Eolus Vind AB Class B (EOLU.B) AI Stock Analysis

• Market Cap: kr878.58M
• Dividend Yield: 5.62%
• Average Volume (3M): 42.63K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 139
• Sector: Utilities
• Sector Strength: 65
• Industry: Engineering & Construction
• EPS (TTM): -12.35
• Shares Outstanding: 23,623,674
• 10 Day Avg. Volume: 26,085
• 30 Day Avg. Volume: 42,629
• PEG Ratio: <0.01
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 0.27
• P/FCF Ratio: 0.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr33.00
• Price Target Upside: -9.59% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): 7.02
• Revenue Forecast (FY): kr2.34B

• Rating: 49 Neutral
• Price Target: kr34.00 ▼(-6.85% Downside)
• Action: N/A Date: 02/18/26
• Date: Action: N/A 02/18/26

The score is driven primarily by mixed financial performance: strong 2025 cash flow and reduced leverage are outweighed by a sharp swing to losses and historically volatile results. Technically, the stock is in a clear downtrend, partially offset by oversold signals. Valuation benefits from a high dividend yield, but the negative P/E underscores weak earnings quality.

Positive Factors

Strong 2025 cash generation

A large operating and free cash flow result in 2025 demonstrates the company's ability, at times, to convert project activity into material cash. Durable cash conversion supports reinvestment in new projects, reduces reliance on external financing, and enhances funding flexibility for construction and asset management.

Sharply reduced leverage

A meaningful decline in total debt materially improves balance-sheet resilience, lowers interest and refinancing pressure, and increases optionality to pursue development opportunities or weather project delays, strengthening long-term financial flexibility for a capital-intensive developer.

Revenue rebound in 2025

A rebound in revenue signals restored project deliveries or sales and suggests the firm retains origination and construction capabilities. Sustained top-line recovery supports scale benefits, the potential to rebuild margins, and recurring income from owned assets and asset-management services.

Negative Factors

Profitability deterioration

A swing to gross and operating losses despite higher revenue indicates pressure on margins from cost overruns, pricing, or project mix. Persistent negative profitability erodes retained earnings, limits self-funded growth, and questions the sustainability of the current project delivery model over multiple cycles.

Highly inconsistent cash flow

Large year-to-year swings in operating and free cash flow reflect project-timing and divestment dependency. This inconsistency raises financing and planning risk for a developer that needs steady capital for permitting and construction, potentially increasing cost of capital and execution risk.

Execution and earnings-stability risk

Historical volatility in results highlights the company's exposure to project execution, permitting, and market-timing challenges. For a firm whose economics depend on recurring successful project divestments, such instability can hinder long-term contracting, investor confidence, and predictable cash generation.

Eolus Vind AB Class B Business Overview & Revenue Model

Company Description

Eolus Vind AB (publ) primarily engages in the development, establishment, and operation of facilities for renewable energy and energy storage in Sweden, Norway, Finland, the United States, Poland, and the Baltic states. The company operates through Project Development and Asset Management segments. It engages in the operation of wind turbines; and generation and sale of electricity. The company also offers asset management services to the owners of wind power facilities. In addition, it provides consultancy services, such as procurement, project management, wind resource assessment, noise impact assessment, and environmental impact assessment services. Eolus Vind AB (publ) was incorporated in 1990 and is headquartered in Hässleholm, Sweden.

How the Company Makes Money

Eolus Vind AB Class B Financial Statement Overview

Summary

Latest year shows major positives in cash generation (operating cash flow 1.783B; free cash flow 1.780B) and sharply lower debt (554M vs. 2,406M in 2024). However, profitability deteriorated materially in 2025 (gross and operating losses; net income -346M) and results have been volatile across years, raising execution and earnings-stability risk.

Income Statement

Revenue rebounded sharply in 2025 (up ~19.7% vs. 2024), but profitability deteriorated materially: 2025 swung to a gross loss and operating loss, with net income at -346M despite much higher revenue. Prior years show mixed profitability (profit in 2020, loss in 2021, modest profits in 2022 and strong margins in 2024), highlighting volatility and execution risk in converting revenue into sustainable earnings.

Balance Sheet

Leverage looks improved in 2025 with total debt down to 554M from 2,406M in 2024, alongside a still-solid equity base (1,145M). However, equity declined versus 2024 and the business has shown meaningful balance-sheet swings over time, which can signal project-driven working-capital and financing volatility.

Cash Flow

Cash generation improved dramatically in 2025 with operating cash flow of 1.783B and free cash flow of 1.780B (strong growth vs. 2024), indicating powerful cash conversion in the latest year. The key offset is inconsistency: 2024 operating and free cash flow were deeply negative, and earlier years were also negative, suggesting cash flows can be highly timing- and project-dependent.

Breakdown	Dec 2025	Dec 2024	Dec 2022	Dec 2021	Aug 2020
Income Statement
Total Revenue	3.91B	851.00M	2.36B	2.61B	1.39B
Gross Profit	-336.00M	652.00M	309.00M	129.00M	263.83M
EBITDA	-325.00M	335.00M	126.00M	17.00M	226.25M
Net Income	-346.00M	155.00M	117.00M	-24.00M	168.24M
Balance Sheet
Total Assets	2.20B	4.56B	1.92B	1.89B	1.81B
Cash, Cash Equivalents and Short-Term Investments	557.00M	356.00M	568.00M	625.00M	691.00M
Total Debt	554.00M	2.41B	310.00M	186.00M	387.00M
Total Liabilities	983.00M	2.82B	875.00M	621.00M	772.00M
Stockholders Equity	1.15B	1.67B	983.00M	984.00M	1.04B
Cash Flow
Free Cash Flow	1.78B	-1.80B	-196.00M	-101.00M	-386.68M
Operating Cash Flow	1.78B	-1.80B	-191.00M	-97.00M	-370.66M
Investing Cash Flow	44.00M	1.00M	-33.00M	-3.00M	4.32M
Financing Cash Flow	-1.60B	1.57B	153.00M	32.00M	72.91M

Eolus Vind AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYGGP	72 Outperform	kr2.04B	14.95	―	1.24%	4.25%	127.31%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
EOLU.B	49 Neutral	kr878.58M	-3.09	18.63%	5.62%	―	―