Orrön Energy (ORRON) Q2 2026 earnings summary

Executive summary

• Completed a transformative transaction with Cloudberry, divesting most Nordic assets (excluding Karskruv) for a 27% stake in Cloudberry and cash, significantly de-leveraging the balance sheet and becoming the largest owner in a leading Nordic IPP.

• Cloudberry ownership now represents approximately 80% of current market capitalization, with the transaction expected to close in H2 2026.

• Remaining business focuses on Karskruv wind farm and a robust European greenfield development platform, including solar, battery, and data center projects.

• The Sudan legal case trial concluded, with a verdict and potential reimbursement of EUR 76 million expected by December 2026.

• Significant project development progress in Germany, with MEUR 5.3 in project sales revenue for the period.

Financial highlights

• Q2 2026 revenue from continuing operations: EUR 6.2 million, with EUR 3.7 million from project sales (a record for the company); first half 2026 revenue: EUR 13.1 million.

• Q2 2026 EBITDA: EUR 1.1 million, including EUR 1.8 million in Sudan legal costs; EBITDA for H1 2026: EUR 2.8 million.

• Net debt at Q2: EUR 91–93.2 million, expected to drop to near zero post-Cloudberry transaction, with a EUR 50 million committed facility available.

• Power generation in H1 2026: 113 GWh, with an achieved price of EUR 70 per MWh at Karskruv.

• EBITDA margin for Q2 2026 continuing operations: approximately 18%.

Outlook and guidance

• Full-year 2026 power generation expected between 210–270 GWh, with Karskruv on track for 240–250 GWh.

• Operating expenses and G&A for continuing operations each guided at EUR 4–5 million for the year; G&A expenses MEUR 8 in one source.

• Sudan legal costs expected to total EUR 4.5 million for 2026, with a significant drop in H2.

• Capital expenditure for the year expected to reach EUR 8–11 million, focused on maturing greenfield projects.

• Transaction with Cloudberry expected to close in H2 2026, resulting in near-zero net debt.