Eolus Vind (EOLU) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached SEK 200 million, a significant increase from SEK 24 million in Q3 2024, mainly driven by US battery project Pome and project divestments.

• Operating loss for Q3 2025 was SEK 87 million, mainly due to margin adjustments in the US battery project POEM and divestment of US wind components.

• Project portfolio exceeds 25 GW across wind, solar, and battery storage in multiple markets, with several projects nearing completion and new PPA agreements signed.

• Strategic recalibration and cost savings program initiated, targeting SEK 60 million annual reduction from 2026, with focus on earlier-stage project sales and high-potential projects.

• Third consecutive quarter with project transactions, including divestment of Fageråsen and progress on Pome and Pienava.

Financial highlights

• Q3 2025 net sales: SEK 200 million (Q3 2024: SEK 24 million); operating result: SEK -87 million; EPS: SEK -3.87.

• Rolling 12-month net sales totaled SEK 3,267 million, with operating profit at SEK 440 million and EPS at 10.92 SEK.

• Equity/assets ratio at 51% in Q3 2025, up from 35% year-over-year.

• Project-related debt at SEK 455 million for Fagerås, Dollebo, Boab; net debt at quarter-end: SEK 942 million.

• Cash flow from operating activities in Q3: SEK -266 million (Q3 2024: SEK -1,042 million).

Outlook and guidance

• Business plan for 2025-2027 targets at least SEK 1,400 million in operating profit and average ROE above 15%.

• Cost savings program to reduce annual costs by SEK 60 million from 2026, with focus on efficiency and organizational size.

• Expect positive contributions from sold projects (Fageråsen, Pineva) and advanced sales for Fagerås, Dollebo, Boab, and Råkarsäckar.

• POEM to be fully completed in Q4, with no further significant result impact but remaining positive cash flow.

• Market expected to improve in 2026, especially in the Nordics, with increased demand for permitted projects.