While Scatec’s solid Q4 results were somewhat overshadowed by softer-than-expected FY-26 guidance and idiosyncratic issues in Ukraine – hence the share price reaction on Friday – we nonetheless see more positive than negative developments ahead. First of all, even though its FY-26 guidance was ~5% below consensus estimates, this is partly explained by project-specific issues in Ukraine, (likely) conservative guidance for the Philippines, and specific timing for some under-construction projects. ....