Solar (SOLAR) investor relations material

Executive summary

• Adjusted organic growth reached 10.3% in Q3, with positive growth across all main markets for the second consecutive quarter.

• Q3 revenue rose 18.0% to DKK 3,321m from DKK 2,815m; EBITDA was DKK 147m reported and DKK 158m excluding non-recurring items.

• FY26 guidance was set at DKK 13.6bn revenue and DKK 450m EBITDA.

Financial highlights

• Q3 adjusted EBITDA was DKK 158m versus DKK 118m, with a 4.8% margin versus 4.2%; reported EBITDA was DKK 147m versus DKK 110m.

• Q1–Q3 revenue was DKK 10,069m versus DKK 9,056m, with 3.9% adjusted organic growth; reported EBITDA was DKK 290m versus DKK 296m.

• Q1–Q3 adjusted EBITDA was DKK 370m versus DKK 361m, with a 3.7% margin versus 4.0%.

• Q3 gross margin declined to 19.3% from 19.8%; Q1–Q3 gross margin was 19.3% versus 20.2%.

• Q1–Q3 net loss was DKK 62m versus DKK 26m; EBT was a loss of DKK 76m versus DKK 24m.

Outlook and guidance

• FY26 revenue guidance increased to DKK 13.6bn, equivalent to ~4.5% organic growth, from DKK 12.9–13.4bn.

• FY26 EBITDA guidance is DKK 450m, including DKK 80m of restructuring and integration costs; adjusted for non-recurring items, guidance is DKK 530m with a 3.9% margin.

• The outlook assumes further gross-margin pressure from sales prices, segment mix and fuel costs; Installation and Trade are forecast to grow, with modest Industry growth.

• Digital commerce platform rollout remains on track for completion in H1 2027; digital investment is expected to normalize as rollout progresses.