Orron Energy Ab · OMXSTO:ORRON
Orron Energy Ab — Q2 2024 Earnings Presentation
16 slides from Orron Energy Ab's earnings presentation, Aug 8, 2024
Slide 1: Q2 Presentation
Q2 Presentation Daniel Fitzgerald, CEO Espen Hennie, CFO 8 August 2024
Slide 2: This is Orrön Energy
This is Orrön Energy Part of the entrepreneurial of companies ducing Ass ro et P Finland s Pure play renewable energy 365 MW Sweden company operating wind farms UK Diversified across opment Pip Germany el el technologies ev in D 40 GW e France onshore greenfield Organic growth pipeline across the fu
Slide 3: First Six Months 2024
Orrön Energy First Six Months 2024 Power generation Strategic sale of First half 456 GWh Leikanger in Q2 Full year 900-1,000 GWh 53 MEUR EBITDA (1) Achieved price Liquidity headroom to fund growth 13 MEUR 42 EUR/MWh >120 MEUR End Q2 net debt Additional projects and land secured for 46 MEUR greenfiel
Slide 4: Market Conditions and Recent Transactions
Orrön Energy Market Conditions and Recent Transactions Recent transactions highlight disconnect Recent electricity price is lower than the between underlying asset valuations LCOE for all types of power generation and share prices LCOE (1) Coal & Gas fired Electricity price Recent Transactions Float
Slide 5: Power Generation
Orrön Energy Power Generation 600 96% availability in 1H 2024 ~500 Production (GWh) 2023 Production 456 765 2024 Low winds in 900-1,000 400 forecast 1H 2024 Leikanger 251 Karskruv GWh Long-term Using long-term forecast 1,000 average wind conditions 200 Sweden MLK 0 2H 2022 1H 2023 2H 2023 1H 2024 2H
Slide 6: Continuing to Mature our Project Pipeline
Orrön Energy Continuing to Mature our Project Pipeline Nordics Nordics 1 GW 40 GW greenfield pipeline created organically Added ~700 MW of Nordic projects in 1H 2024 UK Aiming to reach “ready to permit” 36 milestone in 2H 2024 in UK and Germany Europe GW Germany 3 GW Monetisation of first projects e
Slide 7: Financial Highlights: Second Quarter 2024 Results
Orrön Energy Financial Highlights Second Quarter 2024 Results 182 6 Power generation GWh Revenue MEUR Achieved price 31 EUR/MWh EBITDA(1) 8 MEUR Increased Liquidity Headroom Financial flexibility Leikanger sale in Q2 46 53 Net debt Enterprise end Q2 MEUR value MEUR 170 11 Debt Accounting facility ME
Slide 8: Delivering in Line with Cost Guidance
Orrön Energy Delivering in Line with Cost Guidance First Half 2024 2024 Actuals Guidance Operating expenses 8 MEUR 15-17 MEUR G&A expenses(1) 5 MEUR 9 MEUR Sudan legal costs (2) 4 MEUR 7 MEUR Guidance reduced by 1 MEUR Capital expenditure 4 MEUR 14 MEUR Guidance is presented based on proportionate (
Slide 9: 2024 Key Financial Metrics
Orrön Energy 2024 Key Financial Metrics Power generation (GWh) 164 274 182 Leikanger sale impact MEUR Achieved price (EUR/MWh) Accounting gain 10.9 54 49 31 Cash flow from investing activities 49.1 13.5 9.0 7.5 MEUR 5.6 5.9 Including Leikanger gain 3.9 3.0 2.3 1.0 -1.6 Excluding -3.4 Leikanger gain
Slide 10: Achieved Price, Second Quarter 2024
Orrön Energy Achieved Price Second Quarter 2024 40 1 35 31 10 EUR/MWh Average Average Guarantees Capture price Average system price regional of origin and discount achieved price spot price(1) legacy hedging impact(2) (1) Based on actual power generation (2) Existing hedges linked to acquisitions OE
Slide 11: Underlying Cash Flow Generation
Orrön Energy Underlying Cash Flow Generation Q2 24 Second Quarter 2024 Power generation (GWh) 182 16.4 Achieved price (EUR/MWh) 31 Gain on 10.9 Leikanger sale MEUR 5.5 0 4.0 4.9 -3.4 1.2 2.4 -7.0 Revenue (1) Opex G&A (2) EBITDA (2) Interest Capex Operating expense cash flow after interest and capex
Slide 12: Cash Flow and Net Debt
Orrön Energy Cash Flow and Net Debt Second Quarter 2024 Liquidity -40 150 46.0 0.6 Closing -50 net debt 110 126 30 Jun 2024(1) 46 MEUR -60 Leikanger impact 49.1 100 MEUR -70 MEUR -80 50 Opening -90 2.3 net debt(1) 31 Mar 2024 -3.9 91 MEUR -100 16 CFFO Changes Cash flow Others excluding in working fr
Slide 13: 2024 Cash Flow Outlook
Orrön Energy 2024 Cash Flow Outlook Breakeven pricing EUR/MWh Excluding gain from 55 25 33 39 Leikanger divestment 45 Assuming 2024 power generation 35 MEUR of 950 GWh 29 22 Achieved price 20 2H 2024 16 13 30 EUR/MWh Value upside and optionality 11 7 50 EUR/MWh from greenfield pipeline 4 70 EUR/MWh
Slide 14: Creating value through the Energy Transition
Creating value through the Energy Transition 1,000 GWh power generation Organic growth platforms delivering long-term cash flow maturing across 5 countries Large scale onshore pipeline Financially strong with ample with early monetisation liquidity for future growth of projects OE00037 intro p13 07.
Slide 15: Disclaimer
Orrön Energy Disclaimer Forward-Looking Statements Statements in this presentation 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
Slide 16: Creating value through the energy transition
Creating value through the energy transition OE00023 p20 08.23 16