OX2 (OX2) investor relations material

Executive summary

• Q2 2024 featured stable project progress, robust construction, and asset management growth, with over 2 GW of projects ready for sale and a management portfolio exceeding 5 GW.

• The first battery storage project in Sweden (Bredhälla, 42.5 MW) was completed and sold, demonstrating strong margins and execution.

• EQT's SEK 60/share cash offer for the company reached over 50% acceptance, with the acceptance period open until October 14 and regulatory approvals pending.

• The total portfolio stands at approximately 47 GW, with 33 GW in development and 4.1 GW constructed or under construction.

• Net sales for Q2 2024 were SEK 2,233 million, up 1.3% year-over-year, but H1 net sales fell 13.4% due to lower construction activity.

Financial highlights

• Net sales LTM were SEK 7.3 billion, with a 5.5% operating margin and 9% ROCE.

• Q2 2024 saw 43 MW sold, gross profit of SEK 224 million (9% of sales), and operating income of SEK -181 million (-8% of sales, excluding extraordinary items).

• Gross margin for Q2 was 10.0%, impacted by lower project sales margins and an SEK 86 million impairment charge.

• Net cash position at quarter-end was SEK 3,002 million, with an equity ratio of 57.7%.

• Investments in the project development portfolio were SEK 50 million in Q2 and SEK 177 million year-to-date.

Outlook and guidance

• Full-year 2024 outlook for improved operating income is maintained, but uncertainty has increased due to lengthy customer decision processes.

• Most earnings for 2024 are expected in H2, with ongoing sales processes totaling nearly 2 GW.

• Personnel and project development cost increases are expected to be below 5% for the full year.

• Project development expenses have started to flatten, reflecting prior investments now yielding results.