Ennogie Solar (ESG) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was DKK 10.7 million, with Q1–Q3 2025 revenue at DKK 19.9 million, reflecting a 34% year-over-year decrease due to delayed solar panel deliveries from China following a design change.

• Order intake in Q3 2025 reached DKK 16.4 million, up DKK 6.4 million from Q3 2024; Q1–Q3 order intake matched the prior year at DKK 36.8 million, with 62% from Germany and 38% from Denmark.

• Major new project wins include the largest order to date for red solar roofs in Denmark and a smaller project in Munich, targeting underserved market segments.

• Management changes include the addition of Lech Kaniuk to the board, bringing industry and entrepreneurial expertise.

Financial highlights

• Q3 2025 gross profit was DKK 4.9 million (gross margin 46.1%), up from 39.7% in Q3 2024, driven by lower panel prices.

• Q3 2025 EBITDA was DKK -0.6 million, impacted by a one-time cost of DKK 0.6 million; excluding this, EBITDA would have been breakeven.

• Q3 2025 net result was DKK -1.9 million, compared to DKK -0.9 million in Q3 2024.

• Q1–Q3 2025 EBITDA was DKK -7.8 million, slightly lower than DKK -7.5 million in Q1–Q3 2024, with staff costs reduced by 33%.

• Q1–Q3 2025 net result was DKK -11.1 million, compared to DKK -10.8 million in the prior year.

Outlook and guidance

• 2025 turnover is expected in the range of DKK 55–62 million, with EBITDA between DKK 0 and 2 million.

• Q4 2025 revenue is highly dependent on timely production and delivery, with significant revenue planned for December; any delays could shift revenue into 2026.

• Gross margin for Q4 is expected to remain at Q1–Q3 levels (around 43.7%).

• Provisions for customer complaints and potential further increases are factored into the outlook.