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

15 May 2025 07:57 CEST

Bergen, 15 May 2025: Scana released its first quarter results today. Low order
intake in preceding quarters impacts revenues and EBITDA while the company’s
order backlog remains solid.

Q1 2025 Financial Highlights

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

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

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

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

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

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

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Stian Vikebø, General Counsel at Scana ASA, on 15
May 2025 at 07:57 CEST.

For more information, please contact:

Pål Selvik, CEO, Scana ASA, +47 970 46 502


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

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646443_Scana ASA - Q1 2025 Report.pdf