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Orrön Energy (ORRON) investor relations material

Orrön Energy Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Generated 574 GWh of power in Jan–Sep 2025, with 135 GWh in Q3, and full-year guidance of 850–900 GWh including compensated volumes; first greenfield project sale (76 MW Agri-PV in Germany) completed for EUR 4 million, with EUR 1.1 million profit recognized and further sales expected.

  • Greenfield pipeline advancing across five countries, with UK and Germany as key near-term revenue drivers and multiple projects nearing milestones.

  • Fully funded with significant headroom under a EUR 170 million debt facility, enabling growth and M&A without equity dilution.

  • Ongoing market volatility and structural changes in Nordic power markets, but balancing costs declined in Q3 and market conditions are improving.

Financial highlights

  • Q3 2025 power generation: 135 GWh; Jan–Sep 2025: 574 GWh; Q3 revenues: EUR 6 million (including EUR 2 million from project sale); Jan–Sep revenues: EUR 17.4–23 million.

  • Q3 EBITDA: -EUR 2 million; Jan–Sep EBITDA: -EUR 4 to -11 million, mainly due to legal costs and higher balancing costs.

  • Net debt at Q3 2025: EUR 83 million, with nearly EUR 88–90 million liquidity headroom.

  • Achieved Q3 price: EUR 31/MWh; YTD average: EUR 35/MWh; capture price discount: 21% YTD.

  • Operating expenses for Jan–Sep 2025: EUR 14 million; full-year guidance: EUR 19 million.

Outlook and guidance

  • Full-year 2025 revenue guidance: EUR 32–35 million; EBITDA (excl. Sudan legal costs): EUR 4–7 million; operating expenses: EUR 19 million; G&A: EUR 9 million; Sudan legal costs: EUR 7 million; CapEx: EUR 12 million.

  • EBITDA break-even price: ~EUR 33/MWh; free cash flow before CapEx expected between break-even and EUR 2 million (excl. legal costs).

  • Legal costs expected to decline significantly after 2025 as Sudan case concludes.

  • Q4 and Q1 expected to be seasonally stronger, with higher volumes and prices; baseload power price hedges in place for 2025–2026 at ~EUR 58/MWh for a portion of volumes.

  • Multiple greenfield projects expected to reach ready-to-build or ready-to-permit status in 2026.

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Frequently asked questions

Orrön Energy AB, formerly, Lundin Energy AB, together with its subsidiaries, engages in the exploration, development, and production of oil and gas properties. The company holds interests in six licenses located offshore Norway; and seven licenses located onshore/offshore United Kingdom. It also has interests in three licenses located onshore France. Lundin Energy AB was founded in 2001 and is based in Stockholm, Sweden.

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