Slide 1: Year-end Report 2024
Year-end Report 2024 Year-end Report 2024 February 13, 2025 Per Witalisson, CEO Catharina Persson, CFO 13 February 2024 Per Witalisson, CEO Catharina Persson, CFO 1
Slide 2: Why Eolus?
Why Eolus? Market Growth Value Creation Project Portfolio Experience Stability Positioned for strong and We’re optimized for Six markets, four Our track record Solid financials that sustained growth efficient value creation technologies and stretches back ensure staying power tailwinds 26 gigawatts
Slide 3: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A 3
Slide 4: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A 4
Slide 5: Diversified across technologies and markets
Diversified across technologies and markets Portfolio by Technology 31/12/2024 (MW) Portfolio Development Q1 2024-Q4 2024 (MW) 22% 5,820 MW 11% Onshore wind 2,962 MW Offshore wind 31% 24% 7,962 MW 6,156 MW Solar 3% Storage 750 MW 20% 5,248 MW 34% Total 25,880 MW 8,800 MW Q1 2024 28,095 Q2 2024 28,38
Slide 6: Project Portfolio Overview Q4 2024
Project Portfolio Overview Q4 2024 By technology and stage, GW Early Development Late Development Construction Asset Management Initial rights Permit approved Final Investment Decision Commercial secured (first instance) taken Operations Date 6.7 0.9 0.4 1.0 Onshore Wind 8.8 - - - Offshore Wind 5.5
Slide 7: Project Portfolio Overview Q4 2024
Project Portfolio Overview Q4 2024 By market and stage, GW Early Development Late Development Construction Asset Management Initial rights Permit approved Final Investment Decision Commercial secured (first instance) taken Operations Date Sweden 9.5 0.7 0.4 0.9 USA 5.0 0.8 0.1 0.1 Finland 5.0 0.2 -
Slide 8: Strong project pipeline ahead
Strong project pipeline ahead Project Highlights 2025 – 2027 Project Market Technology Size (MW) Early Development Late Development FID Construction COD Fågelås, Dållebo and Boarp SE3 88 Construction Pome (sale agreed Q1 2025) CA 100 Construction Roccasecca NV 125 Late Development H2 2025** Pienava
Slide 9: Pome, San Diego
UNDER CONSTRUCTION Pome, San Diego • Eolus’ fourth US project sale 100 • 100 MW/400 MWh stand-alone battery energy storage (BESS) project. MW • Sales agreement signed with major renewable energy producer in January 2025. Enterprise value of 230-235.5 MUSD. • COD planned for Q1 2025. Revenue recognit
Slide 10: We create value at every step of the way with our core asset-light business model
We create value at every step of the way with our core asset-light business model Project Origination Project Development Construction Commercial Operation Final Commercial Investment Operations Decision Date RIGHTS SALE PROJECT SALE CONSTRUCTION ASSET CAPITAL RECYCLING MANAGEMENT MANAGEMENT 19% RET
Slide 11: Review of financial goals 2022–2024
Review of financial goals 2022–2024 Annual sales Average annual sales shall amount to at least 1,000 MW during Not the 2022–2024 period. achieved Future annual sales From 2025, average annual sales shall amount to at least 1,500 MW. Removed The Group’s average return on equity shall exceed 10% per f
Slide 12: New financial goals for 2025 – 2027
New financial goals for 2025 – 2027 The Group’s operating profit shall amount to at least 1,400 MSEK Operating Profit in total over the period 2025–2027. The Group’s average return on equity shall exceed 15 percent Return on Equity per fiscal year. Equity/Assets Ratio The Group’s asset ratio shall e
Slide 13: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A 13
Slide 14: Financial update – Key Figures
Financial update – Key Figures Net Sales, MSEK Operating Profit, MSEK Earnings Per Share, SEK Equity / Assets Ratio Q4 2024 729 (155) 437 (99) 12.67 (2.85) 38% (56%) FY 2024 851 (2,301) 288 (764) 6.22 (23.00) 38% (56%) 14
Slide 15: Consolidated Income Statement
Consolidated Income Statement MSEK Q4 2024 Q4 2023 FY 2024 FY 2023 Net sales 729 155 851 2,301 Other operating income 7 18 34 93 735 174 885 2,394 Operating expenses Cost for goods and project development -190 7 -199 -1,297 Other external costs -62 -43 -197 -168 Employee benefits expenses -34 -36 -1
Slide 16: Pure-play developer model entails large earnings fluctuations between periods
Eolus’ pure-play developer business model entails large fluctuations in earnings between reporting periods Quarterly earnings are affected by the timing of project sales and progress through construction milestones 1,742 1,448 1,009 Net sales 673 691 729 MSEK 432 366 277 242 155 111 127 44 54 24 Q1
Slide 17: Balance Sheet: Pome is a large part of Eolus' balance sheet
Balance Sheet: Pome is a large part of Eolus’ balance sheet At close of the Pome transaction (expected Q1 2025), Projects under construction and Current liabilities will decrease significantly. Assets Equity and liabilities 1,788 Attributable to 320 849 Pome BESS Project 2,162 100 220 629 252 220 1,
Slide 18: Consolidated cash flow statement
Consolidated cash flow statement MSEK Q4 2024 Q4 2023 FY 2024 FY 2023 Operating activities Operating profit 437 99 288 764 Non cash items 74 -8 125 31 511 91 414 794 Interest received 19 22 23 23 Interest paid -10 -23 -56 -55 Income tax paid -98 -9 -111 -76 Net cash flow from operating activities be
Slide 19: Projects under construction
Projects under construction Production, Degree of Project Location Price area Technology Capacity(MW) COD (GWh) completion Stor-Skälsjön Sundsvall and Timrå, Sweden SE2 260 800 2025 94% Boarp Vaggeryd SE3 25 70 2025 * Dållebo Ulricehamn SE3 18 59 2025 * Fågelås Hjo SE3 45 170 2025 * Timmele Ulriceha
Slide 20: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A 20
Slide 21: Upcoming milestones
Upcoming milestones Transactions • Close of Pome BESS sale expected in Q1 • 230–235,5 MUSD enterprise value • Significant balance sheet size reduction • Stor-Skälsjön onshore wind • Final construction revenue recognition (6% remaining) • Commercial Operations Date (COD) expected Q1 • Eolus asset man
Slide 22: Agenda
Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A 22
Slide 23: Thank you
Thank you 23