Slide 1: Strong start to the year in a turbulent context
INTERIM REPORT Q1 2025 Strong start to the year in a turbulent context Per Witalisson, CEO Catharina Persson, CFO Photo: Turbine at Stor-Skälsjön wind farm 1
Slide 2: Why Eolus?
Why Eolus? Market Growth Value Creation Project Portfolio Experience Positioned for long Pure-play developer 25 GW portfolio 35 years of reliable term growth in optimized for efficient diversified across project execution and renewable energy value creation markets, technologies profitable growth de
Slide 3: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A
Slide 4: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A
Slide 5: A pure-play developer of renewable energy
A pure-play developer of renewable energy Key figures Q1 2025 1,975 164 61% 3.60 23% 5,820 MW Net Sales, MSEK Operating Profit, MSEK Equity/Assets Ratio Earnings per share, SEK Q1 2025 Q1 2025 Q1 2025 Q1 2025 3% 750 MW 20% Portfolio by Technology Q1 2025 (MW) Portfolio by Development Phase Q1 2025 (
Slide 6: Strong start to the year in a turbulent context
Strong start to the year in a turbulent context • Pome BESS sold with 275 MSEK collected and additional 25-30.5 MUSD expected Strong value • Significant impact on backlog, net debt, equity/asset ratio and working capital realization • Stor-Skälsjön onshore wind project operational and handed over to
Slide 7: Steady progress in our value creation pipeline
Steady progress in our value creation pipeline Project Market Technology Size (MW) Ready-to-build Current phase Fågelås, Dållebo and Boarp SE3 88 Construction Fågelås, Dållebo and Boarp Progressing on plan. Ongoing Pome (sold) CA 100 Construction PPA negotiations to lock in long term owner revenue a
Slide 8: Update to project phase reporting
Update to project phase reporting We have split “Early development” into two phases: “Early” and “Mid” from Q1 2025 and onwards. The purpose is to improve alignment with internal reporting and make it easier to track portfolio value creation externally Previously Early Development Late Development C
Slide 9: Project Portfolio Overview Q4 2024
Project Portfolio Overview Q4 2024 By market and stage, GW Early Mid Late Construction Asset Management Initial rights Permit application Permit approved Final Investment Commercial secured submitted (first instance) Decision taken Operations Date Sweden 8.7 0.8 0.7 0.1 1.1 USA 3.4 1.6 0.8 0.1 0.1 F
Slide 10: Granular portfolio data available for download
Granular portfolio data available for download A spreadsheet containing current portfolio by price area, phase and technology in MW will be shared quarterly on our financial reports download page going forward in MW Early Mid Late Construction Total, MW Price area Onshore Solar Storage Offshore Onsh
Slide 11: Progress toward financial goals 2025 – 2027
Progress toward financial goals 2025 – 2027 Cumulative EBIT actual, MSEK Cumulative average EBIT goal, MSEK 1,400 EBIT 1,283 1,167 1,050 933 817 700 1,400 MSEK total 350 467 583 2025-2027 164 117 233 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 15% ROE >15% average 17% per
Slide 12: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A
Slide 13: Financial update – Key Figures
Financial update – Key Figures Net Sales, MSEK Operating Profit, MSEK Earnings Per Share, SEK Equity / Assets Ratio Q1 2025 (Q1 2024) 1,975 (44) 164 (-29) 3.60 (-1.30) 61% (54%) Rolling 12 months 2,782 481 11.11 61% 13
Slide 14: Eolus's pure-play developer business model means large fluctuations between reporting periods
Eolus’s pure-play developer business model means large fluctuations between reporting periods Revenues derive mainly from large project sales which means key reporting figures can vary significantly between reporting periods. EBIT is sensitive to EBIT 220 27 517 159 99 437 164 timing of project MSEK
Slide 15: Income statement: EBIT affected by increase in revenue and capitalized costs from Pome
Income statement: EBIT affected by increase in revenue and capitalized costs from Pome Capitalized costs relating to Pome affects the quarter’s operating profit due to construction-phase sale timing Quarter-on-quarter change in operating profit, MSEK 750 1,268 MSEK, Order backlog, Q1 25 437 Mainly c
Slide 16: Cash Flow: Pome was the main driver of cash flow effects in Q1
Cash Flow: Pome was the main driver of cash flow effects in Q1 Cash flow for the period was dominated by revenue and working capital reversal and amortization attributable to Pome. No new borrowing occurred in Q1. Quarter-on-quarter change in cash flow, MSEK 134 0 1,304 MSEK, Transfer of Pome projec
Slide 17: Balance sheet: Substantial reduction in balance sheet size
Balance sheet: Substantial reduction in balance sheet size Net decrease in balance sheet size by approximately 1,700 MSEK compared to Q4 2024 due to the transfer of Pome to the new owner. Corresponding decrease in net debt and increase in equity ratio also occurred. Quarter-on-quarter change in tota
Slide 18: Projects under construction
Projects under construction Pome divested at 75% degree of completion and Stor-Skälsjön completed and therefore removed from table Production, Degree of Project Location Price area Technology Capacity(MW) COD (GWh) completion Boarp Vaggeryd, Sweden SE3 25 70 2025 * Dållebo Ulricehamn, Sweden SE3 18
Slide 19: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A 19
Slide 20: Outlook
Outlook • Focus on advancing sales for Fågelås, Dållebo and Boarp (FDB), Pienava and Fageråsen. Value realization • Pome construction completion and final milestone 25-30.5 MUSD payment expected in Q2. • Close pay-as-produced PPA for FDB • Line up key supplier contracts in late- Value creation stage
Slide 21: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A 21
Slide 22: Strong start to the year in a turbulent context
INTERIM REPORT Q1 2025 Strong start to the year in a turbulent context Per Witalisson, CEO Catharina Persson, CFO Photo: Turbine at Stor-Skälsjön wind farm 22