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===== SIDA 1 =====

Annual and  
Sustainability 
Report 
2025

===== SIDA 2 =====

Content 
Introduction ........................................................ 4 
Highlights 2025 ...................................................................... 4 
Words from the CEO .......................................................... 7 
Letter from the Chair ......................................................... 8 
Directors’ Report ................................................ 9 
Corporate structure ........................................................... 9 
Operational Review .......................................................... 10 
Financial review .................................................................. 13 
Sustainability Report ....................................................... 15 
Risk Management ............................................................. 27 
Corporate Governance Report................................ 31 
Financial Statements and Notes ................. 46 
Financial Statements of the Group .....................46 
Notes to the financial statements of 
the Group ................................................................................ 52 
Financial statements of the Parent 
Company ................................................................................ 77 
Notes to the financial statements of 
the Parent Company....................................................... 81 
Board Assurance ...............................................................84 
Auditor’s Report ..................................................................85 
Additional information................................... 90 
Key Financial Data ...........................................................90 
Alternative Performance Measures .................... 92 
Definitions and Abbreviations .................................94 
Shareholders’ information .........................................95 
 
This report constitutes the Annual and Sustainability Report for 
Orrön Energy AB (publ), company registration number 556610 -
8055. All numbers and updates in this report relate to the 
financial year 2025, unless otherwise specified. Amounts from 
2024 are presented in brackets. 
This Annual and Sustainability Report describes Orrön Energy’s 
financial performance and contribution to sustainability and 
consists of pages 9–83. The Directors’ Report comprises pages 
9–44. Orrön Energy’s Sustainability Report comprises pages 15-26 
and constitutes Orrön Energy’s voluntary disclosure of non-
financial information.  
The English version of this report is a translation of the Swedish 
original. 
References to “Orrön Energy” or “the Company” pertain to the 
Group in which Orrön Energy AB (publ) is the parent company or 
to Orrön Energy AB (publ), depending on the context.

===== SIDA 3 =====

Creating value through the energy 
transition 
Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) 
renewable energy company within the Lundin Group of Companies. Orrön Energy’s 
core portfolio consists of high quality, cash flow generating assets in the Nordics, 
coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and 
France. With significant financial capacity to fund further growth and acquisitions, 
and backed by a major shareholder, management and Board with a proven track 
record of investing into, leading, and growing highly successful businesses, Orrön 
Energy is in a unique position to create shareholder value through the energy 
transition.

===== SIDA 4 =====

Highlights 2025 
• Proportionate power generation amounted to 800 
GWh for the year, with additional 39 GWh of 
compensated volumes from ancillary services and 
availability warranties, bringing the total 
proportionate power generation, including these 
volumes, to 839 GWh. 
• Entered into agreements to sell a portfolio of three 
German solar projects totalling 234 MW in December 
2025 for a total consideration of up to MEUR 14, 
subject to the achievement of development 
milestones, bringing the total project sales 
agreements signed during the year to MEUR 18, 
representing 310 MW of projects.  
• Secured grid connections for six large-scale solar 
and data centre projects in the UK, with a combined 
estimated capacity of 2.9 GW, and successfully 
progressed solar projects in Germany with a 
combined capacity of 280 MW towards ready-to-
permit following municipal approvals. 
• Maintained carbon neutrality across Scope 1 and 2 
emissions, alongside improved ESG-ratings, and 100 
percent EU Taxonomy alignment of revenues and 
operating expenditure. 
Consolidated financials 
• Cash flows from operating activities amounted 
to MEUR -9.9. 
 
Proportionate financials 
• Achieved electricity price amounted to EUR 36 
per MWh, which, combined with the 
consideration from the first German solar project 
sale, resulted in a proportionate EBITDA of 
MEUR -4.5. 
• Proportionate net debt of MEUR 89, with 
significant liquidity headroom available through 
the MEUR 170 revolving credit facility. 
  
   
 
Introduction

===== SIDA 5 =====

Introduction - Highlights 
Orrön Energy – Annual and Sustainability Report 2025 5 
Financial Summary 
Orrön Energy owns renewables assets directly and 
through joint ventures and associated companies and is 
presenting proportionate financials in addition to the 
consolidated financial reporting under IFRS to show the 
net ownership and related results of these assets. The 
purpose of the proportionate reporting is to give an 
enhanced insight into the Company’s operational and 
financial results. Proportionate financials are highlighted 
in grey in this report.
 
 
1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, incl uding joint ventures. 
For more details on the alternative performance measures, presented in addition to the consolidated financia l reporting in line with IFRS, see 
section Key Financial Data on page 89. 
  
Expressed in MEUR 2025 2024
Consolidated financials
Revenue from power generation 24.9 25.7
Revenue from project sales 4.0 -
EBITDA -10.3 -1.6
Operating profit (EBIT) -27.2 -17.5
Net result -26.3 -13.3
Earnings per share – EUR -0.09 -0.05
Earnings per share diluted – EUR -0.09 -0.05
Proportionate financials¹
Power generation (GWh) 800 907
Average price achieved per MWh – EUR 36 34
Operating expenses per MWh – EUR 24 17
Revenue from power generation 28.6 30.7
Revenue from project sales 4.0 -
EBITDA -4.5 7.0
Operating profit (EBIT) -25.0 -12.9

===== SIDA 6 =====

Introduction - Highlights 
6 Orrön Energy – Annual and Sustainability Report 2025 
Proportionate financials 
Revenue and results 
In addition to the consolidated financial reporting in line 
with IFRS, the Group provides proportionate financial 
reporting, which forms part of the alternative 
performance measures that the Group presents. 
Proportionate reporting is aligned with the Group’s 
internal management reporting, analysis, and decision 
making. 
 
 
Proportionate financials represent Orrön Energy’s 
proportionate share of all the entities in which the Group 
holds an ownership. This is different to the consolidated 
financial reporting under IFRS, where the results from 
entities in which the Group holds an ownership of 
50 percent or less are not fully consolidated but instead 
reported on one line, as share in result from associates 
and joint ventures. All entities in which the Group holds 
an ownership of more than 50 percent are fully 
consolidated in the financial reporting presented under 
IFRS. 
 
 
 
1  Includes legal and other fees of MEUR 7.0 (MEUR 7.2) incurred for the defence of the Company and its former representatives in the Sudan legal 
case and a non-cash expense for long-term incentive plans of MEUR 3.0 (MEUR 3.4) for the year. 
 
Proportionate revenue and other income 
Proportionate revenue from power generation amounted 
to MEUR 28.6 (MEUR 30.7) for the year and was impacted 
by lower power generation volumes compared to the 
previous year due to low wind speeds and voluntary 
curtailment during periods of low electricity prices in 
certain price areas. Proportionate revenue from power 
generation included revenues from ancillary services 
and amounted to MEUR 0.9 (MEUR –) during the year. 
Revenue from project sales for the year amounted to 
MEUR 4.0 (MEUR –) and represented the consideration 
from the sale of the Company’s first 76 MW solar project 
in Germany.  The total consideration amounts to MEUR 
4.0, of which MEUR 2.0 is contingent upon municipal and 
legislative approvals. 
Proportionate operating expenses  
Proportionate operating expenses amounted to MEUR 
19.0 (MEUR 15.3) and were mainly impacted by higher 
balancing costs compared to the previous year. The 
previous year was impacted by grid compensation 
benefits and insurance reimbursements, which reduced 
the operating expenses. 
Expressed in MEUR 2025 2024
Power generation (GWh) 800 907
Average price achieved per MWh – EUR 36 34
Operating expenses per MWh – EUR 24 17
Revenue from power generation 28.6 30.7
Revenue from project sales 4.0 -
Other income 0.9 11.4
Operating expenses -19.0 -15.3
Cost of sales of projects under development -1.1 -
G&A expenses¹ -17.9 -19.8
EBITDA -4.5 7.0
Depreciation -20.5 -19.9
Operating profit/loss (EBIT) -25.0 -12.9

===== SIDA 7 =====

Introduction - Highlights 
Orrön Energy – Annual and Sustainability Report 2025 7 
 
2025 marks a formative year for our business, with the 
first revenues secured from greenfield project sales, 
grid secured for six large-scale projects in the UK and 
additional projects reaching key milestones. We 
continued to increase flexibility across our asset base 
and optimise our operational approach, positioning us 
better against a demanding market backdrop in the 
Nordics.  2026 is set to be an exciting and important 
year for the Company, where I expect further revenues 
from project sales, stronger pricing, continued 
operational flexibility across our assets, and the 
conclusion of the Sudan case. 
Market conditions in the Nordics remained challenging 
throughout 2025, characterised by continued price 
volatility, increased costs, and a growing importance of 
operational controls across our assets. We achieved an 
average realised price of 36 EUR per MWh in 2025, with 
volatility causing prices to range from periods of zero or 
negative pricing, to surging price levels as we enter 2026.  
Balancing costs increased through the summer of 2025 
as a result of a structural change in settlement periods, 
and I am pleased to see that these costs have since 
stabilised at a more reasonable level. To manage the 
increasing complexity and volatility of the electricity 
system, we have implemented a flexible operational 
approach, including voluntary curtailments to optimise 
production during low-price periods, and technologies to 
reduce exposure to balancing costs. While these 
measures impacted our production volumes, they in turn 
improved our financial performance, contributing more 
than MEUR 1 during 2025. We also hedged a portion of our 
2025 and 2026 volumes to secure revenues in the short 
term. I expect market conditions to stabilise going 
forwards as market participants adapt to a more flexible 
energy system. 
I am really pleased with the performance and 
recognition achieved within our greenfield portfolio. In 
2025, we signed agreements to sell four German projects, 
clearly demonstrating the value of our platform. The total 
consideration for all projects was up to MEUR 18, 
representing a good return on invested capital and 
highlighting the investor appetite for these projects. As of 
year-end 2025, we had recognised MEUR 4 of sales 
proceeds, with the remaining consideration of MEUR 14 
subject to achieving key development milestones over 
the coming 24 months. 
The project pipeline behind these initial sales remains 
robust and continues to grow. In Germany, we 
successfully progressed solar projects with a combined 
capacity of 280 MW towards ready-to-permit following 
municipal approvals. In parallel, we are advancing a 
multi-GW battery pipeline in Germany, with the first 
large-scale projects expected to reach the ready-to-
permit stage in 2026. In the UK, we secured grid 
connections for 2.9 GW of solar and data centre projects 
and expect binding grid agreements in the second half 
of 2026. With an average sales price of around TEUR 55 
per MW in 2025, combined with the scale and quality of 
our pipeline, I am confident that this platform will be able 
to deliver significant value for us going forward. 
Proportionate power generation, including compensated 
volumes, amounted to 839 GWh for the year, which was 
below our production outlook. The results reflect another 
year of weak winds, combined with periods of low 
electricity prices leading to higher levels of curtailed 
volumes. While disappointing, I am encouraged by the 
high availability we have across our portfolio, which 
underlines our capacity to deliver higher production as 
wind and market conditions improve.  In 2026, we expect 
proportionate power generation of between 800 and 
950 GWh, which includes a provision for weather 
variability and voluntary curtailments. The long-term 
market fundamentals in the Nordics remain strong, with 
energy demand expected to grow due to electrification 
of industry and transport, and rising consumption from AI 
and data centres. 
As we head into 2026, we are entering a very important 
year for the business, with contingent payments 
expected from project sales announced in 2025 and 
additional revenues from sales in Germany and the UK. 
The District Court trial in the Sudan legal case is 
scheduled to end in the second quarter of 2026, with a 
verdict expected later in the year. The conclusion of the 
trial is an important milestone for the Company, which 
will reduce our legal costs and improve the stock’s 
accessibility to a broader group of investors. Based on 
the evidence presented and testimonies during the 
proceedings, I remain convinced of a full acquittal and 
look forward to putting this matter behind us. 
I would like to thank all of our shareholders for your 
continued support and look forward to updating you on 
our progress. 
Daniel Fitzgerald 
Chief Executive Officer   
    
 
 
Words from the CEO

===== SIDA 8 =====

Introduction - Highlights 
8 Orrön Energy – Annual and Sustainability Report 2025 
 
2025 was a year in which Orrön Energy demonstrated 
resilience in a volatile market environment, while 
remaining focused on its strategic objectives and 
successfully delivering on its greenfield strategy. By 
integrating flexibility and value accretive measures 
across the operational business the Company is well 
positioned to navigate this volatility and remains on 
track to deliver long-term value. 
Global investments in renewable energy reached record 
levels in 2025, reflecting the accelerating pace of the 
global energy transition and strong demand for the 
technologies, which are at the core of Orrön Energy’s 
business. Onshore wind and solar remain the most cost-
effective sources of new power generation, underpinning 
continued high levels of investment in renewables.  
While the energy transition is well underway, the energy 
system remains complex, and structural changes to how 
we consume and produce electricity will inevitably lead 
to periods of volatility, as markets and technologies 
adapt. This was evident in the Nordics during the year, 
where changes to settlement periods led to 
unprecedented and highly volatile balancing costs, 
alongside periods of low electricity prices.  
The demand for renewable energy remains robust, and 
while some governments, notably the US, scaled back 
their ambitions in this area during the year, I am 
encouraged to see that the European governments in 
our key markets continue to show strong commitment. In 
addition, renewable energy is also increasingly 
recognised as a strategic priority in strengthening 
national energy security and resilience. In a year marked 
by heightened geopolitical uncertainty globally, energy 
security has moved to the forefront of national priorities. 
Within this market environment, we continued to execute 
on our strategy of producing and investing in renewable 
energy and enabling technologies to drive the energy 
transition, while adopting a flexible operational approach 
to manage volatility. In doing so, we aim to position Orrön 
Energy as a resilient and attractive long-term investment 
aligned with the energy transition and contributing to the 
decarbonisation and flexibility of electricity systems. 
In 2025, we achieved an important milestone with the 
successful monetisation of the Company’s first greenfield 
projects, providing a clear validation of the strategy and 
demonstrating the strong market demand for these 
technologies. Supported by a growing pipeline of 
projects, this provides a solid foundation for future value 
creation. 
We also took a number of steps to strengthen the 
Company’s resilience during the year. These included 
enhancing our cyber defence capabilities and 
reinforcing our emergency response preparedness. We 
also conducted a comprehensive review and update of 
our Code of Conduct and corporate policies to better 
reflect the current scope of business and ensure 
alignment with the evolving risk landscape. These 
frameworks provide clear guidance for how the 
Company and its employees conduct business 
responsibly and in line with the highest ethical standards, 
while also clearly defining the expectations of our 
business partners. 
I am particularly proud that our efforts and performance 
were recognised externally during the year, as we 
improved our ESG ratings across the main rating 
agencies. This places Orrön Energy in the upper end of 
our industry, demonstrating our strong performance in 
this area. 
Finally, we have the end of the Sudan trial in sight, 
following over two years of proceedings in the Stockholm 
District Court. We look forward to closing this chapter to 
focus our full efforts and resources on our strategic 
objectives of building an energy company that delivers 
long-term value for our shareholders. 
On behalf of the Board, I would like to thank all of our 
shareholders for your continued support, and I look 
forward to Orrön Energy’s progress as we enter an 
exciting year ahead. 
Grace Reksten Skaugen 
Chair of the Board of Directors
  
    
 
 
Letter from the Chair

===== SIDA 9 =====

Directors’ Report - Operational Review 
Orrön Energy – Annual and Sustainability Report 2025 9 
Orrön Energy AB (publ) Reg No. 556610-8055 
The address of Orrön Energy AB’s registered office is 
Hovslagargatan 5, Stockholm, Sweden. Orrön Energy is 
an independent renewables company with operations in 
the Nordics, the UK, Germany, and France. The Parent 
Company has no foreign branches. 
 
Changes in the Group 
In April 2024, the Company entered into an agreement to 
sell its 50 percent interest in the company owning the 
Leikanger hydropower plant for an enterprise value of 
MNOK 613, approximately MEUR 53, to the existing partner 
Sognekraft. The transaction generated an accounting 
profit for the Group of MEUR 10.9, which was recognised in 
the second quarter of 2024 as other income. 
Corporate structure 
  
   
 
Directors’ Report 
 
 
   
70% 
Orrön Energy 
Greenfield AB 
(SW) 
Orrön Energy 
Dévelopement France SAS 
(FR) 
Orrön Energieprojekte 
GmbH 
(DE) 
Orrön Energy  
Development Ltd 
(UK) 
Orrön Energy  
Greenfield Finland 
Holding Oy 
(FI) 
 
  
Karskruv Vind AB  
(SW) 
Orrön Energy 
Sweden AB 
(SW) 
 50% 
Metsälamminkangas 
Wind Oy  
(FI) 
Orrön Energy 
Finance AB 
(SW) 
Orrön Energy SA  
(CH) 
Orrön Energy 
Holding AB (SW) 
Orrön Energy AB (publ) (SW) 
Note: The Group structure shows significant subsidiaries and 
joint ventures only.  
See the Parent Company Financial Statements Note 10 for full 
legal names and all subsidiaries. 
Subsidiaries are 100% owned unless otherwise stated.  
Jurisdiction 
(DE) 
(UK) 
(FI) 
(FR) 
(SW) 
(CH) 
Germany 
United Kingdom 
Finland 
France 
Sweden 
Switzerland

===== SIDA 10 =====

Directors’ Report - Operational Review 
10 Orrön Energy – Annual and Sustainability Report 2025 
Operational Review 
Production 
Orrön Energy operates a diverse portfolio of wind power 
assets in the Nordics, primarily located in Sweden’s SE3 
and SE4 price areas and in Finland. Proportionate power 
generation amounted to 800 GWh for the year, and in 
addition, the Company received compensation for 
39 GWh related to ancillary services and availability 
warranties, bringing the total proportionate power 
generation, including compensated volumes, to 839 GWh 
for the year. This was below the Company’s production 
outlook for 2025, and was impacted by low wind speeds 
and voluntary curtailments during low-price periods. 
The expected power generation range for 2026, including 
compensated volumes, is between 800 and 950 GWh, 
taking into account the impact of weather, voluntary 
curtailments and provision of ancillary services. The 
Company expects its long-term power generation to be 
around 1,000 GWh, assuming average long-term 
meteorological conditions and excluding curtailment. 
Power generation is presented on a proportionate basis 
which is an alternative performance measure, as defined 
in the section Key Financial Data on page 89.  
For 2025, the Company achieved a realised electricity 
price of EUR 36 per MWh. Guarantees of origin and 
ancillary services contributed an additional EUR 1 per 
MWh, while hedging had a negative impact of EUR 1 per 
MWh. The Company is awarded and sells guarantees of 
origin for all of its power generation, certifying that the 
electricity has been produced from renewable energy 
sources.  
The weighted average regional electricity price for the 
Company’s proportionate power generation during the 
year amounted to EUR 46 per MWh, and the Nordic 
system price averaged EUR 40 per MWh. The variance to 
the Company’s realised electricity price is explained by 
‘capture price discounts’, which occur when the majority 
of power generation takes place during periods of lower 
market prices relative to the average spot price. 
The Company is continuously implementing measures to 
mitigate its exposure to market volatility and low 
electricity prices. This includes voluntary curtailments 
during low-price periods, optimising production to 
reduce exposure to balancing costs, providing ancillary 
services to create additional revenue streams and 
entering into financial hedges. At the end of the year, 
around 80 percent of the total proportionate production 
had been incorporated into the curtailment strategy. 
Balancing costs amounted to approximately MEUR 5 for 
the year, and the Company has implemented measures 
aimed at reducing these costs. At the 
Metsälamminkangas (MLK) wind farm, a solution 
implemented during mid-2025 aiming to reduce 
imbalance caused by overproduction has resulted in 
savings. 
The Company is setting up its largest wind farms to 
provide ancillary services to the grid, and to create 
additional revenue streams alongside traditional power 
generation. The MLK wind farm is providing ancillary 
services and has contributed with revenues during the 
year. The qualification of the Karskruv wind farm for 
ancillary services is underway and is currently being 
processed by the transmission system operator. The 
Company is actively working to implement ancillary 
services at additional wind power assets in the portfolio. 
Proportionate operating expenses amounted to 
MEUR 19.0 for the year in line with the updated guidance, 
which reflects higher balancing costs in Finland and 
Sweden. Unit operating expenses amounted to EUR 24 
per MWh for the year and were impacted by the 
increased balancing costs, coupled with lower-than-
expected proportionate power generation volumes.  
Operational portfolio 
The Company has a diversified portfolio consisting of 
ownership in around 250 operational wind turbines in 
more than 50 sites across the Nordics, which have an 
estimated long-term proportionate annual power 
generation of around 1,000 GWh, excluding curtailments, 
and a total proportionate installed capacity of around 
380 MW. Around 80 percent of the operational portfolio is 
located in Sweden, mainly in the SE3 and SE4 price areas, 
while the remaining 20 percent is in Finland. Availability 
warranties are in place for a majority of the Company’s 
assets, which guarantees the availability of the turbines 
and gives the Company protection against downtime 
and outages. 
In Sweden, the Company owns 100 percent of the 
Karskruv wind farm, which has an installed capacity of 
86 MW and is in the SE4 price area.  
Another large production hub for the Company in 
Sweden is situated at Näsudden on Gotland, which is a 
pioneering region for wind power in Sweden and where 
the Company has its operational office. The production 
hub consists of ownership in five wind farms, with a 
combined proportionate installed capacity of around 
64 MW in the SE3 price area. 
In Finland, the Company owns 50 percent of the MLK wind 
farm, which has a proportionate installed capacity of 66 
MW.

===== SIDA 11 =====

Directors’ Report - Operational Review 
Orrön Energy – Annual and Sustainability Report 2025 11 
Greenfield portfolio 
The Company is advancing a large-scale greenfield 
project portfolio across the UK, Germany, and France, 
focused on solar, battery and data centre projects, where 
the strategy is to progress projects to key milestones and 
monetise before incurring significant development costs. 
Within the Nordic portfolio, the Company is developing 
small and mid-scale greenfield projects in wind, solar 
and batteries, and has optionality to retain selected 
projects to support cost-effective production growth and 
strengthen the long-term asset base. 
UK 
Following the now-concluded grid reform process, the 
Company has secured grid access for six large-scale 
projects with a total estimated capacity of 2.9 GW. Of 
these, three are solar energy projects with a combined 
estimated capacity of 1.8 GW. The remaining three are 
data centre projects with a combined estimated 
capacity of 1.1 GW. Binding grid offers, together with 
further details around grid connection dates, are 
expected to be received during the second half of 2026. 
With both land and grid access secured, the projects are 
at the ready-to-permit stage, and the Company is 
evaluating divestment options. 
In addition to the grid-secured projects, the Company 
retains a pipeline of large-scale projects. These projects 
may be awarded grid access at a later stage, as the 
current grid access is constrained by zonal capacity 
limitations set by the energy system operator. These 
limitations are expected to change over time and will be 
evaluated in the light of planned grid reinforcements, 
network upgrades and evolving demand.  
Germany 
In 2025, the Company started monetising its greenfield 
pipeline in Germany and entered into agreements to sell 
four agricultural solar (Agri-PV) projects, and continued 
to make good progress across the remaining portfolio. 
In July 2025, the Company sold its first Agri-PV project 
with an installed capacity of 76 MW for a total 
consideration of MEUR 4.0 which was recognised in 2025. 
MEUR 2.0 was paid at closing at the end of July 2025 and 
the payment of the remaining consideration of MEUR 2.0 
is subject to the fulfilment of two conditions: (i) municipal 
approval of the zoning plan (Satzungsbeschluss) and (ii) 
EU Commission approval of the German Solar Package 1 
legislation. The project is expected to reach ready-to-
build in 2026, and to have a commercial operation date 
in 2028. 
In December 2025, the Company entered into an 
agreement to sell a portfolio of three Agri-PV projects 
with a combined estimated installed capacity of 234 MW 
for a total consideration of up to MEUR 14. The projects 
are being sold in a pre-ready-to-permit stage and 
closing for each project is subject to fulfilment of closing 
conditions linked to securing land and a suitable grid 
indication. The total consideration is split between 
consideration payable in milestones subject to fulfilment 
of development milestones up to the ready-to-build 
stage and reimbursement of development expenditure. 
Under the milestone based consideration, 40 percent is 
received by the ready-to-permit milestone, with the 
remaining 60 percent received upon achievement of the 
ready-to-build milestone. Closing for the first project, 
with an estimated installed capacity of 93 MW occurred 
in January 2026. The closing payment and the first 
milestone payment were received in January and 
February 2026, respectively, together totalling MEUR 1.6 
and representing 30 percent of the consideration for this 
project. The projects are expected to reach the ready-to-
permit stage in 2026 and the ready-to-build stage in 
2027, subject to obtaining favourable permit approvals 
and grid reservations. Orrön Energy will continue 
developing the projects up until the ready-to-build 
stage.  
 
At the end of the year, the Company had approximately 
160 MW of Agri-PV projects with municipal approvals in 
place. After the balance sheet date, the Company has 
secured municipal approval for an additional 120 MW.   
The Company continues to actively mature a range of 
additional solar and battery projects towards key 
development milestones, including a portfolio of large-
scale battery projects, where the Company expects the 
first battery projects to reach the ready-to-permit 
milestone in 2026. 
France  
In France, the Company continues to build land positions 
and is scaling up activities and progressing its first 
projects towards the ready-to-permit milestone. 
Nordics 
In the Nordics, the Company is progressing a diverse 
pipeline of stand-alone and co-located project 
opportunities with an estimated total capacity of around 
1 GW. The opportunities range from early-stage projects 
in the screening phase, through to projects with 
construction permits in place moving towards 
investment decisions.

===== SIDA 12 =====

Directors’ Report - Operational Review 
12 Orrön Energy – Annual and Sustainability Report 2025 
Transactions 
Orrön Energy’s strategy is to invest in renewable energy 
projects and pursue value accretive opportunities to 
grow and optimise its portfolio. 
In December 2024, the Company entered into an 
agreement to acquire additional ownership shares in the 
Storugns, Kulle and Klinte wind farms, located in the SE3 
price area. The acquisition adds around 7 MW of 
proportionate installed capacity, and was completed in 
March 2025. 
In January 2025, the Company entered into agreements 
to increase the proportionate ownership in the Stugyl 
and Näsudden wind farms, located in the SE3 price area. 
These acquisitions add around 1 MW of proportionate 
installed capacity. 
Between January and March 2025, the Company 
acquired additional shares in Slättens Vind AB (publ), a 
company with wind farms in the SE3 price area, leading 
to an ownership of around 27 percent at the end of the 
year. 
In March 2025, the Company acquired additional 
ownership shares in the wind farm Kulle, located in the 
SE3 price area, adding around 1 MW of proportionate 
installed capacity. 
In May 2025, the Company entered into an agreement to 
acquire ownership of previously leased turbines totalling 
11 MW of installed capacity at the Näsudden hub, 
enabling the Company to extend power generation and 
undertake life-extension activities. 
In July 2025, the Company entered into an agreement to 
sell its 100 percent interest in the company owning a 
76 MW solar project in Germany. The total consideration 
amounts to MEUR 4.0, comprising a consideration of 
MEUR 2.0 paid at closing, with the remaining 
consideration contingent upon municipal and legislative 
approvals. The transaction completed at the end of July 
2025. 
In December 2025, the Company entered into an 
agreement to sell a portfolio of three solar projects 
totalling 234 MW. The total consideration amounts to up 
to MEUR 14, with contingent payments payable upon the 
achievement of development milestones up to the 
ready-to-build stage. Closing for the first project 
occurred in January 2026.

===== SIDA 13 =====

Directors’ Report - Financial review 
Orrön Energy – Annual and Sustainability Report 2025 13 
Financial review
Revenue and results 
EBITDA for the year amounted to MEUR -10.3 compared to 
MEUR -1.6 in the previous year, which was impacted by 
the accounting profit of MEUR 10.9 from the sale of the 
Company’s interest in the company owning the 
Leikanger hydropower plant. 
Revenue and other income 
Revenue from power generation for the year amounted 
to MEUR 24.9 (MEUR 25.7) and was impacted by lower 
volumes compared to the previous year due to low wind 
speeds and voluntary curtailment during periods of low 
electricity prices in certain price areas.   
Revenue from project sales for the year amounted to 
MEUR 4.0 (MEUR –) and represented the consideration 
from the sale of the Company’s first 76 MW solar project 
in Germany. The total consideration amounts to MEUR 
4.0, of which MEUR 2.0 is contingent upon municipal and 
legislative approvals. 
Operating expenses 
Operating expenses amounted to MEUR 15.5 (MEUR 12.5) 
for the year and were impacted by higher balancing 
costs compared to the previous year. The previous year 
was impacted by grid compensation benefits and 
insurance reimbursements, which reduced the operating 
expenses. 
General and administration expenses 
General and administration expenses amounted to 
MEUR 17.9 (MEUR 19.8) for the year, including MEUR 7.0 
(MEUR 7.2) for legal and other fees incurred for the 
defence of the Company and its former representatives 
in the Sudan legal case. A non-cash expense of MEUR 3.0 
(MEUR 3.4) relating to long-term incentive plans is part of 
the overall general and administration expenses 
recorded during the year. 
Share in result from associates and joint ventures 
Share in result from associates and joint ventures 
amounted to MEUR -5.3 (MEUR -6.0) for the year and is 
detailed in note 4. Orrön Energy’s portion of the results in 
the 50 percent owned joint venture MLK wind farm 
amounted to MEUR -5.3 (MEUR -5.8) and the share in 
result from other associates and joint ventures 
amounted to MEUR – (MEUR -0.2).  
Associates and joint ventures are consolidated through 
the equity method and the net result of these entities is 
therefore recognised as a single line item in the income 
statement.  
Net financial items 
Finance income amounted to MEUR 3.5 (MEUR 5.3) for the 
year and is detailed in note 5. Finance income included a 
net foreign exchange gain of MEUR 1.1 (MEUR -0.8 loss). 
Foreign exchange movements occur on the settlement of 
transactions denominated in foreign currencies and the 
revaluation of working capital and loan balances to the 
prevailing exchange rate at the balance sheet date, 
where those monetary assets and liabilities are held in 
currencies other than the functional currencies of the 
Group’s entities. Orrön Energy is exposed to exchange 
rate fluctuations relating to the relationship between Euro 
and other currencies. The net foreign exchange gain was 
a result of the strengthening of the Swedish krona 
against the Euro during the year and related mainly to 
the revaluation of external loans and intercompany loan 
balances, denominated in other currencies than the 
functional currency of the Group company providing the 
financing. Interest income of MEUR 2.3 (MEUR 5.3) related 
to loans to joint ventures.  
 
Finance costs amounted to MEUR 5.8 (MEUR 7.1) for the 
year and are detailed in Note 6. Interest expenses 
amounted to MEUR 4.1 (MEUR 4.9) and related to the 
Group’s external loans. Other finance costs amounted to 
MEUR 1.7 (MEUR 1.4) and represented mainly fees and 
other costs in relation to the Company’s revolving credit 
facility. 
 
Income tax 
Income tax representing a net income amounted to 
MEUR 3.2 (MEUR 6.0) for the year and is detailed in Note 7. 
This amount was mainly comprised of a deferred tax 
income mainly relating to a reduction of accelerated 
depreciation allowances in Sweden. 
 
The Group operates in various countries and fiscal 
regimes where corporate income tax rates are different 
from the regulations in Sweden. Corporate income tax 
rates for the Group vary between 14.7 and 29.9 percent 
for the business in 2025. 
Cash flow and investments 
Cash flows from operating activities 
Net cash flows from operating activities amounted to 
MEUR -9.9 (MEUR -6.3) for the year. 
Cash flows from investing activities 
Cash flows from investing activities amounted to 
MEUR -13.5 (MEUR 32.6) for the year. This included 
investments in the renewable energy business of 
MEUR -15.9 (MEUR -15.0), which mainly represented 
additional shares in existing wind farms and investments 
in the Company’s greenfield portfolio. The previous year 
was impacted by proceeds from the sale of the 
Leikanger hydropower plant of MEUR 28.9 and the 
repayment of a loan provided to Leikanger Kraft of 
MEUR 20.2, which was reimbursed in connection with the 
sale.

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Directors’ Report - Financial review 
14 Orrön Energy – Annual and Sustainability Report 2025 
Cash flows from financing activities 
Cash flows from financing activities amounted to 
MEUR 21.1 (MEUR -30.1) for the year and represented a net 
draw down of the credit facility of MEUR 22.0 compared to 
a net repayment of MEUR -29.8 the previous year and a 
repayment of MEUR -0.5 (MEUR -0.5) of a loan held by a 
subsidiary. 
Financing and liquidity 
The Company has secured a three-year revolving credit 
facility, established in July 2023, totalling MEUR 170, with a 
floating interest rate set at 1.8 percent above the 
reference rate for the borrowed currency. Due to a 
temporary situation in which the Company did not meet 
one of its covenant requirements, the lenders granted a 
waiver in the second quarter of 2025 until 31 March 2026. 
As part of the waiver terms, the interest margin was 
increased to 2.05 percentage points above the reference 
rate. In September 2025, the maturity of the revolving 
credit facility was extended by one year to July 2027 
through the exercise of an extension option. The 
agreement also provides for one additional one-year 
extension option. 
Interest-bearing loans and borrowings amounted to 
MEUR 106.4 compared to MEUR 83.6 at year-end 2024 and 
related mainly to an outstanding loan of MEUR 104.5, 
compared to MEUR 81.7 at year-end 2024, which has 
been drawn under the Group’s revolving credit facility. 
Interest-bearing loans and borrowings also included a 
long-term loan taken up by a subsidiary of MEUR 1.9 
compared to MEUR 1.9 at year-end 2024.  
The Company’s net debt amounted to MEUR 90.5 
compared to MEUR 66.6 at year-end 2024. 
Cash and cash equivalents amounted to MEUR 15.9 
compared to MEUR 17.6 at year-end 2024. 
Balance sheet 
Projects under development amounted to MEUR 20.8 
compared to MEUR 11.5 at year-end 2024 and related to 
the Company’s portfolio of greenfield projects. These 
projects were previously reported as part of current 
assets. Given the materiality of these amounts, 
management has decided to present this balance sheet 
item as a separate line item in the balance sheet from 
2025. Comparative figures have been reclassified to 
ensure comparability. 
Deferred tax assets amounted to MEUR 45.2 compared to 
MEUR 40.2 at year-end 2024, of which MEUR 40.3 
(MEUR 38.0) related to tax losses carried forward 
expected to be used against future taxable profits and 
MEUR 4.9 (MEUR 2.2) to deferred tax calculated on 
accelerated depreciation allowances in Sweden. 
 
Deferred tax liabilities amounted to MEUR 11.4 compared 
to MEUR 11.4 at year-end 2024 and related to surplus 
values recognised on consolidation of acquisitions made 
in Sweden. 
The Company has entered into financial hedges to 
mitigate electricity price volatility and ensure more 
predictable revenues. At year-end 2025, the Company 
had entered into hedge contracts related to the 
Company’s power generation in the SE3 and SE4 price 
areas, covering approximately 35 percent of the 2026 
proportionate power generation volumes in these price 
areas, at an average baseload price of EUR 59 per MWh. 
See Note 10 for details on the Company’s financial 
hedging. 
Other current financial assets included derivative 
instruments related to the marked-to-market gain of 
MEUR 1.0 (MEUR –) on outstanding financial hedge 
contracts due to be settled within twelve months. 
Share information 
The shares of Orrön Energy are listed on Nasdaq 
Stockholm. 
Proposed disposition of unappropriated earnings 
The 2026 Annual General Meeting has an unrestricted 
equity at its disposal of SEK 3,376,374,277 including the 
net result for the year of SEK 1,240,164. 
The Board of Directors propose that the unrestricted 
equity of the Parent Company of SEK 3,376,374,277 
including the net result for the year of SEK 1,240,164 be 
brought forward. 
Changes in Board of Directors 
Richard Ollerhead was appointed as new Board member 
at the AGM held on 5 May 2025. 
At the 2026 AGM, the current Board members Grace 
Reksten Skaugen, Peggy Bruzelius, William Lundin, Mike 
Nicholson, Jakob Thomasen and Richard Ollerhead will 
be proposed for re-election by the Nomination 
Committee.  
Financial statements 
The result of the Group’s operations and financial 
position at the end of the financial year are shown in the 
income statement, statement of comprehensive income, 
balance sheet, statement of cash flow, statement of 
changes in equity and related notes, which are 
presented in Euro on pages 45-74. 
The Parent Company’s income statement, balance sheet, 
statement of cash flow, statement of changes in equity, 
and related notes presented in Swedish Krona can be 
found on pages 75-82. 
Subsequent events 
Subsequent events are detailed in note 24.

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Directors’ Report - Sustainability Report 
Orrön Energy – Annual and Sustainability Report 2025 15 
Sustainability Report
Contents 
About this report ................................................................................ 15 
Business model and value chain ........................................... 15 
Sustainability-driven approach .............................................. 16 
Material sustainability topics ..................................................... 17 
Climate change and the energy transition ..................... 17 
EU taxonomy ......................................................................................... 19 
Environmental impact and biodiversity protection . 20 
Safe operations ................................................................................. 22 
Strong and inclusive communities ...................................... 22 
Governance and ethics ............................................................... 23 
GRI index ................................................................................................. 25 
 
This Report constitutes Orrön Energy’s voluntary 
disclosure of non-financial information. 
 
 
Sustainability is at the core of Orrön Energy’s business 
as a renewable energy company and constitutes an 
important cornerstone of the Company’s aim to create 
long-term shareholder value. Orrön Energy’s mission is 
to help drive the energy transition by producing 
renewable energy in a safe and responsible manner, for 
a sustainable energy future. 
About this report 
This Sustainability Report provides an overview of Orrön 
Energy’s sustainability activities and performance during 
2025, including strategies and actions taken to address 
material topics for the Company and its stakeholders. 
The report aligns with internationally recognised 
frameworks for reporting non-financial information such 
as the GHG Protocol and EU Taxonomy regulation. 
By publishing this report, Orrön Energy reaffirms its 
commitment to transparency, responsible operations, 
and driving the transition to a sustainable energy future. 
The Company publishes the Sustainability Report 
annually. Restatements of data points in the Company’s 
sustainability reporting will be disclosed when deemed 
material, with explanations provided for significant 
changes in methodology, scope, or assumptions to 
ensure transparency and comparability. 
International frameworks 
Orrön Energy is a member of the United Nations Global 
Compact and is committed to upholding its ten 
principles of responsible business practices in the areas 
of human rights, labour, environment, and anti-
corruption. This report highlights the Company’s 
contribution to the United Nations Sustainable 
Development Goals (SDGs). Orrön Energy’s business 
model links directly to SDG 7 - Affordable and Clean 
Energy, and the Company also focuses its efforts on 
contributing to SDG 13 - Climate Action, and SDG 15 - Life 
on Land. In addition, Orrön Energy adheres to 
internationally recognised frameworks, including the 
Universal Declaration of Human Rights, the ILO Core 
Conventions, and the OECD Guidelines for Multinational 
Enterprises, ensuring that its operations uphold the 
highest standards of human rights, labour practices, and 
environmental protection. 
Orrön Energy’s Sustainability Governance 
Orrön Energy’s Code of Conduct underscores the 
commitment of the Company, its employees, 
contractors, and business partners to uphold high ethical 
standards and act in a responsible and sustainable 
manner. It forms a critical part of employment and 
supply chain contracts, with violations subject to inquiry 
and appropriate measures, and it is publicly available on 
the Company’s website. In 2025, the Company updated 
its Code of Conduct to better reflect Orrön Energy’s 
current business and strategic focus. The Company also 
did a full review of its corporate policies, including 
introduced three new policies; Climate Policy, IT Security 
and Data Protection Policy and Asset Management 
Policy. These updates ensure that the principles guiding 
employees, contractors, and business partners remain 
aligned with the Company’s evolving activities, 
regulatory landscape, and commitment to responsible 
business practices. Policies and procedures further 
outline the commitment to ensure the highest levels of 
ethical conduct across operations and the wider value 
chain, including in respect of human rights, 
whistleblowing, cybersecurity, competition, tax, anti-
corruption, anti-fraud and anti-money laundering. The 
updated Code of Conduct and policies have been 
approved by the Board of Directors. 
The Board of Directors has the ultimate responsibility for 
sustainability, while the CEO and leadership team are 
responsible for implementing environmental, social, and 
governance principles into the Company’s business 
strategy. A sustainability team with local focal points 
supports the wider sustainability work and related data 
collection, to safeguard transparent reporting to 
shareholders, regulators, and other stakeholders. 
More information on the Company’s governance 
structure, corporate policies and guidelines can be found 
in the Corporate Governance Report on pages 32–33. 
Business model and value chain 
Orrön Energy is a pure-play renewable energy company 
with renewable energy assets in the Nordics, 
predominantly wind power, and a pipeline of greenfield 
projects in wind, solar, batteries, and data centres across 
the Nordics, UK, Germany, and France. The Company’s 
business strategy focuses on two key growth areas:

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Directors’ Report - Sustainability Report 
16 Orrön Energy – Annual and Sustainability Report 2025 
increasing long-term renewable power generation and 
developing a large-scale pipeline of greenfield projects. 
As an operator and developer of renewable energy, 
Orrön Energy’s value chain encompasses the full lifecycle 
of renewable energy assets. Climate change mitigation 
and the contribution to the energy transition are 
integrated into the Company’s business model, 
supporting resilient growth and strengthening the 
Company’s role in a low-carbon future. 
Upstream value chain 
The upstream value chain includes activities essential to 
the development of renewable energy projects. This 
involves the sourcing of raw materials and 
manufacturing processes related to renewable energy 
components, which the Company procures for both 
operational and development activities. It also includes 
early-stage development activities and collaboration 
with service suppliers, business partners, and 
landowners, which is fundamental to support project 
developments. The Company has a due diligence 
procedure and corporate policies in place to promote 
sustainable and ethical practices throughout its 
upstream value chain. 
Downstream value chain 
The downstream value chain encompasses the output 
from the Company’s business activities, such as the 
supply of renewable energy within the Company’s 
countries of operation, commissioning and sale of 
renewable energy projects and activities related to 
waste and decommissioning activities. The Company 
actively engages with stakeholders, including grid 
operators, local communities, shareholders, and 
regulatory authorities around these activities to build 
trust, ensure transparency, and foster long-term 
relationships. For waste and decommissioning activities, 
the Company partners with reputable waste 
management providers to ensure responsible waste 
handling and strives to maximise recycling wherever 
possible. 
 
Highlights 2025 
800 GWh of renewable 
energy generation, while 
advancing a large-scale 
pipeline of new renewable 
energy projects towards 
development milestones. 
100% EU Taxonomy 
alignment for revenues 
and OpEx in 2025, 
reinforcing Orrön Energy’s 
position as a sustainable 
investment. 
Improved ESG ratings, with 
a low-risk rating from 
Sustainalytics, an A- and 
prime rating from ISS, 
reflecting performance 
above industry standards. 
Strengthened business 
resilience, focusing on 
cybersecurity and 
accident response 
preparedness. 
 
Sustainability-driven approach 
The Company’s strategy is to continue growing its power 
generation capacity and invest in the development of 
renewable energy projects, while promoting sustainable 
business practices across its upstream and downstream 
value chains. Through this approach, the Company aims 
to ensure that its business contributes to long-lasting 
values for both shareholders and the wider society. 
Stakeholder dialogue 
The Company regularly engages with a wide range of 
stakeholders. These include individuals, groups or entities 
that impact, or are impacted by, the Company’s 
business activities across the Company’s upstream and 
downstream value chains. The Company’s stakeholders 
include, but are not limited to, shareholders, employees, 
the Board, local communities, Indigenous Peoples, 
landowners, partners, utilities, regulators, lenders, 
suppliers, and society as a whole. 
Dialogue with stakeholders takes place in various ways, 
including through quarterly webcasts, General Meetings, 
townhalls, public consultations, conferences, regular 
digital and physical meetings and ongoing 
communication through the Company’s website and 
email. The Company also regularly reports on its 
activities and progress through its website, press 
releases, quarterly reports, the Annual and Sustainability 
Report and media interviews. The stakeholder dialogue is 
important for the Company to foster transparency, trust, 
and collaboration. The dialogue ensures that the 
Company’s Board and management are aware and 
prepared to address relevant emerging issues, material 
risks and opportunities. It also helps the Company to 
benchmark its material sustainability topics against 
stakeholder expectations, to ensure alignment with the 
evolving risk landscape. 
ESG performance 
The Company’s sustainability performance is regularly 
assessed by independent ESG rating agencies, providing 
external validation of its governance, environmental, and 
social practices. In 2025, Orrön Energy improved its rating 
across several leading ESG benchmarks. Sustainalytics 
revised the Company’s rating to “Low Risk”, indicating a 
low exposure to material ESG risks and strong 
management of relevant issues. ISS ESG awarded the 
Company an A- rating and confirmed its Prime status, 
placing Orrön Energy among the top performers within 
its industry peer group, recognising its robust 
performance in areas such as climate strategy, 
corporate governance, and environmental 
management. Together, these results reflect the 
Company’s commitment to continuous improvement 
and its performance above industry average.

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Orrön Energy – Annual and Sustainability Report 2025 17 
Material sustainability topics 
Orrön Energy’s material sustainability topics, which are 
the focus of this report, are listed below. These topics are 
closely aligned with the Company’s overall risk 
management process and have been identified based 
on the views and interests of internal and external 
stakeholders such as shareholders, employees, 
Indigenous Peoples, lenders, industry organisations, 
landowners, local communities and regulators. 
Material sustainability topics: 
Climate change and the energy transition: Support 
global decarbonisation and energy security by 
increasing renewable energy production and installed 
capacity. 
Environmental impact and biodiversity protection: 
Minimise environmental impact and safeguard 
biodiversity through assessments, targeted projects 
and proactive management of impacts. 
Waste management and circularity: Promote 
resource efficiency in procurement and business 
activities, adopt circular economy principles to 
increase recycling levels and reduce waste 
Safe operations: Ensure health and safety of 
employees, contractors and safeguard local 
communities. 
Strong and inclusive communities: Foster positive 
relationships with local communities through ongoing 
dialogue, public consultations and transparent 
communication. 
Governance and ethics: Uphold high standards of 
corporate governance, ethical business practices and 
regulatory compliance. 
Climate change and the energy transition 
Climate change is one of the biggest challenges of our 
time, and the world needs to transition to energy sources 
with lower greenhouse gas emissions to limit global 
warming and achieve global climate targets. The energy 
transition will require a significant increase of renewable 
energy generation, with wind and solar power being 
highlighted as crucial to achieve these objectives. Given 
the intermittency of renewable energy, energy storage 
also plays an important role in the energy transition, due 
to its ability to balance supply and demand in power 
systems. These technologies form a core part of the 
Company’s business model and its commitment to 
continued investment in renewable energy and 
technologies that help drive the energy transition. 
Contributing to the Paris Agreement and EU’s climate 
goals 
The Paris Agreement has set out a goal to limit global 
warming to well below two degrees from pre-industrial 
levels. This is backed by renewables targets as set by the 
EU to both reduce carbon emissions and secure energy 
supplies in Europe, which will require massive 
investments over the coming years. The EU has set a 
binding target of at least 42.5 percent renewable energy 
in final energy consumption by 2030, requiring a 
significant increase in installed capacity. By both 
producing and investing in the development of new 
renewable energy, Orrön Energy is actively contributing 
to the achievement of this goal. The EU also seeks to 
simplify and accelerate processes for permitting new 
energy projects with its initiative REPowerEU, which is set 
to further incentivise the expansion of renewable energy 
in Europe. 
Climate change 
Orrön Energy is committed to supporting the energy 
transition and mitigate the effects of climate change 
through supplying and investing in renewable energy. By 
increasing the renewable energy generation in its 
countries of operation, Orrön Energy directly contributes 
to mitigating climate change while enhancing energy 
security for future generations. 
In 2025, the Company produced a total of [840] GWh of 
renewable energy in the Nordics, corresponding to 
around 200,000 tons of CO2e avoided, based on the 
average EU-27 mix as published by the IEA. This is 
equivalent to powering around 230,000 European 
households. 
Carbon responsibility 
The Company recognises that although its core business 
activities significantly contribute to the energy transition, 
some of its business activities do result in direct and 
indirect carbon emissions. The Company is fully 
committed to identifying and implementing measures to 
reduce its carbon footprint where feasible. 
Achieving carbon neutrality – Scope 1 and 2 
Orrön Energy has been carbon neutral across its Scope 1 
and 2 emissions since 2024. This is made possible 
through: 
• Targeted strategies to reduce Scope 1 and 2 
emissions,  
• offsetting residual Scope 1 emissions that cannot 
yet be fully avoided with high-quality carbon offsets 
certified under the Verified Carbon Standard (VCS), 
and 
• actively reducing Scope 2 (market-based) 
emissions through fossil-free agreements with its 
largest electricity suppliers and cancellation of the 
Company’s own Guarantees of Origins to neutralise 
remaining emissions. 
The Company is dedicated to continuing exploring 
opportunities to minimise its own climate impact, while 
actively contributing to the decarbonisation of energy 
systems by supplying renewable energy. This dual 
approach ensures that carbon responsibility is 
integrated across the Company’s operations and drives 
substantial progress towards a sustainable future. 
Orrön Energy’s carbon emissions 
The following section provides more detailed information 
around Orrön Energy’s carbon emissions and reporting 
principles. The carbon emissions have been identified

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Directors’ Report - Sustainability Report 
18 Orrön Energy – Annual and Sustainability Report 2025 
and reported in line with the Greenhouse Gas Protocol 
(GHG Protocol). The carbon emissions are reported 
based on the equity approach, and the Company has 
aligned its reporting with its proportionate financial 
reporting to reflect the Company’s proportionate 
ownership of assets. This reporting boundary has been 
chosen to fairly reflect the Company’s climate impact. 
The organisational boundary includes Orrön Energy AB 
and its affiliates in Sweden, Finland, Switzerland, UK, 
Germany, and France. 
 
1 The Company’s location-based Scope 2 emissions based on the 
average grid emission intensity, amounted to 95 tCO 2e in 2024 and 69 
tCO2e in 2025. The reduction is mainly due to a lower grid emission 
factor for the Company’s portfolio in 2025, resulting from an increased 
share of renewable energy in the electricity system.  
Scope 1 emissions cover the Company’s direct carbon 
emission sources. This category consists of emissions 
from company-owned cars used for business activities 
in Sweden, such as regular maintenance at wind power 
facilities, and are quantified based on fuel consumption. 
Scope 1 emissions amounted to 8 tCO2e in 2025, which is 
a reduction by around 40 percent compared to 2024 
levels, due to an increased use of biofuels in the 
Company’s service cars. 
The Company has actively chosen to add electric 
vehicles to its car fleet in Europe, enabling the Company 
to grow its business without materially increasing its 
direct carbon footprint. 
Scope 2 emissions cover the Company’s indirect carbon 
emissions linked to energy consumed in offices and 
electricity used by wind power facilities to power 
operational functions such as turbine rotations, blade 
pitching, de-icing systems and curtailments. In 2025, the 
Company’s total energy consumption amounted to 
4,067 MWh. The total energy consumption increased in 
2025 compared to the previous year, mainly as a result 
of voluntary production curtailments and the use of 
technologies to optimise production and provide 
ancillary services, which are inherently more energy-
intensive. These technologies play an important role in 
maintaining grid stability and enabling the efficient 
integration of intermittent renewable energy sources. 
In 2025, the Company entered into an additional carbon-
free electricity supply agreement for the MLK wind farm, 
which has reduced the Company’s Scope 2 emissions 
compared to 2024 levels, before cancellation of 
Guarantees of Origins. By year-end 2025, the Company’s 
carbon-free agreements covered over 90 percent of the 
operational portfolio.  
Scope 3 emissions are reported in line with the GHG 
Protocol. These emissions are calculated using a 
combination of supplier-specific data, hybrid methods, 
and industry estimates to achieve a high level of 
accuracy. The Company prioritises the use of the most 
specific and accurate data available, with ongoing 
initiatives aimed at further enhancing the data. 
The Company’s Scope 3 emission sources include 
cradle-to-gate emissions of material components 
related to operations and developments, emissions from 
transportation and maintenance services provided by 
third-parties, waste, and business travel. The Company 
reports emissions from four material categories, which 
are detailed below. These categories have been 
assessed as material for the Company’s business and 
indirect carbon footprint. 
Category 1: Purchased goods and services 
The Company reports carbon emissions associated with 
third-party services and goods used for regular 
maintenance activities, including operational services 
and procurement of grease and oil for operational 
facilities. The data used is a combination of actual data 
and estimates. In 2025, the Company improved its data 
collection for purchased goods and snow ploughing 
services, resulting in lower carbon emissions reported. 
Category 2: Capital goods 
This category includes cradle-to-gate emissions from 
the Company’s development and construction projects, 
which is reported on a project basis and includes indirect 
emissions related to the raw materials extraction, 
manufacturing, transportation, and installation services. 
In 2025, the Company replaced a turbine at its MLK wind 
farm, which was the main contributor to the increased 
Scope 3 emissions during 2025. 
Category 5: Waste generated in operations  
Waste is generated at the Company’s operational 
facilities, including materials such as oil, grease, and 
cardboard. From a materiality perspective, waste 
generated at the Company’s offices has been excluded. 
Waste emissions are calculated using a hybrid 
approach, combining site-specific data provided by the 
Carbon emissions (tCO₂e) 2025 2024
Scope 1 8 13
Scope 2 (market based)¹ 88 98
Scope 2 – Cancellation of Guarantees of 
origins¹ -88 -98
Scope 1 and 2 8 13
High-quality carbon offsets applied 
(tCO₂e) -8 -13
Net emissions post-offsets (Scope 1 
and 2) - -
Category 1: Purchased goods and 
services 195 345
Category 2: Capital goods 1,699 142
Category 5: Waste generated in 
operations 20 24
Category 6: Business Travel 46 70
Scope 3 1,959 581
Total GHG emissions 1,959 581
Total energy consumed (MWh) 4,067 3,286
Scope 1 and 2 CO₂e intensity in g/kWh 
produced, prior to carbon offsets 0.01 0.01

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Directors’ Report - Sustainability Report 
Orrön Energy – Annual and Sustainability Report 2025 19 
waste management provider for certain assets and 
estimated data to address gaps where specific data is 
unavailable. The emission factors are based on 
information from the waste management provider. In 
2025, the Company improved the data collection 
process related to waste, resulting in a higher degree of 
site-specific data. Combined with an updated emission 
factor and recycling levels from the waste supplier, this 
has led to a reduction of reported emissions related to 
waste in 2025. 
Category 6: Business Travel 
Business travel, particularly for project development, site 
visits, landowner and stakeholder engagement, also 
contributes to Scope 3 emissions. These emissions are 
calculated based on information from the Company’s 
travel booking platform. To account for travel activities 
that may occur outside of this platform, but on behalf of 
the Company, a ten percent buffer is added to the 
calculated emissions. 
The Company actively seeks to manage these emissions 
by favouring low-carbon travel options when feasible 
and by using virtual meetings when appropriate. During 
2025, the Company reduced its business travel, resulting 
in lower reported carbon emissions. 
Managing Scope 3 carbon emissions 
As the Company continues to expand its development 
portfolio and develop new projects, the absolute Scope 3 
emissions may temporarily increase during years with 
ongoing construction activities. However, these 
emissions are linked with the development of renewable 
energy assets that will increase the renewable energy 
generation capacity over the long-term and contribute 
to the global energy transition. More energy-efficient 
extraction, production, and manufacturing processes, 
along with the use of less carbon-intensive materials, are 
expected to reduce Scope 3 emissions from the 
upstream value chain in the future. In addition, more 
efficient recycling processes are expected to reduce the 
indirect emissions downstream, and we already saw this 
effect in 2025. The Company is committed to reducing its 
Scope 3 emissions where feasible by collaborating with 
suppliers to promote sustainable practices throughout 
the value chain, both upstream and downstream. 
Climate-related risks 
The Company’s operational assets and development 
projects are located onshore and may therefore be 
exposed to physical climate-related risks. In 2024, the 
Company conducted a physical climate risk assessment 
of its operational assets, identifying key climate-related 
risks and corresponding mitigation actions. In 2025, the 
Company assessed acquisitions made during the year, 
evaluating their location-specific exposure to the 
identified climate risks. 
To mitigate the physical climate-related risks in the 
operational portfolio, the Company continuously 
evaluates the evolving risk landscape, with region-
specific monitoring and response systems alongside 
operational strategies. 
The Company’s large-scale greenfield projects undergo 
early-stage assessments for climate-related risks and 
vulnerabilities of the project site during the zoning, 
screening, and permitting stages, well before any 
development begins. The Company integrates climate 
change adaptation into the planning process, and 
resilient design solutions will be implemented to meet 
the specific needs of each project location. 
More information on how the Company manages risks 
relating to climate change can be found in the section 
Risk Management on pages 27–30. 
EU taxonomy 
 
The EU Taxonomy regulation is a system for classifying 
economic activities based on their environmental 
impact, aimed at helping investors understand whether 
an investment is environmentally sustainable. The 
Company has assessed the EU Taxonomy alignment of 
its business and developed a framework for self-
assessing the alignment against the EU Taxonomy 
criteria. This framework has been subject to a detailed 
review by an independent third-party. 
Eligibility Assessment 
The Company has assessed its economic activities 
against the EU Taxonomy criteria and identified key 
eligible activities consisting of wind power, solar energy, 
and battery storage. These activities form a core part of 
the Company’s business and financial results. The 
Company is also developing standalone data centres in 
the UK, which are currently not considered to meet the 
criteria for EU Taxonomy alignment.  
Do No Significant Harm (DNSH) Criteria  
Climate Adaptation 
The Company has conducted a climate risk assessment 
of its operational assets and greenfield portfolio to 
evaluate the resilience to physical climate risks. The 
assessment identified potential climate-related risks, 
such as an increased risks of wildfires, erosion and 
changes in wind and precipitation patterns, and the 
Company has measures in place to monitor and 
mitigate negative impacts. Resilience planning is also 
integrated into new developments from an early project 
stage. 
Aligned
100%
Turnover
Aligned
100%
OpEx
Aligned
97%
CapEx
Eligible
3%

===== SIDA 20 =====

Directors’ Report - Sustainability Report 
20 Orrön Energy – Annual and Sustainability Report 2025 
Biodiversity and Ecosystems 
The Company has assessed its operational assets 
against the EU Taxonomy’s DNSH criteria. The majority of 
the Company’s assets have undergone an 
Environmental Impact Assessment (EIA), including a 
thorough habitat survey, strict environmental 
requirements in terms of environmental and biodiversity 
protection, and with regular performance reporting to 
authorities in place. Based on this evaluation, the 
Company assesses that all of its operational assets 
subject to EIAs fulfil the EU Taxonomy requirements of 
DNSH to biodiversity and ecosystems. 
For operational assets that have not undergone an EIA, 
an environmental screening has been conducted, with 
regular environmental reporting protocols and 
monitoring processes in place. For wind farms, the 
Company specifically evaluated their proximity to 
biodiversity-sensitive areas and the adequacy of 
environmental reporting and monitoring protocols. The 
Company is developing large-scale solar and battery 
projects with a strong focus on biodiversity and 
ecosystem preservation. The Company actively seeks to 
avoid high-biodiversity zones during the planning phase 
and implements mitigation strategies to minimize 
impact on nature and biodiversity. These projects are 
expected to undergo extensive habitat surveys and EIAs 
prior to becoming operational. For smaller development 
projects, the aim is to conduct an environmental 
screening to outline the environmental impact, including 
monitoring and mitigation measures. The Company also 
aims to enhance biodiversity through targeted projects.  
Based on this evaluation, the Company assesses that all 
of its operational wind farms and solar and battery 
projects in 2025 are aligned with the EU Taxonomy’s 
DNSH requirements for biodiversity and ecosystems. 
Transition to a Circular Economy 
The Company has a waste management process 
designed to minimise environmental impact and 
promote resource efficiency. This process focuses on 
minimising waste and increasing recyclability. To 
address this, the Company collaborates with reputable 
partners to seek to increase recycling levels and will seek 
to explore solutions for recycling and repurposing of wind 
power blades in future repowering activities. 
Compliance with Minimum Social Safeguards 
The Company adheres to a robust governance 
framework aligned with internationally recognised 
principles to ensure its business activities are conducted 
in line with the highest ethical standards. The Company 
has a Code of Conduct outlining its commitment to 
ethical business practices, including, but not limited to, 
human rights, labour rights, and anti-corruption. The 
Company has a due diligence process in place, along 
with a Contractor Declaration that outlines the 
Company’s expectations and requirements throughout 
the supply chain. The Company therefore concludes that 
the EU Taxonomy’s minimum social safeguard 
requirements are met. 
Continuous Monitoring and Reporting 
The Company has monitoring and reporting protocols in 
place to maintain alignment with the EU Taxonomy. 
These include regular reviews of the Company’s wind 
farms to ensure ecological conditions are preserved, with 
self-reporting against environmental performance 
criteria, and yearly environmental reports to evaluate 
performance. This approach ensures transparency for 
stakeholders and that the Company’s activities do not 
significantly harm biodiversity or ecosystems. 
EU Taxonomy KPI:s 
Orrön Energy reports its Taxonomy alignment based on 
the Company’s consolidated financial results. In 2025, all 
of the Company’s turnover, operating expenses and 
nearly all of the capital expenditure were generated from 
operational wind farms and the greenfield business, 
which are all assessed to be aligned with the EU 
Taxonomy requirements. Around three percent of the 
Company’s capital expenditure related to data centres, 
which are currently not considered to meet the EU 
Taxonomy’s technical criteria for alignment. 
Environmental impact and biodiversity 
protection 
Orrön Energy’s Environmental Policy outlines the 
objectives and expectations for its operations, with 
procedures in place to minimise environmental impact 
and safeguard biodiversity. The Company operates and 
develops renewable energy projects in Sweden, Finland, 
the UK, Germany, and France, which are countries with 
strict environmental regulations and biodiversity 
protection. Orrön Energy follows both regulatory 
requirements and industry best practices to uphold high 
environmental and biodiversity standards. 
The Company’s operational wind farms have undergone 
environmental impact assessments or screenings, 
supported by regular monitoring and self-reporting to 
address site-specific environmental requirements. These 
programmes are designed to minimise and mitigate 
negative impacts, and include measures such as bird 
surveys at specific sites, and waste management 
procedures to ensure responsible waste disposal. Annual 
environmental reports are produced for the operational 
sites to summarise the results of these monitoring 
programmes. 
Construction and development projects are subject to a 
rigorous planning and approval processes by the 
authorities, where environmental and biodiversity 
protection form an integral part. Projects are planned 
and constructed to minimise negative impacts on the 
surrounding environment and local communities. Special 
consideration is taken to protect the natural environment 
around operational assets and actions are implemented 
to prevent, manage, and mitigate any negative impacts.

===== SIDA 21 =====

Directors’ Report - Sustainability Report 
Orrön Energy – Annual and Sustainability Report 2025 21 
Site-specific measures can include temporary 
production curtailments on wind farms during periods of 
bird or bat migration, as well as regular bird surveys. 
Environmental impact 
For the Company’s operational wind farms, the main 
environmental impacts relate to visibility, noise emissions 
and shadow formation. 
The visual impact of wind farms is considered during the 
planning and construction phase and is subject to public 
hearing processes. In re-powering projects, the visual 
and environmental impact of a wind farm can often be 
reduced by replacing older turbines with fewer, more 
modern units of higher capacity. Noise levels are strictly 
regulated and assessed both prior to construction and 
controlled once the wind farm becomes operational. The 
maximum allowable limit varies between 35 and 45 
decibels depending on location. The Company is using 
renowned suppliers to ensure technical equipment, such 
as wind turbine blades, adheres to the highest technical 
standards. For the Company’s largest wind farms, the 
blades are equipped with the latest technology to 
minimise noise. Shadow flicker occurs when the sun is 
shining through the rotating blades of a wind turbine, 
casting a moving shadow. Systems to minimise shadow 
flicker are installed on a number of wind turbines close to 
residents, with requirement for shadow flicker set at a 
maximum of eight hours per year per resident. 
A wind turbine has an average lifespan of around 30 
years, and the Company has ongoing projects aiming at 
extending asset lifetimes and maximising the use of 
existing land and grid connections by co-locating wind 
power with solar energy and battery solutions. By using 
existing facilities and infrastructure, the Company is able 
to optimise its operational performance and add more 
renewable capacity without degrading land resources. If 
a wind turbine is no longer deemed suitable for life 
extension activities, the primary strategy will be to 
repurpose the existing facilities and infrastructure, and 
replace the wind turbine with another type of renewable 
energy, such as solar or batteries. 
The Company seeks to avoid deforestation and minimise 
the environmental impact of its greenfield projects by 
favouring the use of industrial sites or farmland where 
feasible. Where deforestation cannot be avoided, the 
Company will implement actions and have mitigation 
plans in place to minimise negative impacts on the 
environment and contribute to local ecosystems. 
Biodiversity protection 
Biodiversity protection is a cornerstone of the Company’s 
environmental efforts, and includes ongoing activities 
designed to monitor and reduce potential negative 
impacts on local ecosystems. Recognising the delicate 
balance of nature, the Company employs a 
comprehensive approach to safeguard biodiversity at all 
stages of its operations. Special attention is given to 
protecting endangered species, birds, and bats, around 
the wind farms. The Company has implemented 
targeted nature conservation projects near migratory 
flyways and breeding territories to mitigate potential 
risks to these species. 
Orrön Energy is developing projects to further enhance 
biodiversity in areas around its operational assets. These 
projects aim to restore natural habitats and promote a 
thriving ecosystem. The Company has ongoing projects 
for planting wildflowers, which not only adds to the visual 
appeal of the land but also encourages the growth and 
establishment of bee populations. This is crucial given 
the global decline of bees, which play an essential role in 
maintaining ecosystem health. The Company also has a 
bee conservation project on the roof of one of its office 
buildings, contributing positively to the local ecosystem. 
In addition, the Company collaborates with local farming 
communities on grazing projects. Grazing by livestock 
helps to maintain grassland biodiversity by preventing 
the overgrowth of certain plant species, thereby 
supporting a diverse range of flora and fauna. 
Orrön Energy is integrating biodiversity and 
environmental considerations into every stage of the 
planning and development of greenfield projects. If the 
Company identifies a biodiversity-sensitive area during 
the screening and zoning phase, the primary goal is to 
avoid this area when possible. When avoidance is not 
feasible, the Company implements tailored mitigation 
efforts to reduce the impact on biodiversity. This may 
involve adjusting turbine placements, solar panels or 
battery facilities to avoid key habitats, creating buffer 
zones, using wildlife corridors, and designing 
infrastructure that accommodates the natural 
movement and behaviour of local species. 
In the UK, Orrön Energy is setting an industry-leading 
standard by developing large-scale greenfield projects 
that target a minimum of 10 percent biodiversity net gain. 
This approach ensures that each project will result in a 
measurable improvement in biodiversity, going beyond 
simply mitigating environmental impact to creating 
positive ecological outcomes that benefit wildlife, 
habitats, and overall ecosystem health. 
To ensure continued biodiversity protection, the 
Company integrates risk management into its 
environmental strategy. Regular monitoring and 
assessment of potential environmental risks are 
conducted to proactively address and mitigate issues. 
More information around how the Company manages 
risks relating to environmental impact and biodiversity 
protection can be found in the section Risk Management 
on pages 27–30. 
Environmental performance 
No significant environmental incidents or spills were 
recorded during 2025. 
In 2025, the wind turbine at MLK damaged by a fire in 
2024 was replaced. Following the lifting of the safety 
zone, the area has been reopened for site clearance and

===== SIDA 22 =====

Directors’ Report - Sustainability Report 
22 Orrön Energy – Annual and Sustainability Report 2025 
environmental assessment, and work is ongoing to 
restore the site to its original condition.  
Safe operations 
Health and safety are core priorities for Orrön Energy, and 
the Company maintains a strong focus on the health 
and safety of both employees and contractors.  
Promoting well-being and a strong safety culture 
Orrön Energy is committed to fostering a safe and 
supportive work environment where the well-being of 
individuals is being prioritised. The Company’s Health 
and Safety Policy emphasise the importance of 
preventing incidents and accidents through regular risk 
assessments, in which potential hazards are identified 
and managed across all operational activities. 
The Company’s aim is to achieve zero serious incidents, 
for all employees and contractors. 
 
The Company employs technicians and other staff who 
regularly undertake field work, including service and 
maintenance of wind turbines. All of the Company’s wind 
farm technicians are internationally certified according 
to the Global Wind Organisation (GWO) requirements, or 
equivalent, which sets safety standards for personnel 
working in the wind power industry. In line with the GWO 
standards, safety training is conducted on a regular 
basis, with biyearly certification periods and regular 
health checks. In addition, the technicians hold all 
necessary electrical safety certificates. 
Orrön Energy recognises that a strong safety culture also 
promotes overall well-being through a positive and 
inclusive work environment. This is achieved by 
encouraging work-life balance, fostering open 
communication, and maintaining a supportive culture 
where psychological well-being is prioritised alongside 
physical safety.  
The Company’s approach to working conditions includes 
offering flexible working arrangements where possible, 
ensuring access to professional development 
opportunities, and supporting continuous learning to 
build long-term capabilities within the workforce. 
Leadership involvement and regular dialogue with 
employees form part of the Company’s actions to 
strengthen a supportive and transparent workplace 
culture. 
To further promote health and overall well-being, Orrön 
Energy provides health-related benefits tailored to the 
respective office locations, including health allowances, 
health insurances, access to gym facilities, and 
subsidised gym memberships. The Company also 
organise team-building activities that help foster 
engagement and strengthen cross-functional 
collaboration. 
Through these initiatives, the Company aims to build a 
resilient and empowered workforce. These actions 
contribute to the Company’s broader sustainability goals 
by promoting employee satisfaction, fostering retention, 
and building strong teams. 
Accident response management 
The Company has emergency preparedness and 
accident response plans in place for its operational 
assets to protect the life and health of people, safeguard 
local communities and minimise environmental impacts. 
The plans cover on-site operational procedures, safety 
measures and internal crisis management processes to 
ensure effective response and continuity in the event of 
an accident.  
In 2025, the Company implemented a number of 
initiatives to strengthen the accident response 
management across the business. These include an 
updated overview of its crisis management and 
emergency plans, safety drills together with local rescue 
teams, and additional health and safety reviews.  
For the Company’s construction projects and operational 
facilities, all workforce, contractors and visitors are 
subject to safety induction sessions to be informed of 
site-specific safety guidance and the importance of 
reporting all safety observations and incidents. Orrön 
Energy has established a no-blame policy, and the 
workforce is aware that reporting incidents is 
fundamental for lessons learned and to prevent 
reoccurrences. All serious incidents are investigated to 
identify learnings and improvement actions to prevent 
reoccurrences. The Company’s Health and Safety Policy 
ensures that individuals will not face reprisals during this 
process. 
The Company also uses contractors to carry out work at 
operational sites, such as maintenance at sites located 
far away from the Company’s technical office, and to 
work on various projects. Contractors are chosen and 
assessed with respect to health, safety, and environment 
and quality. 
More information around how Orrön Energy manages 
risks related to health and safety can be found in the 
section Risk Management on pages 27–30. 
Health and safety 2025 2024
Employees
Work-related injuries - -
Lost Time injuries - -
Fatalities - -
Contractors
Work-related injuries - -
Lost Time injuries - -
Fatalities - -

===== SIDA 23 =====

Directors’ Report - Sustainability Report 
Orrön Energy – Annual and Sustainability Report 2025 23 
Strong and inclusive communities 
Orrön Energy views strong community engagement as 
being essential to the success of the business and is 
collaborating with several local organisations to support 
and contribute to the local communities around its 
operational assets. This includes for example 
collaboration with local stakeholders such as farmers, 
landowners, Indigenous Peoples, and hunting clubs. In 
addition, local workforce and businesses are utilised 
where possible during construction activities. 
The Company is striving to have a positive social impact 
through its operational activities and contributes to local 
communities in the form of community funds, taxes, and 
work opportunities among others to support 
communities throughout the lifecycle of the assets. 
In 2025, the Company strengthened its engagement with 
local stakeholders by supporting a public community 
event near the MLK wind farm. 
Wider societal impact 
The Company is a long-term supporter of the Lundin 
Foundation, a non-profit organisation focused on 
strategic community investments that pave the way for 
long-term economic prosperity. Measured across a 
range of programs, these investments positively impact 
communities, small businesses, and social and 
environmental innovations across the globe. 
Cross-sector collaboration 
In 2025, Orrön Energy engaged in the cross-sector 
collaboration project FÖNVIND, aimed at enabling the 
co-existence of wind power and defence interests, while 
also demonstrating how wind farms can serve as a 
strategic asset for national defence. 
Governance and ethics 
Orrön Energy conducts its business according to the 
highest standards of business ethics, in line with the 
Company’s Code of Conduct. The Company’s business 
model is built on the commitment to operate responsibly 
and ethically, while creating long-term value and a 
positive impact for the Company’s stakeholders and 
shareholders. 
Everyone working for Orrön Energy is required to abide by 
the Code of Conduct and thereby contribute to the 
Company’s success. The Company conducts trainings to 
enhance awareness around corporate ethical 
compliance, anti-corruption, anti-bribery, and 
whistleblowing procedures, among others. 
In 2025, the Company did a full review of its Code of 
Conduct and policy framework, strengthening its 
commitment to responsible business practices and 
ethical conduct. 
Promoting a diverse and engaged workforce 
Orrön Energy fosters a workplace culture built on 
collaboration, respect, and continuous learning. By 
investing in people and promoting an inclusive culture, 
Orrön Energy strives to attract, engage, and retain 
talented employees across its markets. 
Consistent with the Company’s Code of Conduct, Orrön 
Energy values diversity and recognises the benefits of 
attracting a broad pool of qualified employees, 
encouraging employee retention and building high-
performance teams. As set out in the Company’s 
Diversity Policy, Orrön Energy promotes equal 
opportunities, and no job applicant or employee shall be 
discriminated in any area of employment or business 
regardless of individual characteristics. The Company is 
committed to equal pay for equal work, ensuring 
employees in equivalent roles are compensated fairly in 
line with competence, experience and respective market 
conditions. 
In 2025, there were no cases reported involving 
discrimination. 
Safeguarding human rights 
Respect for and safeguarding of human rights is a core 
principle in how Orrön Energy conducts its business. The 
Company endorses human rights protection in line with 
internationally recognised frameworks, such as the 
United Nations Declaration of Human Rights and the 
United Nations Global Compact principles. This 
commitment is embedded in the Company’s Code of 
Conduct and related policies, further supported by 
internal guidelines and procedures.  
While renewable energy projects deliver significant 
climate and societal benefits, the Company recognises 
that both operational and development activities may 
also give rise to human rights risks, particularly in the 
wider supply chain. Through human rights due diligence, 
the Company works actively to identify, prevent and 
mitigate potential negative impacts. 
In 2025, the Company reviewed its business activities to 
identify potential human rights risks. This review 
strengthened the Company’s stakeholder engagement 
practices and resulted in specific guidelines for dialogue 
with Indigenous Peoples during development activities. 
Orrön Energy acknowledges and respects the rights of 
Indigenous Peoples, and aims to engage in respect of 
Free, Prior and Informed Consent (FPIC) for 
developments that may affect them, ensuring early, 
transparent, and inclusive engagement. 
Orrön Energy has also reviewed its supply chain risks to 
better understand and address potential environmental, 
social, and governance concerns linked to its business 
activities. The review identified heightened risks for 
adverse human rights impact in the procurement of 
batteries and solar panels, particularly when sourced 
from high-risk regions. To mitigate these risks, the 
Company has a due diligence procedure in place, 
focussing on increased supplier transparency for 
material provenance and adherence to ethical supply 
chain practices.

===== SIDA 24 =====

Directors’ Report - Sustainability Report 
24 Orrön Energy – Annual and Sustainability Report 2025 
No cases of human rights violations were reported in 
2025. 
Responsible supply chains 
The Company conducts supply chain due diligence for 
material procurement activities, to reduce and manage 
potential sustainability risks and uphold high ethical 
standards. To reinforce this commitment, Orrön Energy 
requires suppliers to sign the Company’s Contractor 
Declaration. This declaration sets clear expectations 
regarding ethical conduct, adherence to international 
human rights standards, and environmental 
responsibility across the suppliers’ operations and wider 
value chains. Suppliers are also required to meet 
specified quality standards and comply with the 
principles outlined in the Company’s Code of Conduct. 
Through these measures, the Company enforces 
compliance with sustainability principles across both 
direct and indirect supply chains. 
Strengthened IT and cybersecurity framework 
As an energy provider, Orrön Energy’s operations are 
increasingly reliant on advanced technology and digital 
control systems. Safeguarding these systems is critical to 
ensuring secure, reliable, and resilient operations. 
Cybersecurity is embedded in the Company’s 
governance and risk management practices. In 2025, the 
Company strengthen its IT and cybersecurity framework 
to enhance its ability to Identify, prevent and mitigate 
potential risks. The Company further formalised its 
approach through the adoption of a new corporate 
policy, the "IT Security and Data Protection Policy". Key 
actions include conducting vulnerability analyses across 
operational assets, upgrading infrastructure and 
reinforcing access controls. In addition, cybersecurity is 
integrated into the Company’s supplier due diligence 
process, requiring third parties to meet defined 
standards and align with upcoming regulations such as 
the EU’s Network and Information Security Directive 
(NIS2). 
Employees receive regular training on phishing, data 
privacy, and evolving cyber threats, ensuring awareness 
and accountability across the organisation.  
More information can be found in the Company’s IT 
Security and Data Protection Policy. 
Whistleblowing policy 
The Company’s whistleblowing policy provides a means 
for employees, contractors and other stakeholders to 
raise legitimate concerns regarding misconduct in the 
workplace and the wider value chain. Whistleblowers’ 
identities are kept anonymous upon request and are 
protected against retaliation. Orrön Energy has a 
whistleblowing system enabling reporting at any time 
through an e-mail designated for whistleblowing. All 
whistleblowing reports are duly investigated and 
reported to the Board of Directors. 
In 2025, no whistleblowing cases were reported. 
Anti-corruption, anti-fraud and anti-money laundering 
policy 
The Company’s anti-corruption, anti-fraud and anti-
money laundering policy ensures that everyone working 
for or on behalf of the Company understands what 
activities constitute corruption and that all forms of 
corruption are strictly prohibited at Orrön Energy. 
Compliance trainings are conducted on a regular basis, 
and the Company encourages alleged cases to be 
reported. All alleged cases of corruption are investigated, 
and appropriate actions are taken. In addition, anti-
corruption forms part of contractor evaluations. In the 
event of non-compliance and depending on the severity 
thereof, contracts may be terminated, or remedial 
actions sought. Under the Policy, political donations and 
lobbying are also prohibited. 
In 2025, there were no cases of corruption, facilitation 
payments, fraud, money laundering, anti-competitive 
behaviour, fines or non-monetary sanctions for non-
compliance. The Company does not have any political 
involvement and does not actively take part in lobbying 
activities. There were no financial contributions made to 
political groups. 
Other relevant governing policies 
In line with ethical best practice and transparency, all 
governing policies are publicly available on Orrön 
Energy’s website. In addition to the policies referenced in 
this report, these also include the following: 
 
Stakeholder engagement policy: Outlines how to define 
stakeholders throughout the Company’s activities, and 
the engagement method to adopt depending on the 
nature of the impact, interest, and stakeholder influence. 
 
Information policy: To contribute to an effective 
exchange of information with investors, analysts, 
business partners, employees and other stakeholders, 
and to ensure all information is handled in a secure way. 
 
Asset Management Policy: Outlines how the Company 
manages its operational assets with integrity and care, 
focusing on enhancing operational performance to 
deliver long-term benefits for society and stakeholders. 
 
Competition law policy: To contribute to protect free 
competition in the market and prohibit agreements, 
practices and conduct, which have a damaging effect 
on competition. 
 
Tax policy: To ensure that tax practices comply with 
laws, regulations, and that income and costs are 
allocated to appropriate entities in accordance with the 
OECD Transfer Pricing Guidelines and business rationale.

===== SIDA 25 =====

Directors’ Report - Sustainability Report 
Orrön Energy – Annual and Sustainability Report 2025 25 
GRI index 
Orrön Energy has reported the information cited in this GRI content index for the reporting period 1 January 2025 to  
31 December 2025, with reference to the GRI standards. 
Disclosure Description Reference/page number 
General disclosures 
The organisation and its reporting practices 
2-1 Organisational details Page 9 
2-2  Entities included in the organisation’s sustainability reporting Page 9 
2-3 Reporting period, frequency and contact point Page 94 
2-4 Restatements of information Page 15 
2-5 External assurance Pages 84-88 
Activities and workers 
2-6 Activities, value chain, and other business relationships  Page 16 
2-7 Employees Pages 22, 69 
2-8 Workers who are not employees Pages 22-23 
Governance 
2-9 Governance structure and composition Pages 15, 31-32 
2-10 Nomination and selection of the highest governance body Page 39 
2-11 Chair of the highest governance body Page 38 
2-12 Role of the highest governance body in overseeing the 
management of impacts  
Page 15 
2-13 Delegation of responsibility for managing impacts Page 15 
2-14 Role of the highest governance body in sustainability reporting  Page 15 
2-15 Conflicts of interest Page 42 
2-16 Communication of critical concerns Page 24 
2-17 Collective knowledge of the highest governance body  Page 35 
2-18 Evaluation of the performance of the highest governance body  Page 35 
2-19 Remuneration policies Pages 41-43  
2-20 Process to determine remuneration Page 40 and Remuneration Report 
Strategy, policies and practices 
2-22 Statement on sustainable development strategy  Page 15 
2-23 Policy commitments Pages 15, 24  
2-24 Embedding policy commitments Pages 15, 31-32  
2-25 Processes to remediate negative impacts Page 24 
2-26 Mechanisms for seeking advice and raising concerns  Page 24 
2-27 Compliance with laws and regulations Page 31 
Stakeholder engagement 
2-29 Approach to stakeholder engagement Page 15 
Material topics 
3-1 Process to determine material topics  Page 17 
3-2 List of material topics Page 17 
3-3 Management of material topics Page 17 
GRI 201: Economic performance 
201-1 Direct economic value generated and distributed Page 13 
201-2 Financial implications and other risks and opportunities due to 
climate change 
Page 27 
201-3 Defined benefit plan obligations and other retirement plans Remuneration Report 
GRI 205: Anti-corruption 
205-1 Operations assessed for risks related to corruption  Page 24 
205-2 Communication and training about anticorruption policies and 
procedures 
Page 24 
205-3 Confirmed incidents of corruption and actions taken Page 24 
GRI 206: Anti-competitive behaviour 
206-1 Legal actions for anti-competitive behaviour, anti-trust, and 
monopoly practice 
Page 24 
GRI 302: Energy 
302-1 Energy consumption within the organisation Page 18

===== SIDA 26 =====

Directors’ Report - Sustainability Report 
26 Orrön Energy – Annual and Sustainability Report 2025 
Disclosure Description Reference/page number 
GRI 304: Biodiversity 
304-2 Significant impacts of activities, products and services on 
biodiversity 
Page 21 
GRI 305: Emissions 
305-1 Direct (Scope 1) GHG emissions  Page 18 
305-2 Indirect (Scope 2) GHG emissions Pages 18 
305-3 Other indirect (Scope 3) GHG emissions Pages 18-19 
GRI 306: Effluents and Waste 
306-3 Significant spills Page 21 
GRI 403: Occupational health and safety 
403-1 Occupational health and safety management system Page 22 
403-2 Hazard identification, risk assessment, and incident 
investigation  
Page 22 
403-3 Occupational health services Page 22 
403-4 Worker participation, consultation, and communication on 
occupational health and safety  
Page 22 
404-5 Worker training on occupational health and safety  Page 22 
403-9 Work-related injuries Page 22 
GRI 405: Diversity and equal opportunity 
405-1 Diversity of governance bodies and employees Pages 23, 35 
GRI 406: Incidents and discrimination and corrective actions taken 
406-1 Incidents of discrimination and corrective actions taken Page 23 
GRI 413: Local communities 
413-1 Operations with local community engagement, impact 
assessments, and development programmes 
Page 23

===== SIDA 27 =====

Directors’ Report - Risk Management 
Orrön Energy – Annual and Sustainability Report 2025 27 
Risk Management 
Orrön Energy places risk management responsibility at 
all levels within the Company to continually identify, 
understand and manage threats and opportunities 
affecting the business. This enables the Company to 
make informed decisions and to prioritise control 
activities and resources to deal effectively with any 
potential threats and opportunities. 
Orrön Energy’s business is exposed to changes in energy 
prices, which in turn are dependent on macro-economic 
factors and geopolitical conditions. The Company’s 
operations impact the surrounding environment, and 
operational processes are associated with occupational 
health and safety risks. As a growing business with an 
expanding geographical and operational scope, the 
operational risks evolve, requiring continuous adaptation 
and risk management. 
Access to land, grid connections and 
permits 
Risk: The construction, operation, and life extension of 
renewable assets require the Company to obtain, 
maintain and renew necessary permits, leases, grid 
connections, and rights. Inconsistent or shifting 
government policies, opposition from local stakeholders, 
or lengthy bureaucratic procedures may lead to project 
delays, increased costs, or the inability to secure 
necessary approvals. Failure to receive necessary 
approvals could impact the ability to maintain or 
increase the Company’s power generation over time. 
Response: The Company’s asset managers continuously 
ensure that valid permits, leases, grid connections, and 
rights are being maintained for each asset in the 
portfolio. A continuous and open dialogue helps to 
develop the business, and this exchange of information 
increases the Company’s awareness of stakeholder 
issues, risks, and opportunities. This risk is also managed 
through the Company’s screening process when 
searching for new projects where these factors are 
always considered. 
Changes in laws, tax and regulations 
Risk: Operations are subject to environmental, tax and 
other regulations. Changes to applicable laws and 
regulations could negatively affect the Company, lead to 
investigations, litigations, negative financial impact, 
reputational damage and cancellation or modification of 
contractual rights. 
Response: Orrön Energy monitors legal developments in 
relevant fields, follows up and ensures compliance with 
and adherence to applicable laws and regulations. A 
robust corporate governance framework is in place to 
ensure the Company acts in accordance with best 
business practice and high standards of corporate 
citizenship. 
Climate change 
Risk: Global warming may lead to gradual climate 
changes, such as shifts in wind patterns, rising 
temperatures, increasing sea levels as well as more 
acute weather events such as storms, landslides, and 
wildfires, which could impact the Company’s operational 
assets. 
Response: As a renewable energy producer, Orrön 
Energy is making a significant contribution to mitigate 
the effects of climate change by increasing the share of 
renewable power generation in its countries of operation. 
However, the Company’s physical assets are exposed to 
the effects of climate change. The Company has 
conducted a climate risk assessment of its operational 
assets and development projects to evaluate the 
physical risks associated with climate change. 
Acquisitions and new developments are assessed 
against the same criteria to ensure continued resilience 
and integration into the Company’s risk management 
framework. The Company will continue to evaluate risks 
and opportunities related to climate change and will 
seek to reduce both transitional and physical climate 
related risks. 
Cyber security 
Risk: There is potential for cyber intrusion into the 
Company’s systems or networks leading to operational 
disruptions, financial loss, data and information loss, 
data privacy infringement, or system irregularities. The 
Company’s ability to deliver and sell power may also be 
affected by external threats and disruptions to grid and 
network systems.  
Response: As an energy provider, Orrön Energy’s 
operations are increasingly reliant on advanced 
technology and digital control systems. Safeguarding 
these systems is critical to ensuring secure and reliable 
power generation and maintaining resilient operations. 
The Company has conducted risk assessments and is 
continuously strengthening its cyber defence across the 
asset base to be able to detect and mitigate potential 
threats. IT and cyber security are also integrated into 
procurement processes and supplier due diligence. The 
Company focuses on preventive measures, including 
awareness campaigns and training on cyber security 
risks. 
Digital disruption, new technology and AI 
Risk: Failure to adapt to emerging technologies, 
integrate AI effectively and safely, or comply with data 
privacy requirements may result in operational

===== SIDA 28 =====

Directors’ Report - Risk Management 
28 Orrön Energy – Annual and Sustainability Report 2025 
inefficiencies, loss of market share, reputational harm, 
and increased regulatory scrutiny. 
Response: To address this risk, Orrön Energy continuously 
monitors the development of emerging technologies, AI 
advancements, and evolving data privacy regulations to 
ensure compliance efficiency, and responsible 
innovation. Employee awareness training on AI and data 
protection further strengthens the Company’s ability to 
leverage technological advancements while maintaining 
compliance with regulatory requirements. 
Compliance 
Risk: Failure to comply with applicable laws and 
regulations, including but not limited to handling of 
inside information, anti-bribery, anti-corruption, data 
privacy, and environmental laws, may result in 
substantial fines, penalties or legal proceedings. Such 
non-compliance could also harm the Company’s 
reputation, erode stakeholder trust, and negatively 
impact financial performance and long-term 
sustainability. 
Response: Orrön Energy operates according to the 
highest level of legal and ethical standards, ensured 
through the consistent application of the Code of 
Conduct and policies and procedures. Regular training is 
conducted to communicate expectations of legal 
compliance and ethical business conduct to staff. The 
Company’s whistleblowing mechanism allows 
stakeholders to report any concerns on ethics and 
compliance, and helps to ensure protection exists when 
any individual reports on suspicions of wrongdoing. 
Divestments and acquisitions 
Risk: There is a risk that divestments and acquisitions 
made do not deliver the expected outcome. This could 
be due to inaccurate disclosures, residual contractual 
obligations, counterparty credit risks and unforeseen 
future events, which could lead to financial loss through 
value erosion, indemnity payments, potential 
reputational damage, and strained relationships. 
Response: Orrön Energy conducts thorough commercial, 
legal, financial and technical due diligence to assess 
risks associated with transactions and relies on 
experienced internal teams and external advisers to 
validate key assumptions. Transactions and contractual 
protections are designed to limit exposure to 
inaccuracies or unexpected liabilities, and counterparties 
are evaluated for financial strength and reliability. Post-
completion monitoring and regular reporting provide 
oversight to ensure that any emerging issues are 
identified and addressed. 
Financial reporting 
Risk: The risk associated with delayed or inaccurate 
financial information could adversely affect the delivery 
or quality of external reporting, posing a financial 
reporting risk for the Company. Such issues may result in 
regulatory action, fiscal uncertainty, shareholder lawsuits 
and loss of investor confidence. 
Response: To address this risk, Orrön Energy has 
established a strong internal control framework, with 
well-defined financial processes in place. Internal 
controls are applied to the financial reporting process, 
which undergoes rigorous monthly management 
reporting procedures. The accuracy and reliability of 
financial reporting are further ensured through internal 
reviews and external audits. 
Interest rate and currency 
Risk: As a result of the Company carrying debt, a rise in 
interest rates risks affects the Company’s earnings and 
cash flow potential. A foreign exchange risk exists in 
relation to market fluctuations of foreign currencies, 
given that the underlying value of the Company’s assets 
is predominantly EUR denominated, whilst certain costs 
are denominated in other currencies. 
Response: The exposure to interest rate and currency 
risks is continuously assessed and monitored. Hedging 
instruments may be used to manage this risk and the 
hedging process is subject to robust internal controls. 
The Company has drawn debt through a revolving credit 
facility and aims to maintain a strong balance sheet to 
limit its exposure to negative impacts from rising interest 
rates. 
Liquidity and funding 
Risk: Investment and cost overruns or production 
underperformance may lead to the Company being 
unable to fund its financial commitments from cash flow, 
debt or equity. 
Response: Orrön Energy mitigates this risk through 
conscious financial planning and by regular cash flow 
forecasting. Access to the capital markets is supported 
by an active investor relations strategy. The Company 
also strives to maintain an effective asset management 
strategy to sustain optimal asset performance levels to 
maximise cash flow and borrowing capacity. 
Legacy claims 
Risk: New or previously unknown legal claims, disputes, 
or regulatory actions which relate to the legacy oil and 
gas Exploration and Production (“E&P”) business, which 
was sold in 2022, may arise in the future. These may, for 
example, relate to historical operations, environmental 
obligations, employee matters, regulatory and tax 
matters or contractual relationships that existed prior to 
the sale of the E&P business. This could lead to financial 
exposure through legal costs, settlements or fines, 
reputational damage, and significant use of internal 
resources due to prolonged dispute resolution.

===== SIDA 29 =====

Directors’ Report - Risk Management 
Orrön Energy – Annual and Sustainability Report 2025 29 
Response: Contractual provisions mitigate the 
Company’s exposure to claims related to the legacy E&P 
business. Legacy risks are monitored and reported to 
senior management and the Board to ensure effective 
oversight and prompt decision-making should issues 
arise. Relevant documentation from the legacy E&P 
business is retained to enable timely, and well-informed 
responses should issues arise. 
Low valuation of development projects 
Risk: The Company continuously invests in its portfolio of 
early-stage greenfield projects in onshore wind, solar, 
batteries and data centres in the Nordics, the UK, 
Germany, and France. Inability to recover the value of 
investments made in development projects may 
constitute a risk for the Company 
Response: Orrön Energy mitigates this risk through 
careful feasibility studies and market analyses before 
initiating any development projects. The Company 
remains informed of geopolitical changes that may 
affect its development projects and engages in dialogue 
as needed to ensure its projects remain well-positioned. 
The Company’s business strategy for greenfield 
developments in the UK, Germany, and France 
specifically consists of developing and monetising large-
scale projects prior to incurring significant development 
expenditures, which is also a mitigating factor. 
Additionally, robust financial controls and monitoring 
mechanisms throughout the project lifecycle allow for 
early identification of potential risks. Continuous 
reassessment and adaptation of strategies based on 
changing market conditions and regulatory 
environments are integral to safeguarding the value of 
investments. 
Market conditions 
Risk: The Company’s shareholder value is directly linked 
to its ability to meet stakeholder expectations, to 
generate value through existing business strategies and 
to adapt to changing market conditions. The geopolitical 
climate may lead to volatile market conditions, which in 
turn impact the Company. Prolonged periods of low 
achieved electricity prices, escalating grid and other 
variable costs, heightened capture price discounts, 
inflation, changes to government policies, or other 
market uncertainties have the potential to undermine 
the profitability of the Company’s assets. Consequently, 
this could impact financial earnings, cash flow 
generation, and the overall liquidity position of the 
Company. 
Response: The energy sector is accustomed to the highs 
and lows of economic and price cycles. Orrön Energy 
mitigates the impact of fluctuating energy prices and 
other variable costs by maintaining a strong balance 
sheet, implementing operational strategies to avoid 
unprofitable power generation, and having flexible 
capital commitments, to minimise the potential impact 
of weak market conditions. In addition, the Company has 
robust internal and external monitoring processes in 
place, including long-term financial forecasting and 
liquidity tests, and continuously assesses asset 
valuations and debt capacity, enabling management to 
forecast a potential liquidity shortage well ahead of time. 
Through regular updates of the long-term financial 
forecast, the Company stress tests the business for 
prolonged periods of lower energy prices. 
Negative outcome in the Sudan process 
Risk: A negative outcome in the ongoing Sudan process 
concerning the indictment of two former representatives 
of the Company by the Swedish Prosecution Authority in 
relation to past activities in Sudan (1999–2003), poses 
potential financial and reputational risks for the 
Company. This could include challenges to secure 
reasonable financing terms, retaining sufficient liquidity 
as well as payment of financial compensation or 
penalties. 
Response: The Company refutes that there are any 
grounds for allegations of wrongdoing by any of its 
former representatives and sees no circumstance in 
which a corporate fine or forfeiture could become 
payable. Despite the Company’s confidence in a 
favourable outcome in Court, it has a robust legal 
defence strategy and is actively defending itself in the 
legal process. More information on the case, why the 
Company believes it is unfounded, and the ongoing legal 
process can be found on 
www.lundinsudanlegalcase.com. 
Reputational damage from the Sudan 
process 
Risk: The ongoing Sudan process concerning the 
indictment of two former Company representatives by 
the Swedish Prosecution Authority in relation to past 
activities in Sudan (1999–2003), poses a reputational risk 
for the Company. This could manifest in missed business 
opportunities, create adverse perceptions among 
investors, partners, and lenders, and potentially result in 
a negative impact on the Company’s share price. 
Response: Orrön Energy maintains a comprehensive 
strategy to mitigate the risk of a negative reputational 
impact from the ongoing legal case and continues to 
actively defend its interests both through the legal 
process and in the public domain. This includes 
transparent communication with stakeholders and 
engagement to ensure an open and informed dialogue. 
The Company is convinced that there are no grounds for 
any allegations of wrongdoing by any of its former 
representatives and will continue to vigorously defend 
itself in the legal process. More information on the case, 
why the Company believes it is unfounded, and the 
ongoing legal process can be found on 
www.lundinsudanlegalcase.com.

===== SIDA 30 =====

Directors’ Report - Risk Management 
30 Orrön Energy – Annual and Sustainability Report 2025 
Safe operations 
Risk: Failure to maintain safe operations, including 
adherence to health, safety, and environmental 
standards, could result in workplace accidents, injuries, 
negative impacts to local communities, environmental 
damage and operational disruptions. Such incidents 
may lead to regulatory fines, reputational damage, and 
loss of stakeholder confidence, as well as negatively 
impacting employee morale and overall business 
performance. 
 
Response: Safe operations are a key priority for Orrön 
Energy and the Company maintains a strong focus on 
health and safety for both employees, contractors and 
local communities. All of the Company’s wind farm 
technicians are internationally certified according to the 
Global Wind Organisation (GWO) requirements or 
equivalent, which sets safety standards for personnel 
working in the wind power industry. For operational 
activities, risk assessments are conducted, including the 
identification of potential hazards, and remote 
monitoring systems are in place to detect and address 
operational disruptions at an early stage. Individual 
safety measures are always adapted to local 
circumstances and may vary across the organisation 
and the various operational tasks. For example, 
employees and contractors involved in construction 
work, work in confined spaces or installation work at 
height are subject to specific safety measures. All serious 
incidents are investigated, and the Company’s policies 
ensure that no individuals face reprisal during this 
process. 
Supply chain 
Risk: Supply chain disruptions, particularly for solar and 
battery components, could lead to strained capacity and 
delays in development projects. The reliance on 
concentrated production of solar panels and batteries to 
specific regions in the world poses additional geopolitical 
risks, including potential import duties, taxes, and bans 
on certain components. Limited access to rare-earth 
metals and other critical materials essential for 
renewable energy technology is a risk, which may 
potentially increase project costs and affect project 
timelines. 
Response: Orrön Energy actively mitigates these risks 
through regular engagement with key suppliers to 
ensure timely procurement of components and spare 
parts. The Company has a diversified supplier base and 
monitors geopolitical developments to ensure supply 
chain resilience and reduced exposure to geopolitical 
risks. Where possible, spare parts are kept in stock to 
mitigate potential delays. 
Unscheduled interruption of production 
Risk: Production consists of several continuous 
processes, and any unplanned interruption of production 
can affect the Company’s overall power generation and 
financial performance. Unplanned interruptions of 
production may occur due to for example unfavourable 
weather conditions, technical problems with the 
Company’s producing assets or the overlying 
transmission grid, or accidents. 
Response: Preventive maintenance is carried out at all 
wind power facilities. The goal is to minimise the impact 
for the Company, which is achieved by continuously 
developing prevention and mitigation efforts in the 
operations, and partly by introducing and developing 
groupwide insurance solutions. In addition, availability 
warranties are in place for a majority of the Company’s 
power generation.

===== SIDA 31 =====

Directors’ Report - Corporate Governance Report 
Orrön Energy – Annual and Sustainability Report 2025 31 
Corporate Governance Report 
Contents 
Guiding principles of corporate governance ................ 31 
Corporate governance rules and regulations .............. 31 
Share capital and shareholders ............................................ 33 
Shareholders’ meeting ................................................................. 33 
External auditor of the Company .......................................... 34 
Nomination Committee ............................................................... 34 
Board of Directors ............................................................................ 35 
Board Committees .......................................................................... 35 
Board members ................................................................................ 39 
Group management ...................................................................... 40 
Remuneration ..................................................................................... 40 
Policy on Remuneration ............................................................... 42 
Internal control over financial reporting .......................... 45 
This Corporate Governance Report has been prepared in 
accordance with the Swedish Companies Act (SFS 2005:551), 
the Annual Accounts Act (SFS 1995:1554) and the Swedish 
Corporate Governance Code and has been subject to a 
review by the Company’s statutory auditor. 
 
Orrön Energy reports one deviation from rule 1.2 of the 
Corporate Governance Code in 2025, as the Board decided 
to hold the 2025 AGM as a digital meeting in line with the 
updated Articles of Association. This decision was motivated 
by the Company’s large international shareholder base, the 
limited number of physically attending shareholders at the 
latest General Meetings, and, considering the disruptive and 
hostile behaviour of a number of shareholders and their 
advisors at the Annual General Meeting 2024, including 
health and safety aspects. A “townhall” meeting for 
shareholders was held on 20 May 2025, giving the 
shareholders an opportunity to meet and ask questions to 
representatives of the Board and management team.  There 
were no infringements of applicable stock exchange rules 
during the year, nor any breaches of good practice on the 
securities market. 
 
Orrön Energy AB (publ), company registration number 
556610-8055, has its corporate head office at 
Hovslagargatan 5, 111 48 Stockholm, Sweden and the 
registered seat of the Board of Directors is Stockholm, 
Sweden. The Company’s website is www.orron.com. 
 
2026 Annual General Meeting 
The 2026 Annual General Meeting (AGM) will be held on 1 
April 2026 at 11.00 CEST as a digital meeting combined with 
an option to vote by post in advance of the AGM. 
Shareholders may choose to exercise their voting rights at 
the AGM by attending online, through a proxy or by postal 
voting. Shareholders who wish to attend the meeting must 
be recorded in the share register maintained by Euroclear 
Sweden on the day falling six business days prior to the 
meeting, of if the shares are registered in the name of a 
nominee, request that the nominee registers the shares in 
their own name for voting purposes on the day falling four 
business days prior to the meeting, and must notify the 
Company of their intention to attend the AGM no later than 
the date set out in the notice of the AGM. Further information 
about registration to and attendance at the AGM, as well as 
voting by mail or proxy, can be found in the notice of the 
AGM, available on the Company’s website. 
Orrön Energy’s corporate governance framework seeks 
to ensure that the business is conducted efficiently and 
responsibly, that responsibilities are allocated in a 
clear manner and that the interests of shareholders, 
management and the Board of Directors remain fully 
aligned. 
Guiding principles of corporate governance  
Orrön Energy is an independent, publicly listed renewable 
energy company, with high-quality wind assets in the 
Nordics, coupled with growth opportunities in onshore 
wind, solar, batteries and data centres in the Nordics, the 
UK, Germany, and France. Orrön Energy applies a 
governance structure that favours straightforward 
decision-making processes, with easy access to relevant 
decision makers, while nonetheless providing the 
necessary checks and balances for the control of the 
activities, both operationally and financially. Orrön 
Energy’s principles of corporate governance seek to: 
• Protect shareholder rights 
• Provide a safe and rewarding working environment to 
all employees and contractors 
• Ensure compliance with applicable laws and best 
industry practice 
• Ensure activities are carried out competently and 
sustainably 
• Safeguard the well-being and interests of local 
communities and stakeholders 
As a Swedish public limited company listed on Nasdaq 
Stockholm, Orrön Energy is subject to the Rule Book for 
Issuers of Nasdaq Stockholm, which can be found on 
www.nasdaq.com. In addition, the Company abides by 
principles of corporate governance found in a number of 
internal and external documents. Abiding to corporate 
governance principles builds trust in Orrön Energy, which 
results in increased shareholder value. By ensuring the 
business is conducted in a responsible manner, the 
corporate governance structure ultimately paves the 
way for increased efficiency. 
Corporate governance rules and regulations 
Swedish Corporate Governance Code 
The Corporate Governance Code is based on the 
tradition of self-regulation and the principle of “comply 
or explain”. It acts as a complement to the corporate 
governance rules contained in the Swedish Companies 
Act, the Annual Accounts Act, EU rules, and other 
regulations such as the Rule Book for Issuers, the Rules on 
Remuneration of the Board and Executive Management 
and on Incentive Programmes and good practice on the 
securities market.

===== SIDA 32 =====

Directors’ Report - Corporate Governance Report 
32 Orrön Energy – Annual and Sustainability Report 2025 
 
 
 
Highlights 2025 
Achieved key milestones in 
the execution of the 
Company’s greenfield 
strategy, with the first 
project sales in Germany 
and grid connections 
secured for six large-scale 
projects in the UK. 
Integrating value accretive 
strategies into the 
operational framework, 
including voluntary 
curtailments, bidding 
strategies, and provision of 
ancillary services, and 
entered into financial 
hedges to strengthen the 
Company’s resilience to 
market volatility. 
Reviewing and updating 
the Company’s Code of 
Conduct and corporate 
policies to strengthen the 
governance framework 
and ensure alignment with 
the evolving risk 
landscape. 
Appointment of Richard 
Ollerhead as a new Board 
member at the AGM held 
on 5 May 2025. 
 
 
Orrön Energy’s Articles of Association 
The Articles of Association contain customary provisions 
regarding the Company’s governance and do not 
contain any limitations as to how many votes each 
shareholder may cast at shareholders’ meetings, nor any 
special provisions regarding the appointment and 
dismissal of Board members or amendments to the 
Articles of Association. The Articles of Association are 
available on the Company’s website. 
Orrön Energy’s Code of Conduct 
Orrön Energy’s Code of Conduct constitutes the 
commitment of the Company, its employees, 
contractors, and business partners to act in accordance 
with high ethical standards, for the benefit of all 
stakeholders. The Company applies the same standards 
to all of its activities to satisfy both its commercial and 
ethical requirements and strives to continuously improve 
its performance and to act with high standards of 
corporate citizenship. The Code of Conduct is an integral 
part of the Company’s employment and supply chain 
contracts, and any violations of the Code of Conduct will 
be the subject of an inquiry and appropriate measures. 
In 2025, the Company’s Code of Conduct was reviewed 
and updated to better reflect the current scope of 
business and ensure alignment with the evolving risk 
landscape. The Code of Conduct has been approved by 
the Board and is available on the Company’s website. 
Orrön Energy’s policies, procedures and guidelines  
Corporate policies, procedures and guidelines have been 
developed to outline specific rules and controls, to 
increase efficiency and improve performance by 
facilitating compliance. They cover areas such as health 
External  
audit 
Nomination 
Committee 
Shareholders’ meeting 
Board of Directors 
Audit 
Committee 
Compensation 
Committee 
CEO and Group management 
Main external rules and regulations for 
corporate governance at Orrön Energy 
Main internal rules and regulations for 
corporate governance at Orrön Energy  
• Swedish Companies Act 
• Swedish Annual Accounts Act 
• Nasdaq Stockholm Rule Book for Issuers 
• Swedish Corporate Governance Code 
• Swedish Rules on Remuneration of the 
Board and Executive Management and 
on Incentive Programmes 
• The Articles of Association 
• The Code of Conduct 
• Policies, procedures and guidelines 
• The Rules of Procedure of the Board, 
instructions to the CEO, and for the financial 
reporting to the Board, and the terms of 
reference of the Board Committees and the 
Investment Committee 
• Nomination Committee Process

===== SIDA 33 =====

Directors’ Report - Corporate Governance Report 
Orrön Energy – Annual and Sustainability Report 2025 33 
and safety, climate, environment, human rights, 
stakeholder engagement, diversity, information, anti-
corruption, anti-fraud, anti-money laundering, 
competition law, tax, IT and cybersecurity, asset 
management, whistleblowing, accounting and finance, 
human resources, and inside information. As part of its 
ongoing governance work, the Company reviewed and 
updated its corporate policies in 2025 to ensure they 
appropriately reflect the Company’s activities and 
evolving risk landscape. This work resulted in the revision 
of existing policies and the adoption of three new policies 
to strengthen the governance framework; Climate Policy, 
IT Security and Data Protection Policy, and Asset 
Management Policy. Other material updates included 
strengthening of the human rights framework, 
particularly in relation to supply chain risks, and 
broadening the scope of health and safety to cover a 
wider range of health-related aspects. The new and 
revised policies have been approved by the Board and 
are available on the Company’s website. 
Orrön Energy’s Rules of Procedure of the Board 
The Rules of Procedure of the Board contain the 
fundamental rules regarding the division of duties 
between the Board, the Committees, the Chair of the 
Board and the Chief Executive Officer (CEO). The Rules of 
Procedure also include instructions to the CEO, 
instructions for the financial reporting to the Board and 
the terms of reference of the Board Committees and the 
Investment Committee. The Rules of Procedure are 
reviewed and approved annually by the Board. 
Share capital and shareholders 
The shares of Orrön Energy are listed on Nasdaq 
Stockholm. The total number of shares is 285,905,187. 
Each share has a quota value of SEK 0.01 (rounded-off) 
and the registered share capital of the Company is SEK 
3,478,713 (rounded-off). All shares of the Company carry 
the same voting rights and the same rights to a share of 
the Company’s assets and earnings. The Company has 
issued 8,560,000 warrants of series 2022:2, 5,300,000 
warrants of series 2024:1, 6,300,000 warrants of series 
2024:2 and 5,450,000 warrants of series 2025:1. The 
Company held no treasury shares on 31 December 2025. 
At the end of 2025, Orrön Energy had a total of 48,794 
shareholders listed with Euroclear Sweden, which 
represents a decrease of 6,289 compared to the end of 
2024. 
1  An investment company wholly owned by Lundin family trusts. Source: Monitor Holdings and external shareholder confirmation.
Shareholders’ meeting 
The shareholders’ meeting is the highest decision-
making body of Orrön Energy where the shareholders 
exercise their voting rights and influence the business of 
the Company. The AGM is held each year before the end 
of June at the seat of the Board in Stockholm. The notice 
of the AGM is announced in the Swedish Gazette (Post- 
och Inrikes Tidningar) and on the Company’s website no 
more than six and no less than four weeks prior to the 
meeting. The documentation for the AGM is provided on 
the Company’s website in Swedish and in English at the 
latest three weeks prior to the AGM. 
2025 AGM 
The 2025 AGM was held on 5 May 2025 as a digital 
meeting. The AGM was attended by 36 shareholders, 
personally or by proxy, representing 51.2 percent of the 
share capital. The Chair of the Board, the CEO as well as 
all Board members were present at the meeting. 
The resolutions passed by the 2025 AGM include: 
• Election of advokat Klaes Edhall as Chair of the AGM.
• Adoption of the Company’s income statement and
balance sheet, and the consolidated income
statement and balance sheet for 2024, and that no
dividend should be paid.
• Discharge of the Board and the CEO from liability for
the administration of the Company’s business for 2024.
The 10 largest shareholders on 31 December 2025
Number of
shares 
Percent
(rounded) 
Nemesia S.à r.l.¹ 95,478,606 33.4%
JNE Partners 41,799,872 14.6%
Handelsbanken Fonder 7,540,541 2.6%
Avanza 4,688,158 1.6%
Banque Lombard Odier & Cie 3,742,150 1.3%
BlackRock 3,453,421 1.2%
Storebrand 2,527,198 0.9%
Dimensional Fund Advisors 2,117,757 0.7%
SEB 1,965,267 0.7%
C. Ashley Heppenstall 1,896,535 0.7%
Other shareholders 120,695,682 42.3%
of which Investment Committee and Board 1,717,320 0.6%
Total 285,905,187 100%

===== SIDA 34 =====

Directors’ Report - Corporate Governance Report 
34 Orrön Energy – Annual and Sustainability Report 2025 
• Approval of the Remuneration Report prepared by the 
Board. 
• Approval of the remuneration of EUR 120,000 to the 
Chair of the Board and EUR 60,000 to other Board 
members, and EUR 10,000 to each Committee Chair, 
and EUR 5,000 to other Committee members, with the 
total fees for Committee work not to exceed EUR 
50,000. 
• Re-election of Grace Reksten Skaugen, Jakob 
Thomasen, Peggy Bruzelius, William Lundin, Mike 
Nicholson and election of Richard Ollerhead as a new 
member of the Board. 
• Re-election of Grace Reksten Skaugen as Chair of the 
Board. 
• Approval of the remuneration of the statutory auditor. 
• Re-election of the registered accounting firm Ernst & 
Young AB as the Company’s statutory auditor until the 
2026 AGM, authorised public accountant Anders 
Kriström being the designated auditor in charge. 
• Approval of a long-term performance-based incentive 
plan for members of Group management and a 
number of key employees of the Company (“LTIP 
2025”). 
• Approval to issue and transfer 5,450,000 warrants of 
series 2025:1 to participants of the LTIP 2025. 
• Approval to authorise the Board to issue new shares 
and/or convertible debentures corresponding to in 
total not more than 28,500,000 new shares, with or 
without the application of the shareholders pre-
emption rights, in order to enable or facilitate 
acquisitions of companies or businesses or other 
major investments. 
• Approval to authorise the Board to decide on 
repurchases and sales of shares in Orrön Energy on 
Nasdaq Stockholm, where the number of shares 
repurchased shall be limited so that shares held in 
treasury from time to time do not exceed ten percent 
of all outstanding shares of the Company. 
All AGM materials, in Swedish and English, are available 
on the Company’s website. 
External auditor of the Company 
Statutory auditor 
Orrön Energy’s statutory auditor audits annually the 
Company’s financial statements, the consolidated 
financial statements, the Board’s and the CEO’s 
administration of the Company’s affairs and reports on 
the Corporate Governance Report. In addition, the 
auditor performs a review of the Company’s half year 
report and issues a statement regarding the Company’s 
compliance with the Policy on Remuneration.  
The Board meets at least once a year with the auditor 
without any member of Group management present at 
the meeting. In addition, the auditor participates 
regularly in Audit Committee meetings, in particular in 
connection with the Company’s half year and year-end 
reports. Group entities outside of Sweden are audited in 
accordance with local rules and regulations. 
The Company’s statutory auditor is the registered 
accounting firm Ernst & Young AB, which was first elected 
as the Company’s statutory auditor at the 2020 AGM. The 
auditor’s fees are described in the notes to the financial 
statements, see Note 23 on page 74 and Note 7 on page 
81. The auditor’s fees also detail payments made for 
assignments outside the regular audit mandate. Such 
assignments are kept to a minimum to ensure the 
auditor’s independence towards the Company and 
generally require prior approval of the Company’s Audit 
Committee. 
 
Nomination Committee 
The Nomination Committee is formed in accordance with 
the Company’s Nomination Committee Process, a 
revised version of which was approved at the 2024 AGM. 
According to the Process, the Company shall invite three 
of the larger shareholders of the Company based on 
shareholdings as per 1 August each year to form the 
Nomination Committee, however, the members are, 
regardless of how they are appointed, required to 
promote the interests of all shareholders of the 
Company. 
The Nomination Committee conducts its task in 
accordance with the Swedish Corporate Governance 
Code. The tasks of the Nomination Committee include 
making recommendations to the shareholders regarding 
the election of the Chair of the AGM, election of Board 
members and the Chair of the Board, remuneration of 
the Chair and other Board members, including 
remuneration for Board Committee work, election of the 
statutory auditor, and remuneration of the statutory 
auditor. Shareholders may submit proposals to the 
Nomination Committee by e-mail to 
nomcom@orron.com. 
Nomination Committee for the 2025 AGM  
The members of the Nomination Committee for the 2025 
AGM are described in the Company’s 2024 Annual 
Report. The full Nomination Committee report, including 
the final proposals to the 2025 AGM, is available on the 
Company’s website.  
Nomination Committee for the 2026 AGM 
The members of the Nomination Committee for the 2026 
AGM were announced and posted on the Company’s 
website on 10 September 2025. The Nomination 
Committee has held three meetings during its mandate 
so far. At the first meeting, Aksel Azrac was unanimously 
elected as Chair of the Nomination Committee. 
The full Nomination Committee report, including the final 
proposals to the 2026 AGM, is available on the 
Company’s website. 
Nomination Committee for the 2026 AGM 
Aksel Azrac (Chair)  Nemesia S.à.r.l 
Richard Ollerhead JNE Partners LLP 
Sussi Kvart Handelsbanken Fonder

===== SIDA 35 =====

Directors’ Report - Corporate Governance Report 
Orrön Energy – Annual and Sustainability Report 2025 35 
Board of Directors 
The Board of Directors of Orrön Energy is responsible for 
the organisation of the Company and management of 
the Company’s operations. The Board is to manage the 
Company’s affairs in the interests of the Company and 
all shareholders with the aim of creating long-term 
sustainable shareholder value. To achieve this, the Board 
should at all times have an appropriate and diverse 
composition considering the current and expected 
development of the operations, with Board members 
from a wide range of backgrounds that possess both 
individually and collectively the necessary experience 
and expertise. 
Composition of the Board 
The Board of Orrön Energy shall, according to the Articles 
of Association, consist of a minimum of three and a 
maximum of ten directors without deputies, and the AGM 
decides the final number each year. The Board members 
are elected for a period of one year. There are no deputy 
members and no members appointed by employee 
organisations. In addition, the Board is supported by a 
corporate secretary, the Company’s General Counsel, 
Henrika Frykman, who is not a Board member. 
The Nomination Committee for the 2025 AGM considered 
that the Board of six members elected at the 2025 AGM 
was, taking into consideration the Company’s planned 
future business and operations, sustainability strategy, 
and the economic and financial circumstances generally 
in which the Company operates, composed of a broad 
and versatile group of knowledgeable and skilled 
individuals who were motivated and prepared to 
undertake the tasks required of the Board in today’s 
business environment.  
The Board members possess substantial expertise and 
experience, and in addition, the Board fulfils the 
requirements regarding independence in relation to the 
Company, Group management and the Company’s 
major shareholders. Such expertise and experience 
relate to the Company’s core area of operation in the 
renewable energy sector, public company financial 
matters, Swedish practice and compliance matters, 
sustainability matters, corporate responsibility, and 
health, safety, and the environment. 
Gender balance was specifically discussed and the 
Nomination Committee noted that 33 percent of the 
proposed Board for election at the 2025 AGM were of the 
less represented gender. Whilst the percentage is lower 
than the recommendation of the Swedish Corporate 
Governance Board to have 40 percent of members being 
of the less represented gender, the Nomination 
Committee considered that the skills and broad 
experience of the Board members, as well as the 
shareholder structure of the Company with two major 
shareholders, should be weighed against the 
recommendation. The Nomination Committee supports 
the ambition of the Swedish Corporate Governance 
Board regarding gender balance and believes that it is 
important to continue to strive for gender balance when 
future changes in the composition of the Board are 
considered.  
The Nomination Committee further reviewed the 
remuneration of the Board ahead of the 2025 AGM and 
decided that no increase should be proposed. 
Board meetings and work 2025 
The Chair of the Board is responsible for ensuring that the 
Board’s work is well organised and conducted in an 
efficient manner as well as ensuring that reporting 
instructions are upheld for management, as drawn up by 
the CEO and as approved by the Board, however, the 
Chair does not take part in the day-to-day work. The 
Chair maintains close contacts with the CEO to ensure 
the Board is at all times sufficiently informed of the 
Company’s operations and financial status. Six Board 
meetings were held during 2025, and monthly 
operational reports were circulated to the Board. The 
Board also received an educational presentation on the 
European macroeconomic impact on electricity systems 
and market organisation, and an educational training 
workshop on the physical power markets from Nordpool 
Academy. 
Evaluation of the Board’s work 
An evaluation of the work of the Board was conducted in 
the autumn of 2025 through an online survey. The 
purpose of the evaluation was to assess the functioning 
of the Board and to identify potential areas of 
improvement. The results of each individual 
questionnaire were summarised to provide an overview 
over each focus area. The results were reported to the 
Nomination Committee. 
 
 
Board Committees 
To maximise the efficiency of the Board’s work and to 
ensure a thorough review of specific issues, the Board 
has established a Compensation Committee and an 
Audit Committee. The tasks and responsibilities of the 
Committees are detailed in the terms of reference of 
each Committee, which are annually adopted as part of 
the Rules of Procedure of the Board. Minutes are kept at 
Committee meetings and matters discussed are 
reported to the Board. In addition, informal contacts take 
place between ordinary meetings as and when required.  
Compensation Committee  
The Compensation Committee assists the Board in 
Group management remuneration matters and receives 
information and prepares the Board’s and shareholder 
meetings’ decisions on matters relating to the principles 
of remuneration, remuneration and other terms of 
employment of Group management. The objective of the 
Committee in determining compensation for Group 
management is to provide a compensation package 
that is based on market conditions, is competitive and 
takes into account the scope and responsibilities 
associated with the position, as well as the skills, 
experience and performance of the individual. The 
Committee’s tasks also include monitoring and

===== SIDA 36 =====

Directors’ Report - Corporate Governance Report 
36 Orrön Energy – Annual and Sustainability Report 2025 
evaluating programmes for variable remuneration, the 
application of the Policy on Remuneration as well as the 
current remuneration structures and levels in the 
Company. 
Compensation Committee work during 2025: 
• Ongoing review of the performance management
process through various meetings across the year.
• Preparing the 2024 Remuneration Report for Board and
AGM approval and considering enhancements for the
2025 Remuneration Report.
• Continuous monitoring and evaluation of
remuneration structures, levels, programmes and the
Policy on Remuneration.
• Review and discussion on remuneration levels and
practices throughout the Company for consideration
in relation to Group management remuneration.
• Review of the performance of the CEO and Group
management as per the performance management
process.
• Preparing a proposal for a long-term performance-
based incentive plan for members of Group
management and a number of key employees of the
Company, LTIP 2025, for Board and AGM approval
through various work sessions and preparation
discussions.
• Review of the CEO’s proposals for remuneration and
other terms of employment of the other members of
Group management for Board approval.
• Review of the CEO’s proposals for the principles of
compensation of other employees.
• Review and approval of the CEO’s proposals for awards
under the LTIP 2025.
• Preparing a proposal for award under the LTIP 2025 to
the CEO.
• Preparing a proposal for remuneration and other terms
of employment of the CEO for Board approval. 
• Review of Group management succession planning
matters.
• Reviewing the organisation and growth based on the
increased activities and scope of the Company.
• Frequent contacts, ongoing dialogue and decisions
outside of formal meetings to provide oversight and
approvals for remuneration issues as presented by
Group management.
Audit Committee 
The Audit Committee oversees the Company’s internal 
control systems and assists the Board in ensuring that 
the Company’s financial reports are prepared in 
accordance with International Financial Reporting 
Standards (IFRS), the Swedish Annual Accounts Act and 
accounting practices applicable to a company 
incorporated in Sweden and listed on Nasdaq Stockholm. 
The Audit Committee also evaluates financial risks, 
exposure and strategies. The Audit Committee is 
empowered by the Committee’s terms of reference to 
make decisions on certain issues delegated to it, such as 
review and approval of the Company’s first and third 
quarter reports on behalf of the Board. 
The Audit Committee also regularly liaises with the 
Group’s statutory auditor as part of the annual audit 
process, and reviews the audit fees and the auditor’s 
independence and impartiality. The Audit Committee 
further assists the Company’s Nomination Committee in 
the preparation of proposals for the election of the 
statutory auditor at the AGM. 
Audit Committee work during 2025: 
• Assessment of the 2024 year-end report and the 2025
half-year report for completeness and accuracy and 
recommendation for approval to the Board.
• Assessment and approval of the first and third quarter
reports 2025 on behalf of the Board.
• Evaluation of accounting issues in relation to the
assessment of the financial reports.
• Follow-up and evaluation of the results of the internal
control of the Group.
• Three meetings with the statutory auditor to discuss
the financial reporting, internal controls, risk
management, etc.
• Evaluation of the audit performance and the
independence and impartiality of the statutory auditor.
• Review and approval of statutory auditor’s fees.
• Reviewing various matters in relation to risk
management.
Principal tasks of the Board of Directors 
• Establishing the overall goals and strategy of the
Company.
• Making decisions regarding the supply and
allocation of capital.
• Identifying how the Company’s risks and business
opportunities are affected by sustainability
aspects.
• Appointing, evaluating and, if necessary,
dismissing the CEO.
• Ensuring that there is an effective system for
follow-up and control of the Company’s operations
and the risks to the Company that are associated
with its operations.
• Ensuring that there is a satisfactory process for
monitoring the Company’s compliance with laws
and other regulations relevant to the Company’s
operations, as well as the application of internal
guidelines.
• Defining necessary guidelines to govern the
Company’s conduct in society, with the aim of
ensuring its long-term value creation capability.
• Ensuring that the Company’s external
communications are characterised by openness,
and that they are accurate, reliable and relevant.
• Ensuring that the Company’s organisation in
respect of accounting, management of funds and
the Company’s financial position in general include
satisfactory systems of internal control.
• Continuously evaluating the Company’s and the
Group’s economic situation, including its fiscal
position.

===== SIDA 37 =====

Directors’ Report - Corporate Governance Report 
Orrön Energy – Annual and Sustainability Report 2025 37 
Board’s yearly work cycle  
Q1 / Q2 activities Q3 / Q4 activities 
• Approval of the year-end report. 
• Consideration on recommendation for appropriation of the Company’s result. 
• Approval of remuneration proposals regarding fixed and variable remuneration. 
• Approval of the Annual and Sustainability Report. 
• Review of the auditor’s report. 
• Approval of the Policy on Remuneration for submission to the AGM (if applicable). 
• Approval of the Remuneration Report. 
• Determination of the AGM details and approval of the AGM materials. 
• Statutory meeting following the AGM to confirm Board fees, Committee compensation, signatory 
powers, appointment of corporate secretary. 
• Audit Committee report regarding the first quarter report. 
• Meeting with the auditor without management present to discuss the audit process, risk 
management, and internal controls. 
• Review of the Rules of Procedure. 
• Performance assessment of the CEO. 
• Consideration of the performance review of Group management and Compensation Committee 
remuneration proposals. 
• Detailed discussion on business strategy. 
• Adoption of the budget and work 
programme for the following 
year’s activities. 
• Consideration of the Board 
evaluation to be submitted to the 
Nomination Committee. 
• Adoption of the half-year report, 
reviewed by the statutory 
auditor. 
• Audit Committee report 
regarding the third quarter 
report. 
 
Board of Directors work 2025 
The Board held six Board meetings with deliberations and contacts in-between meetings. In addition to the topics covered by the Board as per 
its yearly work cycle, the following significant matters were addressed by the Board during the year:  
• Discussing in detail the continued challenging market conditions, including factors impacting power pricing, hedging strategy  and 
renewables economics, cost savings and optimisations and Company strategy.  
• Considering the Company’s production and asset performance, business forecasts, and future outlook, including revenue optimis ation 
through ancillary services, voluntary curtailments, bidding strategies and battery storage projects.  
• Considering and approving multiple acquisitions to increase the power generation capacity in the Nordics, and evaluating seve ral potential 
business opportunities. 
• Overseeing the development of a pipeline of growth projects across five countries. 
• Considering and approving two transactions in Germany, comprising the sale of a 76 MW solar energy project and the entry into an 
agreement to sell a portfolio of three solar energy projects totalling 234 MW, representing a strong return on invested capital and validating 
the greenfield strategy.  
• Overseeing the securing of grid connections for six large-scale projects in the UK under the grid reform. 
• Considering the proposal for a long-term performance-based incentive plan for members of Group management and a number of key 
employees of the Company, the LTIP 2025, subject to 2025 AGM approval, and approving awards thereunder, as well as the Compan y’s unit 
bonus plan and awards thereunder. 
• Discussing in detail the financing of the Company, including the Company’s financial risk management, cash flows, sources of funding, 
foreign exchange movements, hedging strategy, share buybacks, and liquidity position.  
• Considering and approving to enter into financial power price hedges for power generation volumes in the second half of 2025 and 2026.   
• Considering and approving the waiver terms for the Company’s revolving credit facility for a temporary situation in which the Company did 
not meet one of its covenant requirements, and a one-year extension of the facility. 
• Discussing the Company’s ESG and safety ambitions and performance, improved external ESG ratings and disclosures, and continu ed 
overseeing the Company’s carbon neutrality across Scope 1 and 2 emissions, the extension of reporting to include Scope 3 emis sions, and 
the initiation of EU Taxonomy reporting. 
• Considering IT and cybersecurity, including compliance under upcoming regulations.  
• Discussing and reviewing the Company’s risk management framework, including approving an updated Code of Conduct and corporat e 
policy framework. 
• Considering and deciding that the AGM 2025 would be held as a digital meeting, combined with a “townhall meeting” in Stockhol m. 
• Discussing the Company’s and peers’ share price performance. 
• Monitoring and discussing the ongoing trial in the legacy Sudan case and related media attention, and considering the outcome  of the 
legacy Indonesian and Canadian tax cases, which were resolved in 2025. 
 
 
Sudan 
In June 2010, the Swedish Prosecution Authority began a preliminary investigation into alleged complicity in violations of in ternational 
humanitarian law in Sudan during 1997–2003. 
In November 2021, the Swedish Prosecution Authority brought criminal charges against former representatives of the Company in  relation to 
past operations in Sudan from 1999 to 2003. The charges also included claims against the Company for a corporate fine of MSEK 3.0 and 
forfeiture of economic benefits of MSEK 2,381.3, which according to the Swedish Prosecution Authority represents the value of  the gain of MSEK 
720.1 that the Company made on the sale of an asset in 2003. The Company refutes that there are a ny grounds for allegations of wrongdoing 
by any of its former representatives and sees no circumstance in which a corporate fine  or forfeiture could become payable. The claim for 
forfeiture of economic benefits was increased from MSEK 1,391.8 by the Swedish Prosecution Authority in August 2023. This lat est increase to 
the claimed forfeiture amount means that Swedish Prosecution Auth ority has presented three completely different amounts, based on three 
different methodologies, over the past seven years, raising serious questions about the substance and credibility of the Swedish Prosecution 
Authority’s claim. It is obvious that the methodology used by the Prosecutor to arrive at the claimed forfeiture amount is fu ndamentally 
flawed, leading to an unreasonable forfeiture claim which has no basis in law and is highly speculative. Any potential corporate fine or 
forfeiture of economic benefits would only be imposed after an adverse final conclusion of the case against former representa tives of the 
Company. The trial at the Stockholm District Court started in September 2023 and is expected to finish during the second quarter 2026.  
More information regarding the past activities in Sudan during 1997–2003 can be found on www.lundinsudanlegalcase.com.

===== SIDA 38 =====

Directors’ Report - Corporate Governance Report 
38 Orrön Energy – Annual and Sustainability Report 2025 
Board members on 31 December 2025 
Grace Reksten 
Skaugen Jakob Thomasen Peggy Bruzelius William Lundin Mike Nicholson Richard Ollerhead 
Function 
Chair, elected 2015 
Born 1953  
Compensation 
Committee Chair 
Director, elected 2017 
Born 1962  
Audit Committee 
member 
Director, elected 2023 
Born 1949 
Audit Committee 
Chair 
Director, elected 2023 
Born 1993  
Compensation 
Committee member 
Director, elected 2024 
Born 1971 
Audit Committee and 
Compensation 
Committee member 
Director, elected 2025 
Born 1986 
Education 
MBA from the BI 
Norwegian School of 
Management, Ph.D. 
Laser Physics and B.Sc. 
Honours Physics from 
Imperial College of 
Science and 
Technology at the 
University of London. 
Graduate of the 
University of 
Copenhagen, 
Denmark, M.Sc. in 
Geoscience and 
completed the 
Advanced Strategic 
Management 
programme at IMD, 
Switzerland. 
M.Sc. Economics and
Business from the 
Stockholm School of 
Economics 
Econ dr hc from the 
Stockholm School of 
Economics. 
Bachelor of 
Engineering in Mineral 
Resource Engineering, 
from Dalhousie 
University Halifax, 
Canada. 
Degree in Economics 
and Management 
Studies from 
Aberdeen University. 
Degree in Physics and 
Philosophy from the 
University of 
Oxford. 
Experience 
Member of the 
corporate finance 
team at SEB in Oslo. 
Board 
member/deputy chair 
of Statoil ASA 2002–
2015. 
Member of HSBC 
European Senior 
Advisory Council. 
CEO of Maersk Oil and 
a member of the 
Executive Board of the 
Maersk Group 2009–
2016. 
Managing Director of 
ABB Financial Services 
AB 1991–1997. 
Head of the asset 
management division 
of Skandinaviska 
Enskilda Banken AB 
1997–1998. 
Field Engineer and 
operator of BlackPearl 
Resources Inc. 2016–
2018.  
Project engineer 
production operations 
of International 
Petroleum Corp. (IPC) 
2018–2020.  
COO of IPC 2020–2023. 
President & CEO of IPC 
2024–present. 
Various economics, 
financial and banking 
roles with Veba Oel, 
Canadian Imperial 
Bank of Commerce 
and Marathon Oil 
1994-2004. Various 
leading roles at Lundin 
Petroleum 2005-2017. 
President & CEO of 
International 
Petroleum Corp. (IPC) 
2017–2023. 
Member of the 
investment team of 
Taconic Capital 
Advisors 2008-2014. 
Member of the 
European 
investment team of 
MSD Partners 2015-
2018. Partner at JNE 
Partners LLP 2019-
present. 
Other Board duties 
Member of the Board 
of Investor AB and PJT 
Partners, co-founder 
and deputy chair of 
the Norwegian 
Institute of Directors, 
and trustee of the 
International Institute 
for Strategic Studies in 
London. 
Chair of the DHI Group, 
ESVAGT, 
Hovedstadens 
Letbane, and Hyme 
Energy. 
Chair of the Board of 
Lancelot Asset 
Management AB. 
Chair of the Board of 
Hasko Invest AB.  
Member of the Board 
of IPC, ShaMaran and 
the Lundin Foundation. 
Member of the Board 
of IPC. 
None. 
Attendance 
Board (6/6) 
Compensation 
Committee (3/3) 
Board (6/6) 
Audit Committee 
(5/5) 
Board (6/6) 
Audit Committee 
(5/5) 
Board (6/6) 
Compensation 
Committee (3/3) 
Board (6/6) 
Audit Committee 
(5/5) 
Compensation 
Committee (3/3) 
Board (4/4)3 
Remuneration Board and Committee work 
EUR 130,000 EUR 65,000 EUR 70,000 EUR 65,000 EUR 70,000 EUR 03 
Shares as at 31 December 2025 
281,3001 
and 402,000 Board 
LTIP 2022 options 
8,820 
and 201,000 Board 
LTIP 2022 options 
30,000 900,0002 Nil Nil3 
Independent of the Company and Group management 
Yes Yes Yes Yes Yes Yes 
Independent of major shareholders 
Yes Yes Yes No2 Yes No3 
1 Grace Reksten Skaugen holds 48,500 shares personally and 232,800 shares through an investment company, Infovidi Ltd.  
2 William Lundin is in the Nomination Committee’s opinion not deemed independent of the Company’s major shareholder since he is a member of the Lundin 
family that holds, through family trusts, Nemesia S.à.r.l., which holds 95,478,606 shares in the Company. 
3  Richard Ollerhead was elected to the Board on 5 May 2025 and is in the Nomination Committee’s opinion not deemed independent of the Company’s major 
shareholder since he is a Partner of JNE Partners LLP, the Investment Manager of JNE Master Fund LP, a subsidiary of which (JNE Partners Luxembourg S.à r.l.) 
holds 41,799,872 shares in the Company. Richard Ollerhead has declined to receive remuneration for his work on the Board of Directors.

===== SIDA 39 =====

Directors’ Report - Corporate Governance Report 
Orrön Energy – Annual and Sustainability Report 2025 39 
Group management 
Management structure 
Orrön Energy’s Group and local management consist of 
highly experienced individuals with extensive industry 
experience. The Company’s CEO is responsible for the 
management of the day-to-day operations of Orrön 
Energy. He is appointed by, and reports to, the Board. He 
in turn appoints the other members of Group 
management, who assist the CEO in his functions and 
duties, and in the implementation of decisions taken and 
instructions given by the Board, with the aim of ensuring 
that the Company meets its strategic objectives and 
continues to deliver responsible growth and long-term 
shareholder value. 
Investment Committee 
Group management, which forms the Company’s 
Investment Committee, consists of Daniel Fitzgerald, CEO, 
Henrika Frykman, General Counsel and Espen Hennie, 
Chief Financial Officer. 
The Investment Committee assists the Board in 
discharging its responsibilities in overseeing the 
Company’s investment portfolio. The role of the 
Investment Committee is to determine that the 
Company has a clearly articulated investment policy, to 
develop, review and recommend to the Board 
investment strategies and guidelines in line with the 
Company’s overall policy, to review and approve 
investment transactions and to monitor compliance with 
investment strategies and guidelines. The responsibilities 
and duties include considering annual budgets, 
supplementary budget approvals, investment proposals, 
commitments, acquisition and disposal of assets, and 
performing other investment related functions as the 
Board may designate. 
Group management tasks and duties 
The tasks of the CEO and the division of duties between 
the Board and the CEO are defined in the Rules of 
Procedure and the Board’s instructions to the CEO. In 
addition to the overall management of the Company, the 
CEO’s tasks include ensuring that the Board receives all 
relevant information regarding the Company’s 
operations, including profit trends, financial position, and 
liquidity, as well as information regarding important 
events such as significant disputes, agreements and 
developments in important business relations. The CEO is 
also responsible for preparing the required information 
for Board decisions and for ensuring that the Company 
complies with applicable legislation, securities 
regulations and other rules such as the Corporate 
Governance Code. Furthermore, the CEO maintains 
regular contacts with the Company’s stakeholders, 
including shareholders, the financial markets, business 
partners and public authorities. To fulfil his duties, the 
CEO works closely with the Chair of the Board to discuss 
the Company’s operations, financial status, up-coming 
Board meetings, implementation of decisions and other 
matters. 
Under the leadership of the CEO, Group management is 
responsible for ensuring that the operations are 
conducted in compliance with the Code of Conduct, all 
Group policies, procedures and guidelines in a 
professional, efficient, and responsible manner. Regular 
management meetings are held to discuss all 
commercial, technical, sustainability, financial, legal, and 
other matters within the Group to ensure the established 
short- and long-term business objectives and goals will 
be met. Group management also travel frequently to 
oversee the ongoing operations, seek new business 
opportunities and meet with various stakeholders, 
including business partners, suppliers, and contractors, 
government representatives and financial institutions. In 
addition, Group management liaise continuously with the 
Board, and in particular the Board Committees, in 
respect of ongoing matters and issues that may arise. 
Remuneration 
Group principles of remuneration 
Orrön Energy aims to offer all employees compensation 
packages that are competitive and in line with market 
conditions. These packages are designed to ensure that 
the Group can recruit, motivate, and retain highly skilled 
individuals and reward performance that enhances 
long-term sustainable shareholder value. 
The Group’s compensation packages consist of four 
elements, being (i) base salary; (ii) annual variable 
remuneration; (iii) long-term incentive plan (LTIP); and 
(iv) other benefits. As part of the yearly assessment 
process, a performance management process has been 
established to align individual and team performance to 
the strategic and operational goals and objectives of the 
overall business. Individual performance measures are 
formally agreed, and key elements of variable 
remuneration are clearly linked to the achievement of 
such stated and agreed performance measures. 
To ensure compensation packages within the Group 
remain competitive and in line with market conditions, 
the Compensation Committee and the Company may 
undertake benchmarking studies. 
Remuneration of Board members 
The remuneration of the Chair and other Board members 
follows the resolution adopted by the AGM. The Board 
members are not employed by the Company, do not 
receive any salary from the Company and are not 
eligible for participation in incentive programmes for 
Group management and other employees. The Policy on 
Remuneration approved by the 2022 Extraordinary 
General Meeting (EGM) also comprises remuneration 
paid to Board members for work performed outside the 
directorship.

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Directors’ Report - Corporate Governance Report 
40 Orrön Energy – Annual and Sustainability Report 2025 
The remuneration of the Board is detailed further in the 
schedule on page 38 and in the notes to the financial 
statements, see Note 21 on pages 69–71. 
Policy on Remuneration for Group management 
The remuneration of Group management follows the 
principles that are applicable to all employees, however, 
these principles must be approved by the shareholders 
at the AGM. The Compensation Committee therefore 
prepares for approval by the Board and for submission 
for approval to the AGM, a Policy on Remuneration for 
Group management when any changes are proposed or 
at least once every four years. The Board proposes for 
approval to the AGM 2026 the same Policy on 
Remuneration for Group Management that was 
approved by the 2022 EGM, without any amendments. 
The Policy on Remuneration is reproduced below. The 
Remuneration Report, which can be found on the 
Company’s website, describes in more detail outcomes 
and how decisions were taken by the Board and the 
Compensation Committee during 2025. 
The annual variable remuneration for Group 
management is assessed against annual performance 
targets that signal and reward the strategic and 
operational results and behaviours expected for the year, 
which contribute to long-term, sustainable value 
creation for Orrön Energy. The performance target 
structure, and specific targets and weightings, are 
reviewed annually by the Compensation Committee to 
ensure that it aligns with the strategic direction and risk 
appetite of the Company and the performance target 
structure and specific targets are approved by the Board. 
Long-term incentive plans 
The Company operates long-term share-related 
incentive plans for Group management and other 
employees. Share option plans were approved by the 
2022 EGM and the 2023 and 2024 AGMs (“Share Option 
Plans”), and a performance-based incentive plan was 
approved by the 2025 AGM (“LTIP 2025”), sharing the 
common objective of aligning participants’ interests with 
those of shareholders and supporting long-term value 
creation.  
In the Company’s initial phase of development, the share 
price increase that is required for the Share Option Plans 
to lead to any payout, was considered to be an 
appropriate performance criterion and the best measure 
to determine shareholder value creation. At the time, it 
was also challenging to find a suitable peer group or 
other performance conditions, which would adequately 
assess the Company’s performance against the market. 
In 2025, the Board considered it appropriate to transition 
to a new long-term, performance-based incentive plan, 
the LTIP 2025. The primary objectives of the LTIP 2025 are 
fully aligned with the previous Share Option Plans, to 
ensure continuity in rewarding performance and 
commitment, while still ensuring a strong link between 
performance and shareholder value.  
Under the LTIP 2025, participants will be eligible to receive 
shares in the Company, provided they maintain 
continuous employment and meet specific performance 
conditions over a three-year period. Vesting will occur 
over three years with performance conditions measured 
during the period between 1 January and 31 March in the 
year of award and vesting, respectively. The 
performance conditions are based on the Company’s 
relative Total Shareholder Return measured against a 
peer group of companies with a 75 percent weighting, 
and strategic performance conditions tied to the 
Company’s long-term strategy with a 25 percent 
weighting.  
It was also considered that the LTIP 2025, as the Share 
Options Plans in the past, is best financed through 
delivery of shares allowing the Company to continue to 
allocate all available capital towards growth.  
Shares received through the LTIP 2025 are further subject 
to certain disposal restrictions to ensure that Group 
management build towards a meaningful shareholding 
in Orrön Energy. The level of shareholding expected of 
each management participant is 100 percent (200 
percent for the CEO) of the participant’s annual gross 
base salary over time by retaining minimum 50 percent 
of exercised shares, net of tax. The CEO holds 550,000 
shares in the Company and the remainder of Group 
management hold 180,000 shares in aggregate as per 31 
December 2025.  
Performance monitoring and review 
The Board is responsible for monitoring and reviewing on 
a continuous basis the work and performance of the CEO 
and shall carry out at least once a year a formal 
performance review. The Board also considered 
proposals regarding the compensation of the CEO and 
other members of Group management. Neither the CEO 
nor other members of Group management were present 
at the Board meetings when discussions regarding their 
compensation took place. 
The tasks of the Compensation Committee also include 
monitoring and evaluating the general application of the 
Policy on Remuneration, as approved by the 
shareholders’ meeting, and the Compensation 
Committee prepares a yearly Remuneration Report, for 
approval by the Board and the AGM, on the application 
of the Policy on Remuneration and the evaluation of 
Group management remuneration. As part of its review 
process, the statutory auditor of the Company also 
verifies on a yearly basis whether the Company has 
complied with the Policy on Remuneration. Both reports 
are available on the Company’s website. 
The remuneration of Group management, including 
under the Share Option Plans and the LTIP 2025, is 
detailed further in the notes to the financial statements, 
see Notes 21 and 22 on pages 69-74.

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Directors’ Report - Corporate Governance Report 
Orrön Energy – Annual and Sustainability Report 2025 41 
Major topics addressed by Group management in 2025 
• Considering the strategy of the Company and evaluating future business opportunities under demanding market conditions.  
• Considering numerous new ventures and investment opportunities. 
• Implementing and overseeing the Company’s financial hedging strategy to mitigate exposure to low electricity prices.  
• Negotiating and concluding transactions to increase the annual long-term proportionate power generation in the Nordics, including 
achieving long-term control over the Näsudden windfarm. 
• Negotiating and completing two transactions in Germany, comprising the sale of a 76 MW solar energy project and the entry into an 
agreement to sell a portfolio of three solar energy projects totalling 234 MW, representing a strong return on invested capital. 
• Managing and overseeing the early-stage greenfield development portfolio, including growing and maturing the pipeline , reaching the 
ready-to-permit milestone on a number of additional projects and obtaining grid connections for six large -scale projects in the UK under 
the UK grid reform. 
• Considering the Company’s production and asset performance, business forecasts and future outlook.  
• Overseeing the performance of the wider asset base of the Company and implementing monitoring systems and processes to furthe r 
improve operational excellence and financial reporting. 
• Managing the creation of new revenue streams through implementation of ancillary services across various assets.  
• Mitigating the impact of low electricity prices through implementation of voluntary curtailments and bidding strategies across various 
assets. 
• Implementing cost savings and optimisation measures across the business.   
• Negotiating waiver terms related to the Company’s revolving credit facility as a result of a temporary situation when the Com pany did not 
meet one of its covenant requirements, and extending the maturity with one year until 2027, ensuring continued financi ng at attractive 
terms. 
• Overseeing the safe replacement of a turbine following a fire incident in 2024.  
• Managing the Company’s risk management framework and preparing and implementing an updated Code of Conduct and corporate 
policy framework to better reflect the Company’s current operations. 
• Strengthening cybersecurity resilience across the business, including ensuring compliance with upcoming regulations and imple mentation 
of an awareness programme for employees. 
• Managing the sustainability strategy and performance of the Company, including overseeing the process of obtaining improved a nd 
industry leading ESG-ratings from the main rating agencies, and managing the Company’s carbon neutrality goals, including extens ion of 
reporting to Scope 3 emissions and initiation of EU Taxonomy reporting. 
• Overseeing HSE related work of the Company, including safety management and incident response plans.   
• Continued engagement with investors and other stakeholders, including participating proactively in a stakeholder engagement p rocess 
with the Swedish regulator to advocate for change in grid tariffs. 
• Considering and managing the implications of the ongoing trial in relation to past operations in Sudan, and resolving the leg acy Indonesian 
and Canadian tax cases. 
The following Policy on Remuneration for Group 
Management was approved by the 2022 EGM, 
and is proposed to be re-submitted without 
changes for approval at the 2026 AGM.  
Application of the Policy 
This Policy on Remuneration applies to the remuneration 
of “Group management” at the Company, which includes 
(i) the Chief Executive Officer (the “CEO”), (ii) the Deputy 
CEO, who from time to time may be designated from one 
of the other members of Group management, and (iii) 
executives so designated by the Board. The Policy also 
applies to members of the Board of Directors (the 
“Board”) of the Company where remuneration is paid for 
work performed outside the directorship. 
The Policy is, together with previous years’ Policies, 
available on the Company’s website and it will remain 
available for ten years. 
Key remuneration principles at the Company 
The Company’s remuneration principles and policies are 
designed to ensure responsible and sustainable 
remuneration decisions that support the Company’s 
strategy, shareholders’ long-term interests and 
sustainable business practices. It is the aim of the 
Company to recruit, motivate and retain high calibre 
executives capable of achieving the objectives of the 
Company and to encourage and appropriately and fairly 
reward executives for their contributions to the 
Company’s success. 
Remuneration to members of the Board 
In addition to Board fees resolved by the General 
Meeting, remuneration as per prevailing market 
conditions may be paid to members of the Board for 
work performed outside the directorship. 
Compensation Committee 
The Board has established a Compensation Committee 
to support it on matters of remuneration relating to the 
CEO, the Deputy CEO (if appointed), other members of 
Group management and other key employees of the 
Company. The objective of the Committee is to structure 
and implement remuneration principles to achieve the 
Company’s strategy, the principal matters for 
consideration being:  
• the review and implementation of the Company’s 
remuneration principles for Group management, 
including this Policy which requires approval by the 
General Meeting of Shareholders; 
• the remuneration of the CEO and the Deputy CEO (if 
appointed), as well as other members of Group 
management, and any other specific remuneration 
issues arising; 
• the design of long-term incentive plans that require 
approval by the General Meeting of Shareholders; and 
• compliance with relevant rules and regulatory 
provisions, such as this Policy, the Swedish Companies 
Act, the Swedish Corporate Governance Code and the 
Swedish Stock Market Self-Regulation Committee’s 
Rules on Remuneration of the Board and Executive 
Management and on Incentive Programmes.

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