Eolus Vind AB (publ)

Welcome to ELOS Q1 2026 report presentation. Following the presentation, there will be an opportunity to ask questions by raising your hand in the meeting. Viewers joining via the webcast may submit their questions throughout the chat. I will now hand over to today's speakers, CEO Per Vitalisson and CFO Katarina Persson. Please go ahead.

Thank you. A warm welcome to this presentation of Eolus' results for the first quarter of 2026. Your presenters today will be myself, Per Vitalsson, CEO, and Katarina Persson, CFO. We will proceed to present in Swedish, but the written or verbal questions for the Q&A following the presentation may be submitted in either English or Swedish. Eolus is a leading developer of innovative and safe solutions for renewable energy. Vi är väl positionerade för tillväxt i den efterfrågan på förnybar el som följer av global elektrifiering och strävan efter fossilfrihet. Vi tillämpar vår renodlade utvecklarmodell för att skapa värde i en diversifierad portfölj inom vind, sol, batteri och hybridprojekt på sex olika marknader. Globala energi-investerare, stora elkonsumenter och ledande teknikleverantörer litar till vår 35-åriga erfarenhet. Jag inleder med en genomgång av händelser under kvartalet och en utblick om utvecklingen framåt. Katarina kommer därefter att gå igenom de finansiella resultaten mer ingående och därefter så går vi vidare till frågor och svar. Vi går till bild fyra. The net turnover for the quarter went up to 631 million kronor, driven by the sale of the battery project Rockaseca. The turnover result landed at 241 million kronor, which was the highest for a single quarter since 2023. The sale of Roca Seca had the greatest impact on the result, but also the milestone payment from the Fageråsen project contributed to the strong figures. With the result and the cash flow in the first quarter, Eolus is in a Myke stark strategisk position med låg nedsidig exponering och stort tillgängligt kapital. Katarina kommer gå närmare in på siffrorna senare så vi går vidare till bild nummer fem. Vår projektportfölj är kärnan i vårt värdeskapande och består av över 15 gigawatt fördelat över flera marknader, teknologier och mognadsgrad. Jämfört med det förra kvartalet så minskade portföljens storlek något på grund av vår kasseckarförsäljningen och stängning av några projekt i tidiga faser. USA is now the largest individual market in our portfolio, measured in megawatts, which reflects a conscious positioning in relation to the development of the markets. I will now turn to page 6. Vi har varit aktiva på den amerikanska marknaden i mer än tio år och har byggt upp en pipeline som levererar goda affärer, vilket vår senaste Rockaseca-försäljning visar. Projectet är vår femte försäljningstransaktion i USA och vår tredje försäljning av en fristående batterianläggning där. Erfarenheterna och kontakterna som vi skaffat oss genom de tidigare projekten CALD och POM bidrog direkt till det starka resultatet i affären. Vi åstadkom här en optimal paketering för marknadsläget med en attraktiv anslutningspunkt till elnätet, långsiktigt säkrat kassaflöde genom ett så kallat tolling agreement, teknikval och en långfristig projektfinansiering till attraktiva villkor med fyra deltagande banker. Job letter to page 7 In the first quarter, we are now back in the position we have been striving for over the past year. We now have great flexibility and minimized exposure to building risks through the transactions we have made over the past year. We are asset light and liquid in a turbulent context and environment. In addition to our Rockaseca business, we gave the investment decision for Fageråsen additional contributions to cash flow and results during the quarter. Beslutet gällde en första del, 189 megawatt, av totalt 238 och utgör en positiv och tydlig signal om styrkan i business caset för svensk vindkraft i prisområde 3. Ett av våra mogna svenska projekt, Kesemossen, kunde inkassera en kommunal tillstyrkan under kvartalet efter en ganska utdragen politisk process. Under 2025 så la Svenska kommunen veto mot 9 av 10 vindkraftsprojekt. Lokal närvaro och samarbete med intressenter gör att vi trots politisk motvind säkrat nödvändiga tillstånd. Vi förvärvade det amerikanska batteriprojektet Seaflower i Kalifornien i skiftet mellan det fjärde och första kvartalet. Här ger erfarenheterna från KALB, POM och senast Blockasecka oss goda förutsättningar för ett framgångsrikt projekt. Vi gick in i kommersiell fas med Valpene, vårt nästa stora vindprojekt i Lettland. Det kommer precis som Pineva, which is now under construction, will become the country's largest when it comes into operation. Energikrisen som utlösts av oroligheterna i Mellanöstern präglar vår omvärld. Bland investerare och politiker har det nödvändiga skiftet från fossilberoende till elektrifiering fått förnyad relevans. i det så kallade energitrilemmat så brukar fossila bränslen beskrivas som åtminstone leveranssäkra och billiga. Det gäller uppenbart inte längre. En ihållande kris riskerar att leda till brist på olja och gas. Det kommer pressa elprisförväntningarna i Europa uppåt och accelerera efterfrågan på konkurrenskraftig och pålitlig förnybar elproduktion. I detta scenario ligger Eolus väl till för att möta behoven med en slimmad balansräkning, hög soliditet och stor flexibilitet är vi där vi vill vara som en asset-light renodlad utvecklare. Jag konstaterar att vi har en stark balansräkning med god soliditet och relativt stor nettokassa. Styrelse och ledning har fokus på kapitalallokeringsfrågor, men tyvärr förhindrar obligationsvillkoren oss att lämna utdelning på dagens årsstämma på grund av förlusten för 2025. Projektlistan på sidan åtta visar våra mest mogna och kommersiellt prioriterade projekt. Förutom för Senio och Rockaseca så är listan oförändrad jämfört med det föregående kvartalet. Jag lämnar med det över till Katarina för en närmare genomgång av kvartalssiffrorna.

Tack Per och hej till alla som är med oss här idag. Jag kommer starta på sidan 10. Per har redan berört vad Nyckeltal med väl ändå nämnt att soliditeten nu stiger till 60% upp från 55 i fjärde kvartalet 2025. Så går vi vidare till sidan 11. And here we show quarterly figures from a longer perspective. Since we are a re-fertilized developer and often realize value in large transactions, our results will vary greatly between quarterly and fiscal year. The result is driven partly by the time for a transaction and partly by profit calculation according to the degree of completion in the projects where we project guide the construction on the buyer's tasks with cost responsibility. At the moment, we do not have such tasks ongoing. We activate the reduced costs in our balance calculation on the projects under development and projects under establishment and supply to suppliers. Investments in the project during the establishment increase our operating capital greatly if we build our own book. These balance sheets are then paid in full when we cancel the project, as is often the case in the last quarter. When it comes to net debt calculation, there is both debt at the concern level and at the project level, and it tends to increase greatly in line with the buildings that we build our own book with project financing. But by the last March, we had increased the net cash to 452 million kronor. On page 12, you have the result calculation for the first quarter. And we had a total turnover of 634 million kronor, where the liquid from the sale of Roca Secca was the one that contributed the most. And costs for sold projects were also dominated by the calculation of activated costs from this project. Then we received a share payment for the fraud that affected the result through the post that concerns interest companies in the result calculation. And as you can see, we have levels on other external costs and personnel. It now shows that our cost savings program is changing to a reduced degree. On page 13, there are changes in the balance sheet from the fourth to the first quarter of 2026. The sale of Roca Seca means that 196 million has been lifted from the project during the establishment, while the liquid from the sale gave an increase in liquid funds. The EU now has SEK 9 million added to the project under the establishment in the balance sheet. This is the lowest rating since Q2 2023. And liquid funds increased by SEK 443 million under the quarter. If we look at the balance sheet debt, it is on page 14. Lönsam försäljning har bidragit till att bolagets egna kapital ökade med 183 miljoner kronor i kvartalet. ELU soliditet uppgick den 31 mars till 60 procent. Slutligen ser vi hur Rocka säckar på sidan 15 och övrigt resultat i det gångna kvartalet har påverkat kassaflödet. Kassaflödet från rörelsen och förändringar i rörelsekapitalet bidrog tillsammans med valutaeffekter att EUs likvida medel uppgick till en miljard vid kvartalets utgång. Det är nära en fördubbling jämfört med fjärde kvartalet 2025. On page 16, there is an overview of a project that is under establishment, which, after the sale of Rokasäcka, now includes Pineva and Timle. Project Pineva was completed in June 2025, i.e. last year, and the profit is calculated according to predefined milestones and not through successive profit calculations. Och med det sagt så lämnar jag åter ordet till Per.

Tack Katarina. Slutligen så ser vi fram emot att träffa flera av er på dagens årsstämma. Och jag vill även passa på att välkomna er till invigningen av vår senaste svenska vindpark, Fågelås i Jo. Den inbyggningen kommer att hållas lördagen den 30 maj. Mer info kommer på hemsidan och i EUs sociala medier. So thank you all for calling into this webcast. We will now proceed to a Q&A during which you are welcome to ask verbal or written questions in either Swedish or English.

To ask a question, please dial pound key five on your telephone keypad or raise your hand in the meeting. If you'd like to ask a written question, you can do that via submitting it via the chat form. We'll have a brief pause while the queue builds up. For the time being, we don't have any verbal questions, so I'll hand over to Harald for any written questions.

Good morning, everyone. Harald Keval Bjorkman, Investor Relations Manager here. We have one written question which concerns the project portfolio. Late construction phase projects has fallen from about 2000 megawatts in Q2 2025 to about 760 now. And total portfolio excluding wind has fallen the last few quarters. Do you have any comments on this?

Partly it is due to that development processes takes longer time. There are longer lead times in permitting. But it also relates to the way we have done the latest transactions. reducing construction risk. So both the Pineva and Fageråsen projects sold last year were project right deals where we have a very limited exposure to construction. We can also see examples of projects moving rather quick from mid-stage to transaction, where Roca Seca is a good example of that, where we didn't need to take any construction risk but could sell more or less at the start of construction.

Thank you. Next question is written and in Swedish. Frågeställaren undrar, har ni undersökt möjligheterna att återköpa obligationen som gjordes ute i marknaden?

Yes, as mentioned, capital allocation is an important issue for the administration and management. The interest rate is definitely high on the obligation and it must be put in the context that was after the Trump-Tullaron Liberation Day in April-May last year. The first, we have of course been in dialogue with the owner of the obligation. And the first official opportunity to buy back the obligation is in May next year. So it is an alternative for us, of course, to refinance the obligation in one way or another already then. With SEK 1 billion in the treasury at Q3, we naturally have an excess liquidity that we need to place. And it is of course an alternative that we are investigating to invest parts of the treasury in our own obligation to reduce interest rates.

We have another written question in English. How do you look at your US exposure, considering that the Trump administration is not very supportive to renewable energy?

We look very positive on our activities in the US and the exposure to the US market. Of course the federal administration's view on renewable energy is not very favorable. It has also led to changes in tax legislation and in delays and stops in permitting for projects on federal land. We need to adapt to that and we've done that. So we focus and prioritize our projects on state-owned land or private-owned land. But the fundamentals in the market is really, really good. There is such a strong demand for more power. There is a very large energy focus in the US. And our products really support more power to the system, but also our best products really support the weak grid in the southwestern US. and a really large driver of this is the enormous build out of ai data centers that is taking place in the states of california nevada and arizona which now is home turf for us since we've been there for for more than 10 years

Vi har en skriven fråga från Lara på ABG. Ni lyfter fram att ni har flera mogna och tillståndsgivna onshore vindkraftsprojekt i Sverige. Hur ser köpareintresset ut för svensk landbaserad vindkraft just nu och vilka prisområden ser ni starkast efterfrågan i?

Det är inga hemligheter att efterfrågan är lägre, att kön av potentiella kunder är kortare än vad den var om vi backar tillbaka 3-4 år. Vi har sedan länge fokuserat vår projektutveckling på främst på södra Sverige, så prisområdet 3 och 4, där vi har högst elpris. Därmed är det lättast att få ihop kalkylerna och störst efterfrågan på projekt. And there we have also highlighted in our project table, for example, projects such as Ölme in Kristinehamn and the Siggebo cabin in Lindesberg as attractive projects. Vi ser också en tydlig trend att vindprojekt som är kombinerade med batterianläggningar för att skapa en värdefullare totalprodukt för systemet röner betydligt större intresse. Sådana projekt inkluderar vi i all vår utveckling sedan något år tillbaka.

We have another written question in English concerning what the share of your US exposure is regarding onshore wind, offshore wind, solar and BESS.

In our report, we are sharing on a table showing the shares on the different markets split into into markets technologies but also when it comes to maturity in early phase, mid-phase, late phase and construction. And you can find that table on page nine in the report.

I can also add here that we publish a comprehensive analyst file that is available in the financial reports archive on the same place where you find the financial report itself online, which has detailed figures for all markets and all maturity phases of our projects. We have another question from Lara on ABG. You describe that the global energy and capital market is still turbulent. What do you think about buyers' demand today compared to six to twelve months ago? Does that affect the pricing of your projects?

Jag kan inte säga att vi har sett några större skillnader i kundernas avkastningskrav i det tidsperspektivet 60-12 månader. The last few months, especially after the war in Iran and the risk of a subsequent energy crisis, definitely show a greater interest in the project. And just as important, during the past year, we have seen a clear decline in CAPEX, both when it comes to wind power plants, solar panels and battery systems.

Another question from Lara from ABG. Roca Secca contributed 295 million kronor to the moving results in the first quarter. Which factors in this business do you see as project specific and which are structural and replicable for upcoming battery transactions in the USA, such as Seaflower?

Thank you for a very good question. First of all, I would say that our Varje projekt vi gör, varje transaktion vi gör bygger naturligtvis på erfarenheterna från de tidigare. Vi har en serie av projekt, CALD, som vi developed, sold, and with the right to look over the axis at our customers when they built the project, gave us knowledge and competence. POM that we developed, built, financed ourselves. And when we came to Roca Seca, we could do all this. But there was a great demand for projects at that time, so we could sell the project for a high price and get with everything paid upfront and with basically no building risk for Eolus. So all this we try to replicate into the next business, for example Seaflower and our other American battery projects. And there is a really, really big fundamental need to strengthen electricity. the network in this area. And also a great need for battery projects for the construction of data centers. For the Seaflower project, there is a a need to keep a high pace in project development in order to be able to provide the investment tax credits that are still available for battery project. And that also makes the project attractive compared to many others on the market.

We have no more written questions at the moment and due to a technical issue, verbal questions are not available. So please submit your questions in writing via the chat and we will address them during the Q&A session. We'll have a brief pause now until more questions are being registered.

Vi har fått en ny fråga från Lara på ABG. Hon skriver, ni har 989 miljoner SEK i projekt under utetablering på balansräkningen. Vilket projekt står för merparten av den posten?

När jag tittar i balansräkningen så tror jag att det syftar på projekt under utveckling, för där stämmer det att vi har bokförda värden på 989 miljoner. Therefore, when it comes to projects under establishment, we have 9 million there. And then we have 41 million that are linked to researchers and suppliers. But just for number 989, it is the value of the entire EU project portfolio, including projects that have not reached the establishment phase. And then it is a distribution based on the markets where we have these different projects. Största världen kan man ändå säga om man ska allokera till något. Det är de här projekten också som är prioriterade som vi marknadsför på vår lista. Hoppas det var svar på funderingen, Lara.

I believe that was... Oh, we have another question. from Erik, I suppose, at DNB Carnegie. The final payment related to POM, do you still expect to receive that?

Yes, we do. It will take longer time than expected to collect it, but we definitely expect to receive that.

I believe that was the final question we've received in written form. And with that, we'll conclude today's presentation. Thank you very much for calling in and don't hesitate to reach out to me with any follow up questions. Thank you very much. Thank you.

Thank you. Bye.