OX2

Quarterly Report • Apr 28, 2023

Interim Report 2023 January-March

Operating margin LTM 14.9% (8.8)

Return on capital employed (ROCE) LTM 35.3% (29.9)

Total portfolio 42,755 MW (27,974)

Comparative figures refer to the same period the previous year

• Net sales increased by 34 percent over the past 12 months, driven by increased net sales from the sale of new projects and higher net sales from the construction portfolio
• A high proportion of project rights sales combined with good cost control in projects under construction resulted in an operating margin of 14.9 percent (8.8) over the last twelve-month period
• Return on capital employed increased to 35.3 percent (29.9)
• The total portfolio amounted to 42,755 MW (27,974). The increase is mainly attributable to growth in the development portfolio of 9,667 MW to 33,095 MW during the year through project acquisitions and new offshore wind projects. Projects sold with possible additional payments amounted to 4,410 MW. Technical and commercial management contracts continued to increase and totaled 4,077 MW (3,194) at the end of the quarter, while the construction portfolio of 1,173 MW (1,352) was slightly lower than the corresponding quarter the previous year.

Agreement on the acquisition of ESCO Pacific in Australia. Good profitability from handed over projects

January-March 2023

• Net sales amounted to SEK 1,463 million (1,621)
• Operating income amounted to SEK 102 million (105)
• Operating margin amounted to 7.0% (6.5)
• Profit for the period totaled SEK 89 million (111)
• Earnings per share before and after dilution totaled SEK 0.32 (0.41)
• Cash flow from operating activities amounted to SEK 878 million (-182)

Significant events after the end of the reporting period

• Acquisition of a solar power project in Huittinen, Finland, with a planned capacity of 475 MW, which will be included in the project development portfolio from Q2 2023.

The Group's key performance indicators

		Q1		Full year
	2023	2022	Apr-Mar	2022
Net sales, SEK m	1,463	1,621	7,486	7,644
Operating income, SEK m	102	105	1,119	1,122
Operating income adjusted for project development costs, SEK m	176	159	1,467	1,451
Operating margin,%	7.0%	6.5%	14.9%	14.7%
Operating margin adjusted for project development costs,%	12.0%	9.8%	19.6%	19.0%
Profit for the period, SEK m	89	111	1,063	1,085
Cash flow from operating activites, SEK m	878	-182	2,287	1,226
Investments in the project development portfolio, SEK m	-229	-199	-814	-783
Earnings per share before and after dilution, SEK	0.32	0.41	3.90	3.98
Project acquisitions, MW	952	1,352	2,256	2,656
Sold projects, MW	0	177	4,716	4,893
Projects handed over, MW	171	153	500	482
Total portfolio, MW	42,755	27,974	42,755	37,864
Project development portfolio, MW	33,095	23,428	33,095	28,263
Sold MW with potential additional payments	4,410	0	4,410	4,410
Projects under construction, MW	1,173	1,352	1,173	1,343
Contracts under management (TCM), MW	4,077	3,194	4,077	3,848
Number of employees	404	296	404	366

For definitions of alternative performance measures and key performance indicators, see pages 22 and 26.

About OX2

OX2 has a business model for the development and sale of renewable electricity generation capacity. The model is divided into three phases: Expand, Develop and Deliver.

OX2's business model

OX2's project development portfolio

CEO statement

During the first quarter, we continued to expand our project development portfolio, including two new offshore projects in Sweden and Finland, as well as onshore wind projects in Estonia. The construction portfolio performed well with good profitability and we handed over three wind farms in Finland to our customer. We took a key step in our geographical expansion strategy in late March when we signed an agreement to acquire a leading renewable energy developer in the Australian market.

Continued portfolio growth

Our project development portfolio is important for OX2's ability to grow and create value over time. In January-March, the development portfolio grew by around 4.8 GW, reaching 33,095 MW at the end of the period. Our first Estonian projects were added to the portfolio during the quarter, consisting of early stage onshore wind projects that we develop jointly with our local partner. OX2 now has projects under development in ten European markets.

We added two new offshore wind projects to the portfolio: Tyrsky in the Gulf of Bothnia in Finland, with a potential installed capacity of 1.4 GW, and the large-scale Neptunus energy park in Sweden, with a potential installed capacity of 1.9 GW. OX2 now has almost 18 GW of offshore projects in its portfolio, which provides opportunities for recurring revenues by capitalizing on value creation throughout the development phase. In January the County Administrative Board of Halland gave its approval for one of our offshore projects in Sweden, Galatea-Galene

Acquisition with great potential in Australia

OX2 has a strategy of continued geographical expansion in markets where we see potential for value creation and to contribute to the transition to renewable energy. On March 31, we signed an agreement to acquire ESCO Pacific, a leading renewable energy developer in Australia. We are pleased to welcome an experienced local team to OX2. ESCO Pacific's project development portfolio totals 1,420 MW, consisting of approximately 1,220 MW of solar power and 200 MW of energy storage. We see great potential for OX2 in Australia, where as much as 70 percent of electricity production currently comes from fossil energy sources. It is expected that ESCO Pacific will contribute positively to OX2's results in 2024 and beyond and we see good opportunities to develop the business towards selling operational solar parks at the start of construction, scaling up the business through project acquisitions and, over time, broadening the offering towards onshore wind power. We expect the acquisition to be closed in the second quarter.

Paul Stormoen, CEO

Permits obtained in Finland and Sweden

We are pleased to note that two important permits for onshore wind projects entered into legal force during the quarter: Rajamäenkylä in Finland, one of our largest onshore projects ever with an estimated capacity of up to 356 MW, and Ånglarna in Sweden, with just above 100 MW. We are now engaged in the procurement and preparatory sales processes for these projects and we see good opportunities to start construction for both of them during the year.

Steady progress in construction and asset management

Our construction business continues to perform well, with solid profitability, and during the quarter we delivered three commissioned wind farms in Finland to our customer Renewable Power Capital. OX2's asset management business continues to grow and two new external management contracts were signed during the quarter. The management portfolio grew by around 28 percent on an annual basis.

Long-term growth potential

We have a positive view of the market. The demand for renewable electricity is expected to grow over the long term, driven by the electrification of our society, a clear ambition to meet climate targets and the need to reduce Europe's dependence on gas imports. We continue to invest in development and our organization to take

Projects sold, MW

0 Relates to Jan-Mar 2023 Growth total portfolio, MW

4,891 Relates to Jan-Mar 2023

Total portfolio, MW

42,755 As of March 31, 2023

advantage of these opportunities. Our ability to attract and retain the best talent is key to achieving our goals. Our geographical expansion has further strengthened our ability to attract key talent while creating new development opportunities for our employees.

Over the past few years, we have demonstrated that OX2 has a robust business model that enables high returns over time, despite our turbulent world with inflation, supply chain challenges and rising interest rates. OX2 currently has a total portfolio, including our construction and management portfolio, of around 43 GW. We have successfully broadened the business, both geographically and in terms of products, and now have greater flexibility to create value at different stages of the value chain, which is a strength that helps to reduce the risk and volatility of our business.

Outlook for 2023

OX2 has sales processes underway in both solar and wind power on a number of geographical markets and customer demand remains strong. We have a positive outlook for developments in 2023 and we expect the majority of this year's sales to take place in the second half of the year.

Paul Stormoen

Expand and develop

It is OX2's project development portfolio that creates long-term value and determines the company's ability to drive the transition to renewable energy. The portfolio consists of greenfield projects, as well as acquired wind, solar and energy storage projects in various phases of development and in different markets. Development and optimization of these projects take a long time and not all projects will be realized. The probability of a project being realized increases the further on in the development phase the project is.

At the end of the first quarter, the portfolio totaled 33.1 GW (28.3 GW), comprising offshore wind power of 17.8 GW (12.4 GW), onshore wind power of 10.5 GW (8.2 GW), solar power of 4.3 GW (2.8 GW) and energy storage of 0.6 GW (0 GW). During the quarter, the project development portfolio increased by 4,831 MW, driven by greenfield projects of 3,612 MW, project acquisitions of 952 MW and net changes in existing projects of 268 MW. OX2 added two new offshore projects totaling 3,300 MW to the portfolio during the quarter - Tyrsky in the Gulf of Bothnia in the Finnish Exclusive Economic Zone with a potential installed capacity of 1,400 MW, and Neptunus in the Swedish Exclusive Economic Zone off Blekinge, with a potential installed capacity of 1,900 MW. In addition to offshore projects totaling 17.8 GW, OX2 has the possibility of a contingent consideration equivalent to SEK 1 million per MW, if permits are obtained for the 4.4 GW sold last year.

During the quarter, greenfield solar projects of 312 MW in Sweden, Poland, France and Åland were included in the project development portfolio.

Project acquisitions of 952 MW were completed in onshore wind, solar and energy storage in Estonia, Poland, Italy and Sweden. The acquisitions included OX2's first projects in Estonia, totaling 665 MW, which are being developed with a local partner.

The project development portfolio made good progress, with several milestones achieved. During the quarter, two permits for onshore wind entered into legal force, Rajamäenkylä in Finland and Ånglarna in Sweden. The preparatory sales process and procurement of turbines were initiated and construction is expected to begin during the year.

On March 31, OX2 signed an agreement to acquire ESCO Pacific, a leading and profitable renewable energy developer in Australia with an experienced local team and a project development portfolio of 1,420 MW, consisting of 1,220 MW of solar power and 200 MW of energy storage. The company has had strong growth and has brought more than 800 MW to construction start since its inception in 2015. OX2 has identified good opportunities for value creation by developing the business toward selling turnkey solutions at construction start, scaling up the business through project acquisitions and, over time, broadening the offering to include onshore wind. OX2 expects the acquisition to be closed in the second quarter. The purchase price amounts to AUD 126 million on a debt free basis for 100 percent of the shares in ESCO Pacific. In addition, there is a contingent consideration amounting to up to AUD 17 million to the founder based on sales and margins in 2025-2027 from the acquired project development portfolio.

Project development portfolio March 31, 2023

	Onshore	Offshore
Market (MW)	wind	wind	Solar	Storage	Total
Sweden	2,944	6,490	982	20	10,436
Finland	4,622	6,060	310	15	11,007
Åland		5,200	10		5,210
Poland	963		1,557	440	2,960
Italy	238		312	100	650
Other markets	1,697		1,130	6	2,833
Total:	10,464	17,750	4,300	581	33,095
Sold MW with potential additional payments
Sweden		4,410			4,410

Project development portfolio, MW

Project acquisitions, MW

Project development portfolio/ Development phase, MW

During the first quarter, total external project development costs amounted to SEK -74 million (-54). The year-on-year increase was driven by both offshore wind and development costs related to new geographical markets. Investments in the project development portfolio totaled SEK -229 million (-199).

External project development costs for the quarter for offshore wind amounted to SEK -25 million (-16), while other external costs and personnel costs for offshore wind amounted to SEK -14 million (-4). In addition, the Group's share of offshore wind costs in joint ventures for the quarter amounted to SEK -15 million (0).

Projects sold

There were no new sales of projects in the first quarter. OX2 has sales processes underway in both solar and wind power on a number of geographical markets and demand remains strong.

Deliver

In addition to developing wind and solar farms and energy storage solutions, OX2 is responsible for construction of the projects and has the expertise to deliver long-term technical and commercial management.

At the end of the quarter, OX2 had twelve projects totaling 1,173 MW (1,352) under construction. OX2's construction contracts are based on fixed prices and the projects under construction are progressing largely according to plan. During the quarter, the three Finnish projects Merkkikallio, Puutikankangas and Rustari totaling 171 MW were handed over to the customer, Renewable Power Capital, slightly later than planned, but with good profitability.

Projects under construction as of March 31, 2023

			Constr. Operat.
Projects	Country	Technology	start	start	MW
Projects to be completed in 2023					374
Grajewo	Poland	Onshore wind	2020	2023	40
Huszlew	Poland	Onshore wind	2021	2023	48
Karskruv	Sweden	Onshore wind	2021	2023	86
Klevberget	Sweden	Onshore wind	2022	2023	145
Marhult	Sweden	Onshore wind	2022	2023	32
Sulmierzyce	Poland	Onshore wind	2021	2023	23
Projects to be completed in 2024					344
Krasnik	Poland	Onshore wind	2021	2024	24
Wysoka	Poland	Onshore wind	2021	2024	63
Riberget	Sweden	Onshore wind	2022	2024	70
Niinimäki	Finland	Onshore wind	2022	2024	145
Bredhälla	Sweden	Energy storage	2022	2024	43
Projects to be completed in 2025					455
Lestijärvi	Finland	Onshore wind	2021	2025	455
Total MW under construction at period end					1,173

			Constr. Operat.
Projects handed over	Land	Technology	start	start
Merkkikallio	Finland	Onshore wind	2021	2023	83
Puutikankangas	Finland	Onshore wind	2020	2023	44
Rustari	Finland	Onshore wind	2020	2023	44
Total handed over, MW					171

OX2's technical and commercial management business continues to grow with both internally and externally developed wind farms. During the quarter, contracts were signed for two externally developed wind farms. At the end of the quarter, technical and commercial management contracts totaled 4,077 MW (3,194).

Financial highlights

Performance and financial position

	Q1		LTM	Full year
SEK m	2023	2022	Apr-Mar	2022
Net sales	1,463	1,621	7,486	7,644
Cost of goods sold*	-1,073	-1,325	-5,279	-5,531
Gross profit*	390	296	2,208	2,113
Project development costs*	-74	-54	-349	-329
Other external costs	-52	-33	-185	-166
Personnel costs	-140	-100	-479	-438
Result from joint venture	-15	-	-60	-44
Depreciation and amortization of tangible and intangible assets	-6	-4	-16	-14
Operating income*	102	105	1,119	1,122
Operating income adjusted for project development costs*	176	159	1,467	1,451
Gross margin, %*	26.7%	18.2%	29.5%	27.6%
Operating margin, %* Operating margin adjusted for project development	7.0%	6.5%	14.9%	14.7%
costs, %*	12.0%	9.8%	19.6%	19.0%

*For definitions of alternative performance measures, see page 22.

Net sales

Net sales during the first quarter totaled SEK 1,463 million (1,621).

The year-on-year decline in net sales for the quarter was mainly attributable to lower net sales from the sale of projects, while net sales from the construction portfolio was in line with the previous year. Projects in Finland contributed 41 percent (27) of the net sales, followed by Sweden with 34 percent (66) and Poland 25 percent (7).

In the first quarter of 2023, three projects totaling 171 MW were completed and handed over to customers. In the same period last year, two projects totaling 153 MW were handed over to customers. No new projects were sold in the quarter. In the corresponding quarter the previous year, two onshore wind projects totaling 177 MW were sold.

Technical and commercial management contracts, MW

Net sales LTM, SEK m

Costs

During the first quarter, cost of goods sold totaled SEK -1,073 million (-1,325). Cost of goods sold is affected by the product mix in the period. There were no sales of projects in the quarter. Gross margin increased to 26.7 percent (18.2). The higher margin in the quarter is mainly attributable to a higher than normal construction margin driven by net sales from trial runs and contingency releases in connection with the completion and handover of three projects in Finland.

Project development costs amounted to SEK -74 million (-54) during the first quarter. Development costs in the first quarter increased by 37 percent compared with the same quarter the previous year, reflecting a larger project development portfolio, with the costs for offshore development activities and new geographical markets accounting for the largest increase. As a share of net sales, project development costs during the quarter amounted to 5.1 percent, compared to 3.3 percent for the corresponding period the previous year. In addition to project development costs, income from joint ventures amounted to SEK -15 million (0) for the quarter. The result is attributable to OX2's share of the offshore wind development costs of the companies that were partially divested to Ingka Investments in the fourth quarter of 2022.

Other costs in the quarter totaled SEK -52 million (-33). The increase is related to the expansion of the business, with higher costs for consultants and IT as well as for establishment in new markets.

Personnel costs in the first quarter amounted to SEK -140 million (-100), an increase of 40 percent compared with the same period the previous year. The change can be attributed to an increase in the workforce (108 employees) compared with the same period the previous year, which is in line with OX2's expansion plan.

Profit

Operating income for the first quarter of 2023 amounted to SEK 102 million (105). The earnings trend for individual quarters is mainly affected by new sales of wind and solar projects, and the rate at which projects under construction are completed and handed over to customers. Gross margin for the quarter was 26.7 percent (18.2). As mentioned above, the higher margin in the quarter is mainly attributable to a higher than normal construction margin.

Earnings from financial items was SEK 6 million (5) for the first quarter. The positive result was mainly due to interest income from the company's cash. OX2's currency exposure is primarily in EUR and the company uses currency derivatives to hedge these flows.

The effective tax rate was 18.4 percent (-1.0) for the quarter. The effective tax rate in the previous year was affected by non-taxable income from the sale of two projects.

A higher effective tax rate had a negative impact on earnings in the first quarter. Profit for the period totaled SEK 89 million (111).

Earnings per share before and after dilution totaled SEK 0.32 (0.41) for the quarter.

OX2 applies hedge accounting and changes in fair value relating to currency derivatives are recognized in equity.

Project development and personnel costs LTM, SEK m

Operating income LTM, SEK m

Financial position and liquidity

Current assets amounted to SEK 6,919 million (6,295) at the end of the period, an increase of SEK 624 million compared with the end of December 2022.

The value of the project development portfolio and work in progress increased to SEK 1,650 million (1,388), which is mainly explained by increased investments in project rights. Accounts receivable decreased to SEK 158 million (655), mainly because most outstanding invoices were paid at the end of the quarter. Other receivables, which mainly consist of expenses incurred by OX2 on behalf of customers, totalled SEK 162 million (115). Prepaid expenses and accrued income amounted to SEK 461 million (549). Prepaid expenses and accrued income consisted mainly of items related to construction. Cash and cash equivalents amounted to SEK 4,468 million (3,575). The increase for the quarter is attributable to a large proportion of outstanding accounts receivables being paid during the quarter and large advance payments from customers.

Total current liabilities amounted to SEK 3,253 million (2,772), an increase of SEK 482 million over the previous year.

Advance payments from customers amounted to SEK 1,547 million (1,325), an increase of SEK 222 million during the year. The advance payments include 72 percent related to projects under construction in the Polish market, followed by 15 percent for Swedish projects and 13 percent for Finnish projects. Accounts payable amounted to SEK 77 million (159) and consist mainly of construction related invoices that varies between periods. Other liabilities amounted to SEK 451 million (358) and current interest-bearing liabilities to 239 (228), where the increase in other liabilities is mainly related to VAT. Tax liabilities amounted to SEK 19 million (28). Accrued expenses and deferred income amounted to SEK 920 million (673). Accrued expenses consisted mainly of accrued construction and project costs.

Cash flow

Cash flow from operating activities before changes in working capital for the quarter amounted to SEK 101 million (113) and cash flow from changes in working capital totaled SEK 1,006 million (-97). Changes in working capital have a large impact on cash flow in individual quarters. In the first quarter, cash flow from changes in working capital was positively impacted by increases in advances from customers and decreases in accounts receivable and accrued expenses. Investments in the project development portfolio totaled SEK -229 million (-199) for the quarter. During the quarter, cash flow from operating activities amounted to SEK 878 million (-182) due to the positive effect of working capital.

Cash flow from investing activities amounted to SEK -21 million (-0) for the quarter, which can be attributed to contributions to joint venture companies. Cash flow from financing activities during the quarter amounted to SEK 20 million (-1) attributable to contributions from minority owners in jointly owned development projects. The total cash flow for the first quarter of 2023 amounted to SEK 877 million (-184).

Parent company

The employees of the parent company (OX2 AB) work with project development, financing, project sales and project implementation. Group management and group-wide functions are also based within the parent company. Total net sales for the quarter amounted to SEK 88 million (130). net sales in the parent company consists of sales of wind and solar farms, development services and internal invoicing of service and management fees. Income from the sale of wind and solar farms varies between quarters and is also affected by the transaction structure of the projects sold. As there were no project sales in the quarter, net sales consists of sales of intra-group services and development services.

Costs for goods and project development during the quarter totaled SEK -91 million (- 105) and are thus slightly lower than the same period the previous year. Other external costs for the quarter amounted to SEK -47 million (-30). The increase was due to the expansion of the business.

Net debt or (-) net cash, SEK m

Personnel costs for the quarter amounted to SEK -101 million (-75). The increased costs were mainly due to an increase in the number of employees compared with the same quarter the previous year and during the year and are in line with planned expansion.

Operating income for the quarter amounted to SEK -152 million (-81). Higher costs had a negative impact on operating income for the quarter. Earnings after financial items amounted to SEK -141 million (-83) during the quarter. The year-on-year increase in financial income was mainly related to the revaluation of cash and cash equivalents, as well as interest. Profit for the period was SEK -112 million (-66).

Current assets amounted to SEK 5,235 million (4,353) at the end of the quarter. The change was due to an increase in cash and cash equivalents, as well as group receivables.

The parent company's equity amounted to SEK 2,159 million (2,270) as of March 31, 2023.

Financial goals

Growth

Operating income

• Compound annual growth rate (CAGR) for operating income of more than 25 percent during the period 2023-2027

Sold MW

• 1,500 MW sold per year on average during the period 2023–24

• 2,000 MW sold per year from 2025

Profitability

• Operating margin >10 percent

Return

• Return on capital employed > 25 percent

Other information

Shareholder information

OX2 AB (publ) is listed on Nasdaq Stockholm's main list under the ticker symbol OX2. The total number of shares is 272,517,586. The last price per share paid on March 31 was SEK 77.15. The three largest shareholders at the end of the quarter were Peas Industries AB 45.6 percent, Altor Fund V 8.1 percent and Pictet Asset Management 5.0 percent.

Employees

As at March 31, 2023, the company had 404 employees (296), 41 percent (44) of whom were women. The number of employees has increased by 36 percent compared with the previous year. The number of employees increased by 38 people in the quarter.

Total number of employees	2023/03/31	2022/03/31
Sweden	204	166
Finland	81	62
Poland	44	37
Italy	20	7
Other markets	55	24
Total OX2 Group	404	296

At the end of March 2023, 41 (42) percent were women and 59 (58) men.

Number of employees as of March 31, 2023, %

Risks and uncertainties

The renewable energy industry is dependent on the general global economic and political situation. Access to capital and investment appetite may affect the company's ability to sell projects. The climate and environmental targets adopted by the EU and individual countries in which OX2 operates also affect prospects for the wind and solar power market and OX2's growth potential.

For a detailed description of the risks, please refer to the directors' report in the company's 2022 Annual Report.

Sustainability

OX2's sustainability strategy is based on four strategic focus areas: basis for good governance, contribution to climate and nature, sustainable leadership and local commitment. Together, these focus areas will help us achieve our long-term sustainability goals and accelerate the transition to renewable energy in a sustainable way. Each focus area addresses key issues about which we continuously communicate and report. OX2's long-term sustainability goals aim to increase renewable energy production and reduce emissions in line with the 1.5 degree target, be a leader in health and safety, and create nature-positive wind and solar farms.

Future prospects

The transition to a renewable energy supply is a long-term and important goal for our society. Despite the uncertainty related to the COVID-19 pandemic and the war in Ukraine, as well as rising interest rates, OX2 performed well over the past year, with an expanded project development portfolio, geographical expansion and good progress in projects under construction. Creation of renewable energy supply has strong political support as it creates growth in the economy and we consider it to be the most effective way of reducing global CO2 emissions. OX2 has a positive view of the future and finds that energy companies and financial investors increasingly have a positive view of ownership in renewable power generation offering stable, attractive infrastructure investment in the long term.

Planning conditions

OX2 sees strong demand for its projects in all technologies and has good visibility of the profitability and returns of the projects it sells. OX2 is currently investing to achieve its target of at least 25 percent average annual growth (CAGR) in operating profit in 2023-2027, and a sales volume in excess of 2,000 MW from 2025.

For 2023, the majority of new project sales are expected to occur in the second half of the year. OX2 will continue to increase project development costs and personnel costs, while sales volumes are expected to increase gradually, which will initially negatively impact the operating margin. Development and personnel costs in 2023 are expected to be more than twice as high as in 2021 because of the growth of the project development portfolio.

Investments in project acquisitions are expected to exceed SEK 800 million annually in 2023 and beyond. Depending on the timing of the completion of acquisitions, this may vary between individual calendar years. The acquisition of ESCO Pacific is expected to be finalized in the second quarter. The purchase price amounts to AUD 126 million (SEK 872 million) and will be paid in cash.

For individual quarters, the gross margin is affected by the mix of net sales from the sale of new wind and solar farms and net sales from projects under construction, where the gross margin from new project sales is usually higher.

Cash flow is affected in individual quarters by large working capital fluctuations related to projects under construction. During the first quarter, cash flow was positively affected by SEK 1,006 million from changes in working capital. At the end of the first quarter, construction-related working capital was lower than normal. Historically, the ratio of construction-related working

capital to net sales LTM has been in the range of 0 to -20 percent. Construction-related working capital is expected to normalize over the next few quarters.

Significant events after the end of the reporting period

Acquisition of a solar power project in Huittinen, Finland, with a planned capacity of 475 MW, which will be included in the project development portfolio from Q2 2023.

Estimates and assessments for accounting purposes

Preparation of financial statements in accordance with IFRS requires the Board of Directors and management to make accounting estimates and judgements and to make assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, net sales and expenses.

The actual outcome may differ from these estimates and judgements.

Dividend

The company sees significant opportunities to reinvest cash flow from operations in value-creating growth.

The Board of Directors proposes that no dividend be paid.

Audit

This report has not been subject to review by the Group´s auditors.

Annual report and Annual General Meeting

OX2's 2022 annual and sustainability report is available on the OX2 website, ox2.com. OX2 AB's Annual General Meeting will be held on May 16 at 10:00 a.m. at Brygghuset, Nortullsgatan 12N, in Stockholm.

Stockholm, April 27, 2023

OX2 AB (publ)

Paul Stormoen

CEO

Condensed consolidated income statement

	Q1		Full year
SEK m	2023	2022	2022
Net sales	1,463	1,621	7,644
Total revenue	1,463	1,621	7,644
Cost for goods and project development	-1,146	-1,379	-5,860
Other external costs	-52	-33	-166
Personnel costs	-140	-100	-438
Result from joint venture	-15	-	-44
Depreciation and amortization of tangible and intangible assets	-6	-4	-14
Total operating expenses	-1,361	-1,515	-6,522
Operating income	102	105	1,122
Financial income	50	57	220
Financial costs	-44	-53	-158
Profit after financial items	108	110	1,184
Income tax	-20	1	-99
PROFIT FOR THE PERIOD	89	111	1,085
Profit for the period attributable to:
Owners of the parent company	99	111	1,092
Non-controlling interests	-10	0	-7
Average number of share before dilution	272,517,586	272,517,586	272,517,586
Average number of share after dilution	272,690,576	272,517,586	272,600,913
Earnings per share before dilution, SEK	0.32	0.41	3.98
Earnings per share after dilution, SEK	0.32	0.41	3.98
Consolidated statement of comprehensive income
		Q1	Full year

Consolidated statement of comprehensive income

		Q1
SEK m	2023	2022	2022
Profit for the period	89	111	1,085
Other comprehensive income:
Items that may reclassified subsequently to profit or loss
Foreign exchange differences on translation of foreign subsidiaries	16	2	22
Cash flow hedges
Changes in fair value	35	0	-100
Income tax attributable to cash flow hedges	-7	-2	19
Total other comprehensive income after tax	132	111	1,026
Total comprehensive income for the period attributable to:
Owners of the parent company	132	111	1,033
Non-controlling interests	0	0	-7

Consolidated statement of financial position

SEK m	2023/03/31	2022/12/31	2022/03/31
ASSETS
Non-current assets
Other intangible assets	3	3	4
Fixtures, tools and installations	3	3	3
Right-of-use assets	53	45	17
Other financial assets	24	19	1
Total Non-current assets	83	70	25
Current assets
Project development portfolio and construction in progress	1,650	1,388	701
Accounts receivable	158	655	551
Tax receivables	-	-	10
Other receivables	162	115	80
Prepaid expenses and accrued income	461	549	696
Derivative financial instruments	20	14	27
Cash and cash equivalents	4,468	3,575	2,191
Total Current assets	6,919	6,295	4,256
TOTAL ASSETS	7,003	6,365	4,280
EQUITY AND LIABILITIES
Equity
Share capital	1	1	1
Retained earnings including profit for the period	3,572	3,413	2,468
Equity attributable to the shareholders of the parent company	3,568	3,421	2,469
Equity attributable to non-controlling interests	5	-7	0
Total equity	3,572	3,414	2,469
Non-current liabilities
Long-term interest-bearing liabilities	32	29	11
Derivative financial instruments	96	107	39
Deferred tax liabilities	49	44	46
Total Long-term liabilities	177	179	97
Current liabilities
Advance payments from customers	1,547	1,325	968
Accounts payable	77	159	81
Tax liabilities	19	28	-
Other Current liabilities	451	358	239
Current interest-bearing liabilities	239	228	14
Accrued expenses and deferred income	920	673	413
Total Current liabilities	3,253	2,772	1,715
TOTAL EQUITY AND LIABILITIES	7,003	6,365	4,280

Consolidated statement of changes in equity

SEK m	2023/03/31	2022/12/31	2022/03/31
Opening balance	3,414	2,355	2,355
Total comprehensive income for the period	132	1,026	111
Change in minority interest	22	0	0
Share-based payments	1	2	-
Other contribution	4	29	-
Shareholder contribution	-	2	2
Closing balance	3,572	3,414	2,469
Attributable to:
Owners of the parent company	3,568	3,421	2,469
Non-controlling interest	5	-7	0
Total equity	3,572	3,414	2,469

Consolidated statement of cash flows

	Q1		Full year
SEK m	2023	2022	2022
Profit after financial items	108	110	1,184
Adjustments for items not included in cash flow, etc.	23	5	62
Income taxes paid	-30	-2	-43
Cash flow from operating activities before changes in working capital	101	113	1,203
Cash flow from changes in working capital	1,006	-97	807
Investments in project development portfolio	-229	-199	-783
Cash flow from operating activities	878	-182	1,226
Acquisition/sale of fixed assets	-21	-0	-33
Cash flow from investment activities	-21	-0	-33
Shareholder contribution	26	2	2
Repayments of lease liabilities	-5	-3	-15
Cash flow from financing activities	20	-1	-13
Cash flow for the period	877	-184	1,180
Translation difference in cash and cash equivalents	16	0	21
Cash and cash equivalents at beginning of the period	3,575	2,374	2,374
Cash and cash equivalents at period end	4,468	2,191	3,575

Condensed parent company income statement

		Q1	Full year
SEK m	2023	2022	2022
Net sales	88	130	1,034
Other operating revenue	0	0	7
Total revenue	88	130	1,041
Cost of goods and project development	-91	-105	-584
Other external costs	-47	-30	-139
Personnel costs	-101	-75	-313
Depreciation and amortization of tangible and intangible assets	-0	-0	-2
Total operating expenses	-239	-210	-1,038
Operating income	-152	-81	3
Financial income	25	6	221
Financial costs	-15	-9	-35
Profit after financial items	-141	-83	188
Year-end appropriations	-	-	198
Tax	29	17	-42
Profit for the period	-112	-66	345

Parent company statement of comprehensive income

		Q1
SEK m	2023	2022	2022
Profit for the period	-112	-66	345
Total other comprehensive income after tax	-112	-66	345

Condensed parent company balance sheet

SEK m	2023/03/31	2022/12/31	2022/03/31
ASSETS
Non-current assets
Other intangible assets	3	3	4
Fixtures, tools and installations	3	3	3
Participations in Group companies	947	940	850
Other non-current assets	1	1	-
Total Non-current assets	954	947	857
Current assets
Project development portfolio and construction in progress	324	310	187
Accounts receivable	8	17	1
Tax receivable	32	-	32
Other receivables	62	13	32
Receivables from group companies	701	559	217
Prepaid expenses and accrued income	17	14	10
Cash and cash equivalents	4,091	3,440	2,133
Total Current assets	5,235	4,353	2,611
TOTAL ASSETS	6,189	5,301	3,468
EQUITY AND LIABILITIES
Equity	2,159	2,270	1,855
Untaxed reserves	152	152	94
Current liabilities
Accounts payable	17	26	22
Current tax liabilities	-	7	-
Other Current liabilities	24	12	7
Liabilities to group companies	3,709	2,687	1,376
Accrued expenses and deferred income	129	147	115
Total Current liabilities	3,879	2,879	1,519
TOTAL EQUITY AND LIABILITIES	6,189	5,301	3,468

Key performance indicators, Group

	Q1		LTM	Full year
	2023	2022	Apr-Mar	2022
Profitability
Net sales, SEK m	1,463	1,621	7,486	7,644
Net sales growth, %	-9.7%	61.5%	33.7%	53.4%
Operating income, SEK m	102	105	1,119	1,122
Operating income adjusted for development costs, SEK m	176	159	1,467	1,451
Operating margin, %	7.0%	6.5%	14.9%	14.7%
Operating margin adjusted for development costs, %	12.0%	9.8%	19.6%	19.0%
Profit for the period, SEK m	89	111	1,063	1,085
Earnings per share before dilution, SEK	0.32	0.41	3.90	3.98
Earnings per share after dilution, SEK	0.32	0.41	3.90	3.98
Financial position
Net debt or (-) net cash, SEK m	-4,196	-2,166	-4,196	-3,318
Equity ratio, %	51.0%	57.7%	51.0%	53.6%
Effective tax rate, %	18.4%	-1.0%	10.1%	8.3%
Operating cash flow, SEK m	865	-186	2,177	1,127
Cash conversion, %	797%	-170%	191.8%	99.2%
Construction related working capital, SEK m	-2,209	-371	-2,209	-1,197
Net working capital, SEK m	-563	327	-563	191
Equity per share, SEK	13	9	13	13
Return on equity, %	2.5%	4.6%	35.2%	37.6%
Return on capital employed, %	3.3%	4.3%	35.3%	37.1%
Investments in the project development portfolio, SEK m	-229	-199	-814	-783
Operational key figures
Project acquisitions, MW	952	1,352	2,256	2,656
Sold projects, MW	0	177	4,716	4,893
Projects handed over, MW	171	153	500	482
Total portfolio, MW	42,755	27,974	42,755	37,864
Project development portfolio, MW	33,095	23,428	33,095	28,263
Sold MW with potential additional payments	4,410	0	4,410	4,410
Projects under construction, MW	1,173	1,352	1,173	1,343
Contracts under management, MW	4,077	3,194	4,077	3,848
Number of employees	404	296	404	366

For definitions of alternative performance measures and key performance indicators, see pages 22 and 26.

Notes

Note 1 Accounting policies

The consolidated accounts for OX2 have been prepared in accordance with the International Financial Reporting standards (IFRS) adopted by the EU. The same accounting policies have been applied for the current year as for the comparative year. No new or amended standards have had a material impact on the financial statements. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. In addition to the financial reports and their accompanying notes further information according to IAS 34 can be found in other sections of the quarterly report.

The parent company OX2 AB applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities.

Items have been measured in the consolidated financial statements at cost, except in the case of certain financial instruments that are measured at fair value and at amortized cost. There have been no changes in accounting policies since the latest annual report.

Project assets are normally sold through the sale of shares in project companies. Net sales will be recognized on condition that OX2 no longer controls the subsidiary. There is no remeasurement of the remaining shares given that the assets were classified as current assets before the sale. Earnings from interests in Joint Ventures have been deemed to be part of operations and are therefore reported as an item within operating income.

Note 2 Net sales

The Group has one segment.

The Group's net sales mainly comprises sales of wind and solar projects and commissioned wind farms. The Group normally recognizes net sales over time and, in certain cases, at a specific time.

For a description of segment reporting, see the 2022 Annual Report, Note 2, "Accounting policies."

	Q1		Full year
SEK m	2023	2022	2022
Net sales per category
Sales of wind and solar projects, wind farms and technical and commercial management	1,463	1,621	7,644
Total	1,463	1,621	7,644
Income divided by country*
Sweden	504	1,078	3,155
Finland	595	431	2,820
Poland	364	112	1,669
Total	1,463	1,621	7,644
*The income divided by country is based on where projects are localised
	Q1		Full year
SEK m	2023	2022	2022
Time of revenue recognition
At a certain time	7	-	749
Over time	1,455	1,621	6,896
Total	1,463	1,621	7,644

			Full year
SEK m	2023	2022	2022
Contract assets
Ongoing work in progress on behalf of others	5	4	0
Accrued income	34	211	179
Total	38	214	179
Of which Long-term assets	-	-	-
Of which Current assets	38	214	179
Total	38	214	179

	Q1		Full year
SEK m	2023	2022	2022
Contract assets
Ongoing work in progress on behalf of others	5	4	0
Accrued income	34	211	179
Total	38	214	179
Of which Long-term assets	-	-	-
Of which Current assets	38	214	179
Total	38	214	179
	Q1		Full year
SEK m	2023	2022	2022
Contract liabilities
Advance payments from customers	1,547	968	1,325
Prepaid income	40	7	45
Total	1,587	975	1,370
Of which Long-term liabilities	-	-	-
Of which Current liabilities	1,587	975	1,370
Total	1,587	975	1,370
Note 3 Fair value measurement The carrying amount of financial assets and financial liabilities, allocated by valuation category, is shown in the table below. Fair value is determined on the basis of three levels:
1) Observable (unadjusted) quoted prices in an active market 2) Valuation models based on observable data other than quoted prices 3) Valuation models in which the input data is based on non-observable data.
For a description of segment reporting, see the 2022 Annual Report, Note 2, "Accounting principles" and Note 4. For items measured at amortized cost, this is deemed to be consistent with fair value.
SEK m		2023/03/31	2022/12/31	2022/03/31

Note 3 Fair value measurement

Financial assets at fair value
Derivative instruments	20	14	27
Financial assets measured at amortized cost
Accounts receivables	158	655	551
Other current receivables	162	115	80
Cash and cash equivalents	4,468	3,575	2,191
Total financial assets	4,808	4,359	2,849
Financial liabilities at fair value
Derivative instruments	96	107	39
Current interest-bearing liabilities	217	210	-
Financial liabilities measured at amortized cost
Other Long-term liabilities	32	29	11
Accounts payable	77	159	81
Other Current liabilities	451	358	239
Current interest-bearing liabilities	22	18	14
Total financial liabilities	895	881	384

Note 4 Project development, personnel and other external costs

	Q1
	2023	2022
Project development cost	-74	-54
Of which are cost for off-shore wind	-25	-4
Other external and personnel cost	-193	-132
Of which are cost for off-shore wind	-14	-4

Note 5 Related party transactions

On 28 October 2016, 28 December 2016 and 15 December 2017, Peas Industries AB entered into three contracts under which Peas undertakes to provide accounting services to certain investors in four of the company's former projects. The services under the contracts are provided by the company, which in turn invoices Peas for the services provided. Unless terminated prematurely, in accordance with certain specific conditions, the contracts are valid for seven years from the date of handover of the projects. The contracts are therefore expected to expire during 2023 and on or around December 27 and 2025, April 27, 2027. During 2022, two members of the Board of Directors joined an option plan issued by Peas Industries Invest AB. The plan runs for three years and is designed so that the investment has been made at market value and the plan does not result in any expense under IFRS 2.

Note 6 Incentive plan

The Annual General Meeting in May 2022 resolved to implement a long-term incentive plan designed as a share savings plan for certain current and future key individuals in the group who do not participate in the company's current shareholder plan (which was implemented before the company was listed on Nasdaq First North Premier Growth Market). The Share Savings Plan requires participants to acquire shares in the company using their own funds on the marketplace where the company's shares are listed. The investment in shares that can be acquired in this manner as "savings shares" is limited to a minimum of SEK 20,000 and with a maximum investment that depends on the category to which the participant belongs. Each savings share entitles the participant to receive 0.5 shares and an additional 1-3 shares free of charge (up to 6 for a future key individual) at the end of a three-year vesting period, depending on the group to which the participant belongs, as well as certain other restrictions and possible conversions in accordance with the full terms of the warrants. A total of 30 people are participating in the plan as of March 31, 2023. The right to receive Matching Shares and Performance Shares is conditional upon the participant retaining the Savings Shares throughout the vesting period and the participant's employment not having been terminated at the end of the vesting period. The right to receive performance shares is conditional on the fulfilment of the defined performance conditions related to the share price performance during the vesting period.

In total, a maximum of 61,216 matching shares and 414,741 performance shares may be allocated to participants in the Share Savings Plan.

Note 7 Pledged assets and contingent liabilities

The Group has no pledged assets. Contingent liabilities amounted to SEK 4,3 billion (4) at March 31, 2023 compared with the beginning of the year. Changes in the value of contingent liabilities are related to guarantees that are issued regularly to support the Group's obligations.

The parent company has a related party relationship with its Group companies. As of March 31, 2023, the parent company's contingent liabilities amounted to SEK 4.2 billion (3,6) compared with the previous year.

Alternative performance measures

Alternative performance measures refer to financial measures of historical or future earnings performance, financial position, financial result or cash flows that are not defined or specified in the applicable rules for financial reporting (for OX2's consolidated accounts this is IFRS).

In the financial statements issued by OX2, alternative performance measures are specified that supplement the measures defined or specified in the applicable financial reporting rules such as income, profit or loss or earnings per share.

Alternative performance measures are published as they complement, in context, the measures defined in IFRS. The basis for the alternative performance measures provided is that they are used by management to assess financial performance and are therefore considered to provide valuable information for analysts and other stakeholders.

Pages 22–26 show the definition and reconciliation of significant alternative performance measures with the most directly reconcilable item, subtotal or total stated in the financial statements for the corresponding period

Definitions alternative performance measures

Return on equity, %	Net profit/loss in relation to average shareholders' equity.
Return on capital employed, %	Operating income/loss in relation to average capital employed.
Gross profit	Net sales for the period less cost of goods sold and transaction costs related to the sale of projects.
Gross margin, %	Gross profit as a percentage of net sales.
Construction-related working capital	Current assets reduced by the project development portfolio, derivative financial instruments and cash and cash equivalents reduced by current liabilities adjusted for receivables and liabilities against Group companies and tax liability adjusted for interest-bearing current liabilities.
Equity per share	Shareholders' equity divided by the average number of shares.
Cash conversion, %	Operating cash flow as a percentage of the Company's EBITDA for the period.
Cost of goods sold	Total cost of goods sold and transaction costs related to the sale of projects.
Net sales growth, %	Change in net sales compared with the same period previous year.
Net working capital	Current assets reduced by derivative financial instruments and cash and cash equivalents reduced by non-interest-bearing current liabilities adjusted for receivables and liabilities against group companies and tax liability.
Net debt or (-) net cash	Interest-bearing non-current and current liabilities less cash and cash equivalents, current investments and interest-bearing current and non-current receivables.
Operating cash flow	EBITDA reduced by changes in net working capital minus investments in project development portfolio as well as cash flows from investment activities.
Project development costs	External development expenses related to refinement of the project development portfolio, and expenses occurred in connection with investments in the project development portfolio.
EBITDA	Operating income before depreciation and impairment of tangible and intangible assets.
Operating margin, %	Operating income as a percentage of net sales.
Operating margin adjusted for development costs, %	Operating income before project development costs as a percentage of net sales.
Operating profit adjusted for development costs	Operating income excluding project development costs.
Equity ratio, %	Shareholders' equity divided by total assets.
Capital employed	The total of equity and interest-bearing liabilities. Average capital employed is calculated as the average of the values of the opening and closing balances for each measurement period.
LTM	Refers to sales, profitability, or other earnings as an annual result up to the year-end date.

Reconciliation of alternative performance measures

Reconciliation of return on equity

		Q1		Full year
SEK m	2023	2022	Apr-Mar	2022
Shareholders' equity, beginning of period	3,414	2,355	2,469	2,355
Shareholders' equity, end of period	3,572	2,469	3,572	3,414
Average equity	3,493	2,412	3,021	2,885
Profit for the period	89	111	1,063	1,085
Average equity	3,493	2,412	3,021	2,885
Return on equity	2.5%	4.6%	35.2%	37.6%
Reconciliation of return on capital employed
	Q1		LTM	Full year

		Q1
SEK m	2023	2022	Apr-Mar	2022
Equity	3,572	2,469	3,572	3,414
Interest-bearing liabilities (long-term and short-term)	272	25	272	257
Capital employed	3,844	2,493	3,844	3,671
Average capital employed
Capital employed, beginning of period	2,383	2,383	2,493	2,383
Capital employed, end of period	3,844	2,493	3,844	3,671
Average capital employed	3,114	2,438	3,169	3,027
Operating income	102	105	1,119	1,122
Average capital employed	3,114	2,438	3,169	3,027
Return on capital employed	3.3%	4.3%	35.3%	37.1%

Reconciliation of cost of goods sold

		Q1		Full year
SEK m	2023	2022	Apr-Mar	2022
Cost for goods and project development	-1,146	-1,379	-5,627	-5,860
Of which cost of goods sold	-1,073	-1,325	-5,279	-5,531
Of which project development costs	-74	-54	-349	-329

Reconciliation of gross profit and gross margin

		Q1		Full year
SEK m	2023	2022	Apr-Mar	2022
Net sales	1,463	1,621	7,486	7,644
Cost of goods sold	-1,073	-1,325	-5,279	-5,531
Gross profit	390	296	2,208	2,113
Gross margin, %	26.7%	18.2%	29.5%	27.6%

Reconciliation of operating income, operating income adjusted for project development costs and margins for all of the above

		Q1		Full year
SEK m	2023	2022	Apr-Mar	2022
Net sales	1,463	1,621	7,486	7,644
Operating income	102	105	1,119	1,122
Operating margin, %	7.0%	6.5%	14.9%	14.7%
Depreciation and amortization of tangible and intangible assets	6	4	16	14
EBITDA	109	110	1,135	1,136
Operating income	102	105	1,119	1,122
Project development costs	74	54	349	329
Operating income adjusted for development costs	176	159	1,467	1,451
Operating margin adjusted for development costs, %	12.0%	9.8%	19.6%	19.0%

Reconciliation of equity per share

	Q1		LTM	Full year
SEK m	2023	2022	Apr-Mar	2022
Equity	3,572	2,469	3,572	3,414
Average number of shares before dilution	272,517,586	272,517,586	272,517,586	272,517,586
Average number of shares after dilution	272,690,576	272,517,586	272,650,417	272,600,913
Equity before dilution (SEK)	13	9	13	13

Reconciliation of net sales growth

		Q1		Full year
SEK m	2023	2022	Apr-Mar	2022
Net sales for the previous period	1,621	1,003	5,601	4,983
Net sales for the current period	1,463	1,621	7,486	7,644
Net sales growth, %	-9.7%	61.5%	33.7%	53.4%

Reconciliation of net debt or (-) net cash

		Q1	LTM	Full year
SEK m	2023	2022	Apr-Mar	2022
Interest-bearing liabilities (long-term and short-term)	272	25	272	257
Interest-bearing receivables (long-term and short-term)	-	-	-	-
Cash and cash equivalents	-4,468	-2,191	-4,468	-3,575
Net debt or (-) net cash	-4,196	-2,166	-4,196	-3,318

Reconciliation of equity ratio

		Q1		Full year
SEK m	2023	2022	Apr-Mar	2022
Equity	3,572	2,469	3,572	3,414
Balance sheet total	7,003	4,280	7,003	6,365
Equity ratio %	51.0%	57.7%	51.0%	53.6%
Reconciliation of effective tax rate, %	Q1		LTM	Full year

	Q1
SEK m	2023	2022	Apr-Mar	2022
Income tax	-20	1	-120	-99
Profit after financial items	108	110	1,182	1,184
Effective tax rate, %	18.4%	-1.0%	10.1%	8.3%

Reconciliation of cash conversion, %

	Q1		LTM	Full year
SEK m	2023	2022	Apr-Mar	2022
EBITDA	109	110	1,135	1,136
Changes in net working capital	1,006	-97	1,910	807
Investments in project development portfolio	-229	-199	-814	-783
Cash flow from investment activities	-21	-0	-54	-33
Operating cash flow	865	-186	2,177	1,127
Cash conversion, %	796.5%	-169.6%	191.8%	99.2%

Reconciliation of construction-related working capital and net working capital

		Q1		Full year
SEK m	2023	2022	Apr-Mar	2022
Construction in progress	5	4	5	0
Accounts receivable	158	551	158	655
Other receivables	162	80	162	115
Prepaid expenses and accrued income	461	696	461	549
Construction working capital assets	785	1,330	785	1,319
Advance payments from customers	-1,547	-968	-1,547	-1,325
Accounts payable	-77	-81	-77	-159
Other Current liabilities	-451	-239	-451	-358
Accrued expenses and deferred income	-920	-413	-920	-673
Construction working capital liabilities	-2,994	-1,701	-2,994	-2,516
Construction working capital	-2,209	-371	-2,209	-1,197
Project development portfolio	1,646	698	1,646	1,388
Net working capital	-563	327	-563	191
As % of LTM net sales
LTM net sales	7,486	5,601	7,486	7,644
Construction related working capital assets	10.5%	23.8%	10.5%	17.3%
Construction related working capital liabilities	-40.0%	-30.4%	-40.0%	-32.9%
Construction related working capital	-29.5%	-6.6%	-29.5%	-15.7%
Net working capital %	-7.5%	5.8%	-7.5%	2.5%

Key performance indicator definitions

Number of employees	The number of employees in the Group at the year-end date.
Balance sheet total	Total assets.
Total portfolio, MW	OX2's projects under development, projects under construction, sold projects with additional purchase prices and technical and commercial management contracts.
Management contracts, MW	Technical and commercial management contracts.
Investment in project development portfolio	Payment for acquired project rights and additional project-related investments.
Project acquisitions, MW	Acquired rights to renewable energy projects.
Project development portfolio, MW	OX2's projects under development.
Projects under construction, MW	Projects under construction.
Projects handed over to customers, MW	Completed projects handed over to the customer.
Earnings per share	Profit divided by the average number of shares.
Projects sold, MW	Projects sold.
Development phase	OX2 divides its project development portfolio into three phases based on how far a project has come in the development process. Projects that have been postponed or where no active development work is in progress are not included in the OX2 project development portfolio. The time required for project development and realisation depends on several factors such as technology and geography.
	Early Projects with expected realisation within 3–7 years
	Medium Projects with expected realisation within 2–5 years

Late Projects with expected realisation within < 3 years

Financial calendar

Interim Report January–March 2023:	28 April 2023
Annual General Meeting:	16 May 2023
Interim Report January–June 2023:	21 July 2023
Interim Report June–September 2023:	25 October 2023
Year-end Report 2023:	21 February 2024

Contact details

Paul Stormoen, CEO E-mail: paul.stormoen@ox2.com

Johan Rydmark, CFO E-mail: johan.rydmark@ox2.com

Henrik Vikström, IR E-mail: henrik.vikstrom@ox2.com

OX2

Interim Report January–March 2023 27 Lilla Nygatan 1 Box 2299 SE-10317 Stockholm Sweden

Tel. +46 8 559 310 00 info@ox2.com www.ox2.com Corporate identity no.556675-7497