Highlights

Added 33 GWh of annual proportionate power generation in the SE3 and SE4 price areas through acquisitions and increased ownership in existing windfarms.Power generation amounted to 620 GWh for the reporting period, which was approximately ten percent below expectations, due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices.Continued progress on the Company's greenfield projects, with additional land secured and the first projects in the UK and Germany approaching the ready-to-permit stage.

Consolidated financials - 9 months

Cash flows from investing activities amounted to MEUR 39.5 and was positively impacted by the sale of the Leikanger hydropower plant in the second quarter.Cash flows from operating activities amounted to MEUR -3.6. Proportionate financials - 9 months

Achieved electricity price amounted to EUR 35 per MWh, which resulted in a proportionate EBITDA of MEUR 6.9.Proportionate net debt of MEUR 55.9, with significant liquidity headroom available through the MEUR 170 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 MEUR1 Jan 2024-

30 Sep 2024

9 months1 Jul 2024-

30 Sep 2024

3 months1 Jan 2023-

30 Sep 2023

9 months1 Jul 2023-

30 Sep 2023

3 months1 Jan 2023-

31 Dec 2023

12 monthsConsolidated financials      Revenue18.61.619.62.328.0EBITDA0.9-7.1-4.2-6.7-5.1Operating profit (EBIT)-11.2-11.3-12.6-9.4-17.0Net result-6.7-11.1-15.6-7.8-7.6Earnings per share - EUR-0.02-0.04-0.05-0.03-0.03Earnings per share diluted - EUR-0.02-0.04-0.05-0.03-0.03Proportionate financials1     Power generation (GWh)620164539161765Average price achieved per MWh - EUR3518492347Operating expenses per MWh - EUR1821182018Revenue22.02.926.63.636.2EBITDA6.9-4.94.0-4.35.3Operating profit (EBIT)-8.1-10.1-7.8-8.2-11.0 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 in the report for the interim report for the third quarter.

Comment from Daniel Fitzgerald, CEO of Orrön Energy AB

"The third quarter provided many opportunities for our business, in a period characterised by low and volatile electricity prices. We continued to grow our business through selective acquisitions and consolidation opportunities, and continued to lay the foundation for future growth through our greenfield projects across Europe. However, the third quarter was challenging from a revenue and electricity price perspective, impacting our financial results. In the Nordics this was primarily due to lower-than-expected electricity demand, low gas prices and an oversupply of electricity during peak hours. Despite these challenges, we successfully expanded our asset base through strategic acquisitions of shares and assets across wind farms and companies, delivered in line with our cost guidance and maintained high technical availability across our operational portfolio. Orrön Energy's balance sheet remains robust and we have ample liquidity to continue to invest in growth while withstanding periods with lower electricity prices, allowing us to capitalise on opportunities when markets are weak.

Proportionate power generation amounted to 620 GWh for the reporting period and was below expectations due to lower-than-average wind speeds and voluntary production curtailments during periods of low electricity prices. I am pleased that we continue to achieve high technical availability across our operational assets, reaching an average of 96 percent in the third quarter, which demonstrates that we have the capacity to produce more if not for the weather conditions and low prices. Lower seasonal demand, coupled with high volatility in the electricity markets, resulted in a higher number of hours with low or negative electricity prices across the Nordics this summer. During these periods, we proactively curtailed production for short periods to avoid uneconomical power generation, returning to full operation once prices strengthened. As we move into winter, we expect to see higher demand which should help to strengthen electricity pricing into the fourth quarter this year and the first quarter next year, as already reflected in the futures price. Based on our power generation year to date, we now expect to produce around 900 GWh in 2024, depending on wind speeds and power prices during the fourth quarter.

The third quarter marks one year since the start of the Sudan trial in the Stockholm District Court, which will conclude in early 2026 with a verdict expected around the summer 2026. My view on this case remains unchanged and, if anything, it has strengthened over the past 12 months, and I expect a complete and unequivocal acquittal of all parties involved, given the baseless nature of the allegations. Once the trial is complete, we will no longer need to fund the ongoing legal costs related to this case which reduces our G&A expenses by around MEUR 7 per annum, leading to higher underlying EBITDA for the Company in the long term.

Strategic Growth

We have been active on the M&A front since the start of the summer, adding 33 GWh of annual power generation in the SE3 and SE4 price areas through increased ownership in various wind farms and companies. These investments strengthen our operational portfolio, and we will continue to seek opportunities to further consolidate ownership in assets that are complementary to our existing portfolio.

On the greenfield front, we continue to make good progress with our growth strategy. Having secured additional land, we are now moving closer to the ready-to-permit phase for our first large-scale projects in both the UK and Germany, where market valuations and demand for such projects remain high. Additionally, we have commissioned our first battery project in Sweden and continue to advance a pipeline of projects across wind, solar and batteries in the Nordics.

Financially Resilient

We remain in a financially robust position, with liquidity headroom exceeding MEUR 110. Proportionate revenues and other income amounted to MEUR 2.9 for the third quarter, which was impacted by low electricity prices, resulting in a proportionate EBITDA of MEUR -4.9 for the third quarter and MEUR 6.9 for the reporting period. Due to cost savings and phasing of investments into 2025, we are revising our capital expenditure guidance to MEUR 11 for 2024.

Looking Ahead

Throughout the remainder of the year, we will intensify our efforts on the greenfield side to reach the ready-to-permit phase for our first large-scale projects, while continuing to explore opportunities to capitalise on the current market conditions. Orrön Energy has a resilient financial position, enabling us to withstand periods of low pricing while still investing in accretive growth opportunities and acquisitions. I expect market conditions to improve as we come into the winter months, and over time, I am convinced that we will see further value creation through the growth in our core business and greenfield projects.

Once again, I thank our shareholders for their continued support and look forward to sharing updates as we continue to grow the business.”

Webcast

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 8 August 2024 at 14.00 CEST. The presentation will be followed by a question-and-answer session.

Registration for the webcast presentation is available on the website and the below link:

https://vimeo.com/event/4678321/54544efc16

For further information, please contact:

Robert Eriksson

Director Corporate Affairs 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

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: "ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy's core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Forward-looking statements

Statements in this press release 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 differ 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 press release 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.

Attachment

Q3 Report 2024 ENG