Solar

Interim / Quarterly Report • Aug 14, 2025

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.

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.

Driving the green transition

As a driver of the green transition we are supporting our customers in achieving their CO2 emission reduction targets through our Climate & Energy products, which generate revenue exceeding DKK 1bn. Our CO2 reduction targets are approved by the SBTi, and we operate and report in accordance with the CSRD.

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.

Markets

% of 2024 revenue

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

Plumbing

Energy

Contents

Financial highlights	4
Strategy and business	5
Financial performance	7
Segment performance	9
Guidance 2025	11
Shareholder information	12

Management review Consolidated financial statements Q2

	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

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.

Strategy execution

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.

• 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 CO2e displaced, highlighting the cost for our customers of removing one ton of CO2e.

Our target is to maximise the growth potential of Climate & Energy solutions.

Share of revenue improvement

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

············.		(	··············································································································································································

Climate & Energy Concept Strength Solution Sales

• Launched a new Solar Light website that provides CO2 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.

Gross profit margin

Current Target 2026 Current Target 2026 Current Target 2026

• 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

Solar A/S Q2 2025

Management's review

Sustainability execution

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

• We are following our climate change transition plan to reduce our CO2e 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 CO2e 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.

Reduction in % CO2e since baseline 2020

(Net-zero by 2030)

Climate impact Sustainable supply chain Diversity and inclusion

• 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.

Share of suppliers undergoing risk assessment

Target 2026 Target 2026 Target 2026 Current Current Current

• 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.

We foster a workplace and culture promoting diversity and inclusion.

Share of women in senior management

*Calculated according to the Danish Financial Act previous §99b.

H1 EBITDA of DKK 186m impacted by restructuring and transition costs of DKK 57m

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.

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'

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).

Adjusted organic growth

(Data shown in brackets relate to the corresponding period in 2024)

Management's review

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.

Q2 posted negative growth particularly in Industry and, to a lesser extent, in Installation

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 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.

Segment revenue DKKm		DKKm
	Industry		Industry
	Trade		Trade

Q2 2025		Q2 2025
	DKKm

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

Strong growth in Solar Polaris in 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.

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

EBITDA guidance ranges between DKK 450m and 510m

Our 2025 guidance ranges between DKK 11.75bn and 12.25bn for revenue and between DKK 450m and 510m for EBITDA.

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 subsegments. 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.

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.

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

6 Nov Quarterly Report Q3 2025

Shareholders with more than 5% of shares or votes

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%

Financial statements

Q2 2025 Consolidated financial statements

Statement of comprehensive income

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
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) Diluted earnings in DKK per share outstanding (EPS-D)	-0.14 -0.14	3.70 3.69	-3.83 -3.83	3.01 3.01	20.68 20.60

Income statement Other comprehensive income

DKK million		Q2		H1
		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

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

Consolidated

	30.06		31.12		30.06		31.12
DKK million	2025	2024	2024	DKK million	2025	2024	2024
Assets				Equity and liabilities
Intangible assets	398	386	381	Share capital	736	736	736
Property, plant and equipment	1,235	1,054	1,070	Reserves	-216	-210	-234
Right-of-use assets	388	401	408	Retained earnings	1,189	1,197	1,216
Deferred tax asset	14	7	11	Proposed dividends for the financial year	0	0	110
Investments in associates	3	4	3	Equity attributable to shareholders of Solar A/S	1,709	1,723	1,828
Other non-current assets	23	28	27	Non-controlling interests	45	47	46
Non-current assets	2,061	1,880	1,900	Total equity	1,754	1,770	1,874
Inventories	1,763	1,910	1,888	Interest-bearing liabilities	270	430	425
Trade receivables	1,838	1,896	1,657	Lease liabilities	266	290	284
Income tax receivable	51	54	20	Provision for deferred tax	145	150	157
Contract assets	3	0	4	Other provisions	13	11	12
Other receivables	8	26	107	Non-current liabilities	694	881	878
Prepayments	77	72	73	Interest-bearing liabilities	1,201	871	841
Cash at bank and in hand	204	381	459	Lease liabilities	137	124	141
Current assets	3,944	4,339	4,208	Trade payables	1,736	2,086	1,852
				Income tax payable	7	6	8
Total assets	6,005	6,219	6,108	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

Solar A/S Q2 2025

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

Cash flow statement

Consolidated

		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		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

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

Consolidated

DKK million	Share capital	Reserves for hedging transactions1	Reserves for foreign currency translation adjustments1	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 comprehensive income
Balance sheet

Cash flow statement

Statement of changes in equity

Notes

Section 1 – Basis for preparation

Section 2 – Income statement

Q2 Quarterly information

Statements

Statement of changes in equity

– Continued

DKK million	Share capital	Reserves for hedging transactions1	Reserves for foreign currency translation adjustments1	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 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

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

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.

Section 1 – Basis for preparation

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.

Statement of comprehensive income

Consolidated financial statements Q2

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

Balance sheet Cash flow statement

Notes

Statements

Statement of comprehensive income

Statement of changes in equity

Section 1 – Basis for preparation Section 2 – Income statement

Q2 Quarterly information

Section 2 – Income statement

2.1 Revenue Consolidated financial statements Q2

		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

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.

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.

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

22 Solar A/S Q2 2025

• 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

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.

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

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

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.

DKK million	Revenue	Adjusted organic growth	EBITDA	EBITDA margin	Non-current assets	DKK million	Revenue	Adjusted organic growth	EBITDA	EBITDA margin	Non-current assets
Q2 2025						Q2 2024
Denmark	1,071	5.8	61	5.7	808	Denmark	1,046	-1.5	75	7.2	903
Sweden	540	-0.9	11	2.0	478	Sweden	527	-14.3	15	2.8	207
Norway	426	-8.4	12	2.8	205	Norway	477	-8.8	18	3.8	211
The Netherlands	656	-2.9	24	3.7	383	The Netherlands	687	-15.0	18	2.6	414
Poland	107	5.1	-2	-1.9	49	Poland	101	-7.3	-1	-1.0	49
Other markets	218	-15.1	6	2.8	138	Other markets	262	8.3	12	4.6	96
Solar Group	3,018	-1.2	112	3.7	2,061	Solar Group	3,100	-7.8	137	4.4	1,880

DKK million	Revenue	Adjusted organic growth	EBITDA	EBITDA margin	Non-current assets	DKK million	Revenue	Adjusted organic growth	EBITDA	EBITDA margin	Non-current assets
H1 2025						H1 2024
Denmark	2,195	9.7	106	4.8	808	Denmark	2,017	-6.2	110	5.5	903
Sweden	1,087	0.9	13	1.2	478	Sweden	1,066	-16.9	32	3.0	207
Norway	905	0.4	11	1.2	205	Norway	914	-13.3	29	3.2	211
The Netherlands	1,381	-0.7	42	3.0	383	The Netherlands	1,413	-17.9	28	2.0	414
Poland	212	5.2	-2	-0.9	49	Poland	199	-5.2	-1	-0.5	49
Other markets	461	-10.1	16	3.5	138	Other markets	521	8.5	27	5.2	96
Solar Group	6,241	2.6	186	3.0	2,061	Solar Group	6,130	-11.2	225	3.7	1,880

Statement of comprehensive income

Consolidated financial statements Q2

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

I

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

Quarterly figures

Consolidated

		Q1		Q2		Q3		Q4
Income statement (DKK million)		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
Non-current assets	2,015	1,877	2,061	1,880	1,879	1,809	1,900	1,893
Balance sheet (DKK million)
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

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)		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

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".

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

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. 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

The financial report for the first six months of Executive Board 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 Jens E. Andersen Michael H. Jeppesen listed companies. CEO CFO 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 Board of Directors 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, Michael Troensegaard Andersen Jesper Dalsgaard Peter Bang net profit for the period and of the group's Chair Vice chair overall financial position and describes the most significant risks and uncertainties that the group faces. Katrine Borum Morten Chrone Denise Goldby 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. Louise Knauer Rune Jesper Nielsen	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	Vejen, 14 August 2025
			Michael Kærgaard Ravn

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