Eolus Vind EOLU B
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Full analysis: 6 Apr 2026
Latest news check: 2 Aug 2026
General analysis — not personal advice.
HOLD
6/10
Confidence
Hold/monitor into Q2: look for confirmation of additional project sales, progress in Latvia (Pienava/Valpene) and clarity on appeals (e.g., Timmele). Add only if recurring earnings visibility improves via new FIDs or signed divestments.
Rejection of Västvind and Najaderna impairs the offshore pipeline and raises execution risk, supporting retention of the HOLD signal pending the Q2 report.
Market sentiment
4/10
↓
Trend: Declining
Sentiment has deteriorated to negative following the rejection of the two offshore projects, with heightened uncertainty around the pipeline and growth in Sweden.
Price context
The share trades at 36.3 SEK near 52-week lows after declines of 16.3 % over the past three months and 31.4 % over the trailing twelve months.
Risk assessment
7/10
Dilution:
Low
Near-term dilution risk is lower due to net cash and reduced capital tied up after Roccasecca plus a more asset-light approach; funding needs could return if Eolus decides to carry more projects on balance sheet.
Jurisdiction:
Low
Operations in Sweden/US and EU countries
Execution:
High
Lumpy revenues and history of impairments
Recent changes
- Q1 delivered revenue of 631 MSEK, EBIT of 241 MSEK and net income of 162 MSEK, driven by a one-off Roccasecca effect plus a milestone/add-on payment linked to Fageråsen.
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Show all changes (4) — follow the company freeAbout the company
Eolus (formerly Eolus Vind) develops, builds and sells wind, solar and utility-scale battery storage (BESS) projects, and provides operations/asset management services. The business model is project-driven with volatile earnings depending on transaction timing. The company is in a transition phase focused on cost reductions and international expansion, especially in the US.
Sector:
Renewable energy (wind, solar and energy storage)
Type:
Energy
Next report
27 Aug 2026
Q2
Catalysts
27 Aug 2026
Q2 2026 Interim Report
High
Q4 2026
Baltic projects: financial close
Medium
Horizon:
Bull case
Attention can now shift to onshore wind, solar and battery storage in the US and Baltics with lower political risk.
Bear case
Rejection of two offshore projects removes a meaningful part of future growth potential in Sweden and increases impairment risk.
Signal rationale (informational)
Rejection of Västvind and Najaderna impairs the offshore pipeline and raises execution risk, supporting retention of the HOLD signal pending the Q2 report.
Recent news
- On 16 July the government rejected permit applications for the offshore projects Västvind and Najaderna on defense grounds. Activated costs of approximately SEK 48 million for Västvind are at risk of impairment in the Q2 report.
Price & valuation
Last close
SEK 37.45
1 week
+3.2 %
3 months
-16.6 %
12 months
-34.2 %
From 52w high
-35.5 %
From 52w low
+12.5 %
Exchange
Stockholm
Type
Energy
Sector
Renewable energy (wind, solar and energy storage)
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.