Arise AB: Interim report 1 January - 30 June 2025

Takeover of Kölvallen was the highlight of a strong quarter. Arise is continuing to prove its ability to develop and carry out large, complex projects
CEO comment:

A strong second quarter where we increase EBITDA to 61 MSEK, with support from the sale of the Pysäysperä project (battery storage) and own production.

The highlight of the quarter was the takeover of Kölvallen. An agreement has now been reached for an earnout of approximately MEUR 30, which exceeds the previously communicated revenue recognition. This is due to the successful completion of the project and with support from the Pajkölen project (previously sold battery storage), which reduced the cost of the grid connection. Payment and earnings effect are expected during the third quarter.

Second quarter (1 April-30 June 2025)

• Net sales for the quarter amounted to MSEK 164 (101).
• Operating profit before depreciation and amortisation (EBITDA) was MSEK 61 (53).
• Operating profit (EBIT) was MSEK 39 (33).
• Profit after tax totalled MSEK 28 (30) and earnings per share, attributable to the parent company shareholders, amounted to SEK 0.11 (0.76).
• Operating cash flow was MSEK 80 (24) and cash flow after investments amounted to MSEK -13 (-34).
• Production generated 79 GWh (69) with an average income of SEK 352 per MWh (549).
• Projects in late developmental phase increased by 400 MW while the total project portfolio remained unchanged during the quarter.

Selected key figures	Q2 2025	Q2 2024	Q2 2023	Q2 2022	Q2 2021
Net sales, MSEK	164	101	110	53	36
EBITDA, MSEK	61	53	69	25	12
Earnings per share, SEK	0.11	0.76	0.85	-0.13	-0.16
Adjusted equity per share, SEK	63	59	63	29	24
Equity/assets ratio, %	65	57	59	35	51
Project portfolio, MW	~9,000	~7,900	~5,700	~2,350	~1,300

First half of the year (1 January-30 June 2025)

• Net sales for the period amounted to MSEK 249 (213).
• Operating profit before depreciation and amortisation (EBITDA) was MSEK 85 (123).
• Operating profit (EBIT) was MSEK 41 (87).
• Reported profit after tax totalled MSEK 9 (77) and earnings per share was SEK -0.28 (1.90).
• Adjusted for non-recurring costs of MSEK -19 in the first quarter related to the company's refinancing, profit after tax totalled MSEK 28 and earnings per share amounted to SEK 0.18.
• Operating cash flow was MSEK 106 (142) and cash flow after investments amounted to MSEK -23 (20).
• Production generated 169 GWh (159) with an average income of SEK 461 per MWh (661).
• The project portfolio increased by approximately 140 MW during the first half of the year.

Significant events during the first half of the year

• 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 buyback programme, 634,286 own shares were repurchased for MSEK 23 during the first half of the year.
• 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.
• 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 expires on or about 1 August 2025.
• The Board of Directors of Arise appointed an independent bid committee, within the Board of Directors, which will handle matters relating to the offer from CA Plusinvest. The independent bid committee consists of Joachim Gahm (Chairman), Mikael Schoultz, P-G Persson and Mia Bodin. The Board member Erik Rune is considered to have a conflict of interest, as he is CEO of Claesson & Anderzén AB and deputy board member in CA Plusinvest AB, and has therefore not participated in, and will not participate in, the Board of Directors' handling of matters relating to the offer from CA Plusinvest. The Board member Johan Damne was until November 2024 CEO of Claesson & Anderzén AB, and due to this previous close relationship, Johan Damne has not participated in, and will not participate in, the Board of Directors of Arise's handling of matters relating to the offer from CA Plusinvest.

Significant events after the end of the period

• 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 do not reflect Arise's long-term growth prospects.
• Arise announced in July that the earnout for the Kölvallen project had been established at approximately MEUR 30, which is expected to be received in the third quarter. Of the earnout amount, approximately MEUR 27 had already been recognised at the end of the period, which is why the earnings effect on receipt is expected to amount to approximately MEUR 3.

Halmstad, 18 July 2025

Arise AB (publ)

For further information, please contact:

Per-Erik Eriksson, CEO Arise AB, [phone]

Markus Larsson, CFO Arise AB, [phone]

This information is such information as Arise AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 18 July 2025.

Om Arise
Arise är ett ledande och oberoende företag som förverkligar ny grön energi. Bolaget prospekterar, bygger, säljer och förvaltar förnybar elproduktion. Bolaget är noterat på Nasdaq Stockholm.

Arise AB (publ), Linjegatan 7, 302 50 Halmstad, tel. [phone], org.nr. 556274-6726, E-mail: [e-mail], www.arise.se