Solar

Annual Report (ESEF) • Aug 14, 2025

Solar A/S Q2 2025 Solar A/S CVR no. 15 90 84 16 Driven by our purpose We improve construction, building operation and industry processes with a commitment to sustainability and productivity. For our customers. With our partners. For a better world. Driving the green transition As a driver of the green transition we are supporting our customers in achieving their CO 2 emission reduction targets through our Climate & Energy products, which generate revenue exceeding DKK 1bn. Our CO 2 reduction targets are approved by the SBTi, and we operate and report in accordance with the CSRD. Empowering greater productivity We provide products, technical know-how, and qualified services to more than 49,000 customers, supported by valuable market knowledge and the expertise of approximately 2,900 committed employees, driving greater productivity. Enhancing service through digitalisation With 65% of order lines made digitally, our digital engagement has become a key driver of customer satisfaction, raising our service offering to the next level and supporting our best in class digital customer journey. This is Solar We are a leading sourcing and services company. We combine excellent product sourcing, superior distribution, and value-adding services to support professionals and businesses in the electrical, heating & plumbing, and industrial sectors across five key European markets. Products Markets 75% 16% 9% % of 2024 revenue Segments Installation Industry Trade 55% 35% 10% % of 2024 revenue % of 2024 revenue Electrical Heating & Plumbing Climate & Energy Denmark The Netherlands Sweden Norway Poland Other 33% 23% 17% 15% 3% 9% Solar A/S Q2 2025 2 Management’s review Who we are Contents Financial highlights 4 Strategy and business 5 Financial performance 7 Segment performance 9 Guidance 2025 11 Shareholder information 12 Statement of comprehensive income 14 Balance sheet 15 Cash flow statement 16 Statement of changes in equity 17 Notes 19 Section 1 – Basis for preparation 19 Section 2 – Income statement 21 Quarterly information 25 Statements 29 Management review Consolidated financial statements Q2 Solar A/S Q2 2025 3 Management’s review Financial highlights Q2 H1 Year DKK million 2025 2024 2025 2024 2024 Revenue 3,018 3,100 6,241 6,130 12,223 Earnings before interest, tax, depreciation and amortisation (EBITDA) 112 137 186 225 646 Earnings before interest, tax and amortisation (EBITA) 45 77 55 103 400 Earnings before interest and tax (EBIT) 24 56 13 66 278 Earnings before tax (EBT) 3 34 -30 28 192 Net profit for the period -1 25 -29 19 148 Balance sheet total 6,005 6,219 6,005 6,219 6,108 Total equity 1,754 1,770 1,754 1,770 1,874 Interest-bearing liabilities, net 1,670 1,334 1,670 1,334 1,232 Cash flow from operating activities 4 202 -84 209 538 Net investments in property, plant and equipment -87 -19 -137 -42 -101 Employees Number of employees (FTEs), end of period 2,913 2,889 2,913 2,889 2,895 Average number of employees (FTE's) 2,902 2,954 2,902 2,954 2,899 Financial ratios (%, unless otherwise stated) Organic growth adjusted for number of working days -1.2 -7.8 2.6 -11.2 -6.4 Gross profit margin 20.3 20.4 20.3 20.5 20.6 EBITDA margin 3.7 4.4 3.0 3.7 5.3 EBITA margin 1.5 2.5 0.9 1.7 3.3 Net working capital (end of period NWC)/revenue (LTM) 15.1 14.0 15.1 14.0 13.9 Gearing (net interest-bearing liabilities/EBITDA), no. of times 2.8 2.2 2.8 2.2 1.9 Return on equity (ROE) 5.9 8.6 5.9 8.6 8.0 Equity ratio 28.5 27.7 28.5 27.7 29.9 Share ratios (DKK) Earnings per share outstanding (EPS) -0.14 3.70 -3.83 3.01 20.68 In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”. H1 Financial messages • Strong revenue growth for Solar Polaris in the Trade segment. • Disappointing revenue development in other segments. • Adjusted for Solar Polaris' deliveries, the underlying gross profit margin increased to 20.7% from 20.5%. • Restructuring and transition costs amounted to DKK 57m. • Revenue and EBITDA were below our initial expectations. Solar A/S Q2 2025 4 Management’s review Financial highlights Strategy execution ● Rolled out Solar Industrial Solutions across all our markets to drive sales of industrial heat pumps. ● SIS established vertically in all countries, with local anchoring and a central setup. ● Introduced a new metric, as an alternative to Return on Investment, which measures the investment required per ton of CO 2 e displaced, highlighting the cost for our customers of removing one ton of CO 2 e. Our target is to maximise the growth potential of Climate & Energy solutions. ● Launched a new Solar Light website that provides CO 2 data for each product. This will be expanded to cover all product categories. ● Increased conversion rates on our digital platforms by introducing more digital tools. ● Established additional strategic partnerships with our suppliers. Our objective is to increase overall profitability by increasing concept share. ● Continued rise of the proficiency level across markets with Solar Danmark as the guiding star. ● With the right expertise now hired, we have successfully moved closer to the decision-makers and will continue this effort. ● Introduced a new add-on service: we take care of the technical installation, then our customers are only to connect the installation to the grid. Our aim is to grow our business by leveraging Solution Sales. Share of revenue Gross profit margin improvementShare of revenue Target 2026Target 2026Target 2026Current Current Current 19%10% * 0.0 > 20% > 0.5 > 10% Percentage points Percentage points Significantly impacted by Solar Polaris' deliveries to a major solar park project. Strategy and business Climate & Energy Solution SalesConcept Strength We have launched several initiatives to support our strategic ambitions. These mark the midpoint of our strategy and underline our commitment to progress and innovation. 5 Management’s review Solar A/S Q2 2025 Sustainability execution ● We are following our climate change transition plan to reduce our CO 2 e emissions in our own operation. ● The main levers are shifting to renewable electricity, replacing gas boilers with heat pumps and shifting to an EV fleet. ● We offer CO 2 e reports to our customers based on purchase and on transportation from Solar to the locations requested by our customers. We work to become carbon neutral in our own operation and support our customers' decarbonisation journey. Calculated according to the Danish Financial Act previous §99b. ● We have reached our 2026 target, and we continue to pre-assess new suppliers based on location and industry prior to onboarding them. ● We perform risk assessment of our existing suppliers on risk level. ● We have performed on-site audit on selected high-risk suppliers based on a fixed set of criterias. We source products complying to the latest standard from suppliers respecting human and labour rights. We foster a workplace and culture promoting diversity and inclusion. ● We have superseded our 2026 target of 25% women in senior management. ● We continue to strengthen fairness in recruitment and actively work to increase representation of women at the entry level. ● With the introduction of the Gender Balance Act, we will adjust our targets accordingly. Share of women in senior management Share of suppliers undergoing risk assessment Reduction in % CO 2 e since baseline 2020 Target 2026Target 2026Target 2026 (Net-zero by 2030) Current Current Current 54% 82% 28% * 65% 82% 25% Strategy and business Climate impact Diversity and inclusionSustainable supply chain We have launched several initiatives to support our three strategic sustainability ambitions towards 2026. 6 Management’s review Solar A/S Q2 2025 H1 EBITDA of DKK 186m impacted by restructuring and transition costs of DKK 57m Q2 2025 Revenue Revenue decreased to DKK 3.0bn (DKK 3.1bn). Adjusted organic growth amounted to -1.2% (-7.8%). When adjusted for Solar Polaris’ deliveries to a major solar park project, organic growth amounted to -3.6%. Revenue in Q2 was lower than initial anticipated. In Q1 2025, we saw positive adjusted organic growth in all main markets and across all main segments. However, in Q2, an unexpected slowdown resulted in negative growth, particularly for Industry and, to a lesser extent, for Installation. Adjusted organic growth amounted to -2.1% (-11%) for Installation, -5.7% (-2%) for Industry and 24% (-14%) for Trade. Revenue from Climate & Energy, a strategic focus area, also showed positive adjusted organic growth, which amounted to 31% (-39%). However, when adjusted for Solar Polaris’ deliveries to a major solar park project, organic growth amounted to 1.7%. Gross profit We saw a loss in gross profit margin across all main product categories in 2024. Our 2025 guidance reflects our expectation that this downward trend would taper off in 2025. As expected, gross profit margin at group level declined to 20.3% (20.4%) in Q2 2025. However, Solar Polaris' In H1, adjusted organic growth amounted to 2.6% and revenue increased to DKK 6.2bn, while Q2 revenue was below our initial expectations. Solar Polaris continued to see strong growth in the trade segment, but development in other segments proved disappointing. deliveries to a major solar project park diluted the overall gross profit margin by approx. 0.4 percentage points, which means that the underlying gross profit margin in Q2 increased. External operating costs and staff costs As a result of revenue performance, we initiated additional measures to optimise our operating model, including cost containment, process improvements and staff reductions. Costs in Q2 2025, therefore, include additional restructuring costs of approx. DKK 5m (DKK 2m), which are expected to be cost neutral in 2025 but with full-year savings of approx. DKK 10m. When adjusted for restructuring costs, external operating costs and staff costs amounted to 16.4% (15.7%) of revenue. EBITDA EBITDA of DKK 112m (DKK 137m) was below our initial expectations. When adjusted for restructuring costs, the underlying EBITDA margin amounted to 3.9% (4.5%). The results from the individual markets are given on page 24. Earnings before tax Earnings before tax amounted to DKK 3m (DKK 34m), mainly as revenue was below our expectations. Net profit Net profit amounted to DKK -1m (DKK 25m). EBITDA DKKm Gross profit margin % Adjusted organic growth % Q4 219 Q1 74 88 Q2 112 137 Q3 202 20242025 20242025 Q1 20.4 20.7 Q2 20.3 20.4 Q3 20.7 Q4 20.8 20242025 Q1 6.5 -15.4 Q2 -1.2 -7.8 Q3 -5.3 Q4 3.0 (Data shown in brackets relate to the corresponding period in 2024) 7 Management’s review Solar A/S Q2 2025 Financial performance H1 2025 Revenue Adjusted organic growth at group level amounted to 2.6% (-11.2%), while revenue increased to DKK 6.2bn (DKK 6.1bn). Solar Polaris exceeded expectations, positively impacting organic growth at group level by 2.3 percentage points. However, the rest of the business fell short of our initial expectations by delivering growth of 0.3%. Gross profit Throughout 2024, we saw a loss in gross profit margin across all main product categories. Our 2025 guidance reflects our expectation that this downward trend would taper off in 2025. As expected, gross profit margin at group level declined to 20.3% (20.5%) in H1 2025. However, Solar Polaris' deliveries to a major solar project park diluted the gross profit margin by approx. 0.4 percentage points, meaning that when adjusted for Solar Polaris impact, the underlying gross profit margin improved in H1. External operating costs and staff costs The construction of our new logistics centre in Kumla, Sweden, is ahead of schedule. This has facilitated the completion of the relocation of the warehouses in Örebro and Halmstad more efficiently. We moved our inventory from Halmstad to Örebro, thus vacating the Halmstad warehouse earlier than expected. In Q1 2025, this led to approx. DKK 12m in transition costs, which were initially expected in 2026. Fast-tracking the move to Kumla reduces risk and frees up cash by reducing net working capital by approx. DKK 40m. In H1, we also embarked on a range of measures to optimise our operating model, including cost containment, process improvements and staff reductions. Consequently, costs in H1 2025 include restructuring costs of approx. DKK 45m (DKK 27m), which are expected to generate equivalent savings in 2025 and full-year savings of approx. DKK 70m. When adjusted for restructuring and transition costs, external operating costs and staff costs amounted to 16.4% (16.2%) of revenue. Loss on trade receivables By conducting efficient credit management, including in unpredictable market conditions, our loss on trade receivables decreased to DKK 6m (DKK 11m). EBITDA EBITDA of DKK 186m (DKK 225m) was below our initial expectations. When adjusted for restructuring and transition costs, the underlying EBITDA margin amounted to 3.9% (4.1%). The results of the individual markets are shown on page 24. Earnings before tax A less favourable segment mix resulted in reduced gross profit margin, which combined with restructuring and transition costs, resulted in earnings before tax of DKK -30m (DKK 28m). Net profit Net profit amounted to DKK -29m (DKK 19m). Cash flow Net working capital as an average of the previous four quarters decreased to 15.1% (15.8%) of revenue. Net working capital at the end of H1 2025 amounted to 15.1% (14.0%). Cash flow from operating activities totalled DKK -84m (DKK 209m). Nevertheless, we succeeded in reducing inventories through inventory optimisation, which generated a cash flow impact of DKK 136m (DKK 107m). Changes in receivables impacted cash flow by DKK -151m (DKK -279m) mainly due to normal seasonal factors. Changes in non-interest-bearing liabilities impacted cash flow by DKK -204m (DKK 278m) partly due to inventory reduction. Total cash flow from investing activities amounted to DKK -196m (DKK -127m). Purchase of property, plant and equipment amounted to DKK -213m (DKK -42m), of which DKK -195m relates to the construction of our new logistics centre in Kumla, Sweden. Disposal of property, plant and equipment amounted to DKK 76m, which primarily relates to the release of the proceeds from the sale of our warehouse in Duiven in Q4 2024. Cash flow from financing activities amounted to DKK 25m (DKK -142m). This was primarily affected by changes in current interest-bearing liabilities and by dividend distribution of DKK 110m (DKK 219m). As a result, total cash flow amounted to DKK -255m (DKK -60m). Net interest-bearing liabilities amounted to DKK 1,670m (DKK 1,334m). By the end of H1 2025, gearing was 2.8 (2.2) times EBITDA. Our gearing target was 1.0-3.0 times EBITDA. By the end of H1 2025, Solar had undrawn credit facilities of DKK 718m (DKK 697m). Invested capital Solar Group’s invested capital totalled DKK 3,410m (DKK 3,085m). ROIC calculated over the past 12 months amounted to 6.7% (6.6%). Activities with a Solar equity interest of less than 50% and activities attributable to non-controlling interests are not included in the ROIC calculation. Invested capital includes operating assets and liabilities only. Key risks and mitigation The commercial and financial risks in respect of our activities are detailed in Solar’s 2024 Annual Report. No additional material risks have been identified. Solar is not directly exposed to the tariffs imposed by the US or to the US market, but resulting macroeconomic consequences may affect Solar's markets. We continue to monitor market developments closely. 8 Management’s review Solar A/S Q2 2025 Financial performance Installation Our Installation segment covers the installation of electrical, heating and plumbing products. Installation revenue for Q2 amounted to DKK 1,654m (DKK 1,707m), which corresponds to overall adjusted organic growth of around -2.1% (-11%). Solar Danmark saw positive growth, while other markets experienced negative growth. Segment profit amounted to DKK 116m (DKK 138m), which corresponds to a segment profit margin of 7.0% (8.1%). 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 1,046m (DKK 1,130m). This corresponds to overall adjusted organic growth of around -5.7% (-2%). Solar Sverige and Solar Polska posted positive growth, while other markets, including MAG45, posted negative growth. Segment profit amounted to DKK 153m (DKK 173m). This corresponds to a segment profit margin of 14.6% (15.3%). 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 318m (DKK 263m) corresponding to overall adjusted organic growth of around 24% (-14%), which was positively affected by Solar Polaris’ deliveries to a major solar park project. When adjusted for Solar Polaris’ deliveries, organic growth amounted to approx. -5%. Segment profit amounted to DKK 33m (DKK 29m), which corresponds to a segment profit margin of 10.4% (11%). Segment revenue DKKm Q2 2025 Q2 2025 DKKm Installation Installation 1,654 116 1,046 153 318 33 Industry Industry Trade Trade Segment profit Overview business segments Q2 Revenue Segment profit Segment margin % DKK million 2025 2024 2025 2024 2025 2024 Installation 1,654 1,707 116 138 7.0 8.1 Industry 1,046 1,130 153 173 14.6 15.3 Trade 318 263 33 29 10.4 11.0 Solar Group 3,018 3,100 302 340 10.0 11.0 Q2 posted negative growth particularly in Industry and, to a lesser extent, in Installation Segment profit includes items that are directly attributable to the individual segment and items that can be reliably allocated to it. Segment profit does not include non-allocated costs of DKK 190m (DKK 203m) in Q2, which cover income and costs related to joint group functions and to costs that cannot be reliably allocated to it. Detailed segment information is given on page 22. 9 Management’s review Solar A/S Q2 2025 Segment performance Q2 Installation Installation revenue for H1 amounted to DKK 3,410m (DKK 3,386m), which corresponds to overall adjusted organic growth of around 1.3% (-14%). Solar Danmark, Solar Nederland and Solar Polska saw positive growth, while other markets saw negative growth. Segment profit amounted to DKK 260m (DKK 269m), which corresponds to a segment profit margin of 7.6% (7.9%). Industry Industry revenue for H1 amounted to DKK 2,165m (DKK 2,216m). This corresponds to overall adjusted organic growth of around -1.3% (-6%). Solar Norge, Solar Sverige and Thermonova posted positive growth, while other markets, including MAG45, posted negative growth. Segment profit amounted to DKK 320m (DKK 337m). This corresponds to a segment profit margin of 14.8% (15.2%). Trade Revenue from Trade for H1 amounted to DKK 666m (DKK 528m), which corresponds to overall adjusted organic growth of around 27% (-18%), which was positively affected by Solar Polaris’ deliveries to a major solar park project. When adjusted for Solar Polaris’ deliveries, organic growth amounted to approx. 1%. Segment profit amounted to DKK 64m (DKK 58m), which corresponds to a segment profit margin of 9.6% (11%). 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 458m (DKK 439m) in H1, which cover income and costs related to joint group functions and to costs that cannot be reliably allocated to it. Detailed segment information is given on page 23. Segment revenue DKKm H1 2025 H1 2025 DKKm Installation Installation Industry Industry Trade Trade Segment profit Overview business segments H1 Revenue Segment profit Segment margin % DKK million 2025 2024 2025 2024 2025 2024 Installation 3,410 3,386 260 269 7.6 7.9 Industry 2,165 2,216 320 337 14.8 15.2 Trade 666 528 64 58 9.6 11.0 Solar Group 6,241 6,130 644 664 10.3 10.8 Strong growth in Solar Polaris in H1 3,410 260 2,165 320 666 64 10 Management’s review Solar A/S Q2 2025 Segment performance H1 EBITDA guidance ranges between DKK 450m and 510m Assumptions As mentioned on page 7 in our Q1 report, uncertainty increased substantially at the beginning of Q2 2025. However, we continue to expect a market improvement in 2025, relative to current level. Revenue We expect all markets to post stagnant or negative growth in 2025, with a slight improvement in the latter months of H2. Installation Overall, we expect to see slightly negative growth in the new construction sector in 2025, but with minor improvement in late H2. With the green transition set to deliver slightly better growth rates. Industry The guidance assumes positive growth in Marine/Offshore whereas we expect negative growth in all other sub- segments. Overall, we expect the industry market to show negative trends. Trade We expect to see positive growth in 2025, which is driven by Solar Polaris' deliveries to a major solar park project. Our 2025 guidance ranges between DKK 11.75bn and 12.25bn for revenue and between DKK 450m and 510m for EBITDA. Gross profit margin Throughout 2024, we posted a loss in gross profit margin across all main product categories. However, we continue to expect that this downward trend will taper off in 2025. Our outlook for 2025 is for a stagnant gross profit margin, primarily driven by ongoing price pressure combined with lower price increases but also a less favourable mix. Costs Contrary to our initial expectations, salary inflation continues to have an impact, in part due to carry-over effects and in part due to collective labour agreements. We anticipate this trend to continue throughout 2025. The implemented restructuring costs of approx. DKK 45m in H1 are cost neutral in 2025. We will, however, continue to initiate restructuring measures, albeit on a smaller scale. This, combined with other actions, including cost containment and process improvements, will continue to reduce costs. Financial outlook 2025 Revenue guidance We expect revenue to range between DKK 11.75bn and 12.25bn, corresponding to an organic growth of between approx. -4% and 0%. EBITDA guidance We expect EBITDA in the range of between DKK 450m and 510m. Ambitions for 2026 We continue to strive for our 2026 ambition of an EBITDA margin >5%. The impact of the initiatives already implemented in 2025 will, all other things equal, increase EBITDA margin by approx. 0.7 percentage points compared to the guidance for 2025. However, it is anticipated that 2026 will be characterised by: ● Average annual GDP growth of at least 1.5% ● Low cost and salary inflation ● Pick-up in industry and building activities ● Continued governmental support for the green transition. 11 Management’s review Solar A/S Q2 2025 Guidance 2025 Share and webcast information Solar’s share capital is divided into nominal value DKK 90 million A shares and nominal value DKK 646 million B shares. Total shareholder return The total shareholder return of the Solar B share during the holding period 1 January 2025 - 30 June 2025 was 8.3% including the DKK 15.00 ordinary dividend that was paid out in March 2025. A share B share Shares 900,000 6,460,000 Nominel value (DKK) 100 100 Votes per share 10 1 Treasury shares - 56,813 Stock Exchange - Nasdaq Copenhagen Stock Exchange Ticker symbol Solar B Share price 30 June (DKK) 309.50 309.50 Market Cap 30 June (DKKm) 279 1,999 The Solar share Financial calendar 2025 Shareholders with more than 5% of shares or votes Quarterly Report Q3 2025 6 Nov Shareholders according to section 55 of the Danish Companies Act Share Capital Votes The Fund of 20th December, Vejen, Denmark 17.0% 60.5% Nordea Funds Ltd., Helsinki, Finland 10.4% 5.0% 12 Management’s review Solar A/S Q2 2025 Shareholder information Q2 2025 Consolidated financial statements Financial statements 13 Financial statements Solar A/S Q2 2025 Financial statements Solar A/S Q2 2025 Q2 H1 Year DKK million 2025 2024 2025 2024 2024 Revenue 3,018 3,100 6,241 6,130 12,223 Cost of sales -2,405 -2,469 -4,972 -4,873 -9,702 Gross profit 613 631 1,269 1,257 2,521 Other operating income and costs 0 0 2 0 88 External operating costs -91 -91 -207 -198 -369 Staff costs -408 -397 -872 -823 -1,580 Loss on trade receivables -2 -6 -6 -11 -14 Earnings before interest, tax, depreciation and amortisation (EBITDA) 112 137 186 225 646 Depreciation and write-down on property, plant and equipment -67 -60 -131 -122 -246 Earnings before interest, tax and amortisation (EBITA) 45 77 55 103 400 Amortisation and impairment of intangible assets -21 -21 -42 -37 -122 Earnings before interest and tax (EBIT) 24 56 13 66 278 Share of net profit from associates 0 0 0 0 -1 Financial income 11 10 19 18 63 Financial expenses -32 -32 -62 -56 -148 Earnings before tax (EBT) 3 34 -30 28 192 Income tax -4 -9 1 -9 -44 Net profit for the period -1 25 -29 19 148 Attributable to: Shareholders of Solar A/S -1 27 -28 22 151 Non-controlling interests 0 -2 -1 -3 -3 Net profit for the period -1 25 -29 19 148 Earnings in DKK per share outstanding (EPS) -0.14 3.70 -3.83 3.01 20.68 Diluted earnings in DKK per share outstanding (EPS-D) -0.14 3.69 -3.83 3.01 20.60 Q2 H1 Year DKK million 2025 2024 2025 2024 2024 Net profit for the period -1 25 -29 19 148 Other income and costs recognised: Items that can be reclassified for the income statement Foreign currency translation adjustment of foreign subsidiaries -32 18 16 -15 -36 Fair value adjustment of hedging instruments before tax 0 2 2 4 0 Tax on fair value adjustments of hedging instruments 0 -1 0 -1 0 Other income and costs recognised after tax -32 19 18 -12 -36 Total comprehensive income for the period -33 44 -11 7 112 Attributable to: Shareholders of Solar A/S -33 46 -10 10 115 Non-controlling interests 0 -2 -1 -3 -3 Total comprehensive income for the period -33 44 -11 7 112 Statement of comprehensive income Income statement Other comprehensive income Solar A/S Q2 2025 Financial statements 14 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 2025 2024 2024 Assets Intangible assets 398 386 381 Property, plant and equipment 1,235 1,054 1,070 Right-of-use assets 388 401 408 Deferred tax asset 14 7 11 Investments in associates 3 4 3 Other non-current assets 23 28 27 Non-current assets 2,061 1,880 1,900 Inventories 1,763 1,910 1,888 Trade receivables 1,838 1,896 1,657 Income tax receivable 51 54 20 Contract assets 3 0 4 Other receivables 8 26 107 Prepayments 77 72 73 Cash at bank and in hand 204 381 459 Current assets 3,944 4,339 4,208 Total assets 6,005 6,219 6,108 30.06 31.12 DKK million 2025 2024 2024 Equity and liabilities Share capital 736 736 736 Reserves -216 -210 -234 Retained earnings 1,189 1,197 1,216 Proposed dividends for the financial year 0 0 110 Equity attributable to shareholders of Solar A/S 1,709 1,723 1,828 Non-controlling interests 45 47 46 Total equity 1,754 1,770 1,874 Interest-bearing liabilities 270 430 425 Lease liabilities 266 290 284 Provision for deferred tax 145 150 157 Other provisions 13 11 12 Non-current liabilities 694 881 878 Interest-bearing liabilities 1,201 871 841 Lease liabilities 137 124 141 Trade payables 1,736 2,086 1,852 Income tax payable 7 6 8 Contract liabilities 14 0 35 Other payables 414 458 462 Prepayments 2 9 8 Other provisions 46 14 9 Current liabilities 3,557 3,568 3,356 Liabilities 4,251 4,449 4,234 Total equity and liabilities 6,005 6,219 6,108 Balance sheet Consolidated Solar A/S Q2 2025 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 Q2 H1 Year DKK million 2025 2024 2025 2024 2024 Net profit of continuing operations for the period -1 25 -29 19 148 Depreciation, write-down and amortisation 88 81 173 159 368 Changes to provisions and other adjustments -12 -6 37 -6 -103 Share of net profit from associates 0 0 0 0 1 Financials, net 21 22 43 38 85 Income tax 4 9 -1 9 44 Financial income, received 4 6 7 11 33 Financial expenses, settled -21 -28 -48 -48 -114 Income tax, settled -29 -36 -47 -79 -69 Cash flow before working capital changes 54 73 135 103 393 Working capital changes Inventory changes 91 -5 136 107 113 Receivables changes 192 -57 -151 -279 -64 Non-interest-bearing liabilities changes -333 191 -204 278 96 Cash flow from operating activities 4 202 -84 209 538 Q2 H1 Year DKK million 2025 2024 2025 2024 2024 Investing activities Purchase of intangible assets -31 -41 -57 -75 -154 Purchase of property, plant and equipment -87 -19 -213 -42 -162 Disposal of property, plant and equipment 0 0 76 0 61 Acquisition of subsidaries and activities 0 -10 -2 -10 -10 Cash flow from investing activities -118 -70 -196 -127 -265 Financing activities Repayment of non-current interest-bearing debt -2 -3 -105 -5 -9 Raising of non-current interest-bearing liabilities 0 0 0 0 100 Change in current interest-bearing debt 13 -47 317 151 11 Instalment on lease liabilities -37 -35 -77 -69 -137 Dividends paid to shareholders of Solar A/S 0 0 -110 -219 -219 Dividends paid to non-controlling interests 0 0 0 0 -1 Cash flow from financing activities -26 -85 25 -142 -255 Total cash flow -140 47 -255 -60 18 Cash at bank and in hand at the beginning of period 344 334 459 441 441 Cash at bank and in hand at the end of period 204 381 204 381 459 Cash flow statement Consolidated Solar A/S Q2 2025 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 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 Tax on fair value adjustments 0 0 0 Net income recognised in equity via other comprehensive income in the statement of comprehensive income 0 2 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 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. Statement of changes in equity Consolidated Solar A/S Q2 2025 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 2024 Equity as at 1 January 736 -13 -185 1,175 219 1,932 50 1,982 Foreign currency translation adjustments of foreign subsidiaries -15 -15 -15 Fair value adjustments of hedging instruments before tax 4 4 4 Tax on fair value adjustments -1 -1 -1 Net income recognised in equity via other comprehensive income in the statement of comprehensive income 0 3 -15 0 0 -12 0 -12 Net profit or loss for the period 22 22 -3 19 Comprehensive income 0 3 -15 22 0 10 -3 7 Distribution of dividends (DKK 30.00 per share) -219 -219 -219 Transactions with the owners 0 0 0 0 -219 -219 0 -219 Equity as at 30 June 736 -10 -200 1,197 0 1,723 47 1,770 1. Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves. Statement of changes in equity – Continued Solar A/S Q2 2025 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 Section 1 Basis for preparation Solar A/S Q2 2025 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 1.1 Accounting policies The financial report for Solar A/S has been prepared in accordance with IAS 34 “Presentation of interim reports” as approved by the EU and additional Danish disclosure requirements for quarterly reports of listed companies. The accounting policies remain unchanged from the Annual Report 2024, which contains a full description of these on pages 104-106 as well as of relevant, supplementary notes. In the financial report, income tax has been calculated on the basis of pre-tax profits at the expected average tax rate. New accounting standards implemented during the period No additional standards have become effective in the period, only amendments and improvements to existing standards. These changes have no impact on Solar’s accounting policies. New accounting standards to be implemented in coming accounting periods In Annual Report 2024, note 5.5, page 145, new or amended standards to be implemented in the coming accounting periods are described. Financial statements 20 Solar A/S Q2 2025 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 2025 Financial statements 21 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 Q2 H1 DKK million 2025 2024 2025 2024 Sales of goods and services 2,929 3,082 6,077 6,104 Revenue from construction contracts 89 18 164 26 Total 3,018 3,100 6,241 6,130 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 DKK million Installation Industry Trade Total Q2 2024 Revenue 1,707 1,130 263 3,100 Cost of sales -1,394 -862 -213 -2,469 Gross profit 313 268 50 631 Direct costs -69 -39 -10 -118 Earnings before indirect costs 244 229 40 513 Indirect costs -106 -56 -11 -173 Segment profit 138 173 29 340 Non-allocated costs -203 Earnings before interest, tax, depreciation and amortisation (EBITDA) 137 Depreciation and amortisation -81 Earnings before interst and tax (EBIT) 56 Financials, net incl. share of net profit from associates and impairment on associates -22 Earnings before tax (EBT) 34 individual 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 89m (Q2 2024: DKK 18m) and DKK 81m (Q2 2024: DKK 13m) respectively, from construction contracts recognised over time are fully allocated to the Trade segment. Financial statements 22 Solar A/S Q2 2025 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 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 DKK million Installation Industry Trade Total H1 2024 Revenue 3,386 2,216 528 6,130 Cost of sales -2,762 -1,682 -429 -4,873 Gross profit 624 534 99 1,257 Direct costs -136 -80 -18 -234 Earnings before indirect costs 488 454 81 1,023 Indirect costs -219 -117 -23 -359 Segment profit 269 337 58 664 Non-allocated costs -439 Earnings before interest, tax, depreciation and amortisation (EBITDA) 225 Depreciation and amortisation -159 Earnings before interst and tax (EBIT) 66 Financials, net -38 Earnings before tax (EBT) 28 Revenue and costs in the amount of DKK 164m (H1 2024: DKK 26m) and DKK 151m (H1 2024: DKK 19m) respectively, from construction contracts recognised over time are fully allocated to the Trade segment. Financial statements 23 Solar A/S Q2 2025 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 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 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 DKK million Revenue Adjusted organic growth EBITDA EBITDA margin Non-current assets Q2 2024 Denmark 1,046 -1.5 75 7.2 903 Sweden 527 -14.3 15 2.8 207 Norway 477 -8.8 18 3.8 211 The Netherlands 687 -15.0 18 2.6 414 Poland 101 -7.3 -1 -1.0 49 Other markets 262 8.3 12 4.6 96 Solar Group 3,100 -7.8 137 4.4 1,880 DKK million Revenue Adjusted organic growth EBITDA EBITDA margin Non-current assets H1 2024 Denmark 2,017 -6.2 110 5.5 903 Sweden 1,066 -16.9 32 3.0 207 Norway 914 -13.3 29 3.2 211 The Netherlands 1,413 -17.9 28 2.0 414 Poland 199 -5.2 -1 -0.5 49 Other markets 521 8.5 27 5.2 96 Solar Group 6,130 -11.2 225 3.7 1,880 Geographical information Solar A/S primarily operates on the Danish, Swedish, Norwegian and Dutch markets. In the below table, Other markets covers the remaining markets, which can be seen in the group companies overview available on page 184 of Annual Report 2024 or on www.solar.eu. The below allocation has been made based on the products’ place of sale. Financial statements 24 Solar A/S Q2 2025 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 2025 Quarterly figures Solar A/S Q2 2025 Financial statements 25 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) 2025 2024 2025 2024 2024 2023 2024 2023 Revenue 3,223 3,030 3,018 3,100 2,860 2,965 3,233 3,160 Earnings before interest, tax, depreciation and amortisation (EBITDA) 74 88 112 137 202 187 219 190 Earnings before interest, tax and amortisation (EBITA) 10 26 45 77 143 132 154 131 Earnings before interest and tax (EBIT) -11 10 24 56 125 114 87 114 Financials, net -22 -16 -21 -22 -24 -21 -23 -29 Earnings before tax (EBT) -33 -6 3 34 101 93 63 85 Net profit or loss for the quarter -28 -6 -1 25 78 71 51 55 Balance sheet (DKK million) Non-current assets 2,015 1,877 2,061 1,880 1,879 1,809 1,900 1,893 Current assets 4,385 4,205 3,944 4,339 4,385 4,456 4,208 4,219 Balance sheet total 6,400 6,082 6,005 6,219 6,264 6,265 6,108 6,112 Total equity 1,786 1,726 1,754 1,770 1,831 1,910 1,874 1,982 Non-current liabilities 863 891 694 881 871 877 878 908 Current liabilities 3,751 3,465 3,557 3,568 3,562 3,478 3,356 3,222 Interest-bearing liabilities, net 1,519 1,450 1,670 1,334 1,646 1,480 1,232 1,157 Invested capital 3,289 3,157 3,410 3,085 3,460 3,366 3,089 3,120 Net working capital, end of period 1,867 1,876 1,865 1,720 2,036 2,253 1,693 1,907 Net working capital, average 1,829 2,075 1,865 1,939 1,885 2,268 1,831 2,193 Quarterly figures Financial statements 26 Solar A/S Q2 2025 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) 2025 2024 2025 2024 2024 2023 2024 2023 Cash flow from operating activities -88 7 4 202 -196 190 525 486 Cash flow from investing activities -78 -57 -118 -70 -82 -102 -56 -87 Cash flow from financing activities 51 -57 -26 -85 165 -109 -278 -199 Net investments in intangible assets -26 -34 -31 -41 -38 -26 -41 -31 Net investments in property, plant and equipment -50 -23 -87 -19 -44 -76 -15 -34 Acquisition and divestment of subsidiaries and operations, net -2 0 0 -10 0 0 0 -22 Financial ratios (% unless otherwise stated) Revenue growth 6.4 -17.1 -2.6 -4.6 -3.5 -9.2 2.3 -14.2 Organic growth 6.5 -17.1 -3.4 -5.0 -3.8 -6.2 2.3 -12.5 Organic growth adjusted for number of working days 6.5 -15.4 -1.2 -7.8 -5.3 -4.7 3.0 -11.1 Gross profit margin 20.4 20.7 20.3 20.4 20.7 21.5 20.8 22.4 EBITDA margin 2.3 2.9 3.7 4.4 7.1 6.3 6.8 6.0 EBITA margin 0.3 0.9 1.5 2.5 5.0 4.5 4.8 4.1 EBIT margin -0.3 0.3 0.8 1.8 4.4 3.8 2.7 3.6 Net working capital (end of period NWC)/revenue (LTM) 15.0 15.1 15.1 14.0 16.8 16.6 13.9 14.6 Net working capital (average NWC )/revenue (LTM) 14.7 16.7 15.1 15.8 15.5 16.7 15.0 16.8 Gearing (net interest-bearing liabilities/EBITDA), no. of times 2.4 2.1 2.8 2.2 2.7 1.5 1.9 1.3 Return on equity (ROE) 7.2 10.9 5.9 8.6 8.8 25.5 8.4 18.3 Return on invested capital (ROIC) 7.7 8.5 6.7 6.6 6.8 16.9 8.3 13.2 Enterprise value/earnings before interest, tax and amortisation (EV/EBITA) 8.4 8.6 11.1 10.0 11.1 6.2 8.4 7.0 Equity ratio 27.2 27.6 28.5 27.7 28.5 29.7 29.9 31.6 Financial statements 27 Solar A/S Q2 2025 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) 2025 2024 2025 2024 2024 2023 2024 2023 Earnings per share outstanding (EPS) -3.70 -0.68 - 0.14 3.70 10.68 9.72 6.98 7.39 Intrinsic value per share outstanding 238.39 229.63 234.01 235.92 244.28 254.82 250.30 264.54 Share price 241.44 331.37 310.17 325.27 354.55 476.27 299.27 465.71 Share price/intrinsic value 1.01 1.44 1.33 1.38 1.45 1.87 1.20 1.76 Employees Number of employees (FTE's), end of period 2,919 2,932 2,913 2,889 2,880 3,005 2,895 2,990 Average number of employees (FTE's) 2,896 2,997 2,902 2,954 2,923 3,049 2,899 3,036 Definitions Organic growth Revenue growth adjusted for enterprises acquired and sold off and any exchange rate changes. No adjustments have been made for number of working days. Organic growth adjusted for number of working days Revenue growth adjusted for enterprises acquired and sold off and any exchange rate changes and number of working days. Net working capital Inventories and trade receivables less trade payables. Return on invested capital (ROIC) Return on invested capital calculated on the basis of EBIT exclusive impairment on goodwill less tax" calculated using the effective tax rate adjusted for one-off effects, if any. In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”. Financial statements 28 Solar A/S Q2 2025 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 2025 Statements Solar A/S Q2 2025 Financial statements 29 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 2025 The financial report for the first six months of 2025, 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 2025 as well as of the results of the group’s activities and cash flow for the first six months of 2025. 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 2025 with the file name SOLA-2025-06-30-0-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 Katrine Borum Morten Chrone Denise Goldby Louise Knauer Rune Jesper Nielsen Michael Kærgaard Ravn Vejen, 14 August 2025 Financial statements 30 Solar A/S Q2 2025 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 Interim report (6 months)No audit assistanceParsePort XBRL Converter2025-01-012025-06-302024-01-012024-06-30Reporting class 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