Eolus (EOLU) Q2 2026 earnings summary

Executive summary

• Focus on capital allocation for value creation, with cost savings and milestone payments supporting financial stability.

• Net sales for Q2 2026 were SEK 12 million, a sharp decline from SEK 364 million in Q2 2025, mainly due to no completed transactions or projects qualifying for progressive revenue recognition during the quarter.

• Diversified 14.8 GW project portfolio across markets and technologies, with a strong track record in renewable energy development.

• Strategic recruitments to strengthen project optimization and commercial capabilities.

• Asset Management contributed stable earnings, with 1,271 MW under management at period end.

Financial highlights

• Q2 2026 net sales were SEK 12 million, down from SEK 364 million in Q2 2025.

• Operating profit for Q2 2026 was SEK -64 million, compared to SEK -74 million in Q2 2025.

• Earnings per share for Q2 2026 was SEK -2.40, versus SEK -1.51 in Q2 2025.

• Rolling 12-month net sales were SEK 2,215 million, with operating profit at SEK -223 million.

• Asset Management contributed positively to net sales and operating profit.

Outlook and guidance

• Milestone payments from Centennial Flats expected to positively impact EBIT and cash flow by approximately USD 20 million in Q3 2026.

• Final milestone payments of about USD 12 million are anticipated before year-end 2026.

• Pienava (147 MW) construction progressing, with milestone payments expected in 2026-27.

• Valpene (240 MW) advanced to late development phase, with key permits secured.

• Västvind (1,000 MW) offshore wind permit denied; potential policy change after upcoming election.