Kvartalsrapport Q1 2023

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

Report for the
THREE MONTHS
ended 31 March 2023
Orrön Energy AB (publ)
company registration number 556610-8055
Q1

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Orrön Energy – Interim report for the first quarter 2023  2 
 
Highlights 
• All main components have been delivered and turbine installation work has commenced at the Karskruv 
project, which is set to increase the annual power generation from 800 GWh to 1,100 GWh from 2024 onwards 
• Successfully established an  organic growth platform across the Nordics and Europe, laying the foundation for 
growth in onshore wind, solar and battery storage solutions  
• Further expanded the business in Finland with an experienced partner, adding a strong network and access to 
several exclusive brownfield and greenfield project opportunities 
• Progressing several standalone and co-located projects in Sweden, with certain land rights already secured and 
ongoing work to secure grid connections and permits  
• Expanded the European footprint to include the UK, Germany and France, and secured grid connections for 
solar and battery storage projects in the UK, enabling large-scale greenfield development 
 
Consolidated financials  
• Cash flow from operating activities amounted to MEUR 16.6 for the quarter, which represents an increase from 
MEUR 13.4 in the previous quarter 
 
Proportionate financials 
• Power generation of 214 GWh for the quarter, ahead of expectation , representing an increase of 27 percent  
from the previous quarter  
• Achieved electricity price for the quarter amounted to EUR 66 per MWh, r esulting in proportionate EBITDA of 
MEUR 6.7 
• Low proportionate net debt of MEUR 19.5 at period end, with debt capacity of over MEUR 250 to fund further 
growth 
 
Financial Summary 
Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting 
proportionate financials 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. 
1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more details 
see section Key Financial Data. 
 
All numbers and updates in this report relate to the three-month period ending 31 March 2023 (the reporting period),  unless otherwise specified. Amounts from 
the same period last year are presented in brackets. 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. 
 
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 Nor dics and Europe. 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 transit ion. 
 
Expressed in MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
Consolidated financials   
Revenue  11.4 
EBITDA 4.6 
Operating profit (EBIT) 1.6 
Net result 0.0 
Earnings per share – EUR 0.0 
Earnings per share diluted – EUR 0.0 
Proportionate financials1  
Power generation (GWh) 214 
Revenue 14.0 
EBITDA 6.7 
Operating profit (EBIT) 2.6 
Average price achieved per MWh – EUR 66

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Orrön Energy – Interim report for the first quarter 2023  3 
 
Words from the CEO 
Orrön Energy has continued to deliver on its strategy during the first quarter of 2023, adding material opportunities across new 
technologies and geographies in all stages of the renewable energy lifecycle. We have also welcomed so me new and experienced 
teams into the Company, allowing us to further accelerate our growth ambitions. On top of the Nordic platform which we secured in 
2022, the expansion and focus in the first quarter has given us a broader and stronger foundation from which to continue to build 
scale.  
In the quarter, we saw electricity pricing stabilise and return to more normalised levels than we experienced last year, however , 
pricing still remains at high levels compared to the long-term historical average. Europe has not fundamentally resolved the 
challenges from the energy crisis in 2022, and I expect to see volatility returning to the markets during periods of instability in energy 
supply. Our power generation during the quarter was 27 percent higher than the fourth quarter 2022, and slightly higher th an 
expected as a result of strong operational performance . On the cost fro nt we delivered in line with our expenditure guidance. The 
cash generation of our core operations in the Nordics, together with our largely unutilised debt capacity, will continue to support the 
Company’s ambitious expansion plans. 
Expanding the organic growth platform 
We have been busy on all fronts during the quarter to further develop our organic growth platforms and we are now maturing a 
pipeline of opportunities in areas where we see strong fundamentals for renewable energy growth. I believe that our exp erienced 
team, coupled with our financial resources, will enable us to execute on a number of current and future opportunities. 
 
In the Nordics, we are progressing several opportunities in wind energy, solar and battery storage technologies, ranging from  early-
stage prospects, through to permitted projects which are ready to build. If successful, these projects will diversify our ope rational 
portfolio, while adding a longer -term growth pipeline to our business. We also further expanded our business in Finla nd and 
partnered with an experienced team, gaining access to a wider network in the local market. 
 
We have continued strengthening our platforms for growth in Europe, and in addition to France and Germany, expanded into the UK 
where we see a lot of potential for future growth. I am pleased to share that we have already secured grid connections in the UK for 
solar and battery storage projects, which enables initiation of greenfield development  activities. We are actively working on 
expanding this grid connection portfolio and securing access to land. There is always uncertainty in early -stage developments, and 
the size of the portfolio will become firmer once we have secured the required land and permits –  that work is ongoing now for the 
first projects. It will take time to mature our growth pipeline, but there is no doubt in my mind, that the opportunities already secured 
have the potential to be transformational for Orrön Energy, adding long-term growth and scale to our business.  
 
We are also working on crystallising further value from our operational portfolio in the Nordics, with the aim of extending the life of 
our assets and increasing power generation capacity by co -locating new solar and battery storage solutions alongside our existing 
wind assets. In many cases we have already secured the land and grid connections, and have embarked on the permitting and design 
processes to allow us to build out these projects. 
Power generation and financial performance 
Our proportionate power generation amounted to 214 GWh during the quarter, an increase from the previous quarter and slightly 
higher than expected as a result of strong operational performance across the Company’s portfolio. Our key development projec t 
Karskruv, in the SE4 price region of southern Sweden, remains on track for completion by the end of 2023, increasing the Company’s 
annual estimated power generation to 1,100 GWh from 2024 onwards. 
 
During the quarter, electricity prices stabilised below the record-breaking levels experienced during the second half of 2022, but still 
remain higher than long-term historical levels. Proportionate revenues were MEUR 14.0, proportionate EBITDA generation was MEUR 
6.7 and we achieved an average electricity price of EUR 66 per MWh for the quarter.  
 
Cash flow from operating activities amounted to MEUR 16.6 for the quarter. We finished the quarter with a proportionate net d ebt 
position of MEUR 19.5 and coupled with over MEUR 250 of debt capacity from our existing asset base, we have significant financial 
capacity to fund further growth. 
 
Focusing on growth 
Our results for the quarter show that we have succeeded in establishing a solid foundation for the business with a highly competent 
and dedicated team in the Nordics and a dynamic development team leading our greenfield expansion across Europe.  I am excited 
about the opportunities that lie ahead, where we aim to continue to deliver on our growth strategy with the goal of creating long -
term value for shareholders. I am also very pleased to welcome our new Board members Peggy Bruzelius and William Lundin, adding 
further experience and competence to our highly skilled Board of Directors. 
 
I would like to once again thank all our shareholders for your support as we continue  building a renewables company 
of scale. 
Daniel Fitzgerald  
CEO

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Operational Review 
Orrön Energy – Interim report for the first quarter 2023  4 
 
Power generation outlook1 
Orrön Energy’s operating portfolio consists of high-quality, cash generating renewable energy assets in the Nordics with an estimated 
power generation of 800 GWh in 2023. The proportionate power generation amounted to 214 GWh for the first quarter, which was 
slightly ahead of expectation. The majority of the portfolio is made up of wind power assets, and t he Company also has one 
operational hydropower plant in Norway . The wind farm Karskruv, which is under development in southern Sweden is expected to 
be completed at the end of 2023. Karskruv is set to increase the estimated annual power generation to 1,100 GWh from 2024 
onwards, with 85 percent of the power generation in historically high-priced areas in the Nordics. 
 
 
2023 20242 
Estimated annual power generation1 800 GWh 1,100 GWh 
1Proportionate power generation estimates assuming average long -term meteorological conditions and operational performance  
2With the inclusion of the Karskruv project 
 
Guidance 
The Company delivered in line with guidance for the reporting period. The 2023 guidance for operating expenses is between 
MEUR 12-14, where a portion of the operating expenses will vary based on electricity prices. The G&A expense guidance is MEUR 10, 
and guidance for legal costs in relation to the defence of the Company and its former representatives in the Sudan legal case is MEUR 
8. Capital expenditure guidance is MEUR 80 and mainly relates to completion of the Karskruv project in southern Sweden, and capital 
allocated to commencing greenfield activities.  
 
Guidance1 Q1 2023 2023 Guidance 
Operating expenses MEUR 3 MEUR 12-14 
G&A expenses2 MEUR 2 MEUR 10 
Sudan legal costs3 MEUR 2 MEUR 8 
Capital expenditure MEUR 13 MEUR 80 
1Guidance is presented based on proportionate (net) ownership in assets and related financial results. 
2Excludes non-cash items and costs in relation to the Sudan legal case. 
3Legal costs in relation to the defence of the Company and its former representatives in the Sudan legal case. These costs are  included in the G&A expenses line item in the consolidated income 
statement. More information about the case can be found in the section Contingent liabilities. 
 
 
Operational assets 
The proportionate power generation amounted to 21 4 GWh for the quarter, which was slightly ahead of expectation. Wind speeds 
in the Nordics during the first quarter were in line with expectations.  
 
Realised electricity prices amounted to EUR 66 per MWh for the quarter, out of which EUR 4 per MWh related to income from 
guarantees of origin . 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. T he weighted average regional electricity price for the Company’s 
power generation during the quarter amounted to EUR 73 per MWh, and the Nordic system price averaged EUR 85 per MWh . The 
variance to the Company’s realised electricity price is explained by ‘capture price discounts’, which occur when in any given period a 
majority of power is generated during periods of low prices relative to the average spot price for the same period. The realised price 
for the quarter included EUR 2 per MWh positive impact from historical hedges linked to acquired companies. In 2023, less than five 
percent of the Company's estimated power generation will be affected by historical hedges related to acquired companies . None of 
the hedges continue beyond the fourth quarter of 2023.  
 
Proportionate operating expenses amounted to MEUR  3.1 for the quarter, which was at the lower end of the guidance range and 
mainly due to lower costs relating to lower electricity prices.  
 
Sweden 
The Company owns a diversified portfolio of operational wind power assets across Sweden, which have an estimated proportionate 
annual power generation in 2023 of around 500 GWh, with a total net installed capacity of about 190 MW. A majority of the assets 
are situated in the historically high -priced areas of SE3 and SE4. Power generation from the Swedish portfolio was in line with 
expectations during the quarter.  
 
Finland 
The Company owns 50 percent of the Metsälamminkangas (MLK) wind farm and 100 percent of a 9 GWh wind farm located in Hanko 
in Finland. MLK has an estimated gross annual power generation of around 400 GWh, which is generated from 24 turbines with a 
total installed capacity of 132 MW. The wind farm has an estimated operational life of around 30 years a nd has been in operation 
since the end of March 2022. An availability warranty is in place from GE Renewable Energy, which guarantees the availability of the 
turbines through their operational life and gives the Company protection against downtime and outa ges. Power generation from 
MLK was ahead of expectation during the quarter. Final commissioning work was completed in the quarter. 
 
Norway 
The Company owns 50 percent of the Leikanger hydropower plant in Norway , which is situated in the historically high -priced 
NO5 area. Leikanger has an estimated gross annual power generation of around 200 GWh per annum, which is generated from a 
single turbine with a total capacity of 77 MW. It has been operational since 2021 and has an estimated operational life of

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

Operational Review 
Orrön Energy – Interim report for the first quarter 2023  5 
 
approximately 60 years. As the asset is a run -of-river hydropower plant, the power generation is variable depending mainly on the 
rate of snow melt during the spring and summer months, and precipitation conditions during the autumn season. Power generation 
from Leikanger was in line with expectations during the quarter. 
 
Growth platforms 
During the quarter, the Company has taken important steps on developing its growth platforms in the Nordics and Europe, aiming to 
create a long-term pipeline of new projects. This includes laying the foundation for greenfield project developments in onshore wind, 
solar and battery storage solutions, maturing growth opportunities in the operational portfolio and progressing construction activities 
at the Karskruv wind farm project. The Company has established a presence in all stages of the renewable lifecycle, and will continue 
to progress and advance its growth platforms. 
 
Nordic Business 
Karskruv project 
Orrön Energy has a 100 percent interest in the Karskruv wind farm project in southern Sweden, which will add 290 GWh to the 
Company’s estimated annual power generation once operational at the end of 2023. The Karskruv wind farm consists of 20 Vestas 
turbines with a total installed capacity of 86 MW . The wind farm was acquired from OX2, who is managing the construction and 
commissioning phase alongside the turbine supplier and contractor Vestas Wind Systems. The project has an availability warranty in 
place, which guarantees the availability of the turbines through their operational life of approximately 30 years and gives t he 
Company protection against downtime and outages. The wind farm is situated in the SE4 price area and constitutes  an important 
part of the Company’s growth plans. 
 
Construction activities at the Karskruv wind farm project in southern Sweden are ahead of schedule, with foundation casting a nd 
anchor tensioning completed in the first quarter. Since the reporting period ended, all main components have arrived in Sweden, 
with transportation to site ongoing. The first two tower sections have been installed for six turbines, and main installation is planned 
to commence mid-May. Connection to the grid is planned for the second and third quarters of 2023.  
 
Organic growth opportunities 
The Company is working on a wide range of opportunities to organically grow its portfolio and optimise power generation, whic h 
includes projects aimed at extending asset lifetimes, re -powering, co-location of complementary technologies and the addition of 
ancillary services to optimise utilisation of existing land rights and grid connections.  
 
During the quarter, extensive work has been conducted to prioritise a number of co-location projects within the Company’s existing 
portfolio. This includes undertaking studies to substantiate the technical and commercial potential for co -location of solar energy 
and battery storage solutions at existing wind farms. Discussions are currently ongoing with grid operators for co -location projects 
on several wind farms, where land has already been secured through existing operational assets. The Company’s pilot project, a small 
scale solar installation adjacent to the Näsudden wind farm, is currently in late-stage planning, with land and grid access secured and 
permit application expected to be submitted in the second quarter. 
 
In addition to growing the power generation capacity, the Company has evaluated opportunities to optimise revenues by taking part 
in the frequency and ancillary services markets. Investments in new battery storage units are being evaluated as well as opportunities 
to qualify existing wind turbines for these markets.
 Feasibility studies have been conducted to use the Company’s largest wind farms, 
MLK and Karskruv, to provide grid stabilisation services and the expectation is that MLK will be qualified by the transmission system 
operator by end 2023, and Karskruv shortly after project completion in early 2024.  
 
The Company is also continuously working on consolidating its ownership share in co -owned wind projects, and thereby increasing 
its power generation capacity through acquisition. 
 
Greenfield opportunities 
In the Nordics, the Company has identified a range of opportunities for greenfield project developments, ranging from early -stage 
projects through to assets at a ready -to-build stage. The identified project opportunities are across proven and low -cost onshore 
technologies, wind energy, solar energy  and battery storage, which when realised will diversify the Company’s power generation 
capacity and revenue streams.  The Company is working on securing project rights and the necessary land , grid connections and 
environmental permits for identified projects.  
 
In Finland, the Company has entered into a strategic collaboration with a partner with proven track record in delivering  renewable 
projects, giving access to an extensive network of developers and other industry stakeholders. The Company plans to  leverage this 
network in Finland to secure access to both brownfield and greenfield project opportunities.  
 
The Company is progressing several standalone solar and wind projects in Sweden, with certain land rights already secured and work 
is ongoing to secure grid connections and permits. These project opportunities are at an early stage and the outcome will depend on 
fulfilment of various milestones, including obtaining access to required land, grid connections and permits.

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Operational Review 
Orrön Energy – Interim report for the first quarter 2023  6 
 
European platform 
During the first quarter, the Company expanded its geographical footprint in Europe and entered into agreements to establish a 
business, focusing on developing greenfield projects in France, Germany and the UK. The European expansion is led by an experienced 
development team, with a proven track-record in greenfield project origination and development in these markets. 
 
In the UK, the Company has secured grid connections for large scale solar and battery storage projects. The grid connections will 
enable projects to connect to the electricity transmission network between 2032 for the earliest projects and 2037 for the subsequent 
projects. Further applications have been submitted to secure additional grid and co -located battery connections in strategically 
located areas, where the Company believes there are opportunities to  secure the required land for these projects. Securing grid 
connections is the first step for the Company in  building its own early -stage development pipeline of projects in the UK , and t he 
outcome of the projects will depend on the success of various development milestones. The Company has furthermore initiated work 
on securing land and is now working to accelerate the development of projects in conjunction with expanding its existing grid 
connection portfolio. 
 
In Germany and France, the Company is embarking on the early -stage activities to secure preliminary approval from key relevant 
authorities, land and grid positions in line with the Company’s business plan in each country. 
 
 
Transactions  
Orrön Energy’s strategy is to invest in renewable energy projects and pursue value accretive opportunities in the energy tran sition 
to grow and optimise its portfolio.  
 
In February 2023, the Company entered into an agreement to acquire an additional 15 percent ownership in the wind farm Långås , 
which takes the Company’s interest to 32.5 percent. The transaction adds  an estimated annual power generation of 3 GWh and 
1.2 MW installed capacity in price area SE4. 
 
In February 2023, the Company entered into agreements, focusing on developing brownfield and greenfield projects in Finland, 
France and Germany, further expanding operations in Europe.  
 
In March 2023, the Company entered into an agreement, focusing on developing greenfield projects in the UK, and has secured grid 
connections enabling initiation of early-stage greenfield developments. 
 
Sustainability 
Sustainability is at the core of Orrön Energy’s business as a pure play renewables company and constitutes an important cornerstone 
of the Company’s long-term shareholder value creation. The Company owns and operates renewable assets in a safe and responsible 
manner, with a long-term horizon for the benefit of all its stakeholders. 
 
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, such as renewable energy, if we are to limit global warming in line with the Paris Agreement. The energy 
transition is backed by firm targets set by the EU, which will require a significant increase of renewable energy generation, with wind 
and solar power being highlighted as crucial to achieve these objectives. Orrön Energy is directly contributing to the achievement of 
these goals by investing in and increasing the supply of renewable energy in its countries of operation. The demand for clean energy 
is set to increase, and Orrön Energy is committed to continue investing in renewable power generation and technologies to drive the 
energy transition, for a clean and sustainable energy future. 
 
Orrön Energy’s approach to sustainability is aligned with the UN Sustainable Development Goals, in particular Goal 7 on Affordable 
and Clean Energy, Goal 13 on Climate Action and Goal 15 on Life on Land, which underpins the way in which the Company conduct s 
its business. This ensures that the business delivers lasting value for all its stakeholders. The Company also actively supports the 
UN Global Compact’s 10 Principles on human rights, labour standards, environment and anti-corruption. 
 
Orrön Energy is developing biodiversity enhancement projects in areas around its renewable assets, such as targeted projects aiming 
to increase biodiversity, planting of wildflowers to stimulate the growth of bee populations, wildlife monitoring systems and grazing 
projects in collaboration with local farming communities. In addition, the Company considers strong community engagement as 
essential to its business success and is collaborating with several local organisations to support and contribute to the loca l 
communities around its assets. Environmental aspects and community engagements are key considerations throughout the assets’ 
operational life. 
 
Health and safety of people and the environment are core priorities for the business and the Company has procedures in place to 
identify and mitigate risks, including investigation and reporting of incidents and accidents. During the quarter, there were no 
recordable safety incidents or material environmental incidents.

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

Financial Review 
Orrön Energy – Interim report for the first quarter 2023  7 
 
Changes in the Group 
The Company has  from 1 January 2023 changed its presentation currency from US  dollar to Euro to better reflect the economic 
environment in which the Company operates. Assets and liabilities, for each period presented, have been translated at closing rate 
of the respective balance sheet date. Income and expenses for each period presented have been translated at average rate for the 
period and all resulting exchange differences have been recognised in other comprehensive income. 
 
In 2022, Orrön Energy Holding AB, a wholly-owned subsidiary of Orrön Energy AB (publ), made a public offer to acquire all shares in 
Slitevind AB (publ) (“Slitevind”) for SEK 125 in cash per share. The offer was accepted by shareholders owning 96.5 percent o f all 
shares and votes in Slitevind. The remaining shares have been  acquired in 2023 through a  compulsory buy -out procedure, in 
accordance with the Swedish Companies Act.  
 
On 30 June 2022, Orrön Energy, then named Lundin Energy,  completed a transaction to combine the Company’s exploration and 
production (“E&P”) business with Aker BP. The result  of this transaction is shown as discontinued operations in the comparative 
income statement for 2022. In addition, t he comparative cash flow statements show the cashflow from  discontinued operations. 
Through this transaction, the shareholders of the Company received cash totalling USD 2.2 billion and 271,908,589 shares in Aker BP, 
and retained their shareholding in Orrön Energy. The combination was carried out as a statutory cross-border merger in accordance 
with Norwegian and Swedish law, through which Aker BP absorbed Lundin Energy MergerCo AB (publ), which at the time of the 
completion contained the Company’s E&P  business. Shortly before the merger and completion of the  t ransaction, the shares in 
Lundin Energy MergerCo (publ) were distributed to the Company’s shareholders as a so called lex asea dividend.  
 
Revenue and results – Consolidated financials 
EBITDA for the reporting period amounted to MEUR 4.6 compared to MEUR -2.7 in the same period last year. The increase in EBITDA 
is explained mainly by the contribution of Slitevind, which has been fully consolidated since the acquisition on 1 September 2022.  
 
Revenue 
Revenue from power generation amounted to MEUR 11. 4 (MEUR –) for the reporting period  and was in line with expectations.  No 
revenue was reported in the comparative period a s the results of the MLK wind farm and the Leikanger hydropower plant were 
consolidated through the equity method and reported as share in result from associates and joint ventures. The fully consolidated 
Slitevind started to contribute to the Group’s result from 1 September 2022. 
 
Operating expenses 
Operating expenses amounted to MEUR 3.5 (MEUR – ) for the reporting period and was impacted by  lower costs relating to lower 
electricity prices. No operating expenses were reported in the comparative period, in line with the explanation given in the section 
above on revenue. 
 
General and administration expenses 
General and administration expenses amounted to MEUR 4.3 (MEUR 4.3) for the reporting period, of which MEUR 1.9 (MEUR 2.0) 
related to legal and other fees incurred for the defence of the Company and its former representatives in the Sudan legal case.  
 
Share in result from associates and joint ventures  
Share in result from associates and joint ventures amounted to MEUR 0.8 (MEUR 1.6) for the reporting period and is further detailed 
in note 2. This represents mainly Orrön Energy’s portion of the results in the 50 percent owned joint ventures, the MLK wind farm 
and the Leikanger hydropower plant. These investments 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. The share in result from the MLK wind farm, w hich 
started to generate power in the second quarter of 2022, amounted to MEUR 0.8 (MEUR 1.4) for the repo rting period. The result 
reported in the comparative period represented liquidat ed damages net of tax, due to late start -up of the wind farm in 2022. The 
share in result from the Leikanger hydropower plant represented a loss of MEUR 0.1 (MEUR 0.2 gain). The decrease compared to the 
same period last year was due to a combination of lower power generation and lower prices. In addition, a share of result of MEUR 0.1 
(MEUR –) was related to other associated companies. 
 
Net financial items 
Finance income amounted to MEUR 1.9 (MEUR 0.4) for the reporting period and is further detailed in note 3. Interest income of 
MEUR 1.3 (MEUR 0.2) related to loans to joint ventures. Other finance income amounted to MEUR 0.6 (MEUR – ) and represented a 
financial gain due t o the variation in market value of historical hedges between 31 December 2022 and the balance sheet date. A 
foreign currency exchange gain of MEUR 0.2 was recognised in the comparative period. 
 
Finance costs amounted to MEUR 3.6 (MEUR –) for the reporting period and are detailed in Note 4. The net foreign exchange loss for 
the reporting period amounted to  MEUR 2.6 ( MEUR – ). 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 fluct uations relating to the relationship between Euro and other 
currencies. The net foreign exchange loss related mainly to the revaluation of intercompany loan balances, denominated in other 
currencies than the functional currency of the Group company providing the financing. Interest expenses amounted to MEUR 0.8 
(MEUR –) and related to the Group’s external loans. Other finance costs amounted to MEUR 0.2 (MEUR  –) and represented mainly 
advisory fees and other costs in connection with acquisitions made during the reporting period.

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

Financial Review 
Orrön Energy – Interim report for the first quarter 2023  8 
 
Revenue and results – Proportionate financials 
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 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 of resu lt in joint ventures. All 
entities in which the Group holds an ownership of more than 50 percent are fully consolidated in the financial reporting pres ented 
under IFRS. 
Proportionate financials 
MEUR  
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Revenue  14.0 N/A2 40.0  
Other income  0.1 N/A2 4.0  
Operating expenses  -3.1 N/A2 -6.7  
G&A expenses1  -4.3 N/A2 -16.6  
EBITDA  6.7 N/A2 20.7  
Depreciation  -4.1 N/A2 -6.0  
Operating profit/loss (EBIT) 2.6 N/A2 14.7  
1 Includes legal and other fees of MEUR 1.9 incurred for the defence of the Company and its former representatives in the Sudan legal case and 
a non-cash expense for incentive warrants of MEUR 0.5 for the reporting period.  
2 Not applicable, proportionate financials are reported from 1 July 2022 only. 
 
Proportionate revenues amounted to MEUR 14.0 for the reporting period. In addition to the revenue from the Leikanger hydropower 
plant, the Group’s revenue included the MLK wind farm, which has been operational since 31  March 2022, the Slitevind portfolio  
which was acquired on 1 September 2022 and further acquisitions made since then.  
 
EBITDA generation amounted to MEUR 6.7 for the reporting period. 
 
Proportionate operating expenses relating to operating assets amounted to MEUR 3.1 for the reporting period , which was at the 
lower end of the guidance range, mainly due to lower costs relating to lower electricity prices.  
 
The Group operates in various countries and fiscal regimes where corporate income tax rates are different from the regulation s in 
Sweden. Corporate income tax rates for the Group vary between 13.7 and 20.6 percent for the  majority of the business with the 
exception of Norway. Following a change to the hydropower tax regime in Norway  in late 2022, the Leikanger hydropower plant is 
subject to a tax rate of 67 percent. This change consists of an eight -percentage point increase in ground rent tax, effective 
retroactively from 1 January 2022 and an additional 23 percent levy on electricity sold at a price exceeding NOK 700 per MWh (approx. 
EUR 70 per MWh), effective from 28 September 2022.  
 
Cash flow and investments – Consolidated financials 
Cash flow 
Net cash flow from operating activities amounted to MEUR 16.6 (MEUR -8.3) for the reporting period. The positive cash flow from 
operating activities included a full three-month period of operations from the Company’s operational assets, and dividend payments 
from joint ventures.  
 
Investments 
Cash flow from investing activities amounted to MEUR -16.8 (MEUR -20.1), out of which MEUR 13.0  related to investments in the 
renewable energy business. The acquisition of the remaining 3.5 percent of the shares in Slitevind, which have been acquired in 2023, 
together with the acquisition of a subsidiary in Sweden, impacted the cash flow from investing activities with MEUR 3.8. 
 
Financing and liquidity – Consolidated financials 
The Company’s net debt amounted to MEUR 29.7 (MEUR 29.7), which was unchanged compared to year end 2022.  
 
Cash and cash equivalents amounted to MEUR 36.9 (MEUR 26.9).  
 
Interest bearing loans and borrowings amounted to MEUR 26.9 (MEUR 28.8) and related to long-term loans taken up by a subsidiary. 
 
Other current financial liabilities amounted to MEUR 39.7 (MEUR 27.8) and related mainly to the revolving credit facility of MEUR 100 
with Skandinaviska Enskilda Banken, which matures end of July 2023. This facility is used as a bridge loan, which the Company intends 
to re-finance during the first half of 2023. T he Company ha s drawn an amount of MEUR 34.5 (MEUR  21.4) on the revolving credit 
facility. An additional short -term loan , with less than twelve months maturity , amounting to MEUR 5.2 (MEUR 6.4) , is held by a 
subsidiary.  
 
Subsequent events 
There are no subsequent events to report.

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

Other Information 
Orrön Energy – Interim report for the first quarter 2023  9 
 
Parent Company 
The business of the Parent Company is to invest in and manage operations within the renewable energy sector as of 1 July 2022. This 
is a change to the Company’s previous business mainly conducted within the oil and gas sector. 
 
The Parent Company reported a loss of  MSEK 43.5 (MSEK 58.9) for the reporting period, including general and administration  
expenses of MSEK 43.2 (MSEK 62.7), of which MSEK 21.0 (MSEK 21.5) related to legal and other fees incurred for the defence of the 
Company and its former representatives in the Sudan legal case. 
 
Contingent Liabilities 
In November 2021, the Swedish Prosecution Authority brought criminal charges against the Company’s former Chairman of the Board 
Ian H. Lundin and former CEO and Director Alex Schneiter in relation to past operations in Sudan from 1999 to 2003. The charges also 
include claims against the Company for a corporate fine of MSEK 3.0 and forfeiture of economic benefits of MSEK 1,391.8, whic h 
according to the Swedish Prosecution Authority represents the value of the gain of MSEK  720.1 that the Company made on the sale 
of the business in 2003. Any corporate fine or forfeiture of economic benefits would only be imposed after an adverse final conclusion 
of the case. The trial at the Stockholm District Court is planned to start on 5 September 2023 . The Company refutes t hat 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. The Company considers this to be a contingent liability and therefore no provision has been 
recognised.
 
  
As part of the IPC spin- off that was completed on 24 April 2017, the Company has indemnified IPC for certain legal proceedings 
related to the period before the spin -off concerning Indonesian land and building tax assessed for the fiscal years 2012 and 2013. 
The Company has not recognised any provision in relation hereto as it does not believe the proceedings will lead to any liabi lity for 
the Company. 
 
A portion of the Company’s past operations was held through a Canadian holding structure when acquired back in 2006. The tax 
filings in Canada since 2006 in relation to both corporate income tax and withholding tax are under review by the Canadian Tax Office. 
All tax has been paid in relation to these tax filings and no provision has been recognised. 
 
Share Data 
Share capital 
The Company’s issued share capital amounted to SEK 3,478,713 represented by 285,924,614 shares with a quota value of SEK 0.01 
each (rounded off).  
 
Remuneration 
The Policy on Remuneration and details of long-term incentive plans (“LTIP”) are provided on www.orron.com. 
 
Employee LTIP 
In 2022, a  new long-term share-related incentive plan  was introduced in the form of a share option plan for members of Group 
management and  other employees of the Company as  approved by the 2022 EGM ( “Employee LTIP 2022” ). The reason for 
establishing a new long-term share related incentive plan was to align the interests of the members of Group management and other 
employees with the interests of the shareholders as well as to provide market appropriate reward for a new business reflecting 
continuity, commitment and share price appreciation. 
 
The Employee LTIP 2022 was  introduced as part of a new remuneration approach within the updated Policy on Remuneration for 
Group management, where base salaries and annual bonus opportunities have been set at the lower end of the market to create an 
overall remuneration approach that further emphasises the long-term sustainable growth and strategic success of the Company. The 
updated Policy on Remuneration was approved by the 2022 EGM. 
 
In order to secure the delivery of shares to the participants and cover any costs (including taxes and social security charges) at exercise 
of options under the Employee LTIP 2022, the Company has issued 8,560,000 warrants, which were registered on 5 July 2022. 
 
A similar plan was approved by the 2023 AGM (“Employee LTIP 2023").  
 
In order to secure the Company’s obligations under the Employee LTIP 2023, the 2023 AGM resolved to approve that the Company 
enters into an equity swap arrangement with a third party, whereby the third party in its own name shall be entitled to acquire and 
transfer shares (including to the participants) in accordance with the terms and conditions of Employee LTIP 2023. 
 
Board LTIP 
The 2022 EGM resolved to approve a one -off long-term share-related incentive plan for members of the Board ( “Board LTIP 2022”) 
in the form of a share option plan.  
 
The Company has secured its obligations under the Board LTIP 2022 by entering into an equity swap arrangement with a third party, 
whereby the third party in its own name shall be entitled to acquire and transfer shares (including to the participants) in accordance 
with the plan.

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

Other Information 
Orrön Energy – Interim report for the first quarter 2023  10 
 
Exchange rates 
For the preparation of the financial statements, the following currency exchange rates have been used. 
 
 31 Mar 2023 31 Mar 2022 31 Dec 2022 
 Average Period end Average Period end Average Period end 
1 EUR equals SEK 11.2017 11.2805 10.4795 10.3370 10.6274 11.1218 
1 EUR equals NOK 10.9847 11.3940 9.9327 9.7110 10.1015 10.5138 
1 EUR equals USD 1.0730 1.0875 1.1225 1.1101 1.0539 1.0666 
 
 
 
 
 
 
 
 
 
The financial information relating to the three-month period ended 31 March 2023 has not been subject to review by the auditors 
of the Company. 
  
 
 
 
 
 
 
 
Stockholm, 16 May 2023 
 
 
 
 
Daniel Fitzgerald 
CEO

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

Consolidated Income Statement 
Orrön Energy – Interim report for the first quarter 2023  11 
 
 
 
MEUR Note 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
     
Revenue  11.4 – 13.8 
Other income  0.2 – – 
Operating expenses  -3.5 – -3.5 
General and administration expenses  -4.3 -4.3 -16.7 
Depreciation  -3.0 – -3.5 
Share in result of associates and joint ventures 2 0.8 1.6 10.9 
Operating profit/loss  1.6 -2.7 1.0 
Finance income 3 1.9 0.4 9.0 
Finance costs 4 -3.6 – -9.2 
Net financial items  -1.7 0.4 -0.2 
Profit/loss before income tax  -0.1 -2.3 0.8 
Income tax 5 0.1 –  26.6 
Net result from continuing operations  0.0 -2.3 27.4 
 
Discontinued operations     
Net result from E&P business 6 – 419.7 12,823.3 
Net result  0.0 417.4 12,850.7 
 
Attributable to:     
Shareholders of the Parent Company  -0.6 417.4 12,850.4 
Non-controlling interest  0.6 – 0.3 
  0.0 417.4 12,850.7 
 
Earnings per share – EUR1    
From continuing operations 0.00 -0.01 0.10 
From discontinued operations – 1.47 44,92 
Earnings per share diluted – EUR1    
From continuing operations 0.00 -0.01 0.10 
From discontinued operations – 1.47 44,75 
 1 Based on net result attributable to shareholders of the Parent Company.

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

Consolidated Statement of Comprehensive Income 
Orrön Energy – Interim report for the first quarter 2023  12 
 
 
 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Net result 0.0 417.4 12,850.7 
Items that may be subsequently reclassified 
to profit or loss:    
Exchange differences foreign operations -6.4 5.8 410.5 
Cash flow hedges – 8.5 9.8 
Other comprehensive income, net of tax -6.4 14.3 420.3 
Total comprehensive income -6.4 431.7 13,271.0 
Attributable to:    
Shareholders of the Parent Company -7.0 431.7 13,270.7 
Non-controlling interest 0.6 –  0.3 
 -6.4 431.7 13,271.0

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

Consolidated Balance Sheet 
Orrön Energy – Interim report for the first quarter 2023  13 
 
 
 
MEUR Note 31 March 2023 31 December 2022 31 December 20211 
ASSETS     
Non-current assets     
Property, plant and equipment  244.5 235.8 27.9 
Investment in associates and joint ventures  40.2 51.5 95.9 
Deferred tax assets  27.1 27.5 – 
Other non-current financial assets 10 95.1 96.8 31.0 
  406.9 411.6 154.8 
Current assets     
Assets held for distribution  – – 6,480.4 
Other current assets  5.9 9.0 0.1 
Trade receivables 10 0.4 0.3 – 
Other current financial assets 10 2.0 2.5 118.1 
Cash and cash equivalents 10 36.9 26.9 114.8 
  45.2 38.7 6,713.4 
TOTAL ASSETS  452.1 450.3 6,868.2 
 
EQUITY AND LIABILITIES     
Equity     
Shareholders’ equity  353.6 359.7 -1,253.1 
     
Non-current liabilities     
Interest bearing loans and borrowings 10 26.9 28.8 – 
Deferred tax liability  16.5 16.9 – 
Provisions  1.2 1.1 – 
  44.6 46.8 – 
Current liabilities     
Trade and other payables 10 14.0 13.0 3.7 
Current tax liabilities  0.3 0.5 – 
Provisions  – 2.5 – 
Dividends payable  – – 113.5 
Liabilities held for distribution  – – 8,004.1 
Other current financial liabilities 10 39.7 27.8 – 
  54.0 43.8 8,121.3 
TOTAL LIABILITIES  98.6 90.6 8,121.3 
TOTAL EQUITY AND LIABILITIES  452.2 450.3 6,868.2 
 
1 Following the change in presentation currency from US dollar to Euro in 2023, an additional comparative period is presented, 
corresponding to the beginning of the preceding period, in line with IAS 1.

===== SIDA 14 =====

Consolidated Statement of Cash Flows 
Orrön Energy – Interim report for the first quarter 2023  14 
 
 
MEUR 
Note 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Cash flows from operating activities     
Net result from continuing operations  0.0 -2.3 27.4 
Net result from discontinued operations  – 419.7 12,823.3 
     
Adjustments for items not included in the Cash flow 11 4.6 1,251.2 -9,957.5 
Interest received  1.2 0.3 1.0 
Interest paid  -0.7 -29.8 -32.9 
Income taxes paid  – -453.2 -1,402.2 
Distributions received  9.9 – 12.2 
Changes in working capital  1.6 -286.6 -310.8 
Total cash flows from operating activities  16.6 899.3 1,160.5 
- of which relates to continuing operations  16.6 -8.3 7.1 
- of which relates to discontinued operations  – 907.6 1,153.4 
 
Cash flows from investing activities     
Investment in oil and gas properties  – -144.2 -277.4 
Investment in renewable energy business1  -13.0 -21.3 -53.1 
Acquisition of subsidiary net of cash  -3.8 – -102.6 
Investment in other fixed assets  – -0.6 -0.8 
Decommissioning costs paid  – -0.8 -1.3 
Total cash flows from investing activities  -16.8 -166.9 -435.2 
- of which relates to continuing operations  -16.8 -20.1 -154.3 
- of which relates to discontinued operations  – -146.8 -280.9 
 
Cash flows from financing activities     
Net drawdown/repayment of credit facility  10.7 -481.1 -557.7 
Repayment of lease commitments  – -7.9 -11.5 
Sold treasury shares  – – 53.4 
Dividends paid  – -114.1 -273.4 
Total cash flows from financing activities  10.7 -603.1 -789.2 
- of which relates to continuing operations  10.7 -114.1 -261.8 
- of which relates to discontinued operations  – -489.0 -527.4 
Change in cash and cash equivalents  10.5 129.3 -63.9 
Cash and cash equivalents at the beginning of the period  26.9 399.2 399.2 
Currency exchange difference in cash and cash equivalents  -0.5 3.8 95.8 
Change in consolidation - E&P business  – –  -404.2 
Cash and cash equivalents at the end of the period  36.9 532.3 26.9 
- of which relates to continuing operations  36.9 115.7 26.9 
- of which relates to discontinued operations  – 416.6 – 
1Includes incurred cost relating to the acquisition of the renewable energy business and funding of joint ventures.

===== SIDA 15 =====

Consolidated Statement of Changes in Equity 
Orrön Energy – Interim report for the first quarter 2023  15 
 
 
 Attributable to owners of the Parent Company 
 
MEUR 
Share 
capital 
Additional paid-
in- capital/Other 
reserves 
Retained 
earnings Total 
Non- 
controlling 
interest 
Total 
equity 
1 January 2022 0.4 -164.3 -1,089.2 -1,253.1 – -1,253.1 
 
Comprehensive income       
Net result – – 417.4 417.4 – 417.4 
Other comprehensive income – 14.3 –  14.3 – 14.3 
Total comprehensive income – 14.3 417.4 431.7 – 431.7 
 
Transactions with owners       
Value of employee services – – 1.3 1.3 – 1.3 
Total transactions with owners – – 1.3 1.3 – 1.3 
31 March 2022 0.4 -150.0 -670.5 -820.1 – -820.1 
       
Comprehensive income       
Net result – – 12,433.3 12,433.30 – 12,433.3 
Other comprehensive income – 406.0 –  406.0 – 406.0 
Total comprehensive income – 406.0 12,433.3 12,839.3 – 12,839.3 
 
Transactions with owners       
Non-controlling interests on acquisition of 
a subsidiary – – – – 8.3 8.3 
Distributions – – -11,724.4 -11,724.4 – -11,724.4 
Sold treasury shares – 54.3 – 54.3 – 54.3 
Value of employee services – – 2.3 2.3 – 2.3 
Total transaction with owners – 54.3 -11,722.1 -11,667.8 8.3 -11,659.5 
31 December 2022 0.4 310.3 40.7 351.4 8.3 359.7 
       
Comprehensive income       
Net result – – – 0.0 – 0.0 
Other comprehensive income – -6.4 – -6.4 – -6.4 
Total comprehensive income – -6.4 – -6.4 – -6.4 
 
Transactions with owners       
Non-controlling interests on acquisition of 
subsidiary – – 5.2 5.2 -5.2 – 
Value of employee services – – 0.3 0.3 – 0.3 
Total transaction with owners – – 5.5 5.5 -5.2 0.3 
31 March 2023 0.4 303.9 46.2 350.5 3.1 353.6

===== SIDA 16 =====

Notes to the consolidated financial statements 
Orrön Energy – Interim report for the first quarter 2023  16 
 
 
Note 1 – Accounting policies 
 
This interim report has been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. 
 
The Company has  from 1 January 2023 changed its presentation currency from US  dollar to E uro to better reflect the economic 
environment in which the Company operate. Assets and liabilities, for each period presented, have been translated at closing rate of the 
respective balance sheet date. Income and expenses for each period presented have been translated at average rate for the period and all 
resulting exchange differences have been recognised in other comprehensive income. 
 
The accounting policies adopted are in all other aspects consistent with those followed in the preparation of the Group’s annual financial 
statements for the year ended 31 December 2022. 
 
The financial reporting of the Parent Company has been prepared in accordance with accounting principles generally accepted in Sweden, 
applying RFR 2 Reporting for legal entities, issued by the Swedish Financial Reporting Board and the Annual Accounts Act (SFS 1995:1554). 
 
The Parent Company’s financial information is reported in Swedish krona.  
 
 
Note 2 – Share in result of associates and joint 
ventures 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Metsälamminkangas Wind Oy (50%) 0.8 1.4 7.8 
Leikanger Kraft AS (50%) -0.1 0.2 3.0 
Other 0.1 –  0.1 
 0.8 1.6 10.9 
 
 
Note 3 – Finance income 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Foreign currency exchange gain, net – 0.2 – 
Interest income 1.3 0.2 2.6 
Other 0.6 – 6.4 
 1.9 0.4 9.0 
 
 
Note 4 – Finance costs 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Foreign currency exchange loss, net 2.6 – 1.6 
Interest expense 0.8 – 0.7 
Other 0.2 – 6.9 
 3.6 – 9.2 
 
 
Note 5 – Income tax 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Current tax – – -0.1 
Deferred tax 0.1 – 26.7 
 0.1 – 26.6

===== SIDA 17 =====

Notes to the consolidated financial statements 
Orrön Energy – Interim report for the first quarter 2023  17 
 
 
 
Note 6 – Discontinued operations – E&P business 
On 21 December 2021, the Company announced that it had entered into an agreement with Aker BP whereby Aker BP would absorb 
the E&P business through a cross -border merger in accordance with Norwegian and Swedish law. B efore completion of the cross-
border merger, the shares in the company holding the E&P business would be distributed to the shareholders of the Company, which 
occurred on 29 June 2022. The results of the E&P business are included in the financial statements until 29 June 2022 and are shown 
in the comparative columns as discontinued operations. 
 
The financial performance of the discontinued operations  and the gain on the distribution of the E&P business made in 2022 are 
described in detail in the financial statements of 2022. 
 
Note 7 – Related party transactions 
Orrön Energy recognises the following related parties: associated companies, jointly controlled entities, key management personnel 
and members of their close family or other parties that are partly, directly or indirectly controlled by key management perso nnel or 
of its family or of any individual that controls, or has joint control or significant influence over the entity. 
 
The Group has not entered into any material agreements with any related parties. 
 
Note 8 – Risks and risk management 
Orrön Energy pursues a business that is exposed to changes in energy prices, which in turn are dependent on macro-economic factors 
and geopolitical conditions. The Company’s operations have an impact on the surrounding environment and operational processes  
are associated with occupational health and safety risks.  
 
Risks and risk management relating to financial, operational and strategic risks are described in the 2022 Annual Report on pages 16–
17. Additional information on financial risks and information on how Orrön Energy manages these risks, including liquidity, credit and 
market risks are addressed in note 9 to the consolidated financial statements in the 2022 Annual Report.  
 
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 contr ol 
activities and resources to deal effectively with any potential threats and opportunities. 
 
 
Note 9 – Business combinations 
 
Siral 
In 2022, Orrön Energy acquired 100 percent of the issued share capital of Siral Förvaltning AB and gained control of the company 
from 1 December 2022. This acquisition added estimated annual power generation of 44 GWh and 15 MW installed capacity, out of 
which 90 percent is situated in price areas SE3 and SE4.  The purchase consideration amounted to MEUR 8.6. The valuation at fair 
value resulted in a su rplus value of MEUR 4.6, which has been allocated to plant, property and equipment  and no goodwill was 
recognised. T he purchase price allocation is preliminary . The amounts have been translated from SEK to EUR  at closing rate 30 
November 2022. 
 
Slitevind 
In 2022, Orrön Energy acquired 96.5 percent of the issued share capital of Slitevind AB (publ) and gained control of the company 
from 31 August 2022. The remaining shares have been acquired in 2023.  
 
Details of the purchase consideration, and the net assets acquired are as follows: 
 
Purchase consideration 
MEUR 
% of shares Share price 
SEK 
Number of 
shares 
Value 
MEUR 
Step 1 – Ownership 31 August 2022 91.0% 125 6,476,654 75.8 
Step 2 – Ownership 13 September 2022 5.5% 125 388,694 4.5 
Step 3 – Buy-out procedure 3.5% 125 249,102 2.9 
 100.0%  7,114,450 83.3

===== SIDA 18 =====

Notes to the consolidated financial statements 
Orrön Energy – Interim report for the first quarter 2023  18 
 
 
 
The assets and liabilities recognised as a result of the acquisition were as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
Preliminary 
2Translated from SEK to EUR at closing rate 31 August 2022. 
 
Acquired receivables 
The fair value of acquired trade receivables is MEUR 0.4, which corresponds to the book value. 
 
Revenue and profit contribution 
The acquired business will contribute significantly to the Group’s results and represented the totality of the Group’s revenues at 
year end 2022.  
 
 
 
 
 
 
 
Assets and liabilities1 
 
  Fair value2 
 MEUR 
Non-current assets    
Property, plant and equipment   144.1 
Investment in associates and joint ventures   10.6 
Other financial assets   0.7 
   155.4 
Current assets    
Other current assets   1.8 
Trade receivables   0.4 
Deferred tax asset   1.6 
Other current financial assets   0.6 
Cash and cash equivalents   1.4 
   5.8 
Non-current liabilities    
Interest bearing loans and borrowings   -43.0 
Deferred tax liability   -15.9 
Provisions   -0.7 
   -59.6 
Current liabilities    
Trade and other payables   -1.2 
Other current financial liabilities   -12.4 
   -13.6 
    
Net identifiable assets acquired   88.0 
Less Non-controlling interest   -4.7 
Net assets acquired   83.3 
Purchase consideration, outflow of cash, net of cash acquired 
MEUR 
  
  
  
Cash consideration  83.3 
Less cash balances acquired  -1.4 
Net outflow of cash – Investing activities  81.9

===== SIDA 19 =====

Notes to the consolidated financial statements 
Orrön Energy – Interim report for the first quarter 2023  19 
 
 
Note 10 – Financial instruments 
 
The Group holds the following financial instruments: 
 
MEUR Level 31 March 2023 31 December 2022 
Financial assets    
Financial assets at amortised cost    
  Other non-current financial assets  95.1 96.8 
  Trade receivables1  0.4 0.3 
  Other current financial assets   2.0 2.5 
  Cash and cash equivalents  36.9 26.9 
  134.4 126.5 
Financial liabilities    
Financial liabilities at amortised cost    
  Interest bearing loans and borrowings  26.9 28.8 
  Trade and other payables  14.0 13.0 
  Other current financial liabilities  39.7 27.8 
  80.6 69.6 
Financial liabilities at fair value through profit or loss    
  Derivative financial instruments 2 – 0.3 
  – 0.3 
1The fair value of trade receivables and other receivables is a fair approximation of the book value. 
 
For financial assets and liabilities measured at fair value in the balance sheet, the following fair value measurement hierarchy is 
used: 
– Level 1: based on quoted prices in active markets; 
– Level 2: based on inputs other than quoted prices as within level 1, that are either directly or indirectly observable; 
– Level 3: based on inputs which are not based on observable market data. 
 
 
Note 11 – Supplementary information to the Statement of Cash Flows 
 
The Consolidated Statement of Cash Flows is prepared in accordance with the indirect method. 
 
Adjustments for items not included in the Cash flow 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Gain on distribution of E&P business – – -12,823,3 
Exploration costs – 19.5 23.2 
Depletion, depreciation and amortisation 3.0 – 3.5 
Current tax – 1,185.4 2,222.5 
Deferred tax -0.1 100.2 319.2 
Long-term incentive plans 0.5 5.2 10.2 
Foreign currency exchange gain/loss 2.1 34.7 312.1 
Interest income -1.3 – -2.6 
Interest expense 0.8 11.5 25.8 
Amortisation of deferred financing fees – 1.7 4.5 
Ineffective hedging contracts – -111.4 -57.2 
Result from associated companies and joint ventures -0.8 – – 
Other 0.4 4.4 4.6 
 4.6 1,251.2 -9,957.5

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

Parent Company Income Statement 
Orrön Energy – Interim report for the first quarter 2023  20 
 
 
 
MSEK 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Revenue 0.6 7.5 13.4 
General and administration expenses -43.2 -62.7 -200.0 
Operating profit/loss  -42.6 -55.2 -186.6 
Finance income 0.0 0.4 10.9 
Finance costs -0.9 -4.1 -720.7 
 Net financial items -0.9 -3.7 -709.8 
Profit/loss before income tax -43.5 -58.9 -896.4 
Income tax – – 306.0 
Net result -43.5 -58.9 -590.4 
 
 
 
 
 
 
Parent Company Comprehensive Income Statement 
 
 
MSEK 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Net result -43.5 -58.9 -590.4 
 Other comprehensive income – – – 
Total comprehensive income -43.5 -58.9 -590.4 
Attributable to: 
Shareholders of the Parent Company -43.5 -58.9 -590.4

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

Parent Company Balance Sheet 
Orrön Energy – Interim report for the first quarter 2023  21 
 
 
 
MSEK 31 March 2023 31 December 2022 
ASSETS   
Non-current assets   
Shares in subsidiaries 3,780.8 3,780.8 
Other tangible fixed assets 0.2 0.3 
Deferred tax assets 306.0 306.0 
 4,087.0 4,087.1 
 
Current assets   
Receivables 14.3 17.8 
Cash and cash equivalents 38.9 24.6 
 53.2 42.4 
TOTAL ASSETS 4,140.2 4,129.5 
 
SHAREHOLDERS’ EQUITY AND LIABILITIES 
  
Shareholders’ equity including net result for the period 4,035.7 4,078.0 
 
Non-current liabilities   
Provisions 1.3 1.3 
 1.3 1.3 
 
Current liabilities   
Other liabilities 103.2 50.2 
 103.2 50.2 
TOTAL LIABILITIES 104.5 51.5 
TOTAL EQUITY AND LIABILITIES 4,140.2 4,129.5

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

Parent Company Cash Flow Statement 
Orrön Energy – Interim report for the first quarter 2023  22 
 
 
 
MSEK 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Cash flow from operating activities    
Net result -43.5 -58.9 -590.4  
Adjustment for items not included in the Cash flow 1.2 0.4 -312.6 
Changes in working capital 28.1 1,223.8 2,989.7 
Total cash flow from operating activities -14.2 1,165.3 2,086.7  
Cash flow from investing activities    
Investments in subsidiaries – -0.5 -0.5 
Total cash flow from investing activities – -0.5 -0.5 
Cash flow from financing activities    
Net drawdown/repayment of loan 28.4 – – 
Dividends paid – -1,163.9 -2,672.1 
Sold treasury shares – – 583.8 
Total cash flow from financing activities 28.4 -1,163.9 -2,088.3 
Change in cash and cash equivalents 14.2 0.9 -2.1 
Cash and cash equivalents at the beginning of the 
period 24.6 44.3 44.3  
Currency exchange difference in cash and cash 
equivalents – 0.2 -17.6  
Cash and cash equivalents at the 
end of the period 38.8 45.4 24.6

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

Parent Company Statement of Changes in Equity 
Orrön Energy – Interim report for the first quarter 2023  23 
 
 
 
 
 
 
 
 
MSEK 
Restricted equity   Unrestricted equity   
Share 
capital 
Statutory 
reserve  Other 
reserves 
Retained 
earnings Dividends 
 Total 
equity 
1 January 2022 3.5 861.3  6,599.0 60,628.9 -4,467.2  63,625.5 
Transfer of prior year dividends – –  – -4,467.2 4,467.2  – 
Total comprehensive income – –  – -58.9 –  -58.9 
Transactions with owners         
Value of employee services – –  – – –  – 
Total transactions with owners – –  – – –  – 
31 March 2022 3.5 861.3  6,599.0 56,102.8 –  63,566.6 
         
Total comprehensive income – –  583.7 -531.5 –  52.2 
Transactions with owners         
Distributions – –  – – -59,542.8  -59,542.8 
Issuance of treasury shares to employees – –  – 2.0 –  2.0 
Total transactions with owners – –  – 2.0 -59,542.8  -59,540.8 
31 December 2022 3.5 861.3  7,182.7 55,573.3 -59,542.8  4,078.0 
Transfer of prior year dividends – –  – -59,542.8 59,542.8  – 
Total comprehensive income – –  – -43.5 –  -43.5 
Transactions with owners         
Value of employee services – –  – 1.2 –  1.2 
Total transactions with owners – –  – 1.2 –  1.2 
31 March 2023 3.5 861.3  7,182.7 -4,011.8 –  4,035.7

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

Key Financial Data  
Orrön Energy – Interim report for the first quarter 2023  24 
 
 
 
The alternative performance measures presented and disclosed in this interim report are used internally by management in 
conjunction with IFRS measures to measure performance and make decisions regarding the future direction of the  business. The 
Group believes that these alternative performance measures, when provided in combination with reported IFRS measures, provide  
helpful supplementary information for investors.  
 
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 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 of result in 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. 
 
Reconciliations of relevant alternative performance measures are provided on the following page. Definitions of the performan ce 
measures are provided under the key ratio definitions below. 
 
 
Financial data (Continuing operations) 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Consolidated financials     
Revenue 11.4 0.0 13.8  
EBITDA 4.6 -2.7 4.5  
Operating profit (EBIT)  1.6 -2.7 1.0  
Net result 0.0 -2.3 27.4 
Net cash (-) / Net debt (+)  29.7 -117.1 29.7 
    
Proportionate financials    
Power generation (GWh) 213.9 N/A1 335 
Revenue 14.0 N/A1 40.0  
EBITDA 6.7 N/A1 20.7  
Operating profit (EBIT) 2.6 N/A1 14.7  
Net cash (-) / Net debt (+)  19.5 N/A1 12.3 
Average price achieved per MWh (EUR) 66 N/A1 120 
1 Not applicable, proportionate financials are reported from 1 July 2022 only.

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

Key Financial Data 
Orrön Energy – Interim report for the first quarter 2023  25 
 
 
 
 
 
Data per share 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
EUR    
Earnings per share  0.00 -0.01 0.10 
Earnings per share – diluted 0.00 -0.01 0.10 
EBITDA per share 0.02 -0.01 0.00 
EBITDA per share – diluted 0.02 -0.01 0.00 
Number of shares issued at period end 285,924,614 285,924,614 285,924,614 
Number of shares in circulation at period end 285,924,614 284,568,178 285,924,614 
Weighted average number of shares for the 
period 285,924,614 284,568,178 285,458,805 
Weighted average number of shares for the 
period – diluted 287,841,014 285,193,658 286,567,833 
 
Share price    
Share price at period end in SEK 13.59 399.30 22.46 
Share price at period end in EUR
1
 1.20 38.63 2.15 
Key ratios    
Return on equity (%) 0 -0 8 
Return on capital employed (%) 0 -0 0 
Equity ratio (%) 78 99 80 
1 Share price at period end in EUR is calculated based on quoted share price in SEK and applicable SEK/ EUR exchange rate at period end. 
 
 
 
EBITDA – Consolidated financials 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Operating profit/loss (EBIT) 1.6 -2.7 1.0 
Add: Depreciation 3.0 – 3.5 
 4.6 -2.7 4.5 
 
Net debt/Net cash – Consolidated financials 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Interest bearing loans and borrowings – Non-Current 26.9 – 28.8 
Interest bearing loans and borrowings – Current 39.7 – 27.8 
Less: Cash and cash equivalents -36.9 -117.1 -26.9 
 29.7 -117.1 29.7 
 
EBITDA – Proportionate financials 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Operating profit/loss (EBIT) 2.6 N/A1 14.7 
Add: Depreciation 4.0 N/A1 6.0 
 6.7 N/A1 20.7 
1 Not applicable, proportionate financials are reported from 1 July 2022 only.

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

Key Financial Data 
Orrön Energy – Interim report for the first quarter 2023  26 
 
 
Net debt/Net cash – Proportionate financials 
MEUR 
1 Jan 2023- 
31 Mar 2023 
3 months 
1 Jan 2022- 
31 Mar 2022 
3 months 
1 Jan 2022- 
31 Dec 2022 
12 months 
Net cash / Net debt – Consolidated financials 29.7 N/A1 29.7 
Less: Cash and cash equivalents of Associates and joint 
ventures -10.2 N/A1 -17.3  
Add: External interest bearing loans and borrowings of 
Associates and joint ventures  – N/A1 – 
 19.5 N/A1 12.4 
1 Not applicable, proportionate financials are reported from 1 July 2022 only.  
 
 
Bridge from proportionate to consolidated financials  
 
1 Jan – 31 Mar 2023 – 3 months 
 
MEUR 
Proportionate 
financials 
Residual ownership for 
fully consolidated 
entities1 
Elimination of 
 equity consolidated 
entities2 
Consolidated 
financials 
Revenue 14.0 1.2 -3.8 11.4 
Other income 0.1 0.1 – 0.2 
Operating expenses -3.1 -1.3 0.9 -3.5 
General and administration expenses -4.3 – – -4.3 
Share in result of associates and joint 
ventures 
– 0.1 0.7 0.8 
EBITDA 6.7 0.1 -2.2 4.6 
Depreciation -4.1 0.0 1.1 -3.0 
Operating profit (EBIT) 2.6 0.1 -1.1 1.6 
Net financial items -2.6 -0.1 1.0 -1.7 
Tax 0.0 – 0.1 0.1 
Net result 0.0 – – 0.0 
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 
percent economic interest. 
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/loss.

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

Key Financial Data 
Orrön Energy – Interim report for the first quarter 2023  27 
 
 
 
Earnings per share: Net result attributable to shareholders of the Parent Company divided by the weighted average number of 
shares for the period. 
 
Earnings per share – diluted: Net result attributable to shareholders of the Parent Company divided by the weighted average 
number of shares for the period after considering any dilution effect. 
 
EBIT (Earnings Before Interest and Tax): Operating profit.  
 
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation): Operating profit before depreciation. 
 
Equity ratio: Total equity divided by the balance sheet total. 
 
Net debt/Net cash – Consolidated: Interest bearing loans and borrowings less cash and cash equivalents. 
 
Net debt/Net cash – Proportionate: Net cash / Net debt – Consolidated less cash and cash equivalents of associates and joint 
ventures plus external interest bearing loans and borrowings of associates and joint ventures. 
 
Return on equity: Net result divided by average total equity. 
 
Return on capital employed: Income before tax plus interest expenses plus/less currency exchange differences on financial loans 
divided by the average capital employed (the average balance sheet total less non-interest bearing liabilities). 
 
Weighted average number of shares for the period: The number of shares at the beginning of the period with changes in the 
number of shares weighted for the proportion of the period they are in issue. 
 
Weighted average number of shares for the period – diluted: The number of shares at the beginning of the period with changes in 
the number of shares weighted for the proportion of the period they are in issue after considering any dilution effect. 
 
 
Definitions and abbreviations Industry related terms and measurements 
CHF Swiss franc  GWh  Giga Watt hours 
EUR Euro MWh Mega Watt hours 
NOK Norwegian Krone 
SEK Swedish Krona 
USD US dollar 
TSEK Thousand SEK 
TUSD Thousand USD 
MEUR Million EUR 
MSEK Million SEK 
MUSD Million USD 
BUSD Billion USD

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

Shareholders’ information 
Orrön Energy – Interim report for the first quarter 2023  28 
 
 
 
Daniel Fitzgerald, CEO and Espen Hennie, CFO comment on the first quarter results 2023. 
 
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orr ön 
Energy and its future growth strategy together with members of Orrön Energy’s management team at a webcast held on 16 May 
2023 at 14.00 CEST. The presentation will be followed by a question-and-answer session. 
 
Follow the presentation live on the below webcast link: 
https://us06web.zoom.us/webinar/register/WN_yTz5DG79S-a3NUtuUKjqaQ 
 
Contacts 
 
Robert Eriksson 
Director Corporate Affairs and Investor Relations 
Tel: +46 701 11 26 15 
robert.eriksson@orron.com 
 
Jenny Sandström 
Communications Lead 
Tel: +41 79 431 63 68 
jenny.sandstrom@orron.com 
 
 
Financial Calendar 
 
• Interim report for the second quarter of 2023 9 August 2023  
• Interim report for the third quarter 2023 8 November 2023  
• Year end report 2023 14 February 2024  
 
 
 
 
 
 
Forward-Looking Statements 
Statements in this report relating to any future status or circumstances, including statements regarding future performance, growth 
and other trend projections are forward-looking statements. These statements may generally, but not always, be identified by the 
use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their 
nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstance s that 
could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or i mplied 
by these forward-looking statements due to several factors, many of which are outside the Company’s control. Any forward- looking 
statements in this report speak only as of the date on which the statements are made and the Company has no obligation (and 
undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

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

Corporate Head Office
Orrön Energy AB (publ)
Hovslagargatan 5
SE-111 48 Stockholm, Sweden
T +46-8-440 54 50
W orron.com