OX2 expects higher op profit in 2024 despite H1 loss

Lehtirova wind farm, 147 MW, Sweden (photo: Joakim Lagercrantz). Image by OX2.

Swedish renewables developer OX2 AB’s (STO:OX2) swung to a net loss in the second quarter and first half of 2024 but reiterated its guidance for increased full-year operating income in 2024.

The Swedish company closed the second quarter with a net loss of SEK 163 million, against a profit of SEK 245 million (USD 22.7m/EUR 20.9m) a year before, its financial report showed on Thursday.

Operating loss amounted to SEK 206 million, as compared to a profit of SEK 207 million in the year-ago period.

Chief executive Paul Stormoen said the April-June trimester was marked by the divestment of OX2’s first battery energy storage system (BESS), the 42.5-MW/42.5-MWh Bredhalla in Sweden, as well as by EQT AB’s cash offer to buy all OX2 shares. “We retain our forecast for improved full-year operating income in 2024, despite increased uncertainty in the forecast. We anticipate that most of this year’s earnings will occur in the fourth quarter,” he said, adding that the company is currently engaged in “numerous sales processes” totaling close to 2 GW, with a significant share of them being in the due diligence phase.

Amounts in SEK	Q2 2024	Q2 2023	H1 2024	H1 2023
Net sales	2.23bn	2.2bn	3.18bn	3.67bn
Operating profit (loss)	(206m)	207m	(316m)	310m
Operating margin (%)	-9.2%	9.4%	-9.9%	8.4%
Profit for the period (loss)	(163m)	245m	(220m)	334m

OX2 had a total portfolio of 47,375 MW at the end of June, which rose from 44,828 MW a year before, mostly thanks to the addition of 633 MW of solar and 435 MW of assets to the company’s management portfolio. Projects under development amounted to 33,073 MW.

(SEK 10 = USD 0.926/EUR 0.854)

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