Slide 1: Year-End Report 2025
YEAR-END REPORT 2025 Strong cash flow supports continued execution 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 Q4 Goal Q4 2025 1,372 -313 -12.14 ROE neg >15% Equity/Assets 55% >30% FY 2025 3,911 -310 -13.92 Dividend 20-50% 4
Slide 5: A diversified project portfolio
A diversified project portfolio Portfolio by technology and development phase Q4 2025 (GW) Portfolio by market Q4 2025 11.8 1.0 Onshore wind Solar Offshore wind Storage 38% 6,005 MW 4.7 Total portfolio: 15,820 MW 3% 500 MW 9% 1,402 MW 3.4 3.2 28% 4,386 MW 1.2 2.7 1.7 0.6 0.3 4% 0.3 0.4 0.0 0.2 0.1 6
Slide 6: Strong cash flow supports continued execution
Strong cash flow supports continued execution VALUE REALIZATION VALUE CREATION STRATEGY & OUTLOOK Record net sales in Portfolio size reduced, Diversification and risk shadow of impairments value creation progress allocation • Fågelås, Dållebo and Boarp • Significant reduction in total • Solid cash p
Slide 7: Value creation pipeline progress
Value creation pipeline progress Project Market Technology Size (MW) Ready-to-build Current phase Pienava Roccasecca NV 127 Construction Construction progressed on time; milestone payments Pienava (sold) LV 158 Construction expected in 2026-27. Fageråsen (JV, sold) SE3 238 Construction Fageråsen Rea
Slide 8: Agenda
Agenda Highlights and outlook Per Witalisson, CEO Financial update Catharina Persson, CFO Q&A 8
Slide 9: Financial update – Key figures
Financial update – Key figures Net Sales, MSEK Operating Profit, MSEK Earnings Per Share, SEK Equity / Assets Ratio Q4 2025 1,372 -313 -12.14 55% (Q4 2024) (729) (437) (12.69) (38%) FY 2025 3,911 -310 -13.92 55% 9
Slide 10: Pure-play developer business model means large fluctuations quarter-to-quarter
Eolus’s pure-play developer business model means large fluctuations quarter-to-quarter 517 159 99 437 164 EBIT is sensitive to EBIT 27 MSEK -12 -29 -26 -94 -74 -87 -313 timing of project sales and revenue recognition. Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 934
Slide 11: FDB transaction and impairments drivers in Q4
INCOME STATEMENT FDB transaction and impairments drivers in Q4 MSEK Q4 2025 • Large positive net sales impact from sales of Fågelås, Dållebo and Boarp Net sales 1,372 projects. Other operating income 4 1,377 • Capitalized costs of Fågelås, Dållebo Operating expenses and Boarp largest contributor to
Slide 12: Fågelås, Dållebo and Boarp main driver
BALANCE SHEET: ASSETS Fågelås, Dållebo and Boarp main driver Quarter-on-quarter change in total assets, MSEK • Main changes driven by sale of Fågelås, Boarp and Dållebo. 3,039 38 • Impairments contributed -238 MSEK to a net -199 MSEK change in Projects -674 Fågelås, Dållebo and Impairments under dev
Slide 13: Debt repayment and impairments
BALANCE SHEET: EQUITY AND LIABILITIES Debt repayment and impairments Quarter-on-quarter change in total equity and liabilities, MSEK • The balance sheet decreased by approximately 800 MSEK due to net impact of impairments, sale and 3,039 repayment of construction debt. -333 -6 • Equity / Asset ratio
Slide 14: Cash flow from sales and debt repayment
CASH FLOW STATEMENT Cash flow from sales and debt repayment Quarter-on-quarter cash flow, MSEK • Cash flow was dominated by sale of Fågelås, Dållebo and Boarp and repayment of the connected 38 construction debt. Repayment of construction • Dividend payment of approximately debt from sale of Fågelås,
Slide 15: Projects under construction
Projects under construction • Fågelås, Dållebo, Boarp and Pome Capacity Production Project Location Price area Technology COD Completion completed and handed over to (MW) (GWh) customer during Q4 Ulricehamn, Timmele SE3 8 23 ** 0% Sweden Tukums, Pienava LV 147 475 2027 *** Latvia Boulder City, Rocca
Slide 16: Agenda
Agenda Highlights and outlook Per Witalisson, CEO Financial update Catharina Persson, CFO Q&A 16
Slide 17: Year-End Report Q4 2025 Q&A
YEAR-END REPORT Q4 2025 Q&A ROCCASECCA 127 MW BESS – UNDER CONSTRUCTION IN BOULDER CITY, NEVADA, USA