Arise (ARISE) Q3 2025 earnings summary

Executive summary

• Operations expanded from Sweden-only wind to six geographies, now including wind, solar, and battery energy storage (BES), with diversification into data centers and BES, including a first data center project in Finland at early stage and 400 MW capacity.

• Development pipeline reached 9,500 MW, nearing the 10,000 MW financial target for the year.

• Focus on maximizing value from green electricity production through professional operation, management, sales, and financing.

• Ongoing transactions in solar and BES in the UK and Finland, aiming for 400 MW in 2024–2025.

• Net sales for Q3 2025 were MSEK 88, down from MSEK 105 in Q3 2024; for the first nine months, net sales reached MSEK 337, up from MSEK 317 year-over-year.

Financial highlights

• Q3 net sales decreased to SEK 88 million (Q3 2024: SEK 105 million), mainly due to lower revenue recognition in Development.

• EBITDA for Q3 was SEK 22 million (Q3 2024: SEK 55 million); EBIT was SEK -1 million, impacted by SEK -15 million extraordinary cost for ShareLion/Kölvallen project acceleration.

• Profit after tax for Q3 was SEK -9 million (Q3 2024: SEK 24 million); EPS was SEK -0.18 (Q3 2024: SEK 1.55).

• Operating cash flow was strong at SEK 322 million, mainly from ShareLion/Kölvallen earnout; cash flow after investments was SEK 251 million.

• Equity/assets ratio improved to 67% (2024: 56%); net debt decreased to SEK 275 million (2024: SEK 395 million).

Segment performance

• Development EBITDA at SEK 25 million, driven by ShareLion/Kölvallen earnout; late-stage portfolio increased by ~500 MW.

• Production generated 64 GWh, SEK 434/MWh average income, and SEK 18 million EBITDA; slight decrease in production and realized prices.

• Solutions segment EBITDA at SEK 3 million, benefiting from full quarter effect of ShareLion/Kölvallen OMA; new asset management assignment with EIP and Fortum for 350 MW.