Report for the three months ended 31 March 2024

Highlights

• Power generation in the first quarter amounted to 274 GWh, which is a record high quarterly production for the Company.
• Sale of the 50 percent interest in the non-core Leikanger hydropower plant in April 2024 for MEUR 53, demonstrating the value of the Company’s underlying asset base and enabling recycling of capital into higher return opportunities.
• Acquired a greenfield portfolio in January 2024 of up to 180 MW of wind and battery projects in Finland, with land secured for all wind turbine locations and initiation of the first permitting process during the first quarter.
• Continued to mature the greenfield portfolio, including signing binding land agreements for the first 500 MW of solar and battery projects in Germany and progressing pre-permit work in Germany and in the UK.

Consolidated financials – 3 months

• Cash flows from operating activities amounted to MEUR 3.0.
  
  

Proportionate financials – 3 months

• Achieved electricity price amounted to EUR 49 per MWh, resulting in proportionate EBITDA of MEUR 5.1.
• Proportionate net debt of MEUR 91.2, with significant liquidity headroom available through the MEUR 190 revolving credit facility.
• Increased liquidity headroom by MEUR 30 following the sale of the Leikanger hydropower plant in April 2024.
  
  

Financial Summary

Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials 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.

Expressed in MEUR		1 Jan 2024- 31 Mar 2024 3 months	1 Jan 2023- 31 Mar 2023 3 months	1 Jan 2023- 31 Dec 2023 12 months
Consolidated financials
Revenue		12.3	11.4	28.0
EBITDA		3.1	4.6	-5.1
Operating profit (EBIT)		-1.0	1.6	-17.0
Net result		-2.6	0.0	-7.6
Earnings per share – EUR		-0.01	0.00	-0.03
Earnings per share diluted – EUR		-0.01	0.00	-0.03
Proportionate financials1
Power generation (GWh)		274	214	765
Average price achieved per MWh – EUR		49	66	47
Revenue		13.5	14.0	36.2
EBITDA		5.1	6.7	5.3
Operating profit (EBIT)		0.0	2.6	-11.0

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 in the Q1 Report 2024.