Core Viewpoint - Orrön Energy is navigating a challenging market environment characterized by price volatility and increased operational costs, while making progress in project sales and securing grid connections for future growth [7][8][12]. Financial Performance - For the year 2025, Orrön Energy reported a revenue from power generation of MEUR 24.9, a decrease from MEUR 25.7 in 2024, while project sales contributed MEUR 4.0 [4]. - The company recorded a proportionate EBITDA of MEUR -4.5 for the year, impacted by lower power generation volumes and higher balancing costs [12]. - Proportionate net debt stood at MEUR 89, with a liquidity headroom available through a MEUR 170 revolving credit facility [6]. Operational Highlights - Proportionate power generation amounted to 800 GWh for the year, with total generation including ancillary services reaching 839 GWh [5][9]. - The company secured grid connections for six large-scale solar and data center projects in the UK, with a combined capacity of 2.9 GW [5][11]. - Agreements were made to sell three German solar projects totaling 234 MW for up to MEUR 14, contributing to a total of MEUR 18 in project sales agreements for the year [5][10]. Market Conditions - The market conditions in the Nordics remained challenging, with an average realized price of EUR 36 per MWh in 2025, reflecting significant price volatility [8]. - The company implemented operational strategies to manage price volatility, including voluntary curtailments, which improved financial performance despite impacting production volumes [8][9]. Future Outlook - The company anticipates proportionate power generation in 2026 to be between 800 and 950 GWh, considering uncertainties such as weather variability [9]. - There is optimism regarding higher electricity prices and a strong futures price for 2026, alongside expectations of significant returns from the greenfield business [13].