Report for the six months ended 30 June 2023

Highlights

• The Karskruv project is on track for delivery in the fourth quarter of 2023 with progress ahead of schedule and installation of all 20 Vestas wind turbines completed one month earlier than originally planned
• Secured a MEUR 150 revolving credit facility in early July, at attractive terms and conditions providing significant flexibility and ample headroom to fund further growth
• Signed two minor acquisitions during the quarter increasing ownership interests in eight wind farms
  
  

Consolidated financials

• Cash flows from operating activities amounted to MEUR 13.9 for the reporting period
  
  

Proportionate financials

• Power generation of 378 GWh for the reporting period, in line with expectation and on track to deliver 800 GWh for the full year
• Achieved electricity price for the reporting period amounted to EUR 61 per MWh, resulting in proportionate EBITDA of MEUR 8.3
• Proportionate net debt of MEUR 50.5 at reporting period end, with substantial additional liquidity headroom available through the MEUR 150 revolving credit facility entered into in early July
  
  

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- 30 Jun 2023 6 months	1 Apr 2023- 30 Jun 2023 3 months
Consolidated financials
Revenue	17.3	5.9
EBITDA	2.5	-2.1
Operating profit (EBIT)	-3.2	-4.8
Net result	-7.9	-7.9
Earnings per share – EUR	-0.03	-0.03
Earnings per share diluted – EUR	-0.03	-0.03
Proportionate financials1
Power generation (GWh)	378	164
Revenue	23.0	9.0
EBITDA	8.3	1.6
Operating profit (EBIT)	0.4	-2.2
Average price achieved per MWh – EUR	61	54

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 Q2 Report 2023.