FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 =====
Q3
Interim report January – September 2025
Highlights
• Proportionate power generation amounted to 574 GWh for the reporting period, with additional 30 GWh of
compensated volumes from ancillary services and availability warranties, bringing the total proportionate power
generation, including these volumes, to 604 GWh. The Company now expects full-year 2025 proportionate power
generation, including compensated volumes, to be between 850 and 900 GWh.
• Completed the sale of a 76 MW solar project in Germany for a total consideration of MEUR 4.0. The transaction closed
in July 2025 with MEUR 2.0 paid on closing, leading to a net profit of MEUR 1.1 and with an outstanding MEUR 2.0
contingency payment subject to municipal and legislative approvals.
• Entered into financial hedges for approximately 200 GWh of the 2026 proportionate power generation volumes in the
SE3 and SE4 price areas, at an average baseload price of EUR 58 per MWh.
Consolidated financials – 9 months
• Cash flows from operating activities amounted to
MEUR -8.2.
Proportionate financials1 – 9 months
• Achieved electricity price amounted to EUR 35 per
MWh, which, coupled with the sale of the German
solar project, resulted in a proportionate EBITDA of
MEUR -6.5.
• Proportionate net debt of MEUR 83, with significant
liquidity headroom available through the MEUR 170
revolving credit facility.
Financial performance Q3
Jan-Sep
MEUR 2025 2024
2025 2024
Revenue from power generation 3.6 1.6
17.4 18.6
Revenue from project sales 2.0 -
2.0 -
EBITDA - 4.1 - 7.1
- 11.0 0.9
Operating profit (EBIT) - 8.3 - 11.3
- 23.7 - 11.2
Net result - 8.5 - 11.1
- 24.0 - 6.7
Earnings per share – EUR - 0.03 - 0.04 - 0.08 - 0.02
Earnings per share diluted – EUR - 0.03 - 0.04 - 0.08 - 0.02
Alternative performance measures
Proportionate financials1
Power generation (GWh) 135 164 574 620
Average price achieved per MWh – EUR 31 18 35 35
Operating expenses per MWh – EUR 31 21 25 18
Revenue from power generation 4.1 2.9
19.9 22.0
Revenue from project sales 2.0 -
2.0 -
EBITDA - 2.6 - 4.9
- 6.5 6.9
Operating profit (EBIT) - 7.7 - 10.1
- 21.9 - 8.1
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.
Reporting
All numbers and updates in this report relate to the nine-month period ending 30 September 2025, 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 financials in addition to the consolidated financial reporting under IFRS to show the net ownership and
related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the
Company’s operational and financial results. Proportionate financials are highlighted in grey in this report.
===== SIDA 2 =====
Orrön Energy – Q3 2025
2
WORDS FROM THE CEO
During the third quarter, we continued to face
challenges due to low pricing coupled with low wind
speeds in some regions, and we have further optimised
our assets to manage these market conditions. At the
same time, we are seeing improvements in the futures
market, and have entered into short-term financial
hedges to capture some of the electricity price upside,
while securing more stable and predictable cash flows.
Finally, we have made important progress in our
development platform through the sale of the first
project in Germany, marking the initial revenues from
this venture and paving the way for more exciting
opportunities over the next six to twelve months.
Conditions in the Nordic power markets have been, and
remain, highly volatile. This is partly driven by structural
changes that have been implemented in the electricity
markets, including the transition from one-hour to 15-
minute settlement periods in both the day-ahead and
balancing markets. As a result, balancing costs rose in
the second quarter, but have declined significantly
during the third quarter, driven by both our proactive
strategies to limit exposure and the broader market’s
adjustment to the new framework. We remain agile and
ready to adapt to this changing landscape, and I am
proud of what our teams have been able to implement
technically over the last 12 months to actively manage
our power generation, which has reduced costs and
strengthened revenues.
Proportionate power generation amounted to 574 GWh
for the first nine months, and we had a further 30 GWh
in compensated volumes related to ancillary services
and availability warranties, leading to 604 GWh,
including compensated volumes. The production levels
are lower than originally forecasted, primarily due to low
wind speeds, but also due to voluntary curtailments
during periods of low prices. These curtailments have
reduced our overall production but improved our
financial performance by avoiding unprofitable
production during low-price periods and unlocking
additional revenues through ancillary services. Based on
the proportionate power generation year-to-date, we
have updated our production outlook for the full year
2025 to between 850 and 900 GWh, including
compensated volumes.
The sale of our first greenfield project in Germany
represents a key milestone for our development
business and clearly demonstrates the value of our
large-scale greenfield pipeline. The total consideration
for the project was MEUR 4.0, with MEUR 2.0 paid
upfront leading to a profit of MEUR 1.1 in the third
quarter, with further profit expected once the
contingent payment is received. This represents a strong
return on invested capital and we expect project sales to
increasingly complement revenues from power
generation and provide an additional source of cash flow
for our business.
We are also seeing good progress in our remaining
greenfield pipeline. In Germany, we have a range of
projects expected to reach key milestones in late 2025
and 2026 and are actively exploring options for
monetisation as stand-alone projects or as part of a
larger portfolio. In the UK, we are awaiting feedback for
eight large-scale projects under the reformed grid
connection process, and we have expanded our portfolio
to also include data centre projects, where we are seeing
strong demand and valuations. The UK grid reform has
taken longer than expected, however the UK remains an
attractive market, and I am confident that we will see
good returns in the long run.
Our financial performance during the quarter was
stronger than the same period last year, however, was
impacted by lower power generation volumes and
higher balancing costs. Our proportionate revenues,
including other income and projects sales, during the
quarter were MEUR 6.4, leading to proportionate
EBITDA of MEUR -2.6, including Sudan legal costs of
approximately MEUR 1.3, which will reduce significantly
following the conclusion of the trial in 2026.
I remain optimistic about the future outlook for our
business, w
here we see higher futures pricing combined
with momentum and revenues from our greenfield
portfolio, and the conclusion of the Sudan legal case.
Although mitigating market volatility remains a key focus
for us, I do believe the market conditions will improve
and stabilise compared to the last few years.
I would like to thank our shareholders for their
continued support and look forward to keeping you
updated on our progress.
Daniel Fitzgerald, CEO
===== SIDA 3 =====
Orrön Energy – Q3 2025
3
OPERATIONAL REVIEW
Power generation outlook
Orrön Energy operates a diverse portfolio of wind power assets in the Nordics, primarily
located in Sweden’s SE3 and SE4 price areas and in Finland. Based on the proportionate
power generation year-to-date, and taking into account variability in weather and voluntary
curtailments, the Company now expects full-year 2025 proportionate power generation,
including compensated volumes, to be between 850 and 900 GWh.
Proportionate power generation amounted to 574 GWh for the reporting period and
135 GWh for the third quarter, and in addition, the Company received compensation for
30 GWh related to ancillary services and availability warranties, bringing the total
proportionate power generation, including compensated volumes, to 604 GWh for the
reporting period. The proportionate power generation was impacted by low wind speeds and
voluntary curtailments during low-price periods.
Expenditure guidance
The Company delivered in line with the expenditure guidance for the reporting period.
Full year 2025 guidance for operating expenses is MEUR 19, which was revised in the second
quarter to reflect higher balancing costs. A portion of the operating expenses will vary based
on electricity prices, power generation and market conditions. The general and administrative
(G&A) expense guidance is MEUR 9, and guidance for legal costs in relation to the defence of
the Company and its former representatives in the Sudan legal case is MEUR 7. The Company
expects 2025 to be the final year with this level of legal costs, as the District Court trial is
scheduled to finish during the second quarter of 2026. Capital expenditure guidance is
MEUR 12 and mainly relates to capital allocated to greenfield and project activities, excluding
acquisitions and revenues from project sales.
Expenditure guidance1 Actuals Guidance
MEUR
Jan-Sep
2025
Jan-Dec
2025
Operating expenses 14 19
G&A expenses2 6 9
Sudan legal costs3 5 7
Capital expenditure 9 12
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. 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.
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 for 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 with in required limits, provide
reserves for unexpected outages and enable safe restoration of services following disruption. Ancillary
services are critical for system reliability and are compensated through dedicated market mechanisms or
contracts. Through advanced turbine controls or co-located storage, wind farms can offer services like
frequency regulation and reserve capacity.
380 MW
proportionate installed
capacity of operational
assets
SE2
SE3
SE4
FI
Proportionate
power generation
per price area
===== SIDA 4 =====
Orrön Energy – Q3 2025
4
Production
Proportionate power generation amounted to 574 GWh
for the reporting period and 135 GWh for the third
quarter. In addition, the Company had compensated
volumes of 30 GWh related to ancillary services and
availability warranties, bringing the total proportionate
power generation, including these volumes, to 604 GWh
for the reporting period. The proportionate power
generation during the reporting period was impacted by
low wind speeds, and voluntary curtailments during
periods of low electricity prices. During the third quarter,
additional assets in the SE2 price area participated in
voluntary curtailment as a response to low electricity
prices, which further impacted the quarterly
proportionate power generation. Based on the
proportionate power generation year-to-date, the
Company now expects full-year 2025 proportionate
power generation, including compensated volumes, to
be between 850 and 900 GWh.
The realised electricity price amounted to EUR 35 per
MWh for the reporting period, and EUR 31 per MWh for
the third quarter. Guarantees of origin and ancillary
services contributed with EUR 2 per MWh for the
reporting period, and EUR 1 per MWh for the third
quarter. Hedging had a negative impact of EUR -1 per
MWh for the reporting period, and EUR -5 per MWh for
the third quarter. The Company is awarded and sells
guarantees of origin for all of its power generation,
certifying that the electricity has been produced from
renewable energy sources.
The weighted average regional electricity price for the
Company’s proportionate power generation during the
reporting period amounted to EUR 43 per MWh, and the
Nordic system price averaged EUR 36 per MWh. The
variance to the Company’s realised electricity price is
explained by ‘capture price discounts’, which occur
when the majority of power generation takes place
during periods of lower market prices relative to the
average spot price.
The Company is continuously implementing measures to
mitigate its exposure to market volatility and low
electricity prices. This includes voluntary curtailments
during low-price periods, optimising production to
reduce exposure to balancing costs, providing ancillary
services to create additional revenue streams and
entering into financial hedges. At the end of the
reporting period, around 80 percent of the total
proportionate production had been incorporated into
the curtailment strategy.
Balancing costs amounted to approximately MEUR 4 for
the reporting period, and the Company has
implemented measures aimed at reducing these costs.
At the Metsälamminkangas (MLK) wind farm, a solution
implemented in July aiming to reduce imbalance caused
by overproduction has already resulted in savings.
The Company is setting up its largest wind farms to
provide ancillary services to the grid, and to create
additional revenue streams alongside traditional power
generation. The MLK wind farm is providing ancillary
services, contributing with revenues during the
reporting period. An application to qualify the Karskruv
wind farm for ancillary services was submitted in the
second quarter of 2025, where the Company is awaiting
final approval. The Company plans to qualify additional
wind power assets to provide ancillary services to the
market.
Proportionate operating expenses amounted to
MEUR 14.4 for the reporting period and MEUR 4.2 for
the third quarter, in line with the updated guidance
which reflects higher balancing costs in Finland and
Sweden. Unit operating expenses amounted to EUR 25
per MWh for the reporting period and were impacted by
the increased balancing costs, coupled with lower-than-
expected proportionate power generation volumes.
Operational portfolio
The Company has a diversified portfolio consisting of
ownership in around 250 operational wind turbines in
more than 50 sites across the Nordics, which have an
estimated long-term proportionate annual power
generation of around 1,000 GWh, excluding
curtailments, and a total proportionate installed
capacity of around 380 MW. Around 80 percent of the
operational portfolio is located in Sweden, mainly in the
SE3 and SE4 price areas, while the remaining 20 percent
is in Finland.
Availability warranties are in place for a majority of the
Company’s assets, which guarantees the availability of
the turbines and gives the Company protection against
downtime and outages.
In Sweden, the Company owns 100 percent of the
Karskruv wind farm, which started commercial
operations at the end of 2023. The Karskruv wind farm
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 M
W 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. In the third quarter of 2025, the wind turbine
damaged by a fire in 2024 was replaced and is now fully
operational. Site restoration is ongoing following the
turbine replacement, including additional clean-up and
environmental monitoring. All related costs and lost
production from this turbine damage are covered under
warranties from the turbine supplier.
===== SIDA 5 =====
Orrön Energy – Q3 2025
5
Greenfield portfolio
The Company is advancing a large-scale greenfield
project portfolio across the UK, Germany and France,
focused on solar and battery projects, where the
strategy is to progress projects to key milestones and
monetise before incurring significant development
costs. Within the Nordic portfolio, the Company is
developing small and mid-scale greenfield projects in
wind, solar and batteries, and has optionality to retain
selected projects to support cost-effective production
growth and strengthen the long-term asset base.
UK
The Company is progressing a pipeline of greenfield
solar, battery and data centre projects across the UK,
encompassing projects at various development stages.
In the UK, there is an ongoing grid reform aiming to
shorten the grid connection queue and accelerate grid
access for mature projects. Under this reform, new grid
offers will be awarded to mature projects meeting zonal
capacity limitations, which will change over time as UK
policy continues to evolve. As part of the reform,
companies with existing grid connections must reapply
to obtain new grid connection offers, and the Company
has submitted applications for eight large-scale solar,
battery and data centre projects. In October 2025, the
UK national system operator NESO announced delays to
the implementation timeline of the grid reform.
Feedback on applications is now expected to be
communicated from December 2025, with final grid
offers expected during 2026. While the delays are
disappointing, it is encouraging that the reform is
progressing. The Company is awaiting further clarity on
grid connections before proceeding with, or launching,
sales processes in the UK.
Germany
In July 2025, the Company sold its first 76 MW solar
project in Germany, located in Mecklenburg-Western
Pomerania. The project is an agricultural solar (Agri-PV)
project, allowing for dual use of the land where farming
activities continue in parallel with the solar project. Agri-
PV projects have numerous benefits, such as optimised
land use, improved crop resilience, and a favourable
permitting environment. The Company has undertaken a
range of environmental studies and pre-planning work
and received unanimous municipality approval for the
preparation resolution required to reach the ready-to-
permit milestone, showing strong local support for the
project. The project was sold for a total consideration of
MEUR 4.0, with MEUR 2.0 paid at closing at the end of
July 2025. The contingent consideration of MEUR 2.0 is
subject to the
fulfilment of two conditions: (i) municipal
approval of the zoning plan (Satzungsbeschluss) and (ii)
EU Commission approval of the German Solar Package 1
legislation. The project is expected to reach ready-to-
build in 2026 and to have a commercial operation date
in 2028.
The Company has reached the ready-to-permit stage on
a 93 MW solar project, and is currently evaluating
potential divestment opportunities. The Company is
actively maturing a range of additional solar and battery
projects towards key development milestones.
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.
The Company has reached the ready-to-permit stage for
about 140 MW of wind, solar and battery projects in the
Nordics. During the reporting period, the Company
reached the ready-to-build milestone for a 30 MW co-
located battery project adjacent to one of its Swedish
operational wind farms. In Finland, the permitting
process for the Company’s most advanced wind project
is ongoing.
===== SIDA 6 =====
Orrön Energy – Q3 2025
6
Transactions
Orrön Energy’s strategy is to invest in renewable energy
projects and pursue value accretive opportunities to
grow and optimise its portfolio.
In December 2024, the Company entered into an
agreement to acquire additional ownership shares in the
Storugns, Kulle and Klinte wind farms, located in the SE3
price area. The acquisition adds around 7 MW of
proportionate installed capacity, and was completed in
March 2025.
In January 2025, the Company entered into agreements
to increase the proportionate ownership in the Stugyl
and Näsudden wind farms, located in the SE3 price area.
These acquisitions add around 1 MW of proportionate
installed capacity.
Between January and March 2025, the Company
acquired additional shares in Slättens Vind AB (publ), a
company with wind farms in the SE3 price area, leading
to an ownership of around 27 percent at the end of the
reporting period.
In March 2025, the Company acquired additional
ownership shares in the wind farm Kulle, located in the
SE3 price area, adding around 1 MW of proportionate
installed capacity.
In May 2025, the Company entered into an agreement
to acquire ownership of previously leased turbines
totalling 11 MW of installed capacity at the Näsudden
hub, enabling the Company to extend power generation
and undertake life-extension activities.
In July 2025, the Company entered into an agreement to
sell its 100 percent interest in the company owning a 76
MW solar project in Germany. The total consideration
amounts to MEUR 4.0, comprising a consideration of
MEUR 2.0 paid at closing, with the remaining
consideration contingent upon municipal and legislative
approvals. The transaction completed at the end of July
2025.
===== SIDA 7 =====
Orrön Energy – Q3 2025
7
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.
EU Taxonomy alignment
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.
EU Taxonomy alignment
In 2024, 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 95 percent alignment of its capital
expenditure. The remaining 5 percent of capital
expenditure was assessed as eligible, but not aligned,
with the EU Taxonomy. Further details can be found in
the Company’s Annual and Sustainability Report 2024.
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
In July 2025, the Company received an ESG rating from
Sustainalytics, one of the world’s leading ESG rating
agencies, with an ESG-rating of 19.2, well above the
global industry average and placing Orrön Energy in the
“low risk” category. This acknowledgment highlights
Orrön Energy’s dedication to maintaining high standards
in environmental, social, and governance performance.
In addition, the Company has received a Prime Rating
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 8 =====
Orrön Energy – Q3 2025
8
FINANCIAL REVIEW
Changes in the Group
In April 2024, the Company entered into an agreement
to sell its 50 percent interest in the company owning the
Leikanger hydropower plant for an enterprise value of
MNOK 613, approximately MEUR 53, to the existing
partner Sognekraft. The transaction generated an
accounting profit for the Group of MEUR 10.9, which
was recognised in the second quarter of 2024 as other
income.
Revenue and results
EBITDA for the reporting period amounted to
MEUR -11.0 compared to MEUR 0.9 in the same period
the previous year, which was impacted by the
accounting profit of MEUR 10.9 from sale of the
Company’s interest in the company owning the
Leikanger hydropower plant
Revenue and other income
Revenue from power generation for the reporting
period amounted to MEUR 17.4 (MEUR 18.6) and was
impacted by lower volumes compared to the same
period the previous year due to low wind speeds and
voluntary curtailment during periods of low electricity
prices in certain price areas.
Revenue from project sales for the reporting period
amounted to MEUR 2.0 (MEUR –) and represented the
upfront consideration paid upon sale of the Company’s
first 76 MW solar project in Germany. The total
consideration amounts to MEUR 4.0 and the remaining
MEUR 2.0 are contingent upon municipal and legislative
approvals.
Operating expenses
Operating expenses amounted to MEUR 11.9
(MEUR 9.4) for the reporting period and were impacted
by higher balancing costs compared to the same period
the previous year. The comparative period was
impacted by grid compensation benefits and insurance
reimbursements, which reduced the operating
expenses.
General and administration expenses
General and administration expenses amounted to
MEUR 13.8 (MEUR 14.9) for the reporting period,
including MEUR 4.9 (MEUR 5.2) for legal and other fees
incurred for the defence of the Company and its former
representatives in the Sudan legal case. A non-cash
expense of MEUR 2.5 (MEUR 2.5) relating to long-term
incentive plans is part of the overall general and
administration expenses recorded during the reporting
period.
Share in result from associates and joint ventures
Share in result from associates and joint ventures
amounted to MEUR -4.2 (MEUR -4.3) for the reporting
period and is detailed in note 2. Orrön Energy’s portion
of the results in the 50 percent owned joint venture MLK
wind farm amounted to MEUR -4.3 (MEUR -4.2) and the
share in result from other associates and joint ventures
amounted to MEUR 0.1 (MEUR -0.1).
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 2.6 (MEUR 4.1) for
the reporting period and is detailed in note 3. Finance
income included a net foreign exchange gain of
MEUR 0.9 (MEUR -0.4 loss). Foreign exchange
movements occur on the settlement of transactions
denominated in foreign currencies and the revaluation
of working capital and loan balances to the prevailing
exchange rate at the balance sheet date, where those
monetary assets and liabilities are held in currencies
other than the functional currencies of the Group’s
entities. Orrön Energy is exposed to exchange rate
fluctuations relating to the relationship between Euro
and other currencies. The net foreign exchange gain was
a result of the strengthening of the SEK against the Euro
during the reporting period and related mainly to the
revaluation of external loans and intercompany loan
balances, denominated in other currencies than the
functional currency of the Group company providing the
financing. Interest income of MEUR 1.7 (MEUR 4.1)
related to loans to joint ventures.
Finance costs amounted to MEUR 4.2 (MEUR 5.3) for the
reporting period and are detailed in Note 4. Interest
expenses amounted to MEUR 3.0 (MEUR 3.9) and
related to the Group’s external loans. Other finance
costs amounted to MEUR 1.2 (MEUR 1.0) and
represented mainly fees and other costs in relation to
the Company’s revolving credit facility.
Income tax
Income tax representing a net income amounted to
MEUR 1.3 (MEUR 5.7) for the reporting period and is
detailed in Note 5. This amount was mainly comprised of
a deferred tax income relating to a reduction of
accelerated depreciation allowances booked in Sweden.
The Group operates in various coun
tries and fiscal
regimes where corporate income tax rates are different
from the regulations in Sweden. Corporate income tax
rates for the Group vary between 14.7 and 29.9 percent
for the business in 2025.
===== SIDA 9 =====
Orrön Energy – Q3 2025
9
Cash flow and investments
Cash flows from operating activities
Net cash flows from operating activities amounted to
MEUR -8.4 (MEUR -3.6) for the reporting period.
Cash flows from investing activities
Cash flows from investing activities amounted to
MEUR -9.7 (MEUR 39.4) for the reporting period. This
included investments in the renewable energy business
of MEUR -12.1 (MEUR -8.0), which mainly represented
additional shares in existing wind farms and investments
in the Company’s greenfield portfolio. The comparative
period was impacted by proceeds from the sale of the
Leikanger hydropower plant of MEUR 28.9 and the
repayment of a loan provided to Leikanger Kraft of
MEUR 20.2 which was reimbursed in connection with
the sale.
Cash flows from financing activities
Cash flows from financing activities amounted to
MEUR 17.5 (MEUR -43.4) for the reporting period and
represented a net draw down of the credit facility of
MEUR 18.5 compared to a net repayment of MEUR -42.6
the same period the previous year and a repayment of
MEUR -0.6 (MEUR -0.5) of a loan held by a subsidiary.
Financing and liquidity
The Company has secured a three-year revolving credit
facility, established in July 2023, totalling MEUR 170,
with a floating interest rate set at 1.8 percent above the
reference rate for the borrowed currency. Due to a
temporary situation in which the Company did not meet
one of its covenant requirements, the lenders granted a
waiver in the second quarter of 2025 until 31 March
2026. As part of the waiver terms, the interest margin
was increased to 2.05 percentage points above the
reference rate. In September 2025, the maturity of the
revolving credit facility was extended by one year to July
2027 through the exercise of an extension option.
Interest-bearing loans and borrowings amounted to
MEUR 101.8 compared to MEUR 83.6 at year-end 2024
and related mainly to an outstanding loan of
MEUR 100.3, compared to MEUR 81.7 at year-end 2024,
which has been drawn under the Group’s revolving
credit facility. Interest-bearing loans and borrowings
also included a long-term loan taken up by a subsidiary
of MEUR 1.5 compared to MEUR 1.9 at year-end 2024.
Non-current derivative instruments amounted to a
liability of MEUR 0.1 (MEUR –) and related to the
marked-to-market loss on outstanding financial hedge
contracts due to be settled after twelve months.
The Company’s net debt amounted to MEUR 84.7
compared to MEUR 66.6 at year-end 2024.
Other current financial liabilities amounted to MEUR 1.6
compared to MEUR 0.6 at year-end 2024 and related to
current derivative instruments of MEUR 1.1 (MEUR –)
and a short-term loan, with less than twelve months
maturity, which is held by a subsidiary. Current
derivative instruments related to the marked-to-market
loss on outstanding financial hedge contracts due to be
settled within twelve months.
Cash and cash equivalents amounted to MEUR 17.6
compared to MEUR 17.6 at year-end 2024.
Short-term financial hedges are entered into to mitigate
electricity price volatility and ensure more predictable
revenues. The Company has entered into financial
hedges for its proportionate power generation in the
SE3 and SE4 price areas, covering approximately
40 percent of the second-half 2025 volumes at an
average baseload price of EUR 52 per MWh, and
approximately 200 GWh of the 2026 volumes at an
average baseload price of EUR 58 per MWh. See Note 9
Risks and risk management for details on the Company’s
financial hedging.
Subsequent events
There have been no material events subsequent to the
balance sheet date.
===== SIDA 10 =====
Orrön Energy – Q3 2025
10
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.
Proportionate financials
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Power generation (GWh) 135 164
574 620
907
Average price achieved per MWh – EUR 31 18
35 35
34
Operating expenses per MWh – EUR 31 21
25 18
17
Revenue from power generation 4.1 2.9
19.9 22.0
30.7
Revenue from project sales 2.0 -
2.0 -
-
Other income 0.3 -
0.7 11.2
11.4
Operating expenses - 4.2 - 3.4
- 14.4 - 11.4
- 15.3
Cost of sales of projects under development - 0.9 -
- 0.9 -
-
G&A expenses1 - 3.9 - 4.4
- 13.8 - 14.9
- 19.8
EBITDA - 2.6 - 4.9
- 6.5 6.9
7.0
Depreciation - 5.1 - 5.2
- 15.4 - 15.0
- 19.9
Operating profit/loss (EBIT) - 7.7 - 10.1
- 21.9 - 8.1
- 12.9
1 Includes legal and other fees of MEUR 4.9 (MEUR 5.2) incurred for the defence of the Company and its former representatives in
the Sudan legal case and a non-cash expense for long-term incentive plans of MEUR 2.5 (MEUR 2.5) for the reporting period.
Proportionate revenue and other income
Proportionate revenue from power generation amounted to MEUR 19.9 (MEUR 22.0) for the reporting period and was
impacted by lower power generation volumes compared to the same period the previous year due to low wind speeds
and voluntary curtailment during periods of low electricity prices in certain price areas . Revenues from ancillary services
amounted to MEUR 0.9 (MEUR –) during the reporting period.
Proportionate operating expenses
Proportionate operating expenses amounted to MEUR 14.4 (MEUR 11.4) and were mainly impacted by higher balancing
costs compared to the same period the previous year. The comparative period was impacted by grid compensation
benefits and insurance reimbursements, which reduced the operating expenses.
===== SIDA 11 =====
Orrön Energy – Q3 2025
11
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 33.3
(MSEK 10.9) for the reporting period, which was
impacted by a dividend received from a subsidiary of
MSEK 130.0.
General and administration expenses amounted to
MSEK 128.1 (MSEK 144.9), out of which MSEK 54.4
(MSEK 59.0) 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
six 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.
A portion of the Company’s past operations were held
through a Canadian holding structure when acquired in
2006. The tax filings in Canada since 2006 in relation to
both corporate income tax and withholding tax were
under review by the Canadian Tax Office. All tax has
been paid in relation to these tax filings, and no
provision has been recognised. The Canadian Tax Office
has now concluded the review in line with the
Company’s position.
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).
In 2024, the number of shares and votes in the Company
dec
reased following the retirement of 19,427 of the
Company’s own shares as resolved upon during an
Extraordinary General Meeting (EGM) held on 7 August
2024. The shares were received as a result of a legacy
corporate transaction, and the acquisition value of these
shares was nil. A resolution to reduce the share capital
by SEK 236.36 through retirement of these shares was
approved by the EGM. The purpose of the reduction of
the share capital was allocation to unrestricted equity.
The EGM further resolved to increase the share capital
by SEK 236.36. No new shares were issued in connection
with the increase of the share capital. The amount by
which the share capital was increased was transferred to
the share capital from unrestricted equity.
Dividend
The 2025 AGM resolved that no dividend will be paid to
the shareholders for the financial year 2024.
Remuneration
The Policy on Remuneration and details of long-term
incentive plans (“LTIP”) are provided on
www.orron.com.
Employee LTIPs
Long-term share-related incentive plans in the form of
share option plans for Group management and other
employees were approved by the 2022 EGM, the 2023
and 2024 AGMs (“Employee LTIPs”), all aimed at aligning
the interests of members of Group management and
other employees with those of shareholders while
offering competitive, market-aligned rewards for a
growth-focused business. Designed to emphasise strong
shareholder returns, the Employee LTIPs also reflect the
Company’s entrepreneurial and growth-oriented nature.
Given that renewable energy projects require long time
to mature and ultimately crystallise value, the Employee
LTIPs have also been designed to incentivise decision
making to support long-term value creation, which is
being reflected in the length of the exercise and vesting
periods.
A new long-term, performance-based incentive plan for
Group management and key employees was approved
by the 2025 AGM (“LTIP 2025”), and the primary
objectives of this new plan are fully aligned with the
previous Employee LTIPs to ensure continuity in
rewarding performance and commitment, while still
ensuring a strong link between performance and
shareholder value. Under LTIP 2025, participants will be
eligible to receive shares in the Company, provided they
maintain continuous employment and meet specific
performance conditions over a three-year period.
===== SIDA 12 =====
Orrön Energy – Q3 2025
12
Vesting will occur over three years with performance
conditions measured during the period between
1 January and 31 March in the year of award and
vesting, respectively. The proposed plan’s performance
conditions are based on the Company’s relative Total
Shareholder Return measured against a peer group of
companies with a 75 percent weighting, and Strategic
Performance Conditions tied to the Company’s long-
term strategy with a 25 percent weighting.
In order to secure the Company’s obligations under the
outstanding LTIPs, the Company has issued 20,160,000
warrants in total under series 2022:2, 2024:1, 2024:2 as
resolved by the 2022 EGM and 2024 AGM, respectively.
The 2025 AGM resolved to issue 5,450,000 warrants
under series 2025:1. 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 Employee LTIPs 2022, 2023 and 2024 are described
in detail in Note 21 on page 62 of the 2024 Annual and
Sustainability Report and on page 3 and 4 of the 2024
Remuneration Report. Further information on the LTIP
2025 can be found in the 2025 AGM materials available
on www.orron.com.
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.
The Board LTIP is described in detail in Note 21 on
page 62 of the 2024 Annual and Sustainability Report
and on page 6 of the 2024 Remuneration Report.
Exchange rates
30 Sep 30 Sep 31 Dec
2025 2024 2024
1 EUR equals SEK
Average 11.1022 11.4088 11.4309
Period end 11.0565 11.3000 11.4590
1 EUR equals GBP
Average 0.8503 0.8514 0.8466
Period end 0.8734 0.8354 0.8292
1 EUR equals CHF
Average 0.9394 0.9581 0.9526
Period end 0.9364 0.9439 0.9412
The financial information relating to the nine-month period ended 30 September 2025 has not been subject to
review by the auditors of the Company.
Stockholm, 5 November 2025
Daniel Fitzgerald
CEO
===== SIDA 13 =====
Orrön Energy – Q3 2025
13
Consolidated income statement
Q3
Jan-Sep
Full year
MEUR Note 2025 2024
2025 2024
2024
Revenue from power generation 3.6 1.6
17.4 18.6
25.7
Revenue from project sales 2.0 -
2.0 -
-
Other income 0.1 -
0.4 10.9
11.0
Operating expenses - 3.5 - 2.2
- 11.9 - 9.4
- 12.5
Cost of sales of projects under development - 0.9 -
- 0.9 -
-
General and administration expenses - 3.9 - 4.4
- 13.8 - 14.9
- 19.8
Depreciation - 4.2 - 4.2
- 12.7 - 12.1
- 15.9
Share in result of associates and joint ventures 2 - 1.5 - 2.1
- 4.2 - 4.3
- 6.0
Operating profit/loss - 8.3 - 11.3
- 23.7 - 11.2
- 17.5
Finance income 3 1.3 1.1
2.6 4.1
5.3
Finance costs 4 - 1.7 - 1.1
- 4.2 - 5.3
- 7.1
Net financial items - 0.4 -
- 1.6 - 1.2
- 1.8
Profit/loss before income tax - 8.7 - 11.3
- 25.3 - 12.4
- 19.3
Income tax 5 0.2 0.2
1.3 5.7
6.0
Net result - 8.5 - 11.1
- 24.0 - 6.7
- 13.3
Attributable to
Shareholders of the Parent company - 8.4 - 11.0
- 23.9 - 6.7
- 13.4
Non-controlling interest - 0.1 - 0.1
- 0.1 -
0.1
Earnings per share – EUR1 - 0.03 - 0.04
- 0.08 - 0.02
- 0.05
Earnings per share diluted – EUR1 - 0.03 - 0.04
- 0.08 - 0.02
- 0.05
1 Based on net result attributable to shareholders of the Parent company.
Consolidated statement of comprehensive income
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Net result - 8.5 - 11.1
- 24.0 - 6.7
- 13.3
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences foreign operations 1.5 0.8
6.1 - 1.5
- 4.4
Net result on cash flow hedges - 1.2 -
- 1.2 -
-
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments - -
0.1 0.4
0.4
Other comprehensive income, net of tax 0.3 0.8
-
5.0 - 1.1
-
- 4.0
Total comprehensive income - 8.2 - 10.3
-
- 19.0 - 7.8
- 17.3
Attributable to
Shareholders of the Parent company - 8.1 - 10.2
- 18.9 - 7.8
- 17.4
Non-controlling interest - 0.1 - 0.1
- 0.1 -
0.1
===== SIDA 14 =====
Orrön Energy – Q3 2025
14
Consolidated balance sheet
30 Sep 30 Sep 31 Dec
MEUR Note 2025 2024 2024
ASSETS
Non-current assets
Intangible assets 0.3 0.1 0.1
Property, plant and equipment 278.5 282.5 281.3
Investment in associates and joint ventures 37.5 12.9 41.0
Deferred tax assets 42.5 40.6 40.2
Other non-current financial assets 8 46.5 76.1 46.7
405.3 412.2 409.3
Current assets
Other current assets 3.7 2.9 6.3
Trade receivables 8 0.4 0.9 0.5
Other current financial assets 8 22.6 13.2 14.5
Cash and cash equivalents 8 17.6 14.2 17.6
44.3 31.2 38.9
TOTAL ASSETS 449.6 443.4 448.2
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent 320.4 345.8 336.7
Non-controlling interests 2.4 2.4 2.7
322.8 348.2 339.4
Non-current liabilities
Interest-bearing loans and borrowings 8 101.8 70.2 83.6
Other non-current financial liabilities 8 0.1 - -
Deferred tax liability 11.3 11.7 11.4
Provisions 2.2 3.2 2.1
115.4 85.1 97.1
Current liabilities
Trade and other payables 8 9.7 9.6 11.0
Current tax liabilities 0.1 0.1 0.1
Other current financial liabilities 8 1.6 0.4 0.6
11.4 10.1 11.7
TOTAL LIABILITIES 126.8 95.2 108.8
TOTAL EQUITY AND LIABILITIES 449.6 443.4 448.2
===== SIDA 15 =====
Orrön Energy – Q3 2025
15
Consolidated statement of cash flows
Q3
Jan-Sep
Full year
MEUR Note 2025 2024
2025 2024
2024
Cash flows from operating activities
Net result - 8.5 - 11.1
-
- 24.0 - 6.7
-
- 13.3
Items not included in the cash flow 9 6.0 7.5
18.1 3.6
9.7
Interest received 0.1 0.4
0.1 4.1
4.2
Interest paid - 1.2 - 1.3
- 3.6 - 5.5
- 6.7
Distributions received - -
- 0.2
0.2
Distributions paid to non-controlling interest - - 0.1
- - 0.3
- 0.3
Changes in working capital - 0.8 - 0.4
1.2 1.0
- 0.1
Cash flows from operating activities - 4.4 - 5.0
- 8.2 - 3.6
- 6.3
Cash flows from investing activities
Investment in renewable energy business1 - 2.3 - 3.7
- 12.0 - 8.0
- 15.0
Acquisition of subsidiary net of cash - - 0.1
- - 0.6
- 0.1
Investment in Intangible assets - 0.1 -
- 0.1 -
-
Investment in other financial fixed assets - - 0.8
- - 1.4
-
Investment in associated companies - -
- 0.2 -
- 1.8
Proceeds from project sales 1.7 -
1.7 -
-
Proceeds from equity investments - -
0.4 0.4
0.4
Proceeds from sale of joint venture - -
0.1 28.9
28.9
Repayment of loan from joint venture 0.5 -
0.5 20.2
20.2
Cash flows from investing activities - 0.2 - 4.6
- 9.6 39.5
32.6
Cash flows from financing activities
Net drawdown/repayment of credit facility 6.4 7.6
17.9 - 43.1
- 29.8
Distributions paid to non-controlling interest - -
- 0.2 -
-
Financing fees paid - 0.2 -
- 0.2 - 0.3
- 0.3
Cash flows from financing activities 6.2 7.6
17.5 - 43.4
- 30.1
Change in cash and cash equivalents 1.6 - 2.0
- 0.3 - 7.5
- 3.8
Cash and cash equivalents, beginning of the period 16.1 16.0
17.6 21.8
21.8
Exchange differences in cash and cash equivalents - 0.1 0.2
0.3 - 0.1
- 0.4
Cash and cash equivalents, end of the period 17.6 14.2
17.6 14.2
17.6
1Includes acquisitions of renewable energy assets and funding of joint ventures.
===== SIDA 16 =====
Orrön Energy – Q3 2025
16
Consolidated statement of changes in equity
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 Jan 2024 0.4 318.3 31.8 350.5 2.9 353.4
Comprehensive income
Net result - - - 6.7 - 6.7 0.1 - 6.6
Other comprehensive income - - 1.1 - - 1.1 - - 1.1
Total comprehensive income - - 1.1 - 6.7 - 7.8 0.1 - 7.7
Transactions with owners
Non-controlling interests - - - - - 0.3 - 0.3
Share based payments - 2.5 - 2.5 - 2.5
Other - - 0.4 0.4 - 0.4
Total transactions with owners - 2.5 0.4 2.9 - 0.3 2.6
30 Sep 2024 0.4 319.7 25.5 345.6 2.7 348.3
Comprehensive income
Net result - - - 6.7 - 6.7 - - 6.7
Other comprehensive income - - 2.9 - - 2.9 - - 2.9
Total comprehensive income - - 2.9 - 6.7 - 9.6 - - 9.6
Transactions with owners
Share based payments - 0.9 - 0.9 - 0.9
Other - - - 0.2 - 0.2 - - 0.2
Total transactions with owners - 0.9 - 0.2 0.7 - 0.7
31 Dec 2024 0.4 317.7 18.6 336.7 2.7 339.4
1 Jan 2025 0.4 317.7 18.6 336.7 2.7 339.4
Comprehensive income
Net result - - - 23.9 - 23.9 - 0.1 - 24.0
Other comprehensive income - 5.0 - 5.0 - 5.0
Total comprehensive income - 5.0 - 23.9 - 18.9 - 0.1 - 19.0
Transactions with owners
Non-controlling interests - - - - - 0.2 - 0.2
Share based payments - 2.6 - 2.6 - 2.6
Total transactions with owners - 2.6 - 2.6 - 0.2 2.4
30 Sep 2025 0.4 325.3 - 5.3 320.4 2.4 322.8
===== SIDA 17 =====
Orrön Energy – Q3 2025
17
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 2024.
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
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Metsälamminkangas Wind Oy (50%) - 1.5 - 2.1
- 4.3 - 4.2
- 5.8
Other - -
0.1 - 0.1
- 0.2
- 1.5 - 2.1
-
- 4.2 - 4.3
- 6.0
Note 3 – Finance income
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Foreign currency exchange gain, net 0.7 -
0.9 -
-
Interest income 0.6 1.1
1.7 4.1
5.3
1.3 1.1
-
2.6 4.1
5.3
Note 4 – Finance costs
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Foreign currency exchange loss, net - - 0.3
- 0.4
0.8
Interest expense 1.0 1.0
3.0 3.9
4.9
Other 0.7 0.4
1.2 1.0
1.4
1.7 1.1
-
4.2 5.3
7.1
Note 5 – Income tax
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Current tax - 0.1 - 0.1
- 0.1 - 0.1
- 0.1
Deferred tax 0.3 0.3
1.4 5.8
6.1
0.2 0.2
-
1.3 5.7
6.0
Note 6 – 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 reporting period, 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 45.0, and a current receivable of MEUR 3.3, both related to MLK. These balances amounted to
MEUR 46.4 and MEUR – respectively at year-end 2024. Interest income of MEUR 1.6 (MEUR 4.0) arising from this loan
was recognised in the income statement during the reporting period.
===== SIDA 18 =====
Orrön Energy – Q3 2025
18
Note 7 – 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 2024 Annual and Sustainability Report on pages 21–23 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 8 to the consolidated financial statements in
the 2024 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 price exposure, the Company has entered into financial hedges. At balance sheet date, Orrön
Energy had outstanding financial hedges as outlined in the table below.
Price area EUR/MWh GWh Settlement period
SE3 56 38 Q4 2025
SE3 67 31 Q1 2026
SE3 39 11 Q2 2026
SE4 64 46 Q4 2025
SE4 78 42 Q1 2026
SE4 46 32 Q2 2026
SE4 40 31 Q3 2026
SE4 62 43 Q4 2026
Total 274
In October 2025, Orrön Energy entered into additional financial hedges as outlined in the table below:
Price area EUR/MWh GWh Settlement period
SE3 71 8 Q1 2026
SE3 38 9 Q2 2026
Total 17
===== SIDA 19 =====
Orrön Energy – Q3 2025
19
Note 8 – Financial instruments
30 Sep 30 Sep 31 Dec
MEUR Level 2025 2024 2024
Financial assets
Financial assets at amortised cost
Non-current financial assets 2 46.5 76.1 46.7
Trade receivables 0.4 0.9 0.5
Other current financial assets 22.6 12.8 14.1
Cash and cash equivalents 17.6 14.2 17.6
87.1 104.0 78.9
Financial assets at fair value through other comprehensive
income
Other current financial assets – Equity securities 1 - 0.4 0.4
- 0.4 0.4
Financial liabilities
Financial liabilities at amortised cost
Interest-bearing loans and borrowings 101.8 70.2 83.6
Non-current financial liabilities 0.1 - -
Trade and other payables 9.7 9.6 11.0
Other current financial liabilities 0.5 0.4 0.6
112.1 80.2 95.2
Financial liabilities at fair value through other comprehensive
income
Non-current financial liabilities – Derivative instruments 2 0.1 - -
Other current financial liabilities – Derivative financial instruments 2 1.1 - -
1.2 - -
The nature of financial assets and liabilities is, in all material respects, the same as on December 31, 2024. 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.
Note 9 – Supplementary information to the statement of cash flows
The consolidated statement of cash flows is prepared in accordance with the indirect method.
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Depreciation 4.2 4.2
12.7 12.1
15.9
Current tax - 0.1
- 0.1
0.1
Deferred tax - 0.2 - 0.2
- 1.4 - 5.8
- 6.1
Long-term incentive plans 0.7 0.9
2.5 2.5
3.4
Foreign currency exchange gain/loss - - 0.3
- 1.0 0.2
0.6
Amortisation of deferred financing fees 0.2 0.1
0.4 0.3
0.4
Interest income - 0.5 - 1.1
- 1.6 - 4.1
- 5.3
Interest expense 1.2 1.6
3.4 4.8
5.5
Unwinding of site restoration discount - 0.1
- 0.1
0.1
Result from associated companies and joint ventures 1.5 2.1
4.2 4.3
6.0
Cash flow from project sale reclass - 1.1 -
- 1.1 -
-
Profit from sale of joint venture - -
- - 10.9
- 10.9
6.0 7.5
-
18.1 3.6
9.7
===== SIDA 20 =====
Orrön Energy – Q3 2025
20
Parent company income statement
Q3
Jan-Sep
Full year
MSEK 2025 2024
2025 2024
2024
Revenue 11.0 13.9
32.7 33.5
43.8
General and administration expenses - 38.7 - 44.0
- 128.1 - 144.9
- 187.9
Operating profit/loss - 27.7 - 30.1
- 95.4 - 111.4
- 144.1
Finance income 130.5 0.2
131.3 125.8
125.6
Finance costs - 0.2 - 0.8
- 2.6 - 3.5
- 4.1
Net financial items 130.3 - 0.6
128.7 122.3
121.5
Profit/loss before income tax 102.6 - 30.7
33.3 10.9
- 22.6
Income tax - -
- -
-
Net result 102.6 - 30.7
33.3 10.9
- 22.6
Parent company comprehensive income statement
Q3
Jan-Sep
Full year
MSEK 2025 2024
2025 2024
2024
Net result 102.6 - 30.7
-
33.3 10.9
-
- 22.6
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments - - 1.1
0.8 4.0
4.0
Total comprehensive income 102.6 - 31.8
-
34.1 14.9
- 18.6
Attributable to
Shareholders of the Parent company 102.6 - 31.8
-
34.1 14.9
-
- 18.6
Parent company balance sheet
30 Sep 30 Sep 31 Dec
MSEK 2025 2024 2024
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 11.4 4.6 6.6
Other financial assets - 4.0 4.0
Cash and cash equivalents 109.2 104.9 102.2
120.6 113.5 112.8
TOTAL ASSETS 4,337.4 4,330.3 4,329.6
EQUITY AND LIABILITIES
Equity
Shareholders’ equity including net result for the period 4,272.5 4,266.6 4,234.6
4,272.5 4,266.6 4,234.6
Non-current liabilities
Provisions - 0.1 -
Interest-bearing loans and borrowings 20.0 21.0 47.3
20.0 21.1 47.3
Current liabilities
Other liabilities 44.9 42.6 47.7
44.9 42.6 47.7
TOTAL LIABILITIES 64.9 63.7 95.0
TOTAL EQUITY AND LIABILITIES 4,337.4 4,330.3 4,329.6
===== SIDA 21 =====
Orrön Energy – Q3 2025
21
Parent company statement of cash flows
Q3
Jan-Sep
Full year
MSEK 2025 2024
2025 2024
2024
Cash flows from operating activities
Net result 102.6 - 30.7
-
33.3 10.9
-
- 22.6
Items not included in the cash flow - 128.6 2.0
- 127.0 - 117.8
- 115.6
Changes in working capital 4.5 8.1
- 6.8 6.8
9.1
Cash flows from operating activities - 21.5 - 20.6
- 100.5 - 100.1
- 129.1
Cash flows from investing activities
Result from equity investments - - 4.8 4.0 4.0
Cash flows from investing activities - -
4.8 4.0
4.0
Cash flows from financing activities
Net drawdown/repayment of loan 20.1 21.0
102.7 89.5
115.8
Cash flows from financing activities 20.1 21.0
102.7 89.5
115.8
Change in cash and cash equivalents - 1.4 0.4
7.0 - 6.6
- 9.3
Cash and cash equivalents, beginning of the period 110.6 104.5
102.2 111.5
111.5
Exchange differences in cash and cash equivalents - -
- -
-
Cash and cash equivalents, end of the period 109.2 104.9
109.2 104.9
102.2
Parent company statement of changes in equity
Restricted equity Unrestricted equity
MSEK
Share
capital
Statutory
reserve Other
reserves
Retained
earnings Total equity
1 Jan 2024 3.5 861.3 7,182.7 -3,804.3 4,243.2
Comprehensive income
Net result - - - 10.9 10.9
Other comprehensive income - - - 4.1 4.1
Total comprehensive income - - - 15.0 15.0
Transactions with owners
Share based payments - - 4.4 - 4.4
Other - - - 4.0 4.0
Total transactions with owners - - 4.4 4.0 8.4
30 Sep 2024 3.5 861.3 7,187.1 -3,785.3 4,266.6
Comprehensive income
Net result - - - -33.5 -33.5
Other comprehensive income - - - -0.1 -0.1
Total comprehensive income - - - -33.6 -33.6
Transactions with owners
Share based payments - - 1.6 - 1.6
Other - - - - -
Total transactions with owners - - 1.6 - 1.6
31 Dec 2024 3.5 861.3 7,188.7 -3,818.9 4,234.6
1 Jan 2025 3.5 861.3 7,188.7 -3,818.9 4,234.6
Comprehensive income
Net result - - - 33.3 33.3
Other comprehensive income - - - 0.8 0.8
Total comprehensive income - - - 34.1 34.1
Transactions with owners
Share based payments - - 3.8 - 3.8
Total transactions with owners - - 3.8 - 3.8
30 Sep 2025 3.5 861.3 7,192.5 -3,784.8 4,272.5
===== SIDA 22 =====
Orrön Energy – Q3 2025
22
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.
Key financial data
Q3
0
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
Consolidated financials
Revenue from power generation 3.6 1.6
17.4 18.6
25.7
Revenue from project sales 2.0 -
- -
-
EBITDA - 4.1 - 7.1
- 11.0 0.9
- 1.6
Operating profit (EBIT) - 8.3 - 11.3
- 23.7 - 11.2
- 17.5
Net result - 8.5 - 11.1
- 24.0 - 6.7
- 13.3
Net debt 84.7 56.5
84.7 56.5
66.6
Proportionate financials
Power generation (GWh) 135 164 574 620 907
Average price achieved per MWh 31 18 35 35 34
Operating expenses per MWh 31 21 25 18 17
Revenue from power generation 4.1 2.9
19.9 22.0
30.7
Revenue from project sales 2.0 -
2.0 -
-
Operating expenses - 4.2 - 3.4
- 14.4 - 11.4
- 15.3
EBITDA - 2.6 - 4.9
- 6.5 6.9
7.0
Operating profit (EBIT) - 7.7 - 10.1
- 21.9 - 8.1
- 12.9
Net debt 83.0 55.9
83.0 55.9
65.0
Data per share – EUR
Earnings per share - 0.03 - 0.04
- 0.08 - 0.02
- 0.05
Earnings per share – diluted - 0.03 - 0.04
- 0.08 - 0.02
- 0.05
EBITDA per share - 0.01 - 0.02
- 0.03 - 0.00
- 0.00
EBITDA per share – diluted - 0.01 - 0.02
- 0.03 - 0.00
- 0.00
Number of shares
Issued 285,905,187 285,905,187
285,905,187 285,905,187
285,905,187
In circulation 285,905,187 285,905,187
285,905,187 285,905,187
285,905,187
Weighted average 285,905,187 285,918,068
285,905,187 285,922,416
285,918,085
Weighted average – diluted 301,251,256 294,610,387
299,501,592 292,695,041
293,520,419
Share price
Share price at period end – SEK 4.83 8.30
4.83 8.30
7.11
Share price at period end – EUR1 0.44 0.73
0.44 0.73
0.62
Key ratios
Return on equity (%) - 3 - 3
- 7 - 2
- 4
Return on capital employed (%) - 2 - 5
- 6 - 3
- 4
Equity ratio (%) 72 78
72 78
76
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.
===== SIDA 23 =====
Orrön Energy – Q3 2025
23
EBITDA
Q3
Jan-Sep
Full year
MEUR 2025 2024
2025 2024
2024
EBITDA
Operating profit/loss (EBIT) - 8.3 - 11.3
- 23.7 - 11.2
- 17.5
Add: Depreciation 4.2 4.2
12.7 12.1
15.9
- 4.1 - 7.1
- 11.0 0.9
- 1.6
Proportionate financials
EBITDA
Operating profit/loss (EBIT) - 7.7 - 10.1
- 21.9 - 8.1
- 12.9
Add: Depreciation 5.1 5.2
15.4 15.0
19.9
- 2.6 - 4.9
- 6.5 6.9
7.0
Net debt
30 Sep 30 Sep 31 Dec
MEUR 2025 2024 2024
Net debt
Interest-bearing loans and borrowings – Non-current 101.8 70.2 83.6
Interest-bearing loans and borrowings – Current 0.5 0.5 0.6
Less: Cash and cash equivalents - 17.6 - 14.2 - 17.6
84.7 56.5 66.6
Proportionate results
Net debt
Net debt – Consolidated financials 84.7 56.5 66.6
Add/Less: Cash and cash equivalents of associates and joint
ventures - 0.8 0.6 - 0.4
Add/Less: External interest-bearing loans and borrowings of
associates and joint ventures - 0.9 - 1.2 - 1.2
83.0 55.9 65.0
Bridge from proportionate to consolidated financials
Jul-Sep 2025 Proportionate
Financials
Residual ownership
in subsidiaries1
Elimination of
equity entities2
Consolidated
Financials
MEUR
Revenue from power generation 4.1 0.2 - 0.7 3.6
Revenue from project sales 2.0 - - 2.0
Other income 0.3 - - 0.2 0.1
Operating expenses - 4.2 - 0.1 0.8 - 3.5
Cost of sales of projects under development - 0.9 - - - 0.9
General and administration expenses - 3.9 - 0.1 0.1 - 3.9
Share in result of associates and joint ventures - - - 1.5 - 1.5
EBITDA - 2.6 - - 1.5 - 4.1
Depreciation - 5.1 - 0.1 1.0 - 4.2
Operating profit (EBIT) - 7.7 - 0.1 - 0.5 - 8.3
Net financial items - 0.9 - 0.5 - 0.4
Tax 0.2 - - 0.2
Net result - 8.4 - 0.1 - - 8.5
Attributable to:
Shareholders of the Parent Company - 8.4 - - - 8.4
Non-controlling interest - - 0.1 - - 0.1
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.
===== SIDA 24 =====
Orrön Energy – Q3 2025
24
Bridge from proportionate to consolidated financials
Jul-Sep 2024 Proportionate
Financials
Residual ownership
in subsidiaries1
Elimination of
equity entities2
Consolidated
Financials
MEUR
Revenue from power generation 2.9 - 0.5 - 0.8 1.6
Revenue from project sales
Other income - - 0.1 0.1 -
Operating expenses - 3.4 0.5 0.7 - 2.2
Cost of sales of projects under development - - - -
General and administration expenses - 4.4 - - - 4.4
Share in result of associates and joint ventures - - - 2.1 - 2.1
EBITDA - 4.9 - 0.1 - 2.1 - 7.1
Depreciation - 5.2 - 1.0 - 4.2
Operating profit (EBIT) - 10.1 - 0.1 - 1.1 - 11.3
Net financial items - 1.1 - 1.1 -
Tax 0.2 - - 0.2
Net result - 11.0 - 0.1 - - 11.1
Attributable to:
Shareholders of the Parent Company - 11.0 - - - 11.0
Non-controlling interest - - 0.1 - - 0.1
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-Sep 2025 Proportionate
Financials
Residual ownership
in subsidiaries1
Elimination of
equity entities2
Consolidated
Financials
MEUR
Revenue from power generation 19.9 1.1 - 3.6 17.4
Revenue from project sales 2.0 - - 2.0
Other income 0.7 - - 0.3 0.4
Operating expenses - 14.4 - 0.9 3.4 - 11.9
Cost of sales of projects under development - 0.9 - - - 0.9
General and administration expenses - 13.8 - 0.1 0.1 - 13.8
Share in result of associates and joint ventures - - - 4.2 - 4.2
EBITDA - 6.5 0.1 - 4.6 - 11.0
Depreciation - 15.4 - 0.2 2.9 - 12.7
Operating profit (EBIT) - 21.9 - 0.1 - 1.7 - 23.7
Net financial items - 3.3 - 1.7 - 1.6
Tax 1.3 - - 1.3
Net result - 23.9 - 0.1 - - 24.0
Attributable to:
Shareholders of the Parent Company - 23.9 - - - 23.9
Non-controlling interest - - 0.1 - - 0.1
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.
===== SIDA 25 =====
Orrön Energy – Q3 2025
25
Bridge from proportionate to consolidated financials
Jan-Sep 2024 Proportionate
Financials
Residual ownership
in subsidiaries1
Elimination of
equity entities2
Consolidated
Financials
MEUR
Revenue from power generation 22.0 0.4 - 3.8 18.6
Revenue from project sales - - - -
Other income 11.2 - 0.1 - 0.2 10.9
Operating expenses - 11.4 - 0.3 2.3 - 9.4
Cost of sales of projects under development - - - -
General and administration expenses - 14.9 - - - 14.9
Share in result of associates and joint ventures - - - 4.3 - 4.3
EBITDA 6.9 - - 6.0 0.9
Depreciation - 15.0 - 2.9 - 12.1
Operating profit (EBIT) - 8.1 - - 3.1 - 11.2
Net financial items - 4.8 - 3.6 - 1.2
Tax 6.2 - - 0.5 5.7
Net result - 6.7 - - - 6.7
Attributable to:
Shareholders of the Parent Company - 6.7 - - - 6.7
Non-controlling interest - - - -
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.
===== SIDA 26 =====
Orrön Energy – Q3 2025
26
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 – D iluted
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
===== SIDA 27 =====
Orrön Energy – Q3 2025
27
SHAREHOLDERS’ INFORMATION
Daniel Fitzgerald, CEO and Espen Hennie, CFO comment results for the third quarter 2025.
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 5 November 2025 at 14.00 CET. 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/q3-report-2025
Financial Calendar
• Year-end report 2025 18 February 2026
• Annual and Sustainability report 2025 6 March 2026
• Interim report for the first quarter 2026 6 May 2026
• Interim report for the second quarter 2026 5 August 2026
The 2026 AGM will be held on 1 April 2026.
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
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.invol ve.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.materiall y.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.onl y.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 28 =====
Orrön Energy – Q3 2025
28