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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.

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/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.

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.

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/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.

Eolus AB’s Interim Report for the third quarter 2025 will be published on Wednesday 19 November 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/q3-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://conference.inderes.com/teleconference/?id=5009679
After registration you will be provided phone numbers and a conference ID to access the conference. You may ask questions verbally via the teleconference.

The Nomination Committee for the Annual General Meeting in Eolus AB has been appointed and consists of the following members:

  • Marie Grönborg, Chairman of the Board, Eolus AB.
  • Martin Lundin, appointed by Domneåns Kraftaktiebolag.
  • Hans-Göran Stennert, appointed by Hans-Göran Stennert.
  • Hans Johansson, appointed by Åke Johansson.

According to a decision of the Annual General Meeting of 19 May 2021, the Nomination Committee shall consist of one member appointed by each of the three largest shareholders and the Chairman of the Board. The appointment of the Nomination Committee has been carried out in such a manner that, Marie Grönbrg, Chairman of the Board of Eolus, based on the Euroclear list of registered shareholders as of 29 August, 2025, has contacted the largest known shareholders in the company, who have been invited to each propose a representative to the Nomination Committee. After such contacts, the Nomination Committee has been appointed. In total, approximately 34.3 percent of the votes are represented in the Nomination Committee.

The Nomination Committee’s task is to present proposals to the Annual General Meeting 2026 regarding the number of Board members to be elected by the AGM, Board fees, composition of the Board, Chairman of the Board, Chairman of the AGM, and Auditors and Auditor’s Fees.

Shareholders wishing to get in contact with the Nomination Committee can contact Marie Grönborg, phone +46 (0)70 631 83 28 or e-mail nomination@eolus.com. A person who wishes to submit a proposal or comments to the Nomination Committee may do so in writing by letter to: Valberedningen, Eolus AB, Box 95, 281 21 Hässleholm, Sweden.

The Annual General Meeting for Eolus AB will be held on 6 May 2026.

The Board of Directors of Eolus Aktiebolag (publ) (“Eolus”) has resolved, pursuant to the authorisation granted by the annual general meeting held on 15 May 2025, to repurchase own shares on Nasdaq Stockholm. The purpose of the repurchase is to secure future delivery of shares to the participants of Eolus’ long-term share savings program which was resolved by the 2025 annual general meeting and to cover the cash flow effects associated with the program, primarily social security charges.

The repurchase may commence on 29 August 2025 and will be administered by DNB Carnegie Investment Bank AB, which will take trading decisions independently of Eolus with regard to the timing of the repurchases. However, no acquisitions will be made during a 30-day period prior to the announcement of a financial report.

A maximum of 20,600 series B shares may be acquired on one or several occasions prior to 6 May 2026. Repurchase shall be made on Nasdaq Stockholm in accordance with the Nordic Main Market Rulebook for Issuers of Shares. The repurchases will be made at a price within the prevailing price interval on Nasdaq Stockholm applicable from time to time (i.e. in the interval between the highest purchase price and the lowest selling price). Acquisitions may also be made by way of block trades in accordance with applicable rules. Payment for the shares will be made in cash. Reporting will take place through the stock exchange in accordance with applicable rules.

The total number of shares in Eolus amounts to 24,907,000, of which 1,283,325 shares are series A shares and 23,623,675 shares are series B shares. At the time of this press release, the company holds 18,000 own shares. In the event of a fully executed share repurchase, the company will hold shares representing approximately 0.15 per cent of the issued shares in the company.

New transactions despite soft market

1 April – 30 June 2025

  • Sales amounted to 364 (54) MSEK.
  • EBIT amounted to -74 (-26) MSEK. Profit before tax amounted to -58 (-45) MSEK.
  • Net profit amounted to -38 (-50) MSEK.
  • Earnings per share, before and after dilution equaled -1.51 (-1.99) SEK.
  • At the end of the period, Eolus had 1,186 (967) MW under asset management.

1 January – 30 June 2025

  • Sales amounted to 2,338 (98) MSEK.
  • EBIT amounted to 90 (-55) MSEK. Profit before tax amounted to 71 (-74) MSEK.
  • Net profit amounted to 52 (-82) MSEK.
  • Earnings per share, before and after dilution equaled 2.09 (-3.29) SEK.
  • At the end of the period, Eolus had 1,186 (967) MW under asset management.

Significant events during the period

  • On April 11, Eolus published its Annual and Sustainability Report 2024.
  • At the Annual General Meeting on 15 May board member Marie Grönborg was elected as Chair of the Board and board member Hans Linnarson was elected as Vice Chair. The AGM resolved to distribute the dividend for fiscal year 2024 over two installments. The AGM also resolved on the name change from Eolus Vind AB to Eolus AB.
  • On May 23, Eolus issued green senior secured bonds amounting to 550 MSEK, and completed a refinancing of existing debt.
  • On June 9, the company’s legal name was changed from Eolus Vind AB to Eolus AB.
  • On June 11, Eolus sold the onshore wind project Pienava to Latvenergo. The project is Latvia’s largest to date and Eolus’s first sale on the Latvian market.

Significant events after the balance sheet date

  • 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.

Comment from CEO Per Witalisson

I am confident in my colleagues’ ability to act with bravery and determination to achieve excellent results and value creation also in a weaker market. The fact that Eolus has completed two transactions over a short period of time in a challenging market is strong proof of this.

Invitation to presentation of the report
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 English.

If you wish to participate via webcast, please use the link below:
https://eolus.events.inderes.com/q2-report-2025/register

If you wish to participate via teleconference please register on the link below: https://conference.inderes.com/teleconference/?id=5003686

Financial summary

  Unit Q2 2025 Q2 2024 6 months 2025 6 months 2024 Rolling 12 Jul-Jun 12 months 2024
Net sales MSEK 364 54 2,338 98 3,091 851
EBIT MSEK -74 -26 90 -55 433 288
Profit before tax MSEK -58 -45 71 -74 417 272
Net profit MSEK -38 -50 52 -82 289 155
Earnings per share before and after dilution SEK -1.51 -1.99 2.09 -3.29 11.60 6.22
           
Equity per share SEK 64.56 57.00 64.56 57.00 64.56 66.90
Cashflow from operating activities MSEK -327 -517 1,085 -498 -214 -1,796
Total assets MSEK 2,843 3,397 2,843 3,397 2,843 4,562
Net debt – /net cash + MSEK -698 -417 -698 -417 -698 -1,788
           
Order backlog MSEK 552 662 552 662 552 180
Project under construction MW 343 456 343 456 343 456
Taken into operation and handed over to customer MW 0 0 260 0 260 0
Project portfolio MW 26,198 28,386 26,198 28,386 26,198 25,880
Managed turbines MW 1,186 967 1,186 967 1,186 967
           
Equity/assets ratio % 59 44 59 44 59 38
Return on equity after tax % 19 6 19 6 19 10

Eolus AB’s Interim Report for the second quarter 2025 will be published on Tuesday 26 August 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 English.

Webcast
If you wish to participate via webcast, please use the link below:
https://eolus.events.inderes.com/q2-report-2025/register
Via the webcast you can ask written questions.

Teleconference
If you wish to participate via teleconference please register on the link below: https://conference.inderes.com/teleconference/?id=5003686
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 AB (publ) together with Dala Vind AB have today signed an agreement for the sale of the Fageråsen wind energy project to OX2, a leading European developer and operator of renewable energy production. The project – currently in late development stage and comprising up to 34 turbines in five areas – was developed in close collaboration between Eolus and Dala Vind, and is an important part of the energy transition in the Dalarna region in Sweden.

In connection with the signing, Eolus received a payment amounting to 6,6 MSEK. Reimbursement of Eolus’ project capex is conditional upon certain regulatory approvals. Additional payments of substantial size will be made to the sellers once the buyer makes a final investment decision for construction of the project.

A joint venture with local roots and national expertise
The Fageråsen Project is the result of a long-term collaboration where two parties with complementary strengths have contributed to its success:

Eolus AB, one of Sweden’s most experienced developers of renewable energy solutions with 35 years in the industry and operations in six markets, has brought extensive technical expertise, project management, and business acumen. Eolus has been responsible for strategic project development and the overall structure required to carry out a project of this scale.

Dala Vind AB, with deep roots in the region and a strong presence in the local community, has played a crucial role in land negotiations, community dialogue, and regional integration. Through its local network and ability to create acceptance and participation, Dala Vind has laid the foundation for a project that is both sustainable and well-anchored in the local area.

Together, the companies have shaped a project that aims not only to deliver significant amounts of renewable electricity, but also to create local value and contribute to a more robust energy system.

Strengthened grid and increased energy security in Dalarna
An important component of the project is that Fageråsen will help establish an additional transmission grid point in Dalarna. This is of strategic importance for the entire region, as it increases grid capacity, reduces vulnerability, and strengthens energy security—something that is crucial as the electrification of industry and transport continues.

OX2 takes over for implementation and long-term ownership
OX2 is acquiring the project with the ambition to complete construction and remain as the long-term owner and operator. With broad experience in developing, constructing, and managing renewable energy projects in both Europe and Australia, OX2 is a strong partner to drive the project into its next phase. The Fageråsen wind farm will become part of OX2’s growing portfolio of energy parks, where the company acts not only as developer and manager but also as a long-term owner. The goal is for the park to be fully operational by early 2028.

On 30 May 2025, Eolus Aktiebolag (publ) (“Eolus”) issued green senior secured bonds in the amount of SEK 550,000,000 (the “Bonds”).

Pursuant to the terms and conditions for the Bonds, Eolus has undertaken to apply for admission to trading of the Bonds on the sustainable bond list of Nasdaq Stockholm. For this purpose, Eolus has prepared a listing prospectus, which was approved by the Swedish Financial Supervisory Authority (Finansinspektionen) on 30 June 2025. The prospectus is available at Eolus’ website www.eolus.com and at the Swedish Financial Supervisory Authority’s website www.fi.se. The application for admission to trading has been submitted and the first day of trading of the Bonds will be today (2 July 2025).

Eolus has sold the greenfield-developed wind power project Pienava, totaling 147 MW, to Latvenergo, Latvia’s state-owned energy company. Construction is expected to begin immediately. Commercial operation is planned for the first half of 2027.

Eolus’s greenfield project Pienava in Tukums municipality has been in development over several years. The project includes 21 wind turbines with a tip height of 250 meters. Overall, Pienava is expected to deliver up to 475 GWh of renewable electricity per year to the Baltic power grid. The project, the country’s largest wind project to date, will provide power to a regional grid that is undergoing an ambitious transition from dependence on fossil energy to renewable energy and deeper integration with the European electricity market. 

“I am proud of our contribution to strengthening the Latvian energy system’s independence and resilience. I applaud the Eolus Baltics team’s hard work to realize Pienava, a fully Eolus-originated project and our first sale in this important growth market. Once again, we demonstrate our ability to develop large and value-creating projects in new markets. I look forward to deepening our partnership with Latvenergo and realizing more value from our Baltic project pipeline,” says Per Witalisson, CEO of Eolus. 

“I am pleased that we have been able to increase the capacity of Latvenergo’s power generation assets by more than a third within a brief period of time, and all of these assets are renewable energy plants. The Pienava project is the crowning achievement of our RES potential, which will be managed to the highest industry standards and will allow Latvian customers to enjoy locally produced power. In addition to cheap and green energy, the wind farm will also contribute positively to the municipalities of Tukums and Dobele and to nearby residents, by making annual payments totalling more than EUR 350,000.” says Martins Cakste, Chairman of the Management Board of Latvenergo AS

“Each renewable energy project significantly strengthens Latvia’s energy independence and lays a solid foundation for future reductions in electricity prices. Unlike our neighboring countries, Lithuania and Estonia, which are already successfully utilizing the potential of renewable energy, Latvia has so far underutilized this opportunity. In today’s world, sustainable energy is not only a technological necessity but also a key factor in promoting a country’s economic well-being and development. I sincerely hope that the Pienava Project will serve as a vivid and inspiring example of how responsible and purposeful development can create a long-term positive impact for both local communities and the regional economy, fostering regional growth and prosperity.” says Kaspars Melnis, Minister for Climate and Energy. 

“We are proud of this significant milestone and our substantial contribution towards Latvia’s energy independence. We are grateful to state institutions, municipalities, landowners, and all cooperation partners for their support and trust. Drawing on Eolus’ international experience, we have worked diligently to comply with all technical and environmental requirements in Latvia and have planned the use of modern technologies. It is essential to us that the Pienava Wind Farm operates in a modern and efficient manner. The sustainable development of Latvia is our priority,” says Inga Abolina, Eolus Head of Baltics. 

The deal includes both an agreement for the sale of all shares in the project company (Share Purchase Agreement, SPA) and an agreement for the project management of construction (Project Management Agreement, PMA). The transaction relating to the SPA closed on 11 June, affecting Eolus’s results for the second quarter of 2025. As a result of the transaction, the project’s book value will be lifted from Eolus’s balance sheet and recorded as cost of goods sold in the income statement. Revenue from the sale will be recorded as turnover. Revenue and costs related to the PMA will be added to Eolus’ order backlog and recognized progressively in line with project’s degree of completion until start of commercial operations. 
 
The total expected construction investment for the Pienava project amounts to approximately EUR 215 million and it was in the late development phase with a degree of completion of 0 percent at the time of the transaction. The project has been financed by Eolus equity and group-level debt until sale. 

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