1
Annual Report 2025
CVR: 3970341 6
Annual Report 2025
Table of Contents
Management’s Review
Introduction
4 About Ennogie Solar Group
5 Words From The Chairman
6 Important Events of 2025
Corporate Governance and Shareholder Information
10 Board of Directors
11 Executive Management
12 Business Management
14 Risk Management
15 Shareholder Information
Corporate Social Responsibility
16 Corporate Social Responsibility (CSR)
Financial Performance
20 Business Overview
24 Financial Overview
28 Financial Outlook
29 Key Financial Indicators
Financial Statements
30 Consolidated Financial Statements
55 Parent Company Financial Statements
66 Management's Statement
67 Independent Auditor’s Report
2
Annual Report 2025
Introduction
3
Annual Report 2025
About Ennogie Solar Group
Our heritage and leadership
Ennogie Solar Group A/S was founded in 2010 in Herning Denmark , by Kristian Harley Lindholm, Lars Brøndum
Petersen, and Jan Aage Pedersen. Demonstrating a long-term commitment to the company’s vision, both
Kristian Harley Lindholm and Lars Brøndum Petersen remain integral to the leadership team, serving as Chief
Technology Officer (CTO) and Chief Sales Officer (CSO), respectively.
Since manufacturing and selling its first solar roofs in 2017, Ennogie has seen production and sales accelerate
significantly. In 2025, the company further expanded its product portfolio by introducing a high-performance
solar facade solution and a red roof. Today, Ennogie employs approximately 30 professionals, maintaining
production facilities in Denmark and sales operations in both Denmark and Germany.
Mission: Powering the built Environment
Global climate change represents one of the most critical societal challenges of our era, necessitating a
fundamental restructuring of the global energy supply toward sustainable production methods. Ennogie
recognizes that this transition is an immense task requiring significant time and specialized resources.
Our mission is to transform buildings into sustainable energy producers. By integrating solar technology directly
into the building fabric, Ennogie supports the global shift toward green energy through decentralized
Architectural integration and economic value
Ennogie’s building-integrated solar roofs and facades provide a robust, aesthetic whole that replaces traditional
roofing and cladding while serving as the building’s primary climate shell. Ennogie transforms previously
unproductive building surfaces into high-value assets that generate sustainable, self-produced electricity.
For Ennogie customers, these solutions offer a significant degree of energy self-sufficiency and security. With a
short payback period on the initial investment, Ennogie solar solutions provide long-term financial stability and
predictability in energy expenditure.
Technological maturity and the future
Solar technology is a globally established and economically mature energy source. Modern solar cells offer a
proven, cost-effective alternative to traditional energy production. As the technology continues to evolve,
Ennogie sees consistent increases in energy intensity and lower costs per kWh, further enhancing the
profitability of solar investments.
At Ennogie, the ambition is to lead the way toward a future where renewable energy in the built environment is
the global norm.
4
Fiscal year 2025: achievement of EBITDA break-even
The 2025 fiscal year represented a significant turning point for Ennogie Solar Group. We successfully
realized our primary strategic objective for the year: scaling the business, improving the gross margin
and lowering OPEX to achieve EBITDA break-even.
This milestone was reached despite a complex operational landscape. Following customer feedback in
2024 regarding energy yield discrepancies, we prioritized a comprehensive redesign of our solar
panels. While the design was finalized by the end of Q1, the subsequent manufacturing cycle in China
and a two-month maritime transit period necessitated a condensed revenue realization schedule.
Consequently, the majority of 2025 revenue was recognized within the second half of the year, with a
heavy concentration in the fourth quarter.
To diversify our market presence, we successfully launched two high-potential product lines:
• Aesthetic red roof innovation: In Q2, we introduced a red solar panel variant, initially deployed in
Munich. This was followed in August by the largest contract in our corporate history: a 6,200 m
2
roof renovation project at Glostrup Vestergård, Denmark.
• Integrated facade solutions: Following the completion of development in Q2, we delivered our
inaugural commercial solar facade—a 400 m
2
installation in Hamburg, Germany.
• Combined systems: The success of our facade technology led to our first integrated order for a
residential project in Berlin, featuring both roof and facade solutions.
Outlook for 2026: driving positive EBITDA
Building upon the foundation of our 2025 break-even performance, our overarching goal for 2026 is to
transition to a positive EBITDA. Our strategy focuses on significant revenue growth while maintaining
control over margins and operating expenditures. We anticipate this growth will be driven by the
adoption of our new facade and red solar solutions.
Furthermore, our long-term investment in energy storage is nearing commercial launch. We expect the
first delivery of our proprietary battery systems in Q1, with serial production of 64 kWh units slated to
commence mid-year. This initiative is a strategic response to the increasing demand for self-
consumption optimization and the adoption of dynamic tariff structures.
Finally, we have addressed the recent fiscal policy change in China regarding the cancellation of a 9%
export refund effective from 1 April 2026. We remain confident in our ability to mitigate this impact
through procurement efficiencies, allowing us to maintain our margins.
Capital structure and liquidity management
To support our 2026 financial targets, management has prepared a comprehensive budget including a
consolidated income statement, balance sheet, and cash flow statement. Our financial planning
indicates a funding requirement of up to DKK 10 million to secure ongoing operations and strategic
investments until 2027.
We have initiated a two-step strategy to ensure robust liquidity throughout the year:
• Debt rescheduling: In January 2026, we successfully reached an agreement to reschedule our loans
with Kompasbank and EIFO. This resulted in DKK 1.6 million in 2026 installments being postponed
to 2027, strengthening our short-term cash position.
• Capital attraction: We have initiated active dialogues with a range of potential loan providers and
strategic investors to secure the remaining funding.
We remain committed to maintaining a solid capital base that reflects our 2026 growth and EBITDA
ambitions.
Kim Haugstrup Mikkelsen
Chairman of the Board
Annual Report 2025
Words From The Chairman
5
Annual Report 2025
Important Events in 2025
6
Bau Trade Fair (Q1)
Ennogie participated in the Bau trade fair in Munich, Germany from 11 January to 15
January, which is the World's Leading Trade Fair for Architecture, Materials and
Systems and takes place every second year. Moreover, Ennogie attended 4Design Days
in Katowice, Poland with the Embassy of Denmark in Poland, where Ennogie met
architects and other people who can help Ennogie enter the Polish market.
Solar Roof Light Concept (Q1)
In Q1 Ennogie introduced the Solar Roof Light concept that utilizes an arrangement of
active modules in sunny areas and cost-effective passive modules in less sunny areas to
achieve maximum efficiency while simultaneously reducing costs. This combination not
only transforms the roof into a sustainable power source but also offers a significant
price advantage without compromising on design.
Annual Report 2025
Important Events in 2025
7
September
Facade Solution (Q2)
Ennogie concluded the development of its facade solution in Q2. This was followed up
by the delivery of the first solar facade to a customer in Hamburg, Germany. The
project was delivered to a commercial building and consisted of approximately 400 m
2
of active solar facade. In continuation of this, Ennogie won its first combination order
for a roof and a facade for a terraced house construction project in Berlin, Germany.
The order is for a total of approximately 575 m
2
. Both orders are category A orders
over DKK 1.0 million and combined over DKK 2.5 million.
First Order & Delivery of Red Roof Solution (Q2)
Ennogie won a small order of approximately 300 m
2
for a red roof in Munich, Germany
with delivery in H2.
Annual Report 2025
Important Events in 2025
8
September
Glostrup Vestergaard (Q3)
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.
Sunbird (Q4)
Ennogie received a commitment of DKK 1 million from EIFO Green Accelerator for the rollout of
Ennogie's concept Sunbird. The Sunbird concept is a new business and financing model for the
establishment of, and roof renovation with, solar roofs targeted at both housing companies and
property developers. Sunbird makes it possible to carry out roof replacements with no or little
upfront investment for housing companies and property developers, as the cost is repaid by the
residents through energy savings, reduced common expenses and lower electricity prices. Green
Accelerator is EIFO's market maturation scheme, which is intended to help Danish projects with
export potential to scale globally.
Annual Report 2025
Corporate Governance
and Shareholder
Information
9
CHANGE
Annual Report 2025
Board of Directors
10
Kim Haugstrup Mikkelsen
Silke Weiss
Lech
Kaniuk
Male. Born 1968. Danish.
Female. Born 1980. German
Male. Born 1983. Swedish
CIO Strategic Investments A/S and Strategic Wealth Management
A/S
CSO DACH+BLX & Global Systems at Knauf Insulation GmbH
Chairman and CEO Lech
Kaniuk Holding Sp. z o.o
Board member at Ennogie Solar Group A/S since 2024
Board member at Ennogie Solar Group A/S since 2022
Board member at Ennogie Solar Group A/S since 2025
Indirectly holding 14,741,510 shares in Ennogie Solar Group A/S
through companies that he controls
Owns 150 shares in Ennogie Solar Group A/S
Owns no shares in Ennogie Solar Group A/S
Non
-Independent board member
Independent board member
Independent board member
Skills
Skills
Skills
Investments in small cap companies and trading with shares, bonds
and derivatives
International sales and marketing management, intercultural
team leadership, and strategy development within energy
efficiency
Knowledge about the solar roof industry combined with
entrepreneurial experience and knowledge about the Polish
market
Other management positions
Other management positions
Other management positions
Chairman Ennogie Solar Group
Chairman
Nexcom Global
Chairman Nord
Insuretech Group AB
Member of board Green Mobility A/S
Member of board
Omnione S.A
Treasurer and board member at the European Industrial
Insulation Foundation (EiiF)
Chairman of
Nidavellir Sp. z o.o.
Chairman of
Stormbreaker AB
Chairman of Faraday ONE Sp. z
o.o.
Annual Report 2025
Executive Management
11
Henrik Golman Lunde
Martin Woldby Papsø
Male. Born 1966. Danish
Male. Born 1979. Danish
CEO since 2024
COO since 2022
Owns 316,605 shares in Ennogie Solar Group A/S
Own no shares in Ennogie Solar Group A/S.
Background
Background
2018
- Current CEO, KUBO Education ApS
2017
- 2022 General Manager Kina, Jupiter Bach A/S
2014
- 2018 SVP Products & Technology Division, Semco Maritime A/S
2014
- 2017 Buying Director, Bach Composite Industry A/S
2013
- 2014 CEO, Ennogie ApS
2004
- 2013 Different jobs within Supply Chain, Vestas A/S
2008
- 2013 CEO & Deputy CEO, Photonic Energy A/S
1999
- 2007 CEO, COO & VP Sales & Marketing, Thrane & Thrane A/S
Education
Education
MBA, The Wharton School
Executive MBA, IMD
Master of Science, The Technical University of Denmark
Business Development Engineer, Aarhus University
Ennogie’s board of directors and management adhere to the latest recommendations for good corporate governance
developed by the Committee on Corporate Governance. Generally, Ennogie follows the committee's
recommendations, but due to the Group's limited size, its activities, and organization, the board has chosen wholly or
partially to deviate from the committee's recommendations in the following areas:
• It is recommended that the company has a fixed contingency procedure in the event of takeover attempts.
• It is recommended that the company has a policy for social responsibility and tax policy.
• It is recommended to appoint a vice-chairman for the board.
• It is recommended to publish the terms of reference for the management committees on the website.
• It is recommended that members of the board are not remunerated in the form of stock and subscription options.
• It is recommended that the company establishes a whistleblower scheme.
Reference is made to the management's comprehensive reporting on the recommendations, which can be found.
Ennogie’s board of directors is responsible for the overall management of the company, including establishing the
company's goals and strategies, risk management, compliance guidelines, communication policies, and dialogue with
shareholders, as well as all matters related to mergers, acquisitions, and similar transactions.
The overall guidelines for the board's work are established in a code of conduct, which includes procedures for
organizing, summoning, and conducting board meetings. The division of responsibilities between the board of
directors and the executive management, as well as the board's framework for the daily management's work and
requirements for ongoing reporting, are outlined in a separate directive for the executive management.
According to the articles of association, the company's board must consist of 3 to 7 members.
After the annual general meeting in 2025 the board constituted itself with Kim Haugstrup Mikkelsen as chairman. The
chairman leads the board's work, convenes and organizes board meetings. In August 2025, Klaus Lorentzen retired
from the board. He was replaced by Lech Kaniuk. Six board meetings were held in 2025.
The Board of Directors also evaluates the executive management's work and results, as well as the collaboration
between the board and the management, on an annual basis.
The board has a separate audit committee consisting of all three members of the board. In August 2025, Klaus
Lorentzen retired from the committee. He was replaced by Lech Kaniuk. Silke Weiss replaced Klaus Lorentzen as
chairman of the audit committee. Six meetings of the audit committee were held in 2025.
Other management committees in the company, such as the nominating committee and remuneration committee,
are also composed of the entire board. Topics and decisions within these committees are addressed at the company's
board meetings.
The attendance at both board and committee meetings in 2025 was 100%.
Risks related to the financial reporting process
The key risks related to the financial reporting process are identified and managed by the Group's audit committee,
where committee members, in collaboration with the management, discuss risks and internal controls. As the
company's activities evolve, there is an ongoing reassessment of the risks of errors in the financial statements and
the risk of fraud, along with discussions on how these risks are addressed and minimized. Due to the size of the
company, the implemented internal controls are mainly of a manual nature.
Annual Report 2025
Business Management
12
Attendance at board and audit committee meetings in 2025
Name
Board
Meetings
Audit Committee
Meetings
Kim Haugstrup Mikkelsen
Chair
• • • • • •
Member
• • • • • •
Lech
Kaniuk
Member (Aug
-) n.a. n.a. n.a. n.a. • •
Member (Aug
-) n.a. n.a. n.a. • • •
Klaus Lorentzen
Member (Jan
-Aug) • • • • n.a. n.a.
Chair (Jan
-Aug) • • • n.a. n.a. n.a.
Silke Weiss
Member
• • • • • •
Member (Jan
-Aug), Chair (Aug-) • • • • • •
Attendance rate
100% 100%
• = Attended
- = Did not attend
n.a. = Was not member of the board/committee
Diversity management
This section includes reporting on Ennogie's diversity in leadership in accordance with the Danish
Financial Statements Act sections 107d.
Both the board and management acknowledge the importance of diversity in leadership and are
committed to promoting diversity in terms of gender, age, nationality, international experience, and
skills. Therefore, the board assesses its and the executive management’s composition annually to ensure
diversity and the representation of all relevant competencies among its members.
The target is to have a gender-balanced board of directors and management. As the board consists of
three members the target for the number of members of the underrepresented gender is 33.33%.
Starting 2025 the board had three members, of which one represented the underrepresented gender. In
August one member resigned representing the overrepresented gender and one member representing
the overrepresented gender was elected. Hence, as of the reporting date the board consisted of three
members, of which one represented the underrepresented gender. As a consequence, the target for the
board of directors was met.
During 2025 the management team had two members. Therefore, the target for the number of
management members of the underrepresented gender is 50.00%. During 2025 the management had two
members that all represented the overrepresented gender, hence, the target was not met in 2025.
Currently there are two members of the executive management. Both are members of the
overrepresented gender; hence, the target was not reached at the reporting date either.
The board targets to have a board that has competences within the building components industry, solar
energy industry, German, Polish and Danish business, products, finance and capital attraction. The board
evaluates that it has the required competences.
Annual Report 2025
Business Management
13
The board of directors of Ennogie continuously assesses the Group's risk management processes to ensure that the
risk profile, risk processes, and risk awareness are at an appropriate level. Effective risk management helps ensure
that the risks undertaken by the company are consistently evaluated and addressed.
Risk management process
Risk management at Ennogie occurs at both strategic and operational levels. The board of directors has the overall
responsibility for the Group’s risk management and sets the framework for it. The management is responsible for
implementing the systems and policies in relation to risk management and internal controls, with input from the
board of directors.
The Group's main risks and preventive measures to address the risks are highlighted in the following. For financial
risks, reference is made to note 1 and 26 in the consolidated financial statements, where these are described in more
detail.
Capital resources
To support the 2026 financial targets, Management has prepared a comprehensive budget including a consolidated
income statement, balance sheet, and cash flow statement. The financial planning indicates a total funding
requirement of up to DKK 10 million to secure ongoing operations and strategic investments. In case of a negative
deviation from the budgeted revenue, a negative deviation from the budgeted gross margin, higher expenses than
budgeted, higher warrant cost than expected or a combination thereof there is a material risk that the Group’s total
funding requirement may be higher than DKK 10 million.
Warranty provisions
A number of warranty claims were received from customers during 2024 and, as expected, again in 2025 due to lower
power production from the customers’ roof than expected. Faulty solar panels supplied from a Chinese supplier are
the cause and the specific issue has been identified. Provision for known replacements to be made and for any future
unknown warranty claims have been made. There is a risk that the provisions cannot cover all future costs related to
rectifying all warranty claims.
Supplier Risks
As a consequence of the customer claims received in 2024 and 2025 regarding failing solar panels, the Group has
recogized a claim towards its solar panel supplier, which has been recognised by the supplier. At 31 December 2025,
the outstanding claim towards the supplier amounted to DKK 6.0 million. Further claims are likely to arise going
forward. The number of outstanding claims will increase if the panel supplier does not supply replacement panels at
the same speed as new claims arise. There is a risk that the Chinese supplier cannot deliver on all claims.
Market conditions
The demand for Ennogie's products is exposed to three primary external market conditions: electricity prices, interest
rates and the cost of labor. All three factors have correlated effects on the Group's ability to execute on growth and
operations. To create a more robust development in demand, Ennogie is working to increase the share of B2B sales,
as B2B customers are more inclined to make long-term investments and are less affected by developments in the
previously mentioned market conditions.
Access to raw materials
Ennogie purchases several of its raw materials on the international market, which is exposed to the changes in
geopolitical conditions and challenges in the supply chains. Lack of access to consumables for an extended period can
impact the company's ability to fulfill its commitments to customers. The management continually monitors the
market to identify potential suppliers of consumables, thereby minimizing the risk of being without the necessary
raw materials.
Key employees
Employees are one of the Group’s most important resources, and due to Ennogie's size, there is a significant
dependence on key individuals in the company.
Ennogie focuses on providing employees with a good and healthy workplace, emphasizing social and professional
well-being. As part of the ongoing development and retention of key and critical skills, the allocation of stock options
can be included in the compensation package for employees who meet the criteria for allocation. Stock options
typically vest over a period of three years, motivating employees to stay with the company.
IT and system usage
Ennogie's daily business significantly relies on the Group’s IT systems. Disruptions in the IT system, due to internal or
external events, including cyber-attacks, can have significant impact for the Group’s operations and business control.
The Group’s focus is to adapt the IT security area to the threat landscape, including keeping the system landscape
updated and enhancing employees' skills and awareness of IT security. Another focus area is to reduce the number of
systems used by standardizing and harmonizing across the Group's companies.
Insurance covers all significant and insurable risks to the extent deemed appropriate.
Compliance
Regulatory requirements from authorities in areas such as sustainability, environment, personal data, competition,
taxation, and listed companies is increasing.
If the Group is not compliant with relevant legislation - internally within the Group or by some of the Group's
suppliers and partners - the Group risks different sanctions and/or a negative impact on the company's reputation.
The Group uses external advisors to stay updated on the various applicable legislation related to the Group.
Additionally, there is ongoing work to improve and strengthen collaboration agreements with the Group's key
partners, including efforts to ensure transparency in working conditions and compliance with human rights.
Cost of components
Ennogie has identified several factors that can affect the cost of components. Commodity prices, technological
changes and regulatory/political changes are all areas where the development in pricing have an important impact.
To address these risks, Ennogie has implemented a range of strategies, including:
• Supplier diversification: Ennogie aims for dual sourcing to reduce our risk of exposure to price fluctuations from a
single supplier.
• Market monitoring: Ennogie continuously monitors the market for commodities and technological changes to
adapt our sourcing strategy accordingly.
Annual Report 2025
Risk Management
14
Share price performance
Ennogie Solar Group A/S opened the year with a share price of DKK 7.80 and closed the year with a share price of DKK
4.70, representing a decrease of 40%. By the end of 2025, the market value of the company was DKK 157 million.
Composition of shareholders
As of 31 December, 2025, Ennogie Solar Group A/S had 2,613 registered shareholders, compared to 2,766 as of 31
December, 2024. The majority of the registered shareholders are Danish investors, constituting 98% of the total
number of registered shareholders.
Major shareholders with more than 5% ownership as of 31 December, 2025 are:
Investor relations
Ennogie aims to have relevant, accurate, and timely communication of financial information as well as other
significant information about the Group. The Group emphasizes that all market-influencing information is disclosed in
a systematic and comprehensive manner in accordance with the Group’s policy and applicable regulations.
The purpose of the company's Investor Relations (IR) activities is to ensure that current and potential investors, as
well as other relevant stakeholders, have equal access to comprehensive, objective, and reliable information about
all significant and market-influencing matters. Additionally, the aim is to contribute to ensuring that market prices for
the company's shares reflect the fundamental value of the shares.
Ennogie aims for reliability, transparency, and accessibility and will continually work to enhance the level of
information and communication with investors.
The company seeks to make its general meetings an active forum for dialogue and discussion with the company's
owners regarding the company's affairs and its ongoing development.
IR-activity
- Financial reports, including quarterly interim reports.
- Announcement of significant new orders in accordance with the company's principles for order disclosure.
- An informative investor relations website serving as a comprehensive resource for all significant investor-related
information from the company.
- Ongoing participation in investor meetings and presentations.
- Accessibility for investor inquiries, with contact information available on the website.
- Support for liquidity, spread, and trading in the company's shares through the company's market maker
arrangement with ABG Sundal Collier Denmark.
Finance calendar
Annual Report 2025
Shareholder Information
15
Event Date
Annual report 2025 7 April, 2026
Ordinary general assembly 30 April, 2026
Q1 2026 report 22 May, 2026
Q2 2026 report 24 August, 2026
Q3 2026 report 23 November, 2026
Share information
Stock
Nasdaq Copenhagen
ISIN code
DK0010305077
Ticker symbol
ESG
No. of shares
33,322,721
Nom. value per share
DKK 1 per share
Share capital
33,322,721
Votes
1 vote per share
Major shareholder
Registred Office
Owvership
Strategic Capital ApS
Copenhagen
>10%
Trailblaze A/S
Agerskov
>10%
Nordic Sports Management ApS
Frederiksberg
>10%
Strategic Investments A/S
Copenhagen
>5%
Kristian Harley Lindholm
n.a.
>5%
Annual Report 2025
Corporate Social
Responsibility
16
Annual Report 2025
17
Annual Report 2025
Corporate Social Responsibility (CSR)
18
Annual Report 2025
Financial
Performance
19
Order intake
In 2025, Ennogie achieved an order intake of DKK 42 million, maintaining stability compared to an order intake of
DKK 42 million in 2024.
Ennogie secured orders totaling DKK 28 million in Germany. This is a decrease from DKK 36 million in 2024.
Approximately 60% of these projects include installation services through an Ennogie sub-supplier.
Order intake grew significantly in Denmark to DKK 14 million, a substantial increase over the DKK 6 million
recorded in 2024.
Market activities
Ennogie participated in the Bau trade fair in Munich, Germany from 11 January to 15 January 2025, which is the
World's Leading Trade Fair for Architecture, Materials and Systems and takes place every second year. Moreover,
Ennogie attended 4Design Days in Katowice, Poland with the Embassy of Denmark in Poland, where Ennogie met
architects and other people who can help Ennogie entering the Polish market.
In Q1 Ennogie introduced the Solar Roof Light concept that utilizes an arrangement of active modules in sunny
roof areas and cost-effective passive modules in less sunny roof areas to achieve maximum efficiency while
simultaneously reducing costs. This combination not only transforms the roof into a sustainable power source but
also offers a significant price advantage without compromising on design.
In Q2 Ennogie delivered the first solar facade solution 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 facade for a terraced house construction project in
Berlin, Germany. The order is for a total of approximately 575 m
2
. Both orders are over DKK 1.0 million and
combined over DKK 2.5 million.
In Q2 Ennogie also received orders from two German public kindergartens totaling approximately 1,800 m
2
. The
orders were just below DKK 2 million each. Both orders were delivered in 2025.
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
worth more than DKK 10 million. Hovedstadens Bygningsenterprise A/S is the main contractor and makes the
installation of the roofs. The project is 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 and delivered a small order of approximately 300 m
2
for a red roof in Munich, Germany.
Annual Report 2025
Business Overview
20
CHANGE
Development activities
Ennogie’s development activities in 2025 was focused around four main activities:
• New design of the black panel
• Development of a red panel
• Development of a facade solution
• Development of a battery
Black panel
Ennogie changed the design of the black panel to ensure there are no future quality issues as experienced with the previous solar
panel. The output for the new panel is slightly higher than for the old panel. Deliveries of the new panel started during the
summer, which is the main reason why the 2025 revenue has been backloaded.
Red panel
In corporation with a new Chinese suppler a red panel has been developed. The panel has a lower output than the black panel due
the red color. The panel has been developed with a special focus on architectural adaptation in residential areas requiring red
roofs in order to meet municipal requirements and local building plans, where traditional black solar panels are not allowed.
Ennogie believes that the red roof solution addresses an underserved market segment with potential for revenue growth for
Ennogie.
Facade solution
A facade solution based on Ennogie’s standard panels has been developed. The facade solution is tailored for both new
construction and renovation of commercial buildings, and gives architects and builders a flexible and aesthetically strong
opportunity to integrate sustainable energy production directly into the building's expression. An initial order was delivered to a
German customer in 2025.
Battery
During the year there has been battery development activities. The development is close to being finalized and the first delivery of
our proprietary battery systems takes place in Q1, with serial production of 64 kWh units slated to commence mid-year. This first
battery installation is connected to an Ennogie solar roof. This initiative is a strategic response to the increasing demand for self-
consumption optimization and the adoption of dynamic tariff structures.
Eurogia2030 program
Ennogie received a commitment for support from the Eurogia2030 program for the development of a new and innovative roof and
facade concept. The project focuses on a sustainable contribution to the construction industry through the integration of advanced
thermoelectric generators (TEG) in building elements such as roofs and facades. The SUS-i-TEG project aims to convert waste heat
from building surfaces into electrical energy, significantly improving the energy efficiency of buildings without the need for
extensive structural renovations. The project has a total budget of DKK 7.5 million of which Ennogie's share is DKK 1.0 million. The
project is being developed in collaboration with TEGnology, DTU, FenX and SUPSI.
Annual Report 2025
Business Overview
21
EUDP program
Ennogie has also 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. 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 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 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.
Margin improvement
In 2024 the gross margin was successfully improved by 7.6 percentage points based on increased price
focus in the sales process and lowering the production cost of our solar roof solution. The work for
improving the gross margin has continued in 2025 – in the chase for EBITDA break-even. The 2025 gross
margin came to 44.2%, which is 9.0 percentage points higher than the 2024 gross margin of 35.2%.
The 2025 gross margin was, however, negatively affected by a number of warranty claims received during
2025. Provisions have been made for rectifying the warranty claims and expected future warranty claims.
After taking into account expected supplier compensation and insurance coverage the net provisions are
DKK 2.8 million and DKK 1.0 million, respectively.
In total the net provision for warranty claims have impacted the 2025 gross profit negatively with DKK 1.2
million. Hence, reducing the gross margin with 2.3 percentage points.
Annual Report 2025
Business Overview
22
Management changes
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 Group ended the cooperation with its former CFO. Instead Kim Møberg Mikkelsen was hired as CFO. He
joined the Group on January 19, 2026. Kim comes with a strong financial background, having held leading roles at
IPL Production A/S and Re-Match A/S over the past few years. He has also previously worked at HydraSpecma A/S
and PWC. Kim holds a Master of Science in Accounting from the University of Southern Denmark and a Master of
Science in Accounting and Financial Management from Aarhus University.
Financing
To improve net working capital Ennogie ApS rescheduled loans with Kompasbank and EIFO in March 2025 with a
total value of DKK 12.5 million at 31 December, 2024. Installments were postponed until February 2026 so that
2025 installments amounted to DKK 1.7 million and expected 2025 interest payments amounted to approximately
DKK 1.4 million. DKK 0.6 million of the installments were funded by an increase in an overdraft facility with
Kompasbank.
In March 2025 Ennogie Solar Group A/S obtained convertible loans for DKK 5.0 million from a number of lenders
with the aim of securing liquidity for ongoing operations. The loans had interest rates at 10% p.a. and were
without installments until maturity on 30 April 2026. Among the lenders were Strategic Investments A/S and
Trailblaze A/S. The companies are major shareholders in Ennogie and granted loans of DKK 2.5 million and DKK 0.5
million, respectively. Chairman of the Board Kim Haugstrup Mikkelsen is a major shareholder in Strategic
Investments A/S through 100% ownership of Strategic Capital ApS, while Chief Sales Director (CSO) Lars Brøndum
Petersen owns 100% of Trailblaze A/S.
In May 2025 the Ennogie Solar Group A/S took out additional convertible loans for DKK 2.25 million from lenders.
The terms of the loans and the conversion were similar to the terms for the loans million entered in March 2025.
In September 2025 Ennogie entered two short term loans totaling DKK 1.5 million. In addition, Ennogie took out a
short-term loan of DKK 1.0 million in the beginning of Q4 2025. The loans were obtained to support the expected
increase in working capital originating from the anticipated increase in deliveries in Q4 2025.
Capital increase
In December 2025 loans totaling DKK 8.28 million including accrued interest were converted to shares at a price of
DKK 4.22 per share.
Among the lenders converting were Strategic Investments A/S and Trailblaze A/S. Chairman of the Board Kim
Haugstrup Mikkelsen is a major shareholder in Strategic Investments A/S through 100% ownership of Strategic
Capital ApS, while Chief Sales Director (CSO) Lars Brøndum Petersen owns 100% of Trailblaze A/S.
1,963,069 new shares were subscribed for and the Groups’ share capital were increased by a nominal amount of
DKK 1,963,069. After the capital increase the share capital of Ennogie Solar Group A/S amounted to a nominal DKK
33,322,722.
Annual Report 2025
Business Overview
23
Revenue performance
The Group’s revenue for 2025 reached DKK 52.8 million, representing a 14% increase over the DKK 46.2 million
achieved in 2024. While revenue grew year-over-year, the 2025 revenue fell slightly below management’s original
guidance of DKK 55 - 62 million. This shortfall was primarily attributed to supplier delivery delays in December 2025.
The guidance was revised in March 2026 to DKK 52 - 53 million.
Market distribution
• Germany: Remained the Group's primary focus, accounting for 78% of total revenue. While this is a decrease from
88% in 2024, it remains the core of the company's long-term strategy.
• Denmark: Experienced significant growth, contributing 22% of the Group’s revenue compared to 12% in 2024.
This surge reflects the successful strategic focus on the multi-family housing segment, specifically driven by the
major Glostrup Vestergaard project.
Gross profit and margin expansion
Gross profit improved to DKK 23.4 million in 2025, up from DKK 16.3 million in 2024. This growth was driven by both
increased revenue and a stronger gross margin, which rose to 44.2% – up from 35.2% in 2024. The margin expansion
is a direct result of enhanced price discipline in the sales process and reductions in the solar roof’s production costs.
Gross profit was negatively impacted by a DKK 1.2 million increase in warranty provisions. Following warranty claims
regarding lower-than-expected power production first identified in 2024, the Group received additional claims in
2025. Management has increased provisions to cover both current and forecasted rectification costs, which reduced
the 2025 gross margin by 2.3 percentage points.
EBITDA and operating expenses
EBITDA improved significantly to DKK 0.3 million, compared to DKK -9.5 million in 2024. This result aligns with
management’s guidance of DKK 0 - 2 million, achieved despite revenue falling below expectations.
Key expense drivers:
• Staff costs: Successfully reduced by DKK 4.7 million to DKK 13.6 million through organizational efficiencies.
• External expenses: Increased with DKK 1.2 million to DKK 11.4 million, driven by higher audit fees for the 2024
annual report, a rise in bad debt losses following the bankruptcy of several German installation partners and an
unexpected loss of a court case in Germany.
• Capitalized work and other operation income: Remained stable at DKK 1.7 million and , consistent with 2024.
• Other operation income: Decreased with DKK 0.8 million.
Although the reported EBITDA result ended at DKK 0.3 million, the underlying operations were characterized by a few
extraordinary and unforeseen one-off items. By adjusting for these items, the EBITDA result would have been DKK 2.9
million. The one-off items are:
• Increased provision for the repair of faulty solar panels of DKK 1.2 million.
• Unforeseen losses related to two lawsuits in the German market of DKK 1.0 million.
• Extraordinary expenses in the first quarter to complete the annual report for 2024 of DKK 0.4 million.
EBIT
Depreciation came to DKK 3.1 million, leading to an EBIT of DKK -2.8 million compared to DKK -12.6 million in 2024.
Net result
Financial expenses increased slightly to DKK 1.0 million – down from DKK 1.3 million in 2024. With no tax impact for
the year, the final result for 2025 was a loss of DKK -3.9 million, a significant improvement from the DKK -13.9 million
loss recorded in 2024.
Revenue broken down by quarter (DKKm)
Revenue broken down by marked
100% = DKK 52.8m 100% = DKK 46.7m
Annual Report 2025
Financial Overview – Statement of comprehensive income
24
22,0
22,5
24,6
29,6
5,1
11,0
14,1
16,0
4,4
4,8
10,7
32,9
Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
12%
Denmark
88%
Germany
2 2%
Denmark
78%
Germany
2025
2024
Assets
Non-current assets
Non-current assets amounted to DKK 27.4 million by the end of 2025 – up from DKK 21.0 million by the end of 2024.
The main drivers are:
• Intangible assets: Increased from DKK 16.8 million in 2024 to 18.3 million in 2025 due to investments in a new
black module, a new red module, a facade solution and a battery.
• Tangible assets. Increased by DKK 1.0 million from DKK 1.8 million in 2024 to 2.8 million in 2025 due to increase in
right of use assets.
• Other receivables: Increased from zero to DKK 4.0 million. This includes expected future receivables with the
Group’s solar panel supplier arising from the suppliers obligation to deliver panels to replaced failing panels in
connection with future and not-yet received warranty claims.
Inventories
Inventories increased with DKK 1.4 million from DKK 13.8 million to DKK 15.2 million in 2025. The increase among
others come from return of modules in connection with replacement of defective modules. The returned modules
will be used as passive modules.
Receivables
Receivables increased by DKK 15.1 million to DKK 30.8 million, up from DKK 15.7 million in 2024. The main drivers are:
• Accounts receivable: Increased by DKK 14.6 million as a consequence of the record-high Q4 revenue of DKK 32.9
million, up from DKK 16.0 million in Q4 2024. Moreover, items that were booked as contract assets in 2024 were
moved to accounts receivable in 2025.
• Contract assets: Contract assets decreased by DKK 7.8 million to zero as a consequence of items that were booked
as contract assets in 2024 were moved to accounts receivable in 2025.
• Other receivables: Other receivables include receivables with the Group’s solar panel supplier arising from the
suppliers obligation to deliver panels to replaced failing panels in connection with received warranty claims.
Other receivables has increased with DKK 7.0 million to DKK 11.1 million as a consequence of an increase in
reported and not yet rectified warranty claims.
Cash
The cash amounted to DKK 2.6 million by the end of 2025 compared to DKK 2.1 million by the end of 2024.
Equity and liabilities
Equity
The Group's equity as of 31 December 2025 amounted to DKK 19.6 million compared to DKK 15.2 million by the end
of 2024. The change is driven by:
• Share capital: In December 2025 loans totaling DKK 8.3 million including accrued interest were converted to
shares at a price of DKK 4.22 per share. 1,963,069 new shares were subscribed for and the Groups’ share capital
were increased by a nominal amount of DKK 2.0 million. After the capital increase the share capital amounted to a
DKK 33.3 million.
• Retained earnings: Increased by DKK 2.6 million from DKK -15.6 million in 2024 to DKK -13.0 million in 2025. The
movement was driven by the addition capital paid-in in connection with the capital increase in December 2025 of
DKK 6.4 million minus the 2025 net result of DKK 3.8 million.
Non-current liabilities
Non-current liabilities increased by DKK 0.1 million to DKK 14.3 million. The main drivers are:
• Provision: This is a provision for guarantee obligations beyond one year. Hence, it primarily includes future and
not-yet received warranty claims. Increased from DKK 3.8 million to DKK 4.3 million. The addition in 2025 is due to
an updated gross presentation of the claims compared to 2024
• Lease liabilities: Increased by DKK 1.3 million from MDKK 0.5 million in 2024 to DKK 1.8 million in 2025
• Other borrowings: Decreased with DKK 1.2 million to DKK 7.5 million
• Deferred income: Decreased with DKK 0.6 million to DKK 0.6 million
Current liabilities
Current liabilities increased by DKK 19.0 million from DKK 23.2 million in 2024 to DKK 42.2 million in 2025. The main
drivers are:
• Provision: This is a provision for guarantee obligations within 2026. Hence, it includes already received warranty
claims. Amounts to DKK 10.0 million – up from zero by the end of 2024 as the guarantee provision is spilt in a non-
current and a current part in 2025 in comparison to 2024 where there only was a non-current provision.
• Other borrowings: Decreased by DKK 0.7 million to DKK 3.3 million.
• Bank debt, incl. overdraft facility: Increased with DKK 0.7 million to DKK 3.7 million as a consequence of an
increase in the overdraft facility with Kompasbank in connection with the loan restructuring in March 2025.
• Prepayment from customers: Decreased by DKK 2.8 million to DKK 1.3 million as a consequence of a reduction in
the order backlog.
• Trade payables: Increased by DKK 8.7 million from DKK 7.6 million in 2024 to DKK 16.3 million in 2025. The
increase is driven by the record-high Q4 revenue of DKK 32.9 million, up from DKK 16.0 million in Q4 2024.
• Other liabilities: Increased by DKK 3.4 million from DKK 2.8 million in 2024 to DKK 6.2 million in 2025. The increase
is driven by the record-high Q4 revenue of DKK 32.9 million and a new promissory note of DKK 1.0 million.
Annual Report 2025
Financial Overview – Balance Sheet
25
Overall cash flow performance
The Group achieved a positive net cash flow of DKK 0.6 million in 2025, marking a substantial recovery from the DKK -
11.7 million negative cash flow in 2024. This improvement was primarily driven by a significantly better net result and
a DKK 8.1 million increase in cash flow from financing activities.
Operating activities and working capital
The operating cash flows before changes in working capital amounted to DKK 0.4million in 2025 compared to DKK
-9.4 million in 2024.
Working capital decreased to DKK 10.6 million at year-end 2025, down from DKK 13.0 million in 2024. This
development was influenced by the following factors:
• Trade payable: Increased by DKK 8.7 million driven by the record-high Q4 revenue.
• Warranty claims: Provisions increased by DKK 11.1 million.
• Liabilities and VAT: Other liabilities rose by DKK 2.8 million due to record-high Q4 revenue affecting VAT in both
Denmark and Germany, as well as a DKK 1.0 million promissory note.
• Off-setting factors: These increases were partially offset by a DKK 8.5 million increase in accounts receivable, a
DKK 1.5 million increase in inventories, a DKK 2.8 million decrease in prepayment, reflecting a lower year-end
order backlog compared to 2024 and an increase in other receivables of DKK 10.7 million, reflecting an increase in
Group’s the solar panel supplier’s obligation to deliver panels to replaced failing panels in connection with
received warranty claims.
Investing activities
Cash flow used in investing activities was DKK -5.5 million compared to DKK -3.1 million in 2024. These investments
were primarily directed toward fixed assets and development projects. Detailed information regarding development
projects can be found in note 14 of the consolidated financial statements.
Financing activities
Financing activities generated a positive cash flow of DKK 8.1 million in 2025, a significant shift from the DKK -4.4
million outflow in 2024.
• Inflows: The positive result was driven by capital increases totaling DKK 8.2 million and a DKK 1.1 million increase
in lease liabilities.
• Outflows: These inflows were offset by debt proceeds and repayments totaling DKK 1.2 million during the year.
Working capital at 31 December 2025
Working capital at 31 December 2024
Annual Report 2025
Financial Overview – Cash Flow Statement
26
13.773
6.132
4.384
5.163
-7.603
-4.113
-4.749
12.987
Inventories
Contract
assets
Account
receivables
Other
receivables
Trade payables
Prepayments
from customers
Other liabilities
Working Capital
15.226
18.974
15.851
-16.282
-14.289
-1.320
-7.509
10.651
Inventories
Account
receivables
Other
receivables
Trade payables
Provisions
Prepayments
from customers
Other liabilities
Working Capital
Material uncertainty related to going concern
The Financial Statements have been prepared on a going concern basis, which assumes that the Group will be able to
meet its obligations as they fall due.
Management has prepared a comprehensive budget for 2026, including a consolidated income statement, balance
sheet, and cash flow forecast. The budget indicates a total funding requirement of up to DKK 10,000 thousand to
support the Group’s operations.
While Management is confident that the identified funding requirement can be realised and has initiated activities
to secure the necessary liquidity, the circumstances give rise to a material uncertainty related to going concern. The
key factors underlying this assessment are described below.
Financial position
For the financial year ended 31 December 2025, the Group reported a loss of DKK 3,918 thousand. As of 31
December 2025, current assets exceeded current liabilities by DKK 6,412 thousand and total equity amounted to DKK
19,566 thousand.
Although the balance sheet position at year-end shows positive working capital, Management expects that increased
activity levels and growth in 2026 will have a negative short-term impact on liquidity, primarily due to higher
working capital requirements.
Debt rescheduling
In January 2026, payments on interest-bearing loans amounting to DKK 14,456 thousand as of 31 December 2025
were rescheduled. The revised agreements postpone principal instalments until March 2027, thereby improving the
Group’s short-term liquidity position. Reference is made to notes 23 and 31 for further details.
Capital attraction
Management has initiated active dialogues with existing and new investors as well as potential loan providers to
secure funding of DKK 10,000 thousand to support the Group’s operations in 2026. As at the date of approval of the
annual report, no binding commitments for additional financing have been obtained.
Financial planning and assumptions
The 2026 budget is based on several key assumptions, including:
Revenue growth: Revenue is expected to increase by 4–23% compared to 2025, supported by an order book of
approximately DKK 10,000 thousand at year-end 2025, the introduction of new red roof and façade solutions, the
planned launch of a battery solution in 2026 and the commencement of sales in Poland.
Market conditions: No material deterioration in overall market conditions.
Margins and costs: Gross margin is assumed to be in line with 2025, while personnel costs and other operating
expenses are expected to remain at comparable levels.
Warranty management: Warranty-related costs are expected to remain within recognised provisions. This
assumption is dependent on the solar panel supplier fulfilling its obligations to provide replacement modules for
defective panels.
Management notes that the Group’s ability to continue as a going concern is subject to significant risks, as the Group
reported losses in 2025, operating cash flows were negative, and the 2026 budget indicates a need for additional
capital. Accordingly, there is uncertainty as to whether the Group will:
• Obtain the required funding of DKK 10,000 thousand,
• Achieve revenue within the expected range of DKK 55,000–65,000 thousand,
• Realise the budgeted gross margins and cost levels, and
• Incur warranty rectification costs in line with recognized provisions, particularly if supplier support is not
obtained.
Conclusion on going concern
Based on the above, material uncertainty exists that may cast significant doubt on the Group’s ability to continue as
a going concern. Further details on the material uncertainty are disclosed in note 1 to the consolidated financial
statements.
For additional information, reference is made to note 5 cost of sales, note 21 failing solar panels, and notes 23, 25
and 31 borrowings, loan rescheduling and financial risks.
Subsequent events
As of 31 December 2025, Ennogie ApS held two loans with Kompasbank and one with EIFO. The combined debt was
DKK 10.778 thousand. In addition, Ennogie ApS held an active overdraft facility with Kompasbank of DKK 3,678
thousand.
In January 2026, the Group successfully rescheduled its loans with Kompasbank and EIFO to optimize liquidity. Key
changes include:
• Installment Postponement: 2026 installments until April on the largest loan with Kompasbank remain and
amount to DKK 1,620 thousand. The installments from May 2026 to February 2027 totaling DKK 1,615 thousand
has been postponed to March 2027.
• Loan Repayment: One loan with Kompasbank of DKK 2,693 thousand was fully repaid. This repayment was
funded by increasing the existing overdraft facility with Kompasbank to a total of DKK 6,300 thousand.
• EIFO Loan Extension: The repayment schedule for the EIFO loan was extended by one year.
Annual Report 2025
Financial Overview
27
For the 2026 fiscal year, Ennogie expects turnover in the range of DKK 55 to 65 million. Earnings before interest,
taxes, depreciation, and amortization (EBITDA) are projected to be between DKK 1 and 4 million.
Key Assumptions for the 2026 Outlook
The financial guidance for 2026 is based on several core assumptions and prerequisites identified by
management:
Revenue growth and order book
• Growth Targets: Revenue is projected to grow by 4–23% compared to 2025.
• Order Pipeline: This growth is supported by an order book of DKK 10 million at the end of 2025 and a
forecasted increase in order intake.
• Strategic Drivers: The expected increase in orders is driven by the red roof and facade solutions introduced
in 2025, the upcoming launch of a battery solution in 2026, and the commencement of sales operations in
Poland.
• Market Sensitivity: Total turnover remains sensitive to the timing of individual large-scale B2B orders, which
may significantly impact the annual result.
• External Factors: Market conditions — specifically interest rate fluctuations, electricity prices, labor
availability, and regulatory frameworks influence demand.
Margins and operating expenses
• Gross Margin: The 2026 gross margin is expected to be consistent with the 2025 margin.
• Cost Management: Personnel costs and other operating expenses are expected to remain stable and in line
with 2025 levels.
Warranty claims and provisions
• Current Status: Ennogie experienced an elevated number of warranty claims in 2024 and 2025. While most
2024 claims have been rectified, the majority of 2025 claims are still pending resolution.
• Risk Mitigation: Provisions have been made to cover both existing and anticipated future claims. However,
any deviation from the estimated number or cost of replacements represents a financial risk.
• Critical Dependencies: The outlook assumes that:
• The solar panel supplier fulfills its obligation to deliver the necessary replacement units.
• Insurance companies in Germany and Denmark cover the associated labor costs for replacements.
• Defective panels can be repurposed as passive modules in future installations.
Annual Report 2025
Financial Outlook
28
Annual Report 2025
Key Financial Indicators
29
2025 2024 2023 2022 2021
Profit n' Loss, DKK '000
Revenue
52.789
46.182
98.775
61.116
15.739
Gross profit
23.341
16.278
27.229
15.394
2.569
Operating result bef. depreciations and amortizations (EBITDA)
319
(9.473)
(2.741)
(7.893)
(46.615)
Operating result (EBIT)
(2.823)
(12.608)
(6.164)
(10.175)
(48.789)
Financial items net
(933)
(1.281)
(1.810)
(1.543)
(448)
Result
(3.756)
(13.889)
(7.974)
(11.705)
(49.236)
Balance, DKK '000
Total assets
76.667
52.565
73.190
57.258
39.796
Equity
19.566
15.162
29.064
11.925
15.001
Working capital
10.651
12.985
16.284
6.978
(2.969)
Investment in tangible assets
2.569
805
3.367
829
382
KPI's
Gross margin, %
44,2%
35,2%
27,6%
25,2%
16,3%
EBITDA, %
0,6%
-
20,5%
-
2,8%
-
12,9%
-
296,2%
Earnings per share, DKK
(0,12)
(0,44)
(0,28)
(0,43)
(2,20)
Earnings per share, diluted DKK
(0,12)
(0,45)
(0,25)
(0,38)
(1,83)
Circulating number of shares at the end of the period, 1,000 units
33.323
31.360
31.360
27.784
26.250
Solvency ratio
26%
29%
40%
21%
38%
Liquidity ratio
115%
136%
201%
169%
154%
2025 2024 2023 2022 2021
CSR
Average full
-time employees
Number
27
33
44
32
21
Cultural diversity for all employees
Number of nationalities
9
9
9
9
6
Gender diversity for all employees
Percentage of women
26%
23%
23%
24%
16%
Gender diversity for Group management
Percentage of women
0%
0%
0%
33%
0%
Work
-related accidents with at least one day of absence
Number
0
0
0
3
0
Governance
- Responsible Leadership
Gender diversity on the board of directors
Percentage of women
33%
25%
25%
40%
0%
Annual Report 2025
Consolidated
Financial Statements
30
Annual Report 2025
Consolidated Financial Statements
31
Primary Statements
Consolidated statement of Comprehensive Income 32
Statement of Financial Position 33
Equity Statement 34
Cash Flow Statement 35
Notes
1. Material uncertainty related to going concern
2. Key accounting estimates and judgements
3. Segment information
4. Revenue / revenue over time
5. Cost of goods sold
6. Fees to independent auditor
7. Staff cost
8. Share-based compensation
9. Other operating income
10. Financial income
11. Financial expenses
12. Taxes
13. Earnings per share
14. Intangible assets
15. Tangible assets
16. Other financial assets
17. Inventories
18. Accounts receivables
19. Other receivables
20. Treasury shares
21. Provisions
22. Expected contractual cash flows for lease liabilities
23. Expected contractual cash flows for interest-bearing debt
24. Change in debt
25. Deferred income
26. Financial risks and financial instruments
27. Contractual obligations and contingent liabilities
28. Pledges and securities
29. Related parties
30. Company overview
31. Subsequent events
32. Material accounting policies
33. Definition of Key Figures and KPI’s
34. New accounting policies and disclosures effective in 2025 or later
Annual Report 2025
Consolidated Statement of Comprehensive Income
1 January - 31 December
32
DKK '000 Note 2025 2024
Revenue 3,4 52.789 46.182
Cost of goods sold 5 (29.448 ) (29.904 )
Gross profit 23.341 16.278
Work performed by the entity and capitalized 1.657 1.623
Other external expenses 6 (12.084 ) (10.871 )
Staff cost 7,8 (13.603 ) (18.309 )
Other operating income 9 1.008 1.805
Earnings before interest, tax, depreciation and amortization (EBITDA) 319 (9.473 )
Depreciation and amortization 14,15 (3.142 ) (3.135 )
Profit/loss before financial item s and tax (EBIT) (2.823 ) (12.608 )
Financial income 10 381 0
Financial expenses 11 (1.314 ) (1.281 )
Profit/loss before tax (3.756 ) (13.889 )
Corporation tax for the year 12 0 0
Profit/loss for the year (3.756 ) (13.889 )
Other comprehensive incom e
Item s that are or m ay be reclassified subsequently to profit or loss
Currency adjustment foreign entities (162 ) (14 )
Com prehensive incom e for the year (3.918 ) (13.902 )
Earnings per share, DKK 13 (0,12 ) (0,44 )
Earnings per share, diluted, DKK 14 (0,12 ) (0,45 )
Annual Report 2025
Consolidated Statement of Financial Position
31 December
33
DKK '000
Note
2025 2024
Intangible assets
14
Tangible assets
15
Deposits
Other receivables
16
Other financial assets
17
Non
-current assets
Inventories
18
Accounts receivable
19
Contract assets
4
Other receivables
16
Prepayments
Receivables
Cash & cash equivalents
Current assets
Total assets
DKK '000
Note
2025 2024
Share capital
Tresury shares
20
(561 )
(561 )
Currency adjustments
(191 )
(30 )
Retained earnings
(13.004 )
(15.607 )
Equity
Provisions
21
Lease liabilities
22
Other borrowings
23
Deferred income
Non
-current liabilities
Provisions
21
Other borrrowings
23
Bank debts, incl. overdraft facility
23
Lease liabilities
22
Prepayments from customers
4
Trade payables
Other liabilities
Deferred income
25
Current liabilities
Total liabilities
Total equity and liabilities
Annual Report 2025
Consolidated Statement of Changes in Equity
1 January - 31 December
34
Amounts in DKK '000
Share capital
Treasury
shares
Currency
adjustments
Retained
earnings Total
Equity at 1 January 2025
(561 )
(30 )
(15.607 )
Result for the period
(3.756 )
(3.756 )
Other comprehensive income
(162 )
(162 )
Total comprehensive income
(162 )
(3.756 )
(3.918 )
Capital increase
Share
-based payments
Equity at 31 December 2025
(561 )
(191 )
(13.004 )
Amounts in DKK '000
Share capital
Treasury
shares
Currency
adjustments
Retained
earnings Total
Equity at 1 January 2024
(561 )
(16 )
(1.719 )
Result for the period
(13.889 )
(13.889 )
Other comprehensive income
(14 )
(14 )
Total comprehensive income
(14 )
(13.889 )
(13.902 )
Equity at 31 December 2024
(561 )
(30 )
(15.607 )
Annual Report 2025
Cash Flow Statement
1 January - 31 December
35
DKK '000
2025 2024
Profit of the year
(3.756 )
(13.889 )
Depreciation, amortization and impairment
Net finance costs
Share
-based payments
Operating cash flow before changes in working capital
(9.385 )
-
Change in inventories
(1.453 )
-
Change in receivables
(8.459 )
-
Change in other receivables
(11.329 )
(2.326 )
-
Change in trade payables, etc.
(4.895 )
-
Change in prepayments from customers
(2.793 )
(1.467 )
-
Change in other liabilities
-
Change in provision
Cash flow from operating activities
(1.094 )
(2.904 )
Interests paid
(933 )
(1.323 )
Net cash flow from operations
(2.027 )
(4.226 )
Acquisition of property, plant and equipment
(2.569 )
(805 )
Investment in intangible assets
(3.092 )
(2.719 )
Change in financial assets
Cash flow from investments
(5.548 )
(3.132 )
Free cash flow
(7.576 )
(7.359 )
Proceeds from issuance of convertible bonds
Repayment of borrowings
(1.171 )
(3.672 )
Change in leasing liabilities
(693 )
Cash flow from financing activities
(4.365 )
Net cash flow for the period
(11.724 )
Cash and cash equivalent at the beginning of the period
Exchange rate adjustments on cash
(162 )
Net cash flow for the period
(11.724 )
Cash and cash equivalent at the end of the period
Annual Report 2025
Notes to the Consolidated Financial Statements
36
Annual Report 2025
Notes to the Consolidated Financial Statements
37
Annual Report 2025
38
Notes to the Consolidated Financial Statements
Annual Report 2025
39
Notes to the Consolidated Financial Statements
Annual Report 2025
40
Notes to the Consolidated Financial Statements
Annual Report 2025
41
Notes to the Consolidated Financial Statements
Annual Report 2025
42
Notes to the Consolidated Financial Statements
Annual Report 2025
43
Notes to the Consolidated Financial Statements
Annual Report 2025
44
Notes to the Consolidated Financial Statements
Annual Report 2025
45
Notes to the Consolidated Financial Statements
Annual Report 2025
46
Notes to the Consolidated Financial Statements
Annual Report 2025
47
Notes to the Consolidated Financial Statements
Annual Report 2025
48
26. Financial risks and financial instruments (continued)
Notes to the Consolidated Financial Statements
Annual Report 2025
49
Notes to the Consolidated Financial Statements
Annual Report 2025
50
Notes to the Consolidated Financial Statements
Annual Report 2025
32. Material accounting policies (continued)
51
Notes to the Consolidated Financial Statements
Annual Report 2025
32. Material accounting policies (continued)
Previously recognized impairments are reversed when the reason for impairment no longer exists.
52
Notes to the Consolidated Financial Statements
Annual Report 2025
32. Material accounting policies (continued)
53
Notes to the Consolidated Financial Statements
Annual Report 2025
32. Material accounting policies (continued)
54
Notes to the Consolidated Financial Statements
Annual Report 2025
Parent Company
Financial Statements
55
Annual Report 2025
Parent Company Financial Statements
56
Primary Statements
Statement of Comprehensive Income 57
Balance Sheet 58
Equity Statement 59
Cash Flow Statement 60
Notes
1. Material uncertainty related to going concern
2. Key accounting estimates and judgements
3. Fees to independent auditor
4. Staff costs
5. Financial income
6. Financial expenses
7. Subsidiaries
8. Treasury shares
9. Warrants
10. Proposed distribution of profit/(loss)
11. Contingent liabilities and intercompany financial
guarantee contracts
12. Related parties
13. Subsequent events
14. Accounting policies
Annual Report 2025
Statement of Comprehensive Income
1 January - 31 December
57
DKK '000 Note 2025 2024
Revenue 4.472 4.472
Other external expenses 3 (3.111) (2.176)
Staff cost 4 (3.262) (3.383)
Earnings before interest, tax, depreciations and amortization (EBITDA) (1.902) (1.087)
Earnings before interes and tax (EBIT) (1.902) (1.087)
Result from investment in subsidiaries 0 (160.144)
Financial income 5 2.112 1.295
Financial expenses 6 (832) (1.408)
Loss before tax (621) (161.344)
Tax for the year 0 0
Loss for the year / Comprehensive income for the year (621) (161.344)
Distribution of profit/loss for the year:
Retained earnings (621) (161.344)
(621) (161.344)
Comprehensive income for the year (621) (161.344)
Annual Report 2025
Statement of Financial Position
31 December
58
DKK '000 Note 2025 2024
Investment in subsidiaries 7 149.037 149.037
Receivable from subsidiaries 27.878 20.335
Non-current assets 176.915 169.373
Prepayments 306 417
Receivables 306 417
Cash & cash equivalents 768 200
Current assets 1.074 617
Total assets 177.989 169.990
Share capital 33.323 31.360
Tresury shares 8,9 (561) (561)
Retained earnings 10 140.653 134.915
Equity 173.415 165.714
Debt to group subsidiaries 1.013 988
Non-current liabilities 1.013 988
Deffered income related to financial guarantee 11 1.100 1.698
Trade payable 1.047 672
Other payables 1.415 918
Current liabilities 3.561 3.288
Total liabilities 4.574 4.276
Total equity and liabilities 177.989 169.990
Annual Report 2025
Statement of Changes in Equity
1 January - 31 December
59
2025
DKK '000
Note
Share capital
Treasury shares
Retained
earnings Total
Equity at 1 January
31.360
(561)
134.915
165.714
Loss for the year
10
0
0
(621)
(621)
Other comprehensive income
0
0
0
0
Total compprehensive income
0
0
(621)
(621)
Capital increase
1.963
0
6.321
8.284
Share
-based payment
0
0
38
38
Equity at 31 December
33.323
(561)
140.653
173.415
2024
DKK '000
Share capital
Treasury shares
Retained
earnings Total
Equity at 1 January
31.360
(561)
296.259
327.058
Loss for the year
0
0
(161.344)
(161.344)
Other comprehensive income
0
0
0
0
Total comprehensive income
0
0
(161.344)
(161.344)
Equity at 31 December
31.360
(561)
134.915
165.714
Annual Report 2025
Cash Flow Statement
1 January - 31 December
60
DKK '000
2025 2024
Operating result (EBIT)
(1.902)
(1.087)
Share
-based payments
38
0
Operating cash flows before changes in working capital
(1.864)
(1.087)
- Changes in intercompany receivables
(7.542)
(479)
- Changes in prepayments
111
(349)
- Changes in account payables
375
112
- Changes in financial guarantees
(
598)
771
- Changes in other liabilities
497
331
Operating cash flows
(9.021)
(701)
Interests received
1.280
0
Income taxes paid
0
0
Cash flows from operations
(7.741)
(701)
Investment in subsidiaries
0
0
Cash flows from investments
0
0
Free cash flows
(7.741)
(701)
Proceeds from capital increase
8.284
0
Transactions on debts to subsidiaries
0
0
Cash flows from financing activities
8.309
0
Net cash flows for the period
568
(701)
Cash and cash equivalents at the beginning of the period
200
902
Net cash flows for the period
568
(701)
Cash and cash equivalents at the end of the period
768
200
Annual Report 2025
Notes to the Parent Company Financial Statements
61
1. Material uncertainty related to going concern
The Parent Company financial statements have been prepared on a going concern basis, which assumes the Company will be able to
fulfill its liabilities in the normal course of business. The Group has however experienced negative results over the past five years
and reported a loss of DKK 3,756 thousand for the financial year ended 31 December 2025.
Management has prepared a budget for the group for 2026 which indicates a funding requirement of up to DKK 10,000 thousand to
support operations throughout 2026 and into 2027. The funding requirement is expected to arise primarily in the first half of 2026.
The budget is based on assumptions relating to revenue growth, stable margins and operating costs, continued supplier support in
relation to warranty obligations, and ongoing covenant waivers on the Group’s EIFO loans.
The Parent Company has provided guarantees to the subsidiaries in the group, whereas the material uncertainty related to going
concern as pertaining to the Group, is also relevant for the Parent Company.
Reference is made to note 1 in the consolidated financial statements for additional details.
2. Key accounting estimates and judgements
In the preparation of the company’s financial statements management is required to make judgements, estimates and assumptions
that effect the reported amounts of revenue, expenses, assets and liabilities, the accompanying disclosures, and the disclosures of
contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods.
The made estimates and the underlying assumptions are continuously reassessed. Changes to made accounting estimates are
recognized in the accounting period in which the change occurs, and in future accounting periods if the change affects both the
current and future accounting periods.
The accounting estimates and assessments that management considers significant for the preparation and understanding of the
consolidated financial statements are described in more detail in the following section.
Please refer to note 13 for further description and to note 34 in the notes for the consolidated financial statements.
Investments in subsidiaries
Investments in subsidiaries are measured at cost in the parent company's annual financial statements. If there are indications of
impairment, an impairment test is performed. The indication of Ennogie ApS’ impairment is based on the stock market value of the
shares of Ennogie Solar Group. As of the end of 2025 the shares represented a value of DKK 157,000 thousand, which exceeds the
book value of DKK 149,000 thousand. However, as the market value of the Ennogie Solar Group A/S shares are not necessarily
identical to the value of the subsidiaries in the Parent Company due to the fact that the parent company value is also reflected in
the market share price, and because the market value of the group is close the book value of the investments in subsidiaries, an
impairment test was made.
The estimated future cash flows used in the impairment tests are based on the internal budgets drawn up. They are determined
using key assumptions and assessments including market reports about the BIPV industry. The forecasts reflect management’s best
estimates. A perpetuity growth rate is used for periods beyond those covered in the budgets. The cash flows are discounted using a
WACC specific to Ennogie. The WACC is based on capital structure similar to European suppliers of building components. The cost of
debt is similar to the interest rate on Ennogie’s current loans. The cost of equity rate incorporates a risk premium in order to reflect
uncertainties as to the revenue growth rate.
The net present value is then compared to the investment cost. Details about the impairment can be found in note 6.
Deferred tax asset
The estimation uncertainty relates to the parent company having a significant unrecognized tax asset, primarily relating to tax loss
carry forwards and losses in the Group's Danish companies.
The deferred tax assets amounting to DKK 34,980 thousand are not recognized as of 31 December 2025, due to uncertainty about
future utilization (3-5 years).
3. Fees to independent auditor
The Group changed its independent auditor during the financial year. Fees are specified below:
PwC is the general meeting-elected auditor for Ennogie Solar Group A/S. PwC audits the consolidated financial statements as
well as other financial statements of the Group's subsidiaries subject to audit.
Amounts in DKK '000 Total Pw C KPMG
2025
Statutory audit 624 595 29
Other Assurance engagements 0 0 0
Other services 0 0 0
Total fees to independent auditors 624 595 29
Amounts in DKK '000 Total KPMG
2024
Statutory audit 832 832
Other Assurance engagements 0 0
Other services 0 0
Total fees to independent auditors 832 832
4. Staff costs 5. Financial income
6. Financial expenses
Annual Report 2025
62
Notes to the Parent Company Financial Statements
DKK '000
2025 2024
Income financial guarantee
598
232
Interest income from subsidiaries
1.514
1.063
Total financial income
2.112
1.295
DKK '000
2025 2024
Other financial expenses
832
405
Expense on financial guarantee
0
1.003
Total financial expenses
832
1.408
DKK '000 2025 2024
Salary 3.122 3.313
Share-based compensation 38 0
Other staff cost 102 69
Total staff cost 3.262 3.382
Average number of employees 3 3
Remuneration for Executive Management:
Salary 1.960 2.931
Executive management 1.960 2.931
Board remuneration 71 113
Share-based compensation 0 0
Board rem uneration 71 113
Total 2.031 3.044
7. Subsidiaries
An impairment test of Ennogie Solar Group’s investment in Ennogie ApS has been carried out.
A five years (2026-2030) discounted cash flow model was used. The revenue was modelled based on the 2026 budget and a
development in revenue based on market reports for the BIPV industry and management’s own expectorations for growth in the
five year period. The average annual growth during the five years was 19.7%. Development in cost of goods sold, expenses and
investments also took a starting point the 2026 budget and a development based on management expectations. Beyond the five
years period a terminal value was calculated using a 2% growth rate.
The WACC was based on a capital structure similar to European suppliers of building components. The cost of equity was set to the
cost of debt for European suppliers of building components plus a risk premium in order to reflect uncertainties as to the revenue
growth rate in the first five years. The cost of debt was similar to the interest rate on Ennogie’s current loans. The used WACC was
11.8%.
The model showed an enterprise value of DKK 173 million. The interest-bearing debt of Ennogie ApS was subtracted from the
enterprise to get to a value of the Ennogie ApS shares of DKK 173 million. However, as this value, and neither the market value of
Ennogie Solar Group A/S is significantly higher than the book value, it is management's assessment that the circumstances that lead
to the previous impairment has not changed significantly enough at this time, to warrant a reversal of the historically recognised
impairments.
Sensitivity analysis
Annual Report 2025
63
Notes to the Parent Company Financial Statements
Subsidiaries
Registered office Country Ownership
Ennogie ApS
Herning Denmark 100%
Ennogie Deutschland GmbH, owned by Ennogie ApS
Magdeburg Germany 100%
Ennogie
Produktion GmbH, owned by Ennogie ApS Schwäbisch Hall Germany 100%
Porteføljeselskab A/S
Herning Denmark 100%
WACC % 11.8 13.8 15.8
Enterprise value less interest
bearing debt, MDDK
173 137 110
Terminal growth rate % 2.0 3.0 6.0
Enterprise value less interest
bearing debt, MDKK
173 188 207
DKK '000
Investment in
subsidiaries
Cost at 1 January
458.183
Additions
0
Cost at 31 December
458.183
Impairment at 1 January (309.146)
Impairment this year 0
Impairment at 31 december (309.146)
Carrying amount at 31 December
149.037
DKK '000
Investment in
subsidiaries
Cost at 1 January
458.183
Additions
0
Cost at 31 December
458.183
Impairment at 1 January (148.881)
Impairment this year (160.265)
Impairment at 31 december (309.146)
Carrying amount at 31 December
149.037
2024
2025
Annual Report 2025
64
8. Treasury shares
The holding of treasury shares includes the cost price of treasury shares in Ennogie Solar Group A/S. As of 31 December 2025, the
company's holding of treasury shares consists of 10,453 shares (31 December 2024: 10,453 shares). The shares has a nominal value
of DKK 10,453 corresponding to 0.033% of the contributed capital.
The market value of the company's holding of treasury shares amounted to DKK 49 thousand as of 31 December 2025 (31
December, 2024: DKK 82 thousand). The shares stem from the period before Ennogie became part of the Group, and the board is
considering whether the shares should be exchanged for liquidity or used for share-based compensation.
9. Warrants
The company established a warrant program for the Group's Board of Directors, key management personnel, and employees in
September 2022. For warrants granted to individuals employed in one of the company's subsidiaries, the value of the share-based
compensation is recorded as an increase in the capital shares with a corresponding entry in other reserves in equity.
For information regarding share-based compensation and an overview of outstanding warrants, please refer to note 8 in the
consolidated statements.
10. Proposed distribution of profit/(loss)
The Board of Directors proposes that the profit for the year be distributed as shown above.
11. Contingent liabilities and intercompany financial guarantee contracts
Ennogie Solar Group A/S has provided joint and several guarantees for loans taken out by its subsidiary Ennogie ApS. As of 31
December 2025, the loan amount is DKK 14,456 thousand. The deffered income on the issued financial guarantee amounts to DKK
1,698 thousand. Additionally, the company has provided joint and several guarantees for the subsidiary Porteføljeselskab A/S'
obligations to its primary banking relationship. As of 31 December 2025, Porteføljeselskab A/S has no bank debt. The current value
set off as provision for this guarantee amounts to DKK 0.
Ennogie Solar Group A/S is the administration company in a Danish tax consolidation with its Danish subsidiaries. The consolidated
companies are jointly and severally liable for taxes on the consolidated income of the Group and for certain potential withholding
taxes such as dividend tax and royalty tax. The consolidated companies' net obligation to Skattestyrelsen (Danish Tax Authority)
amounts to DKK 0 as of 31 December 2025. Any subsequent adjustments to the taxable consolidated income or withholding taxes
on dividends, etc., may result in the company's liability amounting to a larger sum.
12. Related parties
Ennogie Solar Group A/S has one related party with significant influence. This is the company’s chairman Kim Haugstrup Mikkelsen
who indirectly holds 14,741,510 shares in Ennogie Solar Group through companies that he controls.
Related parties include the parent company's Board of Directors and Management, as they constitute the key management
personnel of the company. Furthermore, related parties include close family members of these individuals and entities controlled or
significantly influenced by these persons.
Related parties also include the company's subsidiaries and their subsidiaries in Denmark and Germany. Please refer to note 6 for a
list of subsidiaries.
The Parent Company has receivables from subsidiaries arising from both intercompany financing and operational transactions
within the Group. The financing comprises two loans to a subsidiary with principal amounts of DKK 18 million and DKK 5 million,
bearing interest at 5.5% and 10.0% per annum, respectively. In addition, the Company has other intercompany balances arising
from internal trading transactions, which are non-interest bearing.
Transactions with related parties can be specified as follows.
Notes to the Parent Company Financial Statements
Board of directors & Executive
management Subsidiaries
DKK '000
2025 2024 2025 2024
Salary and remuneration
2.031
3.004
0
0
Interest, net (
-/cost)
0
0
1.513
1.063
Receivables to subsidiaries
0
0
26.390
19.348
Securities and guarantees
0
0
22.450
22.450
DKK '000 2025 2024
Profit/(loss) for the year (621) (161.344)
Proposed dividend 0 0
Transfer to retained earnings (621) (161.344)
Annual Report 2025
65
13. Subsequent events
As of 31 December 2025, Ennogie ApS held two loans with Kompasbank and one with EIFO. The combined value of these loans was
DKK 10.778thousand. In addition, Ennogie ApS held active overdraft facility with Kompasbank of DKK 3,678 thousand.
In January 2026, the Group successfully rescheduled its loans with Kompasbank and EIFO to optimize liquidity.
Key changes include:
• Installment Postponement: 2026 installments until April on the largest loan with Kompasbank remain and amount to DKK 1.620
thousand. The installments from May 2026 to February 2027 totaling DKK 1,615 thousand has been postponed to March 2027.
• Loan Repayment: One loan with Kompasbank of DKK 2,693 thousand was fully repaid. This repayment was funded by increasing
the existing overdraft facility with Kompasbank to a total of DKK 6,300 thousand.
• EIFO Loan Extension: The repayment schedule for the EIFO loan was extended by one year.
14. Accounting policies
The annual financial statements of the parent company are prepared in accordance with IFRS accounting standards (IFRS) as
adopted by the EU and additional requirements of the Danish Financial Statements Act.
The financial statements are presented in DKK '000.
The accounting policies applied are unchanged from 2024.
The parent company applies essentially the same accounting policies for recognition and measurement as the Group. Reference is
made to the consolidated financial statements for a description thereof.
Investments in subsidiaries are measured at cost in the parent company's annual financial statements. If there are indications of
impairment, impairment tests are performed. If the cost exceeds the recoverable amount of the investments, they are impaired to
this amount. Dividends from subsidiaries are recognized in the year in which the dividends are declared.
A financial guarantee provided for a subsidiary is recognised at fair value.
Notes to the Parent Company Financial Statements
Annual Report 2025
Executive Management
Board of Directors
66
Annual Report 2025
Independent Auditor’s Report
Report on the audit of the Financial Statements
67
Annual Report 2025
Independent Auditor’s Report
Key audit matters (continued)
68
Annual Report 2025
Independent Auditor’s Report
69
Annual Report 2025
Independent Auditor’s Report
70
Annual Report 2025
Independent Auditor’s Report
CVR No. 33 77 12 31
71
„Green and Clean
Solar Energy for Many,
Sustainability for All“
Interim Report Q3 2025
Page 72