Q1
2026
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
e-emission
reduction targets through our Climate & Energy
products, which generate revenue exceeding DKK
1.2bn. Our CO
2
e 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 approx. 50,000 customers,
supported by valuable market knowledge and the
expertise of 2,995 committed employees, driving
greater productivity.
Enhancing service
through digitalisation
With 66% 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
76% 14% 10%
% of 2025 revenue
Segments
Installation Industry Trade
56% 34% 10%
% of 2025 revenue
% of 2025 revenue
Electrical Heating &
Plumbing
Climate &
Energy
Denmark
The Netherlands
Sweden
Norway
Poland
Other
33%
23%
17%
15%
3%
9%
Who we are
Solar A/S Q1 2026
2
Management’s
review
Contents
Financial highlights 4
Business update 5
Financial performance 6
Segment performance 8
Guidance 2026 9
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 23
Statements 27
Management review Consolidated financial statements Q1
Executing on the integration of Sonepar Norge
The integration of Sonepar Norge into Solar Norge is progressing well. We are serving customers, enhancing operations,
achieving cost efficiencies, and remain on track to complete the transition within the first half of 2026.
Page 5
Solar A/S Q1 2026
3
Management’s
review
Financial highlights
Q1 Year
DKK million 2026 2025 2025
Revenue 3,308 3,223 12,171
Earnings before interest, tax, depreciation and amortisation (EBITDA) 59 74 501
Earnings before interest, tax and amortisation (EBITA) -10 10 241
Earnings before interest and tax (EBIT) -31 -11 155
Earnings before tax (EBT) -51 -33 84
Net profit for the period -43 -28 74
Balance sheet total 6,928 6,400 6,296
Total equity 1,982 1,786 1,996
Interest-bearing liabilities, net 1,972 1,519 1,625
Cash flow from operating activities -173 -88 410
Net investments in property, plant and equipment -77 -50 -214
Employees
Number of employees (FTE's), end of period 2,951 2,919 2,995
Average number of employees (FTE's) 2,940 2,896 2,932
Financial ratios (%, unless otherwise stated)
Organic growth adjusted for number of working days -4.2 6.5 -0.9
Gross profit margin 19.5 20.4 20.4
EBITDA margin 1.8 2.3 4.1
EBITA margin -0.3 0.3 2.0
Net working capital (end of period NWC)/revenue (LTM) 15.1 15.0 13.5
Gearing (net interest-bearing liabilities/EBITDA), no. of times 4.1 2.4 3.2
Return on equity (ROE) 3.0 7.2 3.9
Equity ratio 28.0 27.2 31.0
Share ratios (DKK)
Earnings per share outstanding (EPS) -5.28 -3.70 10.02
Q1 Financial messages
• Q1 revenue and EBITDA were at the lower end of our
expected range mainly due to the severe winter,
particularly in February.
• The impact eased in March, when organic revenue
growth was delivered across most markets.
• The integration of Sonepar Norge is ahead of schedule
with integration costs being DKK 10m lower than
initially expected.
• We confirm our 2026 EBITDA guidance within the
range of DKK 400-480m.
In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
Solar A/S Q1 2026
4
Management’s
review
Financial highlights
Executing on the integration
of Sonepar Norge
In Q1, we continued the integration of Sonepar Norge into
Solar Norge, delivering strong operational progress, and
achieving planned synergies. The acquisition, completed
on 1 December 2025, positioned Solar as one of Norway’s
leading distributors with a combined portfolio of more than
25,000 SKUs and annual revenue of approx. DKK 2.5bn.
With integration scheduled for completion by end of H1
2026, performance continues to align with Solar's strategic
objective of strengthening scale, service, and profitability.
A key milestone ahead is the planned relocation to one
central warehouse, resulting in the transfer of all products
from Sonepar’s Drammen facility to Solar's warehouse in
Gardermoen. Once completed, this move will enhance
efficiency, lower logistics costs, and improve service levels.
The transition will also benefit from our previous
investments in automation, which have given Solar the
capacity to fully integrate Sonepar Norge into our
operations. As a result, we are able to maintain a relatively
flat cost base while adding approx. DKK 700m in
additional revenue.
The integration programme is now estimated to give rise to
integration costs of DKK 40m in 2026, which is DKK 10m
lower than initially expected. The programme continues to
support the announced synergies, including greater
economies of scale and improved distribution capabilities.
The integration of Sonepar Norge into Solar Norge is progressing
well. We are serving customers, enhancing operations, achieving
cost efficiencies, and remain on track to complete the transition
within the first half of 2026.
Notably, customer churn has remained below expectations,
reflecting strong retention efforts, early engagement,
and sustained service quality.
We continue to pursue and achieve commercial and
structural synergies, fully in line with our plan:
• Identifying branch overlap and terminating non critical
sites, optimising the retail footprint.
• Fully migrating customer master data into SAP, ensuring
unified systems and streamlined processes.
• Facilitating the onboarding and training of new Solar
employees from Sonepar Norge.
• Progressing with the migration of customers to our
e-commerce platform.
• Driving freight optimisation and supplier negotiations,
leveraging Solar’s strengthened market position in
Norway.
• Identifying additional cross selling opportunities,
creating further upside potential.
Overall, the integration is paving the way for Solar to
operate as a leading distributor in the Norwegian market.
This provides a solid foundation for growth and captures
the full value potential of the combined business.
Solar A/S Q1 2026
5
Management’s
review
Business update
Q1 EBITDA amounted to DKK 59m
Q1 2026
Revenue
Revenue increased to DKK 3.3bn (DKK 3.2bn) and was
positively impacted by the acquisition of Sonepar Norge in
2025. Adjusted organic growth amounted to -4.2% (6.5%).
After adjusting for Solar Polaris’s lower revenue from
deliveries to major solar project parks in Q1 2026
compared with Q1 2025, organic growth was -2.4%.
Severe winter weather had a negative impact, particularly in
February, and most notably in our Infrastructure business.
The impact eased in March, when revenue growth was
delivered across most markets. In March, adjusted organic
growth reached -0.8%, or 1.0% when adjusted for the
above-mentioned Solar Polaris effect.
In Q1, adjusted organic growth amounted to 0.1% (4.7%)
for Installation, -6.7% (3.3%) for Industry and -18.5% (30%)
for Trade mainly due to Solar Polaris’ lower revenue.
Gross profit
Our guidance for 2026 reflects a slight continued decline in
gross profit margin, primarily driven by ongoing pressure
on sales prices.
Gross profit margin at group level decreased to 19.5%
(20.4%) in Q1 2026. The decrease was observed across all
markets but was most pronounced in Solar Danmark.
The decrease in gross profit margin was further impacted
by increased freight costs due to increasing fuel prices.
Q1 revenue and EBITDA were at
the lower end of our expected
range affected by the severe
winter, particularly in February.
The integration of Sonepar
Norge is ahead of schedule.
External operating costs and staff costs
The integration of Sonepar Norge is ahead of schedule and
integration costs of DKK 16m were included in Q1 2026.
See page 5 on the status of the Sonepar and Solar
integration in Norway.
We continuously initiate measures to optimise our
operating model, and to mitigate the impact of cost
inflation and market development.
As expected, restructuring costs amounted to DKK 15m
(DKK 40m). In addition, Q1 2025 included transition costs
of DKK 12m in relation to the relocation of inventories from
two warehouses to one new logistics centre in Sweden.
Adjusted for these non-recurring costs, external operating
costs and staff costs amounted to 16.6% (16.4%) of
revenue.
EBITDA
EBITDA amounted to DKK 59m (DKK 74m). When adjusted
for non-recurring items, EBITDA amounted to DKK 90m
(DKK 126m). The EBITDA margin adjusted for non-recurring
items amounted to 2.7% (3.9%).
We continually launch new growth and earnings initiatives
to improve business development.
The results from the individual markets are shown on
page 22.
EBITDA
DKKm
Gross profit margin
%
Adjusted organic growth
%
Q2 Q3 Q4Q1
59
74
112
110
205
20252026
Q1 Q2 Q3 Q4
20252026
19.5
20.4 20.3
19.8
21.0
Q1 Q2 Q3 Q4
20252026
-4.2
6.5
-1.2
-2.1
-6.1
(Data shown in brackets relate to the corresponding period in 2025)
Solar A/S Q1 2026
6
Management’s
review
Financial performance
Q1 2026 Q1 2025
DKK million
Organic
businesses
Acquired
businesses
New solar
park project
Solar
Group
Solar
Group
Revenue 3,124 181 3 3,308 3,223
EBITDA 77 -18 0 59 74
Restructuring costs
15 15 40
Integration costs
16 16 -
Transition costs
- 12
EBITDA, adj. non-recurring items
92 -2 0 90 126
EBITDA margin 2.5% -9.9% 0.0% 1.8% 2.3%
EBITDA margin, adj. non-recurring items 2.9% -1.1% 0.0% 2.7% 3.9%
Earnings before tax
Despite higher revenue, lower gross profit margins and
increased costs led to earnings before tax of DKK -51m
(DKK -33m).
Net profit
Net profit amounted to DKK -43m (DKK -28m).
Cash flows
Net working capital as an average of the previous four
quarters was almost unchanged at 14.8% (14.7%) of
revenue. Net working capital at the end of Q1 2026
amounted to 15.1% (15.0%).
Cash flow from operating activities totalled DKK -173m
(DKK -88m). We expected the inventory increase in Q4
2025 to reverse in Q1 2026. However, a temporary planned
increase in inventory levels of DKK 70m in relation to the
warehouse relocations in Norway, combined with severe
winter weather and anticipation of price increases, resulted
in cash flow from inventory changes amounting to DKK
-86m (DKK 45m) in Q1. Changes in receivables impacted
cash flow by DKK --401m (DKK -343m) due to normal
seasonality while changes in non-interest-bearing liabilities
had a cash flow impact of DKK 289m (DKK 129m).
Total cash flow from investing activities amounted to
DKK -111m (DKK -78m). The purchase of intangible assets
of DKK -34m (DKK -26m) primarily relates to ongoing
investments in the optimisation of our digital platforms
including a new ERP system in MAG45. The purchase of
property, plant and equipment amounted to DKK -78m
(DKK -126m) of which DKK -62m (DKK -115m) relates to
the construction of our new logistics centre in Kumla,
Sweden. In Q1 2025, disposal of property, plant and
equipment primarily related 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 262m (DKK 51m). This was primarily affected by
changes in current interest-bearing liabilities of DKK 310m
(DKK 304m). In Q1 2025, dividend distribution amounted
to DKK 110m while the annual general meeting approved
no dividend for Q1 2026. As a result, total cash flow
amounted to DKK -22m (DKK -115m).
Net interest-bearing liabilities amounted to DKK 1,972m
(DKK 1,519) primarily due to the DKK 309m acquisition of
Sonepar Norge in Q4 2025. By the end of Q1 2026, gearing
was 4.1 (2.4) times EBITDA, which as expected is above
our gearing target of 1.0-3.0 times EBITDA due to the
acquisition of Sonepar Norge. The gearing is well in line
with our covenants.
By the end of Q1 2026, Solar had undrawn credit facilities
of DKK 839m (DKK 744m).
Invested capital
Solar Group’s invested capital totalled DKK 3,940m
(DKK 3,289m) impacted by the acquisition of Sonepar
Norge. ROIC calculated over the past 12 months amounted
to 2.4% (7.7%).
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 remain consistent with
those described in Solar’s Annual Report 2025. The
ongoing conflict in the Middle East continues to increase
uncertainty in global energy markets and to affect major
shipping routes. Solar has no direct exposure to the
affected markets. We continue, however, to monitor
potential macroeconomic impacts closely.
As an indirect effect of the conflict, several suppliers have
announced significant price increases, primarily for
oil-based products. For Solar, this may lead to higher
cyclical inventory gains in the short-term but could also
have a negative impact on demand. Higher fuel prices are
also driving increased freight costs, partly offset through
invoiced surcharges.
As in previous periods of geopolitical uncertainty, Solar
maintains close contact with suppliers and logistics
partners to support supply chain resilience and operational
continuity. Developments will continue to be monitored,
and risk mitigation measures will be adjusted as necessary.
Solar A/S Q1 2026
7
Management’s
review
Financial performance
Our segments in Q1 2026
Installation
Our Installation segment covers the installation of
electrical, heating and plumbing products.
Installation revenue for Q1 amounted to DKK 1,967m
(DKK 1,756m) positively impacted by the acquisition of
Sonepar Norge. Revenue corresponds to overall adjusted
organic growth of around 0.1% (4.7%). Solar Nederland,
Solar Sverige and Solar Polska saw positive growth while
all other main markets posted negative growth.
Segment profit amounted to DKK 117m (DKK 144m), which
corresponds to a segment profit margin of 5.9% (8.2%).
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 Q1 amounted to DKK 1,056m
(DKK 1,119m). This corresponds to overall adjusted
organic growth of around -6.7% (3.3%). Solar Polska
saw positive growth while other main markets posted
negative growth.
Segment profit amounted to DKK 156m (DKK 167m)
corresponding to a segment profit margin of 14.8%
(14.9%).
Trade
Our Trade segment covers special sales and other
specialist areas. It also includes Solar Polaris and Højager.
Revenue from Trade for Q1 amounted to DKK 285m
(DKK 348m). This corresponds to overall adjusted organic
growth of around -18.5% (30%) mainly due to Solar Polaris’
lower revenue from deliveries to major solar project parks.
When adjusted for Solar Polaris, organic growth amounted
to approx. -1% (6%).
Segment profit amounted to DKK 29m (DKK 31m), which
corresponds to a segment profit margin of 10.2% (8.9%).
Segment profit includes items that are directly
attributable to the individual segment and items
that can be reliably allocated to the individual
segment.
Segment profit does not include non-allocated
costs of DKK 243m (DKK 268m) in Q1, which
cover income and costs related to joint group
functions and to costs that cannot be reliably
allocated to the individual segment.
Detailed segment information is given on page 21.
Segment revenue
DKKm
Q1 2026 Q1 2026
DKKm
Installation Installation
1,967 117
1,056 156
285 29
Industry Industry
Trade Trade
Segment profit Overview business segments
Q1
Revenue Segment profit Segment margin %
DKK million 2026 2025 2026 2025 2026 2025
Installation 1,967 1,756 117 144 5.9 8.2
Industry 1,056 1,119 156 167 14.8 14.9
Trade 285 348 29 31 10.2 8.9
Solar Group 3,308 3,223 302 342 9.1 10.6
Solar A/S Q1 2026
8
Management’s
review
Segment performance
We confirm our guidance despite
a weak start to 2026
Assumptions
As stated on page 7, geopolitical and macroeconomic
uncertainty increased further at the start of 2026. Our
guidance reflects this uncertainty to the extent that it can
be quantified.
Revenue
Under the most likely scenario, we expect all our markets to
post stagnant growth in 2026.
Installation
Overall, we expect to see slight positive growth across the
new construction sector in 2026. The green transition is set
to deliver marginally improved growth rates compared to
2025. Our portfolio of project deliveries continues to
expand slightly, although margins remain below those of
our day-to-day sales.
Industry
Our guidance assumes negative growth for Marine/
Offshore and Utility, whereas we expect stagnant
development in all other sub-segments. MAG45, however,
is the exception, with solid growth rates expected. Despite
the positive effect from MAG45, we expect the industry
market to show a slight negative trend.
Trade
We expect to see positive growth in 2026 driven by Solar
Polaris' deliveries to a major solar park, with expected
revenue totalling DKK 275m.
Our 2026 guidance reflects
revenue in the range of DKK
12.9bn and 13.4bn, supported
by revenue of DKK 700m from
acquired businesses and DKK
275m from a new major solar
park project.
Gross profit margin
In recent years, we have posted a decline in gross profit
margin across all main product categories. Although we
initially expected the downward trend to taper off in 2025,
it has persisted.
Our outlook for 2026 reflects a minor continued decline in
gross profit margin, primarily driven by ongoing pressure
on sales prices, combined with a less favourable segment
mix in part due to Solar Polaris’ deliveries to a major new
solar park project. In March and April, several suppliers
announced significant price increases, primarily for
oil-based products. For Solar, this may lead to cyclical
inventory gains of up to DKK 20m above our initial
expectations, mainly in Q2 and to a lesser extent in Q3. In
addition, we expect negative impact on gross profit margin
due to higher fuel prices which we expect to partly offset
through invoiced surcharges.
External operating costs and staff costs
We expect the negative impact from salary inflation to
continue, in part due to carry-over effects and in part due
to collective labour agreements.
The integration of Sonepar Norge is developing very
satisfactorily and we now expect integration costs to
amount to DKK 40m against the previous DKK 50m.
Our guidance therefore includes DKK 75m in restructuring
and integration costs compared with the previous
DKK 85m. We now expect restructuring costs in Q2 to
total DKK 39m and DKK 5m in Q3. The restructuring costs
include approximately DKK 20m for the transition from our
Solar A/S Q1 2026
9
Management’s
review
Guidance 2026
warehouse in Örebro to our new logistics centre in Kumla,
Sweden.
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 2026
Revenue guidance
We confirm our revenue guidance within the range of
DKK 12.9bn and 13.4bn. This corresponds to organic
growth of between approx. -1.5% and +3.5%, supported by
Solar Polaris’ deliveries to a major solar park, with total
expected revenue of DKK 275m.
EBITDA guidance
We continue to expect EBITDA to be within the range of
DKK 400-480m, including DKK 75m in restructuring and
integration costs, supported by cyclical inventory gains of
up to DKK 20m above our initial expectations.
Following the acquisition of Sonepar Norge last year, 2026
will be a transition year for Solar in Norway. This, in
combination with the expected restructuring costs, dilutes
the EBITDA margin for Solar Group by approx. 0.6
percentage points. From 2027 and onwards we expect
the margin to be strengthened by the acquisition.
2026 mid-range guidance 2025 actual
DKK million
Organic
businesses
Acquired
businesses
New solar
park project
Guidance
mid-range
Solar
Group
Revenue 12,175 700 275 13,150 12,171
EBITDA 435 -10 15 440 501
Gain from sale warehouse
- -74
Restructuring costs
35 35 47
Integration & acquisition costs
1
40 40 15
Transition costs
- 14
EBITDA, adj. non-recurring items
470 30 15 515 503
EBITDA margin 3.6% -1.4% 5.5% 3.3% 4.1%
EBITDA margin, adj. non-recurring items 3.9% 4.3% 5.5% 3.9% 4.1%
1) Acquistion costs only relate to 2025
Specification of 2026 mid-range guidance
Solar A/S Q1 2026
10
Management’s
review
Guidance 2026
Share and webcast information
Solar’s share capital is divided
into nominal value DKK 90
million A shares and nominal
value DKK 710.6 million
B shares.
Total shareholder return
The total shareholder return of the Solar B share during
the holding period 1 January 2026 - 31 March 2026
was -1.0%.
Audio webcast
The presentation of the Quarterly Report Q1 2026 will be
conducted in English on 7 May 2026 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 7,106,000
Nominal 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 31 March (DKK) 200.00 200.00
Market Cap 31 March (DKKm) 180 1,421
The Solar share
Financial calendar 2026
Shareholders with more than
5% of shares or votes as of
31 March 2026
Quarterly Report Q2 2026
Quarterly Report Q3 2026
13
3
Aug
Nov
www.solar.eu
Shareholders according to
section 55 of the Danish
Companies Act
Share
Capital Votes
The Fund of 20th December,
Vejen, Denmark 17.8% 59.1%
Nordea Funds Ltd., Helsinki,
Finland 9.9% 4.9%
UBS Group AG, Zürich,
Switzerland 5.1% 2.5%
Tind asset management AS,
Oslo, Norway 5.0% 2.5%
Solar A/S Q1 2026
11
Management’s
review
Shareholder information
Solar A/S Q1 2026
Financial statements
13
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
Q1 Year
DKK million 2026 2025 2025
Revenue 3,308 3,223 12,171
Cost of sales -2,664 -2,567 -9,692
Gross profit 644 656 2,479
Other operating income and costs 0 2 76
External operating costs -129 -116 -394
Staff costs -451 -464 -1,649
Loss on trade receivables -5 -4 -11
Earnings before interest, tax, depreciation and amortisation (EBITDA) 59 74 501
Depreciation and write-down on property, plant and equipment -69 -64 -260
Earnings before interest, tax and amortisation (EBITA) -10 10 241
Amortisation and impairment of intangible assets -21 -21 -86
Earnings before interest and tax (EBIT) -31 -11 155
Financial income 16 8 51
Financial expenses -36 -30 -122
Earnings before tax (EBT) -51 -33 84
Income tax 8 5 -10
Net profit for the period -43 -28 74
Attributable to:
Shareholders of Solar A/S -42 -27 74
Non-controlling interests -1 -1 0
Net profit for the period -43 -28 74
Earnings in DKK per share outstanding (EPS) -5.28 -3.70 10.02
Diluted earnings in DKK per share outstanding (EPS-D) -5.28 -3.70 9.98
Q1 Year
DKK million 2026 2025 2025
Net profit for the period -43 -28 74
Other income and costs recognised:
Items that can be reclassified for the income statement
Foreign currency translation adjustment of foreign subsidiaries 27 48 33
Fair value adjustment of hedging instruments before tax 3 2 5
Tax on fair value adjustments of hedging instruments -1 0 -1
Other income and costs recognised after tax 29 50 37
Total comprehensive income for the period -14 22 111
Attributable to:
Shareholders of Solar A/S -13 23 111
Non-controlling interests -1 -1 0
Total comprehensive income for the period -14 22 111
Statement of comprehensive income
Income statements Other comprehensive income
Solar A/S Q1 2026
Financial statements
14
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
31.03 31.12
DKK million 2026 2025 2025
Assets
Intangible assets 676 388 651
Property, plant and equipment 1,401 1,184 1,347
Right-of-use assets 454 401 427
Deferred tax asset 43 14 36
Investments in associates 3 3 3
Other non-current assets 24 25 22
Non-current assets 2,601 2,015 2,486
Inventories 1,973 1,876 1,871
Trade receivables 2,101 2,030 1,714
Income tax receivable 30 25 11
Contract assets 3 3 5
Other receivables 14 29 13
Prepayments 93 78 63
Cash at bank and in hand 113 344 133
Current assets 4,327 4,385 3,810
Total assets 6,928 6,400 6,296
31.03 31.12
DKK million 2026 2025 2025
Equity and liabilities
Share capital 801 736 801
Reserves -167 -184 -196
Retained earnings 1,303 1,189 1,345
Equity attributable to shareholders of Solar A/S 1,937 1,741 1,950
Non-controlling interests 45 45 46
Total equity 1,982 1,786 1,996
Interest-bearing liabilities 661 422 664
Lease liabilities 317 275 290
Provision for deferred tax 145 157 148
Other provisions 12 9 11
Non-current liabilities 1,135 863 1,113
Interest-bearing liabilities 953 1,025 650
Lease liabilities 154 141 154
Trade payables 2,218 2,039 1,937
Income tax payable 1 1 11
Contract liabilities 41 25 17
Other payables 396 457 387
Prepayments 4 6 3
Other provisions 44 57 28
Current liabilities 3,811 3,751 3,187
Liabilities 4,946 4,614 4,300
Total equity and liabilities 6,928 6,400 6,296
Balance sheet
Consolidated
Solar A/S Q1 2026
Financial statements
15
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
31.03 31.12
DKK million 2026 2025 2025
Net profit for the period -43 -28 74
Depreciation, write-down and amortisation 90 85 346
Changes to provisions and other adjustments 17 49 -64
Financials, net 20 22 71
Income tax -8 -5 11
Financial income, received 7 3 33
Financial expenses, settled -29 -27 -97
Income tax, settled -29 -18 -18
Cash flow before working capital changes 25 81 356
Working capital changes
Inventory changes -86 45 117
Receivables changes -401 -343 143
Non-interest-bearing liabilities changes 289 129 -206
Cash flow from operating activities -173 -88 410
31.03 31.12
DKK million 2026 2025 2025
Investing activities
Purchase of intangible assets -34 -26 -126
Purchase of property, plant and equipment -78 -126 -420
Disposal of property, plant and equipment 1 76 206
Acquisition of businesses 0 -2 -311
Cash flow from investing activities -111 -78 -651
Financing activities
Repayment of non-current interest-bearing debt -3 -103 -111
Raising of non-current interest-bearing liabilities 0 0 250
Change in current interest-bearing debt 310 304 -78
Instalment on lease liabilities -45 -40 -156
Net proceeds from the issuance of shares 0 0 120
Dividends paid to shareholders of Solar A/S 0 -110 -110
Cash flow from financing activities 262 51 -85
Total cash flow -22 -115 -326
Cash at bank and in hand at the beginning of period 133 459 459
Foreign currency translation adjustments 2 0 0
Cash at bank and in hand at the end of period 113 344 133
Cash flow statement
Consolidated
Solar A/S Q1 2026
Financial statements
16
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 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
2026
Equity as at 1 January 801 -9 -187 1,345 0 1,950 46 1,996
Foreign currency translation adjustments of foreign subsidiaries 27 27 27
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 27 0 0 29 29
Net profit or loss for the period -42 -42 -1 -43
Comprehensive income 0 2 27 -42 0 -13 -1 -14
Distribution of dividends (DKK 00.00 per share) 0 0
Transactions with the owners 0 0 0 0 0 0 0 0
Equity as at 31 March 801 -7 -160 1,303 0 1,937 45 1,982
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 Q1 2026
Financial statements
17
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 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 48 48 48
Fair value adjustments of hedging instruments before tax 2 2 2
Tax on fair value adjustments 0 0 0
Net income recognised in equity via other comprehensive income in the statement
of comprehensive income 0 2 48 0 0 50 0 50
Net profit or loss for the period -27 -27 -1 -28
Comprehensive income 0 2 48 -27 0 23 -1 22
Distribution of dividends (DKK 15.00 per share) -110 -110 -110
Transactions with the owners 0 0 0 0 -110 -110 0 -110
Equity as at 31 March 736 -11 -173 1,189 0 1,741 45 1,786
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 Q1 2026
Financial statements
18
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
Section 1
Basis for preparation
Solar A/S Q1 2026
Financial statements
19
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 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 2025, which contains a full
description of these on pages 110-112 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 2025, note 5.5, page 152, new
or amended standards to be implemented in the
coming accounting periods are described.
Solar A/S Q1 2026
Financial statements
21
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 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
DKK million Q1 2026 Q1 2025
Sales of goods and services 3,294 3,148
Revenue from construction contracts 14 75
Total 3,308 3,223
DKK million Installation Industry Trade Total
Q1 2026
Revenue 1,967 1,056 285 3,308
Cost of sales -1,629 -803 -232 -2,664
Gross profit 338 253 53 644
Direct costs -91 -43 -11 -145
Earnings before indirect costs 247 210 42 499
Indirect costs -130 -54 -13 -197
Segment profit 117 156 29 302
Non-allocated costs -243
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 59
Depreciation and amortisation -90
Earnings before interst and tax (EBIT) -31
Financials, net incl. share of net profit from associates and
impairment on associates -20
Earnings before tax (EBT) -51
DKK million Installation Industry Trade Total
Q1 2025
Revenue 1,756 1,119 348 3,223
Cost of sales -1,421 -852 -294 -2,567
Gross profit 335 267 54 656
Direct costs -73 -44 -11 -128
Earnings before indirect costs 262 223 43 528
Indirect costs -118 -56 -12 -186
Segment profit 144 167 31 342
Non-allocated costs -268
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 74
Depreciation and amortisation -85
Earnings before interst and tax (EBIT) -11
Financials, net incl. share of net profit from associates and
impairment on associates -22
Earnings before tax (EBT) -33
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 DKKm 14m (Q1 2025: DKK 75m) and DKKm 11m (Q1 2025: DKK 70m),
respectively, from construction contracts recognized over time are fully allocated to the Trade segment.
Solar A/S Q1 2026
Financial statements
22
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
Section 2 – Income statement
2.2 Segment information – continued
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
2026
Denmark
979 -12.9
1
38 3.9 785
Sweden 586 1.8 16 2.7 687
Norway 637 -7.1 -13 -2.0 520
The Netherlands 741 2.0 13 1.8 390
Poland 133 27.3 -1 -0.8 47
Other markets 232 -4.7 6 2.6 172
Solar Group 3,308 -4.2 59 1.8 2,601
1) Adjusted organic growth for Solar Danmark amounted to -8.7%.
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
2025
Denmark
1,124 14.0
2
45 4.0 820
Sweden 547 2.6 2 0.4 418
Norway 479 10.0 -1 -0.2 209
The Netherlands 725 1.4 18 2.5 389
Poland 105 5.2 0 0.0 52
Other markets 243 -5.1 10 4.1 127
Solar Group 3,223 6.5 74 2.3 2,015
2) Adjusted organic growth for Solar Danmark amounted to 7.7%.
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 192 of Annual Report 2025 or on www.solar.eu. The below allocation has been made
based on the products’ place of sale.
Solar A/S Q1 2026
Financial statements
24
Consolidated
Q1 Q2 Q3 Q4
Income statement (DKK million) 2026 2025 2025 2024 2025 2024 2025 2024
Revenue
3,308 3,223 3,018 3,100 2,815 2,860 3,115 3,233
Earnings before interest, tax, depreciation and amortisation (EBITDA) 59 74 112 137 110 202 205 219
Earnings before interest, tax and amortisation (EBITA) -10 10 45 77 47 143 139 154
Earnings before interest and tax (EBIT) -31 -11 24 56 27 125 115 87
Financials, net -20 -22 -21 -22 -21 -24 -7 -23
Earnings before tax (EBT) -51 -33 3 34 6 101 108 63
Net profit or loss for the quarter -43 -28 -1 25 3 78 100 51
Balance sheet (DKK million)
Non-current assets 2,601 2,015 2,061 1,880 2,114 1,879 2,486 1,900
Current assets 4,327 4,385 3,944 4,339 3,929 4,385 3,810 4,208
Balance sheet total 6,928 6,400 6,005 6,219 6,043 6,264 6,296 6,108
Total equity 1,982 1,786 1,754 1,770 1,767 1,831 1,996 1,874
Non-current liabilities 1,135 863 694 881 687 871 1,113 878
Current liabilities 3,811 3,751 3,557 3,568 3,589 3,562 3,187 3,356
Interest-bearing liabilities, net 1,972 1,519 1,670 1,334 1,739 1,646 1,625 1,232
Invested capital 3,940 3,289 3,410 3,085 3,493 3,460 3,608 3,089
Net working capital, end of period 1,856 1,867 1,865 1,720 1,869 2,036 1,648 1,693
Net working capital, average 1,810 1,829 1,865 1,939 1,824 1,885 1,812 1,831
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
Quarterly figures
Solar A/S Q1 2026
Financial statements
25
Consolidated – continued
Q1 Q2 Q3 Q4
Cash flows (DKK million) 2026 2025 2025 2024 2025 2024 2025 2024
Cash flow from operating activities
-173 -88 4 202 64 -196 430 525
Cash flow from investing activities -111 -78 -118 -70 -94 -82 -361 -56
Cash flow from financing activities 262 51 -26 -85 16 165 -126 -278
Net investments in intangible assets -34 -26 -31 -41 -24 -38 -45 -41
Net investments in property, plant and equipment -77 -50 -87 -19 -70 -44 -7 -15
Acquisition and divestment of subsidiaries and operations, net 0 -2 0 -10 0 0 -309 0
Financial ratios (% unless otherwise stated)
Revenue growth 2.6 6.4 -2.6 -4.6 -1.6 -3.5 -3.6 2.3
Organic growth -4.2 6.5 -3.4 -5.0 -2.1 -3.8 - 6.1 2.3
Organic growth adjusted for nomber of working days -4.2 6.5 -1.2 -7.8 -2.1 -5.3 -6.1 3.0
Gross profit margin 19.5 20.4 20.3 20.4 19.8 20.7 21.0 20.8
EBITDA margin 1.8 2.3 3.7 4.4 3.9 7.1 6.6 6.8
EBITA margin -0.3 0.3 1.5 2.5 1.7 5.0 4.5 4.8
EBIT margin -0.9 -0.3 0.8 1.8 1.0 4.4 3.7 2.7
Net working capital (end of period NWC)/revenue (LTM) 15.1 15.0 15.1 14.0 15.2 16.8 13.5 13.9
Net working capital (average NWC )/revenue (LTM) 14.8 14.7 15.1 15.8 14.8 15.5 14.9 15.0
Gearing (net interest-bearing liabilities/EBITDA), no. of times 4.1 2.4 2.8 2.2 3.4 2.7 3.2 1.9
Return on equity (ROE) 3.0 7.2 5.9 8.6 1.5 8.8 4.0 8.4
Return on invested capital (ROIC) 2.4 7.7 6.7 6.6 4.4 6.8 3.0 8.3
Enterprise value/earnings before interest, tax and amortisation (EV/EBITA) 15.8 8.4 11.1 10.0 12.4 11.1 13.1 8.4
Equity ratio 28.0 27.2 28.5 27.7 28.5 28.5 31.0 29.9
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
Quarterly figures
Solar A/S Q1 2026
Financial statements
26
Consolidated – continued
Q1 Q2 Q3 Q4
Share ratios (DKK unless otherwise stated) 2026 2025 2025 2024 2025 2024 2025 2024
Earnings per share outstanding (EPS)
-5.28 -3.70 -0.14 3.70 0.41 10.68 12.96 6.98
Intrinsic value per share outstanding 243.67 238.39 234.01 235.92 235.79 244.28 245.31 250.30
Share price 199.52 241.44 310.17 325.27 202.13 354.55 200.07 299.27
Share price/intrinsic value 0.82 1.01 1.33 1.38 0.86 1.45 0.82 1.20
Employees
Number of employees (FTE's), end of period 2,951 2,919 2,913 2,889 2,902 2,880 2,995 2,895
Average number of employees (FTE's) 2,940 2,896 2,902 2,954 2,908 2,923 2,932 2,899
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”.
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
Quarterly figures
Solar A/S Q1 2026
Financial statements
28
Consolidated financial statements Q1
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q1 Quarterly information
Statements
Executive Board
Board of Directors
Solar A/S
Tel. +45 79 30 00 00
CVR no. 15908416
LEI 21380031XTLI9X5MTY92
http://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