Report for the six-month period ended 30 June 2025

Highlights

• Proportionate power generation amounted to 439 GWh for the reporting period, and in addition, the Company had 20 GWh of compensated volumes relating to ancillary services and availability warranties, bringing the total proportionate power generation, including these compensated volumes, to 459 GWh.
• In July 2025, the Company completed the sale of a 76 MW solar project in Germany for a total consideration of MEUR 4.0, with MEUR 2.0 paid at closing and the remaining consideration contingent upon municipal and legislative approvals.
• Reached the ready-to-permit milestone for a second solar project in Germany of 93 MW, and advanced seven large-scale solar and battery projects in the UK towards final grid confirmation under the ongoing grid reform.
• Entered into financial hedges covering approximately 40 percent of the second-half 2025 expected proportionate power generation volumes in the SE3 and SE4 price areas at an average price of EUR 52 per MWh.
• The Company delivered in line with expenditure guidance for the reporting period, with the exception of operating expenses which were impacted by elevated balancing costs during the first half of 2025, resulting in an increase to the Company’s full-year operating expenses guidance from MEUR 17 to MEUR 19.

Consolidated financials – 6 months

• Cash flows from operating activities amounted to MEUR -3.8.

Proportionate financials – 6 months

• Achieved electricity price amounted to EUR 36 per MWh, which resulted in a proportionate EBITDA of MEUR -3.9.
• Proportionate net debt of MEUR 77.3, 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.