Orrön Energy (ORRON) Q2 2025 earnings summary

Executive summary

• Nearly 400 MW of wind assets in Sweden and Finland, with a large greenfield pipeline in Germany and the UK; 380 MW of producing assets support long-term cash flow and growth.

• First German greenfield project (76 MW AgriPV/solar) sold for EUR 4 million, with EUR 2 million contingent on approvals.

• Seven UK projects have secured land and are advancing toward grid confirmation, with sales expected to begin in the first half of next year.

• Company remains fully funded for growth, with liquidity headroom of EUR 90–94 million and net debt of EUR 77–79.6 million.

• Financial hedges cover 40% of H2 2025 expected power generation in SE3/SE4 at EUR 52/MWh.

Financial highlights

• Q2 2025 power generation: 188 GWh at EUR 30/MWh, generating EUR 6 million in revenue; H1 2025: 439 GWh, EUR 13.8–16 million revenue, EBITDA of EUR -2 to -6.9 million.

• Ancillary services revenue for H1: nearly EUR 1 million, with MLK wind farm in Finland contributing EUR 0.8 million.

• Net debt at end Q2 2025: EUR 77–79.6 million; liquidity headroom: EUR 90–94 million.

• Achieved price per MWh for H1 2025: EUR 30–36, with a 22% capture price discount year-to-date.

• Operating expenses per MWh increased to EUR 23 from EUR 18 year-over-year.

Outlook and guidance

• 2025 power generation expected at the lower end of 900–1,050 GWh due to weather and curtailments.

• Full-year revenue guidance: EUR 31–36 million; EBITDA (excluding Sudan legal costs): EUR 3–8 million.

• Operating expense guidance increased from EUR 17 million to EUR 19 million due to higher balancing costs.

• Legal costs related to the Sudan case expected at EUR 7 million for 2025, with trial ending in Q2 2026.

• Capital expenditure guidance for 2025 is EUR 12 million, mainly for greenfield and project activities.