Eolus Vind : Extract of interim report April 2021 – June 2021

Translated extract from Q2 Report

April 1 - June 30 2021

Eolus strengthens the project portfolio through acquisitions

3 Months April 2021 - June 2021

Net sales 673.1 (409.9) MSEK.

EBIT 8.2 (64.2) MSEK. Profit before tax -4.3 (16.2) MSEK. Net profit -1.5 (22.9) MSEK.

Earnings per share, before and after dilution equals -0.06 (0.92) SEK.

During the period 13 (0) wind turbines were taken into operations with a total installed capacity of 47 (0) MW.

During the period the equivalent of 13 (1) wind turbines with an installed capacity of 47 (1) MW was handed over to customers.

At the end of the period Eolus had 921 (687) MW under asset management.

In May Eolus completed and handed over the repowering project Wind Wall 1 in Tehachapi, California, USA, to Cubico Sustainable Investments. The wind farm is covered by a Power Purchase Agreement (PPA) with Amazon Web Services and has an installed capacity of 47 MW. Eolus will provide asset management services for the wind farm.

In June Eolus signed an agreement with RWE to acquire two fully permitted wind power projects in Sweden. The projects located in SE3 totals 99 MW and Eolus has initiated the sales process with the ambition to sign an agreement with an investor during the autumn of 2021.

In June Eolus together with Hydro REIN signed an agreement to acquire the fully permitted wind power project Stor-Skälsjön from Enercon. The project, located in SE2, totals up to 260 MW and is covered by a 12-year Power Purchase Agreement (PPA) with Hydro. The sales process to sell a majority of the shares has been initiated and planned commissioning is during 2023.

6 Months January 2021 - June 2021

Net sales 914.6 (549.9) MSEK.

EBIT -21.2(-58.0) MSEK. Profit before tax -25.4(-65.2) MSEK. Net profit -18.3(-40.9) MSEK.

Earnings per share, before and after dilution equals -0.74(-1.64) SEK.

During the four months period 13 (0) wind turbines were taken into operations with a total installed capacity of 47 (0) MW.

During the four months period the equivalent of 13 (2) wind turbines with an installed capacity of 47

(2) MW was handed over to customers.

At the end of the period Eolus had 921 (687) MW under asset management.

Eolus financial year has changed from September 1st - August 31st to January 1st - December 31st. During the financial year that ended December 31st 2020 the presented periods where based on a prolonged financial year starting September 1st 2019. During 2021 the comparative figures will be presented for quarters corresponding to the period in year 2020. It means that comparative periods during 2021 will correspond to interim periods that have not been presented before.

Eolus Vind AB (publ)

Box 95

281 21 HÄSSLEHOLM Tel: [phone] (vx)

Eolus Vind AB (publ) | Org. nr: 556389-3956 | [e-mail] | www.eolusvind.com

Financial summary

Inte rim	Inte rim	6 month	6 month	Rolling	12	Full ye a r
Apr 2 0 2 1	Apr 2 0 2 0	Ja n 2 0 2 1	Ja n 2 0 2 0	Apr 2 0 2 0	S e p 2 0 19
- Jun 2 0 2 1	- Jun 2 0 2 0	- Jun 2 0 2 1	- Jun 2 0 2 0	- Jun 2 0	2 1	- De c 2 0 2 0

Net sales, MSEK	673,1	409,9	914,6	549,9	2 367,5	2 468,6
EBIT, MSEK	8,2	64,2	-21,2	-58,0	105,8	280,0
Profit before tax, MSEK	-4,3	16,2	-25,4	-65,2	41,5	182,6
Changes in market valuation of financial derivatives, MSEK	5,2	17,7	-17,7	16,2	4,9	69,6
Net profit, MSEK	-1,5	22,9	-18,3	-40,9	35,9	198,3
Earnings per share before and after dilution, SEK	-0,06	0,92	-0,74	-1,64	1,44	7,96
Equity per share, SEK	39,14	39,66	39,14	39,66	39,14	41,63
Cashflow from operating activities, MSEK	367,1	83,5	315,8	-232,6	295,5	-483,7
Total assets, MSEK	1 804,6	1 939,3	1 804,6	1 939,3	1 804,6	1 808,2
Net debt - /net cash +, MSEK	562,6	275,6	562,6	275,6	562,6	304,2
Signed customer contracts, MSEK	4 359,4	4 751,6	4 359,4	4 751,6	4 359,4	5 130,9
No of turbines taken into operation, amount	13,0	-	13,0	-	51,0	81,0
No of turbines handed over to customers, amount	13,0	1,0	13,0	2,0	51,0	83,0
Turbines taken into operation, MW	46,8	-	46,8	-	207,1	323,7
Turbines handed over to customers, MW	46,8	0,8	46,8	1,6	207,1	325,3
Managed turbines, MW	921	687	921	687	921	903
Equity/assets ratio, %	54,0	50,9	54,0	50,9	54,0	57,3
Return on equity after tax, %	3,7	24,2	3,7	24,2	3,7	20,6**
**return on equity after tax is calculated for 16 months earnings relative to avarage equity.

Project portfolio

Eolus' success as a developer of renewable energy projects is in large dependent on access to a high- quality project portfolio that develops and is optimized over time. Over time the project portfolio consists of projects for wind, solar and storage in different phases developed by Eolus or acquired from others.

Development and optimization of projects is done during a long period of time. Development and optimization of the most important projects in the total project portfolio is therefore key activities for Eolus.

All project development normally occurs at Eolus own risk and even if Eolus has well developed processes for project development, there is a risk that some projects might not be able to establish due to market and permit factors in the future.

Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021

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Projects under establishment

		Numbe r of	Ca pa c ity,	Estima te d	P la nne d
P roje c t	Loc a tion	produc tion,	Comme nt
WTG	MW	c ommissioning
				G Wh
Öyfjellet	Vefsn,	72	400	1,300	2021	Roads and other infrastructure completed.
	Norway, NO4					All wind turbine components have been
						delivered to the port in Mosjöen. 44 of 72
						turbines have reached main installation.
						Both the transformers in the wind farm is
						connected to the grid. The first turbines was
						commissioned and started producing
						electricity in August. The customer Aquila
						Capital took over all shares in the project
						company in December 2019. The project is
						covered by a 15 year PPA with Alcoa.
Rosenskog	Falköping,	3	18	55	2023	The wind farm is sold to Commerz Real that
	Sweden, SE3					is expected to take over the facility in the
						autumn of 2023. Turbine supply agreement
						signed with Siemens Gamesa
						Renewables. PPA signed for 100 % of the
						electricity produced. Procurement of civil
						works has begun.
Dållebo	Ulricehamn,	4	26	66	2023	The wind farm is sold to Commerz Real that
	Sweden, SE3					is expected to take over the facility in the
						autumn of 2023. Turbine supply agreement
						signed with Siemens Gamesa
						Renewables. PPA signed for 100 % of the
						electricity produced. Procurement of civil
						works has begun.
Boarp	Vaggeryd,	4	24	72	2023	The wind farm is sold to Commerz Real that
	Sweden, SE3					is expected to take over the facility in the
						autumn of 2023. Turbine supply agreement
						signed with Siemens Gamesa
						Renewables. PPA signed for 100 % of the
						electricity produced. Procurement of civil
						works has begun.
Timmele	Ulricehamn,	2	8	23	2022	The wind farm is sold to a private investor
	Sweden, SE3					that is expected to take over the facility in the
						summer of 2022. Turbine supply agreement
						signed with Enercon. Procurement of civil
						works has begun.

As of Augsut 30, 2021

Degree of completion per wind farm under construction	Jun 3 0 , 2 0 2 1
Wind Fa rm
Øyfjellet	28%
Boarp	0%
Dållebo	0%
Rosenskog	0%
Timmele	0%
Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021	Page 3 of 8

Projects in late development phase or sales phase

Project	Location	Technology	Capacity,	Planned	Comment
MW	commissioning
Stockåsbodarna	Sundsvall,	Wind	50	2024	The project was given a positive decision from the
	Sweden				Land and Environment Court in July 2021, which in
					turn have been appealed. The case of leave to appeal
					shall be tried. Grid connection secured.
Ölme	Kristinehamn,	Wind	81	2025	Environmental permit with legal force for maximum
	Sweden				height of 150 meters. Application for increased
					maximum height in process. As part of the process
					the municipality said yes to the application for
					increased height in April 2021.
Stor-Vrången	Ockelbo, Sweden	Wind	0		Activities for optimization of the project is ongong.
					Given the prerequisites and the restrictions in the
					permit the project at this time doesn´t fulfill the criteria
					to reach favorable profitability.
Fågelås	Hjo, Sweden	Wind	43	2024	Environmental permit with legal force for maximum
					height of 150 meters. Permit regarding increased total
					height for in total seven wind turbines approved in April
					2020. The decision has been appealed to the Land
					and Environmental court.
Vaberget	Sollefteå,	Wind	50	2024	Environmental permit with legal force. The project
	Sweden				dependent on other projects being connected to a new
					grid sub station. New permit process for project
					optimization initiated. As part of the process the
					municipality said yes to the new application in May
					2021.
Siggebohyttan	Lindesberg,	Wind	24	2025	Environmental permit granted for 4 of 15 wind turbines
	Sweden				in March 2020. Eolus has filed an appeal of the
					decision to the Land and Environmental Court to grant
					permit for more wind turbines.
Skallberget/	Avesta, Sweden	Wind	74	2023	Fully permitted project acquired during June 2021.
Utterberget					Sales process initiated with the ambition to sign an
					agreement with an investor during 2021.
Tjärnäs	Hedemora,	Wind	25	2023	Fully permitted project acquired during June 2021.
	Sweden				Sales process initiated with the ambition to sign an
					agreement with an investor during 2021.
Stor-Skälsjön	Sundsvall and	Wind	260	2023	Fully permitted project totaling 260 MW which has
	Timrå, Sweden				been acquired together with Hydro Rein in June 2021
					with Eolus owning 51% and Hydro REIN 49%. Sales
					process initiated with the ambition to sign an
					agreement with an investor during 2021 for the
					majority of the shares in the project.
Pörtom	Närpes, Finland	Wind	59	2024	Permit with legal force. The project is dependent on
					grid connection with other projects in the area. Grid
					connection design work initiated.
Peineva/Dobele	Tukums och	Wind	172	2024	Environmental impact assessment approved at
	Dobele, Latvia				federal level. Negative decision on municipality level in
					March 2020. Eolus appeal of the municipal decision
					was approved in July 2021. A new decision from the
					municipality is expected during 2021
Centennial Flats	Arizona, US	Solar & Storage	500 + 250	2023	Grid connection secured. Required permits are
					expected to be obtained during 2021.
Group			1 588

As of August 30, 2021

Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021

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Consolidated income statement	Inte rim	Inte rim	6 month	6 month	Rolling 12	Full ye a r
	Apr 2 0 2 1	Apr 2 0 2 0	Ja n 2 0 2 1	Ja n 2 0 2 0	Apr 2 0 2 0	Ja n 2 0 2 0
KS EK	- Jun 2 0 2 1	- Jun 2 0 2 0	- Jun 2 0 2 1	- Jun 2 0 2 0	- Jun 2 0 2 1	- De c 2 0 2 0
Net sales	673 079	409 906	914 621	549 867	2 367 503	2 468 639
Other operating income	6 692	31 265	17 205	36 693	69 668	122 061
	679 771	441 171	931 827	586 560	2 437 171	2 590 700
Operating expences
turbines under construction and projekts under
development	550 953	-295 168	453 872	-371 640	754 008	38 009
Cost for goods and project development	-1 186 091	-61 459	-1 318 334	-183 198	-2 921 908	-2 147 034
Other external costs	-24 475	-12 524	-38 312	-33 456	-72 575	-82 772
Employee benefits expenses	-14 644	-11 622	-27 913	-21 770	-60 623	-71 005
Depreciation/amortization and impairment of
property, plant and equipment and intangible	-1 361	-1 323	-2 725	-2 794	-5 820	-8 131
Other operating expenses	4 000	5 119	-19 649	-31 693	-24 454	-39 792
Operating profit	8 154	64 195	-21 233	-57 993	105 797	279 975
Profit/loss from financial items	-12 424	-48 013	-4 177	-7 212	-64 330	-97 422
Profit before tax	-4 270	16 182	-25 410	-65 204	41 467	182 553
Tax on profit	2 740	6 695	7 097	24 274	-5 587	15 749
Net profit for the period	-1 530	22 876	-18 313	-40 930	35 879	198 302
Whereof related to the shareholder of the parent
company	-1 529	22 876	-18 310	-40 914	35 889	198 348
Whereof related to minority stakeholders	-1	-	-3	-16	-10	-46
Net profit for the period	-1 530	22 876	-18 313	-40 930	35 879	198 302
Total shares	24 907	24 907	24 907	24 907	24 907	24 907
Profit per share before/after dilution (SEK)	-0,06	0,92	-0,74	-1,64	1,44	7,96
Consolidated statement of comprehensive income
KS EK
Net profit for the period	-1 530	22 876	-18 313	-40 930	35 879	198 302
Other comprehensive income
Translation differences	-1 251	-519	1 828	-519	8 252	5 905
Other comprehensive income for the period
net after tax	607	6 165	6 029	-10 461	962	-14 831
Total comprehensive income for the period	-923	29 042	-12 283	-51 391	36 842	183 471
Whereof related to the shareholder of the parent
company	-857	29 042	-12 215	-51 375	36 852	183 824
Whereof related to minority stakeholders	-66	-	-68	-16	-10	-353
Total comprehensive income for the period	-923	29 042	-12 283	-51 391	36 842	183 470

Eolus Vind AB (publ) | Org. nr: 556389-3956 | Q2 Report April 1st - June 30th 2021

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