Slide 1: Positioning for stay power
INTERIM REPORT Q3 2025 Positioning for stay power Per Witalisson, CEO Catharina Persson, CFO
Slide 2: Communication news
Communication news • Full English translation of the Interim Report available from this quarter onwards • Webcast will be presented in Swedish with an English language slide deck • Questions for Q&A are welcome in either English or Swedish • Subtitled webcast and English transcript will be published
Slide 3: Market Growth Value Creation
Market Growth Value Creation Positioned for long term Pure-play developer growth in renewable optimized for efficient energy demand value creation Project Portfolio Experience 25 GW portfolio diversified 35 years of reliable across markets, technologies partnerships, project execution and project ma
Slide 4: Agenda
Agenda Highlights and portfolio update Per Witalisson, CEO Financial update Catharina Persson, CFO Outlook Per Witalisson, CEO Q&A 4
Slide 5: Agenda
Agenda Highlights and portfolio update Per Witalisson, CEO Financial update Catharina Persson, CFO Outlook Per Witalisson, CEO Q&A 5
Slide 6: A pure play developer of renewable energy
A pure play developer of renewable energy Net Sales, MSEK Operating Profit, MSEK Earnings per share, SEK Q3 2025 200 -87 -3.87 Q3 25, R12 3,267 440 10.92 6
Slide 7: A diversified project portfolio
A diversified project portfolio Portfolio by technology and development phase Q3 2025 (GW) Portfolio by market Q3 2025 20.1 8.8 Onshore wind Solar Offshore wind Storage 24% 6,085 MW 5.5 Total portfolio: 25,363 MW 3% 750 MW 20% 5,057 MW 4.1 3.7 1.7 39% 9,979 MW 1.8 2.1 0.7 0.5 2% 0.7 0.5 0.0 0.2 0.2
Slide 8: Positioning for value-creating stay power
Positioning for value-creating stay power VALUE REALIZATION VALUE CREATION STRATEGY CALIBRATION Third straight quarter PPA signed & Cost savings with transaction Roccasecca progress for stay power • Fageråsen (238 MW) divested • 15-year pay-as-produced PPA • 60 MSEK annual cost reduction with future
Slide 9: Value creation pipeline progress
Value creation pipeline progress Fågelås, Dållebo and Boarp 15-year pay-as-produced PPA Project Market Technology Size (MW) Ready-to-build Current phase signed Fågelås, Dållebo and Boarp SE3 88 Construction Pome 90% degree of completion by Pome (sold) CA 100 Construction Q3. In commercial operation
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 3 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% av
Slide 11: Agenda
Agenda Highlights and portfolio update Per Witalisson, CEO Financial update Catharina Persson, CFO Outlook Per Witalisson, CEO Q&A 11
Slide 12: Financial update – Key figures
Financial update – Key figures Net Sales, MSEK Operating Profit, MSEK Earnings Per Share, SEK Equity / Assets Ratio Q3 2025 200 (24) -87 (-94) -3.87 (-3.16) 51% (35%) (Q3 2024) Rolling 3,267 440 10.92 51% 12 months 12
Slide 13: 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 EBIT is sensitive to EBIT 27 99 MSEK -8 -12 -29 -26 -94 -74 -87 timing of project sales and revenue recognition. Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 934 67
Slide 14: Pome progress main driver in Q3
INCOME STATEMENT Pome progress main driver in Q3 MSEK Q3 • Pome progression from 85% to 90% degree of completion affected Net Net sales 200 sales and Costs for goods and project Other operating income 3 development 202 Operating expenses • Realized loss on PTC equipment Cost for goods and project de
Slide 15: Fågelås, Dållebo and Boarp nearing COD
BALANCE SHEET: ASSETS Fågelås, Dållebo and Boarp nearing COD Quarter-on-quarter change in total assets, MSEK Assets Q3 • Fågelås, Dållebo and Boarp projects had significant capex requirements leading to increase in balance sheet -101 32 30 -11 -98 3,039 64 size. 2,843 285 -6 Approx. Primarily FDB Få
Slide 16: Project-level debt drawdown main driver
BALANCE SHEET: EQUITY AND LIABILITIES Project-level debt drawdown main driver Quarter-on-quarter change in total equity and liabilities, MSEK Q3 • Balance sheet size increase due to project-level debt for Fågelås, Dållebo Non- and Boarp and accounts payable. 3,039 2 0 36 recourse 2,843 19 136 debt •
Slide 17: Cash flow for Fågelås, Dållebo and Boarp capex and project financing
CASH FLOW STATEMENT Cash flow for Fågelås, Dållebo and Boarp capex and project financing main drivers Quarter-on-quarter cash flow, MSEK • Cash flow was driven by operating loss and Fågelås, Dållebo and Boarp capex. 152 Primarily capex • Drawdowns in project financing spend at FDB supported cashflow
Slide 18: Projects under construction
Projects under construction 348 Capacity Production Project Location Price area Technology COD Completion (MW) (GWh) Vaggeryd, Boarp SE3 25 70 2025 * MSEK Sweden Ulricehamn, Order backlog, Q3 25 Dållebo SE3 18 59 2025 * Sweden Fågelås Hjo, Sweden SE3 45 170 2025 * Ulricehamn, Timmele SE3 8 23 ** 0%
Slide 19: Agenda
Agenda Highlights and portfolio update Per Witalisson, CEO Financial update Catharina Persson, CFO Outlook Per Witalisson, CEO Q&A 19
Slide 20: Positioning for stay power – Outlook
OUTLOOK Positioning for stay power • Value realization • Complete Pome and collect remaining payments • Accelerate Fågelås, Dållebo and Boarp transactions on basis of newly signed PPA • Advance Roccasecca transaction on basis of tolling agreement • Value creation • Close financing package for Roccas
Slide 21: Agenda
Agenda Highlights and portfolio update Per Witalisson, CEO Financial update Catharina Persson, CFO Outlook Per Witalisson, CEO Q&A 21
Slide 22: Q&A
INTERIM REPORT Q3 2025 Q&A