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Introduction & Market Context
Skandia Greenpower AS (SKAND) presented its Q2 2025 results on August 29, 2025, highlighting stable operational performance and announcing its first-ever distribution to shareholders. The Norwegian electricity provider, which operates multiple consumer-facing brands, reported results in line with forecasts despite a slight reduction in its customer base during the quarter.
The company’s stock closed at 1.62 on August 28, down 6.92% ahead of the earnings presentation, reflecting some market uncertainty despite the company’s steady operational performance.
Quarterly Performance Highlights
Skandia Greenpower reported Q2 2025 EBITDA of 6.3 million NOK and a net result of 1.3 million NOK, both figures aligning with the company’s previously communicated guidance. The customer base stood at 56,064 at quarter-end, representing a slight reduction compared to the previous quarter.
As shown in the following chart of EBITDA development, the company has maintained a positive trend since turning profitable in Q3 2023:
The company’s customer base, while experiencing a slight reduction in Q2, has shown significant growth over recent years. Management maintains its target of reaching 100,000 customers by 2026, as illustrated in this comprehensive performance overview:
Financial Analysis
The Q2 2025 income statement reveals gross revenue of 90.1 million NOK, with cost of goods sold at 78.1 million NOK, resulting in net revenue of 12.1 million NOK. After operating expenses and depreciation, the company achieved an EBIT of 1.8 million NOK and a net result of 1.3 million NOK.
The detailed income statement provides a clear picture of the company’s quarterly performance:
For the first half of 2025, Skandia Greenpower reported an EBITDA of 13.8 million NOK, up from 9.2 million NOK in the same period last year. Gross sales revenue increased to 286 million NOK, while net income rose to nearly 29 million NOK compared to 19.6 million NOK in H1 2024.
The company’s balance sheet as of June 30, 2025, shows total assets of 188.5 million NOK, down from 251.6 million NOK at the end of 2024. This reduction was attributed to normal amortization, circulation of prices, and lower bank deposits. The company maintains a solid cash position of 40.3 million NOK.
The cash flow statement reveals a negative change in working capital of 79 million NOK, which the company attributes to normal seasonal variation:
Strategic Initiatives
Skandia Greenpower is preparing for the anticipated approval of "Norway Price" on September 15, which could significantly impact the electricity market dynamics. The company has initiated a pre-project to quickly implement through-invoicing (combining electricity and network fees on one invoice) if it becomes strategically important following the introduction of Norway Price.
Management noted that the effect of Norway Price on customer churn and growth remains uncertain, but it could potentially reduce price sensitivity and stabilize demand. The company is also developing a new app version to enhance customer experience.
On the operational front, Skandia Greenpower reported that sales and marketing efforts at Skandia Energi and Saga Energi generated more customer acquisitions than forecast, while Motkraft generated fewer due to increased competition. All brands experienced higher customer terminations in Q2 due to payment defaults, leading the company to maintain its focus on profitable growth rather than pursuing growth at any cost.
Shareholder Returns & Outlook
In a significant milestone, Skandia Greenpower announced its first distribution to shareholders since the company’s inception. The distribution, amounting to 3.78 million NOK (representing 90% of H1 2025 profits), will be conducted in two phases: a buyback program from September 1 to September 26, followed by a potential dividend distribution by October 30 for any remaining funds.
Looking ahead, the company provided guidance for Q3 2025 EBITDA of 5.9 million NOK and Q4 2025 EBITDA of 10.9 million NOK, indicating continued profitability with some seasonal variation. Management also mentioned ongoing exploration of partnerships and M&A opportunities, though no specific details were provided.
The company’s continued focus on profitable growth, combined with its maiden shareholder distribution, signals management’s confidence in Skandia Greenpower’s financial stability and future prospects despite the competitive challenges in the Norwegian electricity market.
Full presentation:
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