Solar (SOLAR) Q2 2026 earnings summary

Executive summary

• Integration of Sonepar Norge completed in Q2 2026, strengthening market position and contributing to revenue growth and operational expansion.

• Kumla logistics centre in Sweden is fully operational, marking the end of a major logistics transformation and enhancing distribution capabilities.

• Launched a new customer-facing digital platform in the Faroe Islands, with further integration phases underway and promising initial feedback.

• Early signs of improvement in installation activities, but overall market conditions remain soft except for MAG45.

• H1 revenue reached DKK 6.75bn, up from DKK 6.24bn in H1 2025, but remained at the lower end of expectations due to severe winter conditions in Q1.

Financial highlights

• Q2 2026 revenue rose to DKK 3.44bn from DKK 3.02bn year-over-year, a 14.0% increase, with adjusted organic growth of 6.1%.

• Sonepar acquisition contributed nearly DKK 200 million in Q2 revenue.

• Q2 EBITDA was DKK 84m (DKK 112m in Q2 2025); adjusted for non-recurring items, EBITDA was DKK 122m (DKK 117m), with a margin of 3.5%.

• H1 EBITDA was DKK 143m (DKK 186m); adjusted, it was DKK 212m (DKK 243m), with a margin of 3.1%.

• Gross profit margin declined to 19.1% in Q2 (20.3% in Q2 2025), mainly due to sales price pressure and higher freight costs.

Outlook and guidance

• 2026 revenue guidance reconfirmed at DKK 12.9–13.4bn, with organic growth expected between -1.5% and +3.5%.

• EBITDA guidance maintained at DKK 400–480m, including DKK 75m in restructuring and integration costs.

• Guidance includes DKK 700m revenue from acquisitions and DKK 275m from a new solar park project.

• Expectation for margin improvement in H2 as integration benefits materialize, especially in Norway, with further improvement anticipated from 2027 onward.

• No substantial short-term improvement in gross margin expected; gradual improvement anticipated longer term.