olivLaw · European equity research
Orrön Energy AB ORRON.ST
Sweden · Nasdaq Stockholm · ISIN SE0000825820 · Vertical: Listed companies from Sweden
Orrön Energy is a renewable energy producer and developer with mainly wind assets in the Nordics and a pipeline of projects in the UK, Germany and France. In 2025 the company faced a difficult year, with lower electricity revenue, negative EBITDA and rising net debt, which makes its ability to finance growth worth following.
At the close of 05 Nov 2026, Orrön Energy AB (ORRON.ST) stock was 8.37 SEK (−4.89% on the day), with beta 0.21, 52-week range 4.01–10.42 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.5
- strong (55–70)
- Bollinger (20, 2)
- 7.49 – 8.76
- in the upper half of the band · %B 0.69 · band width 15.7%
- SMA 50 / 200
- 7.78 / 7.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.19 / 0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.8% | −0.6% | +13.5 pp | — |
| 3 months | +20.8% | −4.2% | +24.9 pp | — |
| 6 months | +2.3% | +4.3% | −2.0 pp | — |
| Year to date | +81.7% | +7.5% | +74.2 pp | — |
| 1 year | +103.2% | +9.9% | +93.2 pp | −8.5% |
| 3 years | +15.4% | +49.8% | −34.5 pp | +12.3% |
| 5 years | +1.0% | +42.8% | −41.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 28.0 m | 25.7 m | unavailable |
| Revenue YoY | unavailable | −8.2% | unavailable |
| Net income | -8.0 m | -13.4 m | -26.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.03 | -0.05 | -0.09 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -28.6% | -52.1% | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.9 m EUR
- Financial debt
- 106.4 m EUR
- Net debt
- 90.5 m EUR
- Equity
- 326.3 m EUR
- Total assets
- 456.2 m EUR
- Debt / equity
- 0.33x
- Current ratio
- 5.21x
- ROE
- -7.9%
- ROA
- -5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 28.0 m | 25.7 m | — | esef· 08 May 2025verified |
| Operating income | -17.0 m | -17.5 m | -27.2 m | esef· 26 Oct 2026verified |
| Interest expense | 8.4 m | 7.1 m | 5.8 m | esef· 26 Oct 2026verified |
| Pre-tax income | -19.1 m | -19.3 m | -29.5 m | esef· 26 Oct 2026verified |
| Income tax | -11.5 m | -6.0 m | -3.2 m | esef· 26 Oct 2026verified |
| Net income | -8.0 m | -13.4 m | -26.3 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.03 | -0.05 | -0.09 | esef· 26 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.8 m | 17.6 m | 15.9 m | esef· 26 Oct 2026verified |
| Current assets | 36.7 m | 38.9 m | 50.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 295.2 m | 281.3 m | 278.3 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 0 | 100.0 k | 300.0 k | esef· 26 Oct 2026verified |
| Total assets | 500.7 m | 448.2 m | 456.2 m | esef· 26 Oct 2026verified |
| Accounts payable | 12.7 m | 11.0 m | 9.6 m | esef· 26 Oct 2026verified |
| Long-term debt | 114.7 m | 83.6 m | 106.4 m | esef· 26 Oct 2026verified |
| Current liabilities | 13.7 m | 11.7 m | 9.6 m | esef· 26 Oct 2026verified |
| Total liabilities | 147.3 m | 108.8 m | 129.8 m | esef· 26 Oct 2026verified |
| Equity | 353.4 m | 339.4 m | 326.3 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 266.7 m | 268.0 m | 292.2 m | esef· 26 Oct 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -5.6% | 13 (vs peers) | 38% |
| Net margin · Quality | -102.3% | 6 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4.7x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 5.2x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality10/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Orrön Energy AB (ORRON.ST). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 25.7 m EUR in 2024; YoY growth -8.2%; net margin -102.3%; ROE -8.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.2x
What contradicts it
- ROIC: -5.6%
- Net margin: -102.3%
- Interest coverage: -4.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for ORRON.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Orrön Energy is a renewable energy producer and developer with mainly wind assets in the Nordics and a pipeline of projects in the UK, Germany and France. In 2025 the company faced a difficult year, with lower electricity revenue, negative EBITDA and rising net debt, which makes its ability to finance growth worth following 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Sudan criminal casehigh
An unfavourable outcome in the criminal case against former representatives of the company could have financial and reputational consequences, including for access to financing 1.
- Credit terms and covenanthigh
The company obtained a waiver from a covenant that runs until March 2026, and the credit margin has risen; if refinancing is not achieved, liquidity could be affected 1.
- Prices and production volumesmedium
Low electricity prices and unfavourable wind can reduce revenue and operating cash flow 1.
- Permits and regulationmedium
Delays or refusals of permits can postpone projects and increase development costs 1.
- Currency and interest rate risklow
Assets are mainly in euro, and debt at variable interest exposes the company to fluctuations that could affect net income 1.
Investment thesis
What would need to be true (bull case)
- If production and prices normalise and pipeline projects are approved, revenue from project sales and electricity production could recover to a higher level 1.
- The renewable market position and the hedging strategy could stabilise cash flows over the medium term 1.
- If the Sudan case concludes favourably, pressure on reputation and legal costs could ease significantly 1.
What would break the thesis
What to watch
- Outcome of negotiations on the covenant waiver and refinancing of the revolving credit facilityQ1 2026
- Progress of the criminal case linked to Sudan2026
- Electricity production and revenue under normal wind conditionsQ1 2027
- Timing and value of project sales, including the part conditional on municipal decisionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Orrön Energy is a pure renewable energy company, with production assets mainly in wind in the Nordic countries and a series of in-house projects in wind, solar, battery storage and data centres in the Nordics, the UK, Germany and France 1. Its strategy focuses on two directions: growing long-term renewable electricity production and developing large in-house renewable projects 1. The company presents itself as producer and developer, with a value chain covering the full life cycle of its assets 1.
Electricity production generates revenue from power sales, while project income comes from selling developed projects, such as the first 76 MW solar project in Germany 1. The company also holds stakes in associates and joint ventures, including the MLK wind park, whose results are reported on a single line of the income statement 1. Former oil and gas activities were divested in 2022, but risks linked to them persist 1.
The company sold its Leikanger hydropower plant, which generated an accounting gain in the prior year and affects the comparison with 2025 1. The company is listed on Nasdaq Stockholm 1.
Segments
Electricity production
Revenue from electricity production was 24.9 MEUR in 2025, slightly below the prior year, due to unfavourable wind conditions and voluntary curtailment during periods of low prices in certain price areas 1. The company has hedged part of its 2026 production to stabilise revenue 1.
Market context
The renewable market in the Nordics is shaped by electricity prices, grid tariffs and the capture price effect when wind volume in the system rises 1. The company notes that prolonged periods of low prices, inflation and regulatory changes can affect asset profitability 1. Currency risk is significant, because the assets are mainly in euro while some costs arise in other currencies 1.
The regulatory framework for permits, land contracts and grid connections influences the pace of project development and its costs 1. The company notes that obtaining and renewing permits can delay projects or increase costs 1.
Trends
- Electricity prices and price captureheadwind
Realised electricity prices and capture price discounts linked to wind volume can reduce revenue for renewable producers, although price stability could improve if hedging is extended 1.
- Growing demand for renewable energytailwind
The energy transition and decarbonisation goals favour wind and solar projects, which could support growth in the company's portfolio 1.
- Financing costsheadwind
A higher margin on the revolving credit facility and the need for refinancing could put pressure on investment financing if market conditions do not improve 1.
- Digitalisation and cybersecuritymixed
Growing reliance on digital control systems and artificial intelligence brings efficiency opportunities but also security and compliance risks 1.
Competitive position
The annual report does not explicitly name the company's competitors. Orrön operates in renewable energy markets where many wind and solar producers and developers of varying size compete, from large utilities to independent developers 1.
The company's competitive position depends on its ability to develop projects at reasonable cost, its access to financing and the operational quality of its parks. The sources do not provide comparative data on competitors 1.
- Nordic wind and solar producers
General competitors in the regenerable asset market; the sources do not name them.
- Independent renewable project developers
Compete for land, permits and project sales, following the market logic the company describes.
- Integrated energy utilities
May compete for the same projects and power purchase contracts.
- Energy infrastructure investors
May acquire assets or projects under development, influencing transaction prices.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Orrön Energy AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.