Slide 1: Back in an asset-light, high-liquidity position
Q1 REPORT 2026 Back in an asset-light, high-liquidity position Per Witalisson, CEO Catharina Persson, CFO
Slide 2: Market Growth, Value Creation, Project Portfolio, Experience
Market Growth Value Creation Positioned for long term Pure-play developer growth in renewable optimized for efficient energy demand value creation Project Portfolio Experience 15 GW portfolio diversified 35 years of reliable across markets, technologies partnerships, project execution and project ma
Slide 3: Agenda
Agenda Highlights and outlook Per Witalisson, CEO Financial update Catharina Persson, CFO Q&A 3
Slide 4: A pure play developer of renewable energy
A pure play developer of renewable energy Net Sales, MSEK Operating Profit, MSEK Earnings per share, SEK Financial Goals Q1 Goal Q1 2026 631 241 6.60 ROE neg >15% Equity/Assets 60% >30% R12 2,567 -233 -10.93 Dividend 20-50% 4
Slide 5: A diversified project portfolio
A diversified project portfolio Portfolio by technology and development phase Q1 2026 (GW) Portfolio by market Q4 2025 11.5 1.0 Total portfolio: 15,380 MW 38% 5,878 MW 4.5 20% 3,024 MW 41% 6,258 MW 3% 33% 448 MW 8% 1,220 MW 3.3 5,098 MW 6% 3.1 1,000 MW 28% 4,347 MW 1.2 2.7 1.6 0.6 0.2 4% 0.3 0.4 0.0
Slide 6: Roccasecca BESS
PROJECT HIGHLIGHT Roccasecca BESS • Third stand-alone BESS sale in US market. 127 • Attractive grid position, permitting, tolling MW agreement, procurement and project financing package. • Optimally timed full exit on favorable terms reflecting market conditions. Buyer Financing OEM Supplier 6
Slide 7: Back in an asset-light, high-liquidity position
Back in an asset-light, high-liquidity position VALUE REALIZATION VALUE CREATION STRATEGY & OUTLOOK BESS sale and FID milestone Municipal approval Energy crisis strengthens payment and BESS acquisition renewables • Roccasecca (127 MW) sold to • Approval for Kesemossen • Geopolitical uncertainty DESR
Slide 8: Value creation pipeline progress
Value creation pipeline progress Roccasecca Sold in Q1 2026 in an all cash Project Market Technology Size (MW) Ready-to-build Current phase transaction. Roccasecca (sold) NV 127 Construction Pienava Pienava (sold) LV 147 Construction Milestone payments expected in 2026-27. Fageråsen (JV, sold) SE3 2
Slide 9: Agenda
Agenda Highlights and outlook Per Witalisson, CEO Financial update Catharina Persson, CFO Q&A 9
Slide 10: Financial update – Key figures
Financial update – Key figures Net Sales, MSEK Operating Profit, MSEK Earnings Per Share, SEK Equity / Assets Ratio Q1 2026 (Q1 25) 631 (1,975) 241 (164) 6.60 (3.60) 60% (61%) R12 2,567 -233 -10.93 60% 10
Slide 11: Pure-play developer business model means large quarterly fluctuations
Eolus’s pure-play developer business model means large fluctuations quarter-to-quarter 517 159 437 164 241 EBIT is sensitive to EBIT 99 MSEK -12 -29 -26 -94 -74 -87 -313 timing of project sales and revenue recognition. Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 3 7
Slide 12: Roccasecca and Fageråsen main story of Q1
INCOME STATEMENT Roccasecca and Fageråsen main story of Q1 MSEK Q1 2026 • Net sales from Roccasecca BESS transaction main driver of net sales. Net sales 631 Other operating income 4 • Costs related mainly to capitalized 634 expenses and transaction costs for Operating expenses Roccasecca. Cost for g
Slide 13: Reduction in project construction exposure
BALANCE SHEET: ASSETS Reduction in project construction exposure Quarter-on-quarter change in total assets, MSEK • Roccasecca converted from Projects under construction to cash. Seaflower BESS acquisition and 2,347 2,199 development • 9 MSEK in Projects under construction -32 as of end Q1. -196 443
Slide 14: Proceeds increased equity / asset ratio
BALANCE SHEET: EQUITY AND LIABILITIES Proceeds increased equity / asset ratio Quarter-on-quarter change in total equity and liabilities, MSEK • End of quarter equity / asset ratio reached 60% 13 9 2,347 -80 28 -2 0 -4 2,199 183 Uplift from profitable sales Total equity Δ Total equity Δ Total Δ Curre
Slide 15: Cash nearly doubled during the quarter
CASH FLOW STATEMENT Cash nearly doubled during the quarter Quarter-on-quarter cash flow, MSEK • Cash proceeds from Roccasecca sale and Fageråsen FID milestone 1,000 increased cash to 1,000 MSEK. 0 0 19 160 • Net cash amounted to 452 MSEK at end of quarter. 265 556 Proceeds from Roccasecca and Fagerå
Slide 16: Projects under construction
Projects under construction • Roccasecca was sold and handed over Capacity Production Project Location Price area Technology COD Completion to buyer who will manage construction (MW) (GWh) until COD. Ulricehamn, Timmele SE3 8 23 * 0% Sweden • Timmele is currently the only Project Tukums, under const
Slide 17: Agenda
Agenda Highlights and outlook Per Witalisson, CEO Financial update Catharina Persson, CFO Q&A 17
Slide 18: Interim Report Q1 2026 Q&A
INTERIM REPORT Q1 2026 Q&A