Eolus Vind (EOLU) Q1 2025 earnings summary

Executive summary

• Achieved record net sales of 1,975 MSEK and operating profit of 164 MSEK in Q1 2025, driven by the sale of the 100 MW Pome/POEM BESS project in California and the handover of the 260 MW Stor-Skälsjön/Storsjön wind project in Sweden.

• Strategic review led to downsizing offshore wind operations in Sweden and Finland due to commercial and regulatory challenges, with minimal investment planned for 2025–2027.

• Asset management portfolio now exceeds 1,180 MW, reflecting growth in managed renewable assets.

• Portfolio stands at 25,523 MW diversified across markets, technologies, and project maturity.

• Order backlog increased to 750 MSEK, mainly from the Pome/POEM project.

Financial highlights

• Net sales for Q1 reached 1,975 MSEK, with operating profit of 164 MSEK and EPS of 3.60 SEK.

• Equity-to-asset ratio at quarter-end was 61%, up from 54% year-over-year.

• Net cash position of 354 MSEK at quarter-end, with net debt reduced by SEK 1.4 billion after project divestments.

• Cash flow from operating activities was 1,411 MSEK in Q1 2025, mainly from the Pome/POEM sale.

• Order backlog stood at 750 MSEK, up from 662 MSEK in Q1 2024.

Outlook and guidance

• Focus on advancing sales and PPAs for Fågelås, Dållebo, Boarp, Pienava, and Fageråsen projects.

• Final Pome/POEM milestone payment of $25–30.5 million expected in Q2 2025.

• Targeting realization of 1.5 GW in mature projects over the next three years.

• Operating profit target of at least 1,400 MSEK for 2025–2027; average ROE to exceed 15% per year.

• Exploring a potential green bond issue to optimize financing for the 2025–2027 business plan.