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Eolus

Eolus

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Founded in 1990, Eolus is one of the leading developers of renewable energy in the Nordics and is active in the whole value chain from development of green field projects to construction of renewable projects in wind, solar and battery storage. The company offers attractive and competitive investments in the Nordics, European countries, and the United States. Eolus has a project portfolio of ~25 GW.

Sustainability information

Lower investment activity in wind power facilities. Political risks and dependence on electricity prices. Construction risk.

Financials

SEKm 2025 2026e 2027e
Sales 3911 1118,19 1045,97
Sales growth (%) 359,6 -71,4 -6,5
EBITDA -297 297 247
EBITDA margin (%) -7,6 26,5 23,6
EBIT adj. -52 285 235
EBIT adj. margin (%) -1,3 25,5 22,5
Pretax profit -408 245 195
EPS -13,85 7,3 6,03
EPS growth (%) N/A N/A -17,4
EPS adj. -4,91 7,3 6,03
DPS N/A N/A N/A
Dividend per share 0 2,75 2,75
EV/EBITDA (x) -2 1,4 1,2
EV/EBIT adj. (x) -11,5 1,5 1,2
P/E (x) N/A 6,27 7,59
P/E adj. (x) N/A 6,3 7,6
EV/sales (x) 0,15 0,38 0,27
FCF yield (%) 155,9 16,4 12,6
Le. adj. FCF yld. (%) 155,9 16,4 12,6
Dividend yield (%) 0 6 6
Net IB debt/EBITDA (x) 2,1 -2,6 -3,7
Le. adj. ND/EBITDA (x) 14,9 -2,6 -3,7
SEKm 2025 2026e 2027e
Sales 3911 1118,19 1045,97
COGS -3911 -557 -436
Gross profit 0 561 610
Other operating items -297 -264 -363
EBITDA -297 297 247
Depreciation and amortisation -11 -12 -12
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets 0 0 0
EBITA -308 284,61 234,88
EO Items N/A N/A N/A
Operating EO items -256 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT -308 284,61 234,88
Net financial items -100 -40 -40
Pretax profit -408 245 195
Tax 53 -63 -45
Net profit -355 182 150
Minority interest 10 0 0
Net profit to shareholders -345 182 150
Net profit discontinued 0 0 0
EPS -13,85 7,3 6,03
EPS adj. -4,91 7,3 6,03
Leasing payments 0 0 0
Tax rate (%) 13 25,7 23
Total extraordinary items after tax -223 0 0
Gross margin (%) 0 50,1 58,3
EBITDA margin (%) -7,6 26,5 23,6
EBITA margin (%) -7,9 25,5 22,5
EBIT margin (%) -7,9 25,5 22,5
Pre-tax margin (%) -10,4 21,9 18,6
Net margin (%) -9,1 16,2 14,3
Sales growth (%) 359,6 -71,4 -6,5
EBITDA growth (%) -199,7 -199,9 -16,8
EBITA growth (%) -206,9 -192,4 -17,5
EBIT growth (%) -206,9 -192,4 -17,5
Net profit growth (%) -330,5 -151,2 -17,4
EPS growth (%) N/A N/A -17,4
Profitability N/A N/A N/A
ROE (%) -24,5 14,8 10,9
ROE adj. (%) -8,7 14,8 10,9
ROCE (%) -11,4 21,6 15,9
ROCE adj. (%) -1,9 21,6 15,9
ROIC (%) -12,2 35,2 30,1
ROIC adj. (%) -2,1 35,2 30,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -41 297 247
EBITDA adj. margin (%) -1 26,5 23,6
Year N/A N/A N/A
EBITDA lease adj. -41 297 247
EBITDA lease adj. margin (%) -1 26,5 23,6
EBITA adj. -52 285 235
EBITA adj. margin (%) -1,3 25,5 22,5
EBIT adj. -52 285 235
EBIT adj. margin (%) -1,3 25,5 22,5
Pretax profit Adj. -152 245 195
Net profit Adj. -132 182 150
Net profit to shareholders adj. -122 182 150
Net adj. margin (%) -3,4 16,2 14,3
SEKm 2025 2026e 2027e
EBITDA -297 297 247
Goodwill 0 0 0
Net financial items -100 -40 -40
Other intangible assets 0 0 0
Paid tax 53 -63 -45
Tangible fixed assets 36 28 20
Non-cash items -252 15 0
Right-of-use asset 0 0 0
Cash flow before change in WC -596 209 162
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 74 44 44
Change in working capital 2378 -19 -14
Fixed assets 110 72 64
Operating cash flow 1782 190 148
Inventories 1152 1211 1223
Capex tangible fixed assets -2 -3 -4
Receivables 19 54 52
Capex intangible fixed assets -2 0 0
Free cash flow 1778 187 144
Other current assets 361 162 157
Acquisitions and Disposals 0 0 0
Dividend paid -56 0 0
Cash and liquid assets 557 762 906
Other non-cash items N/A N/A N/A
Total assets 2199 2260 2402
Shareholders equity 1145 1308 1458
Share issues and buybacks 0 0 0
Minority 71 70 70
Leasing liability amortisation 0 0 0
Total equity 1215 1378 1528
Other changes in net debt 396 -31 0
Long-term debt 8 8 8
Pension debt 0 0 0
Total other long-term liabilities 574 588 588
Convertible debt 0 0 0
Short-term debt 8 17 17
Leasing liability 0 0 0
Accounts payable 255 108 105
Other current liabilities 139 162 157
Total liabilities and equity 2199 2260 2402
Net IB debt -611 -781 -925
Net IB debt excl. pension debt -611 -781 -925
Net IB debt excl. leasing -611 -781 -925
Capital employed 1231 1403 1553
Capital invested 604 597 603
Working capital 1138 1157 1171
Market cap. diluted (m) 1141 1141 1141
Net IB debt adj. -611 -781 -925
Market value of minority 71 70 70
Reversal of conv. debt assumed equity N/A N/A N/A
EV 596 430 286
Total assets turnover (%) 115,7 50,2 44,9
Reversal of shares and participations -4 0 0
Working capital/sales (%) 59,5 102,6 111,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -50,3 -56,7 -60,5
Net debt / market cap (%) -53,6 -68,4 -81,1
Equity ratio (%) 55,3 61 63,6
Year N/A N/A N/A
Net IB debt adj. / equity (%) -50,3 -56,7 -60,5
Current ratio 5,2 7,64 8,4
EBITDA/net interest 3 7,4 6,2
Net IB debt/EBITDA (x) 2,1 -2,6 -3,7
Net IB debt/EBITDA lease adj. (x) 14,9 -2,6 -3,7
Interest coverage 3,1 7,1 5,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 25 25 25
Diluted shares adj. 25 25 25
EPS -13,85 7,3 6,03
Dividend per share 0 2,75 2,75
EPS adj. -4,91 7,3 6,03
BVPS 45,96 52,53 58,55
BVPS adj. 45,96 52,53 58,55
Net IB debt/share -24,54 -31,34 -37,12
Share price 45,8 45,8 45,8
Market cap. (m) 1141 1141 1141
P/E (x) N/A 6,27 7,59
EV/sales (x) 0,15 0,38 0,27
EV/EBITDA (x) -2 1,4 1,2
EV/EBITA (x) -1,9 1,5 1,2
EV/EBIT (x) -1,9 1,5 1,2
Dividend yield (%) 0 6 6
FCF yield (%) 155,9 16,4 12,6
Le. adj. FCF yld. (%) 155,9 16,4 12,6
P/BVPS (x) 1 0,87 0,78
P/BVPS adj. (x) 1 0,87 0,78
P/E adj. (x) N/A 6,3 7,6
EV/EBITDA adj. (x) -14,5 1,4 1,2
EV/EBITA adj. (x) -11,5 1,5 1,2
EV/EBIT adj. (x) -11,5 1,5 1,2
EV/CE (x) 0,5 0,3 0,2
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,1 -0,3 -0,4
Capex/depreciation 0,4 0,3 0,3
Capex tangibles / tangible fixed assets 5,6 10,7 20
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 30,56 42,86 60
Depreciation on intang / def. intang N/A N/A N/A

Equity research

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Media

Eolus - Company presentation with IR Harald Cavalli-Björkman
Eolus Vind - Company presentation with CEO Per Witalisson

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Main shareholders - Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.6 % 28 Apr 2026
Hans-Göran Stennert 4.0 % 12.1 % 31 Dec 2024
Åke Johansson 2.4 % 6.6 % 28 Apr 2026
Avanza Pension 7.2 % 4.9 % 28 Apr 2026
Nordnet Pensionsförsäkring 3.6 % 2.5 % 28 Apr 2026
Storebrand Asset Management 1.9 % 1.3 % 30 Apr 2026
Swedbank Robur Fonder 1.8 % 1.2 % 30 Apr 2026
Handelsbanken Fonder 1.7 % 1.2 % 31 Mar 2026
Johan Unger med närstående 1.7 % 1.1 % 28 Apr 2026
Andra AP-fonden 1.6 % 1.1 % 28 Apr 2026
Source: Holdings by Modular Finance AB