Ennogie Solar (ESG) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue declined 9% year-over-year to DKK 8.4 million, with Q2 revenue at DKK 3.7 million, down from DKK 4.8 million in Q2 2025.

• Order intake and backlog fell sharply due to weak German construction/renovation markets and delayed Danish municipal projects.

• Management downgraded 2026 guidance, now expecting revenue of DKK 30–35 million and EBITDA of DKK -8 to -6 million.

• Leadership changes and a shift to an asset-light model are underway to reduce costs and improve liquidity.

Financial highlights

• Gross margin improved to 46.8% in H1 2026 from 40.8% in H1 2025, despite lower revenue.

• EBITDA for H1 2026 was DKK -7.4 million, flat year-over-year.

• Net loss for H1 2026 was DKK -9.5 million, compared to DKK -9.2 million in H1 2025.

• Equity fell to DKK 9.2 million at 30 June 2026 from DKK 19.6 million at year-end 2025.

• Interest-bearing debt rose to DKK 24.1 million, up from DKK 14.5 million at year-end 2025.

Outlook and guidance

• 2026 revenue guidance reduced to DKK 30–35 million (from DKK 55–65 million); EBITDA guidance to DKK -8 to -6 million (from DKK 1–4 million).

• H2 2026 order intake expected to improve, but full-year order intake will not reach prior expectations.

• Gross margin expected to remain stable; cost-saving initiatives to lower staff and operating expenses.

• Additional DKK 5–7 million in capital required over the next six months to maintain operations.