Orron Energy Ab · OMXSTO:ORRON
Orron Energy Ab — Q4 2025 Earnings Presentation
29 slides from Orron Energy Ab's earnings presentation, Feb 18, 2026
Slide 1: Capital Markets Day
Capital 18 February 2026 Orrön Energy Markets Day
Slide 2: Agenda
Agenda 01. Business Update Daniel Fitzgerald | CEO 02. Greenfield Development Axel Wikner | Commercial Director 03. Financial Update Espen Hennie | CFO 04. Concluding Remarks Daniel Fitzgerald | CEO 05. Q&A
Slide 3: Business Update
Business Update Daniel Fitzgerald | CEO
Slide 4: Orrön Energy
ORRÖN ENERGY – BUSINESS UPDATE Part of the entrepreneurial Orrön Energy of companies 380 MW of Large-scale Fully producing greenfield funded for assets pipeline growth Delivering long-term Value creation through Enabling growth through recurring cash flow early-stage project acquisition and project
Slide 5: 2025 Highlights
ORRÖN ENERGY – BUSINESS UPDATE 2025 Highlights POWER GENERATION 839 GWh INCLUDING COMPENSATED VOLUMES REVENUES (1) 34 MEUR EBITDA (2) -2 MEUR AT 36 EUR/MWH ACHIEVED PRICE Strong start to 2026 with high futures prices and revenues from project sales NET DEBT 89 MEUR Conclusion of the district court t
Slide 6: Nordic Business
ORRÖN ENERGY – BUSINESS UPDATE M&A Nordic 500 GWh acquired since inception with further Business opportunities for consolidation and growth Operating assets Greenfield 1 GW pipeline of wind, solar and battery projects • Providing long-term organic growth through new projects, life extension and re-p
Slide 7: Power Generation
ORRÖN ENERGY – BUSINESS UPDATE Power Generation Production Outlook 2026 800-950 GWh 2024 2025 919 GWh 839 GWh Long-term power generation of 1,000 GWh excluding price curtailment 293 278 262 1,000 236 919 839 197 low-price curtailment 184 165 GWh GWh weather impact 144 power generation Q1 Q2 Q3 Q4 Q1
Slide 8: Operational Excellence
ORRÖN ENERGY – BUSINESS UPDATE Operational Excellence Ancillary services 20% of portfolio active in ancillary services market, expanding to 50% Diversifying and enhancing in Q1 2026 revenue streams Imbalance management Imbalance management implemented across all assets; Maximising Optimised use of a
Slide 9: Value Creation through Greenfield Development
ORRÖN ENERGY – BUSINESS UPDATE Value Creation through Greenfield Development Strong return on project divestments 310 MW German A maturing project pipeline across 55 TEUR/MW projects totalling: Germany and the UK 18 MEUR divested equivalent 1 for up to: UK - 6 projects at RtP German pipeline A matur
Slide 10: Greenfield Revenues add to Long-term Cash Flows
ORRÖN ENERGY – BUSINESS UPDATE Greenfield Revenues add to Long-term Cash Flows Operating assets deliver Recurring revenues from project sales long-term annual cash flows add to operating cash flows Revenues 310 MW divested for EBITDA up to 18 MEUR 60 FCF(1) 50 2.9 GW + 6 GW 40 MEUR MEUR UK projects
Slide 11: A Sustainable Investment
0 ORRÖN ENERGY – BUSINESS UPDATE Strong external ESG ratings A Sustainable validating the sustainability performance Material HS&E Investment incidents in 2025 A- ESG-rating: Low risk Net zero across Scope 1 and 2 emissions High EU Taxonomy alignment demonstrating contribution to sustainable activit
Slide 12: 2026 Outlook
ORRÖN ENERGY – BUSINESS UPDATE 2026 Outlook Reduced cost base driven by 2025 Outcome lower Sudan Delivered in line with legal costs expenditure guidance PRODUCTION (1) 800–950 GWh 839 GWh OPERATING EXPENSES 19 MEUR 19 MEUR G&A EXPENDITURE (2) 8 MEUR 8 MEUR SUDAN LEGAL COSTS 4 MEUR 7 MEUR CAPITAL EXP
Slide 13: Greenfield Development
Greenfield Development Axel Wikner | Commercial Director
Slide 14: First Revenues Secured, Further Divestments Ahead
ORRÖN ENERGY – GREENFIELD DEVELOPMENT First Revenues Secured, Further Divestments Ahead UK Multi-GW platform across the UK, 2.9 GW Germany Germany and France at RtP 6 GW 310 MW divested in 2025 with pipeline milestone payments in 2026-2027 France Transition from early-stage development to annual rec
Slide 15: Germany | 2025 Divestments
ORRÖN ENERGY – GREENFIELD DEVELOPMENT Germany | 2025 Divestments 310 MW divested – up to 18 MEUR in total consideration 74 MW Agri-PV project (July) • 4 MEUR total consideration • 2 MEUR paid at closing in July 2025, 2 MEUR contingent Berlin 234 MW portfolio (December) • Three Agri-PV projects (93,
Slide 16: Germany | 2026 Outlook
ORRÖN ENERGY – GREENFIELD DEVELOPMENT 6 GW total pipeline Germany | 2026 Outlook Solar Battery Advanced pipeline enabling recurring revenues De-risked agri-PV portfolio positioned for near-term divestments • 280 MW with municipal approval, of which 90 MW has also secured binding grid (RtP) • 1,030 M
Slide 17: UK | A Successful Outcome of the UK Grid Reform
ORRÖN ENERGY – GREENFIELD DEVELOPMENT UK | A Successful Outcome 2.9 GW of the UK Grid Reform at RtP Six large-scale projects at RtP with land and grid secured - final connection details expected in 2H 2026 - Divestments explored, timing pending connection details Three Solar projects Three Data Cent
Slide 18: From First Sales to Recurring Revenues
ORRÖN ENERGY – GREENFIELD DEVELOPMENT From First Sales to Recurring Revenues Initial divestments validate the business model 310 MW divested, 90 MW in ongoing sales process Up to 14 MEUR outstanding from prior divestments ~ 3 GW of near-term solar opportunities across Multiple project divestments ex
Slide 19: Financial Update
Financial Update Espen Hennie | CFO
Slide 20: Financial Highlights
ORRÖN ENERGY – FINANCIAL UPDATE Financial Highlights Fourth Quarter 2025 Results REVENUE (1) 11 MEUR EBITDA (2) 3 MEUR POWER GENERATION 226 GWh NET DEBT END Q4 89 MEUR ACHIEVED PRICE 38 EUR/MWh DEBT FACILITY 170 MEUR All numbers proportionate | (1) Including revenue from project sales and other inco
Slide 21: 2025 Key Financial Metrics
ORRÖN ENERGY – FINANCIAL UPDATE 2025 Key Financial Metrics 2024 Q4 Q1 Q2 2025 Q3 Q4 Power generation (GWh) 287 251 188 135 226 Achieved price (EUR/MWh) 30 40 30 31 38 10.7 10.1 8.7 MEUR 6.1 5.7 2.5 1.0 1.2 Revenues from -0.6 2.0 2.0 -1.6 -0.2 project sales -1.9 -3.3 -3.6 -5.2 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2
Slide 22: Achieved Price
ORRÖN ENERGY – FINANCIAL UPDATE Achieved Price Full Year 2025 46 1 -1 Portfolio premium to Capture price -10 40 36 average system price discount(3) 2024 22% 27% EUR/MWh 2025 15% 22% Average Average Other Hedging Capture Average system regional revenues(2) impact price achieved price spot price(1) di
Slide 23: Cash Flow and Net Debt
ORRÖN ENERGY – FINANCIAL UPDATE Cash Flow and Net Debt Fourth quarter 2025 Liquidity -80 100 Opening Net debt(1) 82 -0.2 66 1 Oct 2025 83 MEUR -85 -1.5 50 Closing net debt(1) -3.9 31 Dec 2025 MEUR MEUR -90 89 MEUR -0.5 16 -95 CFFO excluding Changes in Cash flow from Others Cash(2) Undrawn Total work
Slide 24: Tax Balances
ORRÖN ENERGY – FINANCIAL UPDATE Tax Balances Year-end 2025 600 Loss carry forward Significant tax shields in Sweden and Finland Tax balance 400 Loss carry Reducing future payable forward tax by ~100 MEUR MEUR 200 Tax balance Sweden Finland Tax rate 20.6% 20%
Slide 25: 2026 Cash Flow Outlook
ORRÖN ENERGY – FINANCIAL UPDATE 2026 Cash Flow Outlook Excluding future revenues from project sales 2026 futures price Greenfield business targeting multiple sales per year with over ~60 70% EBITDA margin EUR/MWh(1) 50 Achieved price 41 2026 (EUR/MWh) Including Sudan 2026 Baseload power legal costs
Slide 26: Concluding Remarks
Concluding Remarks Daniel Fitzgerald | CEO
Slide 27: Creating value through the Energy Transition
ORRÖN ENERGY – CONCLUDING REMARKS Creating value through the Energy Transition Long-term Large-scale Fully funded for cash flow from project portfolio growth through operating wind validated through acquisition and farms and project sales with investment greenfield sales high return on capital
Slide 28: Q&A
Q&A
Slide 29: Disclaimer
ORRÖN ENERGY – CAPITAL MARKETS DAY 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 generall