Orrön Energy
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Orrön Energy (ORRON) investor relations material

Orrön Energy Q4 2025 & CMD 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 & CMD 2026 earnings summary18 Feb, 2026

Executive summary

  • 2025 was marked by low and volatile Nordic power prices, impacting revenues and investment decisions, but recurring revenues from greenfield project sales, especially in Germany, validated the business model and supported a robust pipeline across Germany, the UK, and France.

  • The business is underpinned by 380 MW of producing assets and a large-scale greenfield development pipeline, delivering long-term recurring cash flow and fully funded growth through acquisitions and project investments.

  • The Sudan legal case is expected to conclude in 2026, reducing costs and unlocking new growth opportunities.

  • 2026 has started strongly with higher power prices, improved financial performance, and a maturing project pipeline.

  • The company maintained carbon neutrality for Scope 1 and 2 emissions, improved ESG ratings, and achieved 100% EU Taxonomy alignment for revenues and OpEx.

Financial highlights

  • 2025 production was 839 GWh, with revenues of EUR 34 million at an achieved price of EUR 36/MWh, and EBITDA of EUR -2 million, impacted by Sudan-related costs.

  • Q4 2025 saw 226 GWh produced, EUR 11 million in revenue (including EUR 2 million from project sales), and EUR 3 million EBITDA.

  • Net debt at year-end was EUR 89–90.5 million, with over EUR 80 million in available liquidity and a total debt facility of EUR 170 million.

  • Tax balances in Sweden and Finland exceed EUR 500 million, enabling up to EUR 100 million in future cash tax savings.

  • Consolidated EBITDA was MEUR -10.3, with net result MEUR -26.3 and EPS at EUR -0.09, reflecting lower volumes and higher balancing costs.

Outlook and guidance

  • 2026 production guidance is 800–950 GWh, with OpEx at EUR 19 million, G&A at EUR 8 million, legal costs at EUR 4 million, and CapEx at EUR 11 million, all expected to be fully funded from greenfield revenues.

  • EBITDA for 2026 is expected between EUR 5–22 million (excluding Sudan costs), with free cash flow pre-CapEx between breakeven and EUR 17 million.

  • Achieved price is expected to remain within 10% of the Nordic system price, with a persistent portfolio premium and stable capture price discount.

  • The company expects higher electricity prices and strong project pipeline returns in 2026.

Greenfield pipeline value realization strategy
Operational strategies to counter market volatility
Sudan trial conclusion's financial implications
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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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