- Report out 26 August - Q2e EBIT of SEK 103m - Onshore wind project (147 MW), Pienava in Latvia, sold in Q2
ANNONS
Q2 expectations
We expect Q2 net sales of SEK 282m and EBIT of SEK 103m (vs. SEK -25m). The Pome BESS project remains under construction, and we expect only low single-digit progress in Q2, and no meaningful revenue contribution. In Q2, Eolus sold its 147 MW Pienava wind project in Latvia. As neither revenue nor EBIT effects have been disclosed, estimates should be treated with caution. Moreover, given there is no construction risk and that we assume there is a project-specific risk premium due to the project's location in Latvia, we expect lower margins than for comparable projects (e.g., BKW, 125 MW, ~EUR 50m margin). We expect Eolus to book the proceeds from the sale of its shares, along with the reimbursement of project-related costs, as revenue in Q2, which we estimate at SEK 220m. We estimate that the project will contribute SEK 160m to Q2 EBIT.
