Eolus Vind AB Year End Report September 1, 2019 – December 31, 2020

Hässleholm, Sweden, February 19^th, 2021

4 Months September 2020 – December 2020

• Net sales 1077.5 (465.9) MSEK.

• EBIT 59.8 (210.9) MSEK. Profit before tax 36.2 (180.9) MSEK. Net profit 30.1 (185.0) MSEK.

• Earnings per share, before and after dilution equals 1.21 (7.43) SEK.

• During the four months period 0 (43) wind turbines were taken into operations with a total installed capacity of 0 (163.4) MW.

• During the four months period the equivalent of 39 (29) wind turbines with an installed capacity of 161.1 (105.2) MW was handed over to customers.

• At the end of the period Eolus had 903 (687) MW under asset management.

• On August 27^th, 2020, an Extraordinary General Meeting was held that decided to change the company’s financial year to run from January 1^st to December 31^st. The financial year 2019/2020 was extended to cover a period of 16 months, September 1^st, 2019 to December 31^st, 2020. This has led to five financial statements being given where the fifth covers four months, September 1 – December 31 2020. The comparative figures for the fifth period cover four months, September 1 – December 31 2019. In total the financial year is 16 months.

• In September Eolus signed an agreement with Commerz Real regarding the sale of the wind farms Boarp (24 MW), Dållebo (26 MW) and Rosenskog (18 MW) totaling 68 MW for a preliminary purchase price of EUR 82.5 million. An agreement has been signed with Siemens Gamesa Renewables for delivery of 7 Siemens Gamesa SG 5.8-170 wind turbines and 4 Siemens Gamesa SG 5.8-155 wind turbines to the wind farms which are expected to be completed in the autumn of 2023. Eolus will deliver technical and administrative services for the wind farms.

• In October Eolus signed an agreement with Cubico Sustainable Investments regarding the sale of the turn key wind farm Wind Wall 1 (46.5 MW) located near Tehachapi in California, USA. Construction is ongoing.

• For the financial year 2019/2020 the Board of directors proposes a dividend of 2.00 (1.50) SEK per share.

Significant events after the balance sheet date

• In January 2021 Eolus signed individual PPA:s with a major global energy company for the three wind farms Boarp, Dållebo and Rosenskog totaling 68 MW. The agreements cover 100 % of the produced electricity volume in the wind farms which are sold to Commerz Real.

Dividend, Annual Report and Annual General Meeting

• The Annual Report will be published during week 12 of 2021. The Annual General Meeting will be held on May 19^th, 2021. The Board of directors will propose a dividend of 2.00 (1.50) SEK.

Financial summary	4 months	4 months	16 months	12 months
	Sep 2020	Sep 2019	Sep 2019	Sep 2018
	-Dec 2020	-Dec 2019	-Dec 2020	-Aug 2019
Net sales, MSEK	1 077,5	465,9	2 468,6	2 031,9
EBIT, MSEK	59,8	210,9	280,0	118,3
Profit before tax, MSEK	36,2	180,9	182,6	116,0
Changes in market valuation of financial derivatives, MSEK	19,2	30,9	69,6	-24,9
Net profit, MSEK	30,1	185,0	198,3	132,8
Earnings per share before and after dilution, SEK	1,21	7,43	7,96	5,33
Equity per share, SEK	41,63	35,65	41,63	15,61
Cashflow from operating activities, MSEK	-113,0	-230,8	-483,7	566,6
Total assets, MSEK	1 808,2	2 000,4	1 808,2	2 057,8
Net debt - /net cash +, MSEK	304,2	563,4	304,2	800,1
Signed customer contracts, MSEK	5 130,9	5 138,9	5 130,9	1 348,9
No of turbines taken into operation, amount	0,0	43,0	81,0	31,0
No of turbines handed over to customers, amount	0,0	43,0	83,0	34,0
Turbines taken into operation, MW	0,0	163,4	323,7	115,2
Turbines handed over to customers, MW	0,0	163,4	325,3	120,0
Managed turbines, MW	903	687	903	524
Equity/assets ratio, %	57,3	53,8	57,3	43,2
Return on equity after tax, %	20,6	33,9	20,6	15,6

For further information contact:

Per Witalisson, CEO, +46 70 265 16 15
Catharina Persson, CFO, +46 70 932 97 77
Johan Hammarqvist, Head of Communications, +46 720 50 59 11

The information in this press release is disclosed pursuant to the EU Market Abuse Regulation. The information was released for public disclosure through the agency of head of communication Johan Hammarqvist on February 19^th, 2021, at 8.30 AM CET.

About Eolus:
Eolus Vind AB is one of the leading wind power developers in the Nordics. Eolus is active in the whole value chain from development of green field projects to construction and operation of wind farms. Eolus offers attractive and competitive investments in the Nordic and Baltic countries as well as the United States to both local and international investors. Founded in 1990, Eolus has constructed 653 wind turbines with a capacity of nearly 1 370 MW. Eolus has signed contracts for about 1 400 MW of asset management services of which some 905 MW is in operation.

Eolus Vind AB has close to 41 000 shareholders. Eolus shares are listed at Nasdaq Stockholm.

For more information about Eolus, please visit www.eolusvind.com

Attachment

• Eolus - Extract of Year End Report 2019-2020