Ennogie Solar (ESG) investor relations material

Executive summary

• Achieved EBITDA break-even in 2025, a major strategic milestone, despite operational challenges and warranty claims related to faulty solar panels supplied from China. Most revenue was recognized in the second half, especially Q4, due to supply chain delays and product redesigns.

• Launched new product lines: red solar roof (targeting architecturally sensitive areas) and integrated solar facade solutions, with significant orders in Denmark and Germany, including the largest contract in company history (6,200 m² red roof in Glostrup Vestergård).

• Secured DKK 1 million from EIFO Green Accelerator for the Sunbird concept, enabling roof renovations with minimal upfront investment for housing companies.

• Management changes included a new board member with deep solar industry and Polish market experience, and a new CFO.

Financial highlights

• Revenue grew 14% year-over-year to DKK 52.8 million (2024: DKK 46.2 million), with Denmark's share rising to 22% of revenue.

• Gross profit increased to DKK 23.4 million (2024: DKK 16.3 million), with gross margin expanding to 44.2% (2024: 35.2%), despite a DKK 1.2 million negative impact from warranty provisions.

• EBITDA improved to DKK 0.3 million (2024: DKK -9.5 million), aligning with guidance, and adjusted EBITDA (excluding one-offs) was DKK 2.9 million.

• Net loss narrowed to DKK -3.9 million (2024: DKK -13.9 million).

• Positive net cash flow of DKK 0.6 million (2024: DKK -11.7 million), driven by improved results and capital increases.

• Equity increased to DKK 19.6 million (2024: DKK 15.2 million) after a DKK 8.3 million capital increase via loan conversion.

Outlook and guidance

• 2026 revenue expected at DKK 55–65 million (4–23% growth), with EBITDA projected at DKK 1–4 million.

• Growth to be driven by new red roof and facade solutions, battery launch, and entry into Poland.

• Gross margin and cost levels expected to remain stable; warranty costs assumed to stay within provisions.

• Funding requirement of up to DKK 10 million identified for 2026 operations and growth.