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Solar (SOLAR) investor relations material
Solar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 revenue reached DKK 2.8–2.815 billion, at the lower end of expectations, with adjusted organic growth at -2.1% and EBITDA at DKK 110 million, impacted by non-recurring costs.
Major warehouse consolidation in Sweden completed ahead of schedule, with ongoing construction of a new logistics centre and continued investment in automation and digitalization, including a new digital platform and AI-driven customer tools launching in 2026.
Acquisition of Sonepar Norway/Norge announced, aiming to create a leading distributor with DKK 2.5 billion combined revenue; closing expected early December and integration by end of H1 2026.
New growth initiatives and early warehouse vacating resulted in greater net working capital reduction.
Q3 included DKK 8 million in additional costs related to restructuring, transition, and acquisition activities.
Financial highlights
Q3 revenue was DKK 2,815 million, down 1.6% year-over-year; Q1–Q3 revenue totaled DKK 9,056 million, up 0.7% year-over-year.
Q3 EBITDA margin was 3.9% (4.2% adjusted), compared to 7.1% (5.7% adjusted) in Q3 2024.
Gross profit margin declined to 19.8% in Q3, mainly due to price competition and lack of cyclical inventory gains.
Operating activities generated DKK 64 million in Q3, with inventory reduction freeing up cash.
Net working capital as a four-quarter average improved to 14.8%.
Outlook and guidance
2025 revenue guidance refined to DKK 12 billion and EBITDA to DKK 460 million, both at the low end of previous guidance.
Guidance assumes gross margin improvement in Q4, driven by supplier negotiations and portfolio initiatives.
Sonepar Norway acquisition expected to have negligible P&L impact in 2025; integration to be completed by H1 2026.
2026 EBITDA margin target above 5% seen as more challenging due to market conditions and integration effects.
Organic growth expected at approximately -0.5% for 2025, with EBITDA margin at approximately 3.8%.
Market recovery impact on refined EBITDA guidance
Expected financial impact of strategic milestones
What is the plan to address increased gearing?
Detail Q4 gross margin improvement drivers
How will automation/digitalization lower cost to serve
What factors challenge the 2026 EBITDA target
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Q4 20255 Feb, 2026
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Solar is a sourcing and services company that supplies electrical, heating, plumbing, and ventilation products. It serves professional contractors and industrial customers across the Nordic region and the Netherlands. The company is headquartered in Vejen, Denmark, and its shares are listed on the Nasdaq Copenhagen.
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