Kvartalsrapport Q1 2026

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Interim report 
January – March 2026

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Highlights 
Orrön Energy – Interim report January – March 2026 2 
Highlights 
• Strong realised electricity price combined with 
revenues from project sales and other income, 
contributed to quarterly proportionate revenues of 
MEUR 16.8.  
• Proportionate power generation amounted to 225 GWh 
for the first quarter, with additional 6 GWh of 
compensated volumes from ancillary services and 
availability warranties, bringing the total proportionate 
power generation to 231 GWh. 
• Completed the sale of a 93 MW German solar energy 
project under the portfolio transaction announced in 
December 2025, and received payments of MEUR 1.6 
from project sales during the first quarter. 
 
Events after the reporting period 
• Sold a 91 MW German solar energy project in April 2026 
for a total consideration of up to MEUR 5.6, of which 
MEUR 2.4 was paid at closing. 
 
Consolidated financials 
• Cash flows from operating activities amounted to 
MEUR -0.4. 
Proportionate financials 
• Achieved electricity price amounted to EUR 67 per 
MWh, which, combined with revenues from project 
sales, resulted in a proportionate EBITDA of 
MEUR 5.8. 
• Proportionate net debt of MEUR 90, with significant 
liquidity headroom available through the MEUR 170 
revolving credit facility. 
 
Financial performance 
 
1  Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, incl uding joint ventures. 
For more details see section Key Financial Data. 
Reporting 
All numbers and updates in this report relate to the reporting  period ending 31 March 2026, unless otherwise specified. Amounts 
from the same period in the previous 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 
owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financial s 
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.  
 
MEUR 2026 2025
Revenue from power generation 12.9 9.3
Revenue from project sales 1.6 -
EBITDA 4.4 -0.9
Operating profit (EBIT) 0.1 -5.2
Net result -1.0 -4.0
Earnings per share – EUR -0.00 -0.01
Earnings per share diluted – EUR -0.00 -0.01
Alternative performance measures
Proportionate financials¹
Power generation – GWh 225 251
Average price achieved per MWh – EUR 67 40
Operating expenses per MWh – EUR 25 20
Revenue from power generation 15.0 10.1
Revenue from project sales 1.6 -
EBITDA 5.8 0.4
Operating profit (EBIT) 0.5 -4.9
Q1

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Words from the CEO 
Orrön Energy – Interim report January – March 2026 3 
 
We had a good start to 2026, delivering nearly half of last 
year’s revenues in the first three months alone. This 
performance comes on the back of higher power prices 
across the Nordics and milestone payments from prior 
project sales, and still includes costs related to the Sudan 
case which will reduce significantly from the third quarter 
of this year. It is an encouraging start to the year and, 
coupled with the progress we are seeing on the 
greenfield front, places us well for the remainder of 2026. 
 
Proportionate power generation, including compensated 
volumes, amounted to 231 GWh in the first quarter which, 
together with an achieved electricity price of EUR 67 per 
MWh, supported our strong financial performance. 
Proportionate revenues, including other income and 
project sales, amounted to MEUR 16.8, while EBITDA 
reached MEUR 5.8 for the quarter. 
 
The Nordic energy markets experienced elevated 
volatility at the beginning of the year, with electricity 
prices impacted by high demand and constrained 
energy supply during periods of cold weather and low 
power generation. Volatile market conditions have 
increasingly become a structural feature of the energy 
system. We are well positioned to navigate this volatility, 
with a large share of our production being merchant 
exposed to capture the upside from higher price levels, 
while short-term hedging and flexible generation provide 
downside protection and help minimise costs. In 
addition, around half of our portfolio now provides 
ancillary services, which helps mitigate some of this 
volatility, while creating additional revenue streams. 
 
We continued to deliver on our greenfield business 
strategy recycling capital ahead of significant 
development costs and continued to build on the 
momentum from last year’s progress. During the quarter, 
we achieved closing and reached an additional 
milestone for a 93 MW project from the German portfolio 
transaction announced in December 2025, resulting in 
payments of MEUR 1.6 in total.  
 
I am very pleased that we executed another project sale 
in Germany in April 2026 demonstrating the quality and 
depth of our German portfolio. The total consideration for 
the sale of a 91 MW solar project was up to MEUR 5.4, of 
which MEUR 2.4 was received at closing. The project is 
currently at the ready-to-permit stage, and we will 
continue to develop it through to ready-to-build.  
In addition, in Germany, we obtained municipal approval 
for 1.8 GW of battery projects and are progressing 1 GW of 
solar projects towards the ready-to-permit stage, with 
land secured and grid available. In the UK, we have 
started to test the market for our 1.8 GW of solar energy 
projects. Depending on the market, the timing of any 
transaction may await the issuance of formal grid 
details, expected no later than early 2027, to support 
optimal value realisation. 
 
With this latest transaction, we have since the summer of 
2025 entered into agreements to sell 400 MW of German 
projects for a total consideration of up to MEUR 23. The 
main financial impact from these transactions lies 
ahead, with MEUR 17 in outstanding considerations 
subject to the achievement of development milestones 
over the next 24 months. Supported by this track record 
and an advancing pipeline, we are well positioned to 
continue realising value from project sales with attractive 
returns, enabling efficient capital recycling into future 
growth. 
 
We entered the year in a strong position and are exiting 
the first quarter even stronger, supported by robust 
financial results and continued progress on the 
greenfield side. We are weeks away from the conclusion 
of the District Court trial in the Sudan legal case, where a 
verdict is expected before the end of the year. Looking 
ahead, I am confident that this will be a defining year for 
the business, with a rapidly maturing project pipeline, a 
demonstrated track record of value realisation, making 
us well positioned to continue growing and delivering 
long-term shareholder value. 
I would like to thank all of our shareholders for your loyal 
support and look forward to updating you on our 
progress. 
Daniel Fitzgerald 
Chief Executive Officer 
    
 
 
Words from the CEO

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

Operational Review 
Orrön Energy – Interim report January – March 2026 4 
 
Production 
Proportionate power generation amounted to 225 GWh 
for the first quarter. In addition, the Company had 
compensated volumes of 6 GWh related to ancillary 
services and availability warranties, bringing the total 
proportionate power generation to 231 GWh for the first 
quarter. The Company remains on track to deliver within 
its full year production forecast of 800 to 950 GWh. 
The realised electricity price amounted to EUR 67 per 
MWh for the first quarter. Out of this realised electricity 
price, guarantees of origin and ancillary services 
accounted for EUR 1 per MWh. Financial hedges had a 
negative impact of EUR 6 per MWh for the quarter.  
The Company is continuously implementing measures to 
optimise its portfolio and power generation to navigate 
market volatility. These include voluntary curtailments 
during low-price periods, optimisation of power 
generation output, portfolio management, providing 
ancillary services and entering into financial hedges. 
These measures enable the Company to generate 
additional revenues and reduce costs during periods of 
volatility.  
The Company provides ancillary services to the grid from 
around 50 percent of the portfolio to create additional 
revenue streams alongside traditional power generation. 
The MLK wind farm has been providing ancillary services 
since 2025. During the first quarter of 2026, the Karskruv 
wind farm also began providing ancillary services. The 
Company is working to implement ancillary services 
across additional wind power assets in the portfolio. 
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 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.  
  
   
 
 
 
 
Operational review

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Operational Review 
Orrön Energy – Interim report January – March 2026 5 
Power generation outlook 
The expected proportionate 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 proportionate power generation to be around 1,000 GWh, assuming average long-
term meteorological conditions and excluding curtailment. 
Expenditure guidance 
The Company delivered in line with the expenditure guidance for the quarter. Full-year 2026 guidance for operating 
expenses is MEUR 19. A portion of the operating expenses will vary based on electricity prices, power generation and 
market conditions. The general and administrative (G&A) expenditure guidance amounts to MEUR 8. Guidance for legal 
costs in relation to the defence of the Company and its former representatives in the Sudan legal case amounts to 
MEUR 4. 2026 is the final year of the trial in the Stockholm District Court, which is scheduled to finish during the second 
quarter of 2026 and with a verdict expected in the second half of 2026. Capital expenditure guidance is MEUR 11 and 
mainly relates to capital allocated to greenfield and project activities, excluding acquisitions and revenues from 
project sales.
 
1 Guidance is presented based on proportionate (net) ownership in assets and related financial results.  
2 Excludes non-cash items and costs in relation to the Sudan legal case.  
3 Legal costs in relation to the defence of the Company and its former representatives in the Sudan legal case , where trial is scheduled to end in 
the second quarter 2026. 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.  
4 Excluding acquisitions. 
Greenfield portfolio 
The Company has a large-scale portfolio of solar, battery 
and data centre projects across the UK, Germany, and 
France advancing towards key development milestones. 
The Company’s strategy is to progress these 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, with optionality to 
retain selected projects to support cost-effective 
production growth and strengthen the long-term asset 
base. 
Germany 
In Germany, the Company continues to progress 
divestments and is maturing a 6 GW pipeline of solar and 
battery projects. As of April 2026, the Company has 
entered into agreements to sell a total of 400 MW for a 
total consideration of up to 23 MEUR, with 17 MEUR 
contingent and subject to achieving future development 
milestones.  
In July 2025, the Company sold a 76 MW Agri-PV solar 
energy project for a total consideration of MEUR 4.0, 
which was recognised in 2025. MEUR 2.0 was paid at 
closing in July 2025, and the remaining consideration is 
subject to municipal and legislative approvals. 
 
 
In December 2025, the Company entered into an 
agreement to sell a portfolio of three Agri-PV projects 
with a combined estimated capacity of 234 MW for a 
total consideration of up to MEUR 14. Closing for the first 
project and delivery of the first milestone were achieved 
in the first quarter of 2026, resulting in payments of MEUR 
1.6. The Company continues progressing the two 
remaining projects to fulfil the closing conditions, with the 
remaining consideration subject to the achievement of 
development milestones up to the ready-to-build stage. 
In April 2026, the Company sold a 91 MW Agri-PV project 
for a total consideration of up to MEUR 5.6, of which MEUR 
2.4 was paid at closing in April 2026. The remaining 
consideration is subject to the achievement of 
development milestones up to the ready-to-build stage. 
 
 
  
Expenditure guidance¹ Actuals Guidance
Jan-Mar Jan-Dec
MEUR 2026 2026
Operating expenses 6 19
G&A expenses² 2 8
Sudan legal costs³ 2 4
Capital expenditure⁴ 2 11

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

Operational Review 
Orrön Energy – Interim report January – March 2026 6 
Project divestments and proceeds overview 
 
Project divestments - MW   
2025 - 4 projects 310.0  
2026 - 1 project in April 2026 91.0  
  401.0  
Consideration agreed - MEUR  
2025 - 4 projects 17.6  
2026 - 1 project in April 2026 5.6  
  23.2  
Consideration paid - MEUR  
2025 2.0  
Q1 2026 1.6  
Q2 2026 2.4  
  6.0  
Contingent proceeds outstanding  
At 31 March 2026 14.0  
At 30 April 2026 17.2 
    
In addition to the sold projects, the Company has a 
portfolio of approximately 1 GW of Agri-PV projects for 
which land has been reserved, and grid capacity is 
available. These projects are currently under active 
discussions with municipalities and are being advanced 
towards the ready-to-permit stage. 190 MW of Agri-PV 
projects and 1.8 GW of battery projects have already 
secured municipal approvals. As the broader 
development portfolio matures, the increasing level of 
project maturity is expected to provide the Company 
with greater flexibility in how it realises value from its 
German pipeline over time.  
UK 
Following the now-concluded grid reform process, the 
Company has secured Gate 2 grid connections 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, and 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 no later than beginning of 2027. 
With both land and grid access secured, the projects are 
at the ready-to-permit stage, and the Company is 
evaluating divestment options for the solar projects. 
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 as part of the grid reform process. These 
limitations are expected to change over time since zonal 
capacity limitations will be continuously re-assessed 
based on updated energy scenario planning, which may 
enable additional projects to secure grid access.  
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.  
Transactions  
Orrön Energy’s strategy is to invest in renewable energy 
projects and pursue value accretive opportunities to 
grow and optimise its portfolio. 
During the first quarter 2026, the Company completed 
the sale of the first 93 MW solar energy project included 
in the December 2025 portfolio sale of three Agri-PV 
projects in Germany, and achieved an additional project 
milestone, resulting in total payments of MEUR 1.6.  
Transactions after the reporting period 
In April 2026, the Company sold a 91 MW solar project in 
Germany. The total consideration amounts to up to MEUR 
5.6, comprising a consideration of MEUR 2.4 paid at 
closing in April 2026, with the remaining consideration 
contingent upon the achievement of development 
milestones up until the ready-to-build stage.

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

Sustainability 
Orrön Energy – Interim report January – March 2026 7 
 
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 
Contributing to the energy transition  
Climate change is one of the biggest challenges of our time, and the transition to energy sources with lower 
greenhouse gas emissions to limit global warming and achieve global climate targets is well underway. The energy 
transition will require a substantial increase in renewable energy generation, with wind and solar power playing a 
critical role in achieving these goals. Due to 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 Orrön Energy’s business model and commitment to continue investing in renewable 
energy and technologies to help drive the energy transition. More information around the Company’s sustainability 
performance can be found in the Annual and Sustainability report 2025, available on the Company’s website 
www.orron.com. 
EU Taxonomy alignment 
In 2025, the Company assessed its operational assets, greenfield portfolio, and economic activities in line with the EU 
Taxonomy. The Company achieved 100 percent EU Taxonomy alignment of its operating expenses and turnover, and 97 
percent alignment of its capital expenditure. The remaining three percent of capital expenditure were assessed as 
eligible but not aligned with the EU Taxonomy. More information around the EU Taxonomy alignment can be found in 
the Annual and Sustainability report 2025, available on the Company’s website www.orron.com
. 
  
 
 
   
 
Sustainability

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

Sustainability 
Orrön Energy – Interim report January – March 2026 8 
Environmental impact and biodiversity 
protection 
Orrön Energy is committed to responsible environmental 
management across all areas of its operations. The 
Company works proactively to minimise its 
environmental footprint and safeguard biodiversity 
through clearly defined policies, procedures, and 
project-specific measures to uphold high environmental 
and biodiversity standards. Regular monitoring and 
reporting are in place, with site-specific measures to 
monitor environmental performance, manage potential 
impacts, and ensure that the Company’s operations do 
not harm the environment or local ecosystems. 
In the UK, the Company is 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. 
A sustainable approach 
Orrön Energy strives to foster a culture of integrity, 
responsibility, and sustainability throughout its 
operations. The Company’s Code of Conduct reflects this 
commitment, guiding employees, contractors, and 
business partners to act ethically and responsibly. It 
plays an important role in shaping expectations across 
the business and the wider value chain. The Code of 
Conduct, which is publicly available on the Company’s 
website, is supported by policies and procedures 
covering key areas such as human rights, whistleblowing, 
cybersecurity, competition, tax, anti-corruption, anti-
fraud, and anti-money laundering. 
Strong ESG performance 
 
The Company’s strong ESG performance is recognised 
by several leading ESG rating institutes. This includes a 
“low risk” rating from Sustainalytics, one of the world’s 
leading ESG rating agencies, where Orrön Energy rates 
well above the global industry average. This recognition 
reflects Orrön Energy’s commitment to maintaining high 
standards in environmental, social, and governance 
performance. In addition, the Company is rated as Prime 
from ISS for its ESG performance. 
Protecting the health and safety of people and the 
environment remains a top priority and the Company 
has procedures in place to identify and manage risks, 
supported by clear processes for reporting and 
investigating incidents. No recordable health and safety 
or environmental incidents were reported during the 
reporting period.

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

Financial review 
Orrön Energy – Interim report January – March 2026 9 
Changes in the Group 
There have been no material changes in the Group 
during the first quarter. 
Revenue and results  
EBITDA for the first quarter amounted to MEUR 4.4 
compared to MEUR -0.9 in the same period the previous 
year and reflects the impact of higher energy prices 
versus the comparative period. The result also includes 
the contribution from the first milestones achieved under 
an agreement entered into in December 2025 to sell a 
portfolio of three Agri-PV projects.  
Revenue and other income 
Revenue from power generation for the first quarter 
amounted to MEUR 12.9 (MEUR 9.3) and was impacted by 
higher electricity prices compared to the same period 
the previous year.  
Revenue from project sales for the first quarter 
amounted to MEUR 1.6 (MEUR –) and represents the first 
milestones achieved under an agreement entered into in 
December 2025 to sell a portfolio of three Agri-PV 
projects, with a combined estimated capacity of 234 MW 
for a total consideration of up to MEUR 14.   
Operating expenses 
Operating expenses amounted to MEUR 4.4 (MEUR 4.6) for 
the first quarter. 
General and administration expenses 
General and administration expenses amounted to 
MEUR 5.0 (MEUR 4.9) for the first quarter, including 
MEUR 2.3 (MEUR 1.8) 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 0.5 (MEUR 0.8) relating to long-term 
incentive plans is part of the overall general and 
administration expenses expensed during the first 
quarter. 
Share in result from associates and joint ventures  
Share in result from associates and joint ventures 
amounted to MEUR -0.5 (MEUR -0.9) for the first quarter 
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 -0.6 (MEUR -1.1) and the share in 
result from other associates and joint ventures 
amounted to MEUR 0.1 (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 0.5 (MEUR 2.3) for the 
first quarter and is detailed in note 5. Interest income of 
MEUR 0.5 (MEUR 0.6) related to loans to joint ventures.  
Finance costs amounted to MEUR 1.7 (MEUR 1.3) for the 
first quarter and are detailed in Note 6. Finance costs 
included a net foreign exchange loss of MEUR 0.2 
(MEUR 1.7 gain). 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 loss was a result of the weakening of 
the Swedish krona against the Euro during the first 
quarter and related mainly to the revaluation of external 
   
 
Financial review

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

Financial review 
Orrön Energy – Interim report January – March 2026 10 
loans and intercompany loan balances, denominated in 
other currencies than the functional currency of the 
Group company providing the financing. Other finance 
costs amounted to MEUR 0.4 (MEUR 0.3) and represented 
mainly fees and other costs in relation to the Company’s 
revolving credit facility. Interest expenses amounted to 
MEUR 1.1 (MEUR 1.0) and related to the Group’s external 
loans. 
Income tax 
Income tax representing a net income amounted to 
MEUR 0.1 (MEUR 0.2) for the first quarter and is detailed in 
Note 7. This amount was comprised of a deferred tax 
income relating to deferred tax calculated on surplus 
values recognised on consolidation of acquisitions made 
in Sweden and a current tax expense in Switzerland. 
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 2026. 
Cash flow and investments  
Cash flows from operating activities 
Net cash flows from operating activities amounted to 
MEUR -0.4 (MEUR 0.6) for the first quarter. 
Cash flows from investing activities 
Cash flows from investing activities amounted to 
MEUR
 -0.6 (MEUR -4.3) for the first quarter. This included 
investments in the renewable energy business of 
MEUR -2.2 (MEUR -4.1), which mainly represented 
investments in the Company’s greenfield portfolio.  
Cash flows from financing activities 
Cash flows from financing activities amounted to 
MEUR 0.8 (MEUR 4.9) for the first quarter and represented 
a net draw down of the credit facility of MEUR 0.9 
compared to a net draw down of MEUR 5.5 the same 
period the previous year and a repayment of MEUR -0.1 
(MEUR -0.6) of loans held by subsidiaries. 
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 percentage points 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 until 31 March 2026 and will vary 
between 1.8 and 2.05 percentage points from April 2026, 
depending on certain financial metrics. 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 106.2 compared to MEUR 106.4 at year-end 2025 
and related mainly to an outstanding loan of MEUR 105.0, 
compared to MEUR 104.5 at year-end 2025, which has 
been drawn under the Group’s revolving credit facility. 
Interest-bearing loans and borrowings also included 
long-term loans taken up by subsidiaries of MEUR 1.2 
compared to MEUR 1.9 at year-end 2025.  
The Company’s net debt amounted to MEUR 91.2 
compared to MEUR 90.5 at year-end 2025. 
Cash and cash equivalents amounted to MEUR 15.6 
compared to MEUR 15.9 at year-end 2025. 
Balance sheet 
Projects under development amounted to MEUR 22.3 
compared to MEUR 20.8 at year-end 2025 and related to 
the Company’s portfolio of greenfield projects. These 
projects were until year-end 2025 reported as part of 
current assets.  
Deferred tax assets amounted to MEUR 44.7 compared to 
MEUR 45.2 at year-end 2025, of which MEUR 39.8 
(MEUR 40.3) related to tax losses carried forward 
expected to be used against future taxable profits and 
MEUR 4.9 (MEUR 4.9) to deferred tax calculated on 
accelerated depreciation allowances in Sweden. 
Deferred tax liabilities amounted to MEUR 11.1 compared 
to MEUR 11.4 at year-end 2025 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 the balance sheet date, the 
Company had entered into hedge contracts related to 
the Company’s power generation in the SE2, SE3 and SE4 
price areas, covering approximately 35 percent of the 
remaining 2026 proportionate power generation 
volumes in these price areas, at an average baseload 
price of EUR 44 per MWh. See Note 9 Risks and risk 
management for details on the Company’s financial 
hedging. 
Other current financial liabilities included derivative 
instruments related to the marked-to-market loss of 
MEUR 2.6 on outstanding financial hedge contracts due 
to be settled within twelve months compared to a 
marked-to-market gain of MEUR 1.0 reported within other 
current financial assets at year-end 2025.

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

Financial review 
Orrön Energy – Interim report January – March 2026 11 
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 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 2.3 (MEUR 1.8) 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 0.5 (MEUR 0.8) for the quarter. 
Proportionate revenue and other income 
Proportionate revenue from power generation amounted to MEUR 15.0 (MEUR 10.1) for the first quarter and was 
impacted by higher electricity prices compared to the same period the previous year. Revenue from project sales 
for the first quarter amounted to MEUR 1.6 (MEUR –) and represents the first milestones achieved under an 
agreement entered into in December 2025 to sell a portfolio of three Agri-PV projects, with a combined estimated 
capacity of 234 MW for a total consideration of up to MEUR 14.   
 
Proportionate operating expenses  
Proportionate operating expenses amounted to MEUR 5.6 (MEUR 5.0), primarily driven by a one-off cancellation fee 
and higher grid and land lease costs compared to the same period the previous year. These increases were 
partially offset by lower balancing costs. 
  
Full-year
MEUR 2026 2025 2025
Power generation (GWh) 225 251 800
Average price achieved per MWh – EUR 67 40 36
Operating expenses per MWh – EUR 25 20 24
Revenue from power generation 15.0 10.1 28.6
Revenue from project sales 1.6 - 4.0
Other income 0.2 0.1 0.9
Operating expenses -5.6 -5.0 -19.0
Cost of sales of projects under development -0.4 - -1.1
G&A expenses¹ -5.0 -4.8 -17.9
EBITDA 5.8 0.4 -4.5
Depreciation -5.3 -5.3 -20.5
Operating profit/loss (EBIT) 0.5 -4.9 -25.0
Q1

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

Financial review 
Orrön Energy – Interim report January – March 2026 12 
Other information  
Parent company 
The business of the Parent Company is to invest in and 
manage operations within the renewable energy sector.  
The Parent Company reported a net result of MSEK -42.8 
(MSEK -35.3) for the first quarter. 
General and administration expenses for the first quarter 
amounted to MSEK 52.3 (MSEK 43.7), out of which 
MSEK 24.6 (MSEK 20.6) related to legal fees and other 
costs 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 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 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 
claim for forfeiture of economic benefits was increased 
from MSEK 1,391.8 by the Swedish Prosecution Authority in 
August 2023. This latest increase to the claimed forfeiture 
amount means that the Prosecutor 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 
Prosecutor’s claim. It is obvious that the methodology 
used by the Prosecutor to arrive at the claimed forfeiture 
amount is fundamentally 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 representatives of the Company. The trial at the 
Stockholm District Court started in September 2023 and 
is scheduled to finish during the second quarter 2026. 
The Company considers this to be a contingent liability 
and therefore no provision has been recognised. 
Share data 
Share capital 
At the balance sheet date, the Company’s issued share 
capital amounted to SEK 3,478,713 represented by 
285,905,187 shares with a quota value of SEK 0.01 each 
(rounded off).  
Dividend 
The 2026 AGM resolved that no dividend will be 
distributed to shareholders for the financial year 2025. 
Board of directors 
At the 2026 AGM, the current Board members Grace 
Reksten Skaugen, Peggy Bruzelius, William Lundin, Mike 
Nicholson, Richard Ollerhead and Jakob Thomasen were 
re-elected. 
Remuneration 
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”) and the 2026 
AGM (“LTIP 2026”), sharing the common objective of 
aligning participants’ interests with those of shareholders 
and supporting long-term value creation. In 2025 and 
2026, the Company implemented, in addition to the LTIP 
programmes, long-term share-related incentive plans 
consisting of a unit bonus plan (“UBP”) for employees not 
participating in the LTIP programmes. 
In order to secure the Company’s obligations under the 
Share Options Plans, and the LTIP programmes, the 
Company has issued 31,060,000 warrants in total under 
series 2022:2, 2024:1, 2024:2, 2025:1 and 2026:1, as resolved 
by the 2022 EGM, and the 2024, 2025 and 2026 AGMs, 
respectively. Additionally, the Company maintains an 
option to deliver shares to participants under an equity 
swap arrangement with a third party. Under this 
arrangement, the third party, acting in its own name, has 
the right to acquire and transfer shares, including to the 
participants, as resolved by the 2023 AGM.  
The UBP plans are intended to be settled through the 
existing equity swap arrangement with a third party and 
will not lead to any dilution for existing shareholders and 
do not have a material financial impact on the 
Company. 
The Company’s long-term incentive plans are described 
in detail in the 2025 Annual and Sustainability Report in 
note 22 of the consolidated financial statements and on 
www.orron.com. The Policy on Remuneration is available 
on www.orron.com.  
Expense and impact on equity 
A total amount of MEUR 0.5 (MEUR 0.8) was recognised in 
the income statement in the first quarter in respect of the 
Company’s long-term incentive plans, including social 
costs where applicable.

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

Financial review 
Orrön Energy – Interim report January – March 2026 13 
All the Company’s long-term incentive plans are 
classified as equity-settled share-based payment 
transactions. The cumulative amount in respect of these 
plans is recognised in equity and amounted to MEUR 10.5 
at the balance sheet date, compared to MEUR 10.0 at 
year-end 2025. The increase reflects the recognition of 
the share-based payment expense during the first 
quarter. 
Exchange rates 
 
 
 
The financial information relating to the three-month period ended 31 March 2026 has not been subject to review by 
the auditors of the Company. 
 
Stockholm, 6 May 2026 
 
 
 
Daniel Fitzgerald CEO 
 
31 Dec
2026 2025 2025
1 EUR equals SEK
Average 10.6927 11.2315 11.0647
Period end 10.9430 10.8490 10.8215
1 EUR equals GBP
Average 0.8683 0.8356 0.8566
Period end 0.8683 0.8354 0.8726
1 EUR equals CHF
Average 0.9169 0.9548 0.9371
Period end 0.9194 0.9531 0.9314
31 Mar

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

Financial review 
Orrön Energy – Interim report January – March 2026 14 
 
Consolidated Income Statement 
 
1 Based on net result attributable to shareholders of the Parent company 
 
  
Full-year
MEUR Note 2026 2025 2025
Revenue from power generation 3 12.9 9.3 24.9
Revenue from project sales 3 1.6 - 4.0
Other income 3 0.2 0.2 0.6
Operating expenses -4.4 -4.6 -15.5
Cost of sales of projects under development -0.4 - -1.1
General and administration expenses -5.0 -4.9 -17.9
Depreciation -4.3 -4.3 -16.9
Share in result of associates and joint ventures 4 -0.5 -0.9 -5.3
Operating profit/loss 0.1 -5.2 -27.2
Finance income 5 0.5 2.3 3.5
Finance costs 6 -1.7 -1.3 -5.8
Net financial items -1.2 1.0 -2.3
Profit/loss before income tax -1.1 -4.2 -29.5
Income tax 7 0.1 0.2 3.2
Net result -1.0 -4.0 -26.3
Attributable to:
Shareholders of the Parent company -1.2 -4.1 -26.3
Non-controlling interest 0.2 0.1 -
Earnings per share – EUR¹ -0.00 -0.01 -0.09
Earnings per share diluted – EUR¹ -0.00 -0.01 -0.09
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 15 
Consolidated Statement of 
Comprehensive Income 
 
 
  
Full-year
MEUR Note 2026 2025 2025
Net result -1.0 -4.0 -26.3
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences foreign operations -1.9 8.1 9.4
Net result on cash flow hedges -3.7 - 1.0
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments - 0.1 0.1
Other comprehensive income, net of tax -5.6 8.2 10.5
Total comprehensive income -6.6 4.2 -15.8
Attributable to:
Shareholders of the Parent company -6.8 4.1 -15.8
Non-controlling interest 0.2 0.1 -
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 16 
Consolidated Balance Sheet 
 
  
31 Dec
MEUR Note 2026 2025 2025
ASSETS
Non-current assets
Intangible assets 0.4 0.2 0.3
Property, plant and equipment 272.5 287.4 278.3
Investment in associates and joint ventures 35.7 40.7 36.2
Deferred tax assets 44.7 42.5 45.2
Other non-current financial assets 10 46.2 46.6 46.2
399.5 417.4 406.2
Current assets
Projects under development 22.3 13.9 20.8
Other current assets 4.9 4.2 5.2
Trade receivables 10 3.2 0.7 0.5
Other current financial assets 10 6.6 3.6 7.6
Cash and cash equivalents 10 15.6 19.4 15.9
52.6 41.8 50.0
TOTAL ASSETS 452.1 459.2 456.2
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent 318.0 342.0 324.1
Non-controlling interests 2.5 2.8 2.2
320.5 344.8 326.3
Non-current liabilities
Interest-bearing loans and borrowings 10 106.2 89.0 106.4
Other non-current financial liabilities 10 0.1 - 0.1
Deferred tax liability 11.1 11.9 11.4
Provisions 2.4 2.2 2.4
119.8 103.1 120.3
Current liabilities
Trade and other payables 10 8.5 10.6 9.6
Current tax liabilities 0.1 0.1 -
Other current financial liabilities 10 3.2 0.6 -
11.8 11.3 9.6
TOTAL LIABILITIES 131.6 114.4 129.9
TOTAL EQUITY AND LIABILITIES 452.1 459.2 456.2
31 Mar

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 17 
Consolidated Statement of Cash Flows 
 
1 Includes acquisitions of renewable energy assets and funding of joint ventures 
  
Full-year
MEUR Note 2026 2025 2025
Cash flows from operating activities
Net result -1.0 -4.0 -26.3
Items not included in the cash flow 11 5.1 4.6 21.0
Interest received 0.3 - 0.2
Interest paid -1.3 -1.2 -4.5
Changes in working capital -3.5 1.2 -0.3
Cash flows from operating activities -0.4 0.6 -9.9
Cash flows from investing activities
Investment in renewable energy business¹ -2.2 -4.1 -15.9
Investment in Intangible assets - - -0.1
Investment in associated companies - -0.2 -0.2
Proceeds from project sales 1.6 - 1.7
Proceeds from equity investments - - 0.4
Proceeds from sale of joint venture - - 0.1
Repayment of loan from joint venture - - 0.5
Cash flows from investing activities -0.6 -4.3 -13.5
Cash flows from financing activities
Net drawdown/repayment of credit facility 0.8 4.9 21.5
Distributions paid to non-controlling interest - - -0.2
Financing fees paid - - -0.2
Cash flows from financing activities 0.8 4.9 21.1
Change in cash and cash equivalents -0.2 1.2 -2.3
Cash and cash equivalents, beginning of the period 15.9 17.6 17.6
Exchange differences in cash and cash equivalents -0.1 0.6 0.6
Cash and cash equivalents, end of the period 15.6 19.4 15.9
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 18 
Consolidated Statement of Changes in Equity 
 
  
MEUR
Share 
capital
Additional paid-in-
capital/Other 
reserves
Retained 
earnings Total
Non-controlling 
interest
Total 
equity
1 Jan 2025 0.4 317.7 18.6 336.7 2.7 339.4
Comprehensive income
Net result - - -4.1 -4.1 0.1 -4.0
Other comprehensive income - 8.2 - 8.2 - 8.2
Total comprehensive income - 8.2 -4.1 4.1 0.1 4.2
Transactions with owners
Share based payments - 1.2 - 1.2 - -
Total transactions with owners - 1.2 - 1.2 - 1.2
31 Mar 2025 0.4 327.1 14.5 342.0 2.8 344.8
Comprehensive income
Net result - - -22.2 -22.2 -0.1 -22.3
Other comprehensive income - 2.3 - 2.3 - 2.3
Total comprehensive income - 2.3 -22.2 -19.9 -0.1 -20.0
Transactions with owners
Non-controlling interests - - - - -0.2 -0.2
Share based payments - 1.8 - 1.8 - 1.8
Other - - 0.2 0.2 -0.3 -0.1
Total transactions with owners - 1.8 0.2 2.0 -0.5 1.5
31 Dec 2025 0.4 331.2 -7.5 324.1 2.2 326.3
1 Jan 2026 0.4 331.2 -7.5 324.1 2.2 326.3
Comprehensive income
Net result - - -1.2 -1.2 0.2 -1.0
Other comprehensive income - -5.6 - -5.6 - -5.6
Total comprehensive income - -5.6 -1.2 -6.8 0.2 -6.6
Transactions with owners
Share based payments - 0.5 - 0.5 - 0.5
Other - - 0.2 0.2 0.1 0.3
Total transactions with owners - 0.5 0.2 0.7 0.1 0.8
31 Mar 2026 0.4 326.1 -8.5 318.0 2.5 320.5
Attributable to owners of the Parent Company

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 19 
Notes to the financial statements 
Note 1 - Accounting policies 
This interim report has been prepared in accordance 
with International Accounting Standard (IAS) 34, Interim 
Financial Reporting. 
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 2025. Prior to year-end 2025, projects under 
development were however included in other current 
assets. Given the materiality of these amounts, 
management decided to present this balance sheet 
item as a separate line item in the balance sheet. 
Comparative figures have been reclassified to ensure 
comparability. 
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 - Segment information 
Segment reporting  
Group management, which forms the Company’s 
Investment Committee, is the Chief Operating Decision 
Maker and monitors the operations and results of the 
segments separately for the purpose of making 
decisions. The division of segment reporting is based on 
the Group’s activities and the manner, in which 
operations are managed and reported internally. The 
Operations segment includes the Group’s holdings in 
renewable electricity production assets, generating 
revenue from the sale of electricity and related operating 
activities. The Development segment comprises the 
Company’s activities related to the greenfield project 
portfolio. The Corporate segment represents Group-wide 
functions and shared activities, including central 
administration, governance, financing and other support 
functions that are not directly attributable to the 
Operations or Development segments. Costs attributable 
to Corporate include a non-cash item of MEUR 0.5 
(MEUR 0.8) relating to long-term incentive programs. 
 
 
2026
MEUR Note Q1 Q1 Q1 Q1
Revenue from power generation 3 12.9 - - 12.9
Revenue from project sales 3 - 1.6 - 1.6
Other income 3 0.2 - - 0.2
Revenue 13.1 1.6 - 14.7
Depreciation -4.3 - - -4.3
Costs -5.0 -0.4 -4.4 -9.8
Share in result of associates and joint ventures 4 -0.5 - - -0.5
Operating profit/loss 3.3 1.2 -4.4 0.1
Net financial items 5,6 - - -1.2 -1.2
Profit/loss before income tax 3.3 1.2 -5.6 -1.1
Income tax 7 0.1 - - 0.1
Net result 3.4 1.2 -5.6 -1.0
TotalDevelopmentOperations Corporate

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 20 
 
  
 
 
 
Geographic information 
 
Revenue from project sales is recognised based on the geographical location of the divested projects, while revenue 
from electricity generation is recognised based on the geographical location of the registered office of the company 
generating the revenue. 
2025
MEUR Note Q1 Q1 Q1 Q1
Revenue from power generation 3 9.3 - - 9.3
Revenue from project sales 3 - - - -
Other income 3 0.2 - - 0.2
Revenue 9.5 - - 9.5
Depreciation -4.3 - - -4.3
Costs -5.6 - -3.9 -9.5
Share in result of associates and joint ventures 4 -0.9 - - -0.9
Operating profit/loss -1.3 - -3.9 -5.2
Net financial items 5,6 - - 1.0 1.0
Profit/loss before income tax -1.3 - -2.9 -4.2
Income tax 7 0.2 - - 0.2
Net result -1.1 - -2.9 -4.0
Operations Development Corporate Total
2025
MEUR Note Operations Development Corporate Total
Revenue from power generation 3 24.9 - - 24.9
Revenue from project sales 3 - 4.0 - 4.0
Other income 3 0.6 - - 0.6
Revenue 25.5 4.0 - 29.5
Depreciation -16.9 - - -16.9
Costs -19.4 -1.1 -14.0 -34.5
Share in result of associates and joint ventures 4 -5.3 - - -5.3
Operating profit/loss -16.1 2.9 -14.0 -27.2
Net financial items 5,6 - - -2.3 -2.3
Profit/loss before income tax -16.1 2.9 -16.3 -29.5
Income tax 7 3.2 - - 3.2
Net result -12.9 2.9 -16.3 -26.3
MEUR 31 Mar 2026 31 Mar 2026 31 Mar 2026 31 Mar 2026
Property, plant and equipment 272.5 - - 272.5
Investment in associates and joint ventures 35.7 - - 35.7
Projects under development - 22.3 - 22.3
Other non-current and current assets 118.7 2.9 - 121.6
Total assets 426.9 25.2 - 452.1
Total liabilities - - 131.5 131.5
DevelopmentOperations Corporate Total
Full-year
MEUR 2026 2025 2025
Revenue – external
Germany 1.6 - 4.0
Sweden 13.1 9.5 25.5
Total 14.7 9.5 29.5
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 21 
 
1 Non-current assets for this purpose consist of property, plant and equipment. 
 
Note 3 - Revenue and other income 
Revenue from power generation of MEUR 12.9 (MEUR 9.3) 
included sales of ancillary services, earned electricity 
certificates and guarantees of origin. Financial hedging 
contracts also impacted revenue from power generation 
for the year with MEUR -1.2 (MEUR –). 
Revenue from power generation is mainly derived from 
sales at the spot market, to electricity trading 
companies, and near 100 percent of the Group’s total 
revenue from power generation was contracted with two 
customers. 
Revenue from project sales for the first quarter 
amounted to MEUR 1.6 (MEUR –) and represents the first 
milestones under an agreement entered into in 
December 2025 to sell a portfolio of three Agri-PV 
projects. Other income amounted to MEUR 0.2 (MEUR 0.2) 
for the first quarter and included mainly service income 
from external companies.  
 
Note 4 - Share in result of associates and joint ventures 
 
Note 5 - Finance income 
 
Note 6 - Finance costs 
 
Note 7 - Income tax 
 
 
31 Dec
MEUR 2026 2025 2025
Non-current assets
Sweden 264.5 279.5 270.3
Switzerland 8.0 7.9 8.0
Total 272.5 287.4 278.3
31 Mar
Full-year
MEUR 2026 2025 2025
Metsälamminkangas Wind Oy (50%) -0.6 -1.1 -5.3
Other 0.1 0.2 -
-0.5 -0.9 -5.3
Q1
Full-year
MEUR 2026 2025 2025
Foreign currency exchange gain, net - 1.7 1.1
Interest income 0.5 0.6 2.3
Other - - 0.1
0.5 2.3 3.5
Q1
Full-year
MEUR 2026 2025 2025
Foreign currency exchange loss,net 0.2 - -
Interest expense 1.1 1.0 4.1
Other 0.4 0.3 1.7
1.7 1.3 5.8
Q1
Full-year
MEUR 2026 2025 2025
Current tax -0.1 - -0.1
Deferred tax 0.2 0.2 3.3
0.1 0.2 3.2
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 22 
Note 8 - 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 personnel or of 
its family or of any individual that controls, or has joint 
control or significant influence over the entity. During the 
year, the Group has entered into material transactions 
with related parties on a commercial basis including the 
transactions described below. 
At the balance sheet date, the Group had an outstanding 
non-current loan receivable on associates and joint 
ventures amounting to MEUR 45.9 compared to 
MEUR 45.9 at year-end 2025, of which MEUR 45.0 
(MEUR 45.0) related to the joint venture MLK and MEUR 0.9 
(MEUR 0.9) to associated companies. In addition, the 
Group had an outstanding current receivable of MEUR 4.5 
compared to MEUR 4.3 at year-end 2025, which related to 
MLK. Interest income of MEUR 0.5 (MEUR 0.6) arising from 
the loan receivable to MLK was recognised in the income 
statement during the first quarter.  
Note 9 - 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 are described in the 2025 
Annual and Sustainability Report on pages 27–30 and 
are in all material aspects unchanged. Additional 
information on financial risks and information on how 
Orrön Energy manages these risks, including liquidity, 
credit and market risks are addressed in note 10 to the 
consolidated financial statements in the 2025 Annual 
and Sustainability 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 control 
activities and resources to deal effectively with any 
potential threats and opportunities. 
Derivative financial instruments 
To mitigate short-term power price exposure, the 
Company has entered into financial hedges. At balance 
sheet date, Orrön Energy had outstanding financial 
baseload hedges as outlined in the table below. No new 
hedges have been agreed after the balance sheet date. 
 
 
 
 
 
 
Price area EUR/MWh GWh Settlement period
SE2 31 12 Q2 2026
SE2 22 11 Q3 2026
SE2 34 18 Q4 2026
SE3 41 28 Q2 2026
SE3 32 25 Q3 2026
SE3 52 30 Q4 2026
SE4 46 32 Q2 2026
SE4 40 31 Q3 2026
SE4 62 43 Q4 2026
Total 230

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 23 
Note 10 - Financial instruments 
 
The nature of financial assets and liabilities is, in all material respects, the same as on December 31, 2025. The carrying 
amounts and fair values are deemed to essentially correspond with one another.  
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. 
  
31 Dec
MEUR Level 2026 2025 2025
Financial assets
Financial assets at amortised cost
Non-current financial assets 2 46.2 46.6 46.2
Trade receivables 3.2 0.7 0.5
Other current financial assets 6.6 17.1 6.6
Cash and cash equivalents 15.6 19.4 15.9
71.6 83.8 69.2
Financial assets at fair value through other comprehensive income
Other current financial assets – Derivative instruments 2 - - 1.0
Other current financial assets – Equity securities 1 - - -
- - 1.0
Financial liabilities
Financial liabilities at amortised cost
Interest-bearing loans and borrowings 106.2 89.0 106.4
Trade and other payables 8.5 10.7 9.6
Other current financial liabilities 0.6 0.6 -
115.3 100.3 116.0
Financial liabilities at fair value through other comprehensive income
Non-current financial liabilities – Derivative instruments 2 - - -
Other current financial liabilities – Derivative instruments 2 2.6 - -
2.6 - -
31 Mar

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 24 
Note 11 - Supplementary information to the statement of cash flows  
The consolidated statement of cash flows is prepared in accordance with the indirect method. 
 
Note 12 - Subsequent events 
In April 2026, the Company sold a 91 MW Agri-PV project for a total consideration of MEUR 5.6, of which MEUR 2.4 was 
paid at closing in April 2026. The remaining consideration is subject to the achievement of development milestones up 
to the ready-to-build stage. 
Full-year
MEUR 2026 2025 2025
Depreciation 4.3 4.2 16.9
Current tax 0.1 - 0.1
Deferred tax -0.2 -0.2 -3.3
Long-term incentive plans 0.5 0.8 3.0
Foreign currency exchange gain/loss 0.2 -1.7 -1.2
Amortisation of deferred financing fees 0.2 0.1 0.7
Interest income -0.5 -0.6 -2.3
Interest expense 1.2 1.1 4.6
Unwinding of site restoration discount - - 0.1
Result from associated companies and joint ventures 0.5 0.9 5.3
Project sale reclass to investing activities -1.2 - -
5.1 4.6 21.0
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 25 
Parent Company Income Statement 
 
 
 
 
Parent Company Comprehensive  
Income Statement 
 
  
Full-year
MSEK 2026 2025 2025
Revenue 10.2 8.3 43.4
General and administration expenses -52.3 -43.7 -170.8
Operating profit/loss -42.1 -35.4 -127.4
Finance income - 1.1 132.1
Finance costs -0.7 -1.0 -3.5
Net financial items -0.7 0.1 128.6
Profit/loss before income tax -42.8 -35.3 1.2
Income tax - - -
Net result -42.8 -35.3 1.2
Q1
Full-year
MSEK 2026 2025 2025
Net result -42.8 -35.3 1.2
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments - 0.4 0.8
Total comprehensive income -42.8 -34.9 2.0
Attributable to Shareholders of the Parent company -42.8 -34.9 2.0
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 26 
Parent Company Balance Sheet 
 
  
31 Dec
MSEK 2026 2025 2025
ASSETS
Non-current assets
Shares in subsidiaries 3,780.8 3,780.8 3,780.8
Deferred tax assets 436.0 436.0 436.0
4,216.8 4,216.8 4,216.8
Current assets
Receivables 9.6 6.7 4.2
Other financial assets - 4.4 -
Cash and cash equivalents 103.5 106.3 106.9
113.1 117.4 111.1
TOTAL ASSETS 4,329.9 4,334.2 4,327.9
EQUITY AND LIABILITIES
Equity
Shareholders’ equity including net result for the period 4,198.9 4,200.0 4,241.1
4,198.9 4,200.0 4,241.1
Non-current liabilities
Provisions 0.2 - 0.1
Interest-bearing loans and borrowings 82.5 103.0 51.0
85.7 103.0 51.1
Current liabilities 
Other liabilities 45.4 31.2 35.7
45.4 31.2 35.7
TOTAL LIABILITIES 131.0 134.2 86.8
TOTAL EQUITY AND LIABILITIES 4,329.9 4,334.2 4,327.9
31 Mar

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 27 
Parent Company Cash Flow Statement 
 
  
Full-year
MSEK 2026 2025 2025
Cash flows from operating activities
Net result -42.8 -35.3 1.2
Items not included in the cash flow 1.4 0.5 -122.4
Changes in working capital 3.5 -16.7 -12.6
Cash flows from operating activities -37.9 -51.5 -133.8
Cash flows from investing activities
Result from equity investments - - 4.8
Cash flows from investing activities - - 4.8
Cash flows from financing activities
Net drawdown/repayment of loan 34.5 55.6 133.7
Cash flows from financing activities 34.5 55.6 133.7
Change in cash and cash equivalents -3.4 4.1 4.7
Cash and cash equivalents, beginning of the period 106.9 102.2 102.2
Exchange differences in cash and cash equivalents - - -
Cash and cash equivalents, end of the period 103.5 106.3 106.9
Q1

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

Financial Statements and Notes 
Orrön Energy – Interim report January – March 2026 28 
Parent Company Statement of Changes  
in Equity 
 
 
MSEK Share capital
Statutory 
reserve
Other 
reserves
Retained 
earnings Total equity
1 Jan 2025 3.5 861.3 7,188.7 -3,818.9 4,234.6
Comprehensive income
Net result - - - -35.4 -35.4
Other comprehensive income - - - 0.4 0.4
Total comprehensive income - - - -35.0 -35.0
Transactions with owners
Share based payments - - 0.4 - 0.4
Total transactions with owners - - 0.4 - 0.4
31 Mar 2025 3.5 861.3 7,189.1 -3,853.9 4,200.0
Comprehensive income
Net result - - - 36.6 36.6
Other comprehensive income - - - 0.4 0.4
Total comprehensive income - - - 37.0 37.0
Transactions with owners
Share based payments - - 4.1 - 4.1
Total transactions with owners - - 4.1 - 4.1
31 Dec 2025 3.5 861.3 7,193.2 -3,816.8 4,241.1
1 Jan 2026 3.5 861.3 7,193.2 -3,816.8 4,241.1
Comprehensive income
Net result - - - -42.8 -42.8
Total comprehensive income - - - -42.8 -42.8
Transactions with owners
Share based payments - - 0.5 - 0.5
Total transactions with owners - - 0.5 - 0.8
31 Mar 2026 3.5 861.3 7,193.7 -3,859.6 4,198.9
Unrestricted equityRestricted equity

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

Additional information 
Orrön Energy – Interim report January – March 2026 29 
Key Financial Data 
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 performance measures are provided under the 
key ratio definitions below. 
   
 
Additional information

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

Additional information 
Orrön Energy – Interim report January – March 2026 30 
Financial data 
 
1  Share price at period end in EUR is calculated based on quoted share price in SEK and applicable SEK/EUR exchange rate at per iod end. 
  
Full-year
MEUR 2026 2025 2025
Consolidated financials
Revenue from power generation 12.9 9.3 24.9
Revenue from project sales 1.6 - 4.0
EBITDA 4.4 -0.9 -10.3
Operating profit (EBIT) 0.1 -5.2 -27.2
Net result -1.0 -4.0 -26.3
Net debt 91.2 70.2 90.5
Proportionate financials
Power generation – GWh 225 251 800
Average price achieved per MWh – EUR 67 40 36
Operating expenses per MWh – EUR 25 20 24
Revenue from power generation 15.0 10.1 28.6
Revenue from project sales 1.6 - 4.0
Operating expenses -5.6 -5.0 -19.0
EBITDA 5.8 0.4 -4.5
Operating profit (EBIT) 0.5 -4.9 -25.0
Net debt 89.6 68.6 89.1
Data per share – EUR
Earnings per share -0.00 -0.01 -0.09
Earnings per share – diluted -0.00 -0.01 -0.09
EBITDA per share 0.02 0.00 -0.04
EBITDA per share – diluted 0.01 0.00 -0.03
Number of shares
Issued 285,905,187 285,905,187 285,905,187
In circulation 285,905,187 285,905,187 285,905,187
Weighted average 285,905,187 285,905,187 285,905,187
Weighted average – diluted 304,243,229 297,930,923 300,557,979
Share price
Share price at period end – SEK 7.24 4.62 4.61
Share price at period end – EUR¹ 0.66 0.43 0.43
Key ratios
Return on equity (%) - -1 -8
Return on capital employed (%) - -1 -6
Equity ratio (%) 71 75 71
Q1

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

Additional information 
Orrön Energy – Interim report January – March 2026 31 
EBITDA 
 
 
Net debt 
 
Full-year
MEUR 2026 2025 2025
EBITDA
Operating profit/loss (EBIT) 0.1 -5.2 -27.2
Add: Depreciation 4.3 4.3 16.9
4.4 -0.9 -10.3
Proportionate financials
EBITDA – Proportionate
Operating profit/loss (EBIT) 0.5 -4.9 -25.0
Add: Depreciation 5.3 5.3 20.5
5.8 0.4 -4.5
Q1
31 Dec
MEUR 2026 2025 2025
Net debt – Consolidated financials
Interest-bearing loans and borrowings – Non-current 106.2 89.0 106.4
Interest-bearing loans and borrowings – Current 0.6 0.6 -
Less: Cash and cash equivalents -15.6 -19.4 -15.9
91.2 70.2 90.5
Proportionate results
Net debt – Proportionate financials
Net debt – Consolidated financials 91.2 70.2 90.5
Add/Less: Cash and cash equivalents of associates and joint ventures -1.0 -0.7 -0.5
Add/Less: External interest-bearing loans and borrowings of associates and joint ventures -0.6 -0.9 -0.9
89.6 68.6 89.1
31 Mar

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

Additional information 
Orrön Energy – Interim report January – March 2026 32 
Bridge from proportionate to consolidated financials 
 
 
 
 
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/los s. 
 
Jan-Mar 2026
MEUR
Proportionate 
Financials
Residual 
ownership in 
subsidiaries¹
Elimination of 
equity entities²
Consolidated 
Financials
Revenue from power generation 15.0 - -2.1 12.9
Revenue from project sales 1.6 - - 1.6
Other income 0.2 - - 0.2
Operating expenses -5.6 0.2 1.0 -4.4
Cost of sales of projects under development -0.4 - - -0.4
General and administration expenses -5.0 - - -5.0
Share in result of associates and joint ventures - - -0.5 -0.5
EBITDA 5.8 0.2 -1.6 4.4
Depreciation -5.3 - 1.0 -4.3
Operating profit (EBIT) 0.5 0.2 -0.6 0.1
Net financial items -1.8 0.6 -1.2
Tax 0.1 - - 0.1
Net result -1.2 0.2 - -1.0
Attributable to:
Shareholders of the Parent Company -1.2 - - -1.2
Non-controlling interest - 0.2 - 0.2
Jan-Mar 2025
MEUR
Proportionate 
Financials
Residual 
ownership in 
subsidiaries¹
Elimination of 
equity entities²
Consolidated 
Financials
Revenue from power generation 10.1 0.9 -1.7 9.3
Revenue from project sales - - - -
Other income 0.1 0.1 - 0.2
Operating expenses -5.0 -0.7 1.1 -4.6
Cost of sales of projects under development - - - -
General and administration expenses -4.8 -0.1 - -4.9
Share in result of associates and joint ventures - - -0.9 -0.9
EBITDA 0.4 0.2 -1.5 -0.9
Depreciation -5.3 - 1.0 -4.3
Operating profit (EBIT) -4.9 0.2 -0.5 -5.2
Net financial items 0.6 -0.1 0.5 1.0
Tax 0.2 - - 0.2
Net result -4.1 0.1 - -4.0
Attributable to:
Shareholders of the Parent Company -4.1 - - -4.1
Non-controlling interest - 0.1 - 0.1

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

Additional information 
Orrön Energy – Interim report January – March 2026 33 
Definitions 
Financial and alternative performance 
measures 
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 
Interest-bearing loans and borrowings less cash and 
cash equivalents. 
Net debt – Proportionate 
Net debt – Consolidated less cash and cash equivalents 
of associates and joint ventures plus/minus adjustment 
for 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 
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 – 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. 
Industry related terms and measurements 
GW Gigawatt 
GWh Gigawatt hour 
MW Megawatt 
MWh Megawatt hour 
Currency abbreviations 
CHF Swiss franc 
EUR Euro 
GBP British pound sterling 
SEK Swedish Krona 
TSEK Thousand SEK 
MEUR Million EUR 
MSEK Million SEK 
 
 
 
Balancing electricity grids 
In power markets, balancing refers to the continuous process of matching electricity supply with demand in real -time to maintain 
the stability of the grid and ensure a reliable power supply. This involves adjusting generation and consumption to account f or 
fluctuations and unexpected changes. Balancing markets are the mechanisms used to facilitate this adjustment, often involving  a 
balancing energy market where providers offer reserves to correct imbalances. Balancing costs refer to the expenses incurred by  
the system operator to maintain real-time balance between electricity supply and demand. The balancing costs are borne by the 
parties responsible for the imbalance. 
 
Ancillary services 
Ancillary services are a range of supporting services, including balancing, that support the reliable and stable operation of  the 
electricity grid, manage voltage and frequency within required limits, provide reserves for unexpected outages and enable saf e 
restoration of services following disruption. Ancillary services are critical for system reliability and are compensated thro ugh 
dedicated market mechanisms or contracts. Through advanced turbine controls or co- located storage, wind farms can offer 
services like frequency regulation and reserve capacity.

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

Additional information 
Orrön Energy – Interim report January – March 2026 34 
Shareholders’ information 
Daniel Fitzgerald, CEO and Espen Hennie, CFO comment on the first quarter results 2026. 
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest 
developments in Orrön Energy and its future growth strategy at a webcast held on 6 May 2026 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://orron-energy.events.inderes.com/q1-report-2026 
Financial Calendar 
Interim report for the second quarter 2026 5 August 2026  
Interim report for the third quarter 2026 4 November 2026 
Year-end report 2026  11 February 2027  
 
 
Contacts 
Robert Eriksson 
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

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

Additional information 
Orrön Energy – Interim report January – March 2026 35 
 
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 
circumstances that could occur in the future. There can be no assurance that actual 
results will not differ materially from those expressed or implied 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 
 
Corporate Head Office  
Orrön Energy AB (publ)  
Hovslagargatan 5 
SE-111 48  Stockholm, Sweden  
T +46-8-440 54 50 
W orron.com