Slide 1: New transactions despite a soft market
INTERIM REPORT Q2 2025 New transactions despite a soft market Per Witalisson, CEO Catharina Persson, CFO 1
Slide 2: Why Eolus?
Why Eolus? Market Growth Value Creation Project Portfolio Experience Positioned for long Pure-play developer 26 GW portfolio 35 years of reliable term growth in optimized for efficient diversified across partnerships, project renewable energy value creation markets, technologies execution and demand
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 Net Sales Operating Profit Earnings per share Q2 2025 364 -74 -1.51 Q2 25, R12 3,091 433 11.60 5
Slide 6: Net portfolio growth of 675 MW during Q2
Net portfolio growth of 675 MW during Q2 Portfolio by market Q2 2025 Portfolio by technology and development phase Q2 2025 (GW) 24% 20.6 6,345 MW 8.8 Onshore wind Solar Offshore wind Storage 3% 750 MW 20% 5.9 5,246 MW Total 26,198 MW 39% 10,294 MW 4.2 2% 3.8 607 MW 1.7 1,186 MW Asset Management 11%
Slide 7: New transactions despite soft market
New transactions despite soft market • Pienava (147 MW) sold to Latvenergo, our first sale in the Latvian market New • Fageråsen (238 MW) JV with Dala Vind sold to OX2 after Q2, offloading significant upcoming grid connection commitments transactions • Persistently slow market for projects in Northe
Slide 8: 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 Advanced exclusive PPA negotiations ongoing Pome (sold) CA 100 Construction Roccasecca Roccasecca NV 125 H2 2025**
Slide 9: Steady growth in early and mid phases – late-stage US project
Steady growth in early and mid phases – late-stage US project Centennial Flats (0.8 GW) left portfolio By market and stage in GW; number in parenthesis refers to the previous period Early Mid Late Construction Asset Management Initial rights Permit application Permit approved Final Investment Commer
Slide 10: 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 90 233 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 ROE R12 ROE 15% >15% aver
Slide 11: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A
Slide 12: Financial update – Key figures
Financial update – Key figures Net Sales, MSEK Operating Profit, MSEK Earnings Per Share, SEK Equity / Assets Ratio Q2 2025 (Q2 2024) 364 (54) -74 (-26) -1.51 (-1.99) 59% (44%) Rolling 12 months 3,091 433 11.60 59% 12
Slide 13: Eolus’s pure-play developer business model means large fluctuations quarter-to-quarter
Eolus’s pure-play developer business model means large fluctuations quarter-to-quarter Revenues derive mainly from large project sales which means key reporting figures vary significantly between reporting periods. EBIT 220 27 517 159 99 437 164 EBIT is sensitive to timing of project sales MSEK -8 -
Slide 14: EBIT driven by drop in expected project margin for Pome
Income statement EBIT driven by drop in expected project margin for Pome Pienava SPA revenue and Pome provisions are main contributors to Q2 operating profit Quarter-on-quarter change in operating profit, MSEK 364 164 Pome revenue recognition and Pienava SPA proceeds made positive contributions MSEK
Slide 15: Asset side largely unchanged as investments and divestments netted out
Balance sheet: Assets Asset side largely unchanged as investments and divestments xnetted out over the quarter Quarter-on-quarter change in total assets, MSEK 2,841 -3 325 40 -108 -124 -17 14 -54 -23 -48 2,843 +675 Stor-Skälsjön MW Fågelås, Dållebo receivables settled Δ Dev portfolio, Q2 25 and Boar
Slide 16: Increase in debt after refinancing drives slight decrease in Equity/Assets ratio
Balance sheet: Equity and liabilities Increase in debt after refinancing drives slight decrease in xEquity/Assets ratio Quarter-on-quarter change in total equity and liablities, MSEK Fågelås, Dållebo and Boarp capex settled in Q2 2,841 -56 -7 300 -192 0 -22 6 0 -26 2,843 550 MSEK Green bond issue, Q
Slide 17: Fågelås, Dållebo and Boarp and bond proceeds drive cash flow
Cash flow Fågelås, Dållebo and Boarp and bond proceeds drive cash flow Quarter-on-quarter change in cash flow, MSEK -216 200 Negative EBIT, tax and interest payments 152 -95 1 MSEK OCF R12, Q2 25 Mainly FDB construction capex 278 -232 Net from dividend payment and refinancing, including bond proceed
Slide 18: Projects under construction
Projects under construction Pome at 85% degree of completion and Pienava added at 0% completion 552 Price Capacity Degree of Project Location Technology Production, (GWh) COD area (MW) completion Boarp Vaggeryd, Sweden SE3 25 70 2025 * MSEK Order backlog, Q2 25 Dållebo Ulricehamn, Sweden SE3 18 59 2
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 • Advance sales for Fågelås, Dållebo and Boarp • Advance Roccasecca sales Value realization • Pome completion and handover • Close negotiations for pay-as-produced PPA for Fågelås, Dållebo and Boarp Value creation • Continue balancing toward value creation and prioritized markets and technol
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: New transactions despite a soft market
INTERIM REPORT Q2 2025 New transactions despite a soft market Per Witalisson, CEO Catharina Persson, CFO 22