Eolus’ Q3 report showed strong net sales and cash flow, driven by the Centennial Flats milestone payments, all of which were received in Q3, and the divestment of a smaller US solar and BESS project. EBIT came in around 18% above our adjusted estimate, primarily because Centennial Flats payments we had expected in Q4 were received in Q3 instead. This was despite around SEK40m in unexpected US write-downs. We also note a clearly more upbeat tone in the CEO’s statement, pointing to improving market tailwinds. With SEK530m in net cash and SEK1bn in cash, we believe Eolus is well positioned ahead of an eventful 2027.
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