Arise: Good Q3, hedging high electricity prices

Arise: Good Q3, hedging high electricity prices - ABG

Q3’21 EBITDA of SEK 76m, +4% vs. ABGSCe
Hedging 1/3 of ‘22e electricity production at EUR 80/MWh
Project pipeline at 2.6 GW, ongoing projects as expected

Arise delivered a solid Q3 report. Sales were slightly lower than expected, but the EBITDA and net profit ahead of forecasts, which is most important in our view. Q3 sales came in at SEK 117m, -9% vs. ABGSCe at SEK 129m. The main deviation was on Production, where the realised prices of SEK 749 per MWh was 16% below ABGSCe at SEK 897 per MWh, leading to sales coming in -17% compared our forecast. At the same time, the profit realisation was better than expected in Development and Solutions. All in all, EBITDA was SEK 76m, +4% vs. ABGSCe at SEK 73m. Per segment, Development & Solutions had EBITDA of SEK 51m, +47% vs. ABGSCe at SEK 35m, while Production had an EBITDA of SEK 32m, -17% vs. ABGSCe SEK 39m (due to the lower realised prices). Net profit was strong at SEK 54m vs. ABGSCe at SEK 38m, the main deviation explained by lower net financial costs and no tax expenses in this quarter.

The project portfolio was 2.6 GW, as expected. The permit application and application for electricity connection was submitted for the Tormsdale project in Scotland (12 turbines). Kölvallen is still expected to be sold in Q2’22. In the UK, Arise is working on solar greenfield projects, while they are in discussions regarding project acquisitions in Poland on the solar side. All in all, the company continues to work towards building the project portfolio while most ongoing projects are progressing in line with our expectations.

Arise: Good Q3, hedging high electricity prices - ABG

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