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Eksterne analyser

Eolus Vind: Profitability impacted by project delay - ABG

Eolus

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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* Q2 EBIT SEK -74m (vs. ABGSCe 103m)* EBIT negatively impacted by delay in Pome project timeline* Sales driven by Pienava divestment and Pome revenue recognitionQ2 resultsEolus reported net sales of SEK 364m (vs. ABGSCe 282m, cons. 199m) and EBIT of SEK -74m (vs. ABGSCe 103m, cons. 40m). Sales were primarily driven by the divestment of the Pienava onshore wind project and continued revenue recognition from the Pome BESS project. EBIT miss was partly due to the project schedule for the Pome BESS being extended, which has led to a lower than expected project margin and negatively affected the operating profit in the quarter. However, Pome is expected to remain profitable and remaining expected payments amount to USD ~10m (previously ~25m). During the quarter, Eolus strengthened its financing structure by issuing SEK 550m in green bonds. It also secured a new SEK 175m credit facility and a project finance facility of up SEK 1,000m. The latter has been partly used to fund the ongoing Fågelås, Dållebo and Boarp onshore wind projects.Estimate changes and outlookOn numbers alone '25e-'27e EBIT comes down by SEK -177m. On outlook, management writes that the transaction market remains weak, which is impacting the timeline for sales and expected margins. However, the company remains positive on the medium and long-term demand but see challenges in the short-term due to geopolitical uncertainty and weaker industrial activity.ValuationThe share has returned +15% L3M (vs. OMXSPI +6%), and is currently trading 5x-9x P/E '25e-'27e on our pre-report estimates. The company will host a conference call of the Q2 results at 10:00 CEST.
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