Slides
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Q22 Results 2026 Daniel Fitzgerald , CEO & Espen Hennie , CFO 5 August 2026 orrön energy
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ORRÖN ENERGY – Q2 2026 RESULTS A Compelling Value Proposition Cloudberry ownership represents ~80% of Orrön Energy’s current market capitalisation 27% Ownership in Cloudberry Largest owner in a diversified and scaled Nordic IPP Karskruv Windfarm High-quality asset delivering long term cash flow in the SE4 price area European Development Platform Recurring revenues from a Multi-GW pipeline of solar, battery and data centre projects Strong Balance Sheet Strong balance sheet with 50 MEUR committed facility to fund further growth. 12 to 16 MEUR 2026 EBITDA2 12 GW pipeline ~0 NET DEBT expected at closing 5.7 SEK/share1 1 Based on Cloudberry’s and Orrön Energy’s share price at market close 3 August 2026 2 Based on an average achieved price of 70 -85 EUR per MWh and excluding hedging impact Implied value of continuing business 39 MEUR 149 188 39 Value of Cloudberry Shares Implied Value of Continuing Business Orrön Energy's Market Capitalisation Valuation MEUR1
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ORRÖN ENERGY – Q2 2026 RESULTS Karlstad OfficeHQ Oslo Norway Sweden Eskilstuna Office Lemvig Office Odal Visby Office Svartvallsberget MLK Hån Munkhyttan Sundby Näsudden hub Odin portfolio Göteborg Office 2.1 TWh annual production following transaction, more than double compared to YE 2025 Complementary assets and teams creating a larger and more competitive renewable platform Diversified across all Nordic price regions, with additional growth opportunities Further opportunities for growth through consolidation Key Wind Assets Office location Hydro Assets Sweden Finland Norway Denmark Production per Country (GWh) Wind Hydro Technology split Cloudberry Transaction Creating a Leading Nordic-Focused IPP
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1 Includes loan balances and accrued interest as of year -end 2025 | 2 Based on Cloudberry’s and Orrön Energy’s share price as per 3 August 2026 ORRÖN ENERGY – Q2 2026 RESULTS Cloudberry Transaction Unlocking Value Through Scale and Strategic Ownership WHAT IS DIVESTED TRANSACTION CONSIDERATION - 246 MEUR 758 GWh of Nordic assets including development pipeline and organisation 93 MEUR Settlement of outstanding loan balances1 4.2 MEUR Cash 27% Ownership in Cloudberry Expected completion Q3 2026, subject to customary regulatory approvals Orrön Energy’s market cap2 Value of Cloudberry Shares2 149 MEUR 188 MEUR
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90.5 MEUR ORRÖN ENERGY – Q2 2026 RESULTS First Six Months 2026 Continuing Operations 13.1 MEURREVENUES 1 2.8 MEUREBITDA 2 NET DEBT POWER GENERATION 113 GWh INCLUDING COMPENSATED VOLUMES AT 70 EUR/MWH ACHIEVED PRICE 1 Includes project sales | 2 Excluding non-cash items | 3 Proportionate including discontinued operations | 4 Post closing of the transaction with Cloudberry, expected Q3 2026 The District Court trial in the Sudan case concluded at the end of May, verdict expected early December 2026 76 MEUR Defence claims for reimbursement of historical Sudan costs - END Q2 3 - EXPECTED AT CLOSING 4 ~0 MEUR Continuing operations exclude the business divested in the Cloudberry transaction
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Karskruv Power Generation ORRÖN ENERGY – Q2 2026 RESULTS All production numbers shown include produced and compensated volumes (ancillary services and availability warranties), 2026 outlook takes into account the impact of weather, voluntary curtailments and provision of ancillary services. 1 Based on an average achieved price of 70 -85 EUR per MWh Production Outlook 2026 210-270 GWh 2026 EBITDA excluding hedges1 12 to 16 MEUR GWh 2025 20262024 80 53 49 73 69 46 41 58 66 46 0 10 20 30 40 50 60 70 80 90 0 10 20 30 40 50 60 70 80 90 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 High-quality asset delivering long-term power generation and cash flow Achieved electricity price EUR/MWh EUR/MWh achieved in 1H 2026 70 Power generation Achieved electricity price
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ORRÖN ENERGY – Q2 2026 RESULTS Development Business | Scaling Beyond Renewables Leveraging our Renewables Expertise and Power-First Strategy for Data Centre Developments Renewables Platform Delivering Repeatable Project Sales 8 GW UNITED KINGDOM 1.8 GW solar at RtP in sales process GERMANY >6 GW advanced solar & battery projects Data Centre Platform Maximising the Value of Powered Land 4 GW of which 1.1 GW at RtP, with 300 MW in sales process land secured, grid applied 2 GW >2 GW GERMANY UNITED KINGDOM
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ORRÖN ENERGY – Q2 2026 RESULTS A Material Data Centre Business Large Scale Data Centre Portfolio Delivered through our Renewable Project Competence THREE DATA CENTRE VERTICALS Data Centre Developments Traditional grid connected powered land Power Through Private Wire Direct behind-the-meter power supplied from own or third-party generation Integrated Energy Hubs Data centres, renewable generation and battery storage projects combined to unlock and accelerate grid capacity LARGE-SCALE PORTFOLIO WITH MATERIAL OPTIONALITY France Ongoing origination UK 2 GW in development Germany >2 GW of projects Com binedDCpipeline with land and/or powersecured Ready-to-Permit 300 MW in active sales process >4 GW 1.1 GW
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German solar sales to date UK solar UK data centre ORRÖN ENERGY - Q2 2026 RESULTS Active Project Sales Processes 12 GW 260 MW 15 MEUR 1 total consideration 1.8 GW 300 MW Sales processes initiated | 1Following a change to projects sold, the contingent consideration reduced from 23 MEUR to 15 MEUR during the second quarter 2026 PV – solar photovoltaic projects, DC – data centre projects, BESS – battery energy storage system projects German energy hubs combining data centre, battery and solar projects Sales process expected 2H 2026 DC BESS PV Total advanced pipeline ~3 GW
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56 EUR/MWh ORRÖN ENERGY – Q2 2026 RESULTS Financial Highlights Second Quarter 2026 Results Continuing Operations REVENUE 1 EBITDA 2 90.5 MEUR NET DEBT - END Q2 3 POWER GENERATION ACHIEVED PRICE 6.2 MEUR 1.1 MEUR 46 GWh INCLUDING COMPENSATED VOLUMES 1Including revenue from project sales and other income | 2 Excluding non-cash items | 3 Proportionate including discontinued operations | 4 Post closing of the transaction with Cloudberry, expected Q3 2026 - EXPECTED AT CLOSING 4 ~0 MEUR Continuing operations exclude the business divested in the Cloudberry transaction INCLUDING 1.8 MEUR OF SUDAN LEGAL COSTS
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ORRÖN ENERGY – Q2 2026 RESULTS 2026 Outlook Continuing Operations 210-270 GWhPOWER GENERATION 1 4-5 MEUROPERATING EXPENSES 4-5 MEURG&A EXPENDITURE 2 4.5 MEURSUDAN LEGAL COSTS 8 MEURCAPITAL EXPENDITURE 113 GWh 2.2 MEUR 2.2 MEUR 4.1 MEUR 4.2 MEUR DISTRICT COURT TRIAL CONCLUDED Q2, VERDICT EXPECTED DECEMBER 202 6 2026 outlook applies to continuing operations. Orr ön Energy’s shareholding in Cloudberry will be consolidated in accordance with the equity method | 1 Power generation from Karskruv | 2 Excluding Sudan legal costs and non -cash items 1H 2026 Actuals
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2.3 -1.9 3.6 -0.7 5.2 1.2 6.9 1.6 6.2 1.1 ORRÖN ENERGY – Q2 2026 RESULTS 2026 Key Financial Metrics Continuing Operations MEUR Q2Q2 Q3 2026 Q4 Q1 Revenue 2025 Power generation (GWh) Achieved price (EUR/MWh) Revenues from project sales 2.0 2025 2026 Q2 Q3 Q4 Q1 Q2 46 39 58 66 45 49 42 54 80 56 2.0 1.6 3.7 All numbers refer to continuing operations | 1 Excluding Sudan legal costs, with the trial concluded during Q2 2026 | 2 Excluding non-cash items Q2Q2 Q3 2026 Q4 Q1 EBITDA2 2025 -0.1 0.6 3.3 3.9 2.9
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ORRÖN ENERGY – Q2 2026 RESULTS Achieved Price Average system price Average SE4 spot price Other revenues1 Hedging impact Capture price discount Average achieved price EUR/MWh 89 1 -13 -7 70 79 First Six Months 2026 Continuing Operations Capture price discount2 7% 12% 22% 1 Ancillary services and guarantees of origin | 2 Relative to average regional spot price 2016-2025 31% SE4 premium to average system price 2026 1H 12% 2025 52% 2024 38%
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ORRÖN ENERGY – Q2 2026 RESULTS Four Clear Sources of Value for Shareholders Largest owner in Cloudberry a pan Nordic IPP with 2.1 TWh of annual production, following completion of transaction 27% ownership in Cloudberry High-quality asset delivering long term cash flow from the SE4 price area in southern Sweden Long-term cash-flows from Karskruv Largely debt-free post closing of Cloudberry transaction, with a 50 MEUR committed finance facility Strong balance sheet with low leverage Value creation through continued monetisation of data centre and renewable projects across Europe Large-scale development pipeline of companies Part of the entrepreneurial
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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.