Eolus Vind (EOLU) Q4 2025 earnings summary

Executive summary

• Record net sales achieved in 2025, supported by strong cash flow and a solid financial position, despite significant impairments, particularly in offshore wind projects.

• Portfolio size reduced to 15.8 GW, reflecting strategic right-sizing, market-driven impairments, and project divestments.

• Divestment of Fågelås, Dållebo, and Boarp projects generated substantial cash inflow and included a 15-year asset management agreement.

• Asset management portfolio grew to 1,274 MW by year-end, up from 967 MW.

Financial highlights

• Q4 2025 net sales reached SEK 1,372 million, up from SEK 729 million in Q4 2024; full-year net sales totaled SEK 3,911 million.

• Operating profit for Q4 2025 was SEK -313 million, compared to SEK -437 million in Q4 2024, mainly due to SEK 240 million in project impairments.

• Earnings per share for Q4 2025 was SEK -12.14; FY 2025 was SEK -13.92.

• Equity/assets ratio improved to 55% by year-end, up from 38% in 2024.

• Net cash position at year-end was SEK 19 million, a turnaround from net debt of SEK 1,788 million a year earlier.

Outlook and guidance

• ROE target reaffirmed above 15%, but total operating profit target for 2025–2027 withdrawn due to FY 2025 impairments.

• Continued focus on diversification, optimal risk allocation, and value over volume.

• Dividend policy targets 20–50% payout, adjusted for investment needs and financial position.