Eolus Vind AB Year-End Report 2024
Eolus presents stable earnings along with new financial goals for the period 2025–2027
1 October-31 December 2024
- Sales amounted to 729 (155) MSEK.
- EBIT amounted to 437 (99) MSEK. Profit before tax amounted to 433 (94) MSEK.
- Net profit amounted to 315 (71) MSEK.
- Earnings per share, before and after dilution equaled 12.67 (2.85) SEK.
- At the end of the period, Eolus had 967 (941) MW under asset management.
1 January-31 December 2024
- Sales amounted to 851 (2,301) MSEK.
- EBIT amounted to 288 (764) MSEK. Profit before tax amounted to 272 (719) MSEK.
- Net profit amounted to 155 (573) MSEK
- Earnings per share, before and after dilution equaled 6.22 (23.00) SEK.
- At the end of the period, Eolus had 967 (941) MW under asset management.
- The Board of Directors proposes a dividend of 2.25 (2.25) SEK per share.
Significant events during the period
- Eolus received a substantial milestone payment amounting to 705 MSEK for the solar and battery storage project Centennial Flats in the USA. The milestone payment had a positive effect of 564 MSEK on Eolus’ operating profit in the fourth quarter.
- The Swedish government announced the rejection of 13 applications for offshore wind power projects in the Baltic Sea, including Eolus’s projects Skidbladner (1,000 MW) and Arkona (1,200 MW). Eolus took write-downs for the projects already in the third quarter.
Significant events after the balance sheet date
- Eolus has signed an agreement to sell the 100 MW/400 MWh stand-alone battery energy storage project, Pome, located in Poway, CA, U.S. The total enterprise value for the project is in the USD 230-235.5 million range. Closing of the transaction is expected in the first quarter 2025.
Comment from CEO Per Witalisson
“The fourth quarter and full year 2024 were Eolus’ second-best so far, with a large milestone payment from a solar and battery project in the the US more than making up for a subdued European market. With yet another large American sale secured, a strong deal pipeline and new financial goals we proceed into the business plan for 2025–2027 with confidence.”
Financial Summary
| Unit | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | |
| Net sales | MSEK | 729 | 155 | 851 | 2,301 |
| EBIT | MSEK | 437 | 99 | 288 | 764 |
| Profit before tax | MSEK | 433 | 94 | 272 | 719 |
| Net profit | MSEK | 315 | 71 | 155 | 573 |
| Earnings per share before and after dilution | SEK | 12.67 | 2.85 | 6.22 | 23.00 |
| Equity per share | SEK | 66.90 | 60.63 | 66.90 | 60.63 |
| Cashflow from operating activities | MSEK | -257 | -407 | -1,796 | -152 |
| Total assets | MSEK | 4,562 | 2,808 | 4,562 | 2,808 |
| Net debt - /net cash + | MSEK | -1,788 | 120 | -1,788 | 120 |
| Order backlog | MSEK | 180 | 665 | 180 | 665 |
| Project under construction | MW | 456 | 368 | 456 | 368 |
| Taken into operation and handed over to customer | MW | 0 | 125 | 0 | 525 |
| Project portfolio | MW | 25,880 | 26,836 | 25,880 | 26,836 |
| Managed turbines | MW | 967 | 941 | 967 | 941 |
| Equity/assets ratio | % | 38 | 56 | 38 | 56 |
| Return on equity after tax | % | 10 | 46 | 10 | 46 |
