Solar (SOLAR) Guidance summary

Opening remarks and agenda

• Conference call and teleconference held to announce revised 2025 guidance due to unexpected market slowdown, with agenda covering updated guidance, preliminary results, and Q&A.

Guidance on key objectives

• 2025 revenue guidance lowered to DKK 11.75–12.3 billion from previous DKK 12.3–12.8 billion.

• 2025 EBITDA guidance reduced to DKK 450–510 million from DKK 530–600 million.

• Organic growth for 2025 expected between -4% and 0%; EBITDA margin guidance at 3.8%–4.2%.

Market trends and strategic opportunities

• Unexpected market slowdown, especially in Industry, with Installation slightly negative and Trade/Climate & Energy segments growing due to a major solar park project.

• July and Q2 showed disappointing revenue growth across all key markets.

• Market improvement anticipated in late H2 2025.

• Market uncertainty attributed to tariffs and postponed decisions among export-oriented customers.