Arise (ARISE) Q3 2025 earnings summary

Executive summary

• Operates across three segments: development (9,500 MW pipeline), production (172 MW, 430 GWh/year), and solutions (2,350 MW under management, 105 MW under construction).

• Expanded from Sweden-only wind to six geographies and multiple technologies (wind, solar, BES, data centers).

• Entered Germany (BES focus) and started hyperscale data center development in Finland (400 MW potential).

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

• Ongoing transactions in solar and battery energy storage systems (BESS) in the UK and Finland, targeting 400 MW in 2024–2025.

Financial highlights

• Q3 2025 net sales fell to MSEK 88 from MSEK 105 year-over-year; nine-month net sales reached MSEK 337, up from MSEK 317.

• EBITDA for Q3 2025 was MSEK 22 (Q3 2024: MSEK 55); EBIT was MSEK -1, impacted by extraordinary costs of -15 MSEK (ShareLion/Kölvallen projects).

• Profit after tax for Q3 2025 was MSEK -9 (Q3 2024: MSEK 24/63); nine-month profit after tax was MSEK 0 (2024: MSEK 139).

• Strong operating cash flow of MSEK 322 in Q3, mainly from ShareLion/Kölvallen earnout; cash flow after investments MSEK 251.

• Own production generated 64 GWh at SEK 434/MWh in Q3 2025.

Outlook and guidance

• Targeting 10,000 MW pipeline by year-end and 400 MW project sales for 2024–2025; confident in meeting these goals.

• Ongoing transactions in solar and BES in the UK and Finland; strong start to 2026 expected if deals slip past year-end.

• Strategy of diversification and strong cash position support organic growth and selective acquisitions.

• Well positioned for opportunities in soft markets due to liquidity and access to a 40 MEUR facility.

• High uncertainty remains in global energy markets, but demand for renewable energy is strong.