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1 INTERIM REPORT Q2 2025 New transactions despite a soft market Per Witalisson, CEO Catharina Persson, CFO

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Why Eolus? 2 35 years of reliable partnerships, project execution and profitable growth Experience 26 GW portfolio diversified across markets, technologies and project maturity Project PortfolioValue Creation Pure-play developer optimized for efficient value creation Market Growth Positioned for long term growth in renewable energy demand

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Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A

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Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A

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5 A pure play developer of renewable energy 4333,091Q2 25, R12 Q2 2025 11.60 -74364 -1.51 Net Sales Operating Profit Earnings per share

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6 8.8 5.9 3.8 2.1 Early 1.7 1.9 Mid 0.2 Late 0.20.1 Construction 20.6 4.2 1.0 0.3 0.7 0.8 0.1 Net portfolio growth of 675 MW during Q2 Total 26,198 MW 24% 6,345 MW 39% 10,294 MW 3% 750 MW 20% 5,246 MW 2% 607 MW 11% 2,956 MW 1,186 MW Asset Management Portfolio 115 Employees Onshore wind Offshore wind Solar Storage Portfolio by market Q2 2025 Portfolio by technology and development phase Q2 2025 (GW)

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7 New transactions despite soft market New transactions Refinancing • Pienava (147 MW) sold to Latvenergo, our first sale in the Latvian market • Fageråsen (238 MW) JV with Dala Vind sold to OX2 after Q2, offloading significant upcoming grid connection commitments • Persistently slow market for projects in Northern Europe with PPAs becoming an increasingly important attractor • 550 MSEK senior secured green bond issue successfully closed despite unprecedented bond market turbulence • 175 MSEK RCF and 1,000 MSEK project finance facility signed in refinancing package – increasing flexibility and rightsizing finances for our larger portfolio Pome delay • Pome at 85% completion – anticipated completion and handover delayed from Q2 2025 to H2 2025 • Negative impact on expected project margin and consequently also Q2 operating profit due to provisions, but Pome remains a profitable project overall • Remaining expected liquidity contributions adjusted down to 10 MUSD

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8 Steady progress in our value creation pipeline * Size refers only to the onshore wind component of the project , ** Indicative date for start of stage, subject to change Project Market Technology Size (MW) Ready-to-build Current phase Fågelås, Dållebo and Boarp SE3 88 Pome (sold) CA 100 Roccasecca NV 125 H2 2025** Pienava (sold) LV 158 Ölme SE3 73* H2 2025** Murtomäki 2 FI 94* H2 2025** Fageråsen (sold) SE3 238 H1 2026** Siggebohyttan SE3 84 H2 2026** Marbäck SE3 56* H1 2027** Valpene LV 240 H1 2027** Total 1,495 Construction Construction Late Development Late Development Late Development Mid Development Late Development Late Development Fågelås, Dållebo and Boarp Advanced exclusive PPA negotiations ongoing Pienava In construction phase; Eolus providing project management services Early Development Construction Roccasecca Key equipment suppliers contracted Fageråsen Sold after end of Q2

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9 By market and stage in GW; number in parenthesis refers to the previous period *Rounding in individual cells may result in discrepancies with total sum Steady growth in early and mid phases – late-stage US project Centennial Flats (0.8 GW) left portfolio Sweden 8.5 (8.7) 1.0 (0.8) 0.7 (0.7) 0.1 (0.1) 1.1 (1.1) USA 4.2 (3.4) 1.9 (1.6) 0.1 (0.8) 0.1 (0.1) 0.1 (0.1) Finland 4.8 (4.9) 0.2 (0.1) 0.2 (0.2) - - Poland 2.1 (2.1) 0.8 (0.8) 0.0 (0.0) - - Spain 0.8 (0.8) - - - - Latvia 0.2 (0.5) 0.2 (-) - (0.2) 0.1 (-) - 20.6 (20.2) 4.2 (3.3) 1.0 (1.8) 0.3 (0.2) 1.2 (1.2) Total* Early Mid Construction Asset ManagementLate Final Investment Decision taken Commercial Operations Date Permit application submitted Initial rights secured Permit approved (first instance)

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10 Progress toward financial goals 2025 – 2027 EBIT 1,400 MSEK total 2025-2027 ROE >15% average per fiscal year Equity/Assets ≥30% Dividends The dividends paid by Eolus shall be based on long-term earnings and correspond to 20–50 percent of the Group’s profit after tax. However, dividends shall be dependent on the company’s investment requirements and financial position. 164 90117 233 350 467 583 700 817 933 Q1 25 Q2 25 Q3 26Q2 26 Q4 26Q1 26 Q2 27Q1 27Q4 25 Q3 27Q3 25 Q4 27 1,050 1,167 1,283 1,400Cumulative EBIT actual, MSEK Cumulative average EBIT goal, MSEK 61% 59% 39% 41% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 30% Debt Equity 17% 19% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 15% ROE R12

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Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A

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12 Financial update – Key figures -74 (-26)364 (54) -1.51 (-1.99) 59% (44%) 4333,091 11.60 59% Operating Profit, MSEKNet Sales, MSEK Earnings Per Share, SEK Equity / Assets Ratio Q2 2025 (Q2 2024) Rolling 12 months

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13 Revenues derive mainly from large project sales which means key reporting figures vary significantly between reporting periods. Eolus’s pure-play developer business model means large fluctuations quarter-to-quarter 220 -8 27 -12 517 159 99 -29 -26 -94 437 164 -74 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBIT MSEK Net Debt - / Cash + MSEK 598 401 258 55 888 522 -118 -112 -417 -1 415 -1 788 -354 -698 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 ∆ Working Capital MSEK -220 192 171 194 -339 449 488 -44 498 934 679 -1 304 232 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBIT is sensitive to timing of project sales and revenue recognition. ∆ Working Capital is sensitive to timing of divestments and construction capex. Net debt is sensitive to project cash outflow and construction credit drawdowns.

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14 Income statement EBIT driven by drop in expected project margin for Pome Rounding may cause minor discrepancies in sums 164 -19 EBIT Q1 25 -1,626 Δ Revenue 1,412 Δ Costs for goods and project development Δ Other external costs 7 Δ Employee benefits Δ Other opex EBIT Q2 25 -74 -13 Quarter-on-quarter change in operating profit, MSEK Pienava SPA revenue and Pome provisions are main contributors to Q2 operating profit 433 MSEK EBIT R12, Q2 25 Provisions due to Pome delay contributed negatively Pome revenue recognition and Pienava SPA proceeds made positive contributions 364 MSEK Net sales, Q2 25

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15 x Balance sheet: Assets Asset side largely unchanged as investments and divestments netted out over the quarter +675 MW Δ Dev portfolio, Q2 25 325 14 Δ Current tax assets -54 Δ Other receivables -23 Total assets Q1 25 -48 Δ Cash and bank balances Total assets Q2 25 -3 Δ Non-current assets Δ Projects under construction 40 Δ Projects under development -108 Δ Advance payments to suppliers -124 Δ Account receivable - trade -17 Δ Derivative instruments 2,841 2,843 Δ Prepaid expenses and accrued income Quarter-on-quarter change in total assets, MSEK Fågelås, Dållebo and Boarp Stor-Skälsjön receivables settled during Q2

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16 x Balance sheet: Equity and liabilities Increase in debt after refinancing drives slight decrease in Equity/Assets ratio 550 MSEK Green bond issue, Q2 25 300 0 Δ Advance payment from customers -26 Δ Other liabilities Total equity and liabilities Q1 25 -56 Δ Total equity Δ Total non-current liabilities Δ Current interest-bearing liabilities -192 Δ Accounts payable 0 Δ Derivative instruments -22 Δ Current tax liabilities 2,841 2,843 -7 6 Δ Accrued expenses and deferred income Total equity and liabilities Q2 25 Quarter-on-quarter change in total equity and liablities, MSEK Refinancing net 59% Equity/Asset ratio, Q2 25 Fågelås, Dållebo and Boarp capex settled in Q2

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17 Cash flow Fågelås, Dållebo and Boarp and bond proceeds drive cash flow 200 152 Q1 25 Opening cash -95 Cash flow from operating activities before changes in working capital -232 Cash flow from changes in working capital 0 Cash flow from investing activities 278 Cash flow from financing activities 1 Currency effects Q1 25 Closing cash -216 MSEK OCF R12, Q2 25 Quarter-on-quarter change in cash flow, MSEK Net from dividend payment and refinancing, including bond proceeds Mainly FDB construction capex Negative EBIT, tax and interest payments

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18 Pome at 85% degree of completion and Pienava added at 0% completion Projects under construction Project Location Price area Technology Capacity (MW) Production, (GWh) COD Degree of completion Boarp Vaggeryd, Sweden SE3 25 70 2025 * Dållebo Ulricehamn, Sweden SE3 18 59 2025 * Fågelås Hjo, Sweden SE3 45 170 2025 * Timmele Ulricehamn, Sweden SE3 8 23 ** 0% Pienava Tukums, Latvia LV 147 475 2027 *** Pome San Diego, USA US 100 - 2025 85% Total 343 797 * Requirements for degree of completion are not fulfilled since the projects are not sold yet. ** Project Timmele is subject to appeal and it is currently uncertain if/when the project will be realized. *** Project Pienava revenue is recognized based on predetermined milestones and project management services in line with execution 552 MSEK Order backlog, Q2 25

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19 Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A

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20 Outlook Value realization Overall • Advance sales for Fågelås, Dållebo and Boarp • Advance Roccasecca sales • Pome completion and handover • Optimize financial position to market conditions and reduce corporate net debt • Deploy non-recourse project debt in projects under construction Value creation • Close negotiations for pay-as-produced PPA for Fågelås, Dållebo and Boarp • Continue balancing toward value creation and prioritized markets and technologies.

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21 Agenda • Highlights and portfolio update – CEO Per Witalisson • Financial update – CFO Catharina Persson • Outlook – CEO Per Witalisson • Q&A

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22 INTERIM REPORT Q2 2025 New transactions despite a soft market Per Witalisson, CEO Catharina Persson, CFO

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