Orrön Energy

Interim / Quarterly Report • Aug 6, 2025

Interim report January – June 2025

Highlights

• ProporƟonate power generaƟon amounted to 439 GWh for the reporƟng period, and in addiƟon, the Company had 20 GWh of compensated volumes relaƟng to ancillary services and availability warranƟes, bringing the total proporƟonate power generaƟon, including these compensated volumes, to 459 GWh.
• In July 2025, the Company completed the sale of a 76 MW solar project in Germany for a total consideraƟon of MEUR 4.0, with MEUR 2.0 paid at closing and the remaining consideraƟon conƟngent upon municipal and legislaƟve approvals.
• Reached the ready-to-permit milestone for a second solar project in Germany of 93 MW, and advanced seven largescale solar and baƩery projects in the UK towards final grid confirmaƟon under the ongoing grid reform.
• Entered into financial hedges covering approximately 40 percent of the second-half 2025 expected proporƟonate power generaƟon volumes in the SE3 and SE4 price areas at an average price of EUR 52 per MWh.
• The Company delivered in line with expenditure guidance for the reporƟng period, with the excepƟon of operaƟng expenses which were impacted by elevated balancing costs during the first half of 2025, resulƟng in an increase to the Company's full-year operaƟng expenses guidance from MEUR 17 to MEUR 19.

Consolidated financials – 6 months

• Cash flows from operaƟng acƟviƟes amounted to MEUR -3.8.

ProporƟonate financials1 – 6 months

• Achieved electricity price amounted to EUR 36 per MWh, which resulted in a proporƟonate EBITDA of MEUR -3.9.
• ProporƟonate net debt of MEUR 77.3, with significant liquidity headroom available through the MEUR 170 revolving credit facility.

Financial performance	Q2		Jan-Jun
MEUR	2025	2024	2025	2024
Revenue	4.5	4.7	13.8	17.0
EBITDA	- 6.0	4.9	- 6.9	8.0
Operating profit (EBIT)	- 10.2	1.1	- 15.4	0.1
Net result	- 11.5	7.0	- 15.5	4.4
Earnings per share – EUR	- 0.04	0.02	- 0.05	0.02
Earnings per share diluted – EUR	- 0.04	0.02	- 0.05	0.02
Alternative performance measures
Proportionate financials1
Power generation (GWh)	188	182	439	456
Average price achieved per MWh – EUR	30	31	36	42
Operating expenses per MWh – EUR	28	22	23	18
Revenue	5.7	5.6	15.8	19.1
EBITDA	- 4.3	6.7	- 3.9	11.8
Operating profit (EBIT)	- 9.3	2.0	- 14.2	2.0

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.

Reporting

All numbers and updates in this report relate to the six-month period ending 30 June 2025, unless otherwise specified. Amounts from the same period in the previous year are presented in brackets. References to "Orrön Energy" or "the Company" pertain to the Group in which Orrön Energy AB (publ) is the Parent Company or to Orrön Energy AB (publ), depending on the context.

Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials in addition to the consolidated financial reporting under IFRS 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. Proportionate financials are highlighted in grey in this report.

WORDS FROM THE CEO

During the second quarter, we conƟnued to focus on opƟmising our operaƟonal assets aiming to miƟgate the effects of market volaƟlity and increased balancing costs, while advancing our project development pipeline in Germany and the UK.

The Nordic electricity market remained challenging during the first half of 2025, with conƟnued low electricity pricing and high balancing costs impacƟng the Company's financial results. The costs related to balancing the power system have been higher than normal in 2025, largely driven by structural market reforms and increasing power generaƟon intermiƩency coupled with conƟnued low demand and we cover the background to balancing and ancillary services in the operaƟonal secƟon of this report. As a result, we need to raise our full-year guidance for operaƟng costs from MEUR 17 to MEUR 19. However, we are also seeing increased revenues from ancillary services, which we expect will conƟnue to grow and help offset this increase. The largest impact from higher balancing costs has been in Finland. To miƟgate this at our MLK windfarm, we commissioned an automated soluƟon in July designed to reduce our exposure to balancing risks and costs.

Early in the third quarter we entered into financial hedges for around 40 percent of our expected proporƟonate power generaƟon volumes in the SE3 and SE4 price areas for the second-half of 2025 at an average price of EUR 52 per MWh, which gives more certainty against market volaƟlity like we have seen in previous quarters. We also have several baƩery projects underway, which should improve our flexibility and further strengthen our resilience in the current market environment.

Our proporƟonate power generaƟon in the reporƟng period amounted to 439 GWh, and in addiƟon we received compensaƟon for 20 GWh related to ancillary services and availability warranƟes. Notwithstanding this, our forecast producƟon for 2025 is expected to be at the lower end of our outlook range, primarily due to weather condiƟons and curtailments during low-price periods.

I am really pleased to share that we closed the sale of a 76 MW solar project at the end of July, our first sale in Germany, which marks a key milestone for this business. The total consideraƟon for the sale is MEUR 4.0, comprising of MEUR 2.0, which was paid at closing, and a remaining consideraƟon of MEUR 2.0, which is conƟngent upon municipal and legislaƟve approvals, which we hope to see concluded in 2026. The sale represents a good return on invested capital, and we will see the impact from that reflected in our third quarter results. This transacƟon marks the first moneƟsaƟon from our greenfield plaƞorm and demonstrates our ability to unlock value early in the development cycle. I expect this to be the first in a series of project sales, as we conƟnue to develop and mature our greenfield pipeline.

We also made progress across the wider greenfield porƞolio, where we reached the ready-to-permit milestone for a 93 MW solar project in Germany, which is expected to enter a sales process shortly. In the UK, we are advancing seven large-scale solar and baƩery projects toward final grid confirmaƟon under the ongoing reform, with feedback expected in the second half of this year.

Financially strong during challenging markets

We remain in a strong financial posiƟon, with more than MEUR 90 of liquidity headroom, and have the ability to manage the pace of our investments as markets evolve. However, market condiƟons and increased balancing costs negaƟvely impacted our financial performance during the quarter. ProporƟonate revenues and other income for the quarter amounted to MEUR 6.0, and proporƟonate EBITDA for the quarter was MEUR -4.3. I am encouraged to see the posiƟve results from the ancillary services implemented at MLK, which has contributed addiƟonal revenues during the reporƟng period and is a key part of our strategy to improve flexibility and opƟmise producƟon and revenues on our assets.

Entering a new phase

We are now three years into our journey as a renewable energy company, and with the compleƟon of our first project sale in Germany, alongside several addiƟonal projects we plan to bring to market soon, we are entering a new phase which will further diversify and strengthen our revenue streams. Supported by a robust pipeline of greenfield projects, strong technical performance across our operaƟonal assets and a dedicated team, I am confident that we are well posiƟoned to create sustainable, long-term value for our shareholders.

I would like to once again thank our shareholders for your conƟnued support, and look forward to providing further updates during 2025.

Daniel Fitzgerald, CEO

OPERATIONAL REVIEW

Power generaƟon outlook

Orrön Energy operates a diverse porƞolio of wind power assets in the Nordics, primarily located in the SE3 and SE4 price areas in Sweden and Finland. The expected proporƟonate power generaƟon for 2025 is between 900 to 1,050 GWh, which takes into account variability in weather and includes a provision for curtailments associated with ancillary services and voluntary curtailments during periods of low electricity prices.

The proporƟonate power generaƟon amounted to 439 GWh for the reporƟng period and 188 GWh for the second quarter, and in addiƟon, the Company received compensaƟon for 20 GWh and 9 GWh, respecƟvely, related to ancillary services and availability warranƟes, bringing the total proporƟonate power generaƟon, including compensated volumes, to 459 GWh for the reporƟng period. The proporƟonate power generaƟon was impacted by lower-than-expected wind speeds, ancillary services curtailments, and voluntary curtailments during low-price periods.

Expenditure guidance

The Company delivered in line with expenditure guidance for the reporƟng period, with the excepƟon of operaƟng expenses which were impacted by elevated balancing costs in Finland and Sweden.

Full year 2025 guidance for operaƟng expenses has increased from MEUR 17 to MEUR 19, as a result of higher-than-expected balancing costs. The operaƟng expenses year-to-date, excluding the increased balancing costs, have been in line with guidance. A porƟon of the operaƟng expenses will vary based on electricity prices, power generaƟon and market condiƟons. The general and administraƟve (G&A) expense guidance is MEUR 9, and guidance for legal costs in relaƟon to the defence of the Company and its former representaƟves in the Sudan legal case is MEUR 7. The Company expects 2025 to be the final year with this level of legal costs, as the District Court trial is scheduled to finish during the second quarter of 2026. Capital expenditure guidance is MEUR 12 and mainly relates to capital allocated to greenfield and project acƟviƟes.

Expenditure guidance1	Actuals	Guidance
MEUR	Q2 2025	2025
Operating expenses	10	19
G&A expenses2	5	9
Sudan legal costs3	4	7
Capital expenditure4	6	12

1 Guidance is presented based on proportionate (net) ownership in assets and related financial results.

2 Excludes non-cash items and costs in relation to the Sudan legal case.

3 Legal costs in relation to the defence of the Company and its former representatives in the Sudan legal case. These costs are included in the G&A expenses line item in the consolidated income statement. More information about the case can be found in the section Contingent liabilities.

4 Excluding acquisitions.

Balancing electricity grids

In power markets, balancing refers to the conƟnuous process of matching electricity supply with demand in real-Ɵme to maintain the stability of the grid and ensure a reliable power supply. This involves adjusƟng generaƟon and consumpƟon to account for fluctuaƟons and unexpected changes. Balancing markets are the mechanisms used to facilitate this adjustment, oŌen involving a balancing energy market where providers offer reserves to correct imbalances.

Balancing costs refer to the expenses incurred by the system operator to maintain real-Ɵme balance between electricity supply and demand. The balancing costs are borne by the parƟes responsible for the imbalance.

Ancillary services

Ancillary services are a range of supporƟng services, including balancing, that support the reliable and stable operaƟon of the electricity grid, manage voltage and frequency within required limits, provide reserves for unexpected outages and enable safe restoraƟon of services following disrupƟon. Ancillary services are criƟcal for system reliability and are compensated through dedicated market mechanisms or contracts. Through advanced turbine controls or co-located storage, wind farms can offer services like frequency regulaƟon and reserve capacity.

380 MW

proportionate installed capacity of operational assets

Proportionate power generation per price area

ProducƟon

ProporƟonate power generaƟon amounted to 439 GWh for the reporƟng period and 188 GWh for the second quarter. In addiƟon, the Company had compensated volumes of 20 GWh and 9 GWh, respecƟvely, related to ancillary services and availability warranƟes, bringing the total proporƟonate power generaƟon, including these compensated volumes, to 459 GWh for the reporƟng period. The proporƟonate power generaƟon was impacted by lower-than-expected wind speeds, ancillary services curtailments, and voluntary curtailments during low-price periods, resulƟng in the expected 2025 producƟon forecast to be at the lower end of the outlook range.

The realised electricity price amounted to EUR 36 per MWh for the reporting period, and EUR 30 per MWh for the second quarter. Out of the realised electricity price, guarantees of origin, hedging impact and ancillary services accounted for EUR 2 per MWh for the reporting period, and EUR 4 per MWh for the second quarter. The Company is awarded and sells guarantees of origin for all of its power generation, certifying that the electricity has been produced from renewable energy sources.

The weighted average regional electricity price for the Company's proportionate power generation during the reporting period amounted to EUR 43 per MWh, and the Nordic system price averaged EUR 36 per MWh. The variance to the Company's realised electricity price is explained by 'capture price discounts', which occur when the majority of power generation takes place during periods of lower market prices relative to the average spot price.

Proportionate operating expenses amounted to MEUR 10.2 for the reporting period and MEUR 5.2 for the second quarter, coming in above guidance mainly due to increased balancing costs in Finland and Sweden, which totalled approximately MEUR 3 for the reporting period. Unit operating expenses amounted to EUR 23 per MWh for the reporting period and were impacted by the factors mentioned above, coupled with lower-thanexpected proportionate power generation volumes.

The Company is setting up its largest wind farms to provide ancillary services to the grid, to create additional revenue streams alongside traditional power generation. The Metsälamminkangas (MLK) wind farm is already providing ancillary services, contributing with MEUR 0.8 of revenues during the reporting period, and work is progressing to implement ancillary services on the Karskruv wind farm. The Company plans to qualify additional wind power assets to provide ancillary services to the market.

OperaƟonal porƞolio

The Company has a diversified portfolio consisting of ownership in around 250 operational wind turbines in more than 50 sites across the Nordics, which have an estimated long-term proportionate annual power generation of around 1,000 GWh, excluding curtailments, and a total proportionate installed capacity of around 380 MW. Around 80 percent of the operational portfolio is located in Sweden, mainly in the SE3 and SE4 price areas, while the remaining 20 percent is in Finland.

Availability warranties are in place for a majority of the Company's assets, which guarantees the availability of the turbines and gives the Company protection against downtime and outages.

In Sweden, the Company owns 100 percent of the Karskruv wind farm, which started commercial operations at the end of 2023. The Karskruv wind farm has an installed capacity of 86 MW and is in the SE4 price area.

Another large production hub for the Company in Sweden is situated at Näsudden on Gotland, which is a pioneering region for wind power in Sweden and where the Company has its operational office. The production hub consists of ownership in five wind farms, with a combined proportionate installed capacity of around 64 MW in the SE3 price area.

In Finland, the Company owns 50 percent of the MLK wind farm, which has a proportionate installed capacity of 66 MW.

Greenfield porƞolio

The Company is advancing a large-scale greenfield project portfolio across the UK, Germany and France, focused on solar and battery projects, where the strategy is to progress them to key milestones and monetise before incurring significant development costs. Within the Nordic portfolio, the Company is developing small and mid-scale greenfield projects in wind, solar and batteries, and has optionality to retain selected projects to support cost-effective production growth and strengthen the long-term asset base.

UK

In the UK, the Company is progressing a pipeline of greenfield solar and co-located battery opportunities, which includes projects at various development stages.

In the UK, two key regulatory reforms are ongoing; the Clean Power 2030 Action Plan and the grid connections reform. The grid reform aims to shorten the grid connection queue and accelerate grid access for mature projects. Meanwhile, the Clean Power 2030 Action Plan sets zonal capacity limitations for defined technologies. Under the grid reform, new grid offers will be awarded to mature projects meeting these zonal capacity limitations, which may change as UK policy continues to evolve. While this has created some uncertainty, the reformed process has been formalised, with clarity around timelines and submission procedures and the wider reform approved by the regulator. Under the reformed grid connections process, companies with existing grid connections must re-apply for a new grid connection offer. The first window to submit reapplications opened at the beginning of July, with feedback expected during the second half of 2025. The Company is currently advancing seven large-scale solar and battery projects towards final grid confirmation under this ongoing reform.

The Company continues to monitor the outcome of these reforms and aims to ensure that all projects remain well-positioned in this evolving regulatory landscape. The Company has been actively engaged in the discussion around the ongoing reforms and the current UK Government has shown strong support for solar developments, demonstrated by the approval of several large-scale projects classified as NSIPs since coming into office in 2024.

At the end of 2024, the Company reached ready-topermit for its first large-scale project in the UK, a 1.4 GW solar and 500 MW battery project located in the East Midlands, with a grid connection capacity of 1 GW export and 500 MW import. During the first quarter, the Company reached ready-to-permit on a second solar and battery project of around 600 MW. Following the first quarter, the Company has progressed additional large-scale solar and battery projects to the ready-topermit milestone, subject to the ongoing grid reform. The Company is awaiting the outcome of the grid connections reform before launching any further sales processes.

Germany

In July 2025, the Company sold its first solar project in Germany, located in Mecklenburg-Western Pomerania. The project is an agricultural solar (Agri-PV) project, allowing for dual use of the land where farming acƟviƟes conƟnue in parallel with the solar project. The project was originally planned for a capacity of 98 MW, but as part of the conƟnued development of the project towards the ready-to-build milestone, the site layout has been opƟmised to account for agricultural yield, grid capacity and economic consideraƟons, with a corresponding adjustment of project capacity to 76 MW. Agri-PV projects have numerous benefits, such as opƟmised land use, improved crop resilience, and a favourable permiƫng environment. The Company has undertaken a range of environmental studies and preplanning work and received unanimous municipality approval for the preparaƟon resoluƟon required to reach the ready-to-permit milestone, showing strong local support for the project. The project was sold for a total consideraƟon of MEUR 4.0, with MEUR 2.0 paid at closing at the end of July 2025. The conƟngent consideraƟon of MEUR 2.0 is subject to the fulfilment of two condiƟons: (i) municipal approval of the zoning plan (Satzungsbeschluss) and (ii) EU Commission approval of the German Solar Package 1 legislaƟon. The project is expected to reach ready-to-build in 2026 and to have a commercial operaƟon date in 2028.

During the second quarter, the Company reached the ready-to-permit milestone for another solar project of 93 MW in Germany. The Company is acƟvely maturing a range of addiƟonal solar and baƩery projects towards key development milestones.

France

In France, the Company has secured its first land rights and is scaling up acƟviƟes to obtain access to further land and to progress its first project towards the readyto-permit milestone.

Nordics

In the Nordics, the Company is progressing a diverse pipeline of stand-alone and co-located project opportunities with an estimated total capacity of around 1 GW. The opportunities range from early-stage projects in the screening phase, through to projects with construction permits in place moving towards investment decisions.

The Company has reached the ready-to-permit stage for about 140 MW of wind, solar and battery projects in the Nordics. During the reporting period, the Company reached the ready-to-build milestone for a 30 MW colocated battery project adjacent to one of its Swedish operational wind farms.

In Finland, the permiƫng process for the Company's most advanced wind project is ongoing, and the Company aims to reach the ready-to-build stage in 2027.

TransacƟons

Orrön Energy's strategy is to invest in renewable energy projects and pursue value accreƟve opportuniƟes in the energy transiƟon to grow and opƟmise its porƞolio.

In December 2024, the Company entered into an agreement to acquire addiƟonal ownership shares in the Storugns, Kulle and Klinte wind farms, located in the SE3 price area. The acquisiƟon adds around 7 MW of proporƟonate installed capacity, and was completed in March 2025.

In January 2025, the Company entered into agreements to increase the proporƟonate ownership in the Stugyl and Näsudden wind farms, located in the SE3 price area. These acquisiƟons add around 1 MW of proporƟonate installed capacity.

Between January and March 2025, the Company acquired addiƟonal shares in SläƩens Vind AB (publ), a company with wind farms in the SE3 price area, leading to an ownership of around 27 percent at the end of the reporƟng period.

In March 2025, the Company acquired addiƟonal ownership shares in the wind farm Kulle, located in the SE3 price area, adding around 1 MW of proporƟonate installed capacity.

Orrön Energy – Q2 2025

In May 2025, the Company entered into an agreement to acquire ownership of previously leased turbines totalling 11 MW of installed capacity at the Näsudden hub, enabling the Company to extend power generaƟon and undertake life-extension acƟviƟes.

In July 2025, the Company entered into an agreement to sell its 100 percent interest in the company owning a 76 MW solar project in Germany. The total consideraƟon amounts to MEUR 4, comprising a consideraƟon of MEUR 2.0 paid at closing, with the remaining consideraƟon conƟngent upon municipal and legislaƟve approvals. The transacƟon completed at the end of July 2025.

SUSTAINABILITY

Sustainability is at the core of Orrön Energy's business as a pure play renewables company and consƟtutes an important cornerstone of the Company's long-term shareholder value creaƟon.

EU Taxonomy alignment

ContribuƟng to the energy transiƟon

Climate change is one of the biggest challenges of our Ɵme, and the transiƟon to energy sources with lower greenhouse gas emissions to limit global warming and achieve global climate targets is well underway. The energy transiƟon will require a substanƟal increase in renewable energy generaƟon, with wind and solar power playing a criƟcal role in achieving these goals. Due to the intermiƩency of renewable energy, energy storage also plays an important role in the energy transiƟon, due to its ability to balance supply and demand in power systems. These technologies form a core part of Orrön Energy's business model and commitment to conƟnue invesƟng in renewable energy and technologies to help drive the energy transiƟon.

EU Taxonomy alignment

In 2024, the Company assessed its operaƟonal assets, greenfield porƞolio, and economic acƟviƟes in line with the EU Taxonomy. The Company achieved 100 percent EU Taxonomy alignment of its operaƟng expenses and turnover, and 95 percent alignment of its capital expenditure. The remaining 5 percent of capital expenditure was assessed as eligible, but not aligned, with the EU Taxonomy. Further details can be found in the Company's Annual and Sustainability Report 2024.

Environmental impact and biodiversity protecƟon

Orrön Energy is commiƩed to responsible environmental management across all areas of its operaƟons. The Company works proacƟvely to minimise its environmental footprint and safeguard biodiversity through clearly defined policies, procedures, and project-specific measures to uphold high environmental and biodiversity standards. Regular monitoring and reporƟng are in place, with site-specific measures to monitor environmental performance, manage potenƟal impacts, and ensure that the Company's operaƟons do not harm the environment or local ecosystems.

In the UK, the Company is developing large-scale greenfield projects that target a minimum of 10 percent biodiversity net gain. This approach ensures that each project will result in a measurable improvement in biodiversity, going beyond simply miƟgaƟng environmental impact to creaƟng posiƟve ecological outcomes that benefit wildlife, habitats, and overall ecosystem health.

A Sustainable Approach

Orrön Energy strives to foster a culture of integrity, responsibility, and sustainability throughout its operaƟons. The Company's Code of Conduct reflects this commitment, guiding employees, contractors, and business partners to act ethically and responsibly. It plays an important role in shaping expectaƟons across the business and the wider value chain. The Code of Conduct, which is publicly available on the Company's website, is supported by policies and procedures covering key areas such as human rights, whistleblowing, cybersecurity, compeƟƟon, tax, anƟ-corrupƟon, anƟfraud, and anƟ-money laundering.

Strong ESG performance

In July 2025, the Company received an ESG raƟng from SustainalyƟcs, one of the world's leading ESG raƟng agencies, with an ESG-raƟng of 19.2, well above the global industry average and placing Orrön Energy in the "low risk" category. This acknowledgment highlights Orrön Energy's dedicaƟon to maintaining high standards in environmental, social, and governance performance. In addiƟon, the Company has received a Prime RaƟng from ISS for its ESG performance.

ProtecƟng the health and safety of people and the environment remains a top priority and the Company has procedures in place to idenƟfy and manage risks, supported by clear processes for reporƟng and invesƟgaƟng incidents. No recordable health and safety or environmental incidents were reported during the reporƟng period.

FINANCIAL REVIEW

Changes in the Group

In April 2024, the Company entered into an agreement to sell its 50 percent interest in the company owning the Leikanger hydropower plant for an enterprise value of MNOK 613, approximately MEUR 53, to the existing partner Sognekraft. The transaction generated an accounting profit for the Group of MEUR 10.9, which was recognised in the second quarter of 2024 as other income.

Revenue and results

EBITDA for the reporting period amounted to MEUR -6.9 compared to MEUR 8.0 in the same period the previous year.

Revenue and other income

Revenue for the reporting period amounted to MEUR 13.8 (MEUR 17.0) and was impacted by lower realised prices and lower power generation volumes compared to the same period the previous year. The lower volumes were mainly due to voluntary curtailments during low-price periods.

Operating expenses

Operating expenses amounted to MEUR 8.4 (MEUR 7.2) for the reporting period and were impacted by higher balancing costs compared to the same period the previous year. The comparative period was impacted by grid compensation benefits and insurance reimbursements, which reduced the operating expenses.

General and administration expenses

General and administration expenses amounted to MEUR 9.9 (MEUR 10.5) for the reporting period, including MEUR 3.6 (MEUR 4.0) for legal and other fees incurred for the defence of the Company and its former representatives in the Sudan legal case. A non-cash expense of MEUR 1.8 (MEUR 1.6) relating to long-term incentive plans is part of the overall general and administration expenses recorded during the reporting period.

Share in result from associates and joint ventures

Share in result from associates and joint ventures amounted to MEUR -2.7 (MEUR -2.2) for the reporting period and is detailed in note 2. Orrön Energy's portion of the results in the 50 percent owned joint venture MLK wind farm amounted to MEUR -2.8 (MEUR -2.1) and the share in result from other associates and joint ventures amounted to MEUR 0.1 (MEUR -0.1).

Associates and joint ventures are consolidated through the equity method and the net result of these entities is therefore recognised as a single line item in the income statement.

Net financial items

Finance income amounted to MEUR 1.3 (MEUR 3.0) for the reporting period and is detailed in note 3. Finance

income included a net foreign exchange gain of MEUR 0.2 (MEUR -0.7 loss). Foreign exchange movements occur on the settlement of transactions denominated in foreign currencies and the revaluation of working capital and loan balances to the prevailing exchange rate at the balance sheet date, where those monetary assets and liabilities are held in currencies other than the functional currencies of the Group's entities. Orrön Energy is exposed to exchange rate fluctuations relating to the relationship between Euro and other currencies. The net foreign exchange gain was a result of the strengthening of the SEK against the Euro during the reporting period and related mainly to the revaluation of external loans and intercompany loan balances, denominated in other currencies than the functional currency of the Group company providing the financing. Interest income of MEUR 1.1 (MEUR 3.0) related to loans to joint ventures.

Finance costs amounted to MEUR 2.5 (MEUR 4.2) for the reporting period and are detailed in Note 4. Interest expenses amounted to MEUR 2.0 (MEUR 2.9) and related to the Group's external loans. Other finance costs amounted to MEUR 0.5 (MEUR 0.6) and represented mainly fees and other costs in relation to the Company's revolving credit facility.

Income tax

Income tax represenƟng a net income amounted to MEUR 1.1 (MEUR 5.5) for the reporƟng period and is detailed in Note 5. This amount was mainly comprised of a deferred tax income relaƟng to a reducƟon of accelerated depreciaƟon allowances booked in Sweden.

The Group operates in various countries and fiscal regimes where corporate income tax rates are different from the regulations in Sweden. Corporate income tax rates for the Group vary between 14.7 and 29.9 percent for the business in 2025.

Cash flow and investments

Cash flows from operating activities

Net cash flows from operating activities amounted to MEUR -3.8 (MEUR 1.4) for the reporting period.

Cash flows from investing activities

Cash flows from investing activities amounted to MEUR -9.4 (MEUR 44.1) for the reporting period. This included investments in the renewable energy business of MEUR -9.7 (MEUR -4.3), which mainly represented additional shares in existing wind farms and investments in the Company's greenfield portfolio. The comparative period was impacted by proceeds from the sale of the Leikanger hydropower plant of MEUR 28.9 and the repayment of a loan provided to Leikanger Kraft of MEUR 20.2 which was reimbursed in connection with the sale.

Cash flows from financing activities

Cash flows from financing acƟviƟes amounted to MEUR 11.3 (MEUR -51.0) for the reporƟng period and represented a net draw down of the credit facility of MEUR 11.5 (MEUR -50.7) and a repayment of MEUR -0.6 (MEUR –) of a loan held by a subsidiary.

Financing and liquidity

The Company has secured a three-year revolving credit facility, established in July 2023, totalling MEUR 170, with a floating interest rate set at 1.8 percent above the reference rate for the borrowed currency. Due to a temporary situation in which the Company did not meet one of its covenant requirements, the lenders granted a waiver in the second quarter of 2025 until 31 March 2026. As part of the waiver terms, the interest margin was increased to 2.05 percentage points above the reference rate.

Interest-bearing loans and borrowings amounted to MEUR 95.2 compared to MEUR 83.6 at year-end 2024 and related mainly to an outstanding loan of MEUR 93.8, compared to MEUR 81.7 at year-end 2024, which has been drawn under the Group's revolving credit facility. Interest-bearing loans and borrowings also included a long-term loan taken up by a subsidiary of MEUR 1.4 compared to MEUR 1.9 at year-end 2024.

The Company's net debt amounted to MEUR 79.6 compared to MEUR 66.6 at year-end 2024.

Other current financial liabilities amounted to MEUR 0.5 compared to MEUR 0.6 at year-end 2024 and related to a short-term loan, with less than twelve months maturity, which is held by a subsidiary.

Cash and cash equivalents amounted to MEUR 16.1 compared to MEUR 17.6 at year-end 2024.

To mitigate short-term price exposure, the Company has entered into financial baseload power price hedges covering approximately 40 percent of the second-half 2025 expected proportionate power generation volumes in the SE3 and SE4 price areas in Sweden, as outlined in the table below.

Power price hedges	Q3 2025	Q4 2025
Price area SE3
GWh	21	32
EUR per MWh	33	55
Price area SE4
GWh	28	46
EUR per MWh	44	64

Subsequent events

In July 2025, the Company entered into an agreement to sell its 100 percent interest in the company owning a 76 MW solar project in Germany. The total consideraƟon amounts to MEUR 4.0, comprising a consideraƟon of MEUR 2.0 paid at closing, with the remaining consideraƟon conƟngent upon municipal and legislaƟve approvals. The transacƟon completed at the end of July 2025.

ProporƟonate financials

In addiƟon to the consolidated financial reporƟng in line with IFRS, the Group provides proporƟonate financial reporƟng, which forms part of the alternaƟve performance measures that the Group presents. ProporƟonate reporƟng is aligned with the Group's internal management reporƟng, analysis and decision making.

ProporƟonate financials represent Orrön Energy's proporƟonate share of all the enƟƟes in which the Group holds an ownership. This is different to the consolidated financial reporƟng under IFRS, where the results from enƟƟes in which the Group holds an ownership of 50 percent or less are not fully consolidated but instead reported on one line, as share in result from associates and joint ventures. All enƟƟes in which the Group holds an ownership of more than 50 percent are fully consolidated in the financial reporƟng presented under IFRS.

Proportionate financials

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
Power generation (GWh)	188	182	439	456	907
Average price achieved per MWh – EUR	30	31	36	42	34
Operating expenses per MWh – EUR	28	22	23	18	17
Revenue	5.7	5.6	15.8	19.1	30.7
Other income	0.3	10.8	0.4	11.2	11.4
Operating expenses	- 5.2	- 4.0	- 10.2	- 8.0	- 15.3
G&A expenses1	- 5.1	- 5.7	- 9.9	- 10.5	- 19.8
EBITDA	- 4.3	6.7	- 3.9	11.8	7.0
Depreciation	- 5.0	- 4.7	- 10.3	- 9.8	- 19.9
Operating profit/loss (EBIT)	- 9.3	2.0	- 14.2	2.0	- 12.9

1 Includes legal and other fees of MEUR 3.6 (MEUR 4.0) incurred for the defence of the Company and its former representatives in the Sudan legal case and a non-cash expense for long-term incentive plans of MEUR 1.8 (MEUR 1.6) for the reporting period.

Proportionate revenue and other income

Proportionate revenue amounted to MEUR 15.8 (MEUR 19.1) for the reporting period and was primarily impacted by lower realised prices and to a lesser extent lower power generation volumes compared to the same period the previous year. Revenues from ancillary services amounted to MEUR 0.8 (MEUR –) during the reporting period.

Proportionate operating expenses

Proportionate operating expenses amounted to MEUR 10.2 (MEUR 8.0) and were mainly impacted by higher balancing costs compared to the same period the previous year. The comparative period was impacted by grid compensation benefits and insurance reimbursements, which reduced the operating expenses.

Other informaƟon

Parent company

The business of the Parent Company is to invest in and manage operations within the renewable energy sector as of 1 July 2022.

The Parent Company reported a net result of MSEK -69.3 (MSEK 41.6) for the reporting period.

General and administration expenses amounted to MSEK 89.4 (MSEK 100.9), out of which MSEK 39.9 (MSEK 46.0) related to legal fees and other costs incurred for the defence of the Company and its former representatives in the Sudan legal case.

ConƟngent liabiliƟes

In November 2021, the Swedish Prosecution Authority brought criminal charges against former representatives of the Company in relation to past operations in Sudan from 1999 to 2003. The charges also included claims against the Company for a corporate fine of MSEK 3.0 and forfeiture of economic benefits of MSEK 2,381.3, which according to the Swedish Prosecution Authority represents the value of the gain of MSEK 720.1 that the Company made on the sale of an asset in 2003. The Company refutes that there are any grounds for allegations of wrongdoing by any of its former representatives and sees no circumstance in which a corporate fine or forfeiture could become payable. The claim for forfeiture of economic benefits was increased from MSEK 1,391.8 by the Swedish Prosecution Authority in August 2023. This latest increase to the claimed forfeiture amount means that the Prosecutor has presented three completely different amounts, based on three different methodologies, over the past six years, raising serious questions about the substance and credibility of the Prosecutor's claim. It is obvious that the methodology used by the Prosecutor to arrive at the claimed forfeiture amount is fundamentally flawed, leading to an unreasonable forfeiture claim which has no basis in law and is highly speculative. Any potential corporate fine or forfeiture of economic benefits would only be imposed after an adverse final conclusion of the case against former representatives of the Company. The trial at the Stockholm District Court started in September 2023 and is scheduled to finish during the second quarter 2026. The Company considers this to be a contingent liability and therefore no provision has been recognised.

As part of the IPC spin-off that was completed on 24 April 2017, the Company had indemnified IPC for certain legal proceedings related to the period before the spinoff concerning Indonesian land and building tax assessed for the fiscal years 2012 and 2013. The legal proceedings have been concluded for the fiscal year 2012 and did not lead to any liability for IPC, nor the Company. In early 2024, the Company acquired the entity subject to the claim for 2013 from IPC and the indemnity to IPC was extinguished. In October 2024, the legal proceedings were concluded for the fiscal year 2013 and the Supreme Court dismissed the appeal. The Group has not

recognised any provision in relation hereto as it does not believe it is probable that the judgement will lead to any outflow of resources for the Group. In June 2025, the entity subject to the claim was liquidated.

A portion of the Company's past operations were held through a Canadian holding structure when acquired in 2006. The tax filings in Canada since 2006 in relation to both corporate income tax and withholding tax were under review by the Canadian Tax Office. All tax has been paid in relation to these tax filings and no provision has been recognised. The Canadian Tax Office has now concluded the review in line with the Company's position.

Share data

Share capital

At the balance sheet date, the Company's issued share capital amounted to SEK 3,478,713 represented by 285,905,187 shares with a quota value of SEK 0.01 each (rounded off).

In 2024, the number of shares and votes in the Company decreased following the retirement of 19,427 of the Company's own shares as resolved upon during an Extraordinary General Meeting (EGM) held on 7 August 2024. The shares were received as a result of a legacy corporate transaction, and the acquisition value of these shares was nil. A resolution to reduce the share capital by SEK 236.36 through retirement of these shares was approved by the EGM. The purpose of the reduction of the share capital was allocation to unrestricted equity. The EGM further resolved to increase the share capital by SEK 236.36. No new shares were issued in connection with the increase of the share capital. The amount by which the share capital was increased was transferred to the share capital from unrestricted equity.

Dividend

The 2025 AGM resolved that no dividend will be paid to the shareholders for the financial year 2024.

RemuneraƟon

The Policy on Remuneration and details of long-term incentive plans ("LTIP") are provided on www.orron.com.

Employee LTIPs

Long-term share-related incentive plans in the form of share option plans for Group management and other employees were approved by the 2022 EGM, the 2023 and 2024 AGMs ("Employee LTIPs"), all aimed at aligning the interests of members of Group management and other employees with those of shareholders while offering competitive, market-aligned rewards for a growth-focused business. Designed to emphasise strong shareholder returns, the Employee LTIPs also reflect the Company's entrepreneurial and growth-oriented nature. Given that renewable energy projects require long time to mature and ultimately crystallise value, the Employee LTIPs have also been designed to incentivise decision

making to support long-term value creation, which is being reflected in the length of the exercise and vesting periods.

A new long-term, performance-based incentive plan for Group management and key employees was approved by the 2025 AGM ("LTIP 2025"), and the primary objectives of this new plan are fully aligned with the previous Employee LTIPs to ensure continuity in rewarding performance and commitment, while still ensuring a strong link between performance and shareholder value. Under LTIP 2025, participants will be eligible to receive shares in the Company, provided they maintain continuous employment and meet specific performance conditions over a three-year period. Vesting will occur over three years with performance conditions measured during the period between 1 January and 31 March in the year of award and vesting, respectively. The proposed plan's performance conditions are based on the Company's relative Total Shareholder Return measured against a peer group of companies with a 75 percent weighting, and Strategic Performance Conditions tied to the Company's longterm strategy with a 25 percent weighting.

In order to secure the Company's obligations under the outstanding LTIPs, the Company has issued 20,160,000 warrants in total under series 2022:2, 2024:1, 2024:2 as resolved by the 2022 EGM and 2024 AGM, respectively. The 2025 AGM resolved to issue 5,450,000 warrants

under series 2025:1. Additionally, the Company maintains an option to deliver shares to participants under an equity swap arrangement with a third party. Under this arrangement, the third party, acting in its own name, has the right to acquire and transfer shares, including to the participants, as resolved by the 2023 AGM.

The Employee LTIPs 2022, 2023 and 2024 are described in detail in Note 21 on page 62 of the 2024 Annual and Sustainability Report and on page 3 and 4 of the 2024 Remuneration Report. Further information on the LTIP 2025 can be found in the 2025 AGM materials available on www.orron.com.

Board LTIP

The 2022 EGM resolved to approve a one-off long-term share-related incentive plan for members of the Board ("Board LTIP 2022") in the form of a share option plan.

The Company has secured its obligations under the Board LTIP 2022 by entering into an equity swap arrangement with a third party, whereby the third party in its own name shall be entitled to acquire and transfer shares, including to the participants, in accordance with the plan.

The Board LTIP is described in detail in Note 21 on page 62 of the 2024 Annual and Sustainability Report and on page 6 of the 2024 Remuneration Report.

Exchange rates

	30 Jun	30 Jun	31 Dec
	2025	2024	2024
1 EUR equals SEK
Average	11.0933	11.3889	11.4309
Period end	11.1465	11.3595	11.4590
1 EUR equals GBP
Average	0.8423	0.8546	0.8466
Period end	0.8555	0.8464	0.8292
1 EUR equals CHF
Average	0.9414	0.9616	0.9526
Period end	0.9347	0.9634	0.9412

Board Assurance and Auditor's Review report

The Board of Directors and the CEO certify that the financial report for the six months ended 30 June 2025 gives a fair view of the performance of the business, position and profit or loss of the Company and the Group, and describes the principal risks and uncertainties that the Company and the companies in the Group face.

Stockholm, 6 August 2025

Grace Reksten Skaugen Chair

Peggy Bruzelius Board Member

William Lundin Board Member

Mike Nicholson Board Member

Richard Ollerhead Board Member

Jakob Thomasen Board Member

Daniel Fitzgerald CEO

Auditor's Review report

Orrön Energy AB (publ), corporate identity number 556610-8055 To the Board of Directors of Orrön Energy AB (publ)

Introduction

We have reviewed the condensed interim report for Orrön Energy AB (publ) as at June 30, 2025 and for the six months period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material aspects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.

Stockholm, 6 August 2025 Ernst & Young AB

Anders Kriström Authorized Public Accountant Lead Partner

Consolidated income statement

		Q2		Jan-Jun		Full year
MEUR	Note	2025	2024	2025	2024	2024
Revenue		4.5	4.7	13.8	17.0	25.7
Other income		0.1	10.8	0.3	10.9	11.0
Operating expenses		- 3.8	- 3.3	- 8.4	- 7.2	- 12.5
General and administration expenses		- 5.0	- 5.7	- 9.9	- 10.5	- 19.8
Depreciation		- 4.2	- 3.8	- 8.5	- 7.9	- 15.9
Share in result of associates and joint ventures	2	- 1.8	- 1.6	- 2.7	- 2.2	- 6.0
Operating profit/loss		- 10.2	1.1	- 15.4	0.1	- 17.5
Finance income	3	- 1.0	1.4	1.3	3.0	5.3
Finance costs	4	- 1.2	- 0.8	- 2.5	- 4.2	- 7.1
Net financial items		- 2.2	0.6	- 1.2	- 1.2	- 1.8
Profit/loss before income tax		- 12.4	1.7	- 16.6	- 1.1	- 19.3
Income tax	5	0.9	5.3	1.1	5.5	6.0
Net result		- 11.5	7.0	- 15.5	4.4	- 13.3
Attributable to
Shareholders of the Parent company		- 11.4	6.7	- 15.5	4.3	- 13.4
Non-controlling interest		- 0.1	0.3	-	0.1	0.1
Earnings per share – EUR1		- 0.04	0.02	- 0.05	0.02	- 0.05
Earnings per share diluted – EUR1		- 0.04	0.02	- 0.05	0.02	- 0.05

1 Based on net result attributable to shareholders of the Parent company.

Consolidated statement of comprehensive income

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
Net result	- 11.5	7.0	- 15.5	4.4	- 13.3
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences foreign operations	- 3.5	4.6	4.6	- 2.3	- 4.4
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments	-	0.4	0.1	0.4	0.4
Other comprehensive income, net of tax	- 3.5	5.0 -	4.7	- 1.9	- 4.0 -
Total comprehensive income	- 15.0	12.0 -	- 10.8	2.5	- 17.3
Attributable to
Shareholders of the Parent company	- 14.9	11.7	- 10.8	2.4	- 17.4
Non-controlling interest	- 0.1	0.3	-	0.1	0.1

Consolidated balance sheet

		30 Jun	30 Jun	31 Dec
MEUR	Note	2025	2024	2024
ASSETS
Non-current assets
Intangible assets		0.2	-	0.1
Property, plant and equipment		281.1	284.3	281.3
Investment in associates and joint ventures		39.0	15.1	41.0
Deferred tax assets		42.1	38.4	40.2
Other non-current financial assets	8	46.8	74.9	46.7
		409.2	412.7	409.3
Current assets
Other current assets		3.2	4.1	6.3
Trade receivables	8	0.3	0.7	0.5
Other current financial assets	8	21.4	10.5	14.5
Cash and cash equivalents	8	16.1	16.0	17.6
		41.0	31.3	38.9
TOTAL ASSETS		450.2	444.0	448.2
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent		327.8	355.0	336.7
Non-controlling interests		2.5	2.6	2.7
		330.3	357.6	339.4
Non-current liabilities
Interest-bearing loans and borrowings	8	95.2	62.8	83.6
Deferred tax liability		11.4	9.8	11.4
Provisions		2.2	3.1	2.1
		108.8	75.7	97.1
Current liabilities
Trade and other payables	8	10.5	10.1	11.0
Current tax liabilities		0.1	-	0.1
Other current financial liabilities	8	0.5	0.6	0.6
		11.1	10.7	11.7
TOTAL LIABILITIES		119.9	86.4	108.8
TOTAL EQUITY AND LIABILITIES		450.2	444.0	448.2

Consolidated statement of cash flows

		Q2		Jan-Jun		Full year
MEUR	Note	2025	2024	2025	2024	2024
Cash flows from operating activities
Net result		- 11.5	7.0 -	- 15.5	4.4 -	- 13.3
Items not included in the cash flow	9	7.5	- 10.8	12.1	- 3.9	9.7
Interest received		-	2.5	-	3.7	4.2
Interest paid		- 1.2	- 2.6	- 2.4	- 4.2	- 6.7
Distributions received		-	0.2	-	0.2	0.2
Distributions paid to non-controlling interest		-	- 0.2	-	- 0.2	- 0.3
Changes in working capital		0.8	2.3	2.0	1.4	- 0.1
Cash flows from operating activities		- 4.4	- 1.6	- 3.8	1.4	- 6.3
Cash flows from investing activities
Investment in renewable energy business1		- 5.6	- 2.4	- 9.7	- 4.3	- 15.0
Acquisition of subsidiary net of cash		-	- 0.5	-	- 0.5	- 0.1
Investment in other financial fixed assets		-	- 0.6	-	- 0.6	-
Investment in associated companies		-	-	- 0.2	-	- 1.8
Proceeds from equity investments		0.4	0.4	0.4	0.4	0.4
Proceeds from sale of joint venture		0.1	28.9	0.1	28.9	28.9
Repayment of loan from joint venture		-	20.2	-	20.2	20.2
Cash flows from investing activities		- 5.1	46.0	- 9.4	44.1	32.6
Cash flows from financing activities
Net drawdown/repayment of credit facility		6.6	- 47.3	11.5	- 50.7	- 29.8
Distributions paid to non-controlling interest		- 0.2	-	- 0.2	-	-
Financing fees paid		-	-	-	- 0.3	- 0.3
Cash flows from financing activities		6.4	- 47.3	11.3	- 51.0	- 30.1
Change in cash and cash equivalents		- 3.1	- 2.9	- 1.9	- 5.5	- 3.8
Cash and cash equivalents, beginning of the period		19.4	18.7	17.6	21.8	21.8
Exchange differences in cash and cash equivalents		- 0.2	0.2	0.4	- 0.3	- 0.4
Cash and cash equivalents, end of the period		16.1	16.0	16.1	16.0	17.6

1Includes acquisitions of renewable energy assets and funding of joint ventures.

Consolidated statement of changes in equity

Attributable to owners of the Parent Company

		Additional
	Share	paid-in	Retained		Non	Total
	capital	capital/Other	earnings	Total	controlling interest	equity
		reserves
MEUR
1 Jan 2024	0.4	318.3	31.8	350.5	2.9	353.4
Comprehensive income
Net result	-	-	4.3	4.3	0.1	4.4
Other comprehensive income	-	- 1.9	-	- 1.9	-	- 1.9
Total comprehensive income	-	- 1.9	4.3	2.4	0.1	2.5
Transactions with owners
Non-controlling interests	-	-	-	-	- 0.2	- 0.2
Share based payments	-	1.5	-	1.5	-	1.5
Other	-	-	0.4	0.4	-	0.4
Total transactions with owners	-	1.5	0.4	1.9	- 0.2	1.7
30 Jun 2024	0.4	317.9	36.5	354.8	2.8	357.6
Comprehensive income
Net result	-	-	- 17.7	- 17.7	-	- 17.7
Other comprehensive income	-	- 2.1	-	- 2.1	-	- 2.1
Total comprehensive income	-	- 2.1	- 17.7	- 19.8	-	- 19.8
Transactions with owners
Non-controlling interests	-	-	-	-	- 0.1	- 0.1
Share based payments	-	1.9	-	1.9	-	1.9
Other	-	-	- 0.2	- 0.2	-	- 0.2
Total transactions with owners	-	1.9	- 0.2	1.7	- 0.1	1.6
31 Dec 2024	0.4	317.7	18.6	336.7	2.7	339.4
1 Jan 2025	0.4	317.7	18.6	336.7	2.7	339.4
Comprehensive income
Net result	-	-	- 15.5	- 15.5	-	- 15.5
Other comprehensive income	-	4.7	-	4.7	-	4.7
Total comprehensive income	-	4.7	- 15.5	- 10.8	-	- 10.8
Transactions with owners
Non-controlling interests	-	-	-	-	- 0.2	- 0.2
Share based payments	-	1.9	-	1.9	-	1.9
Total transactions with owners	-	1.9	-	1.9	- 0.2	1.7
30 Jun 2025	0.4	324.3	3.1	327.8	2.5	330.3

Note 1 – Accounting policies

This interim report has been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.

The accounting policies adopted are in all other aspects consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2024.

The financial reporting of the Parent Company has been prepared in accordance with accounting principles generally accepted in Sweden, applying RFR 2 Reporting for legal entities, issued by the Swedish Financial Reporting Board and the Annual Accounts Act (SFS 1995:1554).

The Parent Company's financial information is reported in Swedish krona.

Note 2 – Share in result of associates and joint ventures

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
Metsälamminkangas Wind Oy (50%)	- 1.7	- 1.6	- 2.8	- 2.1	- 5.8
Other	- 0.1	-	0.1	- 0.1	- 0.2
	- 1.8	- 1.6 -	- 2.7	- 2.2	- 6.0

Note 3 – Finance income

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
Foreign currency exchange gain, net	- 1.5	-	0.2	-	-
Interest income	0.5	1.4	1.1	3.0	5.3
	- 1.0	1.4 -	1.3	3.0	5.3

Note 4 – Finance costs

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
Foreign currency exchange loss, net	-	- 0.7	-	0.7	0.8
Interest expense	1.0	1.2	2.0	2.9	4.9
Other	0.2	0.3	0.5	0.6	1.4
	1.2	0.8 -	2.5	4.2	7.1

Note 5 – Income tax

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
Current tax	-	-	-	-	- 0.1
Deferred tax	0.9	5.3	1.1	5.5	6.1
	0.9	5.3 -	1.1	5.5	6.0

Note 6 – Related party transactions

Orrön Energy recognises the following related parties: associated companies, jointly controlled entities, key management personnel and members of their close family or other parties that are partly, directly or indirectly controlled by key management personnel or of its family or of any individual that controls, or has joint control or significant influence over the entity.

During the reporting period, the Group has entered into material transactions with related parties on a commercial basis including the transactions described below.

At the balance sheet date, the Group had an outstanding loan receivable on associates and joint ventures of MEUR 46.8, which amounted to MEUR 46.4 at year-end 2024 and related to MLK. Interest income on loans to associates and joint ventures of MEUR 3.3 (MEUR 1.6) was recognised during the reporting period.

Note 7 – Risks and risk management

Orrön Energy pursues a business that is exposed to changes in energy prices, which in turn are dependent on macroeconomic factors and geopolitical conditions. The Company's operations have an impact on the surrounding environment and operational processes are associated with occupational health and safety risks.

Risks and risk management are described in the 2024 Annual and Sustainability Report on pages 21–23 and are in all material aspects unchanged. Additional information on financial risks and information on how Orrön Energy manages these risks, including liquidity, credit and market risks are addressed in note 8 to the consolidated financial statements in the 2024 Annual and Sustainability Report.

Orrön Energy places risk management responsibility at all levels within the Company to continually identify, understand and manage threats and opportunities affecting the business. This enables the Company to make informed decisions and to prioritise control activities and resources to deal effectively with any potential threats and opportunities.

		30 Jun	30 Jun	31 Dec
MEUR	Level	2025	2024	2024
Financial assets
Financial assets at amortised cost
Other non-current financial assets	2	46.8	74.9	46.7
Trade receivables		0.3	0.7	0.5
Other current financial assets1		21.4	10.1	14.1
Cash and cash equivalents		16.1	16.0	17.6
		84.6	101.7	78.9
Financial assets at fair value through profit or loss
Other current financial assets1 – Derivative financial instruments	2	-	-	-
		-	-	-
Financial assets at fair value through other comprehensive income
Other current financial assets1 – Equity securities	2	-	0.4	0.4
		-	0.4	0.4
Financial liabilities
Financial liabilities at amortised cost
Interest-bearing loans and borrowings		95.2	62.8	83.6
Trade and other payables		10.5	10.1	11.0
Other current financial liabilities		0.5	0.6	0.6
		106.2	73.5	95.2
Financial liabilities at fair value through profit or loss
Other current financial liabilities – Derivative financial instruments	2	-	-	-
		-	-	-

Note 8 – Financial instruments

1 Other current financial assets on the face of the balance sheet are divided in this table in financial assets at amortised cost, financial assets at fair value through profit and loss and financial assets at fair value through other comprehensive income.

Note 9 – Supplementary information to the statement of cash flows

The consolidated statement of cash flows is prepared in accordance with the indirect method.

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
Depreciation	4.3	3.8	8.5	7.9	15.9
Current tax	-	-	-	-	0.1
Deferred tax	- 1.0	- 5.4	- 1.2	- 5.6	- 6.1
Long-term incentive plans	1.0	0.8	1.8	1.6	3.4
Foreign currency exchange gain/loss	0.7	- 0.8	- 1.0	0.5	0.6
Amortisation of deferred financing fees	0.1	0.1	0.2	0.2	0.4
Interest income	- 0.5	- 1.4	- 1.1	- 3.0	- 5.3
Interest expense	1.1	1.4	2.2	3.2	5.5
Unwinding of site restoration discount	-	-	-	-	0.1
Result from associated companies and joint ventures	1.8	1.6	2.7	2.2	6.0
Profit from sale of joint venture	-	- 10.9	-	- 10.9	- 10.9
	7.5	- 10.8 -	12.1	- 3.9	9.7

Parent company income statement

		Q2	Jan-Jun	Full year
MSEK	2025	2024	2025	2024	2024
Revenue	13.4	9.4	21.7	19.6	43.8
General and administration expenses	- 45.7	- 50.8	- 89.4	- 100.9	- 187.9
Operating profit/loss	- 32.3	- 41.4	- 67.7	- 81.3	- 144.1
Finance income	- 0.3	125.2	0.8	125.6	125.6
Finance costs	- 1.4	- 1.8	- 2.4	- 2.7	- 4.1
Net financial items	- 1.7	123.4	- 1.6	122.9	121.5
Profit/loss before income tax	- 34.0	82.0	- 69.3	41.6	- 22.6
Income tax	-	-	-	-	-
Net result	- 34.0	82.0	- 69.3	41.6	- 22.6

Parent company comprehensive income statement

	Q2		Jan-Jun		Full year
MSEK	2025	2024	2025	2024	2024
Net result	- 34.0	82.0 -	- 69.3	41.6	- 22.6 -
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments	0.4	5.1	0.8	5.1	4.0
Total comprehensive income	- 33.6	87.1 -	- 68.5	46.7	- 18.6
Attributable to
Shareholders of the Parent company	- 33.6	87.1 -	- 68.5	46.7	- 18.6 -

Parent company balance sheet

	30 Jun	30 Jun	31 Dec
MSEK	2025	2024	2024
ASSETS
Non-current assets
Shares in subsidiaries	3,780.8	3,780.8	3,780.8
Other tangible fixed assets	-	0.1	-
Deferred tax assets	436.0	436.0	436.0
	4,216.8	4,216.9	4,216.8
Current assets
Receivables	9.0	4.9	6.6
Other financial assets	-	5.1	4.0
Cash and cash equivalents	110.6	104.5	102.2
	119.6	114.5	112.8
TOTAL ASSETS	4,336.4	4,331.4	4,329.6
EQUITY AND LIABILITIES
Equity
Shareholders' equity including net result for the period	4,168.6	4,296.7	4,234.6
	4,168.6	4,296.7	4,234.6
Non-current liabilities
Interest-bearing loans and borrowings	130.0	-	47.3
	130.0	-	47.3
Current liabilities
Other liabilities	37.8	34.7	47.7
	37.8	34.7	47.7
TOTAL LIABILITIES	167.8	34.7	95.0
TOTAL EQUITY AND LIABILITIES	4,336.4	4,331.4	4,329.6

Parent company statement of cash flows

	Q2		Jan-Jun		Full year
MSEK	2025	2024	2025	2024	2024
Cash flows from operating activities
Net result	- 34.0	82.0 -	- 69.3	41.6	- 22.6 -
Items not included in the cash flow	1.1	- 122.2	1.6	- 119.8	- 115.6
Changes in working capital	5.4	- 6.6	- 11.3	- 1.3	9.1
Cash flows from operating activities	- 27.5	- 46.8	- 79.0	- 79.5	- 129.1
Cash flows from investing activities
Result from equity investments	4.8	4.0	4.8	4.0	4.0
Cash flows from investing activities	4.8	4.0	4.8	4.0	4.0
Cash flows from financing activities
Net drawdown/repayment of loan	27.0	37.5	82.6	68.5	115.8
Cash flows from financing activities	27.0	37.5	82.6	68.5	115.8
Change in cash and cash equivalents	4.3	- 5.3	8.4	- 7.0	- 9.3
Cash and cash equivalents, beginning of the period	106.3	109.8	102.2	111.5	111.5
Exchange differences in cash and cash equivalents	-	-	-	-	-
Cash and cash equivalents, end of the period	110.6	104.5	110.6	104.5	102.2

Parent company statement of changes in equity

		Restricted equity	Unrestricted equity
MSEK	Share capital	Statutory reserve	Other reserves	Retained earnings	Total equity
1 Jan 2024	3.5	861.3	7,182.7	-3,804.3	4,243.2
Comprehensive income
Net result	-	-	-	41.6	41.6
Other comprehensive income	-	-	-	5.1	5.1
Total comprehensive income	-	-	-	46.7	46.7
Transactions with owners
Share based payments	-	-	2.8	-	2.8
Other	-	-	-	4.0	4.0
Total transactions with owners	-	-	2.8	4.0	6.8
30 Jun 2024	3.5	861.3	7,185.5	-3,753.6	4,296.7
Comprehensive income
Net result	-	-	-	-64.2	-64.2
Other comprehensive income	-	-	-	-1.1	-1.1
Total comprehensive income	-	-	-	-65.3	-65.3
Transactions with owners
Share based payments	-	-	3.2	-	3.2
Total transactions with owners	-	-	3.2	-	3.2
31 Dec 2024	3.5	861.3	7,188.7	-3,818.9	4,234.6
1 Jan 2025	3.5	861.3	7,188.7	-3,818.9	4,234.6
Comprehensive income
Net result	-	-	-	-69.3	-69.3
Other comprehensive income	-	-	-	0.8	0.8
Total comprehensive income	-	-	-	-68.5	-68.5
Transactions with owners
Share based payments	-	-	2.5	-	2.5
Total transactions with owners	-	-	2.5	-	2.5
30 Jun 2025	3.5	861.3	7,191.2	-3,887.4	4,168.6

KEY FINANCIAL DATA

The alternative performance measures presented and disclosed in this interim report are used internally by management in conjunction with IFRS measures to measure performance and make decisions regarding the future direction of the business. The Group believes that these alternative performance measures, when provided in combination with reported IFRS measures, provide helpful supplementary information for investors.

In addition to the consolidated financial reporting in line with IFRS, the Group provides proportionate financial reporting, which forms part of the alternative performance measures the Group presents. Proportionate reporting is aligned with the Group's internal management reporting, analysis and decision making.

Proportionate financials represent Orrön Energy's proportionate share of all the entities in which the Group holds an ownership. This is different to the consolidated financial reporting under IFRS, where the results from entities in which the Group holds an ownership of 50 percent or less are not fully consolidated but instead reported on one line, as share of result in joint ventures. All entities, in which the Group holds an ownership of more than 50 percent are fully consolidated in the financial reporting presented under IFRS.

Reconciliations of relevant alternative performance measures are provided on the following page. Definitions of the performance measures are provided under the key ratio definitions below.

	Q2 0			Jan-Jun
MEUR	2025	2024	2025	2024	2024
Consolidated financials
Revenue	4.5	4.7	13.8	17.0	25.7
EBITDA	- 6.0	4.9	- 6.9	8.0	- 1.6
Operating profit (EBIT)	- 10.2	1.1	- 15.4	0.1	- 17.5
Net result	- 11.5	7.0	- 15.5	4.4	- 13.3
Net debt	79.6	47.4	79.6	47.4	66.6
Proportionate financials
Power generation (GWh)	188	182	439	456	907
Average price achieved per MWh	30	31	36	42	34
Operating expenses per MWh	28	22	23	18	17
Revenue	5.7	5.6	15.8	19.1	30.7
Operating expenses	- 5.2	- 4.0	- 10.2	- 8.0	- 15.3
EBITDA	- 4.3	6.7	- 3.9	11.8	7.0
Operating profit (EBIT)	- 9.3	2.0	- 14.2	2.0	- 12.9
Net debt	77.3	46.2	77.3	46.2	65.0
Data per share – EUR
Earnings per share	- 0.04	0.02	- 0.05	0.02	- 0.05
Earnings per share – diluted	- 0.04	0.02	- 0.05	0.02	- 0.05
EBITDA per share	- 0.02	0.02	- 0.02	0.03	- 0.00
EBITDA per share – diluted	- 0.02	0.02	- 0.02	0.03	- 0.00
Number of shares
Issued	285,905,187	285,924,614	285,905,187	285,924,614	285,905,187
In circulation	285,905,187	285,905,187	285,905,187	285,905,187	285,905,187
Weighted average	285,905,187	285,916,715	285,905,187	285,920,665	285,918,085
Weighted average – diluted	299,679,368	292,206,007	298,842,993	291,855,665	293,520,419
Share price
Share price at period end – SEK	4.69	7.15	4.69	7.15	7.11
Share price at period end – EUR1	0.42	0.63	0.42	0.63	0.62
Key ratios
Return on equity (%)	- 3	2	- 5	1	- 4
Return on capital employed (%)	- 2	-	- 4	-	- 4
Equity ratio (%)	73	81	73	81	- 76
1 Share price at period end in EUR is calculated based on quoted share price in SEK and applicable SEK/EUR exchange rate at period end.

EBITDA

	Q2		Jan-Jun		Full year
MEUR	2025	2024	2025	2024	2024
EBITDA
Operating profit/loss (EBIT)	- 10.2	1.1	- 15.4	0.1	- 17.5
Add: Depreciation	4.2	3.8	8.5	7.9	15.9
	- 6.0	4.9	- 6.9	8.0	- 1.6
Proportionate financials
EBITDA
Operating profit/loss (EBIT)	- 9.3	2.0	- 14.2	2.0	- 12.9
Add: Depreciation	5.0	4.7	10.3	9.8	19.9
	- 4.3	6.7	- 3.9	11.8	7.0

Net debt

	30 Jun	30 Jun	31 Dec
MEUR	2025	2024	2024
Net debt
Interest-bearing loans and borrowings – Non-current	95.2	62.8	83.6
Interest-bearing loans and borrowings – Current	0.5	0.6	0.6
Less: Cash and cash equivalents	- 16.1	- 16.0	- 17.6
	79.6	47.4	66.6
Proportionate results
Net debt
Net debt – Consolidated financials	79.6	47.4	66.6
Add/Less: Cash and cash equivalents of associates and joint ventures	- 1.4	0.2	- 0.4
Add/Less: External interest-bearing loans and borrowings of associates and joint ventures	- 0.9	- 1.4	- 1.2
	77.3	46.2	65.0

Bridge from proportionate to consolidated financials

Apr-Jun 2025	Proportionate Financials	Residual ownership in subsidiaries1	Elimination of equity entities2	Consolidated Financials
MEUR
Revenue	5.7	-	- 1.2	4.5
Other income	0.3	- 0.1	- 0.1	0.1
Operating expenses	- 5.2	- 0.1	1.5	- 3.8
General and administration expenses	- 5.1	0.1	-	- 5.0
Share in result of associates and joint ventures	-	-	- 1.8	- 1.8
EBITDA	- 4.3	- 0.1	- 1.6	- 6.0
Depreciation	- 5.0	- 0.1	0.9	- 4.2
Operating profit (EBIT)	- 9.3	- 0.2	- 0.7	- 10.2
Net financial items	- 3.0	0.1	0.7	- 2.2
Tax	0.9	-	-	0.9
Net result	- 11.4	- 0.1	-	- 11.5
Attributable to:
Shareholders of the Parent Company	- 11.4	-	-	- 11.4
Non-controlling interest	-	- 0.1	-	- 0.1

1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.

2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy's share of net income/loss.

Apr-Jun 2024	Proportionate Financials	Residual ownership in subsidiaries1	Elimination of equity entities2	Consolidated Financials
MEUR
Revenue	5.6	-	- 0.9	4.7
Other income	10.8	-	-	10.8
Operating expenses	- 4.0	- 0.1	0.8	- 3.3
General and administration expenses	- 5.7	-	-	- 5.7
Share in result of associates and joint ventures	-	-	- 1.6	- 1.6
EBITDA	6.7	- 0.1	- 1.7	4.9
Depreciation	- 4.7	-	0.9	- 3.8
Operating profit (EBIT)	2.0	- 0.1	- 0.8	1.1
Net financial items	- 0.6	-	1.2	0.6
Tax	5.7	-	- 0.4	5.3
Net result	7.1	- 0.1	-	7.0
Attributable to:
Shareholders of the Parent Company	7.1	-	-	7.1
Non-controlling interest	-	- 0.1	-	- 0.1

1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.

2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy's share of net income/loss.

Jan-Jun 2025	Proportionate Financials	Residual ownership in subsidiaries1	Elimination of equity entities2	Consolidated Financials
MEUR
Revenue	15.8	0.9	- 2.9	13.8
Other income	0.4	-	- 0.1	0.3
Operating expenses	- 10.2	- 0.8	2.6	- 8.4
General and administration expenses	- 9.9	-	-	- 9.9
Share in result of associates and joint ventures	-	-	- 2.7	- 2.7
EBITDA	- 3.9	0.1	- 3.1	- 6.9
Depreciation	- 10.3	- 0.1	1.9	- 8.5
Operating profit (EBIT)	- 14.2	-	- 1.2	- 15.4
Net financial items	- 2.4	-	1.2	- 1.2
Tax	1.1	-	-	1.1
Net result	- 15.5	-	-	- 15.5
Attributable to:
Shareholders of the Parent Company	- 15.5	-	-	- 15.5
Non-controlling interest	-	-	-	-

1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent economic interest.

2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy's share of net income/loss.

Jan-Jun 2024	Proportionate Financials	Residual ownership in subsidiaries1	Elimination of equity entities2	Consolidated Financials
MEUR
Revenue	19.1	0.9	- 3.0	17.0
Other income	11.2	-	- 0.3	10.9
Operating expenses	- 8.0	- 0.8	1.6	- 7.2
General and administration expenses	- 10.5	-	-	- 10.5
Share in result of associates and joint ventures	-	-	- 2.2	- 2.2
EBITDA	11.8	0.1	- 3.9	8.0
Depreciation	- 9.8	-	1.9	- 7.9
Operating profit (EBIT)	2.0	0.1	- 2.0	0.1
Net financial items	- 3.7	-	2.5	- 1.2
Tax	6.0	-	- 0.5	5.5
Net result	4.3	0.1	-	4.4
Attributable to:
Shareholders of the Parent Company	4.3	-	-	4.3
Non-controlling interest	-	0.1	-	0.1

1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have

100 percent economic interest.

2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy's share of net income/loss.

Definitions

Financial and alternaƟve performance

measures

Earnings per share

Net result attributable to shareholders of the Parent Company divided by the weighted average number of shares for the period.

Earnings per share – diluted

Net result attributable to shareholders of the Parent Company divided by the weighted average number of shares for the period after considering any dilution eƯect.

EBIT (Earnings Before Interest and Tax)

Operating profit.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation)

Operating profit before depreciation.

Equity ratio

Total equity divided by the balance sheet total.

Net debt

Interest-bearing loans and borrowings less cash and cash equivalents.

Net debt – Proportionate

Net debt – Consolidated less cash and cash equivalents of associates and joint ventures plus/minus adjustment for external interest-bearing loans and borrowings of associates and joint ventures.

Return on equity

Net result divided by average total equity.

Return on capital employed

Income before tax plus interest expenses plus/less currency exchange differences on financial loans divided by the average capital employed (the average balance sheet total less non-interest-bearing liabilities).

Weighted average number of shares

The number of shares at the beginning of the period with changes in the number of shares weighted for the proportion of the period they are in issue.

Weighted average number of shares – Diluted

The number of shares at the beginning of the period with changes in the number of shares weighted for the proportion of the period they are in issue after considering any dilution effect.

Industry related terms and measurements

GW	Gigawatt
GWh	Gigawatt hour
MW	Megawatt
MWh	Megawatt hour

Currency abbreviaƟons

CHF	Swiss franc
EUR	Euro
GBP	British pound sterling
SEK	Swedish Krona
TSEK	Thousand SEK
MEUR	Million EUR
MSEK	Million SEK

SHAREHOLDERS' INFORMATION

Daniel Fitzgerald, CEO and Espen Hennie, CFO comment results for the second quarter 2025.

Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast held on 6 August 2025 at 14.00 CEST. The presentation will be followed by a question-and-answer session.

Follow the presentation live on the below webcast link: https://orron-energy.events.inderes.com/q2-report-2025

Financial Calendar

• Interim report for the third quarter 2025 5 November 2025
• Year-end report 2025 18 February 2026
• Annual and Sustainability report 2025 6 March 2026

The AGM will be held on 1 April 2026.

Contacts

Robert Eriksson

Corporate AƯairs and Investor Relations Tel: +46 701 11 26 15 robert.eriksson@orron.com

Jenny Sandström

Communications Lead Tel: +41 79 431 63 68 jenny.sandstrom@orron.com

This information is information that Orrön Energy AB is required to make public pursuant to the Swedish Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07.30 CEST on 6 August 2025.

Forward-Looking Statements

Statements in this report relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as "anticipate", "believe", "expect", "intend", "plan", "seek", "will", "would" or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not diƯer materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the Company's control. Any forward- looking statements in this report speak only as of the date on which the statements are made and the Company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise

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