Eolus Vind (EOLU) Q2 2024 earnings summary

Executive summary

• Q2 2024 focused on construction and sales processes for key projects in Sweden and the US, including the Pome battery project and Swedish wind farms, but no new transactions closed, resulting in negative operating results and delayed revenue recognition.

• The project portfolio expanded to 28.4 GW, with a balanced mix of onshore, offshore wind, solar PV, and battery storage, and 967 MW under asset management at period end.

• Several mature projects in Sweden, Latvia, Finland, and the US are nearing ready-to-build status, with sales expected to close in 2025 for multiple projects.

• New COO and Chief People & Culture Officer appointed; new business plan and financial targets for 2025–2027 to be presented in winter.

Financial highlights

• Q2 2024 net sales were SEK 54 million, down sharply from SEK 1,742 million in Q2 2023.

• Net loss for Q2 2024 was SEK 50 million, with earnings per share at SEK -1.99.

• Rolling 12-month EBIT was SEK 203 million and net profit SEK 83 million.

• Cash flow from operating activities was SEK -517 million in Q2 2024, compared to SEK 860 million in Q2 2023.

• Equity/assets ratio stood at 44% as of June 30, 2024.

Outlook and guidance

• Near-term revenues, profits, and cash flow will depend on the sale and completion of several major projects, including Swedish wind farms and the US Pome battery project.

• Sales processes for three to five projects are expected to close in 2025, with revenue recognition for Fågelås, Boarp, and Dållebo expected post-sale.

• Updated financial targets and business plan for 2025–2027 will be presented in winter.