Report for the nine-month period ended 30 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 financials - 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 Summary
Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials in addition to the consolidated financial reporting under IFRS to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

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.

Comment from Daniel Fitzgerald, CEO of Orrön Energy
“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, where 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.”

Webcast
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 today 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

For further information, please contact:

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

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

Forward-looking statements
Statements in this press release 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 press release 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.

Attachment

• Orrön Energy Q3 Report 2025 English