Strong cash flow and liquidity providing good conditions for continued growth

CEO Comment:

The company delivered a strong operating cash flow of over MSEK 300 from the successful completion of the Kölvallen project. The final earnout of approximately MEUR 30 exceeded the announced target of MEUR 25 by a wide margin. It is the largest and best project in terms of production that we have developed to date, and as previously announced, Arise invested in an ownership of 9%.

By conducting good business and capital discipline, Arise has created a liquidity that provides us with good conditions to continue on our journey of growth, both organically and through acquisitions. The market environment we have experienced over the last year also comes with opportunities to acquire assets at low valuations, something we continuously evaluate.

Third quarter (1 July–30 September 2025)

• Net sales for the quarter amounted to MSEK 88 (105).
• Operating profit before depreciation and amortisation (EBITDA) was MSEK 22 (55).
• Operating profit/loss (EBIT) was MSEK -1 (33).
• Profit/loss after tax totalled MSEK -9 (63) and earnings per share, attributable to the parent company shareholders, amounted to SEK -0.18 (1.55).
• Operating cash flow was MSEK 322 (43) and cash flow after investments amounted to MSEK 251 (-8).
• Production generated 64 GWh (66) with an average income of SEK 434 per MWh (469).
• The project portfolio increased by approximately 500 MW during the quarter.

First nine months (1 January–30 September 2025)

• Net sales for the period amounted to MSEK 337 (317).
• Operating profit before depreciation and amortisation (EBITDA) was MSEK 107 (178).
• Operating profit (EBIT) was MSEK 40 (120).
• Reported profit after tax totalled MSEK 0 (139) and earnings per share, attributable to the parent company shareholders, amounted to SEK -0.46 (3.42).
• Adjusted for non-recurring costs of MSEK -19 in the first quarter related to the company’s refinancing, profit after tax totalled MSEK 19 and earnings per share attributable to the parent company shareholders amounted to SEK 0.01.
• Operating cash flow was MSEK 428 (185) and cash flow after investments amounted to MSEK 228 (11).
• Production generated 233 GWh (225) with an average income of SEK 454 per MWh (605).
• The project portfolio increased by more than 600 MW during the period. 

Significant events during the first nine months

• Arise subsidiary Pohjan Voima entered into an agreement with Alpiq AG for the sale of the Pysäysperä battery project with a capacity of 125 MW. The total cash consideration amounted to MEUR 6.7, which was received upon closing in May.
• In April, Arise announced that the grid connection for the Pajkölen project had been completed. The conditions were thereby fulfilled for the second part of the purchase price, which amounted to approximately MSEK 15 and was received by Arise in the same month.
• Arise announced in July that the earnout for the Kölvallen project had been established at approximately MEUR 30, which was received in the third quarter.
• In July, Arise entered into asset management agreement with Fortum and Energy Infrastructure Partners regarding a portfolio of five wind farms comprising 94 wind turbines with a total installed capacity of almost 350 MW. This is Arise’s largest contract to date in the Solutions segment.
• In January, Arise entered into a facilities agreement with DNB regarding a green term facility of approximately MEUR 52 and a green revolving facility of MEUR 40 and announced that the company will redeem all outstanding green bonds of MEUR 50. The new agreement entails a significant reduction of the company’s financing costs. The bonds were redeemed on 31 January.
• In January, Arise announced that the Board of Directors had resolved to once again utilise the authorisation granted by the 2024 Annual General Meeting to repurchase the company’s own ordinary shares. The company intended to repurchase its own shares for an amount of up to MSEK 50 until the date of the 2025 Annual General Meeting. Under this share buy-back programme, 634,286 own shares were repurchased for approximately MSEK 23.
• In June, Arise’s main owner Claesson & Anderzén Aktiebolag, through CA Plusinvest AB, announced that, through a share acquisition, the threshold for a mandatory offer in accordance with the Swedish Takeover Act had been exceeded. Later in the same month, CA Plusinvest made a mandatory public offer of SEK 34.35 per share to the shareholders of Arise. The acceptance period for the offer commenced at the end of June and expired on 1 August 2025.
• The Board of Directors of Arise appointed an independent bid committee, within the Board of Directors, to handle matters relating to the offer from CA Plusinvest. The independent bid committee consisted of Joachim Gahm (Chairman), Mikael Schoultz, P-G Persson and Mia Bodin. In July, the Board of Directors’ independent bid committee recommended the shareholders not to accept the offer from CA Plusinvest. According to the independent bid committee's overall assessment, the terms of the offer did not reflect Arise's long-term growth prospects.

Halmstad, 6 November 2025

Arise AB (publ) 

For further information, please contact:

Per-Erik Eriksson, CEO Arise AB, +46 702 409 902

Markus Larsson, CFO Arise AB, +46 735 321 776

This information is such information as Arise AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 a.m. CET on 6 November 2025.

About Arise
Arise is a leading independent company that realises new green energy. The company develops, builds, sells and manages renewable electricity production. The company is listed on Nasdaq Stockholm.

Arise AB (publ), Linjegatan 7, 302 50 Halmstad, tel. +46 10 450 71 00, org.nr. 556274-6726, E-mail: [email protected], www.arise.se