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OX2 (OX2) investor relations material

OX2 has been delisted

OX2 Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary25 Jul, 2024

Executive summary

  • Q2 2024 featured stable progress in construction and asset management, with a focus on executing a sizable sales portfolio and greenfield additions of 115 MW.

  • The company finalized the sale of its first battery storage project, Bredhälla (42.5 MW), and advanced the 100 MW Rutki solar project in Poland.

  • Asset management portfolio surpassed 5 GW, with over 1,000 wind turbines under management and new contracts including 142 MW in Poland.

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

  • EQT launched a SEK 60/share cash offer, with acceptance period open until October 14 and over 50% acceptance already achieved; regulatory approvals are pending.

Financial highlights

  • Net sales for Q2 2024 LTM reached 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 held at 27% LTM, but Q2 gross margin was 10% due to lower project sales margins and an SEK 86 million impairment charge.

  • Cash balance at quarter-end was SEK 3,002 million, with an equity ratio of 57.7%.

  • Working capital in the construction portfolio was at -30%, expected to normalize in coming quarters.

Outlook and guidance

  • Full-year 2024 outlook reiterated, with most earnings expected in Q4 and nearly 2 GW in late-stage sales processes.

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

  • Project acquisition investments planned at approximately SEK 1,000 million for 2024.

  • Profitability for upcoming projects is expected to remain healthy, contingent on successful sales closures.

Customer financing impact on sales timing
Asset ownership strategy post-EQT deal
Galene and Triton FID timelines
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Frequently asked questions

OX2 AB develops and sells wind farms and solar parks in the Nordics and the Baltic countries. OX2 aims to be one of the leading developers within renewable energy and has built more than 400 wind turbines with a capacity of over 1,100 MW. The projects are constructed by other major players in the industry, but OX2 also provides construction works through partners. The company was incorporated in 2004 and is headquartered in Stockholm, Sweden.

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