Slides
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Q3 2026 Quarterly report Presented by Jens E. Andersen, CEO Michael H. Jeppesen, CFO
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1 Broad-based growth across markets supports refined 2026 guidance 2 Improving the digital customer experience 3 Financial highlights 4 Guidance 5 Q&A Agenda
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Broad-based growth across markets supports refined 2026 guidance Growth regained momentum We delivered positive organic growth across all main markets for the second consecutive quarter, with adjusted organic growth reaching 10.3% in Q3. Growth was broad-based and supported by continued activity across our customer segments. Earnings in line with expectations EBITDA development was in line with guidance. Market conditions remained competitive during the quarter, with continued pressure on sales prices and margins across segments. 2026 guidance updated Revenue now expected at DKK 13.6bn and EBITDA at DKK 450m, compared with previous guidance ranges of DKK 12.9- 13.4bn and DKK 400-480m. Positioning Solar for the future Following the completion of our warehouse upgrade programme and the integration of Sonepar in H1 2026, we continued the rollout of our new digital commerce platform, which remains on track for completion in H1 2027.
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Improving the digital customer experience 4 E-commerce pilot successfully completed Successful pilot implementation completed in the Faroe Islands. The new platform provides a more intuitive customer experience and establishes a scalable architecture for future digital development. New search engine implemented A new search engine has been implemented across Solar's digital channels, improving search relevance and helping customers navigate Solar's product assortment more efficiently. Customer deep insights support future growth Advanced analytics, marketing automation and AI-supported capabilities are enabling more relevant customer interactions, stronger sales insights and increasingly personalised customer engagement.
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Q3 & Q1-Q3 2026 Financial highlights
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Adjusted organic growth of 10.3% in Q3 • Revenue increased to DKK 3.3bn from DKK 2.8bn, supported by the acquisition of Sonepar Norge in 2025 and was slightly above our expectations. • We delivered positive adjusted organic growth across all main markets, demonstrating underlying growth, independent of acquisition effects. • Excluding the impact of Solar Polaris, adj. organic growth was 9.7%. • Installation: All markets delivered double-digit organic growth, except for Solar Norge. • Industry: All main markets posted positive growth. • Trade: Excluding the impact of Solar Polaris, organic growth amounted to approx. 19.7% (-5%). 6,5% -1,2% -2,1% -6,1% -4,2% 6,1% 10,3% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Organic growth across all main markets Adjusted organic growth Solar Group 6 Q3 2026 Q3 2025 Revenue, DKKm 3,321 2,815 Revenue growth, % 18.0 -1.6 Adj. organic growth, % 10.3 -2.1 Adj. organic growth, %: Installation 9.4 -2.3 Industry 7.7 -6.2 Trade 23.3 15.3 Trade adj. Solar Polaris 19.7 -5.0 2025 2026
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EBITDA of DKK 147m was in line with our expectations • The gross profit decreased to 19.3% from 19.8% despite additional cyclical inventory gains of approx. DKK 35m. • The decrease was further impacted by increased freight costs driven by higher fuel prices. • Restructuring costs amounted to DKK 8m (DKK 8m), including transition costs associated with the relocation from the warehouse in Örebro to the new logistics centre in Kumla, Sweden. • Additional integration costs of DKK 3m were recognised as part of the finalisation of the integration process of Sonepar Norge. EBITDA increased by 34% compared to Q3 2025 Q3 EBITDA margin Solar Group 3,9% 0,3%4,2% -0,5% 0,3% 0,8% 0,0% 4,8% -0,4% 4,4% 0% 1% 2% 3% 4% 5% 6% 7 Q3 2026 Q3 2025 Revenue, DKKm 3,321 2,815 Revenue growth, % 18.0 -1.6 Adj. organic growth, % 10.3 -2.1 Gross profit, DKKm 641 556 Gross profit margin 19.3 19.8 EBITDA, DKKm 147 110 EBITDA margin 4.4 3.9 EBITDA adj.*, DKKm 158 118 EBITDA margin adj.* 4.8 4.2 * Adjusted for non-recurring items.
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Q1-Q3 EBITDA in line with guidance supported by improved revenue performance • Revenue for Q1-Q3 was in line with expectations, as the improvements in Q2 and Q3 offset the negative impact of the severe winter conditions in Q1. Adjusted organic growth at group level amounted to 3.9%, with positive growth across all main markets. • Gross profit margin at group level declined to 19.3% from 20.2% in Q1-Q3 2026. • The gross profit margin development was positively influenced by additional cyclical inventory gains of approx. DKK 55m but negatively impacted by 0.4 percentage points due to increased freight costs driven by higher fuel prices. • The EBITDA improvements in Q2-Q3 are offsetting the impact of the severe winter conditions in Q1. Q1-Q3 2026 Q1-Q3 2025 Revenue, DKKm 10,069 9,056 Revenue growth, % 11.2 0.7 Adj. organic growth, % 3.9 1.0 Gross profit, DKKm 1,943 1,825 Gross profit margin 19.3 20.2 EBITDA, DKKm 290 296 EBITDA margin 2.9 3.3 EBITDA adj.*, DKKm 370 361 EBITDA margin adj.* 3.7 4.0 EBITDA affected by non- recurring items of DKK 80m Q1-Q3 EBITDA margin Solar Group 3,3% 0,7% 4,0% -0,9% -0,2% 0,8%0,0%3,7% -0,8% 2,9% 0% 1% 2% 3% 4% 5% 8 * Adjusted for non-recurring items.
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Q3 cash flow Q3 cash flow, operating activities Cash flow impacted by temporary inventory build-up of DKK 200m, which is expected to normalise during Q4 9 78 -155 -45 182 1 61 -150 -100 -50 0 50 100 Q2 2026 Oper. act. Inv. act. Fin. act. FX Q3 2026 DKK million 12 103 -31 -15 -37 -187 -155 -200 -150 -100 -50 0 50 100 150 Net profit Depr. & amort. Tax & adj. Invent. Receiv. Liab. Operat. act. DKK million
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Net working capital as an average of the previous four quarters at 15.5% NWC average impacted by temporary inventory built up NIBD and gearing are well within covenants 10 8,0% 10,0% 12,0% 14,0% 16,0% 18,0% 1.200 1.400 1.600 1.800 2.000 2.200 Q125 Q225 Q325 Q425 Q126 Q226 Q326 NWC%DKK million 0,0 1,0 2,0 3,0 4,0 5,0 6,0 0 500 1.000 1.500 2.000 2.500 3.000 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Gearing, no. of times DKK million
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Guidance refined to revenue of DKK 13.6bn and EBITDA of DKK 450m 11 Revenue • We now expect revenue of 13.6bn exceeding our initial guidance range of DKK 12.9bn to 13.4bn. This corresponds to organic growth of approx. 4.5% compared with our previous expectation of 3.5%. EBITDA • We now expect EBITDA of DKK 450m, which is slightly above the midpoint of our initial guidance range of DKK 400m to DKK 480m. This includes DKK 80m in restructuring and integration costs compared with our previous expectation of DKK 75m. Specification of 2026 guidance
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Q&A Logistics Centre Kumla, Sweden Grass on the roof