New Risk • May 26
New major risk - Revenue and earnings growth Earnings have declined by 9.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (€64.3m market cap, or US$74.8m). Reported Earnings • May 22
First quarter 2026 earnings released First quarter 2026 results: EPS: kr0.023. Revenue: kr417.2m (up 13% from 1Q 2025). Net income: kr10.6m (up kr39.3m from 1Q 2025). Profit margin: 2.5% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • May 20
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Ida Lundh is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. New Risk • Jan 07
New major risk - Revenue and earnings growth Earnings have declined by 3.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€54.1m market cap, or US$63.3m). Board Change • Dec 30
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Bjorn Reed is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Aankondiging • Dec 19
Scana ASA, Annual General Meeting, May 28, 2026 Scana ASA, Annual General Meeting, May 28, 2026. Aankondiging • Dec 16
Scana ASA Announces Change in Management Team Scana ASA announced that Mr. Oddbjørn Haukøy, Chief Business Officer in Scana, has mutually agreed with the Company to step down from his position and resign from the management team of Scana. Mr. Haukøy will continue his career as a partner with MIG Finance Namibia (Pty) Ltd. Namibia is identified as a strategic growth area for Scana. Aankondiging • Nov 29
Scana ASA, Annual General Meeting, May 22, 2025 Scana ASA, Annual General Meeting, May 22, 2025. Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr412.3m (up 7.2% from 3Q 2023). Net income: kr16.9m (up 69% from 3Q 2023). Profit margin: 4.1% (up from 2.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Recent Insider Transactions • Oct 09
Insider recently sold €71k worth of stock On the 4th of October, Anette Dybvik sold around 250k shares on-market at roughly €0.28 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €277k more than they sold in the last 12 months. Aankondiging • Sep 03
MIG Finance Namibia (Proprietary) Limited made an offer to acquire Scana ASA (OB : SCANA) for NOK 1.81 billion. MIG Finance Namibia (Proprietary) Limited made an offer to acquire Scana ASA (OB : SCANA) for NOK 1.81 billion on September 1, 2024. Under the terms, MIG Finance Namibia will acquire all shares for NOK 4.00 in cash transaction. Launch of the Offer will pursuant to the Offer Letter inter alia be subject to a unanimous recommendation by the Board, irrevocable undertakings from certain shareholders in the Scana , bank financing of MIG's obligation to pay the offer price under the Offer, absence of material adverse change and approval by Oslo Børs of an offer document related to the Offer. Completion of the Offer will pursuant to the Offer Letter inter alia be subject to acceptance of the Offer by shareholders representing in aggregate at least 90% of the shares in the Scana , that the Board's unanimous recommendation of the Offer has not been withdrawn, amended or qualified, that the Scana shall have conducted it business in the ordinary course, that MIG shall have obtained all necessary governmental and third party approvals to complete the Offer and that no court or other governmental, regulatory authority shall have taken or threatened to take any action that would prevent completion of the Offer or impose conditions on MIG, Scana or any of their subsidiaries that are not acceptable to MIG.
SpareBank 1 Markets AS acted as financial adviser and Advokatfirmaet Thommessen AS as legal adviser to Scana. Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: kr0.16 (vs kr0.12 loss in FY 2022) Full year 2023 results: EPS: kr0.16 (up from kr0.12 loss in FY 2022). Revenue: kr1.61b (up 77% from FY 2022). Net income: kr71.6m (up kr116.1m from FY 2022). Profit margin: 4.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 25
Full year 2023 earnings released Full year 2023 results: Revenue: kr1.61b (up 81% from FY 2022). Net income: kr71.3m (up kr115.8m from FY 2022). Profit margin: 4.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. New Risk • Jan 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Aankondiging • Dec 26
Scana ASA to Report Q4, 2023 Results on Jan 26, 2024 Scana ASA announced that they will report Q4, 2023 results at 8:00 AM, Central European Standard Time on Jan 26, 2024 New Risk • Dec 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (€77.4m market cap, or US$83.3m). Reported Earnings • Nov 03
Third quarter 2023 earnings released Third quarter 2023 results: EPS: kr0.02. Revenue: kr384.6m (up 70% from 3Q 2022). Net income: kr10.0m (up kr27.3m from 3Q 2022). Profit margin: 2.6% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: kr0.08 (vs kr0.04 loss in 2Q 2022) Second quarter 2023 results: EPS: kr0.08 (up from kr0.04 loss in 2Q 2022). Revenue: kr408.7m (up 99% from 2Q 2022). Net income: kr33.6m (up kr48.6m from 2Q 2022). Profit margin: 8.2% (up from net loss in 2Q 2022). Aankondiging • Aug 23
Scana ASA Appoints Pål Selvik as CEO GC Rieber Shipping ASA informed that Pål Selvik has chosen to resign foollowing his appointment to a new position as CEO in Scana ASA, a company outside the GC Rieber Group. Buying Opportunity • Jun 21
Now 40% undervalued Over the last 90 days, the stock is up 90%. The fair value is estimated to be €0.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Jun 07
Executive Vice President of Operations recently bought €64k worth of stock On the 2nd of June, Baste Tveito bought around 390k shares on-market at roughly €0.16 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Baste's only on-market trade for the last 12 months. Reported Earnings • May 28
First quarter 2023 earnings released: EPS: kr0.03 (vs kr0.04 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.03 (up from kr0.04 loss in 1Q 2022). Revenue: kr400.5m (up 93% from 1Q 2022). Net income: kr11.1m (up kr24.2m from 1Q 2022). Profit margin: 2.8% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Buying Opportunity • May 09
Now 37% undervalued Over the last 90 days, the stock is up 37%. The fair value is estimated to be €0.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 26
Full year 2022 earnings released: kr0.12 loss per share (vs kr0.24 profit in FY 2021) Full year 2022 results: kr0.12 loss per share (down from kr0.24 profit in FY 2021). Revenue: kr911.7m (up 200% from FY 2021). Net loss: kr44.5m (down 269% from profit in FY 2021). Aankondiging • Feb 14
Scana ASA Appoints Espen Thomassen as Chief Commercial Officer Scana ASA announce that Espen Thomassen will take up the position of CCO in the company. He comes from the role of Director, Head of Commercial Norway in legacy Maersk Drilling, now Noble Corp. one of the largest drilling companies in the world. Espen Thomassen CCO in Scana from April 2023. The 35-year-old brings with him over 10 years of relevant, international experience from various leadership roles in companies such as Maersk Drilling, Global Maritime, and Axess Group. Thomassen, who takes up the position on 1 April, has an extensive international network and relevant experience with business development, restructuring, strategy, and MA. He will be a vital part of building continued performance culture through delegation, leadership, and empowerment. Recent Insider Transactions • Nov 16
Chief Commercial Officer recently bought €3.1m worth of stock On the 10th of November, Oddbjorn Haukoy bought around 32m shares on-market at roughly €0.097 per share. This transaction increased Oddbjorn's direct individual holding by 6x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Recent Insider Transactions • Nov 13
Chief Commercial Officer recently bought €3.1m worth of stock On the 10th of November, Oddbjorn Haukoy bought around 32m shares on-market at roughly €0.097 per share. This transaction increased Oddbjorn's direct individual holding by 6x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 05
Third quarter 2022 earnings released: kr0.04 loss per share (vs kr0.03 loss in 3Q 2021) Third quarter 2022 results: kr0.04 loss per share (further deteriorated from kr0.03 loss in 3Q 2021). Revenue: kr226.9m (up 271% from 3Q 2021). Net loss: kr17.3m (loss widened 409% from 3Q 2021). Reported Earnings • Aug 25
Second quarter 2022 earnings released: kr0.04 loss per share (vs kr0.03 profit in 2Q 2021) Second quarter 2022 results: kr0.04 loss per share (down from kr0.03 profit in 2Q 2021). Revenue: kr205.5m (up 128% from 2Q 2021). Net loss: kr15.0m (down kr17.9m from profit in 2Q 2021). Reported Earnings • May 15
First quarter 2022 earnings released: kr0.04 loss per share (vs kr0.026 profit in 1Q 2021) First quarter 2022 results: kr0.04 loss per share (down from kr0.026 profit in 1Q 2021). Revenue: kr207.8m (up 126% from 1Q 2021). Net loss: kr13.1m (down kr16.1m from profit in 1Q 2021). Aankondiging • Dec 17
Scana ASA (OB:SCANA) agreed to acquire PSW GROUP. Scana ASA (OB:SCANA) agreed to acquire PSW GROUP on December 15, 2021. Scana is currently set up with headquarters right next to Bergen Airport but will move its employees to PSW’s offices in Bergen in 2022. Scana’s merger with PSW will take place in January 2022. Reported Earnings • Nov 02
Third quarter 2021 earnings released: kr0.03 loss per share (vs kr0.39 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: kr61.1m (down 5.9% from 3Q 2020). Net loss: kr3.40m (down 108% from profit in 3Q 2020). Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS kr0.03 (vs kr0.04 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: kr90.1m (up 8.3% from 2Q 2020). Net income: kr2.90m (down 40% from 2Q 2020). Profit margin: 3.2% (down from 5.8% in 2Q 2020). Reported Earnings • Feb 28
Full year 2020 earnings released: EPS kr0.46 (vs kr0.031 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: kr318.1m (down 12% from FY 2019). Net income: kr49.5m (up kr46.2m from FY 2019). Profit margin: 16% (up from 0.9% in FY 2019). The increase in margin was driven by lower expenses. 