Eolus had net sales of SEK 111m, below our expectations of SEK 502m, as we had expected more revenue recognition from ongoing projects, particularly Öyfjellet. Öyfjellet is still not fully completed (90% degree of completion), and although management still expects completion before year-end, we believe there is a risk for further delays into '23. The low sales level combined with increasing operating costs resulted in a weaker-than-expected Q3'22 EBIT of SEK -8m (ABGSCe SEK 36m) alongside net profit of SEK -11m.
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