Eolus Vind (EOLU) Q1 2026 earnings summary

Executive summary

• Returned to an asset-light, high-liquidity position following major project sales and milestone payments, with net sales for Q1 2026 at SEK 631 million, down from SEK 1,975 million year-over-year.

• Operating profit rose to SEK 241 million from SEK 164 million, driven by the sale of the Roccasecca battery project and a milestone payment from the Fageråsen wind project.

• Net profit increased to SEK 162 million from SEK 90 million, with EPS at SEK 6.60 versus SEK 3.60 in Q1 2025.

• Focused on value creation through project sales, capital recycling, and a diversified renewable energy portfolio, with a 15 GW+ portfolio diversified by market, technology, and maturity.

• Asset management portfolio grew to 1,271 MW from 1,180 MW year-over-year.

Financial highlights

• Q1 2026 net sales were SEK 631 million, down from SEK 1,975 million in Q1 2025.

• Operating profit rose to SEK 241 million from SEK 164 million year-over-year.

• Earnings per share increased to SEK 6.60 from SEK 3.60 year-over-year.

• Net cash position at quarter-end was SEK 452 million, compared to net debt of SEK 354 million a year earlier.

• Equity/assets ratio at 60% at quarter-end, up from 17% in Q1 2025.

Outlook and guidance

• Positioned for long-term growth in renewable energy demand, with a focus on asset-light operations, capital recycling, and value over volume in project portfolio growth.

• The company aims for an average return on equity above 15% per fiscal year and an equity/assets ratio above 30%.

• No dividend proposed for FY 2025 due to company terms, despite a strong financial position.

• Geopolitical uncertainty and energy crisis reinforce the reliability and competitiveness of renewables.

• Upward pressure on energy price curves expected to benefit future project economics.