Report for the three months ended 31 March 2025

In This Article:

Orrön Energy AB
Orrön Energy AB


Highlights

  • Power generation amounted to 251 GWh for the first quarter 2025, being at the lower end of the outlook range, mainly as a result of weather impact and production curtailments related to the provision of ancillary services, for which the Company receives compensation.

  • Reached the ready-to-permit milestone and launched a sales process for a 98 MW solar project in Germany.

  • Reached the ready-to-permit milestone on a second solar and battery project in the UK, bringing the total volume of ready-to-permit projects to 2.5 GW, with the sales process awaiting the conclusion of the ongoing grid connections reform.

Consolidated financials

  • Cash flows from operating activities amounted to MEUR 0.6.

Proportionate financials

  • Achieved electricity price amounted to EUR 40 per MWh, which resulted in a proportionate EBITDA of MEUR 0.4.

  • Proportionate net debt of MEUR 68.6, 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

 

Q1

MEUR

 

2025

2024

Revenue

 

9.3

12.3

EBITDA

 

- 0.9

3.1

Operating profit (EBIT)

 

- 5.2

- 1.0

Net result

 

- 4.0

- 2.6

Earnings per share – EUR

 

- 0.01

- 0.01

Earnings per share diluted – EUR

 

- 0.01

- 0.01

Alternative performance measures

 

 

 

Proportionate financials1

 

 

 

Power generation (GWh)

 

251

274

Average price achieved per MWh – EUR

 

40

49

Operating expenses per MWh – EUR

 

20

15

Revenue

 

10.1

13.5

EBITDA

 

0.4

5.1

Operating profit (EBIT)

 

- 4.9

-

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 2025.

        

Comment from Daniel Fitzgerald, CEO of Orrön Energy
“Our greenfield platform is now well established after two years of investment, recruitment and project delivery. We have launched our first sales process in Germany for a 98 MW agri-PV project, and have around 2.5 GW of solar and battery projects in the UK at the ready-to-permit stage awaiting a final resolution from the ongoing grid connections reform. Over the course of 2025 and 2026, we expect to start monetising the first of these projects and I look forward to seeing the results of the hard work and dedication of the teams creating these opportunities. Our UK projects are amongst some of the largest solar projects in the country to date, and will make a significant contribution to the UK government’s ambition to reach net zero through renewable investment and decarbonisation of the power systems. The UK grid connections reform is still underway, and we expect to receive feedback during the fall of 2025, after which we expect to resume our sales process. It is unfortunate that the reform was launched mid-way through our sales process, and although we will see a delay, the value and interest from investors remains strong, as does the UK government’s support for projects such as ours. We expect to share more details on the outcome of the ongoing reform and our progress later this year.