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Orrön Energy January 2026 Corporate Presentation OE00023 02.25
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OE00023 p02 10.25 Orrön Energy Part of the entrepreneurial of companies Delivering long-term cash flow Producing assets 380 MW High return on capital via project sales Large-scale greenfield pipeline Value creation from development to repowering Organic growth across the full lifecycle with significant liquidity headroom Fully funded 2
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Orrön Energy Nordics Diversified Portfolio of Assets WTG: Wind Turbine Generators WTG numbers gross, all other numbers net (1) Assuming average meteorological conditions and excluding price curtailment impact 97% 2024 availability ~9 yearsAverage asset age 1,000 GWh Long term annual production (1) MLK 200 GWh 66 MW 24 WTGs FI Näsudden hub 168 GWh 64 MW 52 WTGs SE3 Karskruv 290 GWh 86 MW 20 WTGs SE4 Rest of Sweden 342 GWh 164 MW 149 WTGs SE2, 3 & 4 OE00023 p13 08.25 3
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OE00023 p04 02.25 Orrön Energy Year-on-Year Production Growth SE2 SE3 SE4 FI 2025 Production per price region GWh MW installed capacity (1) 9M 2025 2025 outlook Power generation 2024 907 2023 765 2022 251 900 850 high low (1) The bars for installed capacity excludes the Leikanger hydropower plant that was sold in 2024 360 265 66 380 574 30 Compensated volumes 4
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OE00023 p14 02.25 Orrön Energy Lifecycle Optimisation - Maximising the Value of our Assets Highlights Life extension Maintaining integrity of assets to extend operational life Large-scale proactive blade campaign undertaken Acquisitions Expanding asset base through acquisition and consolidation Added 50 GWh power generation through acquisition Operational excellence Optimised use of assets to enhance profitability Implementation of ancillary services and voluntary curtailment on majority of porfolio Repowering Renewing assets, increasing production with reduced capex Extended land leases beyond 2050 to facilitate repowering Maximising asset value 5
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OE00023 p05 01.26 Orrön Energy Value Creation through Greenfield Projects Multi-GW greenfield pipeline created organically 310 MW Targeting multiple sales processes per year UK grid reform has concluded, with Orrön Energy securing Gate 2 grid connections for: - 1.8 GW of solar projects, and - 1.1 GW of data centres Final grid connection offers expected in Q3 2026 German projects totalling 2.9 GW UK projects with grid secured 18 MEURsold for Solar Battery storage Large-scale greenfield portfolio Data centres 1 Total consideration including contingent payments 6
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OE00045 Intro p09 01.26 Germany France Sweden Finland UK Orrön Energy Greenfield First Revenues Secured, More Sales to Come Multi-GW pipeline of projects across 5 countries Project development progressing as per plan with multiple projects expected to reach RtP and RtB in 2026 Attractive markets with strong electricity pricing, governmental support and investor appetite Germany Sold 4 solar projects for up to MEUR 18, more expected in 2026 UK Secured grid for 6 large-scale projects of 2.9 GW 7
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OE00023 p17 02.25 Orrön Energy Attractive Returns for UK and German Development Projects Strong electricity prices and low LCOE support high returns on invested capital 0 100 75 25 50 2022 2025 2030 LCOE (EUR/MWh) Nuclear Solar Solar + battery Onshore wind Fixed offshore wind 125 Sources: DNV, Aurora Energy Research LCOE: Levelised cost of energy Gas fired Floating offshore wind Floating offshore wind Solar LCOE has reduced by ~16% 2022-2025 Battery capex has reduced by >40% 2022-2025 Solar is the cheapest available technologyand is ideally positioned to meet ambitious UK and German targets 8
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OE00023 p08 08.25 Orrön Energy 2025 Guidance Orrön Energy 2025 Guidance (2) 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 line item in the consolidated income statement (1) Excludes non-cash items and costs in relation to the Sudan legal case Guidance is presented based on proportionate (net) ownership in assets and related financial results. 2025 Guidance Operating expenses G&A expenses(1) Sudan legal costs(2) Capital expenditure 19 MEUR 9 MEUR 7 MEUR 12 MEUR Nine Months 2025 Actuals 14 MEUR 6 MEUR 5 MEUR 9 MEUR Excluding acquisitions and project sales 9
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OE00023 p09 02.25 Orrön Energy 2025 Cash Flow Outlook Orrön Energy 2025 Cash Flow Outlook Proportionate figures Excludes certain non-cash items, working capital movements and acquisitions, includes other income Includes cash flow impact from project sale (1)Includes power price hedges 2025 Finance costs 5 MEUR Assuming Q4 2025 power generation of 271 GWh MEUR FCF pre CAPEX Including Sudan legal costs EBITDARevenue 35 33 32 7 5 4 -3 Breakeven price excluding Sudan costs 33 EUR/MWh 39 EUR/MWh -5 -7 -6 1 0 2 -2 0 Excluding Sudan legal costs Achieved price 2025 (EUR/MWh)(1) 35 Q4 forecast 40 45 35 Jan-Sep actual 35 35 Q4 2025 power price hedges (EUR/MWh) 38 46 GWh SE3 SE4 EUR/MWh 56 64 2026 power price hedges (EUR/MWh) 54 149 GWh SE3 SE4 EUR/MWh 58 58 10
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OE00023 p07 08.25 Orrön Energy Long-term Cash Flows Underpinned by Strong Balance Sheet Operating assets delivering long-term annual cash flow Excluding upsides from greenfield projects and organic growth ~90 MEUR liquidity headroom 83 170 MEUR Net debt (2) Credit facility (1) Includes 4 MEUR estimated interest cost (2) As per end Q3 2025All numbers are post Sudan case conclusion and assumes 1,000 GWh annual power genearation Liquidity headroom Revenues EBITDA FCF(1) 50 50 22 18 70 70 42 38 MEUR Achieved price - EUR/MWh 30 30 2 -2 11
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OE00023 p06 08.25 Orrön Energy Sustainability is at the Core of our Business (1) Scope 1 and 2 carbon emissions 2.5 TWh clean energy produced since inception, and a pipeline of renewable energy projects securing a clean energy future Safe operations Environmental protection Mitigating climate change Governance and ethics Supporting local communities Zero material HS&E incidents A- Robust governance framework 10% biodiversity net gain for UK projects Contributing through work opportunities, community funds and projects Carbon neutral across our operations(1) ESG-rating: Low-risk 12
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OE00023 p10 02.25 Orrön Energy Tax Balances Significant tax shields in Sweden and Finland Reducing future payable tax by ~100 MEUR 0 Tax Rates 200 400 600 MEUR 20% Finland Tax balance Loss carry forward 20.6% Sweden Tax balance Loss carry forward Year-end 2024 13
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Nordic overview 14
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OE00023 p12 02.25 Orrön Energy Nordics Nordic Business at a Glance 1 GW pipeline of wind, solar and battery projects • Focussed on technologies with the lowest levelised cost of energy • Organically grown projects enable high return on investments >500 GWh acquired since inception • Adding cash-generating power production through accretive acquisitions • Current market conditions provide good opportunities for M&A 1,000 GWh annual long-term power generation • Consistent cash flow from long-life assets • Optimising revenues through operational excellence and ancillary services Greenfield M&A Operational assets 15
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OE00023 p15 08.25 Orrön Energy Nordics Powering Sustainable Growth 1 GW pipeline originated in the Nordics Foundation for long-term organic growth through new projects, life extension and repowering Technology breakdown (MW)Project status (MW) Ready-to-Permit or later Land or grid secured Land under exclusivity 50% 30% 20% WindBESS Solar 16
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Greenfield development overview 17
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OE00023 p18 01.26 Orrön Energy Greenfield Greenfield Pipeline - From Vision to Reality 2023 Business established Maturing pipeline enabling value realisation Sold four solar projects in 2025 Several projects at or maturing towards Ready-to-Permit Secured grid connections for 6 large- scale projects in the UK Driving a steady stream of project sales 2025 18
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OE00023 p33 01.26 Orrön Energy First Revenues Secured, More Sales to Come 4 solar projects totalling 310 MW sold during 2H 2025 for up to 18 MEUR1 74 MW project sold to Saxovent Renewables • 4 MEUR total consideration • 2 MEUR paid at closing and 2 MEUR contingent 234 MW portfolio of three projects sold to Gülermak Renewables • 14 MEUR total consideration • Closing conditions fulfilled for the first project • Further milestones expected to be reached throughout 2026 Municipal approvals obtained in Q4 2025 for ~250 MW of projects 4 GW pipeline of solar and battery projects Germany Berlin Sold projects 1 Subject to the achievement of predefineddevelopmentmilestones 19
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OE00023 p19 01.26 Orrön Energy Greenfield - UK Grid Confirmation Process Underway Secured grid for 6 large-scale projects in the UK, 1.8 GW of solar and 1.1 GW of data centres Projects are at RtP and the Company is evaluating divestment options A pipeline of additional projects maturing towards the ready-to-permit stage 20
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OE00023 p24 01.26 Orrön Energy Greenfield Powering Up - Building on a Strong Foundation First project sales confirms value and validates the strategy with increased activity ahead First project sales of >300 MW successfully concluded 2.9 GW of projects at RtP in the UK ~250 MW of projects with municipal approval in Germany 2025 Increase of project capacity at the RtP stage Multiple projects in sales processes Transitioning towards long-term value creation 2026 21
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OE00023 p25 08.25 Orrön Energy A History of Shareholder Value Creation (1) Market capitalisation October 2025 2001 2023 Bn USD IPC Spin-off EnQuest & Etrion distribution Historical dividends Lundin Energy sale Equity raise 50 MUSD Value created for shareholders 16 Bn USD MiningOil & gas Renewables BILLION USD (1) COMBINED MARKET CAP 40
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OE00023 p26 02.25 Orrön Energy Board of Directors and Management Experienced Board and management team reflecting Lundin entrepreneurial spirit and Lundin Family support Board of Directors Grace Reksten Skaugen Chair Jakob ThomasenMike Nicholson Peggy BruzeliusWilliam Lundin Richard Ollerhead Management Managing Director Sweden Jonas DahlströmDaniel Fitzgerald CEO CFO Espen Hennie General Counsel Henrika Frykman Technical Director Carl Sixtensson Commercial Director Axel Wikner Finance Director Anna Andersson Plusa
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Creating value through the Energy Transition OE00023 p27 02.25 Long-term cash flow from operating wind farms and greenfield project sales Large-scale project portfolio entering monetisation phase Financially resilient with significant liquidity headroom Organic growth platforms delivering across 5 countries
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OE00023 p28 08.23 Orrön Energy Disclaimer Forward-Looking Statements Statements in this presentation 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 presentation 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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OE00023 p20 08.23 Title Subtitle Creating value through the energy transition