Solar A/S
CVR no. 15 90 84 16
Q2
2026
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 Q2 2026
2
Management’s
review
Contents
Financial highlights 4
Business update 5
Financial performance 6
Segment performance Q2 9
Segment performance H1 10
Guidance 2026 11
Shareholder information 13
Statement of comprehensive income 15
Balance sheet 16
Cash flow statement 17
Statement of changes in equity 18
Notes 20
Section 1 – Basis for preparation 21
Section 2 – Income statement 22
Q2 Quarterly information 26
Statements 30
Management review Consolidated financial statements Q2
Strengthening cost-to-serve and scalability
Solar’s new logistics centre in Kumla, Sweden, is fully operational and was completed ahead of schedule.
Page 5
Solar A/S Q2 2026
3
Management’s
review
Financial highlights
Q2 H1 Year
DKK million 2026 2025 2026 2025 2025
Revenue 3,440 3,018 6,748 6,241 12,171
Earnings before interest, tax, depreciation and amortisation (EBITDA) 84 112 143 186 501
Earnings before interest, tax and amortisation (EBITA) 11 45 1 55 241
Earnings before interest and tax (EBIT) -11 24 -42 13 155
Earnings before tax (EBT) -38 3 -89 -30 84
Net profit for the period -31 -1 -74 -29 74
Balance sheet total 7,131 6,005 7,131 6,005 6,296
Total equity 1,939 1,754 1,939 1,754 1,996
Interest-bearing liabilities, net 2,317 1,670 2,317 1,670 1,625
Cash flow from operating activities -267 4 -440 -84 410
Net investments in property, plant and equipment -39 -87 -116 -137 -214
Employees
Number of employees (FTE's), end of period 2,908 2,913 2,908 2,913 2,995
Average number of employees (FTE's) 2,939 2,902 2,939 2,902 2,932
Financial ratios (%, unless otherwise stated)
Organic growth adjusted for number of working days 6.1 -1.2 0.8 2.6 -0.9
Gross profit margin 19.1 20.3 19.3 20.3 20.4
EBITDA margin 2.4 3.7 2.1 3.0 4.1
EBITA margin 0.3 1.5 0.0 0.9 2.0
Net working capital (end of period NWC)/revenue (LTM) 17.6 15.1 17.6 15.1 13.5
Gearing (net interest-bearing liabilities/EBITDA), no. of times 5.1 2.8 5.1 2.8 3.2
Return on equity (ROE) 1.7 5.9 1.7 5.9 3.9
Equity ratio 26.6 28.5 26.6 28.5 31.0
Share ratios (DKK)
Earnings per share outstanding (EPS) -3.40 -0.14 -8.68 -3.83 10.02
In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
H1 Financial messages
• All main markets and main segments returned to
growth in Q2.
• H1 revenue and EBITDA remained at the lower end of
our expected range mainly due to the severe winter
conditions in Q1.
• Solar’s new logistics centre in Kumla, Sweden, is fully
operational and was completed ahead of schedule.
• In all material respects, the integration of Sonepar
Norge has been finalised.
• We reconfirm our 2026 EBITDA guidance within the
range of DKK 400-480m.
Solar A/S Q2 2026
4
Management’s
review
Financial highlights
Strengthening cost-to-serve
and scalability
Driving efficiency through technology
The 48,000 m² facility in Kumla consolidates Solar
Sverige’s distribution network into a centralised and
standardised operating model, improving consistency,
control and execution across logistics operations.
Automation is at the core of the new facility, with robotics
and autonomous solutions supporting picking, packing
and internal transport processes. The goods-to-person
setup reduces manual handling, increases productivity
and accuracy, and creates a more stable and efficient
operating environment. Following the commissioning
phase, operations are progressing according to plan, with
further efficiency gains expected as volumes increase
and the automation benefits are fully realised.
The centralised setup also improves inventory visibility
and control, enabling more efficient stock management,
shorter lead times and higher inventory turnover, while
maintaining high service levels.
Improving customer value proposition and readiness
for future growth
The logistics centre in Kumla marks an important
milestone in supporting Solar's long-term growth
ambitions in Sweden. The facility provides a scalable
platform that strengthens operational excellence and
enables Solar to serve customers more efficiently and
consistently across the Swedish market.
Solar’s new logistics centre in Kumla, Sweden, is fully
operational and was completed ahead of schedule.
Enhanced logistics capabilities, combined with Solar's
digital solutions and service offerings, improve delivery
performance and overall customer experience. This is
positioning Solar Sverige to meet evolving customer
needs and capture new market opportunities in the years
ahead.
Sustainable operations
The facility holds a BREEAM Excellent certification and
incorporates a range of energy-efficient solutions,
including solar panels and a Thermonova geothermal
energy system. These investments reduce energy
consumption, lower operating costs and support Solar’s
sustainability ambitions.
Logistics transformation completed, CapEx reduced
With the commissioning of the Kumla facility, Solar has
completed the multi-year transformation of its logistics
network, upgrading all major warehouses across the
Group through automation, standardisation and
modernised operating processes.
This concludes a significant investment programme and
establishes a scalable logistics network capable of
supporting growth while improving productivity and cost
efficiency. Following completion of the programme,
CapEx is expected to normalise towards historical levels.
Logistics Centre
Kumla, Sweden
Investment: Approx. DKK 600m incl. transition costs.
Footprint: 48,000 m²
Automation: All warehouse goods handled through a goods-to-person setup, including automation solutions
such as AGVs and AutoStore with approximately 60 robots and 70,000 bins.
Sustainability: The facility holds a BREEAM Excellent certification.
Go-live: Delivered ahead of schedule in 2026.
5
Management’s
review
Solar A/S Q2 2026
Business update
H1 EBITDA amounted to DKK 143m impacted
by non-recurring items of DKK 69m
Q2 2026
Revenue
Revenue increased to DKK 3.4bn (DKK 3.0bn) positively
impacted by the acquisition of Sonepar Norge in 2025 and
was in line with our expectations.
We delivered positive adjusted organic growth across all
main markets and all main segments, demonstrating
underlying growth excluding acquisition effects.
Adjusted organic growth amounted to 6.1% (-1.2%).
Excluding the impact of Solar Polaris, organic growth was
6.5%.
In Q2, adjusted organic growth amounted to 6.9% (-2.1%)
for Installation, 3.9% (-5.7%) for Industry and 8.3% (24%)
for Trade.
Gross profit
Gross profit margin at group level decreased to 19.1%
(20.3%) in Q2 2026 primarily due to continued pressure on
sales prices. This decline occurred despite additional
cyclical inventory gains of approx. DKK 20m.
The decrease was observed across all markets and was
further impacted by a 0.4 percentage point increase in
freight costs, driven by higher fuel prices.
In Q2, all main markets
returned to positive adjusted
organic growth. In addition,
the integration of Sonepar
Norge was successfully
completed during the quarter.
External operating costs and staff costs
The integration of Sonepar Norge was completed in all
material respects and additional costs of DKK 21m were
recognised as integration costs in Q2 2026.
As expected, restructuring costs amounted to DKK 17m
(DKK 5m) including transition costs incurred in connection
with the relocation from our warehouse in Örebro to our
new logistics centre in Kumla, Sweden.
Adjusted for these non-recurring costs, external operating
costs and staff costs amounted to 15.6% (16.4%) of
revenue.
EBITDA
EBITDA amounted to DKK 84m (DKK 112m) and was in line
with our expectations. Excluding non-recurring items,
EBITDA increased to DKK 122m (DKK 117m) corresponding
to an EBITDA margin of 3.5% (3.9%).
The results from the individual markets are shown on
page 25.
Earnings before tax
Earnings before tax amounted to DKK -38m (DKK 3m)
Net profit
Net profit amounted to DKK -31m (DKK -1m).
(Data shown in brackets relate to the corresponding period in 2025)
EBITDA
DKKm
Gross profit margin
%
Adjusted organic growth
%
Q2 Q3 Q4Q1
59
74
84
112
110
205
20252026
Q1 Q2 Q3 Q4
20252026
19.5 19.1
20.4 20.3
19.8
21.0
Q1 Q2 Q3 Q4
20252026
-4.2
6.5
6.1
-1.2
-2.1
-6.1
6
Management’s
review
Solar A/S Q2 2026
Financial performance
H1 2026
Revenue
Revenue increased to DKK 6.7bn (DKK 6.2bn) positively
impacted by the acquisition of Sonepar Norge. Despite the
improvement in Q2, revenue was at the lower end of our
expected range reflecting the impact of the severe winter
conditions in Q1.
Adjusted organic growth at group level amounted to 0.8%
(2.6%). After adjusting for Solar Polaris’ lower revenue from
deliveries to major solar project parks in H1 2026
compared with H1 2025, organic growth was 2.0%.
In H1 2026, we delivered growth in Solar Sverige, Solar
Nederland and Solar Polska while Solar Danmark and Solar
Norge had the most significant adverse impact on
performance stemming from the severe winter weather
conditions in Q1. However, both Solar Danmark and Solar
Norge returned to positive growth in Q2.
Gross profit
Our guidance for 2026 reflects a slight continued decline in
gross profit margin, primarily driven by persistent pressure
on sales prices.
Gross profit margin at group level declined to 19.3%
(20.3%) in H1 2026.
The decline was observed across all markets and
was further negatively impacted by 0.4 percentage point
due to increased freight costs driven by higher fuel prices.
External operating costs and staff costs
In all material respects, the integration of Sonepar Norge
was finalised and integration costs of DKK 37m were
included in H1 2026.
We continuously pursue initiatives to optimise our
operating model, and to mitigate the impact of cost
inflation and market development. As expected,
restructuring costs amounted to DKK 32m (DKK 57m)
including transition costs in relation to the relocation of our
warehouses in Sweden.
Adjusted for these non-recurring costs, external operating
costs and staff costs amounted to 16.1% (16.4%) of revenue.
EBITDA
Despite the improvement in Q2, EBITDA of DKK 143m
(DKK 186m) was at the lower end of our expected range,
reflecting the impact of the severe winter conditions in Q1.
When adjusted for non-recurring items, the underlying
EBITDA margin amounted to 3.1% (3.9%).
However, we continually pursue new growth and earnings
initiatives to improve business development.
The results of the individual markets are shown on
page 25.
Q2 H1
DKKm 2026 2025 2026 2025
Revenue 3,440 3,018 6,748 6,241
EBITDA 84 112 143 186
Restructuring and transition costs 17 5 32 57
Integration costs 21 - 37 -
EBITDA, adj. non-recurring items 122 117 212 243
EBITDA margin 2.4% 3.7% 2.1% 3.0%
EBITDA margin, adj. non-recurring
items 3.5% 3.9% 3.1% 3.9%
Depreciation
Depreciation amounted to DKK 142m (DKK 131m)
impacted by the acquisition of Sonepar Norge and the
commissioning of the new logistics centre in Kumla,
Sweden.
Financial income and expenses
Net financial income amounted to DKK -47m (DKK -43m),
primarily due to higher financing expenses related to the
acquisition of Sonepar Norge.
Earnings before tax
Earnings before tax amounted to DKK -89m (DKK -30m)
and were negatively impacted, as expected, by integration
costs, increased depreciation and higher financial
expenses.
Net profit
Net profit amounted to DKK -74m (DKK -29m).
Cash flows
Net working capital as an average of the previous four
quarters was almost unchanged at 15.0% (15.1%) of
revenue. Net working capital at the end of H1 2026
amounted to 17.6% (15.1%).
Cash flow from operating activities totalled DKK -440m
(DKK -84m).
During Q2, several suppliers implemented price increases,
initially for oil-based products but subsequently across
other product categories. In response, we accelerated the
sourcing of affected products, resulting in a temporary
increase in inventory levels of approx. DKK 250m at the end
of the quarter. Consequently, cash flow from inventory
changes amounted to DKK -201m (DKK 136m) in H1. The
temporary inventory build-up is expected to normalise
during H2.
Changes in receivables impacted cash flow by DKK -550m
(DKK -151m) due to a combination of normal seasonality
and the return to revenue growth while changes in non-
interest-bearing liabilities had a cash flow impact of
DKK 232m (DKK -204m).
Total cash flow from investing activities amounted to
DKK -190m (DKK -196m). The purchase of intangible
assets of DKK -74m (DKK -57m) primarily relates to
ongoing investments in the optimisation of our digital
platforms. The purchase of property, plant and equipment
amounted to DKK -117m (DKK -213m) of which DKK -88m
(DKK -195m) relates to the construction of our new
logistics centre in Kumla, Sweden. In H1 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 573m
(DKK 25m). This was primarily affected by changes in
current interest-bearing liabilities of DKK 667m (DKK
317m) and repayment of non-current interest-bearing debt
of DKK -6m (DKK -105m). Dividend distribution amounted
to DKK 110m in H1 2025, while no dividend distribution
was approved by the Annual General Meeting in H1 2026.
As a result, total cash flow amounted to DKK -57m
(DKK -255m).
Net interest-bearing liabilities amounted to DKK 2,317m
(DKK 1,670m) primarily due to the DKK 309m acquisition
of Sonepar Norge in Q4 2025. By the end of H1 2026,
gearing was 5.1 (2.8) 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 H1 2026, Solar had undrawn credit facilities
of DKK 512m (DKK 718m).
Invested capital
Solar Group’s invested capital totalled DKK 4,242m
(DKK 3,410m) impacted by the acquisition of Sonepar
Norge. ROIC calculated over the past 12 months amounted
to 1.2% (6.7%).
7
Management’s
review
Solar A/S Q2 2026
Financial performance
Key risks and mitigation
The commercial and financial risks remain broadly
consistent with those described in Solar’s Annual Report
2025.
Geopolitical tensions in the Middle East continue to create
uncertainty in global energy, freight and supply chain
markets. While Solar has no direct exposure to the affected
markets, developments may impact transport costs,
supplier pricing and customer demand. Solar continues to
monitor potential macroeconomic and operational effects
closely.
As an indirect effect of the geopolitical situation, several
suppliers have implemented price increases, particularly
for oil-based products. For Solar, this supports cyclical
inventory gains in the short term but could also have a
negative impact on demand. Increased freight costs are
partly offset through invoiced surcharges.
Solar maintains close dialogue with suppliers and logistics
partners to support supply chain resilience and operational
continuity. Developments will continue to be monitored,
and mitigation measures will be adjusted as necessary.
8
Management’s
review
Solar A/S Q2 2026
Financial performance
Installation
Our Installation segment covers the installation of
electrical, heating and plumbing products.
Installation revenue for Q2 amounted to DKK 1,987m
(DKK 1,654m) positively impacted by the acquisition of
Sonepar Norge. Revenue corresponds to overall adjusted
organic growth of around 6.9% (-2.1%). All main markets
delivered positive growth, with Solar Sverige and Solar
Polska achieving double-digit growth.
Segment profit amounted to DKK 144m (DKK 116m), which
corresponds to a segment profit margin of 7.2% (7.0%).
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 Q2 amounted to DKK 1,106m
(DKK 1,046m). This corresponds to overall adjusted
organic growth of around 3.9% (-5.7%). Excluding Solar
Danmark, all main markets posted positive growth.
Segment profit amounted to DKK 159m (DKK 153m)
corresponding to a segment profit margin of 14.4%
(14.6%).
Trade
Our Trade segment covers special sales and other
specialist areas. It also includes Solar Polaris and Højager.
Revenue from Trade for Q2 amounted to DKK 347m
(DKK 318m). This corresponds to overall adjusted organic
growth of around 8.3% (24%). Excluding the impact of Solar
Polaris, organic growth amounted to approx. 14.6% (-5%).
Segment profit amounted to DKK 34m (DKK 33m), which
corresponds to a segment profit margin of 9.8% (10.4%).
Segment revenue
DKKm
Q2 2026 Q2 2026
DKKm
Installation Installation
1,987 144
1,106 159
347 34
Industry Industry
Trade Trade
Segment profit Overview business segments
Q2
Revenue Segment profit Segment margin %
DKK million 2026 2025 2026 2025 2026 2025
Installation 1,987 1,654 144 116 7.2 7.0
Industry 1,106 1,046 159 153 14.4 14.6
Trade 347 318 34 33 9.8 10.4
Solar Group 3,440 3,018 337 302 9.8 10.0
Main segments returned
to positive growth in Q2
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 253m (DKK 190m) in Q2, which
cover income and costs related to joint group
functions, including non-recurring items, and to
costs that cannot be reliably allocated to the
individual segment.
Detailed segment information is given on page 23.
9
Management’s
review
Solar A/S Q2 2026
Segment performance Q2
Installation
Installation revenue for H1 amounted to DKK 3,954m
(DKK 3,410m), which corresponds to overall adjusted
organic growth of around 3.6% (1.3%). Solar Sverige, Solar
Nederland and Solar Polska delivered positive growth,
while other markets delivered negative growth.
Segment profit amounted to DKK 261m (DKK 260m), which
corresponds to a segment profit margin of 6.6% (7.6%).
Industry
Industry revenue for H1 amounted to DKK 2,162m
(DKK 2,165m). This corresponds to overall adjusted
organic growth of around -1.6% (-1.3%). Solar Sverige, Solar
Nederland and Solar Polska posted positive growth, while
other markets, including MAG45, posted negative growth.
Segment profit amounted to DKK 315m (DKK 320m). This
corresponds to a segment profit margin of 14.6% (14.8%).
Trade
Revenue from Trade for H1 amounted to DKK 632m
(DKK 666m), which corresponds to overall adjusted organic
growth of around -5.7% (27%). Excluding the impact of
Solar Polaris’ deliveries, organic growth amounted to
approx. 5.9% (1%).
Segment profit amounted to DKK 63m (DKK 64m), which
corresponds to a segment profit margin of 10.0% (9.6%).
Segment profit includes items that are directly
attributable to the individual segment and items
that can be reliably allocated to it.
Segment profit does not include non-allocated
costs of DKK 496m (DKK 458m) in H1, which cover
income and costs related to joint group functions,
including non-recurring items, and to costs that
cannot be reliably allocated to the individual
segment.
Detailed segment information is given on page 24.
Segment revenue
DKKm
H1 2026 H1 2026
DKKm
Installation Installation
Industry Industry
Trade Trade
Segment profit Overview business segments
H1
Revenue Segment profit Segment margin %
DKK million 2026 2025 2026 2025 2026 2025
Installation 3,954 3,410 261 260 6.6 7.6
Industry 2,162 2,165 315 320 14.6 14.8
Trade 632 666 63 64 10.0 9.6
Solar Group 6,748 6,241 639 644 9.5 10.3
Our segments in H1
3,954 261
2,162 315
632 63
10
Management’s
review
Solar A/S Q2 2026
Segment performance H1
We reconfirm our guidance,
supported by a recovery in Q2 2026
Assumptions
As stated on page 8, geopolitical and macroeconomic
uncertainty increased 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 modest 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.
Gross profit margin
In recent years, gross margins have declined across all
main product categories. Although we initially expected the
downward trend to taper off in 2025, it has persisted.
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.
Our outlook for 2026 reflects a continued slight decline in
gross profit margin, primarily driven by ongoing pressure
on sales prices, and a less favourable segment mix, partly
driven by Solar Polaris’ deliveries to a major new solar park
project. In Q2, several suppliers announced significant
price increases, initially for oil-based products, but
subsequently for other products. For Solar, this may lead to
cyclical inventory gains of up to DKK 40m (previously
DKK 20m) above our initial expectations. Approximately
DKK 20m was realised in Q2, and the remaining amount is
expected to be realised primarily in Q3.
Although fuel prices declined somewhat during the
summer, they are still expected to contribute to a negative
impact on the gross profit margin, as fuel costs can only be
partially offset through invoiced surcharges.
External operating costs and staff costs
We expect the negative impact of salary inflation to
continue, partly due to carry-over effects and partly due to
collective labour agreements.
In all material respects, the integration of Sonepar Norge
has been finalised.
Our guidance includes DKK 75m in restructuring and
integration costs, of which DKK 69m has been realised. The
remaining amount of DKK 6m is expected to be incurred in
Q3. The restructuring costs include approximately DKK
20m for the transition from our warehouse in Örebro to our
new logistics centre in Kumla, Sweden and DKK 40m for
the integration of Sonepar Norge.
11
Management’s
review
Solar A/S Q2 2026
Guidance 2026
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
Gains from sale warehouse
- -74
Restructuring & transition costs
35 35 61
Integration & acquisition costs
1
40 40 15
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
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 reconfirm 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 40m above our initial expectations with part of
the benefit expected to be offset by competitive market
dynamics.
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.
12
Management’s
review
Solar A/S Q2 2026
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 - 30 June 2026 was -6.7%.
Audio webcast
The presentation of the Quarterly Report Q2 2026 will be
conducted in English on 13 August 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
Nominel value (DKK) 100 100
Votes per share 10 1
Treasury shares - 56,813
Stock Exchange - Nasdaq Copenhagen
Stock Exchange
Ticker symbol Solar B
Share price 30 June (DKK) 188.40 188.40
Market Cap 30 June (DKKm) 170 1,339
The Solar share
Financial calendar 2026
Quarterly Report Q3 2026
3 Nov
www.solar.eu
Shareholders with more than
5% of shares or votes as of
30 June 2026
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%
13
Management’s
review
Solar A/S Q2 2026
Shareholder information
Q2 2026
Consolidated
financial
statements
Financial statements
14
Financial
statements
Solar A/S Q2 2026
Financial statements
Solar A/S Q2 2026
Q2 H1 Year
DKK million 2026 2025 2026 2025 2025
Revenue 3,440 3,018 6,748 6,241 12,171
Cost of sales -2,782 -2,405 -5,446 -4,972 -9,692
Gross profit 658 613 1,302 1,269 2,479
Other operating income and costs 5 0 5 2 76
External operating costs -128 -91 -257 -207 -394
Staff costs -446 -408 -897 -872 -1,649
Loss on trade receivables -5 -2 -10 -6 -11
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 84 112 143 186 501
Depreciation and write-down on property, plant and equipment -73 -67 -142 -131 -260
Earnings before interest, tax and amortisation (EBITA) 11 45 1 55 241
Amortisation and impairment of intangible assets -22 -21 -43 -42 -86
Earnings before interest and tax (EBIT) -11 24 -42 13 155
Financial income 15 11 31 19 51
Financial expenses -42 -32 -78 -62 -122
Earnings before tax (EBT) -38 3 -89 -30 84
Income tax 7 -4 15 1 -10
Net profit for the period -31 -1 -74 -29 74
Attributable to:
Shareholders of Solar A/S -27 -1 -69 -28 74
Non-controlling interests -4 0 -5 -1 0
Net profit for the period -31 -1 -74 -29 74
Earnings in DKK per share outstanding (EPS) -3.40 -0.14 -8.68 -3.83 10.02
Diluted earnings in DKK per share outstanding (EPS-D) -3.40 -0.14 -8.68 -3.83 9.98
Q2 H1 Year
DKK million 2026 2025 2026 2025 2025
Net profit for the period -31 -1 -74 -29 74
Other income and costs recognised:
Items that can be reclassified for the income statement
Foreign currency translation adjustment of foreign subsidiaries -13 -32 14 16 33
Fair value adjustment of hedging instruments before tax -1 0 2 2 5
Tax on fair value adjustments of hedging instruments 1 0 0 0 -1
Other income and costs recognised after tax -13 -32 16 18 37
Total comprehensive income for the period -44 -33 -58 -11 111
Attributable to:
Shareholders of Solar A/S -40 -33 -53 -10 111
Non-controlling interests -4 0 -5 -1 0
Total comprehensive income for the period -44 -33 -58 -11 111
Statement of comprehensive income
Income statement Other comprehensive income
Solar A/S Q2 2026
Financial statements
15
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
30.06 31.12
DKK million 2026 2025 2025
Assets
Intangible assets 693 398 651
Property, plant and equipment 1,404 1,235 1,347
Right-of-use assets 409 388 427
Deferred tax asset 51 14 36
Investments in associates 3 3 3
Other non-current assets 24 23 22
Non-current assets 2,584 2,061 2,486
Inventories 2,081 1,763 1,871
Trade receivables 2,243 1,838 1,714
Income tax receivable 35 51 11
Contract assets 5 3 5
Other receivables 14 8 13
Prepayments 91 77 63
Cash at bank and in hand 78 204 133
Current assets 4,547 3,944 3,810
Total assets 7,131 6,005 6,296
30.06 31.12
DKK million 2026 2025 2025
Equity and liabilities
Share capital 801 736 801
Reserves -180 -216 -196
Retained earnings 1,277 1,189 1,345
Equity attributable to shareholders of Solar A/S 1,898 1,709 1,950
Non-controlling interests 41 45 46
Total equity 1,939 1,754 1,996
Interest-bearing liabilities 359 270 664
Lease liabilities 273 266 290
Provision for deferred tax 142 145 148
Other provisions 13 13 11
Non-current liabilities 787 694 1,113
Interest-bearing liabilities 1,611 1,201 650
Lease liabilities 152 137 154
Trade payables 2,096 1,736 1,937
Income tax payable 5 7 11
Contract liabilities 43 14 17
Other payables 448 414 387
Prepayments 4 2 3
Other provisions 46 46 28
Current liabilities 4,405 3,557 3,187
Liabilities 5,192 4,251 4,300
Total equity and liabilities 7,131 6,005 6,296
Balance sheet
Consolidated
Solar A/S Q2 2026
Financial statements
16
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Q2 H1 Year
DKK million 2026 2025 2026 2025 2025
Net profit for the period -31 -1 -74 -29 74
Depreciation, write-down and amortisation 95 88 185 173 346
Changes to provisions and other adjustments 1 -12 18 37 -64
Financials, net 27 21 47 43 71
Income tax -7 4 -15 -1 11
Financial income, received 9 4 16 7 33
Financial expenses, settled -35 -21 -64 -48 -97
Income tax, settled -5 -29 -34 -47 -18
Cash flow before working capital changes 54 54 79 135 356
Working capital changes
Inventory changes -115 91 -201 136 117
Receivables changes -149 192 -550 -151 143
Non-interest-bearing liabilities changes -57 -333 232 -204 -206
Cash flow from operating activities -267 4 -440 -84 410
Q2 H1 Year
DKK million 2026 2025 2026 2025 2025
Investing activities
Purchase of intangible assets -40 -31 -74 -57 -126
Purchase of property, plant and equipment -39 -87 -117 -213 -420
Disposal of property, plant and equipment 0 0 1 76 206
Acquisition of businesses 0 0 0 -2 -311
Cash flow from investing activities -79 -118 -190 -196 -651
Financing activities
Repayment of non-current interest-bearing debt -3 -2 -6 -105 -111
Raising of non-current interest-bearing liabilities 0 0 0 0 250
Change in current interest-bearing debt 357 13 667 317 -78
Instalment on lease liabilities -43 -37 -88 -77 -156
Net proceeds from the issuance of shares 0 0 0 0 120
Dividends paid to shareholders of Solar A/S 0 0 0 -110 -110
Cash flow from financing activities 311 -26 573 25 -85
Total cash flow -35 -140 -57 -255 -326
Cash at bank and in hand at the beginning of period 113 344 133 459 459
Foreign currency translation adjustments 0 0 2 0 0
Cash at bank and in hand at the end of period 78 204 78 204 133
Cash flow statement
Consolidated
Solar A/S Q2 2026
Financial statements
17
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 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 14 14 14
Fair value adjustments of hedging instruments before tax 2 2 2
Net income recognised in equity via other comprehensive income in the statement
of comprehensive income 0 2 14 0 0 16 16
Net profit or loss for the period -69 -69 -5 -74
Comprehensive income 0 2 14 -69 0 -53 -5 -58
Share-based payments 1 1 1
Transactions with the owners 0 0 0 1 0 1 0 1
Equity as at 30 June 801 -7 -173 1,277 0 1,898 41 1,939
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 Q2 2026
Financial statements
18
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Statement of changes in equity
– Continued
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 16 16 16
Fair value adjustments of hedging instruments before tax 2 2 2
Net income recognised in equity via other comprehensive income in the statement
of comprehensive income 0 2 16 0 0 18 0 18
Net profit or loss for the period -28 -28 -1 -29
Comprehensive income 0 2 16 -28 0 -10 -1 -11
Distribution of dividends (DKK 15.00 per share) -110 -110 -110
Share-based payments 1 1 1
Transactions with the owners 0 0 0 1 -110 -109 0 -109
0
Equity as at 30 June 736 -11 -205 1,189 0 1,709 45 1,754
1. Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves.
Solar A/S Q2 2026
Financial statements
19
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Section 1
Basis for preparation
Solar A/S Q2 2026
Financial statements
20
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 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.
Integration of Sonepar Norge
As anticipated, the integration of Solar Norge and
Sonepar Norge was finalised in Q2 in all material
respects. Consequently, the revenue streams of
Solar Norge and Sonepar Norge can no longer
be separately identified and it is therefore not
possible to distinguish between the financial
performance of the organic and acquired parts of
the business.
Financial statements
21
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Section 2
Income statement
Solar A/S Q2 2026
Financial statements
22
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 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
Q2 H1
DKK million 2026 2025 2026 2025
Sales of goods and services 3,358 2,929 6,652 6,077
Revenue from construction contracts 82 89 96 164
Total 3,440 3,018 6,748 6,241
DKK million Installation Industry Trade Total
Q2 2026
Revenue 1,987 1,106 347 3,440
Cost of sales -1,645 -849 -288 -2,782
Gross profit 342 257 59 658
Direct costs -73 -46 -12 -131
Earnings before indirect costs 269 211 47 527
Indirect costs -125 -52 -13 -190
Segment profit 144 159 34 337
Non-allocated costs -253
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 84
Depreciation and amortisation -95
Earnings before interst and tax (EBIT) -11
Financials, net incl. share of net profit from associates and
impairment on associates -27
Earnings before tax (EBT) -38
DKK million Installation Industry Trade Total
Q2 2025
Revenue 1,654 1,046 318 3,018
Cost of sales -1,350 -794 -261 -2,405
Gross profit 304 252 57 613
Direct costs -73 -44 -11 -128
Earnings before indirect costs 231 208 46 485
Indirect costs -115 -55 -13 -183
Segment profit 116 153 33 302
Non-allocated costs -190
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 112
Depreciation and amortisation -88
Earnings before interst and tax (EBIT) 24
Financials, net incl. share of net profit from associates and
impairment on associates -21
Earnings before tax (EBT) 3
segment. Non-allocated costs refer to income and costs related to joint group functions and costs,
which can not be reliably allocated to the individual segment. Assets and liabilities are not included in
segment reporting.
Revenue and costs in the amount of DKK 82m (Q2 2025: DKK 89m) and DKK 75m (Q2 2025: DKK 81m),
respectively, from construction contracts recognized over time are fully allocated to the Trade segment.
Financial statements
23
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
2.2 Segment information – continued
DKK million Installation Industry Trade Total
H1 2026
Revenue 3,954 2,162 632 6,748
Cost of sales -3,274 -1,652 -520 -5,446
Gross profit 680 510 112 1,302
Direct costs -164 -89 -23 -276
Earnings before indirect costs 516 421 89 1,026
Indirect costs -255 -106 -26 -387
Segment profit 261 315 63 639
Non-allocated costs -496
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 143
Depreciation and amortisation -185
Earnings before interst and tax (EBIT) -42
Financials, net -47
Earnings before tax (EBT) -89
DKK million Installation Industry Trade Total
H1 2025
Revenue 3,410 2,165 666 6,241
Cost of sales -2,771 -1,646 -555 -4,972
Gross profit 639 519 111 1,269
Direct costs -146 -88 -22 -256
Earnings before indirect costs 493 431 89 1,013
Indirect costs -233 -111 -25 -369
Segment profit 260 320 64 644
Non-allocated costs -458
Earnings before interest, tax, depreciation and amortisation
(EBITDA) 186
Depreciation and amortisation -173
Earnings before interst and tax (EBIT) 13
Financials, net -43
Earnings before tax (EBT) -30
Revenue and costs in the amount of DKK 96m (H1 2025: DKK 164m) and DKK 86m (H1 2025: DKK 151m)
respectively, from construction contracts recognized over time are fully allocated to the Trade segment.
Financial statements
24
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
2.2 Segment information – continued
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q2 2026
Denmark
1,087 1.5 54 5.0 784
Sweden 612 10.6 14 2.3 685
Norway 664 4.7 -4 -0.6 512
The Netherlands 705 7.3 12 1.7 381
Poland 143 31.4 2 1.4 47
Other markets 229 4.8 6 2.6 175
Solar Group 3,440 6.1 84 2.4 2,584
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q2 2025
Denmark
1,071 5.8 61 5.7 808
Sweden 540 -0.9 11 2.0 478
Norway 426 -8.4 12 2.8 205
The Netherlands 656 -2.9 24 3.7 383
Poland 107 5.1 -2 -1.9 49
Other markets 218 -15.1 6 2.8 138
Solar Group 3,018 -1.2 112 3.7 2,061
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
H1 2026
Denmark
2,066 -5.9 92 4.5 784
Sweden 1,198 6.2 30 2.5 685
Norway 1,301 -0.8 -17 -1.3 512
The Netherlands 1,446 4.5 25 1.7 381
Poland 276 29.4 1 0.4 47
Other markets 461 -0.2 12 2.6 175
Solar Group 6,748 0.8 143 2 .1 2,584
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
H1 2025
Denmark
2,195 9.7 106 4.8 808
Sweden 1,087 0.9 13 1.2 478
Norway 905 0.4 11 1.2 205
The Netherlands 1,381 -0.7 42 3.0 383
Poland 212 5.2 -2 -0.9 49
Other markets 461 -10.1 16 3.5 138
Solar Group 6,241 2.6 186 3.0 2,061
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.
Financial statements
25
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Q2 2026
Quarterly figures
Solar A/S Q2 2026
Financial statements
26
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Consolidated
Q1 Q2 Q3 Q4
Income statement (DKK million) 2026 2025 2026 2025 2025 2024 2025 2024
Revenue
3,308 3,223 3,440 3,018 2,815 2,860 3,115 3,233
Earnings before interest, tax, depreciation and amortisation (EBITDA) 59 74 84 112 110 202 205 219
Earnings before interest, tax and amortisation (EBITA) -10 10 11 45 47 143 139 154
Earnings before interest and tax (EBIT) -31 -11 -11 24 27 125 115 87
Financials, net -20 -22 -27 -21 -21 -24 -7 -23
Earnings before tax (EBT) -51 -33 -38 3 6 101 108 63
Net profit or loss for the quarter -43 -28 -31 -1 3 78 100 51
Balance sheet (DKK million)
Non-current assets 2,601 2,015 2,584 2,061 2,114 1,879 2,486 1,900
Current assets 4,327 4,385 4,547 3,944 3,929 4,385 3,810 4,208
Balance sheet total 6,928 6,400 7,131 6,005 6,043 6,264 6,296 6,108
Total equity 1,982 1,786 1,939 1,754 1,767 1,831 1,996 1,874
Non-current liabilities 1,135 863 787 694 687 871 1,113 878
Current liabilities 3,811 3,751 4,405 3,557 3,589 3,562 3,187 3,356
Interest-bearing liabilities, net 1,972 1,519 2,317 1,670 1,739 1,646 1,625 1,232
Invested capital 3,940 3,289 4,242 3,410 3,493 3,460 3,608 3,089
Net working capital, end of period 1,856 1,867 2,228 1,865 1,869 2,036 1,648 1,693
Net working capital, average 1,810 1,829 1,900 1,865 1,824 1,885 1,812 1,831
Quarterly figures
Financial statements
27
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Consolidated – continued
Q1 Q2 Q3 Q4
Cash flows (DKK million) 2026 2025 2026 2025 2025 2024 2025 2024
Cash flow from operating activities
-173 -88 -267 4 64 -196 430 525
Cash flow from investing activities -111 -78 -79 -118 -94 -82 -361 -56
Cash flow from financing activities 262 51 311 -26 16 165 -126 -278
Net investments in intangible assets -34 -26 -40 -31 -24 -38 -45 -41
Net investments in property, plant and equipment -77 -50 -39 -87 -70 -44 -7 -15
Acquisition and divestment of subsidiaries and operations, net 0 -2 0 0 0 0 -309 0
Financial ratios (% unless otherwise stated)
Revenue growth 2.6 6.4 14.0 -2.6 -1.6 -3.5 -3.6 2.3
Organic growth -4.2 6.5 6.5 -3.4 -2.1 -3.8 -6.1 2.3
Organic growth adjusted for nomber of working days -4.2 6.5 6.1 -1.2 -2.1 -5.3 -6.1 3.0
Gross profit margin 19.5 20.4 19.1 20.3 19.8 20.7 21.0 20.8
EBITDA margin 1.8 2.3 2.4 3.7 3.9 7.1 6.6 6.8
EBITA margin -0.3 0.3 0.3 1.5 1.7 5.0 4.5 4.8
EBIT margin -0.9 -0.3 -0.3 0.8 1.0 4.4 3.7 2.7
Net working capital (end of period NWC)/revenue (LTM) 15.1 15.0 17.6 15.1 15.2 16.8 13.5 13.9
Net working capital (average NWC )/revenue (LTM) 14.8 14.7 15.0 15.1 14.8 15.5 14.9 15.0
Gearing (net interest-bearing liabilities/EBITDA), no. of times 4.1 2.4 5.1 2.8 3.4 2.7 3.2 1.9
Return on equity (ROE) 3.0 7.2 1.7 5.9 1.5 8.8 4.0 8.4
Return on invested capital (ROIC) 2.4 7.7 1.2 6.7 4.4 6.8 3.0 8.3
Enterprise value/earnings before interest, tax and amortisation (EV/EBITA) 15.8 8.4 20.0 11.1 12.4 11.1 13.1 8.4
Equity ratio 28.0 27.2 26.6 28.5 28.5 28.5 31.0 29.9
Financial statements
28
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Consolidated – continued
Q1 Q2 Q3 Q4
Share ratios (DKK unless otherwise stated) 2026 2025 2026 2025 2025 2024 2025 2024
Earnings per share outstanding (EPS)
-5.28 -3.70 -3.40 -0.14 0.41 10.68 12.96 6.98
Intrinsic value per share outstanding 243.67 238.39 238.77 234.01 235.79 244.28 245.31 250.30
Share price 199.52 241.44 189.36 310.17 202.13 354.55 200.07 299.27
Share price/intrinsic value 0.82 1.01 0.79 1.33 0.86 1.45 0.82 1.20
Employees
Number of employees (FTE's), end of period 2,951 2,919 2,908 2,913 2,902 2,880 2,995 2,895
Average number of employees (FTE's) 2,940 2,896 2,939 2,902 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. Actual Sonepar
Norge revenue from January to April 2026 (prior to the integration) is excluded. For the period from May 2026 onwards, actual Sonepar Norge revenue for the corresponding period
in 2025 is used as a proxy for the acquired business following the integration.
Organic growth adjusted for number of working days Revenue growth adjusted for enterprises acquired and sold off and any exchange rate changes and number of working days.
Net working capital Inventories and trade receivables less trade payables.
Return on invested capital (ROIC) Return on invested capital calculated on the basis of EBIT exclusive impairment on goodwill less tax calculated using the effective tax rate adjusted for one-off effects, if any.
In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
Financial statements
29
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Q2 2026
Statements
Solar A/S Q2 2026
Financial statements
30
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Statement by the Executive Board
and the Board of Directors
Today, the group’s Board of Directors and
Executive Board have discussed and approved
the financial report of Solar A/S for the first six
months of 2026
The financial report for the first six months of
2026, which has not been audited or reviewed by
the company’s auditor, is presented in accordance
with IAS 34 “Interim Financial Reporting” as
approved by the EU and additional Danish
disclosure requirements for quarterly reports of
listed companies.
In our opinion, the financial report gives a fair
presentation of the group’s assets, equity and
liabilities and financial position as at 30 June 2026
as well as of the results of the group’s activities
and cash flow for the first six months of 2026.
Further, in our opinion, the management’s review
gives a true and fair statement of the development
of the group’s activities and financial situation,
net profit for the period and of the group’s
overall financial position and describes the most
significant risks and uncertainties that the group
faces.
In our opinion, the financial report of Solar A/S
for the first six months of 2026 with the file name
SOLA-2026-06-30-1-en.zip is prepared, in all
material respects, in compliance with the ESEF
Regulation.
Executive Board
Jens E. Andersen
CEO
Michael H. Jeppesen
CFO
Board of Directors
Michael Troensegaard Andersen
Chair
Jesper Dalsgaard
Vice-chair
Peter Bang Louise Knauer Baroudy Katrine Borum Morten Chrone
Ulf Gregers Jensen Ulrich Liedtke Rune Jesper Nielsen Mads Pilegaard Thorsen
Vejen, 13 August 2026
Financial statements
31
Solar A/S Q2 2026
Consolidated financial statements Q2
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Q2 Quarterly information
Statements
Solar A/S
Industrivej Vest 43
DK 6600 Vejen
Denmark
Tel. +45 79 30 00 00
CVR no. 15908416
LEI 21380031XTLI9X5MTY92
www.solar.eu
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
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