
the Company will meet the conditions stipulated for the grants and
that the grants will be received. Grants are recognised either as a
cost reduction or as a deduction of the asset\u2019s carrying amount. For
grants recognised as a deduction from asset\u2019s carrying amount, refer
to Note 9 Property, plant and equipment. In 2025 Scatec recognised
NOK 3 million (20) in grants as a cost reduction in operating
expenses.\u00a0
Refer to Note 18 Legal disputes and contingencies for further
information on the guarantee cost recognised in 2025 related to a
project in India.
Remuneration to the auditors
NOK million
2025
2024
Audit services
14
17
Other attestation services
2
2
Tax services
\u2013
1
Total remuneration
17
20
VAT is not included in the numbers above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
Note 4 Other operating expenses
NOK million
2025
2024
Facilities and IT costs
387
409
Professional fees, including O&M
180
224
Travel costs
29
30
Social development contributions
29
32
Insurance and guarantee
91
21
Other costs
56
22
Expected credit loss
\u2013
-80
Total other operating expenses
771
658
Grants
Government grants are recognised when it is reasonably certain that
the Company will meet the conditions stipulated for the grants and
that the grants will be received. Grants are recognised either as a
cost reduction or as a deduction of the asset\u2019s carrying amount. For
grants recognised as a deduction from asset\u2019s carrying amount, refer
to Note 9 Property, plant and equipment. In 2025 Scatec recognised
NOK 3 million (20) in grants as a cost reduction in operating
expenses.\u00a0
Refer to Note 18 Legal disputes and contingencies for further
information on the guarantee cost recognised in 2025 related to a
project in India.
Remuneration to the auditors
NOK million
2025
2024
Audit services
14
17
Other attestation services
2
2
Tax services
\u2013
1
Total remuneration
17
20
VAT is not included in the numbers above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
Note 4 Other operating expenses
NOK million
2025
2024
Facilities and IT costs
387
409
Professional fees, including O&M
180
224
Travel costs
29
30
Social development contributions
29
32
Insurance and guarantee
91
21
Other costs
56
22
Expected credit loss
\u2013
-80
Total other operating expenses
771
658
Grants
Government grants are recognised when it is reasonably certain that
the Company will meet the conditions stipulated for the grants and
that the grants will be received. Grants are recognised either as a
cost reduction or as a deduction of the asset\u2019s carrying amount. For
grants recognised as a deduction from asset\u2019s carrying amount, refer
to Note 9 Property, plant and equipment. In 2025 Scatec recognised
NOK 3 million (20) in grants as a cost reduction in operating
expenses.\u00a0
Refer to Note 18 Legal disputes and contingencies for further
information on the guarantee cost recognised in 2025 related to a
project in India.
Remuneration to the auditors
NOK million
2025
2024
Audit services
14
17
Other attestation services
2
2
Tax services
\u2013
1
Total remuneration
17
20
VAT is not included in the numbers above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
Government grants are recognised when it is reasonably certain that
the Company will meet the conditions stipulated for the grants and
that the grants will be received. Grants are recognised either as a
cost reduction or as a deduction of the asset\u2019s carrying amount. For
grants recognised as a deduction from asset\u2019s carrying amount, refer
to Note 9 Property, plant and equipment. In 2025 Scatec recognised
NOK 3 million (20) in grants as a cost reduction in operating
expenses.\u00a0
Refer to Note 18 Legal disputes and contingencies for further
information on the guarantee cost recognised in 2025 related to a
project in India.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
Government grants are recognised when it is reasonably certain that
the Company will meet the conditions stipulated for the grants and
that the grants will be received. Grants are recognised either as a
cost reduction or as a deduction of the asset\u2019s carrying amount. For
grants recognised as a deduction from asset\u2019s carrying amount, refer
to Note 9 Property, plant and equipment. In 2025 Scatec recognised
NOK 3 million (20) in grants as a cost reduction in operating
expenses.\u00a0
Refer to Note 18 Legal disputes and contingencies for further
information on the guarantee cost recognised in 2025 related to a
project in India.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
Remuneration to the auditors
NOK million
2025
2024
Audit services
14
17
Other attestation services
2
2
Tax services
\u2013
1
Total remuneration
17
20
VAT is not included in the numbers above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Note 5 Tax
Estimation uncertainty
Deferred tax assets are recognised for unused tax losses only when it
is considered probable that future taxable profits will be available to
utilise those losses. Significant management judgement is required to
determine the amount of deferred tax assets that can be recognised
based upon the likely timing and level of future taxable profits.
When assessing the probability of utilising tax losses several factors
are considered, including whether the entity in question has a history
of losses, whether there is an expiration date for the entity\u2019s ability to
carry the losses forward and/or whether the losses can be used to
offset taxable income elsewhere in the Group. The majority of the
Group\u2019s tax losses relate to favourable tax rules for depreciation of
power plants and their reversal is merely a timing effect.
Uncertain tax positions and potential tax exposures are assessed
individually, and the best estimate of the probable amount of
liabilities to be paid (unpaid potential tax exposure amounts,
including penalties) and assets to be received (disputed tax positions
for which payment has already been made) are recognised within
current tax or net deferred tax, as appropriate.
Effective tax rate
NOK million
2025
2024
Tax payable (including withholding tax)
-231
-172
Change in deferred tax
211
194
Income tax expense
-20
22
Reconciliation of Norwegian nominal tax rate to
effective tax rate
Profit before income tax
1,008
1,464
Nominal tax rate (22%)
-222
-322
Tax effect of:
Permanent differences on divestments
142
328
Share of net income from JV and associated companies
212
157
Withholding taxes paid
-119
-100
Other permanent differences
-51
-19
Use and capitalisation of previously unrecognised losses
carried forward and change in valuation allowance
170
-86
Other items, incl. currency translation
-155
90
Tax rate different from Norwegian tax rate
3
-26
Calculated tax expense
-20
22
Effective tax rate
2%
-2%
The net gain from the divestment of the African hydropower assets
and the Vietnam power plant (NOK 645 million) is a permanent
difference and does not give rise to any tax expense. The item is
presented as permanent differences on divestments in the table
above. Furthermore, the net income from JVs and associated
companies is reported net after tax which also impacts the effective
tax rate. The remaining difference between the Group\u2019s actual tax
expense and the calculated tax expense based on the Norwegian tax
rate of 22%, is driven by withholding taxes paid on dividends and
interest, other permanent differences, effects from change in
valuation allowance and unrecognised losses carried forward,
currency effects and different tax rates in the jurisdictions in which
the companies operates.
The underlying tax rates in the companies in operation are in the
range of 0% to 30%. In some markets, Scatec receives special tax
incentives intended to promote investments in renewable energy.
Significant components of deferred tax assets
NOK million
2025
2024
Tax losses carried forward
4,845
4,706
Valuation allowance loss carried forward
-775
-1,087
Financial instruments
66
82
Property, plant and equipment incl. construction projects
221
233
Lease liabilities
41
40
Other items
127
52
Offsetting of tax balances 1)
-2,610
-2,475
Total deferred tax assets
1,915
1,551
Significant components of deferred tax liabilities
NOK million
2025
2024
Property, plant and equipment incl. construction projects
3,216
3,054
Financial instruments
104
80
Other items
8
11
Offsetting of tax balances 1)
-2,610
-2,475
Total deferred tax liabilities
718
671
1) Deferred tax assets and liabilities are offset to the extent that the deferred taxes
related to the same fiscal authority and there is a legally enforceable right to offset
current tax assets against current tax liabilities
Movement in net deferred tax asset
NOK million
2025
2024
Net tax asset at the beginning of the period
880
377
Recognised in the consolidated statement of P&L
211
194
Tax on financial instruments recognised in OCI
44
-5
Tax transferred to assets and liabilities classified as held
for sale
\u2013
270
Effect of movements in foreign exchange rates
60
44
Net tax asset at 31.12
1,196
880
Specification of tax loss carried forward
NOK million
2025
Country
Loss carried
forward (gross)
Deferred tax
asset
Net deferred tax
on other
differences
South Africa
12,720
3,435
-2,000
Norway
3,278
198
-153
Ukraine
1,705
307
-270
Egypt
1,213
93
-439
Jordan
229
18
-45
Netherlands
124
\u2013
\u2013
Malaysia
190
\u2013
14
Other
89
20
19
Total at 31. December 2025
19,549
4,070
-2,874
NOK million
2024
Country
Loss carried
forward (gross)
Deferred tax
asset
Net deferred tax
on other
differences
South Africa
11,392
3,076
-1,858
Norway
3,761
28
33
Ukraine
1,801
324
-305
Egypt
1,591
168
-600
Jordan
284
11
-56
Netherlands
211
\u2013
\u2013
Malaysia
187
\u2013
17
Other
39
12
30
Total at 31. December 2024
19,265
3,619
-2,739
Tax losses carried forward are offset against taxable temporary
differences within the same fiscal authority, mainly related to
property, plant and equipment.
For renewable energy companies, the tax losses carried forward are
mainly related to accelerated depreciation rates for power plant
assets compared to the accounting depreciations determined by the
useful life of the assets. Tax losses are recognised to the extent that
the Group considers it probable that future taxable profits will be
available against which the losses can be utilised.
At year\u2011end 2025, the Group recognised a valuation allowance of
NOK 775 million (1,087) related to tax losses that are not expected to
be utilised against future taxable income. The valuation allowance
has mainly been recorded in Norway, Egypt and Malaysia.
The Group has disallowed interest deduction in Norway of NOK 759
million (759) which may be carried forward up to 10 years. This
amount is included in the Norwegian loss carried forward, and the
related valuation allowance also cover this portion. Tax losses in
Malaysia can also be carried forward for 10 years, while tax losses in
Egypt, Jordan and Tunisia expire after 4 to 5 years. All other tax
losses within the Group may be carried forward indefinitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
Significant components of deferred tax assets
NOK million
2025
2024
Tax losses carried forward
4,845
4,706
Valuation allowance loss carried forward
-775
-1,087
Financial instruments
66
82
Property, plant and equipment incl. construction projects
221
233
Lease liabilities
41
40
Other items
127
52
Offsetting of tax balances 1)
-2,610
-2,475
Total deferred tax assets
1,915
1,551
Significant components of deferred tax liabilities
NOK million
2025
2024
Property, plant and equipment incl. construction projects
3,216
3,054
Financial instruments
104
80
Other items
8
11
Offsetting of tax balances 1)
-2,610
-2,475
Total deferred tax liabilities
718
671
1) Deferred tax assets and liabilities are offset to the extent that the deferred taxes
related to the same fiscal authority and there is a legally enforceable right to offset
current tax assets against current tax liabilities
Movement in net deferred tax asset
NOK million
2025
2024
Net tax asset at the beginning of the period
880
377
Recognised in the consolidated statement of P&L
211
194
Tax on financial instruments recognised in OCI
44
-5
Tax transferred to assets and liabilities classified as held
for sale
\u2013
270
Effect of movements in foreign exchange rates
60
44
Net tax asset at 31.12
1,196
880
Specification of tax loss carried forward
NOK million
2025
Country
Loss carried
forward (gross)
Deferred tax
asset
Net deferred tax
on other
differences
South Africa
12,720
3,435
-2,000
Norway
3,278
198
-153
Ukraine
1,705
307
-270
Egypt
1,213
93
-439
Jordan
229
18
-45
Netherlands
124
\u2013
\u2013
Malaysia
190
\u2013
14
Other
89
20
19
Total at 31. December 2025
19,549
4,070
-2,874
NOK million
2024
Country
Loss carried
forward (gross)
Deferred tax
asset
Net deferred tax
on other
differences
South Africa
11,392
3,076
-1,858
Norway
3,761
28
33
Ukraine
1,801
324
-305
Egypt
1,591
168
-600
Jordan
284
11
-56
Netherlands
211
\u2013
\u2013
Malaysia
187
\u2013
17
Other
39
12
30
Total at 31. December 2024
19,265
3,619
-2,739
Tax losses carried forward are offset against taxable temporary
differences within the same fiscal authority, mainly related to
property, plant and equipment.
For renewable energy companies, the tax losses carried forward are
mainly related to accelerated depreciation rates for power plant
assets compared to the accounting depreciations determined by the
useful life of the assets. Tax losses are recognised to the extent that
the Group considers it probable that future taxable profits will be
available against which the losses can be utilised.
At year\u2011end 2025, the Group recognised a valuation allowance of
NOK 775 million (1,087) related to tax losses that are not expected to
be utilised against future taxable income. The valuation allowance
has mainly been recorded in Norway, Egypt and Malaysia.
The Group has disallowed interest deduction in Norway of NOK 759
million (759) which may be carried forward up to 10 years. This
amount is included in the Norwegian loss carried forward, and the
related valuation allowance also cover this portion. Tax losses in
Malaysia can also be carried forward for 10 years, while tax losses in
Egypt, Jordan and Tunisia expire after 4 to 5 years. All other tax
losses within the Group may be carried forward indefinitely.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Note 6 Financial income and expenses
NOK million
2025
2024
Interest income
183
152
Other financial income
98
33
Interest and other financial income
281
185
Interest expenses
-2,180
-2,564
Other financial expenses
-100
-109
Interest and other financial expenses
-2,280
-2,673
Net foreign exchange gain/(loss)
229
-175
Net financial expenses
-1,771
-2,663
During the year the Group capitalised borrowing costs of NOK 569
million on qualifying assets under construction, see Note 9 Property,
plant and equipment. In 2025, finance income was positively
impacted by a finance income of NOK 80 million following the
forgiveness of a shareholder loan from FMO in Ukraine as the partner
exited the project.
See Note 19 Financial risk and capital management for interest rate
sensitivity. See Note 23 Non-recourse project financing for details on
project financing and Note 22 Financing for details on corporate
financing.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Note 6 Financial income and expenses
NOK million
2025
2024
Interest income
183
152
Other financial income
98
33
Interest and other financial income
281
185
Interest expenses
-2,180
-2,564
Other financial expenses
-100
-109
Interest and other financial expenses
-2,280
-2,673
Net foreign exchange gain/(loss)
229
-175
Net financial expenses
-1,771
-2,663
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
Note 6 Financial income and expenses
NOK million
2025
2024
Interest income
183
152
Other financial income
98
33
Interest and other financial income
281
185
Interest expenses
-2,180
-2,564
Other financial expenses
-100
-109
Interest and other financial expenses
-2,280
-2,673
Net foreign exchange gain/(loss)
229
-175
Net financial expenses
-1,771
-2,663
During the year the Group capitalised borrowing costs of NOK 569
million on qualifying assets under construction, see Note 9 Property,
plant and equipment. In 2025, finance income was positively
impacted by a finance income of NOK 80 million following the
forgiveness of a shareholder loan from FMO in Ukraine as the partner
exited the project.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Note 6 Financial income and expenses
NOK million
2025
2024
Interest income
183
152
Other financial income
98
33
Interest and other financial income
281
185
Interest expenses
-2,180
-2,564
Other financial expenses
-100
-109
Interest and other financial expenses
-2,280
-2,673
Net foreign exchange gain/(loss)
229
-175
Net financial expenses
-1,771
-2,663
During the year the Group capitalised borrowing costs of NOK 569
million on qualifying assets under construction, see Note 9 Property,
plant and equipment. In 2025, finance income was positively
impacted by a finance income of NOK 80 million following the
forgiveness of a shareholder loan from FMO in Ukraine as the partner
exited the project.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Note 6 Financial income and expenses
NOK million
2025
2024
Interest income
183
152
Other financial income
98
33
Interest and other financial income
281
185
Interest expenses
-2,180
-2,564
Other financial expenses
-100
-109
Interest and other financial expenses
-2,280
-2,673
Net foreign exchange gain/(loss)
229
-175
Net financial expenses
-1,771
-2,663
During the year the Group capitalised borrowing costs of NOK 569
million on qualifying assets under construction, see Note 9 Property,
plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Note 6 Financial income and expenses
NOK million
2025
2024
Interest income
183
152
Other financial income
98
33
Interest and other financial income
281
185
Interest expenses
-2,180
-2,564
Other financial expenses
-100
-109
Interest and other financial expenses
-2,280
-2,673
Net foreign exchange gain/(loss)
229
-175
Net financial expenses
-1,771
-2,663
During the year the Group capitalised borrowing costs of NOK 569
million on qualifying assets under construction, see Note 9 Property,
plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Note 7 Earnings per share and shareholder
information
NOK million
2025
2024
Profit/(loss) attributable to the equity holders of the
Company
978
1,309
Weighted average number of shares outstanding
158.9
158.9
Basic earnings per share
6.15
8.24
Effect of potential dilutive shares:
Weighted average number of shares outstanding, diluted
159.7
158.9
Diluted earnings per share
6.12
8.24
Diluted earnings per share is affected by the option programme for
equity-settled share-based payment transactions. Refer to Note 3
Employee benefits for information on share options granted to
management. No leading employees have exercised any share
options during the year. If the outstanding share options are out of
the money, they are considered anti\u2011dilutive and have no dilutive
effect on earnings per share.
At year-end 2025 the total number of shareholders in Scatec was
12,296 (13,312). The total number of outstanding shares was
158,917,275 (158,917,275) at par value NOK 0.025 per share as of 31
December 2025.
Refer to Note 12 Equity and shareholder information in the parent
company financial statement for an overview of the largest
shareholders of Scatec ASA and shares held by management and the
Board of Directors at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
Diluted earnings per share is affected by the option programme for
equity-settled share-based payment transactions. Refer to Note 3
Employee benefits for information on share options granted to
management. No leading employees have exercised any share
options during the year. If the outstanding share options are out of
the money, they are considered anti\u2011dilutive and have no dilutive
effect on earnings per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Note 8 Changes in the composition of the Group
Acquiring of shares 2025
Kamianka power plant in Ukraine
On 4 December 2025, Scatec Solar Netherlands B.V. acquired an
additional 40% ownership interest in the Kamianka power plant in
Ukraine following the exit of the project partner, FMO. The shares
were acquired for a consideration of EUR 1. Following the transaction,
Scatec holds a 100% interest in the project. FMO\u2019s outstanding
shareholder loan to Scatec Solar Netherlands B.V was waived as part
of the transaction, resulting in finance income of NOK 80 million in
2025. The project is consolidated in Scatec's financials.
Sale of project assets 2025
Dam Nai wind farm in Vietnam
On 13 September 2024, Scatec signed an agreement to divest its
100% shareholding in the 39 MW Dam Nai Wind farm and the
associated operating company in Vietnam to Sustainable Asia
Renewable Assets, a utility-scale renewable energy platform of the
SUSI Asia Energy Transition Fund. The associated assets and
liabilities of the subsidiaries were presented as held for sale as of 31
December 2024. The transaction was closed on 13 February 2025.\u00a0
Scatec received the initial payment of NOK 300 million in 2025, with
potential for additional earn-out payments of up to NOK 130 million
(USD 13 million). The earn-out is subject to certain conditions being
fulfilled prior to May 2026, including restoration of the projects
contracted Feed-in rates which are being challenged by the Vietnam
state utility. The earn\u2011out is measured at fair value and is subject to
estimation uncertainty. The valuation is based on management\u2019s
estimates of future performance, probability\u2011weighted outcomes and
discount rates. Changes in these assumptions may result in
adjustments to the earn\u2011out in future periods.
At closing, the transaction generated a net gain from sale of project
assets of NOK 80 million on a proportionate and consolidated basis,
including a fair value estimate of the contingent consideration of
approximately NOK 60 million. An accumulated foreign currency
translation reserve (gain) of NOK 25 million was recycled from other
comprehensive income to profit or loss as part of the
deconsolidation. Following the transaction, Scatec exited all
operations in Vietnam. The associated assets and liabilities of the
subsidiaries were derecognised at closing, including NOK 34 million in
non-recourse and NOK 3 million in recourse cash.
African hydropower joint venture
On 30 July 2024, Scatec signed an agreement with TotalEnergies to
sell its 51% equity share in the African hydropower joint venture with
Norfund and British International Investment. The sale covered
Scatec\u2019s indirect interest held through SN Power in the operating 255
MW Bujagali hydropower plant in Uganda, and a development
portfolio consisting of the 361 MW Mpatamanga in Malawi, and the
206 MW Ruzizi III. The associated balances of the investments in joint
ventures and related holding entities, including part of the goodwill
deriving from the acquisition of SN Power, were presented as held for
sale as of 31 December 2024.
The transaction was closed on 28 February 2025. The transaction
closed at an agreed sales price of USD 167 million, based on a
valuation date of 31 December 2023. The net proceeds from the
transaction were NOK 1,810 million, adjusted for cash movements
between the valuation date and the closing date. The transaction
generated a net gain from sale of project assets of NOK 346 million
on a proportionate basis and NOK 565 million on a consolidated
basis, recorded in 2025.\u00a0 An accumulated foreign currency translation
reserve (gain) of NOK 489 million was recycled from other
comprehensive income to profit or loss as part of the
deconsolidation. The associated balances of the investments in JVs
and related holding entities, including part of the goodwill deriving
from the acquisition of SN Power, were derecognised at closing,
including NOK 108 million in recourse cash in consolidated
subsidiaries.
NOK million
2025
2024
\u2013
\u2013
Assets classified as held for sale
Property, plant and equipment
\u2013
434
Goodwill and intangible assets
\u2013
230
Investments in JVs and associated companies
\u2013
1,501
Trade and other receivables
\u2013
65
Cash and cash equivalents
\u2013
33
Total assets of disposal group held for sale
\u2013
2,264
Liabilities directly associated with assets classified as held for sale
Deferred tax liabilities
\u2013
17
Non-current non-recourse project financing
\u2013
337
Current portion of non-recourse project financing
\u2013
17
Other current liabilities
\u2013
29
Total liabilities of disposal group held for sale
\u2013
401
\u00a0
Sale of project assets 2024
8.5 MW solar power plant in Rwanda
On 19 December 2023, Scatec signed an agreement with Fortis Green
Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell its
54% equity share in the solar power plant in Rwanda for a gross
consideration of NOK 14 million. Scatec has also exited the
operations, maintenance and asset management agreements for the
power plant. The transaction closed on 1 August 2024 and did not
generate any material accounting effects.
Kalkbult, Linde and Dreunberg solar power plants in South Africa
On 30 September and 20 November 2024, Scatec closed the partial
sale of its ownership of 46% of in the Kalkbult and 44% of the Linde
and Dreunberg solar power plants to Greenstreet 1 Proprietary
Limited, a subsidiary of STANLIB Infrastructure Find II, for a gross
consideration of NOK 523 million for the sold ownership share.
Following the transactions, Scatec held an economic interest of
approximately 13% in Kalkbult and 12% in Linde and Dreunberg.
Following the transactions, Scatec lost control over the entities and
the power plants have been accounted for as investments in JVs and
associated companies using the equity method. The transaction
generated a net gain from the sale of project entities of NOK 1.491
million in net gain/(loss) from the sale of project assets.
With effect from the closing date of the first phase, the consolidation
of the project companies ceased, decreasing total assets by NOK
1,434 million, decreasing total liabilities by NOK 2,393 million, and
increasing equity by NOK 959 million (Scatec\u2019s share). An
accumulated foreign currency translation reserve (gain) of NOK 14
million was recycled from other comprehensive income to profit or
loss as part of the deconsolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Note 8 Changes in the composition of the Group
Acquiring of shares 2025
Kamianka power plant in Ukraine
On 4 December 2025, Scatec Solar Netherlands B.V. acquired an
additional 40% ownership interest in the Kamianka power plant in
Ukraine following the exit of the project partner, FMO. The shares
were acquired for a consideration of EUR 1. Following the transaction,
Scatec holds a 100% interest in the project. FMO\u2019s outstanding
shareholder loan to Scatec Solar Netherlands B.V was waived as part
of the transaction, resulting in finance income of NOK 80 million in
2025. The project is consolidated in Scatec's financials.
Sale of project assets 2025
Dam Nai wind farm in Vietnam
On 13 September 2024, Scatec signed an agreement to divest its
100% shareholding in the 39 MW Dam Nai Wind farm and the
associated operating company in Vietnam to Sustainable Asia
Renewable Assets, a utility-scale renewable energy platform of the
SUSI Asia Energy Transition Fund. The associated assets and
liabilities of the subsidiaries were presented as held for sale as of 31
December 2024. The transaction was closed on 13 February 2025.\u00a0
Scatec received the initial payment of NOK 300 million in 2025, with
potential for additional earn-out payments of up to NOK 130 million
(USD 13 million). The earn-out is subject to certain conditions being
fulfilled prior to May 2026, including restoration of the projects
contracted Feed-in rates which are being challenged by the Vietnam
state utility. The earn\u2011out is measured at fair value and is subject to
estimation uncertainty. The valuation is based on management\u2019s
estimates of future performance, probability\u2011weighted outcomes and
discount rates. Changes in these assumptions may result in
adjustments to the earn\u2011out in future periods.
At closing, the transaction generated a net gain from sale of project
assets of NOK 80 million on a proportionate and consolidated basis,
including a fair value estimate of the contingent consideration of
approximately NOK 60 million. An accumulated foreign currency
translation reserve (gain) of NOK 25 million was recycled from other
comprehensive income to profit or loss as part of the
deconsolidation. Following the transaction, Scatec exited all
operations in Vietnam. The associated assets and liabilities of the
subsidiaries were derecognised at closing, including NOK 34 million in
non-recourse and NOK 3 million in recourse cash.
African hydropower joint venture
On 30 July 2024, Scatec signed an agreement with TotalEnergies to
sell its 51% equity share in the African hydropower joint venture with
Norfund and British International Investment. The sale covered
Scatec\u2019s indirect interest held through SN Power in the operating 255
MW Bujagali hydropower plant in Uganda, and a development
portfolio consisting of the 361 MW Mpatamanga in Malawi, and the
206 MW Ruzizi III. The associated balances of the investments in joint
ventures and related holding entities, including part of the goodwill
deriving from the acquisition of SN Power, were presented as held for
sale as of 31 December 2024.
The transaction was closed on 28 February 2025. The transaction
closed at an agreed sales price of USD 167 million, based on a
valuation date of 31 December 2023. The net proceeds from the
transaction were NOK 1,810 million, adjusted for cash movements
between the valuation date and the closing date. The transaction
generated a net gain from sale of project assets of NOK 346 million
on a proportionate basis and NOK 565 million on a consolidated
basis, recorded in 2025.\u00a0 An accumulated foreign currency translation
reserve (gain) of NOK 489 million was recycled from other
comprehensive income to profit or loss as part of the
deconsolidation. The associated balances of the investments in JVs
and related holding entities, including part of the goodwill deriving
from the acquisition of SN Power, were derecognised at closing,
including NOK 108 million in recourse cash in consolidated
subsidiaries.
NOK million
2025
2024
\u2013
\u2013
Assets classified as held for sale
Property, plant and equipment
\u2013
434
Goodwill and intangible assets
\u2013
230
Investments in JVs and associated companies
\u2013
1,501
Trade and other receivables
\u2013
65
Cash and cash equivalents
\u2013
33
Total assets of disposal group held for sale
\u2013
2,264
Liabilities directly associated with assets classified as held for sale
Deferred tax liabilities
\u2013
17
Non-current non-recourse project financing
\u2013
337
Current portion of non-recourse project financing
\u2013
17
Other current liabilities
\u2013
29
Total liabilities of disposal group held for sale
\u2013
401
\u00a0
Sale of project assets 2024
8.5 MW solar power plant in Rwanda
On 19 December 2023, Scatec signed an agreement with Fortis Green
Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell its
54% equity share in the solar power plant in Rwanda for a gross
consideration of NOK 14 million. Scatec has also exited the
operations, maintenance and asset management agreements for the
power plant. The transaction closed on 1 August 2024 and did not
generate any material accounting effects.
Kalkbult, Linde and Dreunberg solar power plants in South Africa
On 30 September and 20 November 2024, Scatec closed the partial
sale of its ownership of 46% of in the Kalkbult and 44% of the Linde
and Dreunberg solar power plants to Greenstreet 1 Proprietary
Limited, a subsidiary of STANLIB Infrastructure Find II, for a gross
consideration of NOK 523 million for the sold ownership share.
Following the transactions, Scatec held an economic interest of
approximately 13% in Kalkbult and 12% in Linde and Dreunberg.
Following the transactions, Scatec lost control over the entities and
the power plants have been accounted for as investments in JVs and
associated companies using the equity method. The transaction
generated a net gain from the sale of project entities of NOK 1.491
million in net gain/(loss) from the sale of project assets.
With effect from the closing date of the first phase, the consolidation
of the project companies ceased, decreasing total assets by NOK
1,434 million, decreasing total liabilities by NOK 2,393 million, and
increasing equity by NOK 959 million (Scatec\u2019s share). An
accumulated foreign currency translation reserve (gain) of NOK 14
million was recycled from other comprehensive income to profit or
loss as part of the deconsolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
Note 8 Changes in the composition of the Group
Acquiring of shares 2025
Kamianka power plant in Ukraine
On 4 December 2025, Scatec Solar Netherlands B.V. acquired an
additional 40% ownership interest in the Kamianka power plant in
Ukraine following the exit of the project partner, FMO. The shares
were acquired for a consideration of EUR 1. Following the transaction,
Scatec holds a 100% interest in the project. FMO\u2019s outstanding
shareholder loan to Scatec Solar Netherlands B.V was waived as part
of the transaction, resulting in finance income of NOK 80 million in
2025. The project is consolidated in Scatec's financials.
Sale of project assets 2025
Dam Nai wind farm in Vietnam
On 13 September 2024, Scatec signed an agreement to divest its
100% shareholding in the 39 MW Dam Nai Wind farm and the
associated operating company in Vietnam to Sustainable Asia
Renewable Assets, a utility-scale renewable energy platform of the
SUSI Asia Energy Transition Fund. The associated assets and
liabilities of the subsidiaries were presented as held for sale as of 31
December 2024. The transaction was closed on 13 February 2025.\u00a0
Scatec received the initial payment of NOK 300 million in 2025, with
potential for additional earn-out payments of up to NOK 130 million
(USD 13 million). The earn-out is subject to certain conditions being
fulfilled prior to May 2026, including restoration of the projects
contracted Feed-in rates which are being challenged by the Vietnam
state utility. The earn\u2011out is measured at fair value and is subject to
estimation uncertainty. The valuation is based on management\u2019s
estimates of future performance, probability\u2011weighted outcomes and
discount rates. Changes in these assumptions may result in
adjustments to the earn\u2011out in future periods.
At closing, the transaction generated a net gain from sale of project
assets of NOK 80 million on a proportionate and consolidated basis,
including a fair value estimate of the contingent consideration of
approximately NOK 60 million. An accumulated foreign currency
translation reserve (gain) of NOK 25 million was recycled from other
comprehensive income to profit or loss as part of the
deconsolidation. Following the transaction, Scatec exited all
operations in Vietnam. The associated assets and liabilities of the
subsidiaries were derecognised at closing, including NOK 34 million in
non-recourse and NOK 3 million in recourse cash.
African hydropower joint venture
On 30 July 2024, Scatec signed an agreement with TotalEnergies to
sell its 51% equity share in the African hydropower joint venture with
Norfund and British International Investment. The sale covered
Scatec\u2019s indirect interest held through SN Power in the operating 255
MW Bujagali hydropower plant in Uganda, and a development
portfolio consisting of the 361 MW Mpatamanga in Malawi, and the
206 MW Ruzizi III. The associated balances of the investments in joint
ventures and related holding entities, including part of the goodwill
deriving from the acquisition of SN Power, were presented as held for
sale as of 31 December 2024.
The transaction was closed on 28 February 2025. The transaction
closed at an agreed sales price of USD 167 million, based on a
valuation date of 31 December 2023. The net proceeds from the
transaction were NOK 1,810 million, adjusted for cash movements
between the valuation date and the closing date. The transaction
generated a net gain from sale of project assets of NOK 346 million
on a proportionate basis and NOK 565 million on a consolidated
basis, recorded in 2025.\u00a0 An accumulated foreign currency translation
reserve (gain) of NOK 489 million was recycled from other
comprehensive income to profit or loss as part of the
deconsolidation. The associated balances of the investments in JVs
and related holding entities, including part of the goodwill deriving
from the acquisition of SN Power, were derecognised at closing,
including NOK 108 million in recourse cash in consolidated
subsidiaries.
NOK million
2025
2024
\u2013
\u2013
Assets classified as held for sale
Property, plant and equipment
\u2013
434
Goodwill and intangible assets
\u2013
230
Investments in JVs and associated companies
\u2013
1,501
Trade and other receivables
\u2013
65
Cash and cash equivalents
\u2013
33
Total assets of disposal group held for sale
\u2013
2,264
Liabilities directly associated with assets classified as held for sale
Deferred tax liabilities
\u2013
17
Non-current non-recourse project financing
\u2013
337
Current portion of non-recourse project financing
\u2013
17
Other current liabilities
\u2013
29
Total liabilities of disposal group held for sale
\u2013
401
\u00a0
Sale of project assets 2024
8.5 MW solar power plant in Rwanda
On 19 December 2023, Scatec signed an agreement with Fortis Green
Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd to sell its
54% equity share in the solar power plant in Rwanda for a gross
consideration of NOK 14 million. Scatec has also exited the
operations, maintenance and asset management agreements for the
power plant. The transaction closed on 1 August 2024 and did not
generate any material accounting effects.
Kalkbult, Linde and Dreunberg solar power plants in South Africa
On 30 September and 20 November 2024, Scatec closed the partial
sale of its ownership of 46% of in the Kalkbult and 44% of the Linde
and Dreunberg solar power plants to Greenstreet 1 Proprietary
Limited, a subsidiary of STANLIB Infrastructure Find II, for a gross
consideration of NOK 523 million for the sold ownership share.
Following the transactions, Scatec held an economic interest of
approximately 13% in Kalkbult and 12% in Linde and Dreunberg.
Following the transactions, Scatec lost control over the entities and
the power plants have been accounted for as investments in JVs and
associated companies using the equity method. The transaction
generated a net gain from the sale of project entities of NOK 1.491
million in net gain/(loss) from the sale of project assets.
With effect from the closing date of the first phase, the consolidation
of the project companies ceased, decreasing total assets by NOK
1,434 million, decreasing total liabilities by NOK 2,393 million, and
increasing equity by NOK 959 million (Scatec\u2019s share). An
accumulated foreign currency translation reserve (gain) of NOK 14
million was recycled from other comprehensive income to profit or
loss as part of the deconsolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Note 9 Property, plant and equipment
Accounting principle
Power plants in operation
The initial cost of an asset comprises its purchase price or
construction cost, any costs directly attributable to bringing the asset
into operation, the initial estimate of an asset retirement obligation
and, for qualifying assets, borrowing costs incurred in the
construction period. All other borrowing costs are recognised in the
profit or loss in the period in which they are incurred.
Depreciation of a power plant commences when the plant is ready
for use, normally at the date of grid connection and commissioning.
Other fixed assets
Other fixed assets mainly include office lease, fixtures and
equipment. For accounting principles related to right to use lease
assets, details are provided in Note 12 Leases.
Estimation uncertainty
Estimated useful life of power plants
The estimated useful life of power plants is reviewed on an annual
basis and changes in the useful life are accounted for prospectively.
In most of the markets where Scatec operates, the sale of electricity
depends on having a PPA, hence, the length of the PPA is relevant to
determining useful life. The power plants currently in operation have
9 to 25 years offtake agreements. The technical useful life of a power
plants is subject to several factors such as climatic conditions and
the maintenance programme but is generally expected to be up to
30 years. The technical useful life of storage equipment, including the
BESS (battery energy storage system) at the Kenhardt plant, is
dependent on usage and the number of charging cycles and is
estimated to be 20 years.
The assessment is made on a plant-by-plant basis, and the Group\u2019s
power plants are depreciated over the length of the PPA or up to 30
years based on expected usage.
Scatec\u2019s operational assets are protected from physical damage,
including damage from natural catastrophes and weather-related
events, by property damage & business interruption insurance.
Similar insurance has been designed for projects under construction
and covers physical damage, loss of income and transportation risks.
Thus, potential physical damage to plants will be repaired and is not
expected to impact the useful life of the plants. Other climate-
related risks have been considered and it has been concluded that
they do not impact the useful life of the plants.
Capitalisation of development costs
Expenses relating to research activities (project opportunities) are
recognised in the statement of profit or loss as they incur. Expenses
relating to development activities (project pipeline and backlog) are
capitalised to the extent that the project is technically and
commercially viable and the Group has sufficient resources to
complete the development work. The assessment of project viability
is based on the completion of key development activities and
includes management judgement.
The carrying value of development projects that have not yet
reached the construction phase was NOK 559 million (380) at 31
December 2025. During the year the Group capitalised borrowing
costs of NOK 569 million (158) on qualifying assets. The capitalisation
rate of the borrowing costs in the project companies under
construction is close to 100%.
In 2025 Scatec recognised NOK 85 million in grants as deductions
from the development and construction asset\u2019s carrying amount. See
note 4 Other operating expenses for accounting principle related to
government grants.
Impairments
Power plants and projects under development and construction are
tested for impairment to the extent that indicators of impairment
exist, please refer to Note 10 Impairment testing for details.
During 2025, the Group impaired NOK 53 million (65) related to
discontinued development projects.
Asset retirement obligations
The carrying value of the property, plant and equipment also includes
the estimated value of the asset retirement obligation. The estimated
cost for the asset retirement\u00a0 is capitalised as part of the carrying
value of the power plant and depreciated over the useful life. The
estimate is reassessed annually for each power plant, based on
updates in assumptions and key input data. For further information
on Asset retirement obligations refer to Note 17 Other non-current
and current liabilities.
Power plants under development and construction
The carrying value of power plants under development and
construction mainly consist of Obelisk in Egypt (3,538), Mogobe BESS
in South Africa (969), Rio Urucuia in Brazil (782) and Egypt Green
Hydrogen in Egypt (689).
Property, plant and equipment
NOK million
Power plants
Power plants under
development and construction
Other fixed assets
Total
Accumulated cost at 1 January 2025
25,490
4,236
527
30,256
Additions
135
7,648
46
7,829
Transfers
3,843
-3,843
\u2013
\u2013
Disposals
\u2013
-26
-1
-27
Effect of movements in foreign exchange rates
-1,023
-149
-62
-1,234
Accumulated cost at 31 December 2025
28,445
7,866
510
36,825
Accumulated depreciation and impairment losses at 1 January 2025
5,486
394
302
6,186
Depreciation for the year
1,024
\u2013
56
1,080
Impairment losses
\u2013
53
\u2013
53
Effect of movements in foreign exchange rates
-200
-40
-38
-278
Accumulated depreciation and impairment losses at 31 December 2025
6,311
407
319
7,041
Carrying amount at 31 December 2025
22,134
7,460
192
29,787
Estimated useful life (years)
20-30
N/A
3-5
Accumulated cost at 1 January 2024
25,896
1,233
461
27,590
Additions
36
3,227
16
3,277
Transfers
378
-378
\u2013
\u2013
Disposals
-2,505
-12
\u2013
-2,517
Transfer of assets classified as held for sale
-539
\u2013
\u2013
-536
Effect of movements in foreign exchange rates
2,225
166
50
2,441
Accumulated cost at 31 December 2024
25,490
4,236
527
30,256
Accumulated depreciation and impairment losses at 1 January 2024
5,040
290
224
5,554
Depreciation for the year
1,077
\u2013
51
1,128
Impairment losses
81
65
\u2013
146
Accumulated depreciation and impairment losses disposed assets
-1,050
\u2013
\u2013
-1,050
Accumulated depreciation transfer of assets classified as held for sale
-110
\u2013
\u2013
-110
Effect of movements in foreign exchange rates
449
39
27
514
Accumulated depreciation and impairment losses at 31 December 2024
5,486
394
302
6,186
Carrying amount at 31 December 2024
20,002
3,842
226
24,070
Estimated useful life (years)
20-30
N/A
3-5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Accounting principle
Power plants in operation
The initial cost of an asset comprises its purchase price or
construction cost, any costs directly attributable to bringing the asset
into operation, the initial estimate of an asset retirement obligation
and, for qualifying assets, borrowing costs incurred in the
construction period. All other borrowing costs are recognised in the
profit or loss in the period in which they are incurred.
Depreciation of a power plant commences when the plant is ready
for use, normally at the date of grid connection and commissioning.
Other fixed assets
Other fixed assets mainly include office lease, fixtures and
equipment. For accounting principles related to right to use lease
assets, details are provided in Note 12 Leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Depreciation of a power plant commences when the plant is ready
for use, normally at the date of grid connection and commissioning.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Capitalisation of development costs
Expenses relating to research activities (project opportunities) are
recognised in the statement of profit or loss as they incur. Expenses
relating to development activities (project pipeline and backlog) are
capitalised to the extent that the project is technically and
commercially viable and the Group has sufficient resources to
complete the development work. The assessment of project viability
is based on the completion of key development activities and
includes management judgement.
The carrying value of development projects that have not yet
reached the construction phase was NOK 559 million (380) at 31
December 2025. During the year the Group capitalised borrowing
costs of NOK 569 million (158) on qualifying assets. The capitalisation
rate of the borrowing costs in the project companies under
construction is close to 100%.
In 2025 Scatec recognised NOK 85 million in grants as deductions
from the development and construction asset\u2019s carrying amount. See
note 4 Other operating expenses for accounting principle related to
government grants.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
Capitalisation of development costs
Expenses relating to research activities (project opportunities) are
recognised in the statement of profit or loss as they incur. Expenses
relating to development activities (project pipeline and backlog) are
capitalised to the extent that the project is technically and
commercially viable and the Group has sufficient resources to
complete the development work. The assessment of project viability
is based on the completion of key development activities and
includes management judgement.
The carrying value of development projects that have not yet
reached the construction phase was NOK 559 million (380) at 31
December 2025. During the year the Group capitalised borrowing
costs of NOK 569 million (158) on qualifying assets. The capitalisation
rate of the borrowing costs in the project companies under
construction is close to 100%.
In 2025 Scatec recognised NOK 85 million in grants as deductions
from the development and construction asset\u2019s carrying amount. See
note 4 Other operating expenses for accounting principle related to
government grants.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Impairments
Power plants and projects under development and construction are
tested for impairment to the extent that indicators of impairment
exist, please refer to Note 10 Impairment testing for details.
During 2025, the Group impaired NOK 53 million (65) related to
discontinued development projects.
Asset retirement obligations
The carrying value of the property, plant and equipment also includes
the estimated value of the asset retirement obligation. The estimated
cost for the asset retirement\u00a0 is capitalised as part of the carrying
value of the power plant and depreciated over the useful life. The
estimate is reassessed annually for each power plant, based on
updates in assumptions and key input data. For further information
on Asset retirement obligations refer to Note 17 Other non-current
and current liabilities.
Power plants under development and construction
The carrying value of power plants under development and
construction mainly consist of Obelisk in Egypt (3,538), Mogobe BESS
in South Africa (969), Rio Urucuia in Brazil (782) and Egypt Green
Hydrogen in Egypt (689).
Note 10 Impairment testing
Estimation uncertainty
An impairment loss is recognised when the carrying value of an asset or
cash generating unit (CGU) exceeds the recoverable amount.
Factors which trigger impairment testing include, but are not limited to,
political changes, macroeconomic fluctuations, changes in the Group\u2019s
strategy, project delays, underperformance, tariff changes and similar.
When an asset is constructed, certain assumptions are made about
climate-related factors such as irradiation and temperature. Deviations
from such assumptions may lead to the underperformance of assets,
which, if significant, may be an indicator of impairment. Furthermore,
climate-related changes are expected to have a pervasive effect on the
energy industry overall which may impact factors such as regulations
and the financial viability of our assets in the markets we operate in, and
are considered in our impairment testing. Climate-related changes at
specific locations, such as extreme weather events, may reduce
production and increase maintenance costs and, if pervasive, trigger
impairment testing.
Recoverable amount calculations of value-in-use are based on a
discounted cash flow model. The future cash flows include a number of
estimates and assumptions, including future market conditions and
energy prices, discount rates, estimated useful life and others. Climate
risks such as more extreme weather and natural disasters, and changes
to environmental regulations are accounted for in the discount rates.
The estimates are based on the Group\u2019s budgets and long-term
outlooks approved by management. The recoverable amount is sensitive
to changes in discount rate, expected production rates, and demand and
price forecasts for power assets with variable revenue streams.
The Group monitors changes in government legislation on a continual
basis. Legal changes may impact key assumptions in the value-in-use
calculations in future periods.
Impairment test 2025 \u2013 plants in operation
Since 2022, impairment indicators were identified for Scatec\u2019s five
solar plants in Ukraine triggered by Russia\u2019s invasion and the plants
were partially impaired in 2022. In the second half of 2025, a Russian
drone attack caused damage to a substation to one of Scatec's
power plants in the country. The damage at the power plant is being
repaired and the power plant is expected to resume operations in
the second half of 2026. As of 31 December 2025, the impairment
test was updated to reflect the new information, and three scenarios
have been assessed and weighted to arrive at the value-in-use for
the solar power plants. No additional impairment was recognised in
2025.
Impairment test 2024 \u2013 plants in operation
Tests for impairment have been performed for CGUs with mandatory
annual tests and the CGUs where impairment indicators have been
identified. The recoverable amounts for these units have been
determined by estimating the value-in-use of the assets and
comparing it against the carrying value of the CGUs.
In 2024, impairment indicators were identified for Scatec\u2019s solar
power plants in Honduras due to the signing of PPA amendment
agreements between Scatec\u2019s operating entities and the offtaker
ENEE. The agreements included a compensation for production in
previous years, a 5-year extended PPA period and lower tariff for
future periods with effect from 2024. The assets were tested for
impairments.
Future cash flows: In line with the PPA amendment agreement the
solar power plants in Honduras operate under 25-year reduced feed-
in-tariffs (tariff). The estimate includes a 30 year cash flow, and for
five years after the PPA term, the estimates are based on the PPA
tariffs.
Discount rate: The discount rates are based on the weighted average
cost of capital (WACC) methodology. The discount rate used in the
impairment calculations represents the current market assessment
of the risks specific to a group of CGUs, taking into consideration any
individual risks of the underlying assets that have not been
incorporated into the cash flow estimates. The after-tax discount
rate applied in the cash flows is 7.3%. This corresponds to the
average pre-tax discount rate of 8.6%.
Sensitivity: The value-in-use calculation is sensitive to changes in
the discount rate. Sensitivity analysis shows that a 1% increase in the
discount rate would result in an increased impairment charge of NOK
37 million, assuming other factors remained unchanged.
Impairment: A total impairment charge of NOK 81 million related to
solar power plants was recognised.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Annual mandatory impairment test - goodwill\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The goodwill of the Group mainly relates to the acquisition of SN
Power AS in 2021. The goodwill relates to the portfolio of identified
project development opportunities and the assembled workforce.
Consequently, the goodwill is allocated to and tested for impairment
on the global Development & Construction operating segment.
NOK 80 million was allocated to the development portfolio of the
Sub-Sahara African hydropower joint venture. Following the
divestment of the related assets in 2025, the related goodwill was
derecognised in the year.
The goodwill of NOK 288 million has been tested for impairment
using the following key assumptions and estimates:
Future cash flows: The recoverable amount has been determined
on the basis of value-in-use calculations. The estimated cash flows
correspond to the Group\u2019s business plan for the next two years,
which is based on the Group\u2019s project backlog and pipeline. The
business plan has been approved by the Board of Directors. Cash
flows have been calculated on the basis of estimated project
volumes and an average margin related to project execution. Cash
outflows have been calculated on the basis of budgeted operating
expenses attributable to project execution activities. To the best of
management\u2019s judgement, capital expenditure and changes in
working capital are insignificant in relation to this calculation and
excluded. The undiscounted cashflow for the next two years
significantly exceeds the carrying amount of the goodwill.
Sensitivity: The Group is of the view that no reasonably likely change
in the key assumptions listed above would cause the carrying value
to materially exceed the recoverable amount for any of the CGUs. A
50% change in the undiscounted cashflow would still support the
carrying amount of the goodwill. The Group did not recognise any
impairments related to goodwill in 2025 or 2024 as the recoverable
amounts exceeded the carrying amount.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Impairment test \u2013 development projects
Scatec impaired discontinued development projects by a total of
NOK 53 million in 2025, mainly related to a discontinued project in
India. In 2024, impairments of NOK 65 million were recognised in
relation to development projects in Vietnam, as Scatec exited all
operations in the country.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Impairments
Power plants and projects under development and construction are
tested for impairment to the extent that indicators of impairment
exist, please refer to Note 10 Impairment testing for details.
During 2025, the Group impaired NOK 53 million (65) related to
discontinued development projects.
Asset retirement obligations
The carrying value of the property, plant and equipment also includes
the estimated value of the asset retirement obligation. The estimated
cost for the asset retirement\u00a0 is capitalised as part of the carrying
value of the power plant and depreciated over the useful life. The
estimate is reassessed annually for each power plant, based on
updates in assumptions and key input data. For further information
on Asset retirement obligations refer to Note 17 Other non-current
and current liabilities.
Power plants under development and construction
The carrying value of power plants under development and
construction mainly consist of Obelisk in Egypt (3,538), Mogobe BESS
in South Africa (969), Rio Urucuia in Brazil (782) and Egypt Green
Hydrogen in Egypt (689).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Note 11 Goodwill and other intangible assets
Estimation uncertainty
There is considerable estimate uncertainty associated with the value
of intangible assets. Please refer to Note 10 Impairment testing for
the assessment of the recoverable amount.
Overview
The Group\u2019s goodwill is mainly associated with the acquisitions of SN
Power in 2021. The Group had no other intangible assets with an
indefinite useful life other than goodwill as of 31 December 2024 and
2025. During 2024, NOK 80 million was allocated to the development
portfolio of the African hydropower joint venture and was classified
as held for sale as of 31 December 2024 and derecognised as part of
the divestment in 2025. Refer to Note 8 Sale of project assets and
disposal group held for sale for further information.
The Group\u2019s other intangible assets consist of renewable operating
licences, the right to transmit electricity and software, The majority
of the intangible assets, NOK 171 million as of 31 December 2025
(NOK 176 million as of 31 December 2024), is related to the right to
transmit electricity in Ukraine. The estimated useful life of intangible
assets with a finite lifetime is reviewed on an annual basis, and they
are amortised over 3 to 25 years.
In 2025 an impairment charge of NOK 15 million was recognised
relating to corporate assets, while no impairment charges related to
intangible assets were recognised in 2024.
Carrying value of goodwill and other intangible asset
NOK million
Goodwill
Other
intangible
assets
Total
Accumulated cost at 1 January 2025
321
373
694
Additions
\u2013
67
67
Effect of movements in foreign exchange rates
-33
-20
-54
Accumulated cost at 31 December 2025
288
419
707
Accumulated amortisation and impairment
losses at 1 January 2025
\u2013
134
134
Amortisation for the year
\u2013
24
24
Impairment losses
\u2013
15
15
Effect of movements in foreign exchange rates
\u2013
-14
-14
Accumulated amortisation and impairment
losses at 31 December 2025
\u2013
158
158
Carrying amount at 31 December 2025
288
261
548
Accumulated cost at 1 January 2024
367
489
857
Additions
\u2013
28
28
Transfer of assets classified as held for sale
-80
-177
-258
Effect of movements in foreign exchange rates
34
32
66
Accumulated cost at 31 December 2024
321
373
694
Accumulated amortisation and impairment
losses at 1 January 2024
\u2013
139
139
Amortisation for the year
\u2013
18
18
Accumulated amortisation transfer of assets
classified as held for sale
\u2013
-38
-38
Effect of movements in foreign exchange rates
\u2013
16
16
Accumulated amortisation and impairment
losses at 31 December 2024
\u2013
134
134
Carrying amount at 31 December 2024
321
239
560
Estimated useful life (years)
N/A
3-25
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Note 11 Goodwill and other intangible assets
Estimation uncertainty
There is considerable estimate uncertainty associated with the value
of intangible assets. Please refer to Note 10 Impairment testing for
the assessment of the recoverable amount.
Overview
The Group\u2019s goodwill is mainly associated with the acquisitions of SN
Power in 2021. The Group had no other intangible assets with an
indefinite useful life other than goodwill as of 31 December 2024 and
2025. During 2024, NOK 80 million was allocated to the development
portfolio of the African hydropower joint venture and was classified
as held for sale as of 31 December 2024 and derecognised as part of
the divestment in 2025. Refer to Note 8 Sale of project assets and
disposal group held for sale for further information.
The Group\u2019s other intangible assets consist of renewable operating
licences, the right to transmit electricity and software, The majority
of the intangible assets, NOK 171 million as of 31 December 2025
(NOK 176 million as of 31 December 2024), is related to the right to
transmit electricity in Ukraine. The estimated useful life of intangible
assets with a finite lifetime is reviewed on an annual basis, and they
are amortised over 3 to 25 years.
In 2025 an impairment charge of NOK 15 million was recognised
relating to corporate assets, while no impairment charges related to
intangible assets were recognised in 2024.
Carrying value of goodwill and other intangible asset
NOK million
Goodwill
Other
intangible
assets
Total
Accumulated cost at 1 January 2025
321
373
694
Additions
\u2013
67
67
Effect of movements in foreign exchange rates
-33
-20
-54
Accumulated cost at 31 December 2025
288
419
707
Accumulated amortisation and impairment
losses at 1 January 2025
\u2013
134
134
Amortisation for the year
\u2013
24
24
Impairment losses
\u2013
15
15
Effect of movements in foreign exchange rates
\u2013
-14
-14
Accumulated amortisation and impairment
losses at 31 December 2025
\u2013
158
158
Carrying amount at 31 December 2025
288
261
548
Accumulated cost at 1 January 2024
367
489
857
Additions
\u2013
28
28
Transfer of assets classified as held for sale
-80
-177
-258
Effect of movements in foreign exchange rates
34
32
66
Accumulated cost at 31 December 2024
321
373
694
Accumulated amortisation and impairment
losses at 1 January 2024
\u2013
139
139
Amortisation for the year
\u2013
18
18
Accumulated amortisation transfer of assets
classified as held for sale
\u2013
-38
-38
Effect of movements in foreign exchange rates
\u2013
16
16
Accumulated amortisation and impairment
losses at 31 December 2024
\u2013
134
134
Carrying amount at 31 December 2024
321
239
560
Estimated useful life (years)
N/A
3-25
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Note 11 Goodwill and other intangible assets
Estimation uncertainty
There is considerable estimate uncertainty associated with the value
of intangible assets. Please refer to Note 10 Impairment testing for
the assessment of the recoverable amount.
Overview
The Group\u2019s goodwill is mainly associated with the acquisitions of SN
Power in 2021. The Group had no other intangible assets with an
indefinite useful life other than goodwill as of 31 December 2024 and
2025. During 2024, NOK 80 million was allocated to the development
portfolio of the African hydropower joint venture and was classified
as held for sale as of 31 December 2024 and derecognised as part of
the divestment in 2025. Refer to Note 8 Sale of project assets and
disposal group held for sale for further information.
The Group\u2019s other intangible assets consist of renewable operating
licences, the right to transmit electricity and software, The majority
of the intangible assets, NOK 171 million as of 31 December 2025
(NOK 176 million as of 31 December 2024), is related to the right to
transmit electricity in Ukraine. The estimated useful life of intangible
assets with a finite lifetime is reviewed on an annual basis, and they
are amortised over 3 to 25 years.
In 2025 an impairment charge of NOK 15 million was recognised
relating to corporate assets, while no impairment charges related to
intangible assets were recognised in 2024.
Carrying value of goodwill and other intangible asset
NOK million
Goodwill
Other
intangible
assets
Total
Accumulated cost at 1 January 2025
321
373
694
Additions
\u2013
67
67
Effect of movements in foreign exchange rates
-33
-20
-54
Accumulated cost at 31 December 2025
288
419
707
Accumulated amortisation and impairment
losses at 1 January 2025
\u2013
134
134
Amortisation for the year
\u2013
24
24
Impairment losses
\u2013
15
15
Effect of movements in foreign exchange rates
\u2013
-14
-14
Accumulated amortisation and impairment
losses at 31 December 2025
\u2013
158
158
Carrying amount at 31 December 2025
288
261
548
Accumulated cost at 1 January 2024
367
489
857
Additions
\u2013
28
28
Transfer of assets classified as held for sale
-80
-177
-258
Effect of movements in foreign exchange rates
34
32
66
Accumulated cost at 31 December 2024
321
373
694
Accumulated amortisation and impairment
losses at 1 January 2024
\u2013
139
139
Amortisation for the year
\u2013
18
18
Accumulated amortisation transfer of assets
classified as held for sale
\u2013
-38
-38
Effect of movements in foreign exchange rates
\u2013
16
16
Accumulated amortisation and impairment
losses at 31 December 2024
\u2013
134
134
Carrying amount at 31 December 2024
321
239
560
Estimated useful life (years)
N/A
3-25
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Overview
The Group\u2019s goodwill is mainly associated with the acquisitions of SN
Power in 2021. The Group had no other intangible assets with an
indefinite useful life other than goodwill as of 31 December 2024 and
2025. During 2024, NOK 80 million was allocated to the development
portfolio of the African hydropower joint venture and was classified
as held for sale as of 31 December 2024 and derecognised as part of
the divestment in 2025. Refer to Note 8 Sale of project assets and
disposal group held for sale for further information.
The Group\u2019s other intangible assets consist of renewable operating
licences, the right to transmit electricity and software, The majority
of the intangible assets, NOK 171 million as of 31 December 2025
(NOK 176 million as of 31 December 2024), is related to the right to
transmit electricity in Ukraine. The estimated useful life of intangible
assets with a finite lifetime is reviewed on an annual basis, and they
are amortised over 3 to 25 years.
In 2025 an impairment charge of NOK 15 million was recognised
relating to corporate assets, while no impairment charges related to
intangible assets were recognised in 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Overview
The Group\u2019s goodwill is mainly associated with the acquisitions of SN
Power in 2021. The Group had no other intangible assets with an
indefinite useful life other than goodwill as of 31 December 2024 and
2025. During 2024, NOK 80 million was allocated to the development
portfolio of the African hydropower joint venture and was classified
as held for sale as of 31 December 2024 and derecognised as part of
the divestment in 2025. Refer to Note 8 Sale of project assets and
disposal group held for sale for further information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Note 12 Lease
Accounting principle
The Group\u2019s leases accounted for in accordance with IFRS 16
primarily relate to offices in countries which Scatec operates and
land where power production plants are located.
The Group applies the recognition exemptions and recognises the
lease payments as other operating expenses in the statement of
profit or loss for leases of low value and leases with a lease term of
less than 12 months. Future lease payments include fixed lease
payments and variable lease payments that depend on an index such
as the consumer price index. The Group recognises land lease
payments that vary with power generation in profit or loss.
Estimation uncertainty
When calculating the lease liability and the right-of-use asset, the
discount factor is a significant estimate. In the absence of an
identifiable discount rate, implicit in the lease agreement, the
discount rate used is the Group\u2019s incremental borrowing rate. The
incremental borrowing rate has been estimated by each subsidiary
on an individual basis. For power producing entities, the interest rate
on the non-recourse loans has been central for estimating the
incremental borrowing rate. For other subsidiaries, non-secured debt
has been used as a benchmark for the discount rate.
Several of the Group\u2019s lease agreements contain options to extend
the lease agreement beyond the contractual lease term. As the
extension period is at the end of the PPA period, it is uncertain
whether the option will be exercised for land leases. The Group has
evaluated the options, and they are recognised when it is reasonable
certain that the Group will exercise the options. The Group
reevaluates exercising the options on a continuous basis.
Leases in the statement of profit and loss
NOK million
2025
2024
Operating expenses
Short term, low value and variable lease payment
expenses
-34
-32
Depreciation expense
Depreciation of right-of-use asset\u00a0 (land lease)
-15
-13
Depreciation of right-of-use asset (office lease and
other)
-27
-25
Total depreciation
-43
-38
Financial expenses
Interest expense on lease liability
-24
-26
Total lease expense in the statement of profit and loss
-101
-96
Leases in the statement of financial position
NOK million
2025
2024
Assets
Right-of-use asset - land lease 1)
301
224
Right-of-use asset - office lease and other 1)
88
109
Total right-of-use assets
388
334
Liabilities
Non-current liabilities
Lease liabilities (see Note 17 Other non-current and
current liabilities)
395
320
Current liabilities
Lease liabilities (see Note 17 Other non-current and
current liabilities)
43
26
Lease liabilities included in the balance sheet
438
346
1) The land lease portion of the right-of-use asset is presented under \u2018power plants\u2019 and
\u2018Power plants under development and construction in Note 9, while the office lease
portion of the right-of-use asset is presented under the line \u2018Other fixed assets\u2019.
Reconciliation of movement in right-of-use asset
NOK million
Land
Office
& cars\u00a0
Total
2025
Right-of-use asset at 1 January
224
109
334
Additions
119
21
140
Depreciations for the year
-15
-27
-43
Effect of movement in foreign exchange and
other changes
-27
-15
-43
Right-of-use asset at 31 December
301
88
388
2024
Right-of-use asset at 1 January
201
116
317
Additions
1
8
9
Depreciations for the year
-13
-25
-38
Sale of assets and transfer to held for sale
15
\u2013
15
Effect of movement in foreign exchange and
other changes
19
11
30
Right-of-use asset at 31 December
224
109
334
Reconciliation of movement in lease liabilities
NOK million
2025
2024
Lease liability at 1 January
346
340
Lease agreements entered into during the year
140
9
Lease payments made during the year
-49
-48
Interest expense on lease liabilities
24
26
Effect of movement in foreign exchange and other
changes
-25
19
Lease liability at 31 December
438
346
Leases in the statement of cash flows
NOK million
2025
2024
Cash flow from operating activities
Short-term and variable lease payments
34
32
Cash flow from financing activities
Payments of principal portion on lease liabilities
25
22
Interest paid on lease liabilities
24
26
Maturity analysis \u2013 undiscounted contractual cash flows
NOK million
2025
2024
First year
62
46
One to two years
60
47
Two to three years
47
48
Three to four years
47
43
Four to five years
39
48
More than five years
389
256
Total undiscounted lease liabilities
644
489
Lease liabilities included in the balance sheet
438
346
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Accounting principle
The Group\u2019s leases accounted for in accordance with IFRS 16
primarily relate to offices in countries which Scatec operates and
land where power production plants are located.
The Group applies the recognition exemptions and recognises the
lease payments as other operating expenses in the statement of
profit or loss for leases of low value and leases with a lease term of
less than 12 months. Future lease payments include fixed lease
payments and variable lease payments that depend on an index such
as the consumer price index. The Group recognises land lease
payments that vary with power generation in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
The Group applies the recognition exemptions and recognises the
lease payments as other operating expenses in the statement of
profit or loss for leases of low value and leases with a lease term of
less than 12 months. Future lease payments include fixed lease
payments and variable lease payments that depend on an index such
as the consumer price index. The Group recognises land lease
payments that vary with power generation in profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Note 13 Investments in joint ventures and
associated companies
Accounting principle and estimation uncertainty
A joint venture or associate is an entity over which the Group has
joint control or significant influence. The Group\u2019s investments in its
associates and joint ventures are accounted for using the equity
method. Under the equity method, an investment is initially
recognised at cost or at fair value when acquired through a
transaction, and subsequently adjusted for further investments,
distributions and the Group\u2019s share of the net income from the
associate or joint venture. Refer to Note 1 for preparation, basis for
consolidation and key sources of estimation.
Other non-current assets in the table of \u201cFinancial positions for
material joint venture and associated companies\u201d include excess
values for all JVs excluding Brazil. Excess values mainly relate to
water rights, and infrastructure assets in the solar power companies.
The estimated useful life of the water rights is reviewed on an annual
basis and amortised over the remaining concession period. The
excess values, and related amortisation, are grossed up on a 100%
basis in the tables below according to the values allocated to
Scatec\u2019s share.
Carrying amounts of joint ventures and associated companies
The Mendubim power plant in Brazil, which is selling approximately
65% of the energy under a 20-year fixed price PPA with Alunorte and
the remaining energy is sold in the merchant market, experienced
uncompensated curtailments combined with low merchant prices in
2025. In the year, an impairment loss of NOK 130 million on Scatec's
share (30%) was recognised. The impairment is presented in Net
Income/(loss) from JV and associated companies.
Curtailment of renewable energy generation has increased in Brazil in
recent years, primarily driven by strong wind and solar generation
conditions, grid bottlenecks and insufficient transmission capacity.
The national energy regulator classifies curtailments into distinct
categories, with compensation determined by both the category and
the underlying offtake structure. Ongoing legal disputes have been
initiated by several renewable energy companies concerning
reimbursement for curtailed production, and the outcome remains
unresolved. For the Mendubim plant, limited recoverability of the
curtailed production is assumed. For the Apodi power plant in Brazil,
operating on a 20-year PPA, a relevant portion of curtailments are
refunded and no impairment indicators have been identified for the
associated assets.
On 28 February 2025, Scatec divested its 51% shareholding in the
African hydropower joint venture with Norfund and British
International Investment (BII) to TotalEnergies in line with the
Company\u2019s strategy. The sale covers Scatec\u2019s indirect interest held
through SN Power of the operating 255 MW Bujagali hydropower
plant in Uganda, and a development portfolio consisting of the 361
MW Mpatamanga in Malawi, and the 206 MW Ruzizi III at the border
of Rwanda, DRC and Burundi. Refer to Note 8 Sale of project assets
and disposal group held for sale for further information.
Dividends include refinancing of NOK 253 million of the assets in the
Philippines.
Country
Carrying value 31
December 2024
Additions/ disposals
Net income from joint
venture and
associated companies
Dividends
Foreign currency
translations
Carrying value 31
December 2025
Philippines
6,898
\u2013
962
-835
-881
6,143
Laos
2,048
\u2013
159
-251
-233
1,723
Brazil
1,051
32
-152
-41
104
994
Release
1,254
10
-34
\u2013
-140
1,090
South Africa
200
-8
30
-23
\u2013
199
Total
11,451
34
964
-1,150
-1,150
10,149
100% figures of summarised profit and loss for material joint ventures and associated companies
2025
NOK million
Philippines
Laos
Brazil
Release
South Africa
Revenues
3,270
1,798
606
98
751
Operating expenses
-430
-224
-225
-67
-124
Depreciation, amortisation and impairment
-476
-657
-614
-96
-156
Operating profit/(loss)
2,365
918
-233
-66
472
Net financial items
-240
15
-241
30
-166
Profit before income tax
2,125
933
-474
-35
306
Income tax
-201
-139
-115
-16
-92
Profit/(loss) after tax
1,924
794
-588
-51
214
Scatec\u2019s share of profit/(loss) after tax
962
159
-152
-34
30
Net profit/(loss)
962
159
-152
-34
30
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South
Africa
Other
Revenues
2,204
1,519
1,294
487
120
823
-9
Operating expenses
-422
-207
-122
-187
-71
-125
-26
Depreciation, amortisation and impairment
-493
-679
-227
-181
-75
-158
\u2013
Operating profit/(loss)
1,289
633
945
120
-27
540
-35
Net financial items
-203
3
-158
-217
-7
-203
376
Profit before income tax
1,087
636
788
-97
-34
336
342
Income tax
-137
-93
2
105
1
-95
\u2013
Profit/(loss) after tax
950
543
790
8
-33
241
342
Scatec\u2019s share of profit/(loss) after tax
475
109
223
11
-22
87
173
Elimination of profit & loss for assets held for
sale
-
-
-134
-
-
-68
11
Elimination of internal transactions and
foreign currency translation
-3
-
7
-19
-6
-1
-128
Net profit/(loss)
472
109
97
-8
-28
18
55
100% figures of summarised financial positions for material joint venture and associated companies
2025
NOK million
Philippines
Laos
Brazil
Release
South Africa
Non-current assets
17,406
9,055
10,353
3,440
3,072
Current assets
1,358
317
521
325
399
Cash and cash equivalents
1,266
218
279
268
53
Total assets
20,030
9,590
11,153
4,033
3,524
Non-current liabilities
6,632
724
6,446
1,219
1,900
Current liabilities
1,107
249
385
266
375
Total liabilities
7,739
973
6,831
1,485
2,275
Total equity
12,291
8,617
4,323
2,548
1,249
Scatec share of equity
6,134
1,723
1,462
1,733
220
Loans to joint ventures as investment
9
-
223
7
38
Elimination of equity investments
-
-
-691
-649
-59
Net investment in joint ventures
6,143
1,723
994
1,090
199
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South
Africa
Other
Non-current assets
20,141
10,814
10,162
12,129
3,265
3,297
3,371
Current assets
745
305
311
401
939
187
22
Cash and cash equivalents
1,077
216
494
452
292
82
63
Total assets
21,963
11,335
10,966
12,981
4,495
3,566
3,456
Non-current liabilities
7,094
882
5,350
7,074
762
2,079
551
Current liabilities
1,069
218
362
544
945
252
66
Total liabilities
8,164
1,100
5,711
7,618
1,707
2,330
618
Total Equity
13,799
10,236
5,255
5,363
2,788
1,235
2,838
Scatec share of equity
6,900
2,047
1,486
1,857
1,896
166
1,454
Loans to joint ventures as investment
10
-
-
194
4
51
88
Assets held for sale
-
-
-1,350
-
-
-
-151
Elimination of equity investments
-12
1
-136
-1,000
-646
-18
-1,390
Net investment in joint ventures
6,898
2,048
\u2013
1,051
1,254
200
\u2013
Material joint ventures and associated companies
Joint ventures
2025
2024
Philippines
SN Aboitiz Power \u2013 Magat Inc
50.00%
50.00%
Manila-Oslo Renewable Enterprise
16.70%
16.70%
SN Aboitiz Power \u2013 Benguet Inc
50.00%
50.00%
SN Aboitiz Power \u2013 RES Inc
50.00%
50.00%
SN Aboitiz Power \u2013 Generation Inc
50.00%
50.00%
Norway
Release Solar AS 2)
68.00%
68.00%
Netherlands
Release Management B.V. 2)
68.00%
68.00%
Associated companies
Brazil
Scatec Solar Brazil BV
50.00%
50.00%
Apodi I Energia SPE S.A
43.75%
43.75%
Apodi II Energia SPE S.A
43.75%
43.75%
Apodi III Energia SPE S.A
43.75%
43.75%
Apodi IV Energia SPE S.A
43.75%
43.75%
Mendubim Holding B.V. 1)
33.33%
33.33%
Mendubim Gera\u00e7\u00e3o de Energia Ltda. 1)
30.00%
30.00%
Mendubim (I-XIII) Energia\u00a0 Ltda. 1)
30.00%
30.00%
Mendubim Solar EPC Ltda. 1)
33.33%
33.33%
Scatec Solar Solutions Brazil B.V.
50.00%
50.00%
Scatec Solar Brasil Servicos De Engenharia LTDA
50.00%
50.00%
Laos
Theun-Hinboun Power Company
20.00%
20.00%
Uganda
Bujagali Energy Ltd.
\u2013
28.28%
Netherlands
SN Power Invest Netherlands B.V.
\u2013
51.00%
SN Development B.V.
\u2013
51.00%
Associated companies
2025
2024
South Africa
Scatec Solar SA 164 (Pty) Ltd.
21.00%
21.00%
Simacel 155 (RF) (Pty) Ltd.
11.55%
11.55%
Simacel 160 (RF) (Pty) Ltd.
11.55%
11.55%
Scatec Solar SA 165 (Pty) Ltd.
21.00%
21.00%
Scatec Solar SA 166 (Pty) Ltd.
12.60%
12.60%
1) Mendubim project structure includes 13 SPVs, EPC and an operating company.
2) Release project structure includes 14 companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Note 13 Investments in joint ventures and
associated companies
Accounting principle and estimation uncertainty
A joint venture or associate is an entity over which the Group has
joint control or significant influence. The Group\u2019s investments in its
associates and joint ventures are accounted for using the equity
method. Under the equity method, an investment is initially
recognised at cost or at fair value when acquired through a
transaction, and subsequently adjusted for further investments,
distributions and the Group\u2019s share of the net income from the
associate or joint venture. Refer to Note 1 for preparation, basis for
consolidation and key sources of estimation.
Other non-current assets in the table of \u201cFinancial positions for
material joint venture and associated companies\u201d include excess
values for all JVs excluding Brazil. Excess values mainly relate to
water rights, and infrastructure assets in the solar power companies.
The estimated useful life of the water rights is reviewed on an annual
basis and amortised over the remaining concession period. The
excess values, and related amortisation, are grossed up on a 100%
basis in the tables below according to the values allocated to
Scatec\u2019s share.
Carrying amounts of joint ventures and associated companies
The Mendubim power plant in Brazil, which is selling approximately
65% of the energy under a 20-year fixed price PPA with Alunorte and
the remaining energy is sold in the merchant market, experienced
uncompensated curtailments combined with low merchant prices in
2025. In the year, an impairment loss of NOK 130 million on Scatec's
share (30%) was recognised. The impairment is presented in Net
Income/(loss) from JV and associated companies.
Curtailment of renewable energy generation has increased in Brazil in
recent years, primarily driven by strong wind and solar generation
conditions, grid bottlenecks and insufficient transmission capacity.
The national energy regulator classifies curtailments into distinct
categories, with compensation determined by both the category and
the underlying offtake structure. Ongoing legal disputes have been
initiated by several renewable energy companies concerning
reimbursement for curtailed production, and the outcome remains
unresolved. For the Mendubim plant, limited recoverability of the
curtailed production is assumed. For the Apodi power plant in Brazil,
operating on a 20-year PPA, a relevant portion of curtailments are
refunded and no impairment indicators have been identified for the
associated assets.
On 28 February 2025, Scatec divested its 51% shareholding in the
African hydropower joint venture with Norfund and British
International Investment (BII) to TotalEnergies in line with the
Company\u2019s strategy. The sale covers Scatec\u2019s indirect interest held
through SN Power of the operating 255 MW Bujagali hydropower
plant in Uganda, and a development portfolio consisting of the 361
MW Mpatamanga in Malawi, and the 206 MW Ruzizi III at the border
of Rwanda, DRC and Burundi. Refer to Note 8 Sale of project assets
and disposal group held for sale for further information.
Dividends include refinancing of NOK 253 million of the assets in the
Philippines.
Country
Carrying value 31
December 2024
Additions/ disposals
Net income from joint
venture and
associated companies
Dividends
Foreign currency
translations
Carrying value 31
December 2025
Philippines
6,898
\u2013
962
-835
-881
6,143
Laos
2,048
\u2013
159
-251
-233
1,723
Brazil
1,051
32
-152
-41
104
994
Release
1,254
10
-34
\u2013
-140
1,090
South Africa
200
-8
30
-23
\u2013
199
Total
11,451
34
964
-1,150
-1,150
10,149
100% figures of summarised profit and loss for material joint ventures and associated companies
2025
NOK million
Philippines
Laos
Brazil
Release
South Africa
Revenues
3,270
1,798
606
98
751
Operating expenses
-430
-224
-225
-67
-124
Depreciation, amortisation and impairment
-476
-657
-614
-96
-156
Operating profit/(loss)
2,365
918
-233
-66
472
Net financial items
-240
15
-241
30
-166
Profit before income tax
2,125
933
-474
-35
306
Income tax
-201
-139
-115
-16
-92
Profit/(loss) after tax
1,924
794
-588
-51
214
Scatec\u2019s share of profit/(loss) after tax
962
159
-152
-34
30
Net profit/(loss)
962
159
-152
-34
30
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South
Africa
Other
Revenues
2,204
1,519
1,294
487
120
823
-9
Operating expenses
-422
-207
-122
-187
-71
-125
-26
Depreciation, amortisation and impairment
-493
-679
-227
-181
-75
-158
\u2013
Operating profit/(loss)
1,289
633
945
120
-27
540
-35
Net financial items
-203
3
-158
-217
-7
-203
376
Profit before income tax
1,087
636
788
-97
-34
336
342
Income tax
-137
-93
2
105
1
-95
\u2013
Profit/(loss) after tax
950
543
790
8
-33
241
342
Scatec\u2019s share of profit/(loss) after tax
475
109
223
11
-22
87
173
Elimination of profit & loss for assets held for
sale
-
-
-134
-
-
-68
11
Elimination of internal transactions and
foreign currency translation
-3
-
7
-19
-6
-1
-128
Net profit/(loss)
472
109
97
-8
-28
18
55
100% figures of summarised financial positions for material joint venture and associated companies
2025
NOK million
Philippines
Laos
Brazil
Release
South Africa
Non-current assets
17,406
9,055
10,353
3,440
3,072
Current assets
1,358
317
521
325
399
Cash and cash equivalents
1,266
218
279
268
53
Total assets
20,030
9,590
11,153
4,033
3,524
Non-current liabilities
6,632
724
6,446
1,219
1,900
Current liabilities
1,107
249
385
266
375
Total liabilities
7,739
973
6,831
1,485
2,275
Total equity
12,291
8,617
4,323
2,548
1,249
Scatec share of equity
6,134
1,723
1,462
1,733
220
Loans to joint ventures as investment
9
-
223
7
38
Elimination of equity investments
-
-
-691
-649
-59
Net investment in joint ventures
6,143
1,723
994
1,090
199
2024
NOK million
Philippines
Laos
Uganda
Brazil
Release
South
Africa
Other
Non-current assets
20,141
10,814
10,162
12,129
3,265
3,297
3,371
Current assets
745
305
311
401
939
187
22
Cash and cash equivalents
1,077
216
494
452
292
82
63
Total assets
21,963
11,335
10,966
12,981
4,495
3,566
3,456
Non-current liabilities
7,094
882
5,350
7,074
762
2,079
551
Current liabilities
1,069
218
362
544
945
252
66
Total liabilities
8,164
1,100
5,711
7,618
1,707
2,330
618
Total Equity
13,799
10,236
5,255
5,363
2,788
1,235
2,838
Scatec share of equity
6,900
2,047
1,486
1,857
1,896
166
1,454
Loans to joint ventures as investment
10
-
-
194
4
51
88
Assets held for sale
-
-
-1,350
-
-
-
-151
Elimination of equity investments
-12
1
-136
-1,000
-646
-18
-1,390
Net investment in joint ventures
6,898
2,048
\u2013
1,051
1,254
200
\u2013
Material joint ventures and associated companies
Joint ventures
2025
2024
Philippines
SN Aboitiz Power \u2013 Magat Inc
50.00%
50.00%
Manila-Oslo Renewable Enterprise
16.70%
16.70%
SN Aboitiz Power \u2013 Benguet Inc
50.00%
50.00%
SN Aboitiz Power \u2013 RES Inc
50.00%
50.00%
SN Aboitiz Power \u2013 Generation Inc
50.00%
50.00%
Norway
Release Solar AS 2)
68.00%
68.00%
Netherlands
Release Management B.V. 2)
68.00%
68.00%
Associated companies
Brazil
Scatec Solar Brazil BV
50.00%
50.00%
Apodi I Energia SPE S.A
43.75%
43.75%
Apodi II Energia SPE S.A
43.75%
43.75%
Apodi III Energia SPE S.A
43.75%
43.75%
Apodi IV Energia SPE S.A
43.75%
43.75%
Mendubim Holding B.V. 1)
33.33%
33.33%
Mendubim Gera\u00e7\u00e3o de Energia Ltda. 1)
30.00%
30.00%
Mendubim (I-XIII) Energia\u00a0 Ltda. 1)
30.00%
30.00%
Mendubim Solar EPC Ltda. 1)
33.33%
33.33%
Scatec Solar Solutions Brazil B.V.
50.00%
50.00%
Scatec Solar Brasil Servicos De Engenharia LTDA
50.00%
50.00%
Laos
Theun-Hinboun Power Company
20.00%
20.00%
Uganda
Bujagali Energy Ltd.
\u2013
28.28%
Netherlands
SN Power Invest Netherlands B.V.
\u2013
51.00%
SN Development B.V.
\u2013
51.00%
Associated companies
2025
2024
South Africa
Scatec Solar SA 164 (Pty) Ltd.
21.00%
21.00%
Simacel 155 (RF) (Pty) Ltd.
11.55%
11.55%
Simacel 160 (RF) (Pty) Ltd.
11.55%
11.55%
Scatec Solar SA 165 (Pty) Ltd.
21.00%
21.00%
Scatec Solar SA 166 (Pty) Ltd.
12.60%
12.60%
1) Mendubim project structure includes 13 SPVs, EPC and an operating company.
2) Release project structure includes 14 companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Accounting principle and estimation uncertainty
A joint venture or associate is an entity over which the Group has
joint control or significant influence. The Group\u2019s investments in its
associates and joint ventures are accounted for using the equity
method. Under the equity method, an investment is initially
recognised at cost or at fair value when acquired through a
transaction, and subsequently adjusted for further investments,
distributions and the Group\u2019s share of the net income from the
associate or joint venture. Refer to Note 1 for preparation, basis for
consolidation and key sources of estimation.
Other non-current assets in the table of \u201cFinancial positions for
material joint venture and associated companies\u201d include excess
values for all JVs excluding Brazil. Excess values mainly relate to
water rights, and infrastructure assets in the solar power companies.
The estimated useful life of the water rights is reviewed on an annual
basis and amortised over the remaining concession period. The
excess values, and related amortisation, are grossed up on a 100%
basis in the tables below according to the values allocated to
Scatec\u2019s share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Accounting principle and estimation uncertainty
A joint venture or associate is an entity over which the Group has
joint control or significant influence. The Group\u2019s investments in its
associates and joint ventures are accounted for using the equity
method. Under the equity method, an investment is initially
recognised at cost or at fair value when acquired through a
transaction, and subsequently adjusted for further investments,
distributions and the Group\u2019s share of the net income from the
associate or joint venture. Refer to Note 1 for preparation, basis for
consolidation and key sources of estimation.
Other non-current assets in the table of \u201cFinancial positions for
material joint venture and associated companies\u201d include excess
values for all JVs excluding Brazil. Excess values mainly relate to
water rights, and infrastructure assets in the solar power companies.
The estimated useful life of the water rights is reviewed on an annual
basis and amortised over the remaining concession period. The
excess values, and related amortisation, are grossed up on a 100%
basis in the tables below according to the values allocated to
Scatec\u2019s share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Accounting principle and estimation uncertainty
A joint venture or associate is an entity over which the Group has
joint control or significant influence. The Group\u2019s investments in its
associates and joint ventures are accounted for using the equity
method. Under the equity method, an investment is initially
recognised at cost or at fair value when acquired through a
transaction, and subsequently adjusted for further investments,
distributions and the Group\u2019s share of the net income from the
associate or joint venture. Refer to Note 1 for preparation, basis for
consolidation and key sources of estimation.
Other non-current assets in the table of \u201cFinancial positions for
material joint venture and associated companies\u201d include excess
values for all JVs excluding Brazil. Excess values mainly relate to
water rights, and infrastructure assets in the solar power companies.
The estimated useful life of the water rights is reviewed on an annual
basis and amortised over the remaining concession period. The
excess values, and related amortisation, are grossed up on a 100%
basis in the tables below according to the values allocated to
Scatec\u2019s share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
Dividends include refinancing of NOK 253 million of the assets in the
Philippines.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Note 14 Trade receivables
\u00a0
NOK million
2025
2024
Trade receivables
372
322
Accrued income
219
203
Allowance for expected credit loss
-36
-38
Total trade and other receivables
555
487
Trade receivables are recognised for amounts owed by the customer.
Accrued income represents contract assets related to energy
production in the last month of the year, which is invoiced in January
the following year. In accordance with the expected credit loss (ECL)
model, lifetime expected credit loss is recognised on the basis of
historical and forward-looking information. Expected credit loss is
assessed on an individual instrument basis.\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
In Honduras, Scatec has previously faced delays in payments from
the state-owned offtaker. In 2024, a PPA amendment agreement was
signed between Scatec\u2019s operating entities in Honduras and the off-
taker ENEE. The agreement included a compensation for production
in previous years, 5 years extended PPA period and lower tariff for
future periods. Following a final settlement with ENEE, an
impairment of NOK 18 million was recognised in 2025. By the end of
2025, NOK 30 million in receivables were outstanding relating to
revenues in second half of 2025,
Of total trade receivables at year end, NOK 103 million were overdue
with the majority within 60 days.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Trade receivables are recognised for amounts owed by the customer.
Accrued income represents contract assets related to energy
production in the last month of the year, which is invoiced in January
the following year. In accordance with the expected credit loss (ECL)
model, lifetime expected credit loss is recognised on the basis of
historical and forward-looking information. Expected credit loss is
assessed on an individual instrument basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Of total trade receivables at year end, NOK 103 million were overdue
with the majority within 60 days.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Note 15 Cash and cash equivalents
Cash and cash equivalents include bank deposits and monetary
items. Total cash includes cash in non-recourse and in recourse
entities, and NOK 120 million of the cash is restricted relating to
proceed accounts, debt service reserve accounts, disbursements
accounts, maintenance and insurance reserve accounts and similar.\u00a0
As of 31 December 2025, NOK 182 million is related to companies in
Ukraine (of which NOK 167 million is cash in power plant companies).", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
Note 15 Cash and cash equivalents
Cash and cash equivalents include bank deposits and monetary
items. Total cash includes cash in non-recourse and in recourse
entities, and NOK 120 million of the cash is restricted relating to
proceed accounts, debt service reserve accounts, disbursements
accounts, maintenance and insurance reserve accounts and similar.\u00a0
As of 31 December 2025, NOK 182 million is related to companies in
Ukraine (of which NOK 167 million is cash in power plant companies).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
Cash and cash equivalents include bank deposits and monetary
items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Note 16 Other non-current and current assets
Other non-current assets
NOK million
2025
2024
Other non-current investments
53
59
Other non-current receivables
86
104
Total other non-current assets
139
163
O ther current assets
NOK million
2025
2024
Prepayments related to assets under construction
160
222
Receivables from public authorities, prepaid taxes &
VAT
292
353
Other receivables and prepaid expenses
552
332
Total other current assets
1,004
907
Prepaid expenses mainly relate to projects under construction in
Egypt and South Africa. Other receivable and prepaid expenses
include contingent consideration of approximately NOK 60 million
related to the divestment in Vietnam, refer to Note 8 Sale of project
assets and disposal group held for sale for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
Other non-current assets
NOK million
2025
2024
Other non-current investments
53
59
Other non-current receivables
86
104
Total other non-current assets
139
163
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
O ther current assets
NOK million
2025
2024
Prepayments related to assets under construction
160
222
Receivables from public authorities, prepaid taxes &
VAT
292
353
Other receivables and prepaid expenses
552
332
Total other current assets
1,004
907
Prepaid expenses mainly relate to projects under construction in
Egypt and South Africa. Other receivable and prepaid expenses
include contingent consideration of approximately NOK 60 million
related to the divestment in Vietnam, refer to Note 8 Sale of project
assets and disposal group held for sale for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Note 17 Other non-current and current liabilities
Other non-current liabilities comprise the following:
NOK million
2025
2024
Shareholder loan from co-investors
757
469
Non-current lease liability (ref Note 12 Lease)
395
320
Asset retirement obligations (ref Note 9 PPE)
670
480
Other long-term liabilities and accruals
83
124
Total other non-current liabilities
1,905
1,393
Other current liabilities comprise the following:
NOK million
2025
2024
Accrued expenses related to assets under
development/construction
1,748
496
Public duties other than income taxes
187
205
Accrued payroll
100
84
Current lease liability (ref Note 12 Lease)
43
26
Deferred income
\u2013
16
Other current liabilities and accruals
606
453
Total other current liabilities
2,683
1,281
Refer to Note 20 Financial instruments for classification of financial
liabilities. Financial instruments included within other non-current
and current liabilities consist of shareholder loan and lease liability.\u00a0
Accrued expenses and other current liabilities and accruals mainly
relate to accrual of project costs for projects under construction.
Other current liabilities and accruals include accrual for guarantee
cost of NOK 67 million related to a project in India, refer to Note 18
Legal disputes and contingencies for further information.
Shareholder loans from co-investors mainly relate to loans in Egypt,
Tunisia and Honduras.
Movement in asset retirement obligations
NOK million
2025
2024
Asset retirement obligation at 1 January
480
490
Additional provision during the year
184
45
Provisions reversed in association with disposals
\u2013
-109
Unwinding of discount
27
23
Effect of movement in foreign exchange and other changes
-21
30
Asset retirement obligation at 31 December
670
480
Asset retirement obligation\u00a0
Asset retirement costs are recognised when the Group has a present
obligation to dismantle and remove a power plant and to restore the
site on which it is located. The obligations are measured at the
present value of expected future cash flows, discounted using a risk-
free interest rate. Expenditures related to asset retirement
obligations are expected to be paid in the period between 2030 and
2056.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Scatec\u2019s future asset retirement obligations depend on several
factors, such as the possible existence of a power market for the
plants after the end of their useful life, the future development of
man-hour and equipment costs, and interest and currency exchange
rates. The calculation of the asset retirement obligation includes
significant judgement and is conducted on a plant-by-plant basis,
taking into consideration relevant project specifics.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Other non-current liabilities comprise the following:
NOK million
2025
2024
Shareholder loan from co-investors
757
469
Non-current lease liability (ref Note 12 Lease)
395
320
Asset retirement obligations (ref Note 9 PPE)
670
480
Other long-term liabilities and accruals
83
124
Total other non-current liabilities
1,905
1,393
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Other current liabilities comprise the following:
NOK million
2025
2024
Accrued expenses related to assets under
development/construction
1,748
496
Public duties other than income taxes
187
205
Accrued payroll
100
84
Current lease liability (ref Note 12 Lease)
43
26
Deferred income
\u2013
16
Other current liabilities and accruals
606
453
Total other current liabilities
2,683
1,281
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Note 18 Legal disputes and contingencies
Estimation uncertainty
The Group operates in various jurisdictions and is subject to legal
disputes and regulatory reviews. Management applies assumptions
and judgement to consider all information available when assessing if
unfavourable outcomes are probable and when estimating amounts
required to settle any obligation. Legal claims are assessed on an
individual basis and provisions are recognised if the specific claims
give rise to present, probable obligations and the costs can be
reliably measured.
Significant disputes and uncertain tax positions
Reference is made to Scatec\u2019s previous communication around
changes to the PPA in Honduras. In May 2022, a new Energy law
came into force as introduced by the new Government of Honduras.
On 31 January 2024, a PPA amendment agreement was signed
between Scatec\u2019s operating entities in Honduras and the offtaker
ENEE. The agreement included a compensation for production in
previous years, 5 years extended PPA period and lower tariff for
future periods. Following a final settlement with ENEE, an additional
impairment of NOK 18 million was recognised in 2025. By the end of
2025, NOK 30 million in receivables were outstanding relating to
revenues in second half of 2025.
The Sukkur project in Pakistan was awarded a \u201ccosts plus tariff\u201d by
the National Electric Power Regulatory Authority (NEPRA) in 2020 and
the project reached commercial operation in January 2024. The
project has a 25-year PPA with the Central Power Purchasing Agency
of Pakistan. The revenue is recorded based on a lower reference
tariff and is subject to a \u201ctariff true up\u201d after approval of NEPRA. In
2025, the project was awarded an interim relief tariff and received a
compensation of approximately NOK 52 million on a consolidated
basis and NOK 39 million on a proportionate basis. The tariff true up
is a routine process for NEPRA projects and another approval for the
final granted tariff is expected to take approx. 18-24 months.
Depending on the outcome of the process, any differential revenue
will be recorded in the period in which the approval is granted by the
regulator. An unfavourable outcome of the process may negatively
impact the economics of the project.\u00a0
For one of Scatec\u2019s development projects in India, which has been
decided to be discontinued, there has been an ongoing litigation
process related to a power purchase agreement (PPA) entered into
by Scatec. In February 2026, the litigation developed unfavourably,
and a guarantee issued by Scatec ASA in connection with the project
was drawn upon. The event is considered an adjusting subsequent
event, and an operating expense of NOK 67 million has been
recognised in the 2025 financial statements. Scatec will continue to
challenge the outcome.
In the Czech Republic, amendments to the Act on Support Energy
Sources to prevent overcompensation to solar power producers was
introduced in the first quarter of 2025, however they were effectively
revoked by a new amendment effective from August 2025. Based on
this, there will be no impact on the economics of Scatec\u2019s projects in
the country.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
Note 19 Financial risks and capital management
Through its business activities Scatec is exposed to the following
financial risks:
\u2022 Liquidity risk
\u2022 Market risk (currency risk and interest rate risk)
\u2022 Credit risk
Liquidity risk and capital management
Liquidity risk is the risk that Scatec will not be able to meet its
financial obligations when due. The Group manages liquidity risk
through the regular review of future commitments, cash flows from
operations and credit facilities. Scatec\u2019s liquidity risk depends on the
financial performance of operating assets in the portfolio and future
growth opportunities.
New regulations and shifts in global financing of green investments
may impact Scatec\u2019s ability, and terms, in obtaining financing in
future periods.
Scatec's capital management is designed to effectively manage
liquidity risk and ensure reliable access to capital. Scatec\u2019s
operations are funded to generate shareholder value through
profitable and sustainable growth.
Non-recourse project financing
Renewable energy companies (SPVs) are predominately financed by
equity from Scatec and co-investors and non-recourse loans from
project lenders. The SPVs are ring-fenced, meaning that the security
and repayment of the loans are limited to the project assets and
revenue.\u00a0 The financing has a clearly defined and limited risk profile
and there is no obligation for project equity investors to contribute
additional funding in the event of a default.
Free cash flows after debt service are distributed from the SPV to
Scatec and other project equity investors in accordance with the
ownership shares and the terms of the financing agreements. The
aim is to distribute all excess cash in the SPVs to maintain liquidity
and manage capital at the corporate level. In certain countries where
Scatec operates, the respective government has imposed regulations
on the repatriation of funds from the country. This may halt or delay
the flow of funds between Group companies. Scatec seeks to
minimise such risk by assessing the relevant jurisdictions and
regulations and adapting accordingly.
Refer to Note 23 Non-recourse project financing for an overview of
the Group\u2019s non-recourse project financing and related covenants.
Corporate financing
External funding on the corporate level includes various funding
sources to reduce dependency on a single bank and to optimise the
capital structure and liquidity in the Group. This includes equity and
corporate financing such as:
\u2022 Listed unsecured bonds and financing not pledged for collateral
\u2022 Vendor financing facility
\u2022 Credit facilities used to maintain flexibility in funding by maintaining
availability under committed credit facilities. The Group has
available funding through the USD 230 million Green Revolving
Credit Facility (RCF) and the USD 5 million Overdraft Facility. As of
31 December 2025, Scatec had not drawn on the facilities.
As disclosed in the Note 24 Trade payables and supplier finance, the
Group has financial arrangements in place with some of the
corporate banks that offer extended payment terms related to
supply of components of property, plant and equipment for the
projects under construction from selected suppliers. The suppliers
receive payments according to the payment terms of the invoices,
and Scatec settles the invoices with the issuing bank up to 150 days
later.
Other interest-bearing liabilities
Other interest\u2011bearing liabilities includes obligations that are secured
by corporate guarantees issued by Scatec ASA.
Refer to Note 22 Financing for further information regarding
corporate financing and other interest-bearing liabilities.
Maturity of principal payment and interest on financial liabilities
held by the Group as of balance sheet date
NOK million
2025
Within 1
year
1-2
years
3-5
years
More than
5 years
Corporate financing
864
1,411
5,591
\u2013
Non-recourse financing
3,283
2,606
7,555
30,262
Other interest bearing liabilities
528
634
703
\u2013
Shareholder loan from non-
controlling interests
38
209
186
601
Trade and supplier finance
1,085
\u2013
\u2013
\u2013
Lease liabilities
62
60
133
389
Total
5,860
4,920
14,168
31,252
Market risk
Scatec is exposed to foreign currency risks and interest rate risks
arising from financial instruments.
Currency risk
Scatec operates internationally and is subject to currency exposure
when transactions and monetary balances are denominated in
currencies other than the functional currency.
The Group\u2019s foreign currency risk mainly relates to exposures in USD
and EUR, including intercompany loans between the Company and
other group companies. The Company, having USD as the functional
currency, is exposed to transactions in other currencies. The
corporate bonds placed in NOK are all swapped to USD. Refer to
Note 22 Financing for further information.
For the Group\u2019s operating entities, currency risk is managed through
the structuring of the SPVs with natural hedges, where non-recourse
project financing, revenue and other transactions to a large extent
are denominated in the same currency. Construction revenues and
cost of sales may be denominated in various currencies. The
currency risk is mitigated through the use of multi\u2011currency
construction contracts, which serve as a natural hedge for cost of
sales, or through foreign exchange derivative contracts used to hedge
currency exposures. For details regarding derivatives, refer to Note 21
Derivative financial instruments.
The Group is exposed to currency fluctuations that impact dividend
distributions from the operating companies and dividend payments
to the shareholders of the parent company. According to Scatec\u2019s
policy, hedging against USD will be considered where liquidity
planning requires stability.
The sensitivity analysis shows the impact on profit and loss from the
revaluation of balances in foreign currency due to changes in
currencies that the Group is exposed to. The sensitivities have been
calculated on the basis of what Scatec views as reasonably possible
changes in the foreign exchange rates for the coming year and net
consolidated balances in different currencies as of 31 December
2025. The calculations reflect changes in the relevant foreign
currencies against the functional currency of the entity holding the
exposure, while the resulting gain or loss is presented in NOK.
Profit and loss impact of a 5% increase in functional currency
rates (presented in NOK)
NOK million
2025
2024
EUR - Net gain/(loss) (5%)
-99
-56
ZAR - Net gain/(loss) (5%)
-21
-14
UAH - Net gain/(loss) (5%)
-3
-10
MYR - Net gain/(loss) (5%)
-7
-7
EGP - Net gain/(loss) (5%)
-13
-7
USD - Net gain/(loss) (5%)
58
21
Interest rate risk
Scatec is exposed to interest rate risks through funding and cash
management activities. The interest rate risk management objective
is to minimise borrowing costs and keep the volatility of future
interest payments at an acceptable level. The Group manages its
interest rate risk either by using long-term financing at fixed rates or
using floating-to-fixed interest rate swaps subject to hedge
accounting. For details refer to Note 21 Derivative financial
instruments for overview of derivatives entered into by the Group.
Based on the Group\u2019s current interest-bearing debt portfolio, the
interest rate hedge ratio (weighted average) is approximately 83%
(69%) for the non-recourse project level debt. For corporate debt, the
hedge ratio is 33% in 2025 (36%).
Credit risk
Credit risk is the risk that Scatec\u2019s customers or counterparties will
cause financial loss by failing to meet their obligations. The Group is
exposed to third party credit risk in several instances, including off-
take partners who have committed buying electricity produced by or
on behalf of the Group, suppliers and/or contractors who are
engaged to construct or operate assets held by the Group, property
owners who are leasing land to the Group, banks providing financing
and guarantees of the obligations of other parties, insurance
companies providing coverage against various risks applicable to the
Group\u2019s assets, and other third parties who may have obligations
towards the Group.
Most of the electric power generated in the Group\u2019s current portfolio
of projects in operation or under construction is, or will be, sold
under long-term offtake agreements with public utilities or other
partners, or under Feed-in Tariff (\u201cFiT\u201d) arrangements, power
purchase agreements (PPAs) or similar support mechanisms
governed by law. The majority of these projects are supported by
government guarantees or have obligations regulated by law.
However, there is still a risk of legislative or other political action that
may impair their contractual performance.
The Group\u2019s main credit risks arise from credit exposures with
accounts receivables and deposits with financial institutions.\u00a0 All
major deposits and investments with financial institutions are kept
with entities that have a minimum international credit rating from
S&P of at least A- or equivalent.
Theoretically, the Group\u2019s maximum credit exposure is the statement
of financial position carrying amounts of financial loans and
receivables as well as cash and cash equivalents as disclosed in note
20 Financial instruments.
Refer to Note 14 Trade receivables for information on the expected
credit loss provision related to trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
Liquidity risk and capital management
Liquidity risk is the risk that Scatec will not be able to meet its
financial obligations when due. The Group manages liquidity risk
through the regular review of future commitments, cash flows from
operations and credit facilities. Scatec\u2019s liquidity risk depends on the
financial performance of operating assets in the portfolio and future
growth opportunities.
New regulations and shifts in global financing of green investments
may impact Scatec\u2019s ability, and terms, in obtaining financing in
future periods.
Scatec's capital management is designed to effectively manage
liquidity risk and ensure reliable access to capital. Scatec\u2019s
operations are funded to generate shareholder value through
profitable and sustainable growth.
Non-recourse project financing
Renewable energy companies (SPVs) are predominately financed by
equity from Scatec and co-investors and non-recourse loans from
project lenders. The SPVs are ring-fenced, meaning that the security
and repayment of the loans are limited to the project assets and
revenue.\u00a0 The financing has a clearly defined and limited risk profile
and there is no obligation for project equity investors to contribute
additional funding in the event of a default.
Free cash flows after debt service are distributed from the SPV to
Scatec and other project equity investors in accordance with the
ownership shares and the terms of the financing agreements. The
aim is to distribute all excess cash in the SPVs to maintain liquidity
and manage capital at the corporate level. In certain countries where
Scatec operates, the respective government has imposed regulations
on the repatriation of funds from the country. This may halt or delay
the flow of funds between Group companies. Scatec seeks to
minimise such risk by assessing the relevant jurisdictions and
regulations and adapting accordingly.
Refer to Note 23 Non-recourse project financing for an overview of
the Group\u2019s non-recourse project financing and related covenants.
Corporate financing
External funding on the corporate level includes various funding
sources to reduce dependency on a single bank and to optimise the
capital structure and liquidity in the Group. This includes equity and
corporate financing such as:
\u2022 Listed unsecured bonds and financing not pledged for collateral
\u2022 Vendor financing facility
\u2022 Credit facilities used to maintain flexibility in funding by maintaining
availability under committed credit facilities. The Group has
available funding through the USD 230 million Green Revolving
Credit Facility (RCF) and the USD 5 million Overdraft Facility. As of
31 December 2025, Scatec had not drawn on the facilities.
As disclosed in the Note 24 Trade payables and supplier finance, the
Group has financial arrangements in place with some of the
corporate banks that offer extended payment terms related to
supply of components of property, plant and equipment for the
projects under construction from selected suppliers. The suppliers
receive payments according to the payment terms of the invoices,
and Scatec settles the invoices with the issuing bank up to 150 days
later.
Other interest-bearing liabilities
Other interest\u2011bearing liabilities includes obligations that are secured
by corporate guarantees issued by Scatec ASA.
Refer to Note 22 Financing for further information regarding
corporate financing and other interest-bearing liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Liquidity risk and capital management
Liquidity risk is the risk that Scatec will not be able to meet its
financial obligations when due. The Group manages liquidity risk
through the regular review of future commitments, cash flows from
operations and credit facilities. Scatec\u2019s liquidity risk depends on the
financial performance of operating assets in the portfolio and future
growth opportunities.
New regulations and shifts in global financing of green investments
may impact Scatec\u2019s ability, and terms, in obtaining financing in
future periods.
Scatec's capital management is designed to effectively manage
liquidity risk and ensure reliable access to capital. Scatec\u2019s
operations are funded to generate shareholder value through
profitable and sustainable growth.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
Market risk
Scatec is exposed to foreign currency risks and interest rate risks
arising from financial instruments.
Currency risk
Scatec operates internationally and is subject to currency exposure
when transactions and monetary balances are denominated in
currencies other than the functional currency.
The Group\u2019s foreign currency risk mainly relates to exposures in USD
and EUR, including intercompany loans between the Company and
other group companies. The Company, having USD as the functional
currency, is exposed to transactions in other currencies. The
corporate bonds placed in NOK are all swapped to USD. Refer to
Note 22 Financing for further information.
For the Group\u2019s operating entities, currency risk is managed through
the structuring of the SPVs with natural hedges, where non-recourse
project financing, revenue and other transactions to a large extent
are denominated in the same currency. Construction revenues and
cost of sales may be denominated in various currencies. The
currency risk is mitigated through the use of multi\u2011currency
construction contracts, which serve as a natural hedge for cost of
sales, or through foreign exchange derivative contracts used to hedge
currency exposures. For details regarding derivatives, refer to Note 21
Derivative financial instruments.
The Group is exposed to currency fluctuations that impact dividend
distributions from the operating companies and dividend payments
to the shareholders of the parent company. According to Scatec\u2019s
policy, hedging against USD will be considered where liquidity
planning requires stability.
The sensitivity analysis shows the impact on profit and loss from the
revaluation of balances in foreign currency due to changes in
currencies that the Group is exposed to. The sensitivities have been
calculated on the basis of what Scatec views as reasonably possible
changes in the foreign exchange rates for the coming year and net
consolidated balances in different currencies as of 31 December
2025. The calculations reflect changes in the relevant foreign
currencies against the functional currency of the entity holding the
exposure, while the resulting gain or loss is presented in NOK.
Profit and loss impact of a 5% increase in functional currency
rates (presented in NOK)
NOK million
2025
2024
EUR - Net gain/(loss) (5%)
-99
-56
ZAR - Net gain/(loss) (5%)
-21
-14
UAH - Net gain/(loss) (5%)
-3
-10
MYR - Net gain/(loss) (5%)
-7
-7
EGP - Net gain/(loss) (5%)
-13
-7
USD - Net gain/(loss) (5%)
58
21
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
Currency risk
Scatec operates internationally and is subject to currency exposure
when transactions and monetary balances are denominated in
currencies other than the functional currency.
The Group\u2019s foreign currency risk mainly relates to exposures in USD
and EUR, including intercompany loans between the Company and
other group companies. The Company, having USD as the functional
currency, is exposed to transactions in other currencies. The
corporate bonds placed in NOK are all swapped to USD. Refer to
Note 22 Financing for further information.
For the Group\u2019s operating entities, currency risk is managed through
the structuring of the SPVs with natural hedges, where non-recourse
project financing, revenue and other transactions to a large extent
are denominated in the same currency. Construction revenues and
cost of sales may be denominated in various currencies. The
currency risk is mitigated through the use of multi\u2011currency
construction contracts, which serve as a natural hedge for cost of
sales, or through foreign exchange derivative contracts used to hedge
currency exposures. For details regarding derivatives, refer to Note 21
Derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
Currency risk
Scatec operates internationally and is subject to currency exposure
when transactions and monetary balances are denominated in
currencies other than the functional currency.
The Group\u2019s foreign currency risk mainly relates to exposures in USD
and EUR, including intercompany loans between the Company and
other group companies. The Company, having USD as the functional
currency, is exposed to transactions in other currencies. The
corporate bonds placed in NOK are all swapped to USD. Refer to
Note 22 Financing for further information.
For the Group\u2019s operating entities, currency risk is managed through
the structuring of the SPVs with natural hedges, where non-recourse
project financing, revenue and other transactions to a large extent
are denominated in the same currency. Construction revenues and
cost of sales may be denominated in various currencies. The
currency risk is mitigated through the use of multi\u2011currency
construction contracts, which serve as a natural hedge for cost of
sales, or through foreign exchange derivative contracts used to hedge
currency exposures. For details regarding derivatives, refer to Note 21
Derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
Credit risk
Credit risk is the risk that Scatec\u2019s customers or counterparties will
cause financial loss by failing to meet their obligations. The Group is
exposed to third party credit risk in several instances, including off-
take partners who have committed buying electricity produced by or
on behalf of the Group, suppliers and/or contractors who are
engaged to construct or operate assets held by the Group, property
owners who are leasing land to the Group, banks providing financing
and guarantees of the obligations of other parties, insurance
companies providing coverage against various risks applicable to the
Group\u2019s assets, and other third parties who may have obligations
towards the Group.
Most of the electric power generated in the Group\u2019s current portfolio
of projects in operation or under construction is, or will be, sold
under long-term offtake agreements with public utilities or other
partners, or under Feed-in Tariff (\u201cFiT\u201d) arrangements, power
purchase agreements (PPAs) or similar support mechanisms
governed by law. The majority of these projects are supported by
government guarantees or have obligations regulated by law.
However, there is still a risk of legislative or other political action that
may impair their contractual performance.
The Group\u2019s main credit risks arise from credit exposures with
accounts receivables and deposits with financial institutions.\u00a0 All
major deposits and investments with financial institutions are kept
with entities that have a minimum international credit rating from
S&P of at least A- or equivalent.
Theoretically, the Group\u2019s maximum credit exposure is the statement
of financial position carrying amounts of financial loans and
receivables as well as cash and cash equivalents as disclosed in note
20 Financial instruments.
Refer to Note 14 Trade receivables for information on the expected
credit loss provision related to trade receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
Note 20 Financial instruments
Accounting principle
The classification of financial assets depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model
for managing them.
The Group\u2019s financial assets at amortised cost mainly include
receivables and cash and cash equivalents. Financial assets at
amortised cost are subsequently measured by using the effective
interest (EIR) method and are subject to impairment assessment.\u00a0
Financial liabilities are initially recognised at fair value. For loans and
trade payables, the initial measurement is reduced by any directly
attributable transaction costs. The Group\u2019s financial liabilities include
trade and other payables, interest-bearing loans including bank
overdrafts and derivative financial instruments. A financial liability is
derecognised when the obligation is discharged, cancelled or expires.
After initial recognition, interest-bearing loans are subsequently
measured at amortised cost by way of the EIR method. The EIR
amortisation is included as finance costs in the statement of profit or
loss.
The Group\u2019s financial assets and liabilities at fair value through OCI
include effective cash flow hedges related to interest rate swaps on
external debt and foreign exchange forward contracts.
Estimation uncertainty
Fair value measurement
All assets and liabilities for which fair value is measured or disclosed in
the financial statements are categorised within the fair value hierarchy
on the basis of the lowest level input that is significant to the fair value
measurement.
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on the observable yield curves
(level 2). The fair value of foreign exchange derivative is calculated as the present value of the difference between the fixed forward rate and the
spot rate at the balance sheet date (level 2). The earn-out related to the sale of Dam Nai is accounted for using level 3 inputs, see Note 8 for
further disclosure. During the reporting period ending 31 December 2025, there were no transfers between the fair value levels. Refer to Note 21
Derivative financial instruments for details. There are no significant differences between the total carrying value and the fair value for financial
instruments measured at amortised cost. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial instrument by measurement category
NOK million
Measurement category
2025
2024
Assets
Debt instruments
Trade receivables
Amortised cost
555
487
Other debt instruments and receivables
Amortised cost
283
233
Cash and cash equivalents
Amortised cost
5,595
3,890
Derivatives
Interest rate swap
Fair value through OCI
226
360
Foreign exchange forward contracts
Fair value through OCI
193
41
Other debt instruments and receivables 1)
Fair value through PL
58
\u2013
Total financial assets
6,910
5,011
Total current
6,377
4,536
Total non-current
533
475
Liabilities
Interest-bearing loans and borrowings
Corporate financing
Amortised cost
6,774
8,879
Non-recourse financing loans
Amortised cost
22,787
18,829
Other interest-bearing liabilities
Amortised cost
1,697
500
Trade payables and supplier finance
Amortised cost
1,085
481
Shareholder loan from non-controlling interests
Amortised cost
757
469
Lease liability
Amortised cost
438
346
Derivatives
Interest rate swap
Fair value through OCI
317
213
Foreign exchange forward contracts and cross-currency interest rate swaps
Fair value through OCI
68
274
Total financial liabilities
33,923
29,989
Total current
4,033
5,120
Total non-current
29,891
24,870
1) Vietnam earn-out. See Note 8 Sale of project assets and disposal group held for sale
Changes in liabilities arising from financing activities
NOK million
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Corporate financing
Non-recourse financing
Other interest-bearing liabilities
Shareholder loan 2)
Supplier finance
Opening balance at 1 January
8,877
9,079
18,829
16,957
500
247
469
428
367
199
Cash movements during the year
Proceeds
2,225
1,702
5,425
3,953
1,754
212
364
34
470
286
Repayment
-3,782
-2,615
-1,155
-1,649
-523
\u2013
\u2013
-51
-327
-241
Interest paid 1)
-704
-842
-1,559
-1,620
-27
\u2013
-40
-35
-12
-10
Non- cash movements during the year
Accrued interest expense 1)
656
924
1,751
1,746
23
18
41
37
\u2013
\u2013
Disposal and reclassified to held for sale
\u2013
\u2013
\u2013
-337
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Changes in supplier finance
290
123
Deconsolidated and classified as JV
\u2013
\u2013
\u2013
-1,747
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange movements and other changes
-499
629
-504
1,525
-31
23
-75
56
52
10
Closing balance at 31 December
6,774
8,877
22,787
18,829
1,697
500
757
469
840
367
Of which current
427
2,150
1,871
1,900
449
500
\u2013
\u2013
840
367
Of which non-current
6,348
6,729
20,916
16,929
1,249
\u2013
757
469
1) Interest paid and accrued interest include capitalised borrowing cost. Capitalised borrowing cost is NOK 569 million for 2025.
2) Shareholder loan included as part of Other non-current liabilities in the statement of financial position
Refer to Note 12 Lease for maturity of lease liabilities. Refer to Note 24 Trade payables and supplier finance for more information about supplier finance arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
Accounting principle
The classification of financial assets depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model
for managing them.
The Group\u2019s financial assets at amortised cost mainly include
receivables and cash and cash equivalents. Financial assets at
amortised cost are subsequently measured by using the effective
interest (EIR) method and are subject to impairment assessment.\u00a0
Financial liabilities are initially recognised at fair value. For loans and
trade payables, the initial measurement is reduced by any directly
attributable transaction costs. The Group\u2019s financial liabilities include
trade and other payables, interest-bearing loans including bank
overdrafts and derivative financial instruments. A financial liability is
derecognised when the obligation is discharged, cancelled or expires.
After initial recognition, interest-bearing loans are subsequently
measured at amortised cost by way of the EIR method. The EIR
amortisation is included as finance costs in the statement of profit or
loss.
The Group\u2019s financial assets and liabilities at fair value through OCI
include effective cash flow hedges related to interest rate swaps on
external debt and foreign exchange forward contracts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Accounting principle
The classification of financial assets depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model
for managing them.
The Group\u2019s financial assets at amortised cost mainly include
receivables and cash and cash equivalents. Financial assets at
amortised cost are subsequently measured by using the effective
interest (EIR) method and are subject to impairment assessment.\u00a0
Financial liabilities are initially recognised at fair value. For loans and
trade payables, the initial measurement is reduced by any directly
attributable transaction costs. The Group\u2019s financial liabilities include
trade and other payables, interest-bearing loans including bank
overdrafts and derivative financial instruments. A financial liability is
derecognised when the obligation is discharged, cancelled or expires.
After initial recognition, interest-bearing loans are subsequently
measured at amortised cost by way of the EIR method. The EIR
amortisation is included as finance costs in the statement of profit or
loss.
The Group\u2019s financial assets and liabilities at fair value through OCI
include effective cash flow hedges related to interest rate swaps on
external debt and foreign exchange forward contracts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Financial instrument by measurement category
NOK million
Measurement category
2025
2024
Assets
Debt instruments
Trade receivables
Amortised cost
555
487
Other debt instruments and receivables
Amortised cost
283
233
Cash and cash equivalents
Amortised cost
5,595
3,890
Derivatives
Interest rate swap
Fair value through OCI
226
360
Foreign exchange forward contracts
Fair value through OCI
193
41
Other debt instruments and receivables 1)
Fair value through PL
58
\u2013
Total financial assets
6,910
5,011
Total current
6,377
4,536
Total non-current
533
475
Liabilities
Interest-bearing loans and borrowings
Corporate financing
Amortised cost
6,774
8,879
Non-recourse financing loans
Amortised cost
22,787
18,829
Other interest-bearing liabilities
Amortised cost
1,697
500
Trade payables and supplier finance
Amortised cost
1,085
481
Shareholder loan from non-controlling interests
Amortised cost
757
469
Lease liability
Amortised cost
438
346
Derivatives
Interest rate swap
Fair value through OCI
317
213
Foreign exchange forward contracts and cross-currency interest rate swaps
Fair value through OCI
68
274
Total financial liabilities
33,923
29,989
Total current
4,033
5,120
Total non-current
29,891
24,870
1) Vietnam earn-out. See Note 8 Sale of project assets and disposal group held for sale
Changes in liabilities arising from financing activities
NOK million
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Corporate financing
Non-recourse financing
Other interest-bearing liabilities
Shareholder loan 2)
Supplier finance
Opening balance at 1 January
8,877
9,079
18,829
16,957
500
247
469
428
367
199
Cash movements during the year
Proceeds
2,225
1,702
5,425
3,953
1,754
212
364
34
470
286
Repayment
-3,782
-2,615
-1,155
-1,649
-523
\u2013
\u2013
-51
-327
-241
Interest paid 1)
-704
-842
-1,559
-1,620
-27
\u2013
-40
-35
-12
-10
Non- cash movements during the year
Accrued interest expense 1)
656
924
1,751
1,746
23
18
41
37
\u2013
\u2013
Disposal and reclassified to held for sale
\u2013
\u2013
\u2013
-337
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Changes in supplier finance
290
123
Deconsolidated and classified as JV
\u2013
\u2013
\u2013
-1,747
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange movements and other changes
-499
629
-504
1,525
-31
23
-75
56
52
10
Closing balance at 31 December
6,774
8,877
22,787
18,829
1,697
500
757
469
840
367
Of which current
427
2,150
1,871
1,900
449
500
\u2013
\u2013
840
367
Of which non-current
6,348
6,729
20,916
16,929
1,249
\u2013
757
469
1) Interest paid and accrued interest include capitalised borrowing cost. Capitalised borrowing cost is NOK 569 million for 2025.
2) Shareholder loan included as part of Other non-current liabilities in the statement of financial position
Refer to Note 12 Lease for maturity of lease liabilities. Refer to Note 24 Trade payables and supplier finance for more information about supplier finance arrangements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
Note 21 Derivative financial instruments
Derivatives
The Group enters into derivative financial instruments to hedge
certain risk exposures as fluctuations in interest rates, foreign
exchange rates and power market prices. Derivative financial
instruments entered into include:
\u2022 Interest rate swaps (receive variable, pay fixed): used to hedge the
interest rate risks related to non-recourse financing of renewable
power production plants and for parts of the corporate debt
\u2022 Cross-currency interest rate swap: used to mitigate exposure to
fluctuations in future cashflows arising from principal and interest
payments in NOK. The instruments are structured as USD/NOK
cross\u2011currency swaps, under which the company receives NOK
(NIBOR plus a margin) and pays USD (SOFR plus a margin). The
swaps effectively convert NOK\u2011denominated debt into USD
exposure at a predetermined exchange rate.
\u2022 Foreign exchange derivative contracts: used to hedge the risk
related to financing and CAPEX denominated in foreign currencies
for projects under construction
\u2022 Cash-settled forward contracts: used to hedge exposure to
variability in cash flows from revenues earned in the spot market
and exposure to market risk
Hedge accounting
Derivative financial instruments are initially recognised at fair value
on the date on which a derivative contract is entered into and are
subsequently re-measured at fair value. The effective portion of cash
flow hedges is recognised in OCI and later reclassified to profit or
loss or non-financial items in the balance sheet, depending on the
nature of the source of the hedge when applicable. The Group
applies hedge accounting under IFRS 9 only to cash flow hedges that
meet the qualifying criteria.
Cash-settled forward contracts
In 2025, the Group entered into a 15\u2011year cash\u2011settled
Contract\u2011for\u2011Difference (CfD) in Romania to reduce exposure to
market price risk and improve financing terms. Under the CfD, the
Group receives or pays the difference between a contractual strike
price and a market reference rate, with monthly cash settlement.
The instrument hedges variability in cash flows from forecasted
spot\u2011market revenues and is designated as a cash flow hedge. The
hedge ratio equals 100% of forecasted monthly power generation.
Construction of the solar power plants in Romania will commence in
2026.
Derivative financial assets and liabilities
The tables below show the market value of the derivatives for the
years ending 2025 and 2024. Derivative instrument with a positive fair
value are recognised as financial assets, while derivatives with a
negative fair value are recognised as financial liabilities. The derivative
financial instruments are presented on a gross basis in the
consolidated statement of financial position, as the Group does not
have a legally enforceable right to offset the related cash flows.
NOK million
2025
2024
Interest rate swap contracts (assets)
Contracts maturing within 12 months
18
24
Contracts maturing after more than 12 months
209
336
Total interest rate swap contracts - financial assets
226
360
Foreign exchange contracts (assets)
Contracts maturing within 12 months
13
12
Contracts maturing after more than 12 months
238
29
Total Foreign exchange contracts - financial assets
251
41
Total contracts maturing within 12 months
31
36
Total contracts maturing after more than 12 months
447
365
Total derivative financial assets
477
401
NOK million
2025
2024
Interest rate swap contracts (liability)
Contracts maturing within 12 months
98
60
Contracts maturing after more than 12 months
219
153
Total Interest rate swap contracts - financial liabilities
317
213
Foreign exchange contracts (liability)
Contracts maturing within 12 months
61
4
Contracts maturing after more than 12 months
7
270
Total Foreign exchange contracts - financial liabilities
68
274
Total contracts maturing within 12 months
159
64
Total contracts maturing after more than 12 months
226
423
Total derivative financial liabilities
385
487
Interest rate swaps and cross-currency interest rate swaps
Cross\u2011currency swaps consist of both a foreign exchange component
and an interest-rate component. The group presents the value
changes arising from the foreign exchange component under \u201cforeign
exchange contracts\u201d, while the value changes related to the interest-
rate component are presented under \u201cinterest rate swaps\u201d.
In 2024, Scatec ASA entered into a cross\u2011currency fixed\u2011for\u2011floating
interest rate swap related to its unsecured NOK 1,750 million bond.
The principal amount was swapped into USD 164 million, and the
floating NIBOR\u2011based interest payments were converted into fixed
SOFR\u2011based payments.
In 2025, Scatec ASA entered into additional cross\u2011currency interest
rate swap agreements for its unsecured green bonds of NOK 1,250
million and NOK 1,000 million, converting both instruments into USD
exposure.
Interest rate swaps by country
Overview 2025
Country
Notional
amount (NOK
million)
Fixed rate
Floating reference rate
Maturity
Norway
453
3,37%-3,46%
3-month USD SOFR
2029-2030
Norway
1,750
4.41%
3-month USD SOFR
2028
South Africa
5,234
7.42%-9.78%
3-month JIBAR
2026-2028
Egypt
2,998
2.15%-4,12%
USD SOFR
Compounded
2041-2046
Malaysia
180
4.30%
6-month KLIBOR
2028
Botswana
343
3.78%-4.27%
USD SOFR
Compounded
2044-2045
Overview 2024
Country
Notional
amount (NOK
million)
Fixed rate
Floating reference rate
Maturity
Norway
1,352
0.40%
USD SOFR
Compounded
2025
Norway
1,750
4.41%
3-month USD SOFR
2028
South Africa
5,429
7.42%-9.78%
3-month JIBAR
2025-2028
Egypt
2,485
2.15%
USD SOFR
Compounded
2041
Malaysia
204
4.30%
6-month KLIBOR
2028
Botswana
379
3.78%-4.27%
USD SOFR
Compounded
2044-2045
Foreign exchange derivatives
Foreign exchange derivatives primarily consist of USD/ZAR currency
forward contracts entered into in connection with power plants
under construction in South Africa, to hedge currency exposure on
equipment purchases denominated in USD. The derivatives are
initially recognised in the statement of financial position at fair value.
As the forecast transactions give rise to the recognition of a non-
financial item (property, plant and equipment), the effective portion
of gains or losses on the hedging instrument that has accumulated in
the cash flow hedge reserve is subsequently adjusted against the
carrying amount of the related asset. This adjustment is made
through a direct transfer from the cash flow hedge reserve in equity
to that hedged item once it is recognised in the statement of
financial position.
Forward exchange contracts (FEC) and Cross-Currency Swaps
(CCS) by country
Overview 2025
Country
Notional
amount (NOK
million)
Weighted
average rate
FEC and CCS by
country
Maturity
Norway
5,000
10.61
USD/NOK CCS (pay
USD, receive NOK)
2027-2030
South Africa
757
18.51
ZAR/USD FEC (sell
USD, buy ZAR)
2026
Overview 2024
Country
Notional
amount (NOK
million)
Weighted
average rate
FEC and CCS by
country
Maturity
Norway
2,750
10.52
USD/NOK CCS (pay
USD, receive NOK)
2027-2029
South Africa
848
18.59
ZAR/USD FEC (sell
USD, buy ZAR)
2025-2026
Botswana
27
13.80
BWP/USD FEC (sell
BWP, buy USD)
2025
Botswana
74
14.02
BWP/USD FEC (buy
BWP, sell USD)
2025
Reconciliation of hedging reserve
NOK million
2025
2024
Opening balance
116
98
Amount reclassified from OCI to profit or loss, gross
-424
97
Amount reclassified from OCI to profit or loss, tax effect
90
-23
Unrealised gain/(loss) during the year
169
-68
Unrealised gain/(loss) during the year, tax effect OCI
-33
14
Currency effects
-31
-2
Closing balance
-114
116
Of which equity holders of the parent company
-18
30
For projects under construction, unrealised gains and losses are
capitalised. The reclassification from OCI to profit or loss in 2025 is
largely impacted by revaluation of corporate financing in the
Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
Derivatives
The Group enters into derivative financial instruments to hedge
certain risk exposures as fluctuations in interest rates, foreign
exchange rates and power market prices. Derivative financial
instruments entered into include:
\u2022 Interest rate swaps (receive variable, pay fixed): used to hedge the
interest rate risks related to non-recourse financing of renewable
power production plants and for parts of the corporate debt
\u2022 Cross-currency interest rate swap: used to mitigate exposure to
fluctuations in future cashflows arising from principal and interest
payments in NOK. The instruments are structured as USD/NOK
cross\u2011currency swaps, under which the company receives NOK
(NIBOR plus a margin) and pays USD (SOFR plus a margin). The
swaps effectively convert NOK\u2011denominated debt into USD
exposure at a predetermined exchange rate.
\u2022 Foreign exchange derivative contracts: used to hedge the risk
related to financing and CAPEX denominated in foreign currencies
for projects under construction
\u2022 Cash-settled forward contracts: used to hedge exposure to
variability in cash flows from revenues earned in the spot market
and exposure to market risk
Hedge accounting
Derivative financial instruments are initially recognised at fair value
on the date on which a derivative contract is entered into and are
subsequently re-measured at fair value. The effective portion of cash
flow hedges is recognised in OCI and later reclassified to profit or
loss or non-financial items in the balance sheet, depending on the
nature of the source of the hedge when applicable. The Group
applies hedge accounting under IFRS 9 only to cash flow hedges that
meet the qualifying criteria.
Cash-settled forward contracts
In 2025, the Group entered into a 15\u2011year cash\u2011settled
Contract\u2011for\u2011Difference (CfD) in Romania to reduce exposure to
market price risk and improve financing terms. Under the CfD, the
Group receives or pays the difference between a contractual strike
price and a market reference rate, with monthly cash settlement.
The instrument hedges variability in cash flows from forecasted
spot\u2011market revenues and is designated as a cash flow hedge. The
hedge ratio equals 100% of forecasted monthly power generation.
Construction of the solar power plants in Romania will commence in
2026.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
Derivatives
The Group enters into derivative financial instruments to hedge
certain risk exposures as fluctuations in interest rates, foreign
exchange rates and power market prices. Derivative financial
instruments entered into include:
\u2022 Interest rate swaps (receive variable, pay fixed): used to hedge the
interest rate risks related to non-recourse financing of renewable
power production plants and for parts of the corporate debt
\u2022 Cross-currency interest rate swap: used to mitigate exposure to
fluctuations in future cashflows arising from principal and interest
payments in NOK. The instruments are structured as USD/NOK
cross\u2011currency swaps, under which the company receives NOK
(NIBOR plus a margin) and pays USD (SOFR plus a margin). The
swaps effectively convert NOK\u2011denominated debt into USD
exposure at a predetermined exchange rate.
\u2022 Foreign exchange derivative contracts: used to hedge the risk
related to financing and CAPEX denominated in foreign currencies
for projects under construction
\u2022 Cash-settled forward contracts: used to hedge exposure to
variability in cash flows from revenues earned in the spot market
and exposure to market risk", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
Hedge accounting
Derivative financial instruments are initially recognised at fair value
on the date on which a derivative contract is entered into and are
subsequently re-measured at fair value. The effective portion of cash
flow hedges is recognised in OCI and later reclassified to profit or
loss or non-financial items in the balance sheet, depending on the
nature of the source of the hedge when applicable. The Group
applies hedge accounting under IFRS 9 only to cash flow hedges that
meet the qualifying criteria.
Cash-settled forward contracts
In 2025, the Group entered into a 15\u2011year cash\u2011settled
Contract\u2011for\u2011Difference (CfD) in Romania to reduce exposure to
market price risk and improve financing terms. Under the CfD, the
Group receives or pays the difference between a contractual strike
price and a market reference rate, with monthly cash settlement.
The instrument hedges variability in cash flows from forecasted
spot\u2011market revenues and is designated as a cash flow hedge. The
hedge ratio equals 100% of forecasted monthly power generation.
Construction of the solar power plants in Romania will commence in
2026.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
Note 22 Financing
Corporate financing
Bonds
In 2025, Scatec ASA issued a NOK 1,250 million 4-year senior
unsecured green bond with a coupon of 3-month NIBOR + 3.15% p.a,
and a NOK 1,000 million 4.25-year senior unsecured green bond with
a-3 month NIBOR + 2.85% p.a. The outstanding senior unsecured
bond of EUR 114 million bond from 2024 was repaid in 2025.
In addition, Scatec ASA issued a NOK 1,750 million 4-year senior
unsecured bond in 2024 at 3-month NIBOR + 4.25%., followed by a
NOK 1,000 million 4-year senior unsecured green bond in 2023 at 3-
month NIBOR + 6.6%.\u00a0
Scatec\u2019s bonds in NOK are all swapped to USD. At year-end 2025,\u00a0
the interest hedge ratio for Scatec\u2019s corporate debt was 33%.
Corporate financing facilities - Green term loans
The USD 150 million Green Term Loan and USD 100 million Green
Term Loan were provided by Nordea, DNB and Swedbank and
amortised through semi-annual repayments of USD 7.5 million and
USD 5 million respectively. Both term loans were repaid in 2025.
Vendor financing facility
As of 31 December 2025, USD 170 million vendor financing provided
by Norfund was outstanding. USD 30 million falls due in 2026 and the
remaining USD 140 million falls due in 2028. USD 30 million of the
vendor financing facility was repaid in 2025. The facility relates to the
acquisition of SN Power in 2021.
Green revolving credit facility
With effective date of 30 April 2025, Scatec\u2019s revolving credit facility
provided by Nordea Bank, DNB, Swedbank and BNP Paribas increased
from USD 180 million in 2024 to USD 230 million in 2025. The facility
is a Multi Currency Facility and can be drawn in any currency agreed
with the banks. The facility remained undrawn at year-end 2025.
Overdraft facility
The USD 5 million overdraft facility with Nordea remained undrawn
at year-end 2025.
Other interest-bearing liabilities
In 2022, Scatec and PowerChina Guizhou Engineering Co
(\u201cPowerChina\u201d) signed a revised payment plan for the construction
loan for the Progressovka power plant in Ukraine where part of the
loan was paid in 2022 and 2023. The last tranche of EUR 22 million
and accrued interest was paid in 2025.
In 2024, one of Scatec\u2019s power plant entities in Egypt made a USD 20
million drawdown on an Equity Bridge loan provided by EBRD relating
to the Egypt Green Hydrogen project. In 2025, the maturity date of
the facility was extended to the first half of 2026.
In 2025, one of Scatec\u2019s holding companies with direct ownership in
the Rio Urucuia project in Brazil made a EUR 25 million drawdown on
an Equity Bridge loan provided by the Investment Fund of Developing
Countries (IFU), due in the first quarter of 2028. Further, two of
Scatec\u2019s holding companies with direct ownership in the Tozeur and
Sidi Bouzid projects in Tunisia made drawdowns of EUR 20 million on
Equity Bridge loans provided by EBRD in 2025, due in the third
quarter of 2026.
In 2025 one of Scatec\u2019s power plant entities in Egypt made
drawdowns on the Equity Bridge Loans provided by EBRD and the
Arab Energy Fund, relating to the Obelisk project. The facilities fall
due in 2027 and 2028 respectively. At year-end, the total outstanding
balance amounted to USD 96 million.
Scatec ASA has provided corporate guarantees for its share in
support of the obligations of the Equity Bridge loans.
Covenants
Bonds and Corporate financing facilities are subject to the following
financial covenants:
\u2022 Minimum liquidity ratio for the parent company and recourse group
calculated as the sum of free cash and available undrawn credit
facilities.
\u2022 Maximum debt-to-capitalisation ratio for the recourse group,
calculated as gross debt, excluding vendor financing and any
permitted EPC financing, divided by the total capital of the recourse
group, which includes gross debt and book equity.
\u2022 Interest coverage ratio is calculated as Cash Flow to Equity divided
by the net interest costs of the Recourse Group.
For Equity Bridge Loans (EBLs) entered into by the Group, the key
covenant principles are aligned with those applicable to the Bonds
and the Corporate financing facilities as described above. The EBL
facility related to Rio Urucuia is not subject to any covenants.
Covenants are tested at the end of each quarter. There is no
indication that the Group will have difficulty complying with these
covenants within 12 months of the reporting date. As of 31 December
2025 and as of 31 December 2024, Scatec was in compliance with all
financial covenants for the above facilities. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overview of Corporate Financing
Corporate financing
Currency
Denominated currency
value (million)
Maturity
Carrying value 31
December 2025 (NOK
Million)
Carrying value 31
December 2024 (NOK
Million)
Green Bond EUR (Ticker: SCATC03 NO0010931181)
EUR
114
Q3 2025
\u2013
1,343
Green Bond NOK (Ticker: SCATC04
NO0012837030)
NOK
1,000
Q1 2027
994
992
Green Bond NOK (Ticker: SCATC05 NO0013144964)
NOK
1,750
Q1 2028
1,733
1,727
Green Bond NOK (Ticker: SCATC06 NO0013476101)
NOK
1,250
Q1 2029
1,234
\u2013
Green Bond NOK (Ticker: SCATC07 NO0013696435)
NOK
1,000
Q1 2030
982
\u2013
Total unsecured bonds
4,941
4,062
USD 150 million Green Term Loan
USD
Q4 2027
\u2013
1,352
USD 100 million Green Term Loan
USD
Q4 2027
\u2013
1,013
Total secured financing
\u2013
2,364
Vendor Financing (Norfund)
USD
170
Q1 2028
1,709
2,270
Total unsecured financing
1,709
2,270
Revolving credit facility
USD
230
Q3 2027
\u2013
\u2013
Overdraft facility
USD
5
\u2013
\u2013
Total Principal amount
6,650
8,696
Accrued interest
124
182
Total Corporate financing
6,774
8,878
As of non-current
6,348
6,729
As of current
427
2,150
Note 23 Non-recourse project financing
The table below presents non\u2011recourse project financing outstanding
as of 31 December 2025 and 2024, together with the corresponding
effective interest rates, including the effects of hedging. The interest
rates represent a calculated weighted average for each portfolio. See
Note 19 Financial risk management. Further see Note 20 Financial
instruments for accounting principle for financial liabilities recognised
at amortised cost.
NOK million
Interest
rate 2025
Maturity
date
2025
2024
South Africa - Kenhardt
12.08%
2041
7,773
7,705
South Africa - Grootfontein
10.88%
2045
2,596
2,304
South Africa - Mogobe BESS
9.12%
2041
1,137
446
Egypt - Benban
5.21%
2041
2,663
3,217
Egypt - Obelisk
5.42%
2046
3,553
\u2013
Malaysia - QSP (Semenanjung)
6.00%
2035
1,575
1,760
Malaysia - Red Sol
4.48%
2028
211
243
Botswana
7.75%
2045
791
402
Pakistan
9.59%
2037
569
681
Jordan
6.83%
2032
507
644
Ukraine
7.29%
2029
501
736
Tunisia
4.19%
2043
453
447
Brazil - Rio Urucuia
9.60%
2046
255
\u2013
Czech Republic
4.90%
2029
203
245
Total non-recourse project
financing
22,787
18,829
Of which non-current non-
recourse project financing
20,916
16,929
Of which current non-recourse
project financing
1,417
1,623
Of which accrued interest
expense
454
277
Repayment structure of non-recourse project financing
NOK million
Loan
Repayment
Interest
payment
Total
2026
1,417
1,866
3,283
2027
763
1,843
2,606
2028
997
1,800
2,797
2029
755
1,638
2,393
2030
771
1,594
2,365
2031
851
1,545
2,396
2032
963
1,492
2,455
2033
1,111
1,429
2,540
2034
1,387
1,337
2,724
2035
1,468
1,227
2,695
2036
1,411
1,110
2,521
2037
1,590
978
2,568
2038
1,588
843
2,431
2039
1,673
703
2,376
2040
1,535
557
2,092
2041
1,851
402
2,253
2042
619
267
886
2043
659
200
859
2044
619
110
729
2045
531
34
565
2046
169
3
172
Total future loan and interest repayments
22,728
20,976
43,704
Covenants
Under the terms of the non-recourse project financing agreements,
Scatec is required to comply with several financial and non-financial
covenants in different countries at the end of each annual and/or
interim period. The key financial covenants include:
\u2022 Historic and projected debt service coverage ratios (DSCR)
\u2022 Debt service reserve account (DSRA) levels that Scatec is required
to maintain equal to several months of revenues following the
covenant reporting period
\u2022 Debt service reserve account (DSRA) covering the next debt
repayment
\u2022 Equity ratio
\u2022 Debt-to-equity ratio
\u2022 Loan life cover ratio
\u2022 Current ratio
The agreements also contain restrictions on, inter alia, hedging
policies, new activities and consents, amendments to the key
agreements and insurance policies, pledges and guarantees, financial
indebtedness and giving financial support, capital expenditures and
changes of shareholder structure and auditors, as well as several
undertakings related to budgets, and financial and operational
reporting.
For four of the five companies operating in the Czech Republic, the
non-recourse financing agreements include a cross-default clause
within the Czech group.
Ukraine
The current non-recourse project financing as of 31 December 2025
includes NOK 501 million in non-recourse debt in Ukraine. All of
Scatec\u2019s power plant companies in Ukraine with non-recourse
project financing are in breach of several covenants in the loan
agreements as of 2025 and non-recourse project financing is
presented as current non-recourse project financing. Scatec has a
continuous and constructive dialogue with the lenders and the
parties have agreed on a non-formalised \u201cstand still\u201d. Loan
repayments are based on cash availability but classified as current
with maturity date of principal payments in 2026 in the repayment
structure table. It is expected that Scatec\u2019s power plant companies in
Ukraine will be in breach of several covenants in the foreseeable
future.
Pakistan
The Sukkur project in Pakistan was awarded a \u201ccost plus tariff\u201d by the
National Electric Power Regulatory Authority (NEPRA) in 2020.
Revenue is recorded on a basis of a lower reference tariff and is
subject to a \u201ctariff true up\u201d following approval by NEPRA. The process
is expected to take approximately 18-24 months. Due to lower
revenues during the tariff true up process, Scatec\u2019s power plant
companies in Pakistan faced a risk of non-compliance with
applicable bank covenants. Scatec has agreed on a waiver until the
project completion date which will occur after the tariff true up
process is finalised. Non-recourse project financing in Pakistan is
classified as non-current at year-end 2025.
Scatec is monitoring covenants compliance on an ongoing basis and
there are no indications that Scatec will be in default on any
covenants for its consolidated entities in the following 12 months.
However, unforeseen events impacting the financial performance of
the operating entities, and consequently covenant compliance, may
occur as Scatec\u2019s financial performance to a large degree relies on
timeliness for construction execution, government adherence to
contractual obligations and various laws and regulations. Further,
Scatec is subject to political risk, including expropriation, changes in
tax regulations, capital restrictions and civil unrest in the countries in
which it operates.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
Note 22 Financing
Corporate financing
Bonds
In 2025, Scatec ASA issued a NOK 1,250 million 4-year senior
unsecured green bond with a coupon of 3-month NIBOR + 3.15% p.a,
and a NOK 1,000 million 4.25-year senior unsecured green bond with
a-3 month NIBOR + 2.85% p.a. The outstanding senior unsecured
bond of EUR 114 million bond from 2024 was repaid in 2025.
In addition, Scatec ASA issued a NOK 1,750 million 4-year senior
unsecured bond in 2024 at 3-month NIBOR + 4.25%., followed by a
NOK 1,000 million 4-year senior unsecured green bond in 2023 at 3-
month NIBOR + 6.6%.\u00a0
Scatec\u2019s bonds in NOK are all swapped to USD. At year-end 2025,\u00a0
the interest hedge ratio for Scatec\u2019s corporate debt was 33%.
Corporate financing facilities - Green term loans
The USD 150 million Green Term Loan and USD 100 million Green
Term Loan were provided by Nordea, DNB and Swedbank and
amortised through semi-annual repayments of USD 7.5 million and
USD 5 million respectively. Both term loans were repaid in 2025.
Vendor financing facility
As of 31 December 2025, USD 170 million vendor financing provided
by Norfund was outstanding. USD 30 million falls due in 2026 and the
remaining USD 140 million falls due in 2028. USD 30 million of the
vendor financing facility was repaid in 2025. The facility relates to the
acquisition of SN Power in 2021.
Green revolving credit facility
With effective date of 30 April 2025, Scatec\u2019s revolving credit facility
provided by Nordea Bank, DNB, Swedbank and BNP Paribas increased
from USD 180 million in 2024 to USD 230 million in 2025. The facility
is a Multi Currency Facility and can be drawn in any currency agreed
with the banks. The facility remained undrawn at year-end 2025.
Overdraft facility
The USD 5 million overdraft facility with Nordea remained undrawn
at year-end 2025.
Other interest-bearing liabilities
In 2022, Scatec and PowerChina Guizhou Engineering Co
(\u201cPowerChina\u201d) signed a revised payment plan for the construction
loan for the Progressovka power plant in Ukraine where part of the
loan was paid in 2022 and 2023. The last tranche of EUR 22 million
and accrued interest was paid in 2025.
In 2024, one of Scatec\u2019s power plant entities in Egypt made a USD 20
million drawdown on an Equity Bridge loan provided by EBRD relating
to the Egypt Green Hydrogen project. In 2025, the maturity date of
the facility was extended to the first half of 2026.
In 2025, one of Scatec\u2019s holding companies with direct ownership in
the Rio Urucuia project in Brazil made a EUR 25 million drawdown on
an Equity Bridge loan provided by the Investment Fund of Developing
Countries (IFU), due in the first quarter of 2028. Further, two of
Scatec\u2019s holding companies with direct ownership in the Tozeur and
Sidi Bouzid projects in Tunisia made drawdowns of EUR 20 million on
Equity Bridge loans provided by EBRD in 2025, due in the third
quarter of 2026.
In 2025 one of Scatec\u2019s power plant entities in Egypt made
drawdowns on the Equity Bridge Loans provided by EBRD and the
Arab Energy Fund, relating to the Obelisk project. The facilities fall
due in 2027 and 2028 respectively. At year-end, the total outstanding
balance amounted to USD 96 million.
Scatec ASA has provided corporate guarantees for its share in
support of the obligations of the Equity Bridge loans.
Covenants
Bonds and Corporate financing facilities are subject to the following
financial covenants:
\u2022 Minimum liquidity ratio for the parent company and recourse group
calculated as the sum of free cash and available undrawn credit
facilities.
\u2022 Maximum debt-to-capitalisation ratio for the recourse group,
calculated as gross debt, excluding vendor financing and any
permitted EPC financing, divided by the total capital of the recourse
group, which includes gross debt and book equity.
\u2022 Interest coverage ratio is calculated as Cash Flow to Equity divided
by the net interest costs of the Recourse Group.
For Equity Bridge Loans (EBLs) entered into by the Group, the key
covenant principles are aligned with those applicable to the Bonds
and the Corporate financing facilities as described above. The EBL
facility related to Rio Urucuia is not subject to any covenants.
Covenants are tested at the end of each quarter. There is no
indication that the Group will have difficulty complying with these
covenants within 12 months of the reporting date. As of 31 December
2025 and as of 31 December 2024, Scatec was in compliance with all
financial covenants for the above facilities. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overview of Corporate Financing
Corporate financing
Currency
Denominated currency
value (million)
Maturity
Carrying value 31
December 2025 (NOK
Million)
Carrying value 31
December 2024 (NOK
Million)
Green Bond EUR (Ticker: SCATC03 NO0010931181)
EUR
114
Q3 2025
\u2013
1,343
Green Bond NOK (Ticker: SCATC04
NO0012837030)
NOK
1,000
Q1 2027
994
992
Green Bond NOK (Ticker: SCATC05 NO0013144964)
NOK
1,750
Q1 2028
1,733
1,727
Green Bond NOK (Ticker: SCATC06 NO0013476101)
NOK
1,250
Q1 2029
1,234
\u2013
Green Bond NOK (Ticker: SCATC07 NO0013696435)
NOK
1,000
Q1 2030
982
\u2013
Total unsecured bonds
4,941
4,062
USD 150 million Green Term Loan
USD
Q4 2027
\u2013
1,352
USD 100 million Green Term Loan
USD
Q4 2027
\u2013
1,013
Total secured financing
\u2013
2,364
Vendor Financing (Norfund)
USD
170
Q1 2028
1,709
2,270
Total unsecured financing
1,709
2,270
Revolving credit facility
USD
230
Q3 2027
\u2013
\u2013
Overdraft facility
USD
5
\u2013
\u2013
Total Principal amount
6,650
8,696
Accrued interest
124
182
Total Corporate financing
6,774
8,878
As of non-current
6,348
6,729
As of current
427
2,150
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Corporate financing facilities - Green term loans
The USD 150 million Green Term Loan and USD 100 million Green
Term Loan were provided by Nordea, DNB and Swedbank and
amortised through semi-annual repayments of USD 7.5 million and
USD 5 million respectively. Both term loans were repaid in 2025.
Vendor financing facility
As of 31 December 2025, USD 170 million vendor financing provided
by Norfund was outstanding. USD 30 million falls due in 2026 and the
remaining USD 140 million falls due in 2028. USD 30 million of the
vendor financing facility was repaid in 2025. The facility relates to the
acquisition of SN Power in 2021.
Green revolving credit facility
With effective date of 30 April 2025, Scatec\u2019s revolving credit facility
provided by Nordea Bank, DNB, Swedbank and BNP Paribas increased
from USD 180 million in 2024 to USD 230 million in 2025. The facility
is a Multi Currency Facility and can be drawn in any currency agreed
with the banks. The facility remained undrawn at year-end 2025.
Overdraft facility
The USD 5 million overdraft facility with Nordea remained undrawn
at year-end 2025.
Overview of Corporate Financing
Corporate financing
Currency
Denominated currency
value (million)
Maturity
Carrying value 31
December 2025 (NOK
Million)
Carrying value 31
December 2024 (NOK
Million)
Green Bond EUR (Ticker: SCATC03 NO0010931181)
EUR
114
Q3 2025
\u2013
1,343
Green Bond NOK (Ticker: SCATC04
NO0012837030)
NOK
1,000
Q1 2027
994
992
Green Bond NOK (Ticker: SCATC05 NO0013144964)
NOK
1,750
Q1 2028
1,733
1,727
Green Bond NOK (Ticker: SCATC06 NO0013476101)
NOK
1,250
Q1 2029
1,234
\u2013
Green Bond NOK (Ticker: SCATC07 NO0013696435)
NOK
1,000
Q1 2030
982
\u2013
Total unsecured bonds
4,941
4,062
USD 150 million Green Term Loan
USD
Q4 2027
\u2013
1,352
USD 100 million Green Term Loan
USD
Q4 2027
\u2013
1,013
Total secured financing
\u2013
2,364
Vendor Financing (Norfund)
USD
170
Q1 2028
1,709
2,270
Total unsecured financing
1,709
2,270
Revolving credit facility
USD
230
Q3 2027
\u2013
\u2013
Overdraft facility
USD
5
\u2013
\u2013
Total Principal amount
6,650
8,696
Accrued interest
124
182
Total Corporate financing
6,774
8,878
As of non-current
6,348
6,729
As of current
427
2,150
Note 23 Non-recourse project financing
The table below presents non\u2011recourse project financing outstanding
as of 31 December 2025 and 2024, together with the corresponding
effective interest rates, including the effects of hedging. The interest
rates represent a calculated weighted average for each portfolio. See
Note 19 Financial risk management. Further see Note 20 Financial
instruments for accounting principle for financial liabilities recognised
at amortised cost.
NOK million
Interest
rate 2025
Maturity
date
2025
2024
South Africa - Kenhardt
12.08%
2041
7,773
7,705
South Africa - Grootfontein
10.88%
2045
2,596
2,304
South Africa - Mogobe BESS
9.12%
2041
1,137
446
Egypt - Benban
5.21%
2041
2,663
3,217
Egypt - Obelisk
5.42%
2046
3,553
\u2013
Malaysia - QSP (Semenanjung)
6.00%
2035
1,575
1,760
Malaysia - Red Sol
4.48%
2028
211
243
Botswana
7.75%
2045
791
402
Pakistan
9.59%
2037
569
681
Jordan
6.83%
2032
507
644
Ukraine
7.29%
2029
501
736
Tunisia
4.19%
2043
453
447
Brazil - Rio Urucuia
9.60%
2046
255
\u2013
Czech Republic
4.90%
2029
203
245
Total non-recourse project
financing
22,787
18,829
Of which non-current non-
recourse project financing
20,916
16,929
Of which current non-recourse
project financing
1,417
1,623
Of which accrued interest
expense
454
277
Repayment structure of non-recourse project financing
NOK million
Loan
Repayment
Interest
payment
Total
2026
1,417
1,866
3,283
2027
763
1,843
2,606
2028
997
1,800
2,797
2029
755
1,638
2,393
2030
771
1,594
2,365
2031
851
1,545
2,396
2032
963
1,492
2,455
2033
1,111
1,429
2,540
2034
1,387
1,337
2,724
2035
1,468
1,227
2,695
2036
1,411
1,110
2,521
2037
1,590
978
2,568
2038
1,588
843
2,431
2039
1,673
703
2,376
2040
1,535
557
2,092
2041
1,851
402
2,253
2042
619
267
886
2043
659
200
859
2044
619
110
729
2045
531
34
565
2046
169
3
172
Total future loan and interest repayments
22,728
20,976
43,704
Covenants
Under the terms of the non-recourse project financing agreements,
Scatec is required to comply with several financial and non-financial
covenants in different countries at the end of each annual and/or
interim period. The key financial covenants include:
\u2022 Historic and projected debt service coverage ratios (DSCR)
\u2022 Debt service reserve account (DSRA) levels that Scatec is required
to maintain equal to several months of revenues following the
covenant reporting period
\u2022 Debt service reserve account (DSRA) covering the next debt
repayment
\u2022 Equity ratio
\u2022 Debt-to-equity ratio
\u2022 Loan life cover ratio
\u2022 Current ratio
The agreements also contain restrictions on, inter alia, hedging
policies, new activities and consents, amendments to the key
agreements and insurance policies, pledges and guarantees, financial
indebtedness and giving financial support, capital expenditures and
changes of shareholder structure and auditors, as well as several
undertakings related to budgets, and financial and operational
reporting.
For four of the five companies operating in the Czech Republic, the
non-recourse financing agreements include a cross-default clause
within the Czech group.
Ukraine
The current non-recourse project financing as of 31 December 2025
includes NOK 501 million in non-recourse debt in Ukraine. All of
Scatec\u2019s power plant companies in Ukraine with non-recourse
project financing are in breach of several covenants in the loan
agreements as of 2025 and non-recourse project financing is
presented as current non-recourse project financing. Scatec has a
continuous and constructive dialogue with the lenders and the
parties have agreed on a non-formalised \u201cstand still\u201d. Loan
repayments are based on cash availability but classified as current
with maturity date of principal payments in 2026 in the repayment
structure table. It is expected that Scatec\u2019s power plant companies in
Ukraine will be in breach of several covenants in the foreseeable
future.
Pakistan
The Sukkur project in Pakistan was awarded a \u201ccost plus tariff\u201d by the
National Electric Power Regulatory Authority (NEPRA) in 2020.
Revenue is recorded on a basis of a lower reference tariff and is
subject to a \u201ctariff true up\u201d following approval by NEPRA. The process
is expected to take approximately 18-24 months. Due to lower
revenues during the tariff true up process, Scatec\u2019s power plant
companies in Pakistan faced a risk of non-compliance with
applicable bank covenants. Scatec has agreed on a waiver until the
project completion date which will occur after the tariff true up
process is finalised. Non-recourse project financing in Pakistan is
classified as non-current at year-end 2025.
Scatec is monitoring covenants compliance on an ongoing basis and
there are no indications that Scatec will be in default on any
covenants for its consolidated entities in the following 12 months.
However, unforeseen events impacting the financial performance of
the operating entities, and consequently covenant compliance, may
occur as Scatec\u2019s financial performance to a large degree relies on
timeliness for construction execution, government adherence to
contractual obligations and various laws and regulations. Further,
Scatec is subject to political risk, including expropriation, changes in
tax regulations, capital restrictions and civil unrest in the countries in
which it operates.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
Note 24 Trade payables and supplier finance
NOK million
2025
2024
Trade payables
244
114
Trade payables that are part of supplier finance
arrangements
840
367
Total trade and other payables
1,085
481
The Group has agreed financial arrangements with the corporate
banks, offering extended payment terms related to supply of
components for property, plant and equipment to projects under
construction, from selected suppliers.
Trade and other payables balance as of 31 December 2025 includes
documentary credits (supplier finance arrangements) that are issued
to the suppliers through Scatec ASA\u2019s banking group as part of
working capital management during construction. Suppliers receive
payments by drawing on the documentary credits in accordance with
the invoice payment terms (normally 60 days). Scatec settles the
invoices with the issuing banks 150 days later. The documentary
credits carry interest rates based on SOFR plus an agreed margin.
The total interest expense in 2025 was NOK 12 million.
In the cash flow statement, amounts paid by the bank to suppliers
on behalf of the Group are presented as \u2018Proceeds received under
supplier finance arrangements\u2019. This includes all payments in the
year, including outstanding amounts from previous year. Payments
made by the Group to the bank to settle these balances are
presented as \u2018Repayments under supplier finance arrangements\u2019.
NOK million
2025
Carrying amount of trade payables that are part of a supplier
finance arrangement
840
Of which suppliers have received payment
-405
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
Trade and other payables balance as of 31 December 2025 includes
documentary credits (supplier finance arrangements) that are issued
to the suppliers through Scatec ASA\u2019s banking group as part of
working capital management during construction. Suppliers receive
payments by drawing on the documentary credits in accordance with
the invoice payment terms (normally 60 days). Scatec settles the
invoices with the issuing banks 150 days later. The documentary
credits carry interest rates based on SOFR plus an agreed margin.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
Note 25 Guarantees and commitments
Guarantee exposure
The amounts specified below are total exposure for the Group on
bank guarantees issued by Scatec ASA reflecting the maturity profile.
NOK million
31.12.2025
31.12.2026
31.12.2027
2028 and
thereafter
Bid Bonds
229
171
124
124
SPV Performance/Commitments
991
452
289
289
Equity commitment
169
87
87
87
O&M performance (3rd Party)
and Other Payment Guarantees
34
34
34
34
Total
1,423
744
534
534
Guarantees
For projects under development, Scatec is often required to issue bid
bonds to secure commitment during the submission of project bids.
SPV performance and commitment guarantees are issued to cover
certain obligations under PPAs and implementation agreements.
These obligations are connected to project performance where
Scatec is in control and hold the O&M and the asset management
agreements.
Equity commitments includes security for equity commitments in
project companies during construction where project lenders
disburse debt before equity is injected. Equity commitments also
include debt service reserve guarantees replacing cash reserves in
project companies.\u00a0
In 2025, a guarantee issued by Scatec ASA of behalf of one of
Scatec\u2019s projects in India was expensed. The guarantee is included in
the SPV Performance/Commitments in the table above. Refer to
Note 18 Legal disputes and contingencies for further information.
Guarantee facilities
Guarantees issued by Scatec ASA are issued under the Guarantee
Facility Agreement (GFA) with Nordea Bank as agent, and Nordea
Bank, BNP Paribas, Swedbank and DNB as guarantee instrument
lenders.
Export Finance Norway (Eksfin) normally covers the guarantees
issued under the GFA, with counter indemnity of 50% in favour of the
issuing banks. As of 31 December 2025, Scatec was in compliance
with all covenants in the GFA.
In addition to the GFA, Scatec has guarantee facilities with Standard
Bank South Africa and First Randbank in South Africa. These facilities
are mainly used to cover short-term bid bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
Equity commitments includes security for equity commitments in
project companies during construction where project lenders
disburse debt before equity is injected. Equity commitments also
include debt service reserve guarantees replacing cash reserves in
project companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
The consolidated financial statement of Scatec comprises more than
130 legal companies controlled by Scatec ASA. Consolidated
economic interests correspond to the voting interests if not
otherwise stated. For subsidiaries of the ultimate parent\u2019s
subsidiaries, the economic interest stated is the mathematically
indirect consolidated economic interests. For information on
associated companies and joint venture companies, refer to Note 13
Investments in joint ventures and associated companies. The
following table includes material consolidated subsidiaries, including
material holding companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Note 27 Non-controlling interests
Accounting principle non-controlling interests
Normally Scatec enters into partnerships for the shareholding of the
power plant company owning the power plants while maintaining
control, leading to a material non-controlling interest (NCI). Non-
controlling interests are calculated before intercompany eliminations,
based on each subsidiary\u2019s stand-alone IFRS results. Unrealised
intercompany profits on depreciable assets (power plants) are
eliminated at Group level but not in the subsidiaries\u2019 stand-alone
reporting.
The change in the NCI balance from year to year is driven by the NCIs
share of profit or loss and other comprehensive income, capital
injections from and dividends paid to NCIs, and foreign exchange
differences.
Note 26 Consolidated subsidiaries shows all material entities with a
NCI share.
Non-controlling interest balance
NOK million
2025
2024
South Africa
1,071
1,181
Egypt
379
430
Honduras
355
418
Jordan
105
118
Ukraine
33
-25
Tunisia
24
\u2013
Pakistan
12
7
Other
31
5
Total non-controlling interest
2,010
2,136
Profit/(loss) allocated to material non-controlling interest
NOK million
2025
2024
South Africa
-58
29
Egypt
31
23
Honduras
-6
96
Jordan
21
15
Ukraine
22
38
Tunisia
-7
\u2013
Pakistan
4
-23
Other
1
-2
Total non-controlling interest
9
177
Financial information of subsidiaries that has material non-
controlling interests is provided below. Profit and loss figures exclude
gains from the sale of project assets:
Summarised statement of profit or loss for 2025 (before group eliminations)
NOK million
Revenues
Operating
expenses
Operating
profit
Net
financial
expenses
Profit
before
income tax
Profit/(loss)
for the
period
Profit/loss
Attributable to
non-controlling
interests
Dividends
paid to non-
controlling
interests 1)
South Africa
3,040
-2,194
846
-920
-74
-75
-58
111
Egypt
607
-308
299
-175
124
64
31
7
Honduras
160
-136
24
-22
2
-17
-6
\u2013
Jordan
132
-70
62
-31
30
42
21
22
Ukraine
146
-47
99
50
149
131
22
6
Tunisia
\u2013
-4
-4
-11
-15
-15
-7
\u2013
Pakistan
177
-66
111
-93
17
17
4
-
Other
\u2013
2
2
\u2013
2
2
1
20
Summarised statement of profit or loss for 2024 (before group eliminations)
NOK million
Revenues
Operating
expenses
Operating
profit
Net
financial
expenses
Profit
before
income tax
Profit/(loss)
for the
period
Profit/loss
Attributable to
non-controlling
interests
Dividends
paid to non-
controlling
interests 1)
South Africa
3,823
-2,493
1,330
-996
335
282
29
241
Egypt
644
-311
333
-258
76
48
23
50
Honduras
397
-195
202
-27
175
175
96
\u2013
Jordan
138
-71
67
-34
33
31
15
104
Ukraine
149
-17
132
-60
71
84
38
-
Pakistan
74
-62
13
-105
-92
-93
-23
-
Other
16
-8
7
-10
-3
-2
-2
-
1) Excluding repayments of shareholders loans
Summarised statement of financial position as of 31 December 2025
Attributable to
NOK million
Property,
plant and
equipment
Other non-
current
assets
Cash and
cash
equivalent
Other
current
assets
Non-
recourse
financing
Other non-
current
liabilities
Current
liabilities
Total
equity
Non-
controlling
interests
Equity
holders of
the parent
South Africa
12,914
1,004
613
1,474
11,506
511
1,678
2,311
1,071
1,239
Egypt
7,813
876
860
968
6,216
2,513
772
1,016
379
637
Honduras
1,034
-1
29
47
\u2013
287
16
806
355
451
Jordan
547
1
104
38
390
46
38
216
105
111
Ukraine
348
188
12
-1
108
365
4
69
33
36
Tunisia
929
507
131
89
453
625
411
168
24
144
Pakistan
976
\u2013
54
26
569
408
31
50
12
37
Other
152
52
49
10
\u2013
133
7
123
31
92
Summarised statement of financial position as of 31 December 2024
Attributable to
NOK million
Property,
plant and
equipment
Other non-
current
assets
Cash and
cash
equivalent
Other
current
assets
Non-
recourse
financing
Other non-
current
liabilities
Current
liabilities
Total
equity
Non-
controlling
interests
Equity
holders of
the parent
South Africa
10,348
1,255
934
2,096
10,454
421
1,715
2,044
1,181
861
Egypt
3,881
1,369
532
194
3,217
1,383
521
854
430
424
Honduras
1,196
9
32
72
\u2013
368
17
925
418
507
Jordan
704
1
145
31
494
71
44
272
118
154
Ukraine
455
413
39
\u2013
292
753
20
-158
-25
-133
Pakistan
1,204
\u2013
28
41
681
432
81
79
7
72
Other
226
\u2013
111
261
447
10
126
15
5
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
Accounting principle non-controlling interests
Normally Scatec enters into partnerships for the shareholding of the
power plant company owning the power plants while maintaining
control, leading to a material non-controlling interest (NCI). Non-
controlling interests are calculated before intercompany eliminations,
based on each subsidiary\u2019s stand-alone IFRS results. Unrealised
intercompany profits on depreciable assets (power plants) are
eliminated at Group level but not in the subsidiaries\u2019 stand-alone
reporting.
The change in the NCI balance from year to year is driven by the NCIs
share of profit or loss and other comprehensive income, capital
injections from and dividends paid to NCIs, and foreign exchange
differences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Note 28 Transactions with related parties
Related parties include affiliates, associates, joint ventures and other
companies where the Group has significant influence, as well as the
executive management and the Board of Directors. All related party
transactions have been carried out as part of the normal course of
business and at arm\u2019s length terms. No significant impairment is
booked for expected credit loss on intercompany receivables within
the Group.
See Note 26 for information about consolidated subsidiaries.
See Note 13 Investments in joint ventures and associated companies
for an overview of the companies included and further information
about the investments. Transactions with joint ventures and
associates consist primarily of financing provided to the companies
and dividends received from the companies. Transactions also include
the sale of development rights, asset management and OM services
provided by consolidated entities to equity consolidated entities.
The table below shows transactions with related parties classified as
joint ventures and associated companies.
NOK million
2025
2024
Statement of profit and loss
Revenues
115
146
Interest income and dividends
1,156
1,243
Statement of financial position
Financing
259
332
Other current receivables
73
37
See Note 15 Guarantees, contractual obligations and contingent
liabilities in the Parent company financial statements for an overview
of the guarantees provided by Scatec ASA to Group companies.
For remuneration to management including information about the
share purchase programme, see Note 3 Employee benefits and the
Scatec Executive Remuneration report. Scatec has made interest-
free loans offered as part of the All Employees Share Purchase
Programme to executive management which amount to NOK 0.2
million (0.3) as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
Related parties include affiliates, associates, joint ventures and other
companies where the Group has significant influence, as well as the
executive management and the Board of Directors. All related party
transactions have been carried out as part of the normal course of
business and at arm\u2019s length terms. No significant impairment is
booked for expected credit loss on intercompany receivables within
the Group.
See Note 26 for information about consolidated subsidiaries.
See Note 13 Investments in joint ventures and associated companies
for an overview of the companies included and further information
about the investments. Transactions with joint ventures and
associates consist primarily of financing provided to the companies
and dividends received from the companies. Transactions also include
the sale of development rights, asset management and OM services
provided by consolidated entities to equity consolidated entities.
The table below shows transactions with related parties classified as
joint ventures and associated companies.
NOK million
2025
2024
Statement of profit and loss
Revenues
115
146
Interest income and dividends
1,156
1,243
Statement of financial position
Financing
259
332
Other current receivables
73
37
See Note 15 Guarantees, contractual obligations and contingent
liabilities in the Parent company financial statements for an overview
of the guarantees provided by Scatec ASA to Group companies.
For remuneration to management including information about the
share purchase programme, see Note 3 Employee benefits and the
Scatec Executive Remuneration report. Scatec has made interest-
free loans offered as part of the All Employees Share Purchase
Programme to executive management which amount to NOK 0.2
million (0.3) as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Note 29 Change in accounting policies
New standards and interpretations
The Group has applied the amendments \u201cEffects of Changes in
Foreign Exchange Rates\u201d (Amendments to IAS 21) for the first time
for the annual reporting period commencing on 1 January 2025. The
adoption of the amendments has had no material impact on the
Group\u2019s consolidated financial statements. Exchangeability is
available at observable market rates for the Group\u2019s relevant
currencies and purposes at the reporting date.
The Group has not early adopted Amendments to IFRS 9 and IFRS 7
related to the classification and measurement of financial
instruments, effective from 1 January 2026. The amendments clarify
the recognition and derecognition date of some financial assets and
liabilities, with a new exception for certain financial liabilities settled
through an electronic cash transfer system, add new disclosure for
certain instruments with contractual terms that can change cash
flows, and update the disclosures for equity instruments designated
at fair value through other comprehensive income. The amendments
are not expected to have a material impact on the Group\u2019s
operations or financial statements.
IFRS\u202f18 Presentation and Disclosure in Financial Statements becomes
effective for annual reporting periods beginning on or after 1 January
2027. The Group has not elected to early adopt the standard. IFRS\u202f18
replaces IAS\u202f1 and introduces a revised structure for the statement of
profit or loss, including new defined categories, specified subtotals
and enhanced aggregation and disaggregation requirements. IFRS\u202f18
requires all income and expenses to be classified into one of five
categories: operating, investing, financing, income taxes and
discontinued operations. The new structure is expected to have a
significant impact on the presentation of the Group\u2019s consolidated
statement of profit or loss, including how Scatec\u2019s operating results
are communicated to users of the financial statements. The standard
will also introduce new requirements for the presentation and
reconciliation of management-defined performance measures used
within the financial statements.
Management has initiated an assessment of the implications of the
new standard for the Group\u2019s primary statements and relevant note
disclosures. While the underlying content of the notes is not
expected to change materially, the organisation, grouping and
disaggregation of information will change as a result of the principles
introduced by IFRS\u202f18. The initial analysis indicates that net income/
(loss) from joint ventures and associated companies will be
presented within the investing category, and therefore not included in
the Group\u2019s operating results. Foreign exchange differences will be
classified within the same category as the income and expenses that
gave rise to the underlying foreign exchange exposure.
In addition, there will be significant new disclosures required for
management-defined performance measures. For the first annual
period in which IFRS 18 is applied, the Group will also be required to
present a reconciliation for each line item in the statement of profit
or loss, comparing the restated amounts under IFRS 18 with the
amounts previously reported under IAS 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Note 30 Subsequent events
Adjusting subsequent events
Reference is made to Note 18 Legal disputes and contingencies. In
February 2026, a litigation process in India resulted in an
unfavourable outcome. The event is considered an adjusting
subsequent event, and an operating expense of NOK 67 million has
been recognised in the 2025 financial statements.
Non-adjusting subsequent event
On 15 January 2026, in line with the terms adopted by the Annual
General Meeting of Scatec ASA in 2025, the Board of Directors
continued the share-based long-term Incentive programme for
management, and key and leading employees of the company. A
total of 800,636 Performance Share Units (PSUs) were granted to
leading employees.
On 13 February 2026 a total of 1,746,805 employee share options,
granted and accumulated under the 2023, 2024 and 2025 option
programmes, were exercised, and Scatec\u2019s board of directors\u00a0
consequently resolved to issue 1,000,000 new shares. The remaining
746,805 exercised options were converted against a cash
consideration. Following completion of the share capital increase, the
company's share capital is\u00a0 3,997,932 divided by 159,917,275 shares,
each with a nominal value of NOK 0.025. The issuance of 1,000,000
new shares was registered with the Norwegian Register of Business
Enterprises on 19 February 2026. The shares were sold in the market
at an average price of NOK 115.8527 per share.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
On 19 February, Scatec ASA repaid NOK 286 million (USD 30 million)
of the vendor financing facility provided by Norfund.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIARK36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }