Eolus Vind (EOLU) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached SEK 364 million, a significant increase from SEK 54 million in Q2 2024, but operating profit was negative at SEK -74 million due to project margin reductions and delays, especially in the Pome battery project.

• The company changed its name to Eolus to reflect a broader focus on renewables and energy storage, managing a diversified 26.2 GW portfolio across six markets.

• Achieved new transactions despite a soft market, including the first sale in Latvia (Pienava) and a major JV sale in Sweden (Fageråsen), with continued progress in the value creation pipeline.

• Project sales timing leads to significant quarter-to-quarter volatility; performance is best assessed on a rolling 12-month basis.

• For the first half of 2025, net sales totaled SEK 2,338 million and net profit was SEK 52 million, a turnaround from a loss of SEK -82 million in the same period last year.

Financial highlights

• Q2 2025 net sales were SEK 364 million, up from SEK 54 million in Q2 2024, but operating profit was SEK -74 million, mainly due to provisions for project delays.

• Earnings per share for Q2 2025 were SEK -1.51, an improvement from SEK -1.99 year-over-year.

• Rolling 12-month net sales reached SEK 3,091 million, with EBIT at SEK 433 million.

• Equity-to-asset ratio at quarter-end was 59%, up from 44% year-over-year.

• Cash balance decreased from SEK 200 million to SEK 152 million during the quarter; net debt position was SEK -698 million at Q2 2025 end.

Outlook and guidance

• Focus remains on advancing sales and PPAs for Fågelås, Dållebo, and Boarp, with CapEx between SEK 1.4–1.5 billion.

• Pome battery project in the US at 85% completion, with handover delayed to H2 2025, impacting margins.

• The business plan for 2025–2027 targets at least SEK 1,400 million in operating profit and an average ROE above 15% per year.

• Continued optimization of financial position and reduction of corporate net debt, leveraging new construction credit facility for flexibility.

• Dividend policy aims for 20–50% of profit after tax, subject to investment needs and financial position.