Orrön Energy (ORRON) Q1 2026 earnings summary

Executive summary

• Achieved one of the strongest quarters in recent years, with Q1 2026 revenues driven by high electricity prices, robust cash flows from power generation, and milestone payments from greenfield project sales.

• 380 MW of producing assets, primarily onshore wind in Sweden and Finland, delivered 231 GWh in Q1 2026.

• Divested 400 MW of German solar projects over the past year, generating up to EUR 23 million in sales contracts and milestone payments.

• Advanced a large greenfield pipeline in Germany, UK, and France, with significant project milestones and municipal approvals secured.

• Fully financed with ample liquidity, supporting ongoing growth and investment.

Financial highlights

• Q1 2026 revenues reached EUR 17 million, including EUR 1.6 million from project sales.

• EBITDA for Q1 2026 was EUR 6 million (proportionate: EUR 5.8 million), a significant increase from previous quarters.

• Net debt at quarter-end was EUR 91.2 million, with a robust liquidity buffer under a EUR 170 million debt facility.

• Cash and cash equivalents stood at EUR 15.6 million, with total available liquidity of EUR 82 million.

• CapEx in Q1 2026 was EUR 2.2 million, mainly invested in the greenfield portfolio.

Outlook and guidance

• Full-year 2026 production guidance remains at 800–950 GWh, with long-term expectation of ~1,000 GWh.

• Yearly achieved price expected to average EUR 40–65 per MWh, with revenues projected between EUR 39–47 million for 2026.

• EBITDA guidance for 2026 is EUR 7–15 million, or EUR 11–19 million excluding Sudan legal costs.

• Free cash flow pre-CapEx expected between EUR 2–10 million, or EUR 6–14 million excluding Sudan legal costs.

• Baseload power price hedges in place for Q2–Q4 2026; significant upside potential from future greenfield project sales not yet included in guidance.