Slides
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Capital allocation for greater value creation Per Witalisson, CEO Catharina Persson, CFO INTERIM REPORT Q2 2026
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2 35 years of reliable partnerships, project execution and profitable growth Experience 14.8 GW portfolio diversified across markets, technologies and project maturity Project Portfolio Value Creation Pure-play developer optimized for efficient value creation Market Growth Positioned for long term growth in renewable energy demand
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3 Agenda Highlights and outlook Per Witalisson, CEO Financial update Catharina Persson, CFO Q&A
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4 -2232,215R12 Q2 2026 -13.92 -6412 -2.40 Net Sales, MSEK Operating Profit, MSEK Earnings per share, SEK A pure play developer of renewable energy Financial Goals Q2 Goal ROE neg >15% Equity/Assets 65% >30% Dividend 20-50%
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A diversified project portfolio 5 1.0 4.1 3.3 2.7 Early 1.2 1.5 0.3 Mid 0.30.3 Late 0.20.0 0.0 Construction 11.1 2.9 0.6 0.2 Total portfolio: 14.8 GW 41% 6,028 MW 28% 4,202 MW 8% 1,225 MW 4% 588 MW 19% 2,854 MW 1,271 MW Asset Management Portfolio 87 EmployeesOnshore wind Offshore wind Solar Storage Portfolio by technology and development phase Q2 2026 (GW) Portfolio by market Q2 2026 39% 5,834 MW 7% 1,000 MW 34% 4,988 MW 20% 2,975 MW
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• Operating expenses excluding project spend continued down. Approximately 20 MSEK reduction compared to Q2 2025. • Milestone payments for Centennial Flats (767 MW) after the quarter. Expected net positive impact on EBIT and cash flow of approximately 20 MUSD in Q3 2026. 6 Capital allocation for greater value creation VALUE REALIZATION Cost savings and Centennial Flats payments • Pienava (147 MW) construction making steady progress. 8 out of 21 turbines have been raised. • Valpene (240 MW) progressed to Late development phase after the quarter. • Västvind (1 000 MW) offshore wind permit denied by Swedish government. Policy change possible after election in Q3. • New Head of Power Markets & PPA, Head of Commercial and Country Manager Finland. Strong additions to the team that will help us optimize projects for value creation. • Strong balance sheet and strong cash position highlights capital allocation discipline. Bond repurchases during Q2. VALUE CREATION Latvian progress and offshore uncertainty STRATEGY & OUTLOOK Recruitments and capital allocation focus