olivLaw · European equity research
SCANA ASA SCANA.OL
Norway · Euronext Oslo Børs · ISIN NO0003053308 · Vertical: Listed companies from Norway
SCANA ASA is an industrial group in Bergen that supports the electrification and decarbonization of the offshore and energy industries through its Offshore and Energy divisions. In 2025 revenue fell by 19%, as the battery energy storage market slowed sharply, and the group moved to an operating loss of NOK 13 million. The company says performance improved gradually through the year, with a strengthened order backlog at year-end.
At the close of 06 Nov 2026, SCANA ASA (SCANA.OL) stock was 1.44 NOK (−0.69% on the day), with market capitalisation 653.4 m NOK, dividend yield 0.00%, beta 0.22, 52-week range 1.34–1.69 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.7
- neutral
- Bollinger (20, 2)
- 1.39 – 1.45
- in the upper half of the band · %B 0.87 · band width 4.4%
- SMA 50 / 200
- 1.43 / 1.45
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.3% | −0.6% | +1.0 pp | — |
| 3 months | −1.0% | −4.2% | +3.1 pp | — |
| 6 months | −5.0% | +4.3% | −9.3 pp | — |
| Year to date | +1.3% | +7.5% | −6.2 pp | — |
| 1 year | −9.9% | +9.9% | −19.8 pp | −4.7% |
| 3 years | −30.4% | +49.8% | −80.3 pp | +12.7% |
| 5 years | −8.7% | +42.8% | −51.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | unavailable |
| Revenue YoY | unavailable | +19.8% | unavailable |
| Net income | 71.6 m | 83.3 m | -36.3 m |
| Net income YoY | unavailable | +16.3% | −143.6% |
| Diluted EPS | 0.15 | 0.18 | -0.08 |
| Diluted EPS YoY | unavailable | +20.0% | −144.4% |
| net % | 4.5% | 4.3% | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 53.8 m NOK
- Financial debt
- 54.1 m NOK
- Net debt
- 300.0 k NOK
- Equity
- 628.2 m NOK
- Total assets
- 1.5 bn NOK
- Debt / equity
- 0.09x
- Current ratio
- 1.03x
- ROE
- -5.6%
- ROA
- -2.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | — | esef· 08 May 2025verified |
| Operating income | 83.3 m | 147.6 m | -13.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 56.5 m | 109.9 m | -43.3 m | esef· 21 Oct 2026verified |
| Income tax | -15.0 m | 26.6 m | -6.9 m | esef· 21 Oct 2026verified |
| Net income | 71.6 m | 83.3 m | -36.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.15 | 0.18 | -0.08 | esef· 21 Oct 2026verified |
| Dividend per share | 0.00 | 0.05 | 0.00 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 36.4 m | 7.3 m | 53.8 m | esef· 21 Oct 2026verified |
| Inventories | 59.2 m | 99.4 m | 107.1 m | esef· 21 Oct 2026verified |
| Current assets | 510.5 m | 587.5 m | 545.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 154.0 m | 151.5 m | 163.1 m | esef· 21 Oct 2026verified |
| Goodwill | 285.9 m | 313.1 m | 313.1 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 71.4 m | 69.8 m | 67.9 m | esef· 21 Oct 2026verified |
| Total assets | 1.5 bn | 1.6 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Long-term debt | 93.6 m | 58.0 m | 54.1 m | esef· 21 Oct 2026verified |
| Current liabilities | 492.1 m | 525.1 m | 529.3 m | esef· 21 Oct 2026verified |
| Equity | 581.2 m | 663.0 m | 628.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 447.5 m | 462.8 m | 453.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 653.4 m NOK
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.6% | 14 (vs peers) | 38% |
| Net margin · Quality | -1.9% | 32 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial19/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SCANA ASA (SCANA.OL). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.9 bn NOK in 2024; YoY growth 19.8%; net margin -1.9%; ROE -5.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -1.6%
- Current ratio: 1.0x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| SCANA.OLScana Asa | 653.4 m | — | -5.6% | -1.9% | +19.8% | −1% / −30% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for SCANA.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SCANA ASA is an industrial group in Bergen that supports the electrification and decarbonization of the offshore and energy industries through its Offshore and Energy divisions. In 2025 revenue fell by 19% 1, as the battery energy storage market slowed sharply, and the group moved to an operating loss of NOK 13 million 1. The company says performance improved gradually through the year, with a strengthened order backlog at year-end.
SWOT
Strengths
- Diversified portfolio across several companies and industrial niches, with presence in Norway, Sweden and Namibia 1.
- Relatively solid balance sheet with low interest-bearing net debt and liquidity that management considers adequate 1.
- Long-term frame agreements in the Offshore division that provide visibility on activity 1.
Weaknesses
Opportunities
Risks
- Market riskhigh
Demand, pricing and economic conditions can change, and such changes could affect revenue, margins and the valuation of investments 1.
- Project execution riskmedium
The complexity of projects and demanding procurement, engineering and technology requirements could prevent on-time and on-contract delivery 1.
- Liquidity and refinancing riskmedium
The group relies on credit facilities with DNB Bank; worsening access to financing could affect its ability to meet obligations as they fall due 1.
- Currency risklow
Revenues and expenses in foreign currencies, and investments in foreign subsidiaries, expose the group to exchange rate changes, partly hedged with forward contracts 1.
- Interest rate risklow
Long-term debt at floating rates exposes the group to changes in market interest rates, and no interest rate hedges were in place at the balance sheet date 1.
Investment thesis
What would need to be true (bull case)
- If the consolidated order backlog and the Offshore frame agreements convert into activity, profitability could recover as cost-saving measures take effect 1.
- A balance sheet with available liquidity and moderate debt could provide room to manoeuvre during the transition period 1.
- Structural demand for electrification and energy resilience could support growth in the Energy and Offshore divisions over the medium term 1.
What would break the thesis
- If the BESS market stays weak, Energy division revenue could keep falling and the operating loss could persist 1.
- The absence of high-margin equipment sales seen in 2024 could limit Offshore margins if no other revenue sources emerge 1.
- The uncertain timing of project awards could delay the return of activity and prolong periods of unabsorbed costs 1.
What to watch
- Revenue and margin trajectory of the Energy division, particularly in relation to the BESS marketQ1 2027
- Conversion of the strengthened order backlog in the Energy and Offshore divisions into revenue2027
- Effect of cost-saving measures on EBITDA and operating profitnext 10-K
- Development of liquidity, net interest-bearing debt and the terms of credit facilitiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Scana is an industrial group that organizes its activity into two divisions: Offshore and Energy 1. The Offshore division includes several companies with locations in Norway, Sweden and Namibia, while the Energy division includes PSW P&A AS, headquartered at Ågotnes 1. The parent company, Scana ASA, provides management services to subsidiaries and is run by a small headquarters team in Bergen 1.
In 2025 the group reported EBITDA of NOK 110 million, compared with NOK 261 million in 2024 1. The net result was a loss of NOK 36 million 1. Operating cash flow was NOK 180 million 1, and management implemented cost-saving programs at both corporate and portfolio company level 1.
The company changed its executive leadership in May 2025 1. Net interest-bearing debt stood at NOK 38 million at year-end, and the Board considers that the group has adequate liquidity and financial resources to continue its operations 1.
Segments
Energy
The Energy division had revenue of NOK 477 million in 2025, down 42% 1. EBITDA was NOK -10 million 1. The decline was driven mainly by a significant slowdown in the battery energy storage systems (BESS) market 1. The order backlog strengthened toward year-end and is diversified across shore power, BESS and energy modules 1.
Offshore
The Offshore division had revenue of NOK 1.160 million in 2025, down 4% 1. Operating profit was NOK 78 million, compared with NOK 150 million in 2024 1. The margin decline came mainly from the absence of equipment sales with strong margins that occurred in 2024 1. The company says a frame agreement with Equinor for work at the Mongstad refinery gives visibility for 2026 activity 1.
Market context
Scana states that underlying demand remains robust, supported by electrification of infrastructure and industry, a growing focus on energy resilience, and investment in renewable energy and grid stability 1. The company notes that timing of project awards may remain somewhat uncertain 1. The BESS market slowed significantly in 2025 1.
In the Offshore division, management reports continued demand and positive momentum for Mooring Solutions, Valve Control Systems, surface treatment and NDT services 1. The Board expects this to contribute positively to activity and profitability if the trend continues 1.
Trends
- BESS market slowdownheadwind
The slowdown in the battery energy storage systems market reduced Energy division revenue in 2025 1. If the market recovers, division activity could rebound, but the timing of project awards remains uncertain 1.
- Electrification and energy resiliencetailwind
Demand for electrification of infrastructure, grid stability and renewable energy is cited by the company as a structural growth driver across its segments 1.
- Cost base misaligned with activitymixed
The cost base was largely not aligned with reduced activity levels, which eroded margins 1. Restructuring measures in 2025 also generated costs that affected operating margins 1.
- Frame agreements in offshoremixed
Equinor's exercise of the first option under a frame agreement gives the Offshore division visibility for 2026 1. The absence of high-margin equipment sales seen in 2024 remains a negative for margins 1.
Competitive position
The supplied sources do not name competitors. Scana describes its markets as diversified across several industrial niches, and competitive pressure is not detailed in the annual report 1. A fuller comparison would require additional documents on these markets.
- No competitors named in the supplied source
The annual report does not name direct rivals, so no company is listed as a competitor.
- BESS and shore power system suppliers
Companies in battery storage and shore power markets are not identified in the source.
- Offshore equipment suppliers
The source does not name suppliers of mooring or valve control equipment.
- NDT and surface treatment service firms
Competitors in these niches are not named in the documents provided.
News & filings
In the press
- Britanicii nu își vor mai scana pașapoartele la aeroport când revin în Marea Britanie: Va fi introdusă recunoașterea facialăAntena 3 CNN · 04 Oct 2026 · RO
- Auchan testează cărucioare inteligente pentru cumpărături într-un hipermarket din București / Clienții pot scana lista de cumpărături scrisă de mânăEconomedia · 15 Sept 2026 · RO
- Un băiat de 10 ani a creat „nasul electronic”, cu inteligență artificială care va scana bagajele în aeroportLibertatea.ro · 21 Aug 2026 · RO
- Platformele online pot scana din nou conținut cu abuzuri asupra copiilor, a decis Uniunea Europeană / Mesajele criptate rămân protejateG4Media · 23 Jul 2026 · RO
- Platformele pot scana din nou conținut cu abuzuri asupra copiilor. Mesajele criptate rămân protejateMediafax · 23 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SCANA ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.