Q3
2025
Solar A/S
CVR no. 15 90 84 16
Driven by
our purpose
We improve construction, building operation
and industry processes with a commitment to
sustainability and productivity. For our customers.
With our partners. For a better world.
Driving the
green transition
As a driver of the green transition we are supporting
our customers in achieving their CO
2
emission
reduction targets through our Climate & Energy
products, which generate revenue exceeding DKK
1bn. Our CO
2
reduction targets are approved by the
SBTi, and we operate and report in accordance with
the CSRD.
Empowering
greater productivity
We provide products, technical know-how, and
qualified services to more than 49,000 customers,
supported by valuable market knowledge and
the expertise of approximately 2,900 committed
employees, driving greater productivity.
Enhancing service
through digitalisation
With 65% of order lines made digitally, our digital
engagement has become a key driver of customer
satisfaction, raising our service offering to the next
level and supporting our best in class digital customer
journey.
This is Solar
We are a leading sourcing and
services company. We
combine excellent product
sourcing, superior distribution,
and value-adding services to
support professionals and
businesses in the electrical,
heating & plumbing, and
industrial sectors across five
key European markets.
Products
Markets
75% 16% 9%
% of 2024 revenue
Segments
Installation Industry Trade
55% 35% 10%
% of 2024 revenue
% of 2024 revenue
Electrical Heating &
Plumbing
Climate &
Energy
Denmark
The Netherlands
Sweden
Norway
Poland
Other
33%
23%
17%
15%
3%
9%
Solar A/S Q3 2025
2
Management’s
review
Who we are
Contents
Financial highlights 4
Strategy and business 5
Financial performance 6
Segment performance 8
Guidance 2025 10
Shareholder information 11
Statement of comprehensive income 13
Balance sheet 14
Cash flow statement 15
Statement of changes in equity 16
Notes 18
Section 1 – Basis for preparation 18
Section 2 – Income statement 20
Quarterly information 24
Statements 28
Management review Consolidated financial statements Q3
Digitalisation to drive future growth and earnings
To maintain our position as one of the digital leaders, we continue to invest in digital capabilities
and customer experience.
Page 5
Solar A/S Q3 2025
3
Management’s
review
Events after the reporting period
• Solar has signed an agreement for Solar Norge to
acquire 100% of Sonepar Norge, see announcement
no. 9 dated 22 October 2025 or page 7 in this report.
Financial highlights
Q3 Q1-Q3 Year
DKK million 2025 2024 2025 2024 2024
Revenue 2,815 2,860 9,056 8,990 12,223
Earnings before interest, tax, depreciation and amortisation (EBITDA) 110 202 296 427 646
Earnings before interest, tax and amortisation (EBITA) 47 143 102 246 400
Earnings before interest and tax (EBIT) 27 125 40 191 278
Earnings before tax (EBT) 6 101 -24 129 192
Net profit for the period 3 78 -26 97 148
Balance sheet total 6,043 6,264 6,043 6,264 6,108
Total equity 1,767 1,831 1,767 1,831 1,874
Interest-bearing liabilities, net 1,739 1,646 1,739 1,646 1,232
Cash flow from operating activities 64 -196 -20 13 538
Net investments in property, plant and equipment -70 -44 -207 -86 -101
Employees
Number of employees (FTE's), end of period 2,902 2,880 2,902 2,880 2,895
Average number of employees (FTE's) 2,908 2,923 2,908 2,923 2,899
Financial ratios (%, unless otherwise stated)
Organic growth adjusted for number of working days -2.1 -5.3 1.0 -9.4 -6.4
Gross profit margin 19.8 20.7 20.2 20.6 20.6
EBITDA margin 3.9 7.1 3.3 4.7 5.3
EBITA margin 1.7 5.0 1.1 2.7 3.3
Net working capital (end of period NWC)/revenue (LTM) 15.2 16.8 15.2 16.8 13.9
Gearing (net interest-bearing liabilities/EBITDA), no. of times 3.4 2.7 3.4 2.7 1.9
Return on equity (ROE) 1.5 8.8 1.5 8.8 8.0
Equity ratio 28.5 28.5 28.5 28.5 29.9
Share ratios (DKK)
Earnings per share outstanding (EPS) 0.41 10.68 -3.42 13.69 20.68
In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
Q1-Q3 Financial messages
• Continued improvement of average net working capital
to 14.8%.
• Vacating the Halmstad warehouse earlier than
expected and delivering a higher reduction of net
working capital than previously anticipated.
• Launching additional growth and earnings initiatives to
support future business development, including the
upgrading of digital platforms.
• EBITDA was in the low range of guidance due to low
revenue growth and disappointing gross profit margin.
• 2025 guidance refined to revenue of DKK 12.0bn and
EBITDA of DKK 460m.
Solar A/S Q3 2025
4
Management’s
review
Financial highlights
Digitalisation to drive future
growth and earnings
To maintain our position as one of the digital leaders, we continue
to invest in digital capabilities and customer experience.
Building on a strong digital foundation
In recent years, we have invested heavily in strengthening
our digital core through upgrades, consolidation, and the
unification of our ERP and warehouse platforms.
As cyber threats continue to increase, cyber security is of
utmost importance. Solar complies with the Network and
Information Security Directive (NIS2) and ISO27001, which
include tools to minimise potential threats. We believe this
increases Solar’s resilience and ensures that Solar also
remains a reliable and trusted partner to customers within
critical infrastructure.
Digital commerce transformation
Building on our strong digital foundation we have defined a
clear digital platform direction covering all aspects of
digitalisation across Solar Group based on three focus
areas:
1. Customer deep
We believe that deep customer insight is a key driver for
future growth. Therefore, we are investing in AI and data
platforms to make product and service offerings even more
relevant to the individual customer through micro-
segmentation of our customer base.
2. Digital selling
We are investing in a brand new e-commerce platform that
will provide customers with access to products and
services across multiple digital channels.
The new platform is designed to meet the need for fast
adaptation to changing market conditions and evolving
customer expectations. We expect to migrate the first
customer segments to the new platform in H1 2026.
3. Search experience
A recent introduction of a new search engine and AI-
optimised product information makes it even easier for
customers to find the right products, thereby improving
overall conversion rates and basket size across our online
channels.
These initiatives are an integral part of our Solve strategy
execution and key elements in our ongoing efforts to
enhance customer experience across our e-commerce
platforms, drawing on customer feedback and extensive
customer surveys.
All in all, our commitment to digital innovation and robust
security ensures that we will continue to lead the way in
delivering reliable, efficient solutions for our customers,
reinforcing our reputation as a strong digital partner.
5
Management’s
review
Solar A/S Q3 2025
Strategy and business
Q1-Q3 EBITDA of DKK 296m impacted by
non-recurring costs of DKK 65m
Q3 2025
Revenue
Revenue decreased to DKK 2.8bn (DKK 2.9bn). Adjusted
organic growth amounted to -2.1% (-5.3%). When adjusted
for Solar Polaris’ deliveries to a major solar park project,
organic growth amounted to -4.0%. Revenue in Q3 was in
the lower range of our expectations.
Despite the launch of additional growth initiatives, the
unexpected slowdown we saw in Q2 continued in Q3. This
resulted in negative growth, particularly for Industry and, to
a lesser extent, for Installation.
Adjusted organic growth amounted to -2.3% (-5.7%) for
Installation, -6.2% (-3.5%) for Industry and 15.3% (-9.7%) for
Trade driven by Solar Polaris. Revenue from Climate &
Energy, a strategic focus area, also showed positive
adjusted organic growth, which amounted to 19% (-29%)
driven by Solar Polaris.
Gross profit
As indicated in our guidance, we expected that the
downward trend of our gross profit margin would taper off
in 2025. However, changes in the gross profit margin in Q3
did not support this assumption.
Gross profit margin at group level declined to 19.8%
(20.7%) in Q3 2025. Solar Polaris' deliveries to a major
solar project park diluted the overall gross profit margin.
Adjusted for this, the underlying gross profit margin
amounted to 20.1%. This disappointing development is
In Q1-Q3, adjusted organic
growth amounted to 1.0%, but
Q3 revenue was in the lower
range of our expectations.
However, we continuously
launch additional growth and
earnings initiatives to support
future business development.
mainly driven by continued pressure on sales prices
combined with less cyclical inventory gains.
Other operating income
In Q3 2024, other operating income of DKK 39m primarily
relates to non-recurring income of DKK 35m from the
completion of the sale of our warehouse in Duiven.
External operating costs and staff costs
The measures we initiated in H1 are taking effect, but
external operating costs and staff costs were impacted by
DKK 2m in additional restructuring costs, DKK 2m in
additional transition costs and DKK 4m in acquisition costs
related to the potential acquisition of Sonepar Norge.
Adjusted for these non-recurring costs, external operating
costs and staff costs amounted to 15.4% (15.0%) of
revenue.
EBITDA
EBITDA of DKK 110m (DKK 202m) was in the low range of
our expectations. Adjusted for non-recurring income and
costs, the underlying EBITDA margin amounted to 4.2%
(5.7%). The results from the individual markets are given on
page 23.
Earnings before tax
Earnings before tax amounted to DKK 6m (DKK 101m), as
revenue was in the lower range of our expectations, and
gross profit showed unsatisfactory development.
Net profit
Net profit amounted to DKK 3m (DKK 78m).
EBITDA
DKKm
Gross profit margin
%
Adjusted organic growth
%
(Data shown in brackets relate to the corresponding period in 2024)
20242025
Q1
20.4
20.7
Q2
20.3
20.4
Q3
19.8
20.7
Q4
20.8
Q4
219
Q1
74
88
Q2 Q3
112
137
110
202
20242025
20242025
Q1
6.5
-15.4
Q2
-1.2 -7.8
Q3
-2.1 -5.3
Q4
3.0
6
Management’s
review
Solar A/S Q3 2025
Financial performance
Q1-Q3 2025
Revenue
Adjusted organic growth at group level amounted to 1.0%
(-9.4%), while revenue increased to DKK 9.1bn (DKK 9.0bn).
Solar Polaris exceeded expectations, positively impacting
organic growth at group level by 2.1 percentage points.
However, the rest of the business fell short of our
expectations by delivering growth of -1.1%.
Gross profit
As indicated in our guidance, we expected that the
downward trend of our gross profit margin would taper off
in 2025. However, the actual gross profit margin in Q3 did
not support this assumption.
Gross profit margin at group level declined to 20.2%
(20.6%) in Q1-Q3 2025. Solar Polaris' deliveries to a major
solar project park diluted the overall gross profit margin.
Adjusted for this, the underlying gross profit margin
amounted to 20.5%.
External operating costs and staff costs
The construction of our new logistics centre in Kumla,
Sweden, is ahead of schedule. This has facilitated the
completion of the relocation of the warehouses in Örebro
and Halmstad more efficiently. We moved our inventory
from Halmstad to Örebro, thus vacating the Halmstad
warehouse earlier than expected. In Q1 2025, this led to
approx. DKK 12m in transition costs and an additional
DKK 2m in Q3. These transition costs were initially
expected in 2026. Fast-tracking the move to Kumla reduced
risk and freed up cash by reducing net working capital by
the initially expected amount of DKK 40m. It is now
expected to free up additional cash of DKK 15-20m
bringing the total up to approx. DKK 60m.
In Q1-Q3, we also embarked on a range of measures to
optimise our operating model, including cost containment,
process improvements and staff reductions. Consequently,
costs in Q1-Q3 2025 include restructuring costs of approx.
DKK 47m (DKK 27m), which are expected to generate
equivalent savings in 2025 and full-year savings of approx.
DKK 75m.
When adjusted for non-recurring costs including acqusition
costs related to the potential acquisition of Sonepar Norge,
external operating costs and staff costs amounted to
16.1% (15.8%) of revenue.
EBITDA
EBITDA of DKK 296m (DKK 427m) was in the low range
of our expectations. When adjusted for non-recurring
income and costs, the underlying EBITDA margin amounted
to 4.0% (4.6%). The results of the individual markets are
shown on page 23.
Earnings before tax
Revenue in the lower range of our expectations and a less
favourable segment mix led to reduced gross profit margin.
This in combination with non-recurring costs resulted in
earnings before tax of DKK -24m (DKK 129m).
Net profit
Net profit amounted to DKK -26m (DKK 97m).
Cash flow
Net working capital as an average of the previous four
quarters decreased to 14.8% (15.5%) of revenue. Net
working capital at the end of September 2025 amounted to
15.2% (16.8%).
Cash flow from operating activities totalled DKK -20m
(DKK 13m). Nevertheless, we succeeded in reducing
inventories through inventory optimisation, which
generated a cash flow impact of DKK 193m (DKK 66m).
We remain focused on reducing inventories in Q4 2025.
Changes in receivables impacted cash flow by DKK -210m
(DKK -356m) mainly due to normal seasonal factors.
Changes in non-interest-bearing liabilities impacted cash
flow by DKK -219m (DKK 54m) partly due to the ongoing
inventory reduction.
Total cash flow from investing activities amounted to
DKK -290m (DKK -209m). The purchase of property, plant
and equipment amounted to DKK -289m (DKK -86m).
DKK -253m relates to the construction of our new logistics
centre in Kumla, Sweden. Of the total Kumla investment,
approx. DKK 230m remains, with around DKK 70m
expected to be incurred in Q4 2025.
The disposal of property, plant and equipment amounted to
DKK 82m, which primarily relates to the release of the
proceeds from the sale of our warehouse in Duiven in Q4
2024.
Cash flow from financing activities amounted to DKK 41m
(DKK 23m). This was primarily affected by changes in
current interest-bearing liabilities and by dividend
distribution of DKK 110m (DKK 219m).
As a result, total cash flow amounted to DKK -269m
(DKK -173m). Net interest-bearing liabilities amounted to
DKK 1,739m (DKK 1,646m).
By the end of September 2025, gearing was 3.4 (2.7) times
EBITDA which is above our gearing target of 1.0-3.0 times
EBITDA. By the end of September 2025, Solar had undrawn
credit facilities of DKK 669m (DKK 691m).
Invested capital
Solar Group’s invested capital totalled DKK 3,493m
(DKK 3,460m). ROIC calculated over the past 12 months
amounted to 4.4% (6.8%).
Activities with a Solar equity interest of less than 50% and
activities attributable to non-controlling interests are not
included in the ROIC calculation. Invested capital includes
operating assets and liabilities only.
Key risks and mitigation
The commercial and financial risks in respect of our
activities are detailed in Solar’s 2024 Annual Report. No
additional material risks have been identified. Solar is not
directly exposed to the tariffs imposed by the US or to the
US market, but resulting macroeconomic consequences
may affect Solar's markets. We continue to monitor market
developments closely.
Events after the reporting period
In October 2025, we announced that Solar has signed an
agreement for Solar Norge to acquire 100% of Sonepar
Norge. The transaction values Sonepar Norge at DKK 315m
on an Enterprise Value basis. The transaction is not
expected to have an impact on Solar Group results in 2025
except for the expected acquisition costs of DKK 5m.
Solar expects to finance the transaction during the next
two months through a combination of 1/3 equity financing
via an accelerated bookbuilding without pre-emption rights
for existing shareholders and 2/3 debt financing provided
by Danske Bank and Nordea.
Solar’s majority shareholder Fonden af 20. December,
which holds 17% of the share capital of Solar, will
participate pro rata in the accelerated bookbuilding and will
guarantee the entire transaction.
For more details, see announcement no. 9 dated 22
October 2025.
7
Management’s
review
Solar A/S Q3 2025
Financial performance
Installation
Our Installation segment covers the installation of
electrical, heating and plumbing products.
Installation revenue for Q3 amounted to DKK 1,518m (DKK
1,543m), which corresponds to overall adjusted organic
growth of around -2.3% (-5.7%). Solar Polska saw positive
growth, while other markets experienced negative growth.
Segment profit amounted to DKK 92m (DKK 122m), which
corresponds to a segment profit margin of 6.1% (7.9%).
Industry
This segment covers the industry, offshore and marine
industries as well as utilities and infrastructure. Industry
also includes MAG45 and Thermonova.
Industry revenue for Q3 amounted to DKK 990m
(DKK 1,052m). This corresponds to overall adjusted
organic growth of around -6.2% (-3.5%). Solar Norge and
Solar Polska posted positive growth, while other markets,
including MAG45, posted negative growth.
Segment profit amounted to DKK 141m (DKK 159m). This
corresponds to a segment profit margin of 14.2% (15.1%).
Trade
Our Trade segment covers special sales and other
specialist areas. It also includes Solar Polaris and Højager.
Revenue from Trade for Q3 amounted to DKK 307m
(DKK 265m) corresponding to overall adjusted organic
growth of 15.3% (-9.7%), which was positively affected by
Solar Polaris’ deliveries to a major solar park project. When
adjusted for Solar Polaris’ deliveries, organic growth
amounted to approx. -5%.
Segment profit amounted to DKK 29m (DKK 26m), which
corresponds to a segment profit margin of 9.4% (9.8%).
Segment revenue
DKKm
Q3 2025 Q3 2025
DKKm
Installation Installation
1,518 92
990 141
307 29
Industry Industry
Trade Trade
Segment profit Overview business segments
Q3
Revenue Segment profit Segment margin %
DKK million 2025 2024 2025 2024 2025 2024
Installation 1,518 1,543 92 122 6.1 7.9
Industry 990 1,052 141 159 14.2 15.1
Trade 307 265 29 26 9.4 9.8
Solar Group 2,815 2,860 262 307 9.3 10.7
Q3 posted negative growth particularly in
Industry and, to a lesser extent, in Installation
Segment profit includes items that are directly
attributable to the individual segment and items
that can be reliably allocated to it.
Segment profit does not include non-allocated
costs of DKK 152m (DKK 105m) in Q3, which
cover income and costs related to joint group
functions and to costs that cannot be reliably
allocated to it.
Detailed segment information is given on page 21.
8
Management’s
review
Solar A/S Q3 2025
Segment performance Q3
Installation
Installation revenue for Q1-Q3 amounted to DKK 4,928m
(DKK 4,929m), which corresponds to overall adjusted
organic growth of around 0.1% (-11%). Solar Danmark,
Solar Nederland and Solar Polska saw positive growth,
while other markets saw negative growth.
Segment profit amounted to DKK 352m (DKK 391m), which
corresponds to a segment profit margin of 7.1% (7.9%).
Industry
Industry revenue for Q1-Q3 amounted to DKK 3,155m
(DKK 3,268m). This corresponds to overall adjusted
organic growth of around -3.0% (-4.9%). Solar Danmark,
Solar Nederland and MAG45 posted negative growth, while
other markets posted positive growth.
Segment profit amounted to DKK 461m (DKK 496m). This
corresponds to a segment profit margin of 14.6% (15.2%).
Trade
Revenue from Trade for Q1-Q3 amounted to DKK 973m
(DKK 793m), which corresponds to overall adjusted organic
growth of 23.2% (-15%), which was positively affected by
Solar Polaris’ deliveries to a major solar park project. When
adjusted for Solar Polaris’ deliveries, organic growth
amounted to approx. -1%.
Segment profit amounted to DKK 93m (DKK 84m), which
corresponds to a segment profit margin of 9.6% (10.6%).
Segment profit includes items that are directly
attributable to the individual segment and items
that can be reliably allocated to it.
Segment profit does not include non-allocated
costs of DKK 610m (DKK 544m) in Q1-Q3, which
cover income and costs related to joint group
functions and to costs that cannot be reliably
allocated to it.
Detailed segment information is given on page 22.
Segment revenue
DKKm
Q1-Q3 2025 Q1-Q3 2025
DKKm
Installation Installation
Industry Industry
Trade Trade
Segment profit Overview business segments
Q1-Q3
Revenue Segment profit Segment margin %
DKK million 2025 2024 2025 2024 2025 2024
Installation 4,928 4,929 352 391 7.1 7.9
Industry 3,155 3,268 461 496 14.6 15.2
Trade 973 793 93 84 9.6 10.6
Solar Group 9,056 8,990 906 971 10.0 10.8
Strong growth in Solar Polaris in Q1-Q3
4,928 352
3,155 461
973 93
9
Management’s
review
Solar A/S Q3 2025
Segment performance Q1-Q3
Guidance refined to revenue of DKK 12.0bn
and EBITDA of DKK 460m
Assumptions
As previously mentioned in our Q1 report, macroeconomic
uncertainty increased substantially at the beginning of Q2
2025. Our previous guidance was for a market
improvement based on GDP growth in 2025 relative to
2024 levels, but this failed to materialise, particularly in
Denmark.
Revenue
We expect all our markets to post stagnant or negative
growth in 2025.
Installation
Overall, we expect to see slightly negative growth in the
new construction sector in 2025. The green transition is set
to deliver slightly better growth rates although still below
our initial expectations.
Industry
Our guidance assumes positive growth in Marine/Offshore,
whereas we expect negative growth in all other sub-
segments. Overall, we expect the industry market to show
negative trends.
Trade
We expect to see positive growth in 2025 driven by Solar
Polaris' deliveries to a major solar park project. The effect
will, however, taper off in Q4.
As the anticipated market
improvement did not
materialise, particularly in
Denmark, we have refined our
2025 guidance to revenue of
DKK 12.0bn and EBITDA of
DKK 460m. Our previous 2025
guidance projected revenue of
DKK 11.75bn-12.25bn and an
EBITDA of DKK 450m-510m.
Gross profit margin
Throughout 2024, we posted a loss in gross profit margin
across all main product categories. Initially, we expected
the downward trend to taper off in 2025, however, it did not.
Our outlook for 2025 is for a negative gross profit margin,
primarily driven by ongoing pressure on sales prices
combined with less cyclical inventory gains due to fewer
supplier price increases as well as a less favourable
segment mix, partly due to Solar Polaris’ deliveries to a
solar park project.
External operating costs and staff costs
Contrary to our initial expectations, salary inflation
continues to have an impact, in part due to carry-over
effects and in part due to collective labour agreements. We
anticipate this trend to continue throughout 2025.
The implemented restructuring costs of approx. DKK 47m
in Q1-Q3 are expected to generate equivalent savings in
2025 and full-year savings of approx. DKK 75m going
forward.
We will continue to initiate restructuring measures, albeit
on a smaller scale. This, combined with other measures,
including cost containment and process improvements,
will continue to reduce costs.
Financial outlook 2025
Revenue guidance
We expect revenue of DKK 12.0bn, which is in the middle
range of our previous revenue guidance of between DKK
11.75bn and 12.25bn. Revenue guidance of DKK 12.0bn
corresponds to organic growth of approx. -0.5%.
EBITDA guidance
We expect EBITDA of DKK 460m, which is in the low range
of our previous EBITDA guidance of between DKK 450m
and 510m.
Ambitions for 2026
We continue to work towards our 2026 ambition of
achieving an increased EBITDA margin.The impact of the
initiatives already implemented in 2025 will, all things being
equal, increase the EBITDA margin by approx. 0.8
percentage points compared to the guidance for 2025.
However, our 2026 EBITDA margin will be impacted by the
initiatives that lay the foundation for sustainable growth
and earnings across our markets in the coming years. Most
notably the transition from the warehouse in Örebro to the
new logistics centre in Kumla in Sweden and the impact of
the potential acquisition of Sonepar Norge in Norway.
10
Management’s
review
Solar A/S Q3 2025
Guidance 2025
Share and webcast information
Solar’s share capital is divided
into nominal value DKK 90
million A shares and nominal
value DKK 646 million B shares.
Total shareholder return
The total shareholder return of the Solar B share during the
holding period 1 January 2025 - 30 September 2025 was
-27.5% including the DKK 15.00 ordinary dividend that was
paid out in March 2025.
Audio webcast
The presentation of the Quarterly Report Q3 2025 will be
conducted in English on 6 November 2025 at 11:00 CET.
The presentation will be transmitted as an audio webcast
and will be available at:
A share B share
Shares 900,000 6,460,000
Nominel value (DKK) 100 100
Votes per share 10 1
Treasury shares - 56,813
Stock Exchange - Nasdaq Copenhagen
Stock Exchange
Ticker symbol Solar B
Share price 30 September (DKK) 202 202
Market Cap 30 September (DKKm) 182 1,305
The Solar share
Financial calendar 2026
Shareholders with more than 5%
of shares or votes
Annual Report 2025
5 Feb
Annual General Meeting
13 Mar
Quarterly Report Q1 2026
7 May
Quarterly Report Q2 2026
13 Aug
Quarterly Report Q3 2026
3 Nov
Shareholders according to
section 55 of the Danish
Companies Act
Share
Capital Votes
The Fund of 20th December,
Vejen, Denmark 17.0% 60.5%
Nordea Funds Ltd., Helsinki,
Finland 10.4% 5.0%
11
Management’s
review
Solar A/S Q3 2025
Shareholder information
Q3 Q1-Q3 Year
DKK million 2025 2024 2025 2024 2024
Revenue 2,815 2,860 9,056 8,990 12,223
Cost of sales -2,259 -2,267 -7,231 -7,140 -9,702
Gross profit 556 593 1,825 1,850 2,521
Other operating income and costs 0 39 2 39 88
External operating costs -89 -80 -296 -278 -369
Staff costs -353 -350 -1,225 -1,173 -1,580
Loss on trade receivables -4 0 -10 -11 -14
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 110 202 296 427 646
Depreciation and write-down on property, plant and equipment -63 -59 -194 -181 -246
Earnings before interest, tax and amortisation (EBITA) 47 143 102 246 400
Amortisation and impairment of intangible assets -20 -18 -62 -55 -122
Earnings before interest and tax (EBIT) 27 125 40 191 278
Share of net profit from associates 0 0 0 0 -1
Financial income 9 11 28 29 63
Financial expenses -30 -35 -92 -91 -148
Earnings before tax (EBT) 6 101 -24 129 192
Income tax -3 -23 -2 -32 -44
Net profit for the period 3 78 -26 97 148
Attributable to:
Shareholders of Solar A/S 3 78 -25 100 151
Non-controlling interests 0 0 -1 -3 -3
Net profit for the period 3 78 -26 97 148
Earnings in DKK per share outstanding (EPS) 0.41 10.68 -3.42 13.69 20.68
Diluted earnings in DKK per share outstanding (EPS-D) 0.41 10.65 -3.42 13.65 20.60
Q3 Q1-Q3 Year
DKK million 2025 2024 2025 2024 2024
Net profit for the period 3 78 -26 97 148
Other income and costs recognised:
Items that can be reclassified for the income statement
Foreign currency translation adjustment of foreign subsidiaries 10 -14 26 -29 -36
Fair value adjustment of hedging instruments before tax 1 -4 3 0 0
Tax on fair value adjustments of hedging instruments -1 1 -1 0 0
Other income and costs recognised after tax 10 -17 28 -29 -36
Total comprehensive income for the period 13 61 2 68 112
Attributable to:
Shareholders of Solar A/S 13 61 3 71 115
Non-controlling interests 0 0 -1 -3 -3
Total comprehensive income for the period 13 61 2 68 112
Statement of comprehensive income
Income statement Other comprehensive income
Solar A/S Q3 2025
Financial statements
13
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
30.09 31.12
DKK million 2025 2024 2024
Assets
Intangible assets 402 407 381
Property, plant and equipment 1,282 1,040 1,070
Right-of-use assets 390 396 408
Deferred tax asset 15 7 11
Investments in associates 3 4 3
Other non-current assets 22 25 27
Non-current assets 2,114 1,879 1,900
Inventories 1,713 1,942 1,888
Trade receivables 1,912 1,964 1,657
Income tax receivable 37 36 20
Contract assets 4 0 4
Other receivables 13 96 107
Prepayments 60 79 73
Cash at bank and in hand 190 268 459
Current assets 3,929 4,385 4,208
Total assets 6,043 6,264 6,108
30.09 31.12
DKK million 2025 2024 2024
Equity and liabilities
Share capital 736 736 736
Reserves -206 -227 -234
Retained earnings 1,192 1,275 1,216
Proposed dividends for the financial year 0 0 110
Equity attributable to shareholders of Solar A/S 1,722 1,784 1,828
Non-controlling interests 45 47 46
Total equity 1,767 1,831 1,874
Interest-bearing liabilities 267 427 425
Lease liabilities 266 281 284
Provision for deferred tax 141 152 157
Other provisions 13 11 12
Non-current liabilities 687 871 878
Interest-bearing liabilities 1,256 1,078 841
Lease liabilities 140 128 141
Trade payables 1,756 1,870 1,852
Income tax payable 5 18 8
Contract liabilities 13 0 35
Other payables 383 453 462
Prepayments 5 5 8
Other provisions 31 10 9
Current liabilities 3,589 3,562 3,356
Liabilities 4,276 4,433 4,234
Total equity and liabilities 6,043 6,264 6,108
Balance sheet
Consolidated
Solar A/S Q3 2025
Financial statements
14
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Q3 Q1-Q3 Year
DKK million 2025 2024 2025 2024 2024
Net profit for the period 3 78 -26 97 148
Depreciation, write-down and amortisation 83 77 256 236 368
Changes to provisions and other adjustments -18 -44 19 -50 -103
Share of net profit from associates 0 0 0 0 1
Financials, net 21 24 64 62 85
Income tax 3 23 2 32 44
Financial income, received 7 6 14 17 33
Financial expenses, settled -22 -27 -70 -75 -114
Income tax, settled 4 9 -43 -70 -69
Cash flow before working capital changes 81 146 216 249 393
Working capital changes
Inventory changes 57 -41 193 66 113
Receivables changes -59 -77 -210 -356 -64
Non-interest-bearing liabilities changes -15 -224 -219 54 96
Cash flow from operating activities 64 -196 -20 13 538
Q3 Q1-Q3 Year
DKK million 2025 2024 2025 2024 2024
Investing activities
Purchase of intangible assets -24 -38 -81 -113 -154
Purchase of property, plant and equipment -76 -44 -289 -86 -162
Disposal of property, plant and equipment 6 0 82 0 61
Acquisition of subsidaries and activities 0 0 -2 -10 -10
Cash flow from investing activities -94 -82 -290 -209 -265
Financing activities
Repayment of non-current interest-bearing debt -3 -2 -108 -7 -9
Raising of non-current interest-bearing liabilities 0 0 0 0 100
Change in current interest-bearing debt 58 201 375 352 11
Instalment on lease liabilities -39 -34 -116 -103 -137
Dividends paid to shareholders of Solar A/S 0 0 -110 -219 -219
Dividends paid to non-controlling interests 0 0 0 0 -1
Cash flow from financing activities 16 165 41 23 -255
Total cash flow -14 -113 -269 -173 18
Cash at bank and in hand at the beginning of period 204 381 459 441 441
Cash at bank and in hand at the end of period 190 268 190 268 459
Cash flow statement
Consolidated
Solar A/S Q3 2025
Financial statements
15
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
DKK million
Share
capital
Reserves
for hedging
transactions
1
Reserves
for foreign
currency
translation
adjustments
1
Retained
earnings
Proposed
dividends
Equity
attributable to
Shareholders of
Solar A/S
Non-controlling
interests Total equity
2025
Equity as at 1 January 736 -13 -221 1,216 110 1,828 46 1,874
Foreign currency translation adjustments of foreign subsidiaries 26 26 26
Fair value adjustments of hedging instruments before tax 3 3 3
Tax on fair value adjustments -1 -1 -1
Net income recognised in equity via other comprehensive income in the statement
of comprehensive income 0 2 26 0 0 28 28
Net profit or loss for the period -25 -25 -1 -26
Comprehensive income 0 2 26 -25 0 3 -1 2
Distribution of dividends (DKK 15.00 per share) -110 -110 -110
Share-based payments 1 1 1
Non-controlling interests on acquisition of subsidiary 0 0
Transactions with the owners 0 0 0 1 -110 -109 0 -109
Equity as at 30 September 736 -11 -195 1,192 0 1,722 45 1,767
1. Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves.
Statement of changes in equity
Consolidated
Solar A/S Q3 2025
Financial statements
16
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
DKK million
Share
capital
Reserves
for hedging
transactions
1
Reserves
for foreign
currency
translation
adjustments
1
Retained
earnings
Proposed
dividends
Equity
attributable to
Shareholders of
Solar A/S
Non-controlling
interests Total equity
2024
Equity as at 1 January 736 -13 -185 1,175 219 1,932 50 1,982
Foreign currency translation adjustments of foreign subsidiaries -29 -29 -29
Fair value adjustments of hedging instruments before tax 0 0 0
Tax on fair value adjustments 0 0 0
Net income recognised in equity via other comprehensive income in the statement
of comprehensive income 0 0 -29 0 0 -29 0 -29
Net profit or loss for the period 100 100 -3 97
Comprehensive income 0 0 -29 100 0 71 -3 68
Distribution of dividends (DKK 30.00 per share) -219 -219 -219
Non-controlling interests on acquisition of subsidiary 0 0
Transactions with the owners 0 0 0 0 -219 -219 0 -219
Equity as at 30 September 736 -13 -214 1,275 0 1,784 47 1,831
1. Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves.
Statement of changes in equity
– Continued
Solar A/S Q3 2025
Financial statements
17
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Section 1
Basis for preparation
Solar A/S Q3 2025
Financial statements
18
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Section 1 – Basis for preparation
1.1 Accounting policies
The financial report for Solar A/S has been
prepared in accordance with IAS 34 “Presentation
of interim reports” as approved by the EU and
additional Danish disclosure requirements for
quarterly reports of listed companies.
The accounting policies remain unchanged from
the Annual Report 2024, which contains a full
description of these on pages 104-106 as well as
of relevant, supplementary notes.
In the financial report, income tax has been
calculated on the basis of pre-tax profits at the
expected average tax rate.
New accounting standards implemented during
the period
No additional standards have become effective in
the period, only amendments and improvements
to existing standards. These changes have no
impact on Solar’s accounting policies.
New accounting standards to be implemented
in coming accounting periods
In Annual Report 2024, note 5.5, page 145, new
or amended standards to be implemented in the
coming accounting periods are described.
Financial statements
19
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Section 2 – Income statement
2.1 Revenue
2.2 Segment information
Solar’s business segments are Installation, Industry and Trade and are based on the customers’
affiliation with the segments. Installation covers installation of electrical, and heating and plumbing
products, while Industry covers industry, offshore and marine, and utility and infrastructure. Trade
covers special sales and other small areas. The three main segments have been identified without
aggregation of operating segments. Segment income and costs include any items that are directly
attributable to the individual segment and any items that can be reliably allocated to the individual
Q3 Q1-Q3
DKK million 2025 2024 2025 2024
Sales of goods and services 2,734 2,832 8,811 8,936
Revenue from construction contracts 81 28 245 54
Total 2,815 2,860 9,056 8,990
DKK million Installation Industry Trade Total
Q3 2025
Revenue 1,518 990 307 2,815
Cost of sales -1,248 -755 -256 -2,259
Gross profit 270 235 51 556
Direct costs -69 -41 -9 -119
Earnings before indirect costs 201 194 42 437
Indirect costs -109 -53 -13 -175
Segment profit 92 141 29 262
Non-allocated costs -152
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 110
Depreciation and amortisation -83
Earnings before interst and tax (EBIT) 27
Financials, net incl. share of net profit from associates
and impairment on associates -21
Earnings before tax (EBT) 6
DKK million Installation Industry Trade Total
Q3 2024
Revenue 1,543 1,052 265 2,860
Cost of sales -1,251 -800 -216 -2,267
Gross profit 292 252 49 593
Direct costs -64 -38 -10 -112
Earnings before indirect costs 228 214 39 481
Indirect costs -106 -55 -13 -174
Segment profit 122 159 26 307
Non-allocated costs -105
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 202
Depreciation and amortisation -77
Earnings before interst and tax (EBIT) 125
Financials, net incl. share of net profit from associates
and impairment on associates -24
Earnings before tax (EBT) 101
segment. Non-allocated costs refer to income and costs related to joint group functions and costs,
which can not be reliably allocated to the individual segment. Assets and liabilities are not included in
segment reporting.
Revenue and costs in the amount of DKK 81 (Q3 2024: DKK 28) and DKK 72 (Q3 2024: DKK 24),
respectively, from construction contracts recognized over time are fully allocated to the Trade segment.
Financial statements
21
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
2.2 Segment information – continued
DKK million Installation Industry Trade Total
Q1-Q3 2025
Revenue 4,928 3,155 973 9,056
Cost of sales -4,019 -2,401 -811 -7,231
Gross profit 909 754 162 1,825
Direct costs -215 -129 -31 -375
Earnings before indirect costs 694 625 131 1,450
Indirect costs -342 -164 -38 -544
Segment profit or loss 352 461 93 906
Non-allocated costs -610
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 296
Depreciation and amortisation -256
Earnings before interst and tax (EBIT) 40
Financials, net -64
Earnings before tax (EBT) -24
DKK million Installation Industry Trade Total
Q1-Q3 2024
Revenue 4,929 3,268 793 8,990
Cost of sales -4,013 -2,482 -645 -7,140
Gross profit 916 786 148 1,850
Direct costs -200 -118 -28 -346
Earnings before indirect costs 716 668 120 1,504
Indirect costs -325 -172 -36 -533
Segment profit or loss 391 496 84 971
Non-allocated costs -544
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 427
Depreciation and amortisation -236
Earnings before interst and tax (EBIT) 191
Financials, net -62
Earnings before tax (EBT) 129
Revenue and costs in the amount of DKK 245 (Q1-Q3 2024: DKK 54) and DKK 223 (Q1-Q3 2024: DKK 43),
respectively, from construction contracts recognized over time are fully allocated to the Trade segment.
Financial statements
22
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
2.2 Segment information – continued
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q3 2025
Denmark
976 1.0 77 7.9 793
Sweden 500 -0.4 17 3.4 538
Norway 426 -3.0 8 1.9 208
The Netherlands 583 -2.6 5 0.9 383
Poland 116 9.5 0 0.0 47
Other markets 214 -18.7 3 1.4 145
Solar Group 2,815 -2.1 110 3.9 2,114
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q1-Q3 2025
Denmark
3,171 6.8 183 5.8 793
Sweden 1,587 0.4 30 1.9 538
Norway 1,331 -0.7 19 1.4 208
The Netherlands 1,964 -1.3 47 2.4 383
Poland 328 6.7 -2 -0.6 47
Other markets 675 -13.0 19 2.8 145
Solar Group 9,056 1.0 296 3.3 2,114
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q3 2024
Denmark
967 -2.1 88 9.1 896
Sweden 488 -9.3 24 4.9 241
Norway 440 -4.5 21 4.8 200
The Netherlands 598 -11.8 49 8.2 379
Poland 105 -6.1 2 1.9 49
Other markets 262 8.3 18 6.9 114
Solar Group 2,860 -5.3 202 7.1 1,879
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q1-Q3 2024
Denmark
2,984 -5.0 198 6.6 896
Sweden 1,554 -14.7 56 3.6 241
Norway 1,354 -10.6 50 3.7 200
The Netherlands 2,011 -16.3 77 3.8 379
Poland 304 -5.5 1 0.3 49
Other markets 783 8.4 45 5.7 114
Solar Group 8,990 -9.4 427 4.7 1,879
Geographical information
Solar A/S primarily operates on the Danish, Swedish, Norwegian and Dutch markets. In the below table,
Other markets covers the remaining markets, which can be seen in the group companies overview
available on page 184 of Annual Report 2024 or on www.solar.eu. The below allocation has been made
based on the products’ place of sale.
Financial statements
23
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Consolidated
Q1 Q2 Q3 Q4
Income statement (DKK million) 2025 2024 2025 2024 2025 2024 2024 2023
Revenue
3,223 3,030 3,018 3,100 2,815 2,860 3,233 3,160
Earnings before interest, tax, depreciation and amortisation (EBITDA) 74 88 112 137 110 202 219 190
Earnings before interest, tax and amortisation (EBITA) 10 26 45 77 47 143 154 131
Earnings before interest and tax (EBIT) -11 10 24 56 27 125 87 114
Financials, net -22 -16 -21 -22 -21 -24 -23 -29
Earnings before tax (EBT) -33 -6 3 34 6 101 63 85
Net profit or loss for the quarter -28 -6 -1 25 3 78 51 55
Balance sheet (DKK million)
Non-current assets 2,015 1,877 2,061 1,880 2,114 1,879 1,900 1,893
Current assets 4,385 4,205 3,944 4,339 3,929 4,385 4,208 4,219
Balance sheet total 6,400 6,082 6,005 6,219 6,043 6,264 6,108 6,112
Total equity 1,786 1,726 1,754 1,770 1,767 1,831 1,874 1,982
Non-current liabilities 863 891 694 881 687 871 878 908
Current liabilities 3,751 3,465 3,557 3,568 3,589 3,562 3,356 3,222
Interest-bearing liabilities, net 1,519 1,450 1,670 1,334 1,739 1,646 1,232 1,157
Invested capital 3,289 3,157 3,410 3,085 3,493 3,460 3,089 3,120
Net working capital, end of period 1,867 1,876 1,865 1,720 1,869 2,036 1,693 1,907
Net working capital, average 1,829 2,075 1,865 1,939 1,824 1,885 1,831 2,193
Quarterly figures
Financial statements
25
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Consolidated – continued
Q1 Q2 Q3 Q4
Cash flows (DKK million) 2025 2024 2025 2024 2025 2024 2024 2023
Cash flow from operating activities
-88 7 4 202 64 -196 525 486
Cash flow from investing activities -78 -57 -118 -70 -94 -82 -56 -87
Cash flow from financing activities 51 -57 -26 -85 16 165 -278 -199
Net investments in intangible assets -26 -34 -31 -41 -24 -38 -41 -31
Net investments in property, plant and equipment -50 -23 -87 -19 -70 -44 -15 -34
Acquisition and divestment of subsidiaries and operations, net -2 0 0 -10 0 0 0 -22
Financial ratios (% unless otherwise stated)
Revenue growth 6.4 -17.1 -2.6 -4.6 -1.6 -3.5 2.3 -14.2
Organic growth 6.5 -17.1 -3.4 -5.0 -2.1 -3.8 2.3 -12.5
Organic growth adjusted for number of working days 6.5 -15.4 -1.2 -7.8 -2.1 -5.3 3.0 -11.1
Gross profit margin 20.4 20.7 20.3 20.4 19.8 20.7 20.8 22.4
EBITDA margin 2.3 2.9 3.7 4.4 3.9 7.1 6.8 6.0
EBITA margin 0.3 0.9 1.5 2.5 1.7 5.0 4.8 4.1
EBIT margin -0.3 0.3 0.8 1.8 1.0 4.4 2.7 3.6
Net working capital (end of period NWC)/revenue (LTM) 15.0 15.1 15.1 14.0 15.2 16.8 13.9 14.6
Net working capital (average NWC )/revenue (LTM) 14.7 16.7 15.1 15.8 14.8 15.5 15.0 16.8
Gearing (net interest-bearing liabilities/EBITDA), no. of times 2.4 2.1 2.8 2.2 3.4 2.7 1.9 1.3
Return on equity (ROE) 7.2 10.9 5.9 8.6 1.5 8.8 8.4 18.3
Return on invested capital (ROIC) 7.7 8.5 6.7 6.6 4.4 6.8 8.3 13.2
Enterprise value/earnings before interest, tax and amortisation (EV/EBITA) 8.4 8.6 11.1 10.0 12.4 11.1 8.4 7.0
Equity ratio 27.2 27.6 28.5 27.7 28.5 28.5 29.9 31.6
Financial statements
26
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Consolidated – continued
Q1 Q2 Q3 Q4
Share ratios (DKK unless otherwise stated) 2025 2024 2025 2024 2025 2024 2024 2023
Earnings per share outstanding (EPS)
-3.70 -0.68 -0.14 3.70 0.41 10.68 6.98 7.39
Intrinsic value per share outstanding 238.39 229.63 234.01 235.92 235.79 244.28 250.30 264.54
Share price 241.44 331.37 310.17 325.27 202.13 354.55 299.27 465.71
Share price/intrinsic value 1.01 1.44 1.33 1.38 0.86 1.45 1.20 1.76
Employees
Number of employees (FTE's), end of period 2,919 2,932 2,913 2,889 2,902 2,880 2,895 2,990
Average number of employees (FTE's) 2,896 2,997 2,902 2,954 2,908 2,923 2,899 3,036
Definitions
Organic growth Revenue growth adjusted for enterprises acquired and sold off and any exchange rate changes. No adjustments have been made for number of working days.
Organic growth adjusted for number of working days Revenue growth adjusted for enterprises acquired and sold off and any exchange rate changes and number of working days.
Net working capital Inventories and trade receivables less trade payables.
Return on invested capital (ROIC) Return on invested capital calculated on the basis of EBIT exclusive impairment on goodwill less tax calculated using the effective tax rate adjusted for one-off effects, if any.
In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
Financial statements
27
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Executive Board
Board of Directors
Financial statements
29
Solar A/S Q3 2025
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q3 Quarterly information
Statements
Solar A/S
Tel. +45 79 30 00 00
CVR no. 15908416
LEI 21380031XTLI9X5MTY92
www.linkedin.com/company/solar-as
ESEF data
Name of reporting entity or other means of identification Solar A/S
Domicile of entity Denmark
Legal form of entity A/S
Country of incorporation Denmark
Address of entity's registered office Industrivej Vest 43, 6600 Vejen
Principal place of business Europe
Description of nature of entity's operations and principal business Sourcing and services company
Name of parent entity Solar A/S
Name of ultimate parent of group Fonden af 20. December