Redeye considers Arise’s Q1 2025 report to be a mixed bag, although largely in line with our estimates on an aggregated level. The production segment managed to generate 17% higher production and a 5% higher spot price than we expected but faced higher costs at the same time. The development segment developed in line with expectations but saw negative FX effects of SEK18m as revenue recognition is made in EUR. The project portfolio continues to grow organically, and a Finish 125MW BESS project was divested in the quarter. Arise also refinanced during the quarter, which affected the pretax profit by SEK-19m, which was in line with our estimates.
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