Solar — Annual Report (ESEF) 2025

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

• Electrical
• Heating & Plumbing
• Climate & Energy

Markets

• Denmark
• The Netherlands
• Sweden
• Norway
• Poland
• Other

Segments

• Installation
• Industry
• Trade

% of 2024 revenue

• Products: 75%
• Markets: 16%
• Segments: 9%

% of 2024 revenue

• Electrical: 55%
• Heating & Plumbing: 35%
• Climate & Energy: 10%

% of 2024 revenue

• Denmark: 33%
• The Netherlands: 23%
• Sweden: 17%
• Norway: 15%
• Poland: 3%
• Other: 9%

Solar A/S Q2 2025

Management’s review

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

Management’s review

Financial highlights

DKK million	Q2 2025	Q2 2024	H1 2025	H1 2024	Year 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

Management’s review

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 improvement	Share of revenue
Target 2026	> 20%	> 0.5 Percentage points	> 10%
Target 2026
Target 2026
Current	19%	0.0 Percentage points	10%
Current
Current

* Significantly impacted by Solar Polaris' deliveries to a major solar park project.

Strategy and business

Climate & Energy

Solution Sales

Concept 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.

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.

	Reduction in % CO 2 e since baseline 2020	Share of suppliers undergoing risk assessment	Share of women in senior management
Target 2026		82%	25%
Target 2026 (Net-zero by 2030)	54%
Target 2026
Current	65%	82%	28%
Current
Current

*

Strategy and business

Climate impact

Diversity and inclusion

Sustainable supply chain

We have launched several initiatives to support our three strategic sustainability ambitions towards 2026.

Financial performance

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.# Management’s review

Solar A/S Q2 2025

Financial performance

H1 2025

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.

Solar A/S Q2 2025

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	1,654	116
Industry	1,046	153
Trade	318	33

Segment profit
	DKK million		2025	2024
Installation	1,654	1,707	116	138
Industry	1,046	1,130	153	173
Trade	318	263	33	29
Solar Group	3,018	3,100	302	340

Segment margin %			2025	2024
Installation			7.0	8.1
Industry			14.6	15.3
Trade			10.4	11.0
Solar Group			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.

Solar A/S Q2 2025

Segment performance

Q2

Installation
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
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
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%).

H1

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.# Management’s review

Solar A/S Q2 2025

Segment performance

H1 Revenue Segment profit Segment margin % DKK million 2025 2024 2025 2024 2025 2024

| Segment revenue | DKKm | H1 2025 | H1 2025 | DKKm | Installation | Industry | 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
Nominel value (DKK)	100
Votes per share	10
Treasury shares	-
Stock Exchange	Nasdaq Copenhagen
Ticker symbol	Solar B
Share price 30 June (DKK)	309.50
Market Cap 30 June (DKKm)	279

The Solar share

Financial calendar 2025

| Quarterly Report | Q3 2025 | 6 Nov |

Shareholders with more than 5% of shares or votes

	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

Income statement

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

Statement of comprehensive income

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

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

Balance sheet

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
Statements	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

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 Cash flow statement

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

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

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		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			0		0
Net profit or loss for the period				-28		-28	-1	-29
Comprehensive income		2	16	-28		-10	-1	-11
Distribution of dividends (DKK 15.00 per share)					-110	-110		-110
Share-based payments		1				1		1
Transactions with the owners				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 – 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
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			0		0
Net profit or loss for the period				22		22	-3	19
Comprehensive income		3	-15	22		10	-3	7
Distribution of dividends (DKK 30.00 per share)					-219	-219		-219
Transactions with the owners				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.

---

Solar A/S Q2 2025 Financial statements

Consolidated financial statements Q2

• Statement of comprehensive income
• Balance sheet
• Cash flow statement
• Statement of changes in equity
• Notes

Section 1 – Basis for preparation

Solar A/S Q2 2025 Financial statements

---

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

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

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 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.

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
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

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
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 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.

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

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 2.2 Segment information – continued# 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
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
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
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 – continued

Income statement (DKK million)	Q1 2025	Q2 2024	Q2 2025	Q2 2024	Q3 2024	Q4 2023	Q4 2024	Q3 2024
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)	Q1 2025	Q2 2024	Q2 2025	Q2 2024	Q3 2024	Q4 2023	Q4 2024	Q3 2024
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

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

Cash flows (DKK million)	Q1 2025	Q2 2024	Q2 2025	Q2 2024	Q3 2024	Q4 2023	Q4 2024	Q3 2024
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)	Q1 2025	Q2 2024	Q2 2025	Q2 2024	Q3 2024	Q4 2023	Q4 2024	Q3 2024
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

Share ratios (DKK unless otherwise stated)	Q1 2025	Q2 2024	Q2 2025	Q2 2024	Q3 2024	Q4 2023	Q4 2024	Q3 2024
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

	End of period	Average
Number of employees (FTE's), end of period	2,919
Average number of employees (FTE's)		2,896
Q2 2025	2,913	2,902
Q2 2024	2,889	2,954
Q3 2024	2,880	2,923
Q4 2023	3,005	3,049
Q4 2024	2,895	2,899
Q3 2024	2,990	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.# Solar A/S

LEI: 21380031XTLI9X5MTY92
Website: www.solar.eu
LinkedIn: 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 assistance

Reporting class	2025-01-01 to 2025-06-30	2024-01-01 to 2024-06-30	2024-01-01 to 2024-12-31	2025-06-30	2024-06-30	2024-12-31	2025-03-31	2024-03-31	2023-12-31
cmn:ConsolidatedMember
ifrs-full:IssuedCapitalMember
ifrs-full:ReserveOfCashFlowHedgesMember
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
ifrs-full:RetainedEarningsMember
SOL:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember
ifrs-full:EquityAttributableToOwnersOfParentMember
ifrs-full:NoncontrollingInterestsMember
ifrs-full:IssuedCapitalMember
ifrs-full:ReserveOfCashFlowHedgesMember
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
ifrs-full:RetainedEarningsMember
SOL:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember
ifrs-full:EquityAttributableToOwnersOfParentMember
ifrs-full:NoncontrollingInterestsMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
cmn:ConsolidatedMember
iso4217:DKK
iso4217:DKK
xbrli:shares
xbrli:pure