OX2

Interim / Quarterly Report • Jul 29, 2022

Interim report April-June 2022

Highlights in the second quarter 2022

Net sales LTM 6.120 SEK m (5,757)

Operating margin LTM 13.2% (6.3)

Return on capital employed (ROCE) LTM 33.2% (29.0)

Project development portfolio 23,864 MW (17,060)

Construction portfolio 1.086 MW (989)

TCM* portfolio 3,510 MW (2,490)

Comparative figures relate to the same period last year

• Strong margins from new projects sold as well as good cost control in projects under construction (1,086 MW) resulted in a 13.2% operating margin over the last twelve months (LTM)
• ROCE of 33.2% during the last twelve months, achieved by high asset turnover from acquired projects as well as strong operating income
• The project development portfolio grew with 435 MW to 23,864 MW, mainly through new onshore projects in Sweden and Finland
• Contracts for technical and commercial management (TCM*) continued to grow in the quarter now totaling 3,510 MW

Strong demand and good operational performance

April-June 2022

• · Net sales amounted to SEK 1,469 million (950)
• · Operating income amounted to SEK 362 million (48)
• · The operating margin amounted to 24.7% (5.1)
• · Profit for the period totaled SEK 304 million (34)
• · Earnings per share before and after dilution amounted to SEK 1.11 (0.14)
• · Cash flow from operating activities amounted to SEK 1,076 million (220)

January-June 2022

• · Net sales amounted to SEK 3,090 million (1,953)
• · Operating income amounted to SEK 468 million (73)
• · The operating margin amounted to 15.1% (3.7)
• · Profit for the period totaled SEK 415 million (82)
• · Earnings per share before and after dilution amounted to SEK 1.52 (0.33)
• · Cash flow from operating activities amounted to SEK 894 million (88)

Significant events after the end of the

reporting period

· A 30 MW late stage onshore wind project in Italy was acquired at the beginning of July.

The Group's key performance indicators

	Q2		Jan-Jun		LTM	Full year
	2022	2021	2022	2021	Jul-Jun	2021
Net sales, SEK m	1,469	950	3,090	1,953	6,120	4,983
Operating income, SEK m	362	48	468	73	809	414
Operating income adjusted for listing expenses, SEK m	362	83	468	110	813	455
Operating income adjusted for development expenses and listing expenses, SEK m	440	129	599	194	1,080	675
Operating margin, %	24.7%	5.1%	15.1%	3.7%	13.2%	8.3%
Operating margin adjusted for listing expenses, %	24.7%	8.7%	15.1%	5.6%	13.3%	9.1%
Operating margin adjusted for development expenses and listing expenses, %	29.9%	13.6%	19.4%	9.9%	17.6%	13.5%
Profit for the period, SEK m	304	34	415	82	667	334
Investments in the project development portfolio, SEK m	41	40	240	163	500	424
Earnings per share before and after dilution, SEK	1.11	0.14	1.52	0.33	2.49	1.28
Project acquisitions, MW	6	1,192	1,358	2,257	2,548	3,446
Project development portfolio, MW	23,864	17,060	23,864	17,060	23,864	17,371
Sold projects, MW	92	111	268	220	767	719
Projects under construction, MW	1,086	089	1,086	089	1,086	1,329
Projects handed over, MW	329	48	482	48	641	207
Contracts under management, MW	3,510	2,490	3,510	2,490	3,510	2,986
Number of employees	331	233	331	233	331	277

For definitions of alternative performance measures and key performance indicators, see pages 23 and 28.

About OX2

0X2 develops and sells wind and solar farms. 0X2 was founded in 2004 to be at the forefront of the transition to renewable energy, contributing to a sustainable future for people and the planet.

CEO statement

0X2 had strong operating profit in the quarter, mainly due to project sales alongside solid performance in the construction business. The quarter began with our listing on Nasdaq Stockholm's main list and we are glad to welcome new owners to 0X2. We entered a new market, sold our first solar project, handed over two completed wind farms and signed new management contracts for operational wind farms.

First solar project sold and entry into a new market

During the second quarter, new sales corresponding to 92 MW (111) were completed. The onshore wind farm Wysoka (63 MW) and solar project Recz (29 MW) in Poland were sold to Ingka Investment, the world's largest IKEA franchise company, for a total contract value of SEK 1.7 billion. Recz is the first solar project developed and sold by OX2. We also signed a contract for the technical and commercial management of Wysoka.

At the end of the second quarter our solar project development portfolio had grown to 2,743 MW divided across five markets. Solar power now constitutes 11 percent of our total project development portfolio.

In April, we announced the expansion of our operations to Estonia were we have entered into a cooperation agreement with a local partner aiming at developing onshore wind farms totaling approximately 500 MW.

Steady development of the portfolio

There was high activity in our project development portfolio during the quarter, which currently consists of 23,864 MW. The portfolio grew mainly through new greenfield-projects in Sweden and Finland.

The Grubban onshore wind project (288 MW) in Härjedalen, Sweden, recently got approved by the local council. In addition, an application was submitted under the Act on Sweden's Economic Zone for the Aurora

Paul Stormoen, CEO

offshore wind farm, which would have a total capacity of 5.5 GW when completed. We are seeing good progress in the development of our offshore projects.

Delivery of projects

In May, the 286 MW Åndberg wind farm in Sweden, was handed over to the investment house Ardian. At the end of June, we handed over the 43 MW Korkeakangas wind farm in Finland to Aquila Capital.

The construction business generates stable results and we expect to hand over additional projects during the remainder of 2022. The technical and commercial management business grew as a result of new contracts from both in-house developed projects and newly won contracts for projects developed by third parties.

Projects sold, MW

Relates to the Jan-Jun 2022 period

Growth in project development portfolio, MW

Relates to the Jan-Jun 2022 period

Total project development portfolio, MW

23,86 As of 30 June 2022

Interim report April-June 2022

Market and outlook

The outlook for high electricity prices in Europe for the long-term has led to an increase in the market value of new renewable projects, and a strong interest in all our customer segments remains. The increase in valuations largely offsets the higher supply chain and financing costs.

0X2 strengthens the organization in order to reach our mid-term targets. Our eleven markets offer great opportunities, whilst we continuously evaluate new markets for future growth. We see great interest in our projects that are under realization and our targets for full-year 2022 remain unchanged.

Alongside strong interest from our customers, several countries have raised their energy system transformation targets this spring. The market for renewable energy is still only at the beginning of its development. It is an exciting time to be working in the sector.

Paul Stormoen, CEO

Expand and develop

It is 0X2's project development portfolio that creates long-term value and determines the company's ability to accelerate the access to renewable energy. The portfolio consists of greenfield-projects, projects developed by 0X2 from start, as well as acquired wind and solar projects in various phases of development and within different markets. Development and optimization of projects take place over a long period and not all projects that have been started 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 second quarter, the portfolio amounted to 23.9 GW (17.1) split by offshore wind of 12.4 GW, onshore wind of 8.7 GW, and solar of 2.7 GW.

During the second quarter, 0X2's project development portfolio increased by 435 MW compared to the previous quarter, mainly driven by new greenfield additions in Sweden and Finland of 650 MW. OX2's acquisition pipeline remains strong however there was a low volume of acquired projects in the quarter. Overall there was good progress in the development portfolio with several milestones achieved, including permit application under the act of Sweden's Economic Zone for the offshore project Aurora – total installed capacity estimated to 5.5 GW. The city council of Härjedalen in Sweden also expressed their support for the 288 MW onshore wind project Grubban - the permit application was submitted earlier this year. 0X2 expanded its operations into Estonia by signing a cooperation agreement with a partner to develop 500 MW of onshore wind (projects yet to be included in the reported project development portfolio). Estonia has promising market conditions for renewables with one of the highest fossil shares in Europe as well as a high share of energy imports. Lastly, some projects were reduced in size due to revisions in permitting and grid, which impacted the project development portfolio negatively with 129 MW.

Project development portfolio as of 30 June, 2022

	Onshore	Offshore
Country (MW)	wind	wind	Solar	Total
Sweden	2,972	8,300	652	11,924
Finland	4.619	4.100	O	8.719
Poland	566	O	917	1.483
France	10	O	278	288
Other markets	ર્સ્ટર્ડ	O	897	1.450
Total:	8,720	12,400	2,743	23,864

External project development expenses amounted to SEK 77 million (46) and investments in the project development portfolio totaled SEK 41 million (40).

Projects sold

During the second quarter, sales corresponding to 92 MW (111) were completed. The onshore wind farm Wysoka (63 MW) and solar project Recz (29 MW) in Poland were sold to Ingka Investment for a total contract value of SEK 1.7 billion. Recz is the first solar project developed and sold by 0X2. 0X2 has previously sold eight wind farms to Ingka Investments. There

Project development portfolio, MW

Project acquisition, MW

Project development portfolio/

is high turnover of acquired projects - Recz was acquired in 2020 and Wysoka in 2021. Year to date 0X2 has sold four projects totalling 268 MW. The Return on capital employed (ROCE) during the last twelve months was 33.2 percent. The interest in 0X2's projects remains high in all markets from both new and existing customers.

Deliver

In addition to developing wind and solar farms, OX2 is responsible for construction of the projects and has the competence to deliver the longterm technical and commercial management of the farm.

At the end of the second quarter, 0X2 had 12 projects totalling 1,086 MW (989) under construction. Overall, projects under construction are progressing well. Commissioning dates for some projects have been somewhat postponed, however the delays are not expected to affect 0X2's margin for projects under construction.

0X2 observes the challenges in global supply chain and increase on many material prices. OX2's contracts are based on fixed price terms at the time of starting construction which means that any overall cost increase, during the construction period, normally stays with the supplier. In some instances, supply chain constraints can give reason for the supplier to request an extension of time for the deliveries. Furthermore, some delays on grid connections are present in Poland due to the grid companies' activities.

Two projects were handed over to customers during the second quarter, 286 MW Andberg in May and 43 MW Korkeakangas during June 2022.

Projects under construction as of 30 June, 2022

Projects	Technology Country		start	start	MW
Projects to be handed over to customers in 2022					171
Merkkikallio	Finland	Onshore wind	2021	2022	83
Puutikankangas	Finland	Onshore wind	2020	2022	44
Rustari	Finland	Onshore wind	2020	2022	44
Projects to be handed over to customers 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
87 Projects to be handed over to customers in 2024
Krasnik	Poland	Onshore wind	2021	2024	24
Wysoka	Poland	Onshore wind	2022	2024	63
Projects to be handed over to customers in 2025					455
Lestijärvi	Finland	Onshore wind	2021	2025	455
Total MW under construction at period end					1.086

Projects sold, MW

Total MW under construction

Projects handed over to customers during the second quarter of 2022

		Constr. Operat.
Projects handed over	Land	Technology	start	start	MW
Åndberg	Sweden	Onshore wind	2019	2022	286
Korkeakangas	Finland	Onshore wind	2019	2022	43
Total handed over, MW					329

Performance and financial position

	Q2		Jan-Jun		LTM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Net sales	1,469	950	3,090	1,953	6,120	4,983
Cost of goods sold*	-869	-732	-2,195	-1,593	-4,525	-3,924
Gross profit*	600	218	895	360	1,595	1,060
Project development expenses*	-77	-46	-131	-84	-267	-220
Other external costs	-40	-53	-73	-70	-128	-125
Personnel costs	-117	-68	-217	-126	-374	-283
Depreciation and amortization of tangible and intangible assets	-2	-3	-7	-7	-17	-17
Operating income	362	48	468	73	809	414
Operating income adjusted for listing expenses*	362	83	468	110	813	455
Operating income adjusted for project development expenses and listing expenses*	440	129	599	194	1,080	675
Gross margin, %*	40.8%	23.0%	29.0%	18.4%	26.1%	21.3%
Operating margin, %*	24.7%	5.1%	15.1%	3.7%	13.2%	8.3%
Operating margin adjusted for listing expenses, %*	24.7%	8.7%	15.1%	5.6%	13.3%	9.1%
Operating margin adjusted for project development expenses and listing expenses, %*	29.9%	13.6%	19.4%	9.9%	17.6%	13.5%

Net sales

projects in Sweden contributed with 44 percent (35) of net sales, followed by Poland 31 percent (8), Finland 25 percent (50) and Norway 0 percent (7).

During the second quarter, two projects, Ăndberg and Korkeakangas were completed and handed over to customers. Project Ljungbyholm was handed over during the second quarter 2021.

Costs

In the second quarter the cost of goods sold (COGS) amounted to SEK -869 million (-732) and SEK -2,195 million (-1,593) year to date. The increase of cost of goods sold in the quarter was due to higher net sales. COGS in relation to net sales was 59 percent (77) during the quarter and 71 percent (82) for the first six months. The lower COGS percentage is due to a higher portion of project sales. The margin is normally higher in project sales compared to sales from ongoing construction delivery.

Project development expenses amounted to SEK -77 million (-46) in the second quarter and SEK -131 million (-84) year to date. The second quarter has had an increase of 67 percent compared to the same quarter last year, due to a significantly larger project development portfolio; 23.9 GW compared to 17.1 GW. The increase for the first six months was 56 percent. Project development expenses, as a percentage of net sales, on a rolling twelve-month basis amount to 4.4 percent, compared with 2.9 percent for the same period previous year.

Other external costs amounted to SEK -40 million (-53) in the second quarter and SEK -73 million (-70) year to date. The decrease in the second quarter is partly explained by listing expenses the same quarter previous year. There has been increased costs for consultants and IT as well as establishment in new markets the first six months, but also higher costs related to increased business activity, for example travel costs, compared to 2021 when Covid-19 still impacted many markets.

Personnel costs amounted to SEK -117 million (-68) in the second quarter and SEK -217 million (-126) year to date. The increase in personnel costs was due to an increase in headcount (98 employees) compared to the same period previous year, which is in line with the company's expansion plan.

Profit

Operating income for the second quarter of 2022 amounted to SEK 362 million (48) and SEK 468 million (73) year to date. The profit development in individual quarters is mainly affected by new sales of wind farms and solar projects combined with the pace of completion and delivery of farms under construction. The gross margin was 40.8 percent (23.0) for the quarter and 26.1 percent (15.4) on a rolling 12-months basis. Strong margins achieved in the sale of wind farms as well as good performance in the construction portfolio explains the increased gross margin.

Results from financial items amounted to SEK 14 million (-2) in the second quarter and SEK 19 million (8) year to date. Revaluation of balance sheet items had a positive effect on results. OX2's currency exposure is primarily in EUR and the company uses currency derivatives for hedging.

Project development expenses LTM, SEK million

267 (1/0)

Operating income adjusted for listing expenses LTM, SEK million

The effective tax rate was 19.3 percent (26.1) for the quarter and 14.7 percent (-1.6) for the first six months. The effective tax rate was mainly affected by non-taxable net sales from the sale of project companies.

Profit for the second quarter amounted to SEK 304 million (34) and SEK 415 million (82) year to date.

Earnings per share before and after dilution amounted to SEK 1.11 (0.14) for the second quarter and SEK 1.52 (0.33) year to date.

0X2 applies hedge accounting and changes in fair value relating to currency derivatives are recognised in other comprehensive income.

Financial position and liquidity

Current assets amounted to SEK 4,819 million (3,715) at the end of the period, an increase of SEK 1,104 million compared to the end of December 2021. The change was related to both increase in project development portfolio and cash due to an increase in prepayments.

The value of the project development portfolio and work in progress amounted to SEK 728 million (502). The increase during 2022 was due to acquisitions of project rights. Account receivables totaled SEK 281 million (297). Other receivables totaled SEK 76 million (33). Prepaid expenses and accrued income totaled SEK 460 million (496). Prepaid expenses and accrued income consisted mainly of items related to construction. Cash and cash equivalents amounted to SEK 3,273 million (2,374).

Total current liabilities were SEK 1,998 million (1,310), an increase of SEK 688 million compared to the end of December 2021.

Customer prepayments amounted to SEK 1,182 million (601), an increase of SEK 581 million during the year. 44 percent of the prepayments were related to projects under construction in the Swedish market, followed by 41 percent in Polish projects and 15 percent in Finnish projects. Account payables amounted to SEK 72 million (309). Other liabilities amount to SEK 237 million (211) and tax liabilities to 46 million (0). Accrued expenses and deferred income amounted to SEK 448 million (175). Accrued expenses consisted of accrued construction- and project costs and accrued personnel costs.

Cash flow

During the quarter cash flow from operating activities amounted to SEK 1,076 million (220) and SEK 894 million (88) year to date. Cash flow from operating activities before changes in working capital amounted to SEK 363 million (19) in the quarter and cash flow from changes in working capital totaled SEK 754 million (241). Year to date the cash flow from operating activities before changes in working capital amounted to SEK 476 million (56) and cash flow from changes in working capital totaled SEK 657 million (196). The cashflow from working capital was mainly related to higher advance payments from customers and accrued expences.

Investments in the project development portfolio totaled SEK -41 million (-40) in the quarter and SEK -240 million (-163) year to date.

Net debt or -net cash, SEK million

-3.239 (-2,568)

During the quarter, cash flow from investment activities amounted to SEK 0 million (-5) and SEK 0 million (-5) year to date. Cash flow from financing activities totaled SEK -3 million (1,719) during the quarter and SEK -5 million (1,270) year to date. The main difference compared to the same period previous year was the share issue in the second quarter of 2021. Total cash flow for the second quarter of 2022 amounted to SEK 1,072 million (1,934) and SEK 888 million (1,353) for the first half of the year.

Parent company

The parent company's (OX2 AB) employees work with project development, financing, project sales and project implementation. Group management and group functions are also based within the parent company. Total net sales during the quarter amounted to SEK 604 million (171) and SEK 734 million (208) year to date. The net sales consist of the sale of wind and solar farms, as well as internal invoicing of service and management fees. Income from sale of wind and solar farms varies between quarters and is also affected by the transaction structure of the projects sold.

The cost of goods and project development in the quarter amounted to SEK -241 million (-41) and SEK -347 million (-102) year to date. Other external costs for the quarter amounted to SEK -34 million (-52) and SEK -64 million (-68) year to date. The decrease was related to listing costs previous year, partly offset by higher cost for IT and consultants during the first two quarters of 2022.

Personnel costs for the quarter totaled SEK -86 million (-50) and SEK -161 million (-93) year to date. The increase in costs was due to a higher number of employees compared to the same quarter last year.

Operating income for the quarter amounted to SEK 242 million (28) and SEK 161 million (-56) year to date. The increase was related to the sales of wind farms and solar power projects. Profit after financial items amounted to SEK 432 million (30) during the quarter and SEK 349 million (-55) year to date. The increase in financial items was related to net income from participations in group companies. Profit for the period totaled SEK 383 million (24) and SEK 317 million (-44).

The current assets amounted to SEK 3,978 million (2,556) at the end of June 2022. The change was due to an increase in cash and accrued income from group companies related to sold projects.

Liabilities to associate companies amounted to SEK 2,083 million (1,164) as of 30 June 2022.

The parent company's equity amounted to SEK 2,238 million (1,919) as of 30 June 2022.

Investments in the project development portfolio LTM, SEK million

Financial targets

0X2 has set the following financial targets:

Growth

• · >500 MW sold per year on average over the 2021–22 period
• · >1,500 MW sold per year on average over the 2023–24 period
• · >2,000 MW sold per year in the medium-term

Profitability

• · Operating margin of 10 percent in the medium-term
• · Operating income of SEK 2.5 billion in the medium-term

Dividend

· The company sees significant opportunities to reinvest cash flow from operations in value-creating growth. No dividend is expected to be paid in the short term.

Shareholder information

Employees

Total number of employees	6/30/2022	6/30/2021
Sweden	175	147
Finland	65	44
Poland	45	24
France	17	13
Other markets	29	5
Total OX2 Group	331	233

At the end of June 2022, 43 (44) percent were women and 57 (56) men.

Number of employees as of 30 June 2022, %

Risks and uncertainties

Sustainability

Future prospects

Planning conditions

Significant events after the end of the reporting period

Estimates and judgements for accounting purposes

Annual report and Annual General Meeting

Audit

Declaration

Stockholm, 28 July 2022
OX2 AB (publ)
Johan Ihrfelt		Anna-Karin Celsing	Ann Grevelius
Chairperson		Board member
Jan Frykhammar		Malin Persson	Niklas Midby
Board member		Board member	Board member
	Petter Samlin	Thomas von Otter
	Board member	Board member

	Q2		Jan-Jun		Full year
SEK m	2022	2021	2022	2021	2021
Net sales	1,469	950	3,090	1,953	4,983
Total revenue	1,469	950	3,090	1,953	4,983
Cost for goods and project development	-947	-778	-2,326	-1,677	-4,143
Other external costs	-40	-53	-73	-70	-125
Personnel costs	-117	-68	-217	-126	-283
Depreciation and amortization of tangible and intangible assets	-2	-3	-7	-7	-17
Total operating expenses	-1,107	-902	-2,622	-1,880	-4,569
Operating income	362	48	468	73	414
Financial income	35	9	93	25	118
Financial costs	-21	-11	-74	-17	-126
Profit after financial items	376	46	486	81	407
Income tax	-73	-12	-72	1	-73
PROFIT FOR THE PERIOD	304	34	415	82	334
Profit for the period attributable to:
Owners of the parent company	304	34	415	82	334
Non-controlling interests	0	-	0	0	0
Average number of share before dilution*	272,517,586	251,732,122	272,517,586	250,870,846	261,783,175
Average number of share after dilution*	272,521,239	251,732,122	272,519,423	250,870,846	261,783,175
Earnings per share before and after dilution, SEK	1.11	0.14	1.52	0.33	1.28
		Q2		Jan-Jun	Full year

		Q2		Jan-Jun
SEK m	2022	2021	2022	2021	2021
Profit for the period	304	34	415	82	334
Other comprehensive income:
Items that may reclassified subsequently to profit or loss
Foreign exchange differences on translation of foreign subsidiaries	11	-2	13	2	7
Cash flow hedges
Changes in fair value	-87	7	-87	-19	-39
Income tax attributable to cash flow hedges	18	-3	16	4	10
Total other comprehensive income after tax	245	37	357	70	312
Total comprehensive income for the period attributable to:
Owners of the parent company	245	37	357	70	312

Consolidated statement of financial position

SEK m	2022/06/30	2021/12/31	2021/06/30
ASSETS
Non-current assets
Other intangible assets	4	4	5
Fixtures, tools and installations	3	3	4
Right-of-use assets	30	20	17
Other financial assets	1	1	ర్
Total Non-current assets	38	29	32
Current assets
Project development portfolio and construction in progress	728	502	428
Accounts receivable	281	297	364
Tax receivables		7
Other receivables	76	રૂડિ	60
Prepaid expenses and accrued income	460	496	382
Derivative financial instruments	1	ട	ర్
Cash and cash equivalents	3,273	2,374	2,590
Total Current assets	4,819	3,715	3,831
TOTAL ASSETS	4,857	3,743	3,862
EQUITY AND LIABILITIES
Equity attributable to the shareholders of the parent company
Share capital	1	1	1
Retained earnings including profit for the period	2,713	2,355	2,107
Total equity attributable to the shareholders of the parent company	2,714	2,355	2,107
Non-current liabilities
Long-term interest-bearing liabilities	21	15	11
Derivative financial instruments	વેદ	17
Deferred tax liabilities	29	46	39
Total Long-term liabilities	145	78	50
Current liabilities
Advance payments from customers	1,182	601	686
Accounts payable	72	309	141
Tax liabilities	46
Other Current liabilities	237	211	79
Current interest-bearing liabilities	14	14	11
Accrued expenses and deferred income	448	175	788
Total Current liabilities	1,998	1,310	1,705
TOTAL EQUITY AND LIABILITIES	4.857	3.743	3.862

Consolidated statement of changes in equity

SEK m	2022/06/30	2021/12/31	2021/06/30
Opening balance	2,355	766	766
Total comprehensive income for the period	357	312	70
New issue		612	612
Bonus issue	-	0	0
Issue for non-cash consideration	-	739	739
Change in minority interest	0	0	0
Issue costs referring to new share issue adjusted for tax	-	-73	-79
Dividend	-		-
Shareholder contribution	2		-
Closing balance	2,714	2,355	2,107
Attributable to:
Owners of the parent company	2,714	2,355	2,107
Non-controlling interest	0	0	0
Total equity	2,714	2,355	2,107

Condensed consolidated statement of cash flows

		Q2	Jan-Jun		Full year
SEK m	2022	2021	2022	2021	2021
Profit after financial items	376	46	486	81	407
Adjustments for items not included in cash flow, etc.	3	4	7	18	31
Income taxes paid	-16	-31	-18	-43	-81
Cash flow from operating activities before changes in working capital	363	19	476	56	356
Cash flow from changes in working capital	754	241	657	196	-64
Investments in project development portfolio	-41	-40	-240	-163	-424
Cash flow from operating activities	1,076	220	894	88	-132
Acquisition/sale of fixed assets	-0	-5	-0	-5	-1
Cash flow from investment activities	-0	-5	-0	-5	-1
New issue		612		612	612
Issue for non-cash consideration	-	739	-	739	739
Issue costs referring to new share issue	-	-79	-	-79	-73
Shareholder contribution			2
Repayments of lease liabilities	-3	1	-7	-2	-12
Short-term loans parent company		446
Cash flow from financing activities	-3	1,719	-5	1,270	1,266
Cash flow for the period	1,072	1,934	888	1,353	1,133
Translation difference in cash and cash equivalents	11	3	11	2
Cash and cash equivalents at beginning of the period	2,191	653	2,374	1,235	1,235
Cash and cash equivalents at period end	3,273	2,590	3,273	2,590	2,374

Condensed parent company income statement

	Q2		Jan-Jun	Full year
SEK m	2022	2021	2022	2021	2021
Net sales	604	171	734	208	681
Other operating revenue	0	0	0	0	ব
Total revenue	604	171	734	208	୧୫୧
Cost of goods and project development	-241	-41	-347	-102	-296
Other external costs	-34	-52	-64	-68	-118
Personnel costs	-86	-50	-161	-03	-201
Depreciation and amortization of tangible and intangible assets	-0	-1	-1	-1	-2
Total operating expenses	-362	-143	-573	-264	-617
Operating income	242	28	161	-56	69
Financial income	196	4	202	5	111
Financial costs	-5	-2	-14	-3	-10
Profit after financial items	432	30	349	-55	170
Year-end appropriations	0	0	0	0	46
Tax	-49	-6	-32	11	-24
Profit for the period	383	24	317	-44	192

Parent company statement of comprehensive income

		Q2	Jan-Jun	Full year
SEK m	2022	2021	2022	2021	2021
Profit for the period	383	24	317	-44	192
Total other comprehensive income after tax	383	24	317	-44	192

Condensed parent company balance sheet

SEK m	2022/06/30	2021/12/31	2021/06/30
ASSETS
Non-current assets
Other intangible assets	4	4	5
Fixtures, tools and installations	3	3	4
Participations in Group companies	591	801	1,441
Other non-current assets	0
Total Non-current assets	598	808	1,450
Current assets
Project development portfolio and construction in progress	204	77	રૂડિયા સ્વર્સ
Accounts receivable		0	0
Tax receivable		24	0
Other receivables	26	10	રેણ
Receivables from group companies	519	160	141
Prepaid expenses and accrued income	14	13	9
Cash and cash equivalents	3,215	2,272	2,462
Total Current assets	3,978	2,556	2,701
TOTAL ASSETS	4,576	3,364	4,151
EQUITY AND LIABILITIES
Equity	2,238	1,919	1,677
Untaxed reserves	94	94	04
Current liabilities
Accounts payable	16	રૂડે	35
Current tax liabilities	9
Other Current liabilities	6	દેત્વ	20
Liabilities to group companies	2,083	1,164	2,206
Accrued expenses and deferred income	129	75	119
Total Current liabilities	2,244	1,352	2,380
TOTAL EQUITY AND LIABILITIES	4,576	3,364	4.151

Key performance indicators, Group

	Q2		Jan-Jun		LTM	Full year
	2022	2021	2022	2021	Jul-Jun	2021
Profitability
Net sales, SEK m	1,469	950	3,090	1,953	6,120	4,983
Net sales growth, %	54.7%	6.2%	58.2%	39.8%	6.3%	-4.2%
Operating income, SEK m	362	48	468	73	809	414
Operating income adjusted for listing expenses, SEK m	362	83	468	110	813	455
Operating income adjusted for development expenses and listing expenses, SEK m	440	129	599	194	1,080	675
Operating margin, %	24.7%	5.1%	15.1%	3.7%	13.2%	8.3%
Operating margin adjusted for listing expenses, %	24.7%	8.7%	15.1%	5.6%	13.3%	9.1%
Operating margin adjusted for development expenses and listing expenses,
%	29.9%	13.6%	19.4%	9.9%	17.6%	13.5%
Profit for the period, SEK m	304	34	415	82	667	334
Earnings per share before and after dilution, SEK	1.11	0.14	1.52	0.33	2.49	1.28
Financial position
Net debt or -net cash, SEK m	-3,239	-2,568	-3,239	-2,568	-3,239	-2,346
Equity ratio, %	55.9%	54.6%	55.9%	54.6%	55.9%	62.9%
Effective tax rate, %	19.3%	26.1%	14.7%	-1.6%	17.9%	17.9%
Operating cash flow, SEK m	1,078	248	892	107	727	-58
Cash conversion, %	295%	479%	188%	134%	88%	-13%
Construction related working capital, SEK m	-1,100	-886	-1,100	-886	-1,100	-470
Net working capital, SEK m	-393	-460	-393	-460	-393	31
Equity per share, SEK	10	8	10	8	10	9
Return on equity, %	11.7%	2.4%	16.4%	5.7%	27.6%	21.4%
Return on capital employed, %	13.8%	3.3%	18.2%	5.0%	33.2%	26.1%
Investments in the project development portfolio, SEK m	-41	-40	-240	-163	-500	-424
Operational key figures
Project acquisitions, MW	6	1,192	1,358	2,257	2,548	3,446
Project development portfolio, MW	23,864	17,060	23,864	17,060	23,864	17,371
Sold projects, MW	92	111	268	220	767	719
Projects under construction, MW	1,086	089	1,086	පිළිබ	1,086	1,329
Projects handed over, MW	329	48	482	48	641	207
Contracts under management, MW	3,510	2,490	3,510	2,490	3,510	2,986
Number of employees	331	233	331	233	331	277

For definitions of alternative performance measures and key performance indicators, see pages 23 and 28.

Notes

Note 1 Accounting policies

The consolidated accounts for 0X2 have been prepared in accordance with the International Financial Reporting standards (IFRS) adopted by the EU. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.

The parent company 0X2 AB applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities.

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

Note 2 Income

The Group has one segment.

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

For a description of segment reporting, see the 2021 Annual Report, Note 2, 'Accounting policies'.

	Q2		Jan-Jun	Full year
SEK m	2022	2021	2022	2021	2021
Net sales per category
Sales of wind and solar projects and wind farms	1,469	950	3,090	1,953	4,983
Total	1,469	950	3,090	1,953	4,983
Income divided by country*
Sweden	297	196	1,375	681	1,263
Finland	330	654	761	974	2,883
Norway	-	-0	-	148	227
Poland	843	100	ત્વે નવર્ષના તાલુકામાં આવેલું એક ગામના લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામનાં મુખ્યત્વે ખેત-ઉત	150	610
Total	1,469	950	3,090	1,953	4,983
*The income divided by country is based on where projects are localised
	02			Jan-Jun
SEK m	2022	2021	2022	2021	2021
Time of revenue recognition
At a certain time	78		78		-
Over time	1,391	950	3,012	1,953	4,983
Total	1,469	950	3,090	1,953	4,983

					Full year
SEK m	2022	2021	2022	2021	2021
Contract assets
Ongoing work in progress on behalf of others	20	1	20	1	0
Accrued income	63	104	63	104	86
Total	84	105	84	105	86
Of which Long-term assets	-	-	-	-	-
Of which Current assets	84	105	84	105	86
Total	84	105	84	105	86

	Q2		Jan-Jun		Full year
SEK m	2022	2021	2022	2021	2021
Contract assets
Ongoing work in progress on behalf of others	20	1	20	1	0
Accrued income	63	104	63	104	86
Total	84	105	84	105	86
Of which Long-term assets	-	-	-	-	-
Of which Current assets	84	105	84	105	86
Total	84	105	84	105	86
	Q2			Jan-Jun
SEK m	2022	2021	2022	2021	Full year 2021
Contract liabilities
Advance payments from customers	1,182	308	1,182	686	601
Prepaid income	43	-	43	-	3
Total	1,225	308	1,225	686	604
Of which Long-term liabilities	-	-	-	-	-
Of which Current liabilities	1,225	308	1,225	686	604
Total	1,225	308	1,225	686	604
SEK m		2022/06/30		2021/12/31	2021/06/30

-

Financial assets at fair value
Derivative instruments	1	6	6
Financial assets measured at amortized cost
Accounts receivables	281	297	364
Receivables from Group companies	-	-	0
Other current receivables	76	33	60
Cash and cash equivalents	3,273	2,374	2,590
Total financial assets	3,632	2,710	3,021
Financial liabilities at fair value
Derivative instruments	96	17	-
Financial liabilities measured at amortized cost
Other Long-term liabilities	21	15	11
Accounts payable	72	309	141
Liabilities to Group companies	-	-	-
Other Current liabilities	237	211	79
Current interest-bearing liabilities	14	14	11
Total financial liabilities	439	565	241

Note 4 Related party transactions

On October 28, 2016, December 28, 2016, and December 15, 2017, Peas Industries AB have entered into three agreements under which Peas undertakes to provide accounting services to certain investors in four of the Company's previous projects. Services under the agreements are provided by the Company, which in turn invoices Peas for services rendered. If the contracts are not terminated prematurely, in accordance with certain specific conditions, the agreements apply for periods of 7 years from the submission of the projects. The agreements are therefore expected to expire around 27 December 2025, 27 December 2025, 27 April 2027 and 16 March 2023 respectively.

Peas Industries AB has issued one parent company guarantee to the benefit of the Group, in respect of the project Castles and towards IKEA, amounting to SEK 149 million as of 31 June 2022.

Note 5 Incentive programme

The annual general meeting in May 2022 resolved to implement a long-term incentive programme in the form of a share savings programme for certain existing and future key persons which do not participate in the company's existing shareholder programme (which was implemented before the company was listed on Nasdaq First North Premier Growth Market). The share savings programme requires that the participants for own funds acquire shares in the company on the marketplace where the company's shares are listed from time to time. The investment in shares that can be acquired in this way as so-called savings shares are limited to minimum SEK 20,000 and with a maximum investment which is dependent on which category the participant belongs to. Each savings share entitles the participant to receive 0.5 shares and an additional 1-3 shares free of charge (up to 6 for the future key person) at the expiry of a three-year vesting period, depending on which group the participant belongs to and certain other restrictions and possible recalculations according to the full terms and conditions of the warrants. 30 people signed up for the programme and the last day to buy shares was 29 of June 2022. The right to receive Matching Shares and Performance Shares is conditional upon the Participant retaining the Saving Shares during the entire Vesting Period and that the Participant's employment has not been terminated at the expiry of the Vesting Period. The right to receive Performance Shares is conditional

upon the fulfilment of the performance conditions set related to the development of the share price during the vesting period.

In total, not more than 61,216 Matching Shares and 414,741 Performance Shares may be allotted to the Participants in the Share Savings Programme.

Note 6 Pledged assets and contingent liabilities

The Group does not have any pledged assets. The Contingent liabilities amounted to SEK 3.8 billion (3.2) as of 30 June 2022 compared to year end. Changes in the value of contingent liabilities are related to guarantees that are issued regularly to support the Groups obligations.

The parent company has a related party relationship with its Group companies. The parent company has contingent liabilities amounting to SEK 3.5 billion (2.8) as of 30 June 2022 compared to year end.

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 0X2'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.

Page 23-27 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.

0×2

Alternative performance measure definitions

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 the total cost of goods sold and transaction costs relating to sales of projects.
Gross margin, %	Gross profit as a percentage of net sales.
Construction related working capital	Current assets less the project development portfolio, derivative financial instruments and cash and cash equivalents less current liabilities adjusted for receivables and liabilities against Group companies and tax liability adjusted for interest-bearing current liabilities.
Effective tax rate	Income tax in relation to profit after financial items.
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 Net sales growth, %	Total cost of goods sold and transaction costs in connection with the sale of projects.
	Change in net sales compared with the same period the previous year.
Net working capital	Current assets less derivative financial instruments and cash and cash equivalents less non-interest-bearing current liabilities adjusted for receivables from and liabilities to 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 less changes in net working capital less investments in project development portfolio, as well as cash flows from investing activities.
	Project development expenses development portfolio, and expenses incurred in connection with the acquisition of project rights.
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 listing expenses. %	Operating income before listing expenses as a percentage of net sales.

Operating margin adjusted for development expenses and listing expenses, %
Operating income adjusted for listing expenses
Operating income adjusted for development expenses and listing expenses
Equity ratio %
Capital employed
LTM

Reconciliation of alternative performance measures

Reconciliation of return on equity

	Q2		Jan-Jun		LTM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Shareholders' equity, beginning of period	2,469	799	2,355	766	2,107	766
Shareholders' equity, end of period	2,714	2,107	2,714	2,107	2,714	2,355
Average equity	2,591	1,453	2,535	1,437	2,411	1,561
Profit for the period	304	34	415	82	667	334
Average equity	2.591	1.453	2,535	1,437	2,411	1,561
Return on equity	11.7%	2.4%	16.4%	5.7%	27.6%	21.4%

Reconciliation of return on capital employed

	Q2		Jan-Jun		LIM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Equity	2,714	2,107	2,714	2,107	2,714	2,355
Interest-bearing liabilities (long-term and short-term)	34	22	34	22	34	28
Capital employed	2,748	2,129	2,748	2,129	2,748	2,383
Average capital employed
Capital employed, beginning of period	2,493	820	2,383	789	2,129	789
Capital employed, end of period	2,748	2,129	2,748	2,129	2,748	2,383
Average capital employed	2,621	1,474	2,566	1,459	2,439	1,586
Operating income	362	48	468	73	809	414
Average capital employed	2,621	1,474	2,566	1,459	2,439	1,586
Return on capital employed	13.8%	3.3%	18.2%	5.0%	33.2%	26.1%

Reconciliation of cost of goods sold

		Q2		Jan-Jun		Full year
SEK m	2022	2021	2022		2021	2021
Cost for goods and project development	-947	-778	-2,326	-1,677	-4,792	-4.143
Of which cost of goods sold	-869	-732	-2.195	-1.593	-4.525	-3.924
Of which project development expenses	-77	-46 -	-131	-84	-267	-220

Reconciliation of gross profit and gross margin

SEK m		Q2		Jan-Jun		Full year
		2021	2022	2021	Jul-Jun	2021
Net sales	1.469	950	3,090	1,953	6.120	4.983
Cost of goods sold	-869	-732	-2,195	-1.593	-4,525	-3.924
Gross profit	600	218	895	360	1,595	1.060
Gross margin, %	40.8%	23.0%	29.0%	18.4%	26.1%	21.3%

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

SEK m		02		Jan-Jun		Full year
		2021	2022	2021	Jul-Jun	2021
Net sales	1,469	950	3,090	1,953	6,120	4,983
Operating income	362	48	468	73	809	414
Operating margin, %	24.7%	5.1%	15.1%	3.7%	13.2%	8.3%
Depreciation and amortization of tangible and intangible assets	2	3	7	7	17	17
EBITDA	365	52	474	80	826	431
Operating income	362	48	468	73	809	414
Listing expenses		-35		-37	-4	-41
Operating income adjusted for listing expenses	362	83	468	110	813	455
Operating margin adjusted for listing expenses, %	24.7%	8.7%	15.1%	5.6%	13.3%	9.1%
Project development expenses	77	46	131	84	267	220
Operating income adjusted for development expenses and listing
expenses	440	129	599	194	1,080	675
Operating margin adjusted for development expenses and listing expenses, 9/0	29.9%	13.6%	19.4%	9.9%	17.6%	13.5%

Reconciliation of equity per share

	Q2 Jan-Jun			LTM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Equity	2.714	2,107	2.714	2.107	2,714	2.355
Average number of shares before dilution	272.517.586	251,732,122		272,517,586 250,870,846	272,517,586	261,783,175
Average number of shares after dilution		272,521,239 251,732,122			272,519,423 250,870,846 2272,518,497	261,783,175
Equity per share before and after dilution (SEK)	10	ထ	10	8	10	9

Reconciliation of net sales growth

	Q2		Jan-Jun		LTM	Full year
SEK m	2022 -	2021	2022		2021	2021
Net sales for the previous period	950	894 -	1,953	1.397	5.757	5.201
Net sales for the current period	1.469	950	3.090	1,953 - 1,953	6.120	4.983
Net sales growth, %	54.7% ------------------------------------------------------------------------------------------------------------------------------------------------------------------------	6.2%	58.2% -	39.8%	6.3%	-4.2%

Reconciliation of net debt or -net cash

	Q2 Jan-Jun		LTM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Interest-bearing liabilities (long-term and short-term)	34	22	34	22	34	28
Interest-bearing receivables (long-term and short- term)	1	O	1	O
Cash and cash equivalents	-3,273	-2,590	-3,273	-2,590	-3,273	-2,374
Net debt or -net cash	-3,239	-2.568	-3,239	-2,568	-3,239	-2,346

Reconciliation of equity ratio

	Q2		Jan-Jun		LTM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Equity	2,714	2.107	2,714	2,107	2,714	2,355
Balance sheet total	4,857	3,862	4,857	3,862	4.857	3,743
Equity ratio %	55.9%	54.6% -	55.9%	54.6%	55.9% -	62.9%

Reconciliation of effective tax rate, %

	Q2		Jan-Jun		LTM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Income tax	-73	-12 -	-72		-146	-73
Profit after financial items	376	46	486	81	812	407
Effective tax rate, %	19.3%	26.1%	14.7%	-1.6%	17.9% -	17.9%

Reconciliation of cash conversion, %

	Q2		Jan-Jun		LIM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
EBITDA	365	52	474	80	826	431
Changes in net working capital	754	241	657	196	397	-64
Investments in project development portfolio	-41	-40	-240	-163	-500	-424
Cash flow from investment activities	-0	-5	-0	-5	ব	-1
Operating cash flow	1,078	248	892	107	727	-58
Cash conversion, %	295.4%	478.6%	187.9%	134.0%	88.0%	-13.4%

Reconciliation of construction-related working capital and net working capital

	Q2		Jan-Jun		LIM	Full year
SEK m	2022	2021	2022	2021	Jul-Jun	2021
Construction in progress	20	1	20	1	20	0
Accounts receivable	281	364	281	364	281	297
Other receivables	76	60	76	60	76	રૂડિ
Prepaid expenses and accrued income	460	382	460	382	460	496
Construction working capital assets	838	808	838	808	838	826
Advance payments from customers	-1,182	-686	-1,182	-686	-1,182	-601
Accounts payable	-72	-141	-72	-141	-72	-309
Other Current liabilities	-237	-79	-237	-79	-237	-211
Accrued expenses and deferred income	-448	-788	-448	-788	-448	-175
Construction working capital liabilities	-1,938	-1,694	-1,938	-1,694	-1,938	-1,296
Construction working capital	-1,100	-886	-1,100	-886	-1,100	-470
Project development portfolio	707	426	707	426	707	502
Net working capital	-393	-460	-393	-460	-393	31
As % of LTM net sales
LTM net sales	6,120	5,757	6,120	5,757	6,120	4,983
Construction related working capital assets	13.7%	14.0%	13.7%	14.0%	13.7%	16.6%
Construction related working capital liabilities	-31.7%	-29.4%	-31.7%	-29.4%	-31.7%	-26.0%
Construction related working capital	-18.0%	-15.4%	-18.0%	-15.4%	-18.0%	-9.4%
Net working capital %	-6.4%	-8.0%	-6.4%	-8.0%	-6.4%	0.6%

Key performance indicator definitions

Number of employees	The number of employees in the Group at end of period.
Balance sheet total	Total assets.
Management agreements, MW		Contracts for the management of power plants.
Investment in project development portfolio	Payment for acquired project rights and additional project related investments.
Project acquisitions, MW		Acquired rights to power plant projects.
Project development portfolio, MW		0X2's power plant project development.
Projects under construction, MW		Power plant projects under construction.
Projects handed over to customers, MW		Completed power plants handed over to customers.
Earnings per share		Profit divided by the average number of shares.
Projects sold, MW		Power plant 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 are shelved or, where no active development work is in progress, are not included in the 0X2 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 July-Sep 2022: Interim Report Oct-Dec 2022:

27 October 2022 22 February 2023

Contact details

Paul Stormoen, CEO Email: paul.stormoen@ox2.com

Johan Rydmark, CF0 Email: johan.rydmark@ox2.com

Henrik Vikström, IR Email: henrik.vikstrom@ox2.com

0X2

Lilla Nygatan 1 Box 2299 SE-10317 Stockholm Sweden

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