Interim Report Q12 2025
Business Overview
Revenue
Development activities
The Q2 revenue of DKK 4.8 million was lower than expected. The turnover is backloaded in 2025, due to Ennogie
having changed panel design, to ensure there are no future quality issues.
During the second quarter the battery development activities continued. Delivery of the first battery is expected
to take place in H2.
Production and delivery of solar roofs will increase considerably in H2 with an order backlog of DKK 25 million at
the end of H1, the recent Glostrup Vestergård order with a value of more than DKK 10 million with delivery in
2025 and other incoming orders in H2 with delivery in 2025. Combined with the H1 revenue of DKK 9 million this
sums up the guided 2025 revenue of DKK 55 to 62 million.
Ennogie has received a financial support commitment from the EUDP program for the development of a new and
innovative roof concept. The project consists of a number of main elements that together give the new product
significant competitive advantages in terms of total installation price, lifetime, optimized energy production and
aesthetic adaptation in the built environment.
Order intake
The significant innovative elements include 1) a new roof concept that eliminates the need for an under-roof, 2)
colored solar panels, with a focus on uniformity from different observation angles and the lifetime of the panels,
3) fire safety in the design phase and optimized ongoing monitoring, and 4) the possibility of calculating and
assessing glare effects.
The Q2 2025 (week 15-27) order intake amounted to DKK 10.0 million, which is on level with the order intake in
Q1 2025 of DKK 10.4 million. Ennogie won 23 orders in Germany in Q2 2025 with a total value of DKK 9.4 million
and 5 orders in Denmark with a total value of DKK 0.6 million. Although the order intake in Denmark increased by
80% in Q2 compared to Q1, the Danish market is still very challenging.
The project has a total budget of DKK 12.5 million, of which Ennogie's share is DKK 4.0 million. The project is
supported by EUDP with DKK 8.7 million, and the project is led by Ennogie. Other project participants include The
Technical University of Denmark, Aalborg University, Danish Fire and Security Institute, Solar City Denmark and
Danish Solar Cell Service.
H1 2025 order intake amounted to DKK 20.4 million.
Market activities
Ennogie concluded the development of its façade solution. This was followed up by the delivery of the first solar
façade to a customer in Hamburg, Germany. The project was delivered to a commercial building and consists of
approximately 400 m2 of active solar facade. In continuation of this, Ennogie won its first combination order for a
roof and a façade for a terraced house construction project in Berlin, Germany. The order is for a total of
approximately 575 m2. Both orders are category A orders over DKK 1.0 million and combined over DKK 2.5 million.
Financing
In May 2025 Ennogie Solar Group took out convertible loans for DKK 2.25 million from lenders. The terms of the
loans and the conversion are similar to the terms for the loans for DKK 5.0 million taken out in March 2025.
Management changes
In Q2 Ennogie also received orders from two German public kindergartens totaling approximately 1,800 m2. The
orders are just below DKK 2 million each.
Following CFO Leif Arnbjerg’s resignation in January, Ennogie has hired Kuno Michael Kristensen as CFO after he
had been employed as interim CFO since February. Kuno has extensive experience in a number of significant
management roles as CFO and Finance Manager. He has also been a Senior Manager at Deloitte. Kuno holds a
Master of Science in Economics from Aalborg University and an MBA from Duisburg-Essen University.
In August Ennogie won an order for supply of red solar roofs for an extensive renovation project of Glostrup
Vestergård, Denmark. The order constitutes Ennogie's largest order to date at approximately 6,200 m² and is
classified as a category D order, worth more than DKK 10 million. Hovedstadens Bygningsenterprise A/S is the
main contractor and makes the installation of the roofs. The order will be fully delivered in Q4 2025.
In August Lech Kaniuk was elected to the board of directors at an extraordinary general assembly. At the same
time Klaus Lorentzen retired after eight years of board service. Lech is a serial entrepreneur and investor with
over 20 years of experience building market-leading companies across Europe. Among other, he is founder of
SunRoof, a company also supplying solar roofs. His knowledge about the solar roof industry combined with his
entrepreneurial experience and knowledge about the Polish market are expected to bring significant value for
Ennogie.
The project will be the first of its kind with Ennogie's new red solar roof in this size, which has been developed
with a special focus on architectural adaptation in residential areas requiring red roofs. This technology meets
municipal requirements and local plans, where traditional black solar panels are often not allowed.
Ennogie has also won a small order of approximately 300 m2 for a red roof in Munich, Germany with delivery in
H2 2025.
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