Year End Report 2023

Highlights

• Completion and handover of the Karskruv wind farm ahead of schedule at the end of November 2023, which is producing in line with expectations, adding 290 GWh of estimated annual power generation in the SE4 price region.
• Highest quarterly power generation for the Company at 226 GWh in the fourth quarter and 765 GWh for the full year 2023, which included power generation from the early startup of Karskruv, which was offset by unfavourable weather conditions.
• Continued to mature the 40 GW onshore UK, German and French project pipeline, originating further project leads, progressing land agreements and initiating pre-permitting work for multiple projects.
• Acquired a greenfield portfolio in January 2024 of up to 180 MW of wind energy projects in Finland, with land secured for all wind turbine locations and first permitting process expected to be initiated in 2024.
• Completion of the acquisition announced during the third quarter, comprising of ownership in six wind farms in Sweden, adding around 10 GWh of estimated annual power generation in the SE4 price region.
• Increased the revolving credit facility from MEUR 150 to MEUR 190 in January 2024, adding further capacity to fund growth.

Consolidated financials – 12 months

• Cash flows from operating activities amounted to MEUR 13.1.
  
  

Proportionate financials – 12 months

• Achieved electricity price amounted to EUR 47 per MWh, resulting in proportionate EBITDA of MEUR 5.3.
• Proportionate net debt of MEUR 92.4, with significant liquidity headroom available through the revolving credit facility.

Financial Summary

Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

Expressed in MEUR	1 Jan 2023- 31 dec 2023 12 months	1 Oct 2023- 31 Dec 2023 3 months	1 Jan 2022- 31 Dec 2022 12 months	1 Oct 2022- 31 Dec 2022 3 months
Consolidated financials
Revenue	28.0	8.4	13.8	11.3
EBITDA	-5.1	-0.9	4.5	6.4
Operating profit (EBIT)	-17.0	-4.4	1.0	3.5
Net result	-7.6	8.0	27.4	0.9
Earnings per share – EUR	-0.03	0.03	0.10	0.00
Earnings per share diluted – EUR	-0.03	0.03	0.10	0.00
Proportionate financials1
Power generation (GWh)	765	226	335	168
Average price achieved per MWh – EUR	47	43	120	88
Revenue	36.2	9.6	40.0	14.5
EBITDA	5.3	1.3	20.7	9.2
Operating profit (EBIT)	-11.0	-3.2	14.7	6.2

¹ Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more details see section Key Financial Data in the Q4 Report 2023.