MFN News Items Archive

Today, Eolus signed and closed the sale of the Roccasecca stand-alone battery energy storage project, totaling 127 MW / 506 MWh, located in Boulder City, Nevada, USA. The transaction was completed as an all-cash sale to a large US IPP, who is a leading developer, owner, and operator of renewable energy projects with over twelve gigawatts of aggregate capacity. The project is currently under construction and is expected to reach commercial operation in 2026.

The transaction covers the transfer of all shares of the Roccasecca SPV to the buyer and a total cash payment, including cost reimbursement, of approximately USD $66.9 million to Eolus. Roccasecca marks Eolus’s fifth project sale in the U.S. market. Following an investment decision taken by Eolus’ board in mid 2025, construction of Roccasecca began in the fourth quarter.

As part of the transaction, the buyer assumes all rights and obligations associated with the project, including a 15-year tolling agreement, equipment supply agreements and project finance agreements negotiated and executed by Eolus. The buyer takes over construction management and will continue the buildout until completion, with Eolus supporting as required.

”Eolus continues its string of successful transactions in the U.S. Southwest with the Roccasecca deal. I’m proud to note that we are now a preferred partner to leading financiers and asset owners investing in power generation and energy storage assets. Eolus North America has earned a reputation as a solid contributor to the development of the U.S. energy supply.” says Hans-Christian Schulze, Country Manager, Eolus North America.

“We continue to generate healthy returns from a pipeline of renewable energy and battery projects, built up over more than ten years of presence in the U.S. market. We timed this deal flawlessly, handing over a derisked project, complete with contracted revenues, construction to term financing, and a sensible allocation of construction risk. Roccasecca shows how we leverage our experience to structure transactions for optimal value creation. I look forward to reinvesting our Roccasecca proceeds into new value creating opportunities in the Eolus pipeline”, adds Per Witalisson, CEO of Eolus.

Summary of expected financial effects for Eolus

Project revenues will be recognized in full in Q1 2026.
All capitalized costs relating to Roccasecca will be recorded as Cost of sold projects on the income statement and removed from the balance sheet in Q1 2026. All transaction-related project costs will also be recorded in Q1 2026.
Full project proceeds will be reported as cash flow in Q1 2026.

About Eolus
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of greenfield projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus completes all-cash sale of 127 MW Roccasecca BESS project to large US IPP

Roccasecca BESS - Photo: Eolus

Results in line with preliminary figures – strong cash flow supports continued execution

1 October – 31 December 2025

Net sales amounted to 1,372 (729) MSEK.
EBIT amounted to -313 (437) MSEK. Profit before tax amounted to -356 (433) MSEK.
Net profit amounted to -312 (315) MSEK.
Earnings per share before and after dilution equaled -12.14 (12.69) SEK.
At the end of the period, Eolus had 1,274 (967) MW under asset management.

1 January – 31 December 2025

Net sales amounted to 3,911 (851) MSEK.
EBIT amounted to -310 (288) MSEK. Profit before tax amounted to -410 (272) MSEK.
Net profit amounted to -356 (155) MSEK.
Earnings per share before and after dilution equaled -13.92 (6.23) SEK.
At the end of the period, Eolus had 1,274 (967) MW under asset management.

Significant events during the period

On 23 December, Eolus completed the sale of the Swedish wind parks Fågelås, Dållebo and Boarp, all located in price area SE3, to Mirova. In connection with the sale, Eolus signed a 15-year operation and management agreement for the parks and an agreement to jointly develop energy storage systems at two of the parks with the owner.

Significant events after the balance sheet date

On January 27, Eolus announced preliminary results and that the company would recognise impairments of projects, mainly offshore wind power projects. The impact of the impairment losses on operating profit for the fourth quarter amounted to approximately SEK -240 million.
On 27 January, Eolus’s Board announced its decision to withdraw the financial target of achieving a total operating profit of SEK 1,400 million over the period 2025–2027, but maintains the targets regarding return on equity, equity ratio and dividend policy.
On 3 February, Eolus’s customer took a final investment decision for 189 MW and 27 turbines in the onshore wind project Fageråsen. Eolus and DalaVind co-developed the project until it was sold to OX2 in July 2025. The decision triggers an instalment payment to Eolus that is expected to have a positive impact on cash flow and earnings in the first quarter 2026.

Comment from CEO Per Witalisson

“The fourth quarter’s transactions generated a net cash flow of just over SEK 500 million, letting us turn net debt into net cash and enter 2026 with more than half a billion in the bank.”

Invitation to the report presentation
At 10:00 a.m. today a webcast with teleconference will be held, where the report is presented by CEO Per Witalisson and CFO Catharina Persson. The presentation will be held in Swedish with opportunity to ask questions in English or Swedish.

If you wish to participate via webcast, please use the link below:
https://eolus.events.inderes.com/q4-report-2025/register
Via the webcast you can ask written questions in English or Swedish.

If you wish to participate via teleconference please register on the link below:
https://events.inderes.com/eolus/q4-report-2025/dial-in

Financial summary

				12 months	12 months
MSEK	Unit	Q4 2025	Q4 2024	2025	2024
Net sales	MSEK	1,372	729	3,911	851
Operating profit	MSEK	-313	437	-310	288
Profit before tax	MSEK	-356	433	-410	272
Net profit	MSEK	-312	315	-356	155
Earnings per share before and after dilution*	SEK	-12.14	12.69	-13.92	6.23

Equity per share*	SEK	46.09	67.01	46.09	67.01
Cashflow from operating activities	MSEK	964	-258	1,783	-1,796
Total assets	MSEK	2,199	4,562	2,199	4,562
Net debt – /net cash +*	MSEK	19	-1,788	19	-1,788

Order backlog	MSEK	254	180	254	180
Project under construction	MW	282	456	282	456
Taken into operation and handed over to customer	MW	188	–	448	–
Project portfolio	MW	15,820	25,880	15,820	25,880
Managed turbines	MW	1,274	967	1,274	967

Equity/assets ratio*	%	55	38	55	38
Return on equity after tax*	%	neg	10	neg	10

* for definitions of alternative performance measures see page 32 of the report.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus Year End Report 2025

Project Pienava, Latvia

Eolus AB’s Interim Report for the fourth quarter 2025 will be published on Wednesday 11 February 2025 at around 7:45 a.m. (CET). At 10:00 a.m. the same day a webcast with teleconference will be held, where the report is presented by CEO Per Witalisson and CFO Catharina Persson.

In connection with the presentation, it will be possible to ask questions through the teleconference or in written form through the webcast. The presentation will be held in Swedish.

Webcast
If you wish to participate via webcast, please use the link below:
https://eolus.events.inderes.com/q4-report-2025/register
Via the webcast you can ask written questions in English or Swedish.

Teleconference
If you wish to participate via teleconference please register on the link below:
https://events.inderes.com/eolus/q4-report-2025/dial-in
After registration you will be provided phone numbers and a conference ID to access the conference. You may ask questions verbally via the teleconference.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Invitation to presentation of Eolus’ interim report for the fourth quarter 2025 on 11 February 2026

In accordance with the decision of the Annual General Meeting and the Swedish Code of Corporate Governance, Eolus’s Nomination Committee has decided to propose at the 2026 Annual General Meeting that the number of members elected by the General Meeting be five and that Marie Grönborg, Hans Johansson, Jan Johansson and Hans Linnarson be re-elected. The Nomination Committee further proposes that Jenny Rosberg be elected as a new member of the board.

Jenny Rosberg, with many years of experience in leading positions from companies such as Nasdaq Inc, Erik Penser Bank AB and Skandia, is expected to broaden the board’s expertise in areas related to capital markets, corporate finance and international business development. Her current board assignments in other public companies (MIPS, CAG, C-Rad) are also meritorious. Jenny Rosberg is educated in economics, statistics and law at Stockholm University and has an MBA from the Stockholm School of Economics.

Marie Grönborg is proposed for re-election as Chair. Bodil Rosvall Jönsson has declined re-election.

The nomination committee consists of Martin Lundin (appointed by Domneåns Kraftaktiebolag), Hans-Göran Stennert (appointed by Hans-Göran Stennert), Hans Johansson (appointed by Åke Johansson) and Chair of the Board Marie Grönborg.

The nomination committee’s reasoned statement regarding the proposal for the Board of Directors in Eolus AB and its complete proposal for the 2026 Annual General Meeting will be published in connection with the notice. The Annual General Meeting will be held on May 6, 2026 in Hässleholm.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

The Nomination Committee of Eolus AB has decided to propose the following regarding the board's composition at the 2026 Annual General Meeting

OX2, which bought the Fageråsen project from Eolus and DalaVind in July 2025, has now reached final investment decision for the construction of the project. Fageråsen is an onshore wind power project in Malung-Sälen municipality, in price area SE3. The investment decision covers 27 wind turbines with a total capacity of 189 MW and marks the achievement of another important milestone in the transaction. The investment decision triggers a milestone payment to Eolus, which is expected to have a positive impact on Eolus’ cash flow and earnings in the first quarter of 2026.

“I am pleased that OX2 has chosen to proceed with the construction of Fageråsen. The facility is of considerable size and important both regionally and nationally in the pursuit of electrification and fossil freedom. The decision is an acknowledgment of the quality of the project and proof that Swedish onshore wind continues to be investable when the right conditions are in place,” says Per Witalisson, CEO of Eolus.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus's customer has taken final investment decision for the Fageråsen project

Following an updated assessment of the market conditions for offshore wind power in Sweden and Finland, as well as a review of the total project portfolio, Eolus’s Board has decided to recognise impairments of projects amounting to approximately SEK 240 million in the financial statements for the fourth quarter of 2025. Of this amount, about two thirds relate to offshore wind power projects. Following the impairments, Eolus’s preliminary and unaudited operating profit for the fourth quarter is estimated to amount to approximately SEK -315 million. In light of the impact of the impairments on the outcome of the business plan for 2025–2027, revised financial goals are communicated.

Preliminary results for the fourth quarter of 2025
Eolus’s preliminary operating profit amounted to SEK -315 million for the fourth quarter of 2025 and SEK -310 million for the full year 2025. Impairment losses in the fourth quarter impacted operating profit by approximately SEK -240 million. Cash flow amounted to approximately SEK +500 million during the quarter and SEK +226 million for the full year. At the end of the quarter, cash and cash equivalents amounted to approximately SEK 550 million. Eolus’s equity/assets ratio exceeded 50 percent and shareholder equity amounted to approximately SEK 1,200 million. Eolus had a net cash position of approximately SEK 20 million at the end of the quarter. Eolus’s year-end report will be published on February 11, 2026.

Revision of target for total operating profit 2025–2027
In light of the impact of the impairment losses on the business plan 2025–2027, the Board has decided to withdraw the financial goal of at least SEK 1,400 million in total operating profit for the period 2025–2027.

The updated financial targets are:

The Group’s average return on equity shall exceed 15% per fiscal year. Eolus should ensure strong value growth for its shareholders.
The Group’s equity/assets ratio shall exceed 30 percent. Eolus should safeguard shareholders’ capital and ensure flexibility and preparedness throughout economic cycles.
The dividends paid by Eolus shall be based on long-term earnings and correspond to 20–50% of the Group’s profit after tax. However, dividends shall be dependent on the company’s investment requirements and financial position. Eolus should ensure an efficient capital structure in relation to the development and needs of the business. Value returns to shareholders primarily through dividends, but the capital structure may also be adjusted through measures such as share buyback programs or similar initiatives.

“The impairments are in line with the calibrated strategy presented in connection with the Q3 report. We have right-sized the organization to current market conditions and are implementing a previously announced cost reduction program with the goal of lowering annual operating costs by SEK 60 million compared to 2025. The quarter’s strong cash flow, reduced debt and strong project focus create good conditions to execute successfully in 2026,” says Per Witalisson, CEO of Eolus.

Impairments due to changes in market conditions
The offshore wind projects account for the majority of the impairments, SEK 166 million. Impairments have also been recorded in some onshore wind projects due to developments in the specific projects, amounting to SEK 74 million in total distributed over SEK 35 million in Swedish projects, SEK 30 million in Finnish projects and SEK 9 million in US projects.

“The Baltic Sea offers abundant and untapped wind resources that are essential for achieving national targets for electricity production and electrification in both Sweden and Finland. That’s what we saw when we started developing offshore projects in 2021 and it is still the case today. Despite this, the slow pace of electrification, regulatory barriers and a lack of political support have contributed to making offshore wind power in the Baltic Sea economically unviable in the short and medium term,” comments Per Witalisson.

Eolus conducted a strategic review of the offshore wind portfolio in 2023-2024. The review led to Eolus pausing the development of offshore wind power and reallocating internal resources in the first quarter of 2025.

Eolus’s offshore wind project portfolio decreases from a total of 8,800 MW to 1,000 MW due to impairment charges. However, Eolus retains all rights and intellectual property relating to the impaired projects.

The only remaining offshore wind power project on the balance sheet is Västvind, located off Gothenburg and Öckerö on the west coast of Sweden. Eolus assesses that Västvind enjoys better conditions thanks to its location and strong regional support, including through the Port of Gothenburg’s and Volvo Cars’ involvement in the project.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus recognises impairments of projects, presents preliminary results for Q4 2025 and revises financial goals

Eolus has signed and closed an agreement for the purchase of a 100 MW/400 MWh stand-alone Battery Energy Storage System (BESS) project under development located in southwestern California, USA.

“This project is a great addition to our portfolio and a perfect match to our strategy as a pure-play developer of BESS in the CAISO grid. The project will provide stability to a grid straining under surging demand, while also creating value for the local community in the form of jobs, community benefit payments, and road improvements. We are excited to leverage our experience to develop this acquisition into a derisked, ready-to-build project that long-term energy investors seek.” says Per Witalisson, CEO of Eolus.

The project is currently in mid-stage development with discretionary permitting processes expected to conclude in H1 2026. It is expected to reach Commercial Operations Date (COD) in late 2029.

About Eolus
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of greenfield projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 25 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus acquires 100 MW stand-alone battery project in California

Eolus's previous BESS projekt Pome in San Diego, USA

Eolus has today signed and closed a sale of the three Swedish onshore wind parks Fågelås, Dållebo and Boarp to Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment. Mirova has acquired 100 percent of the ownership of the three wind parks, equipped with the latest Vestas turbines and benefiting from a newly signed 15-year Power Purchase Agreement (PPA) covering a substantial volume of their annual electricity production.

In addition to the sale agreement, Eolus and Mirova have entered into a 15-year asset management agreement and have agreed to jointly develop battery energy storage systems at each of the project sites.

“This deal is an excellent example of Eolus’s capacity to execute projects and deliver market-leading assets to investors. The team has successfully managed complex stakeholder relations to match the best wind resources in SE3, leading-edge Vestas technology, a solid PPA and timely construction execution to a top tier long-term investor in Mirova, a returning Eolus customer. We are grateful for the continued trust Mirova places in Eolus as we remain engaged to develop battery solutions and provide asset management services at these sites. We are pleased to cap 2025 with our fourth deal in as many quarters, heading into 2026 with a strong financial position and enhanced stay power.” comments Per Witalisson, CEO of Eolus.

“We are delighted to acquire these projects from Eolus, a trusted historical partner with whom we have already successfully invested in and managed projects in Sweden. These high-quality assets with robust technology and protective PPA are an ideal investment to strengthen our presence in Northern Europe and participate to the diversification of our €1.2bn MET6 portfolio.” adds Raphael Lance, Global Head of Private Assets, Mirova

All three wind parks are located in the SE3 price area in Sweden and in commercial operation as of the time of agreement. Construction of the three facilities began in the spring of 2024 and reached substantial completion in the third quarter 2025, in line with the original construction timeline. Fågelås features the tallest turbines constructed by Eolus to date, standing at 250 meters from foundation to blade tip.

Summary of expected financial effects of the transaction in Q4 2025

Positive cashflow, corresponding to reimbursement of capitalized project costs.
Reduction in working capital, corresponding to capitalized project costs.
Full amortization of project-level debt.
Limited net effect on P&L.

About Eolus
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of greenfield projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 25 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

About Mirova
Mirova is a global asset management company dedicated to sustainable investing and an affiliate of Natixis Investment Managers. At the forefront of sustainable finance for over a decade, Mirova has been developing innovative investment solutions across all asset classes, aiming to combine long term value creation with positive environmental and social impact. Headquartered in Paris, Mirova offers a broad range of equity, fixed income, multi-asset, energy transition infrastructure, natural capital and private equity solutions designed for institutional investors, distribution platforms and retail investors in Europe, North America, and Asia-Pacific. Mirova has been active in the energy transition infrastructure sector for 20 years and has financed more than 1,000 projects for a total of over 7.7 GW of potential generation capacity across 49 countries. Mirova and its affiliates had €33 billion in assets under management, of which €4,5 billion for energy transition infrastructure investments as of September 30, 2025. Mirova is a mission-driven company*, labeled B Corp**.

References to a ranking, award or label have no bearing on the future performance of any fund or manager. * Mirova has been a mission-driven company since 2020. For more information: www.entreprisesamission.com.** Since 2006, the B Corp movement has been promoting strong values of change worldwide to make businesses “a force for good” and to distinguish those that reconcile profit (for profit) and the common good (for purpose). The goal of B Corp is to certify companies that incorporate social, societal, and environmental objectives into their business models and operations. B Corp certification is a designation indicating that a company meets high standards of verified performance, accountability, and transparency on factors ranging from employee benefits and charitable donations to supply chain practices and input materials. Certified since 2020, Mirova submits a new B Corp certification application every three years. The annual renewal fee for certification is €2,500. For more information, please visit the B Corp website here: https://www.bcorporation.net/en-us/certification

Eolus sells Fågelås, Dållebo and Boarp (88 MW) onshore wind parks to Mirova

Fågelås Wind Park

Page 14 of the report stated an incorrect record date for the Annual General Meeting’s resolved dividend payment of 1.50 SEK per share. The correct record date is November 24, 2025 and the correct ex-dividend date is November 21, 2025.

Positioning for Value-Creating Stay Power

1 July – 30 September 2025

Net sales amounted to 200 (24) MSEK.
EBIT amounted to -87 (-94) MSEK. Profit before tax amounted to -124 (-87) MSEK.
Net profit amounted to -96 (-79) MSEK.
Earnings per share before and after dilution equaled -3.87 (-3.16) SEK.
At the end of the period, Eolus had 1,186 (967) MW under asset management.

1 January – 30 September 2025

Net sales amounted to 2,538 (123) MSEK
EBIT amounted to 3 (-149) MSEK. Profit before tax amounted to -54 (-161) MSEK.
Net profit amounted to -44 (-161) MSEK.
Earnings per share, before and after dilution equaled -1.78 (-6.46) SEK.
At the end of the period, Eolus had 1,186 (967) MW under asset management.

Significant events during the period

On July 2, Eolus’s green bonds were admitted to trading on Nasdaq Stockholm.
On July 25, Eolus and Dala Vind sold the jointly developed onshore wind project Fageråsen to OX2.
On 29 September, Eolus and a counterparty entered into a 15-year power purchase agreement (“PPA”) for a significant share of the production at the onshore wind power projects Fågelås, Dållebo and Boarp.

Significant events after the balance sheet date

On 15 October, the Nomination Committee for Eolus AB was appointed. The Nomination Committee for the 2026 Annual General Meeting consists of Martin Lundin, Hans-Göran Stennert, Hans Johansson and Marie Grönborg.

Comment from CEO Per Witalisson

It is thanks to the courage and entrepreneurship of our employees that Eolus has built up a project portfolio with a size and risk diversification that grants us stay power.

If you wish to participate via webcast, please use the link below:
https://eolus.events.inderes.com/q3-report-2025/register

If you wish to participate via teleconference please register on the link below: https://conference.inderes.com/teleconference/?id=5009679

Financial Summary

MSEK	Unit	Q3 2025	Q3 2024	9 months 2025	9 months 2024	12 months Oct-Sep	Full-year 2024
Net sales	MSEK	200	24	2,538	123	3,267	851
Operating profit	MSEK	-87	-94	3	-149	440	288
Profit before tax	MSEK	-124	-87	-54	-161	380	272
Net profit	MSEK	-96	-79	-44	-161	271	155
Earnings per share before and after dilution*	SEK	-3.87	-3.16	-1.78	-6.46	10.92	6.23

Equity per share*	SEK	59.05	52.39	59.05	52.39	59.05	66.90
Cashflow from operating activities	MSEK	-266	-1,042	819	-1,540	562	-1,796
Total assets	MSEK	3,039	3,989	3,039	3,989	3,039	4,562
Net debt – /net cash +*	MSEK	-942	-1,415	-942	-1,415	-942	-1,788

Order backlog	MSEK	348	832	348	832	348	180
Project under construction	MW	470	456	470	456	470	456
Taken into operation and handed over to customer	MW	–	–	260	–	260	–
Project portfolio	MW	25,363	26,251	25,363	26,251	25,363	25,880
Managed turbines	MW	1,186	967	1,186	967	1,186	967

Equity/assets ratio*	%	51	35	51	35	51	38
Return on equity after tax*	%	20	neg	20	neg	20	10

* for definitions of alternative performance measures please see page 32 of the report.

About Eolus
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of greenfield projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 25 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus AB

eolus-ab-interim-report-q3-2025 corrected

Positioning for Value-Creating Stay Power

1 July – 30 September 2025

Net sales amounted to 200 (24) MSEK.
EBIT amounted to -87 (-94) MSEK. Profit before tax amounted to -124 (-87) MSEK.
Net profit amounted to -96 (-79) MSEK.
Earnings per share before and after dilution equaled -3.87 (-3.16) SEK.
At the end of the period, Eolus had 1,186 (967) MW under asset management.

1 January – 30 September 2025

Net sales amounted to 2,538 (123) MSEK
EBIT amounted to 3 (-149) MSEK. Profit before tax amounted to -54 (-161) MSEK.
Net profit amounted to -44 (-161) MSEK.
Earnings per share, before and after dilution equaled -1.78 (-6.46) SEK.
At the end of the period, Eolus had 1,186 (967) MW under asset management.

Significant events during the period

On July 2, Eolus’s green bonds were admitted to trading on Nasdaq Stockholm.
On July 25, Eolus and Dala Vind sold the jointly developed onshore wind project Fageråsen to OX2.
On 29 September, Eolus and a counterparty entered into a 15-year power purchase agreement (“PPA”) for a significant share of the production at the onshore wind power projects Fågelås, Dållebo and Boarp.

Significant events after the balance sheet date

On 15 October, the Nomination Committee for Eolus AB was appointed. The Nomination Committee for the 2026 Annual General Meeting consists of Martin Lundin, Hans-Göran Stennert, Hans Johansson and Marie Grönborg.

Comment from CEO Per Witalisson

It is thanks to the courage and entrepreneurship of our employees that Eolus has built up a project portfolio with a size and risk diversification that grants us stay power.

If you wish to participate via webcast, please use the link below:
https://eolus.events.inderes.com/q3-report-2025/register

If you wish to participate via teleconference please register on the link below: https://conference.inderes.com/teleconference/?id=5009679

Financial Summary

MSEK	Unit	Q3 2025	Q3 2024	9 months 2025	9 months 2024	12 months Oct-Sep	Full-year 2024
Net sales	MSEK	200	24	2,538	123	3,267	851
Operating profit	MSEK	-87	-94	3	-149	440	288
Profit before tax	MSEK	-124	-87	-54	-161	380	272
Net profit	MSEK	-96	-79	-44	-161	271	155
Earnings per share before and after dilution*	SEK	-3.87	-3.16	-1.78	-6.46	10.92	6.23

Equity per share*	SEK	59.05	52.39	59.05	52.39	59.05	66.90
Cashflow from operating activities	MSEK	-266	-1,042	819	-1,540	562	-1,796
Total assets	MSEK	3,039	3,989	3,039	3,989	3,039	4,562
Net debt – /net cash +*	MSEK	-942	-1,415	-942	-1,415	-942	-1,788

Order backlog	MSEK	348	832	348	832	348	180
Project under construction	MW	470	456	470	456	470	456
Taken into operation and handed over to customer	MW	–	–	260	–	260	–
Project portfolio	MW	25,363	26,251	25,363	26,251	25,363	25,880
Managed turbines	MW	1,186	967	1,186	967	1,186	967

Equity/assets ratio*	%	51	35	51	35	51	38
Return on equity after tax*	%	20	neg	20	neg	20	10

* for definitions of alternative performance measures please see page 32 of the report.

About Eolus
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of greenfield projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 25 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus AB Interim Report Q3 2025

Eolus AB

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