Interim report
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Solar A/S CVR no. 15 90 84 16 Q3 2026
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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 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. Empowering greater productivity We provide products, technical know-how, and qualified services to approx. 50,000 customers, supported by valuable market knowledge and the expertise of 2,995 committed employees, driving greater productivity. Enhancing service through digitalisation With 66% of order lines made digitally, our digital engagement has become a key driver of customer satisfaction, raising our service offering to the next level and supporting our best in class digital customer journey. This is Solar Products Markets 76% 14% 10% % of 2025 revenue Segments Installation Industry Trade 56% 34% 10% % of 2025 revenue % of 2025 revenue Electrical Heating & Plumbing Climate & Energy Denmark The Netherlands Sweden Norway Poland Other 33% 23% 17% 15% 3% 9% 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. Solar A/S Q3 2026 2 Management’ s review Who we are
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Contents Financial highlights 4 Strategy and business 5 Financial performance 6 Segment performance 9 Guidance 2026 11 Shareholder information 13 Statement of comprehensive income 15 Balance sheet 16 Cash flow statement 17 Statement of changes in equity 18 Notes 20 Section 1 – Basis for preparation 21 Section 2 – Income statement 22 Quarterly information 26 Statements 30 Management review Consolidated financial statements Q3 Improving the digital customer experience Solar continues to invest in digital capabilities that support customer productivity and strengthen customer experience. Page 5 Solar A/S Q3 2026 3 Management’ s review
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Financial highlights Q3 Q1-Q3 Year DKK million 2026 2025 2026 2025 2025 Revenue 3,321 2,815 10,069 9,056 12,171 Earnings before interest, tax, depreciation and amortisation (EBITDA) 147 110 290 296 501 Earnings before interest, tax and amortisation (EBITA) 71 47 72 102 241 Earnings before interest and tax (EBIT) 44 27 2 40 155 Earnings before tax (EBT) 13 6 -76 -24 84 Net profit for the period 12 3 -62 -26 74 Balance sheet total 7,170 6,043 7,170 6,043 6,296 Total equity 1,966 1,767 1,966 1,767 1,996 Interest-bearing liabilities, net 2,554 1,739 2,554 1,739 1,625 Cash flow from operating activities -155 64 -595 -20 410 Net investments in property, plant and equipment -12 -70 -128 -207 -214 Employees Number of employees (FTE's), end of period 2,903 2,902 2,903 2,902 2,995 Average number of employees (FTE's) 2,939 2,908 2,939 2,908 2,932 Financial ratios (%, unless otherwise stated) Organic growth adjusted for number of working days 10.3 -2.1 3.9 1.0 -0.9 Gross profit margin 19.3 19.8 19.3 20.2 20.4 EBITDA margin 4.4 3.9 2.9 3.3 4.1 EBITA margin 2.1 1.7 0.7 1.1 2.0 Net working capital (end of period NWC)/revenue (LTM) 18.4 15.2 18.4 15.2 13.5 Gearing (net interest-bearing liabilities/EBITDA), no. of times 5.2 3.4 5.2 3.4 3.2 Return on equity (ROE) 2.1 1.5 2.1 1.5 3.9 Equity ratio 26.8 28.5 26.8 28.5 31.0 Share ratios (DKK) Earnings per share outstanding (EPS) 1.38 0.41 -7.30 -3.42 10.02 In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”. Q1-Q3 Financial messages • Adjusted organic growth at group level amounted to 3.9%, with positive growth across all main markets and double-digit growth in Q3. • EBITDA was in line with guidance, supported by improved revenue development. • Guidance for 2026 refined to revenue of DKK 13.6bn and EBITDA of DKK 450m. Solar A/S Q3 2026 4 Management’ s review Financial highlights
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Improving the digital customer experience Solar continues to invest in digital capabilities that support customer productivity and strengthen customer experience. E-commerce pilot successfully completed Just before the end of the quarter, Solar successfully completed the pilot implementation of its new digital commerce platform in the Faroe Islands. The implementation marks an important milestone in the digital commerce transformation and provides a solid foundation for Solar’s digital ambitions. The new platform, which is designed to support customer self-service, has improved navigation and product discovery and provides a more intuitive purchasing experience. It builds on Solar's existing digital foundation by replacing legacy solutions with a more scalable and flexible architecture. This enables faster deployment of new functionality, simpler maintenance and a more consistent digital experience across markets and channels. The phased rollout of the platform is expected to be completed during H1 2027. New search engine implemented Alongside the development of the new e-commerce platform, Solar implemented a new search engine across both the new and existing e-commerce platforms. Customer feedback has been positive, highlighting improved search relevance and a better overall search experience across Solar's digital channels. The new search engine enables customers to find relevant products more quickly and navigate Solar's extensive product range more efficiently. The search engine is one of the first customer-facing capabilities developed on Solar's new digital commerce platform. The solution represents a major step forward for our digital channels and is expected to strengthen product discovery and support a more efficient digital purchasing experience. Customer deep insights support future growth In parallel with the digital commerce transformation, Solar continues to deepen its understanding of customers through its Customer deep initiatives. By leveraging customer data, advanced analytics, marketing automation and AI-supported tools, Solar is developing a deeper understanding of customer needs and behaviour across its sales channels. These capabilities enable more relevant customer interactions and recommendations. As the new digital commerce platform is rolled out across the Group, customer insights are increasingly integrated into digital and commercial processes. This strengthens Solar's ability to identify opportunities, prioritise customer engagement and tailor its offerings to customer needs. Advanced sales insights enable more proactive customer dialogue and support a scalable approach to serving a growing customer base. The investments in the new platform architecture and data-driven customer insights strengthen Solar’s digital foundation, enhancing customer experience, increasing operational efficiency, and enabling faster deployment of new digital capabilities. The strengthened digital foundation supports the continued development of digital commerce, a key driver of future growth. Expected completion H1 2027 5 Management’ s review Solar A/S Q3 2026 Strategy and business
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Q1-Q3 EBITDA in line with guidance supported by improved revenue performance Q3 2026 Revenue Revenue increased to DKK 3.3bn (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. Adjusted organic growth reached 10.3% (-2.1%). Excluding the impact of Solar Polaris, organic growth was 9.7%. In Q3, adjusted organic growth amounted to 9.4% (-2.3%) for Installation, 7.7% (-6.2%) for Industry and 23.3% (15.3%) for Trade. Gross profit Compared to the previous quarter, gross profit margin at group level increased by 0.2 percentage points to 19.3%. Compared to Q3 2025, gross profit margin declined to 19.3% (19.8%), primarily reflecting continued pressure on sales prices. This was partially offset by additional cyclical inventory gains of approx. DKK 35m. The gross profit margin was further impacted by a 0.3 percentage point increase in freight costs due to higher fuel prices. Q1-Q3 EBITDA was in line with guidance, supported by the return to positive organic growth in Q2 and double-digit adjusted organic growth in Q3. Growth was broad-based, with positive organic growth reported across all main markets for the second consecutive quarter. External operating costs and staff costs The integration of Sonepar Norge was completed in all material respects in Q2 2026. In Q3 2026, additional integration costs of DKK 3m were recognised as part of the finalisation of the integration process. 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. Transition costs were slightly higher than initially expected due to a slightly slower relocation process than anticipated. Adjusted for these non-recurring costs, external operating costs and staff costs amounted to 14.4% (15.4%) of revenue. EBITDA EBITDA amounted to DKK 147m (DKK 110m), in line with our expectations. Excluding non-recurring items, EBITDA increased to DKK 158m (DKK 118m) reflecting an EBITDA margin of 4.8% (4.2%). The results from the individual markets are shown on page 25. Earnings before tax Earnings before tax stood at DKK 13m (DKK 6m) Net profit Net profit amounted to DKK 12m (DKK 3m). EBITDA DKKm Gross profit margin % Adjusted organic growth % (Data shown in brackets relate to the corresponding period in 2025) 20252026 Q1 19.5 20.4 Q2 19.1 20.3 Q3 19.3 19.8 Q4 21.0 Q4 205 Q1 59 74 Q2 Q3 84 112 147 110 20252026 20252026 Q1 -4.2 6.5 Q2 6.1 -1.2 Q3 10.3 -2.1 Q4 -6.1 6 Management’ s review Solar A/S Q3 2026 Financial performance
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Q1-Q3 2026 Revenue Revenue increased to DKK 10.1bn (DKK 9.1bn), positively impacted by the acquisition of Sonepar Norge. 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% (1.0%), with positive growth across all main markets. Excluding the impact of reduced deliveries from Solar Polaris to major solar project parks, adjusted organic growth amounted to 4.4%. Gross profit Our guidance for 2026 reflects a further slight decline in gross profit margin, primarily driven by continued pressure on sales prices. Gross profit margin at group level declined to 19.3% (20.2%) in Q1-Q3 2026. The gross profit margin development was positively influenced by additional cyclical inventory gains of approx. DKK 55m. Solar Sverige recorded an increase in gross profit margin, while a decline was observed across all other main markets and was further negatively impacted by 0.4 percentage points due to increased freight costs driven by higher fuel prices. External operating costs and staff costs The integration of Sonepar Norge was finalised, with integration costs of DKK 40m included in Q1-Q3 2026. We continuously pursue initiatives to optimise our operating model, and to mitigate the impact of cost inflation and market development. Restructuring costs amounted to DKK 40m (DKK 61m), including transition costs associated with the relocation of our warehouses in Sweden. Transition costs were higher than initially expected due to a slightly slower relocation process. Adjusted for these non-recurring costs, external operating costs and staff costs amounted to 15.5% (16.1%) of revenue. EBITDA EBITDA of DKK 290m (DKK 296m) was in line with our expected guidance range, reflecting the improvements in Q2-Q3 and offsetting the impact of the severe winter conditions in Q1. When adjusted for non-recurring items, the underlying EBITDA margin stood at 3.7% (4.0%). However, we continually pursue new growth and earnings initiatives to improve business development. The results of the individual markets are shown on page 25. Q3 Q1-Q3 DKKm 2026 2025 2026 2025 Revenue 3,321 2,815 10,069 9,056 EBITDA 147 110 290 296 Restructuring and transition costs 8 4 40 61 Acquisition and integration costs 3 4 40 4 EBITDA, adj. non-recurring items 158 118 370 361 EBITDA margin 4.4% 3.9% 2.9% 3.3% EBITDA margin, adj. non-recurring items 4.8% 4.2% 3.7% 4.0% Depreciation Depreciation amounted to DKK 218m (DKK 194m) impacted by the acquisition of Sonepar Norge and the commissioning of the new logistics centre in Kumla, Sweden. Financial income and expenses Net financial income amounted to DKK -78m (DKK -64m), reflecting, among other factors, higher financing expenses related to the acquisition of Sonepar Norge. Earnings before tax Earnings before tax amounted to DKK -76m (DKK -24m), reflecting the expected negative impact of integration costs, increased depreciation and higher financial expenses. Net profit Net profit amounted to DKK -62m (DKK -26m). Cash flows Net working capital as an average of the previous four quarters increased to 15.5% (14.8%) of revenue. Net working capital at the end of Q3 2026 amounted to 18.4% (15.2%). Cash flow from operating activities totalled DKK -595m (DKK -20m). During Q2, several suppliers implemented price increases, initially for oil-based products but subsequently across other product categories. In response, we accelerated the sourcing of affected products, resulting in a temporary increase in inventory levels of approx. DKK 200m at the end of the quarter. Consequently, cash flow from inventory changes amounted to DKK -216m (DKK 193m) in Q1-Q3. The temporary inventory build-up is expected to normalise during Q4. Cash flow was impacted by DKK -587m (DKK -210m) from changes in receivables, driven by normal seasonality and renewed revenue growth, and DKK 45m (DKK -219m) from changes in non-interest-bearing liabilities. Total cash flow from investing activities amounted to DKK -235m (DKK -290m). The purchase of intangible assets of DKK -107m (DKK -81m) primarily relates to ongoing investments in the optimisation of our digital platforms. The purchase of property, plant and equipment amounted to DKK -129m (DKK -289m) of which DKK -96m (DKK -253m) relates to the construction of our new logistics centre in Kumla, Sweden. Proceeds from the disposal of property, plant and equipment in Q1-Q3 2025 mainly related to the funds released from the sale of our warehouse in Duiven in Q4 2024. Cash flow from financing activities amounted to DKK 755m (DKK 41m), mainly affected by changes in current interest- bearing liabilities of DKK 895m (DKK 375m) and repayment of non-current interest-bearing debt of DKK -8m (DKK -108m). Dividend distribution amounted to DKK 110m in Q1-Q3 2025, whereas no dividend distribution was approved by the Annual General Meeting in Q1-Q3 2026. As a result, total cash flow amounted to DKK -75m (DKK -269m). Net interest-bearing liabilities amounted to DKK 2,554m (DKK 1,739m), primarily reflecting the DKK 309m acquisition of Sonepar Norge in Q4 2025 and the increase in working capital. At the end of Q3 2026, gearing stood at 5.2 (3.4) times EBITDA, exceeding our gearing target of 1.0-3.0 times EBITDA as expected, primarily due to the acquisition of Sonepar Norge. The gearing is well in line with our covenants. By the end of September 2026, Solar had undrawn credit facilities of DKK 266m (DKK 669m). Invested capital Solar Group’s invested capital totalled DKK 4,506m (DKK 3,493m) impacted by the acquisition of Sonepar Norge. ROIC calculated over the past 12 months amounted to 1.9% (4.4%). 7 Management’ s review Solar A/S Q3 2026 Financial performance
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Key risks and mitigation The commercial and financial risks remain broadly consistent with those described in Solar’s Annual Report 2025. Geopolitical tensions in the Middle East continue to create uncertainty in global energy, freight and supply chain markets. While Solar has no direct exposure to the affected markets, developments may impact transport costs, supplier pricing and customer demand. Solar continues to monitor potential macroeconomic and operational effects closely. As an indirect effect of the geopolitical situation, several suppliers have implemented price increases, particularly for oil-based products. For Solar, this supports cyclical inventory gains in the short term but could also have a negative impact on demand. Increased freight costs are partly offset through invoiced surcharges. Solar maintains a close dialogue with suppliers and logistics partners to support supply chain resilience and operational continuity. Developments will continue to be monitored, and mitigation measures will be adjusted as necessary. 8 Management’ s review Solar A/S Q3 2026 Financial performance
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Installation Our Installation segment covers the installation of electrical, heating and plumbing products. Installation revenue for Q3 amounted to DKK 1,858m (DKK 1,518m), positively impacted by the acquisition of Sonepar Norge. Revenue development reflects overall adjusted organic growth of around 9.4% (-2.3%). All markets delivered double-digit organic growth, except for Solar Norge. Segment profit amounted to DKK 131m (DKK 92m), which reflects a segment profit margin of 7.1% (6.1%), reflecting positive scale effects. 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 Q3 amounted to DKK 1,084m (DKK 990m). This reflects overall adjusted organic growth of around 7.7% (-6.2%). All main markets posted positive growth. Segment profit amounted to DKK 167m (DKK 141m), reflecting a segment profit margin of 15.4% (14.2%). Trade Our Trade segment covers special sales and other specialist areas. It also includes Solar Polaris and Højager. Revenue from Trade for Q3 amounted to DKK 379m (DKK 307m), reflecting overall adjusted organic growth of around 23.3% (15.3%). Excluding the impact of Solar Polaris, organic growth amounted to approx. 19.7% (-5%). Segment profit amounted to DKK 34m (DKK 29m), reflecting a segment profit margin of 9.0% (9.4%). Segment revenue DKKm Q3 2026 Q3 2026 DKKm Installation Installation 1,858 131 1,084 167 379 34 Industry Industry Trade Trade Segment profit Overview business segments Q3 Revenue Segment profit Segment margin % DKK million 2026 2025 2026 2025 2026 2025 Installation 1,858 1,518 131 92 7.1 6.1 Industry 1,084 990 167 141 15.4 14.2 Trade 379 307 34 29 9.0 9.4 Solar Group 3,321 2,815 332 262 10.0 9.3 Continued growth across segments in Q3 Segment profit includes items that are directly attributable to the individual segment and items that can be reliably allocated to the individual segment. Segment profit does not include non-allocated costs of DKK 185m (DKK 152m) in Q3, which cover income and costs related to joint group functions, including non-recurring items, and to costs that cannot be reliably allocated to the individual segment. Detailed segment information is given on page 23. 9 Management’ s review Solar A/S Q3 2026 Segment performance Q3
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Installation Installation revenue for Q1-Q3 amounted to DKK 5,812m (DKK 4,928m), reflecting overall adjusted organic growth of around 5.5% (0.1%). All markets delivered organic growth, except for Solar Norge. Segment profit amounted to DKK 392m (DKK 352m), which reflects a segment profit margin of 6.7% (7.1%). Industry Industry revenue for Q1-Q3 amounted to DKK 3,246m (DKK 3,155m). This reflects overall adjusted organic growth of around 1.3% (-3%). Solar Sverige, Solar Nederland, Solar Polska and MAG45 posted positive growth, while other markets recorded a decline. Segment profit amounted to DKK 482m (DKK 461m), reflecting a segment profit margin of 14.8% (14.6%). Trade Revenue from Trade for Q1-Q3 amounted to DKK 1,011m (DKK 973m), reflecting overall adjusted organic growth of around 3.4% (23.2%). Adjusted for the impact of Solar Polaris’ deliveries, organic growth amounted to approx. 10.2% (-1%). Segment profit amounted to DKK 97m (DKK 93m), reflecting an unchanged segment profit margin of 9.6% (9.6%). Segment profit includes items that are directly attributable to the individual segment and items that can be reliably allocated to it. Segment profit does not include non-allocated costs of DKK 681m (DKK 610m) in Q1-Q3, which cover income and costs related to joint group functions, including non-recurring items, and to costs that cannot be reliably allocated to the individual segment. Detailed segment information is given on page 24. Segment revenue DKKm Q1-Q3 2026 Q1-Q3 2026 DKKm Installation Installation Industry Industry Trade Trade Segment profit Overview business segments Q1-Q3 Revenue Segment profit Segment margin % DKK million 2026 2025 2026 2025 2026 2025 Installation 5,812 4,928 392 352 6.7 7.1 Industry 3,246 3,155 482 461 14.8 14.6 Trade 1,011 973 97 93 9.6 9.6 Solar Group 10,069 9,056 971 906 9.6 10.0 Our segments in Q1-Q3 5,812 392 3,246 482 1,011 97 10 Management’ s review Solar A/S Q3 2026 Segment performance Q1-Q3
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Guidance refined to revenue of DKK 13.6bn and EBITDA of DKK 450m Assumptions As stated on page 8, geopolitical and macroeconomic uncertainty increased in early 2026. Our guidance reflects this uncertainty to the extent that it can be quantified. Revenue We now expect growth across all markets in 2026 compared with our previous expectations of broadly stagnant growth conditions. Installation We expect positive growth across the new construction sector in 2026 with the green transition expected to contribute to slightly stronger growth compared with 2025. Our project delivery portfolio continues to expand, although margin remains lower than those generated by day-to-day sales. Industry We expect negative growth in the Marine/Offshore and Utility segments, while all other sub-segments are expected to remain broadly flat. MAG45 is the exception, with solid growth expected. Despite the positive contribution from MAG45, we expect the overall industry market to show only modest growth. Trade We expect positive growth in 2026, driven by Solar Polaris' deliveries to a major solar park. Gross profit margin In recent years, gross margins have declined across all main product categories. Although we initially expected the downward trend to taper off in 2025, it has persisted. We have refined our 2026 guidance to revenue of DKK 13.6bn and EBITDA of DKK 450m compared with our previous guidance ranges of DKK 12.9bn-13.4bn and DKK 400m-480m, respectively. Our outlook for 2026 assumes a further decline in the gross profit margin. This is primarily due to continued pressure on sales prices and a less favourable segment mix, partly driven by Solar Polaris' deliveries to a major solar park project. In Q2, several suppliers announced significant price increases. These initially affected oil-based products but were later extended to other product categories. For Solar, this is expected to generate cyclical inventory gains of up to DKK 75m, compared with DKK 40m in our previous outlook. Of this amount, approximately DKK 20m was realised in Q2 and DKK 35m in Q3. Although fuel prices declined somewhat during the summer, the recent increase is still expected to have a negative impact on gross profit margin, as higher fuel costs can only partially be offset through customer surcharges. External operating costs and staff costs We expect the negative impact of salary inflation to continue, driven by both carry-over effects and collective labour agreements. The relocation of our logistics centre from Örebro to Kumla has, in all material respects, been completed. Our guidance includes DKK 80m of restructuring and integration costs. These comprise approximately DKK 25m related to the transition from our warehouse in Örebro to our new logistics centre in Kumla, Sweden, and DKK 40m related to the integration of Sonepar Norge. 11 Management’ s review Solar A/S Q3 2026 Guidance 2026
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Financial outlook 2026 Revenue guidance 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 guidance We now expect EBITDA of DKK 450m, which is slightly above the midpoint of our initial guidance range of DKK 400m to DKK 480m. 2026 guidance 2025 actual DKK million Organic businesses Acquired businesses New solar park project Guidance Solar Group Revenue 12,625 700 275 13,600 12,171 EBITDA 445 -10 15 450 501 Gain from sale warehouse - -74 Restructuring & transition costs 40 40 61 Integration & acquisition costs 1 40 40 15 EBITDA, adj. non-recurring items 485 30 15 530 503 EBITDA margin 3.5% -1.4% 5.5% 3.3% 4.1% EBITDA margin, adj. non-recurring items 3.8% 4.3% 5.5% 3.9% 4.1% 1) Acquistion costs only relate to 2025 Specification of 2026 guidance This includes DKK 80m in restructuring and integration costs compared with our previous expectation of DKK 75m. This is supported by cyclical inventory gains of up to DKK 75m above our initial expectations although most of the benefit is expected to be offset by competitive market dynamics. 12 Management’ s review Solar A/S Q3 2026 Guidance 2026
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Share and webcast information Solar’s share capital is divided into nominal value DKK 90 million A shares and nominal value DKK 710.6 million B shares. Total shareholder return The total shareholder return of the Solar B share during the holding period 1 January 2026 - 30 September 2026 was -5.3%. Audio webcast The presentation of the Quarterly Report Q3 2026 will be conducted in English on 3 November 2026 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at: A share B share Shares 900,000 7,106,000 Nominel value (DKK) 100 100 Votes per share 10 1 Treasury shares - 56,813 Stock Exchange - Nasdaq Copenhagen Stock Exchange Ticker symbol Solar B Share price 30 September (DKK) 191.20 191.20 Market Cap 30 September (DKKm) 172 1,359 The Solar share Financial calendar 2027 Annual report 202611Feb Annual General Meeting 19 Mar Quarterly Report Q1 202729 Apr Quarterly Report Q2 202712 Aug Quarterly Report Q3 20274 Nov Shareholders with more than 5% of shares or votes as of 30 September 2026 Shareholders according to section 55 of the Danish Companies Act Share Capital Votes The Fund of 20th December, Vejen, Denmark 17.8% 59.1% Nordea Funds Ltd., Helsinki, Finland 9.9% 4.9% Tind asset management AS, Oslo, Norway 5.0% 2.5% www.solar.eu 13 Management’ s review Solar A/S Q3 2026 Shareholder information
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Q3 2026 Consolidated financial statements Financial statements 14 Financial statements Solar A/S Q3 2026 Financial statements
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Q3 Q1-Q3 Year DKK million 2026 2025 2026 2025 2025 Revenue 3,321 2,815 10,069 9,056 12,171 Cost of sales -2,680 -2,259 -8,126 -7,231 -9,692 Gross profit 641 556 1,943 1,825 2,479 Other operating income and costs 1 0 6 2 76 External operating costs -97 -89 -354 -296 -394 Staff costs -393 -353 -1,290 -1,225 -1,649 Loss on trade receivables -5 -4 -15 -10 -11 Earnings before interest, tax, depreciation and amortisation (EBITDA) 147 110 290 296 501 Depreciation and write-down on property, plant and equipment -76 -63 -218 -194 -260 Earnings before interest, tax and amortisation (EBITA) 71 47 72 102 241 Amortisation and impairment of intangible assets -27 -20 -70 -62 -86 Earnings before interest and tax (EBIT) 44 27 2 40 155 Financial income 12 9 43 28 51 Financial expenses -43 -30 -121 -92 -122 Earnings before tax (EBT) 13 6 -76 -24 84 Income tax -1 -3 14 -2 -10 Net profit for the period 12 3 -62 -26 74 Attributable to: Shareholders of Solar A/S 11 3 -58 -25 74 Non-controlling interests 1 0 -4 -1 0 Net profit for the period 12 3 -62 -26 74 Earnings in DKK per share outstanding (EPS) 1.38 0.41 -7.30 -3.42 10.02 Diluted earnings in DKK per share outstanding (EPS-D) 1.38 0.41 -7.30 -3.42 9.98 Q3 Q1-Q3 Year DKK million 2026 2025 2026 2025 2025 Net profit for the period 12 3 -62 -26 74 Other income and costs recognised: Items that can be reclassified for the income statement Foreign currency translation adjustment of foreign subsidiaries 12 10 26 26 33 Fair value adjustment of hedging instruments before tax 5 1 7 3 5 Tax on fair value adjustments of hedging instruments -2 -1 -2 -1 -1 Other income and costs recognised after tax 15 10 31 28 37 Total comprehensive income for the period 27 13 -31 2 111 Attributable to: Shareholders of Solar A/S 26 13 -27 3 111 Non-controlling interests 1 0 -4 -1 0 Total comprehensive income for the period 27 13 -31 2 111 Statement of comprehensive income Income statement Other comprehensive income Solar A/S Q3 2026 Financial statements 15 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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30.09 31.12 DKK million 2026 2025 2025 Assets Intangible assets 708 402 651 Property, plant and equipment 1,378 1,282 1,347 Right-of-use assets 408 390 427 Deferred tax asset 53 15 36 Investments in associates 3 3 3 Other non-current assets 24 22 22 Non-current assets 2,574 2,114 2,486 Inventories 2,103 1,713 1,871 Trade receivables 2,305 1,912 1,714 Income tax receivable 33 37 11 Contract assets 7 4 5 Other receivables 9 13 13 Prepayments 78 60 63 Cash at bank and in hand 61 190 133 Current assets 4,596 3,929 3,810 Total assets 7,170 6,043 6,296 30.09 31.12 DKK million 2026 2025 2025 Equity and liabilities Share capital 801 736 801 Reserves -165 -206 -196 Retained earnings 1,288 1,192 1,345 Equity attributable to shareholders of Solar A/S 1,924 1,722 1,950 Non-controlling interests 42 45 46 Total equity 1,966 1,767 1,996 Interest-bearing liabilities 356 267 664 Lease liabilities 275 266 290 Provision for deferred tax 138 141 148 Other provisions 13 13 11 Non-current liabilities 782 687 1,113 Interest-bearing liabilities 1,834 1,256 650 Lease liabilities 150 140 154 Trade payables 1,987 1,756 1,937 Income tax payable 6 5 11 Contract liabilities 27 13 17 Other payables 395 383 387 Prepayments 3 5 3 Other provisions 20 31 28 Current liabilities 4,422 3,589 3,187 Liabilities 5,204 4,276 4,300 Total equity and liabilities 7,170 6,043 6,296 Balance sheet Consolidated Solar A/S Q3 2026 Financial statements 16 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Q3 Q1-Q3 Year DKK million 2026 2025 2026 2025 2025 Net profit of continuing operations for the period 12 3 -62 -26 74 Depreciation, write-down and amortisation 103 83 288 256 346 Changes to provisions and other adjustments -32 -18 -14 19 -64 Financials, net 31 21 78 64 71 Income tax 1 3 -14 2 11 Financial income, received 2 7 18 14 33 Financial expenses, settled -30 -22 -94 -70 -97 Income tax, settled -3 4 -37 -43 -18 Cash flow before working capital changes 84 81 163 216 356 Working capital changes Inventory changes -15 57 -216 193 117 Receivables changes -37 -59 -587 -210 143 Non-interest-bearing liabilities changes -187 -15 45 -219 -206 Cash flow from operating activities -155 64 -595 -20 410 Q3 Q1-Q3 Year DKK million 2026 2025 2026 2025 2025 Investing activities Purchase of intangible assets -33 -24 -107 -81 -126 Purchase of property, plant and equipment -12 -76 -129 -289 -420 Disposal of property, plant and equipment 0 6 1 82 206 Acquisition of businesses 0 0 0 -2 -311 Cash flow from investing activities -45 -94 -235 -290 -651 Financing activities Repayment of non-current interest-bearing debt -2 -3 -8 -108 -111 Raising of non-current interest-bearing liabilities 0 0 0 0 250 Change in current interest-bearing debt 228 58 895 375 -78 Instalment on lease liabilities -44 -39 -132 -116 -156 Net proceeds from the issuance of shares 0 0 0 0 120 Dividends paid to shareholders of Solar A/S 0 0 0 -110 -110 Cash flow from financing activities 182 16 755 41 -85 Total cash flow -18 -14 -75 -269 -326 Cash at bank and in hand at the beginning of period 78 204 133 459 459 Foreign currency translation adjustments 1 0 3 0 0 Cash at bank and in hand at the end of period 61 190 61 190 133 Cash flow statement Consolidated Solar A/S Q3 2026 Financial statements 17 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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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 2026 Equity as at 1 January 801 -9 -187 1,345 0 1,950 46 1,996 Foreign currency translation adjustments of foreign subsidiaries 26 26 26 Fair value adjustments of hedging instruments before tax 7 7 7 Tax on fair value adjustments -2 -2 -2 Net income recognised in equity via other comprehensive income in the statement of comprehensive income 0 5 26 0 0 31 31 Net profit or loss for the period -58 -58 -4 -62 Comprehensive income 0 5 26 -58 0 -27 -4 -31 Share-based payments 1 1 1 Transactions with the owners 0 0 0 1 0 1 0 1 Equity as at 30 September 801 -4 -161 1,288 0 1,924 42 1,966 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 Q3 2026 Financial statements 18 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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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 2025 Equity as at 1 January 736 -13 -221 1,216 110 1,828 46 1,874 Foreign currency translation adjustments of foreign subsidiaries 26 26 26 Fair value adjustments of hedging instruments before tax 3 3 3 Tax on fair value adjustments -1 -1 -1 Net income recognised in equity via other comprehensive income in the statement of comprehensive income 0 2 26 0 0 28 28 Net profit or loss for the period -25 -25 -1 -26 Comprehensive income 0 2 26 -25 0 3 -1 2 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 September 736 -11 -195 1,192 0 1,722 45 1,767 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 Q3 2026 Financial statements 19 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Section 1 Basis for preparation Solar A/S Q3 2026 Financial statements 20 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Section 1 – Basis for preparation 1.1 Accounting policies The financial report for Solar A/S has been prepared in accordance with IAS 34 “Presentation of interim reports” as approved by the EU and additional Danish disclosure requirements for quarterly reports of listed companies. The accounting policies remain unchanged from the Annual Report 2025, which contains a full description of these on pages 110-112 as well as of relevant, supplementary notes. In the financial report, income tax has been calculated on the basis of pre-tax profits at the expected average tax rate. New accounting standards implemented during the period No additional standards have become effective in the period, only amendments and improvements to existing standards. These changes have no impact on Solar’s accounting policies. New accounting standards to be implemented in coming accounting periods In Annual Report 2025, note 5.5, page 152, new or amended standards to be implemented in the coming accounting periods are described. Integration of Sonepar Norge As anticipated, the integration of Solar Norge and Sonepar Norge was finalised in Q2 2026 in all material respects. Consequently, the revenue streams of Solar Norge and Sonepar Norge can no longer be separately identified and it is therefore not possible to distinguish between the financial performance of the organic and acquired parts of the business. Financial statements 21 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Section 2 Income statement Solar A/S Q3 2026 Financial statements 22 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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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 Q3 Q1-Q3 DKK million 2026 2025 2026 2025 Sales of goods and services 3,213 2,734 9,865 8,811 Revenue from construction contracts 108 81 204 245 Total revenue 3,321 2,815 10,069 9,056 DKK million Installation Industry Trade Total Q3 2026 Revenue 1,858 1,084 379 3,321 Cost of sales -1,536 -824 -320 -2,680 Gross profit 322 260 59 641 Direct costs -74 -41 -13 -128 Earnings before indirect costs 248 219 46 513 Indirect costs -117 -52 -12 -181 Segment profit 131 167 34 332 Non-allocated costs -185 Earnings before interest, tax, depreciation and amortisation (EBITDA) 147 Depreciation and amortisation -103 Earnings before interst and tax (EBIT) 44 Financials, net incl. share of net profit from associates and impairment on associates -31 Earnings before tax (EBT) 13 DKK million Installation Industry Trade Total Q3 2025 Revenue 1,518 990 307 2,815 Cost of sales -1,248 -755 -256 -2,259 Gross profit 270 235 51 556 Direct costs -69 -41 -9 -119 Earnings before indirect costs 201 194 42 437 Indirect costs -109 -53 -13 -175 Segment profit 92 141 29 262 Non-allocated costs -152 Earnings before interest, tax, depreciation and amortisation (EBITDA) 110 Depreciation and amortisation -83 Earnings before interst and tax (EBIT) 27 Financials, net incl. share of net profit from associates and impairment on associates -21 Earnings before tax (EBT) 6 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 108m (Q3 2025: 81 DKKm) and DKK 99m (Q3 2025: DKK 72m), respectively, from construction contracts recognized over time are fully allocated to the Trade segment. Financial statements 23 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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2.2 Segment information – continued DKK million Installation Industry Trade Total Q1-Q3 2026 Revenue 5,812 3,246 1,011 10,069 Cost of sales -4,810 -2,476 -840 -8,126 Gross profit 1,002 770 171 1,943 Direct costs -238 -130 -36 -404 Earnings before indirect costs 764 640 135 1,539 Indirect costs -372 -158 -38 -568 Segment profit or loss 392 482 97 971 Non-allocated costs -681 Earnings before interest, tax, depreciation and amortisation (EBITDA) 290 Depreciation and amortisation -288 Earnings before interst and tax (EBIT) 2 Financials, net -78 Earnings before tax (EBT) -76 DKK million Installation Industry Trade Total Q1-Q3 2025 Revenue 4,928 3,155 973 9,056 Cost of sales -4,019 -2,401 -811 -7,231 Gross profit 909 754 162 1,825 Direct costs -215 -129 -31 -375 Earnings before indirect costs 694 625 131 1,450 Indirect costs -342 -164 -38 -544 Segment profit or loss 352 461 93 906 Non-allocated costs -610 Earnings before interest, tax, depreciation and amortisation (EBITDA) 296 Depreciation and amortisation -256 Earnings before interst and tax (EBIT) 40 Financials, net -64 Earnings before tax (EBT) -24 Revenue and costs in the amount of DKK 204m (Q1-Q3 2025: 245 DKK m) and DKK 185m (Q1-Q3 2025: 223 DKK m) respectively, from construction contracts recognized over time are fully allocated to the Trade segment. Financial statements 24 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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2.2 Segment information – continued DKK million Revenue Adjusted organic growth EBITDA EBITDA margin Non-current assets Q3 2026 Denmark 1,111 13.9 67 6.0 770 Sweden 540 8.2 32 5.9 678 Norway 638 1.7 26 4.1 524 The Netherlands 648 10.9 9 1.4 378 Poland 147 28.6 4 2.7 45 Other markets 237 10.9 9 3.8 179 Solar Group 3,321 10.3 147 4.4 2,574 DKK million Revenue Adjusted organic growth EBITDA EBITDA margin Non-current assets Q3 2025 Denmark 976 1.0 77 7.9 793 Sweden 500 -0.4 17 3.4 538 Norway 426 -3.0 8 1.9 208 The Netherlands 583 -2.6 5 0.9 383 Poland 116 9.5 0 0.0 47 Other markets 214 -18.7 3 1.4 145 Solar Group 2,815 -2.1 110 3.9 2,114 DKK million Revenue Adjusted organic growth EBITDA EBITDA margin Non-current assets Q1-Q3 2026 Denmark 3,177 0.2 159 5.0 770 Sweden 1,738 6.8 62 3.6 678 Norway 1,939 0.1 9 0.5 524 The Netherlands 2,094 6.4 34 1.6 378 Poland 423 29.1 5 1.2 45 Other markets 698 3.3 21 3.0 179 Solar Group 10,069 3.9 290 2.9 2,574 DKK million Revenue Adjusted organic growth EBITDA EBITDA margin Non-current assets Q1-Q3 2025 Denmark 3,171 6.8 183 5.8 793 Sweden 1,587 0.4 30 1.9 538 Norway 1,331 -0.7 19 1.4 208 The Netherlands 1,964 -1.3 47 2.4 383 Poland 328 6.7 -2 -0.6 47 Other markets 675 -13.0 19 2.8 145 Solar Group 9,056 1.0 296 3.3 2,114 Geographical information Solar A/S primarily operates on the Danish, Swedish, Norwegian and Dutch markets. In the below table, Other markets covers the remaining markets, which can be seen in the group companies overview available on page 192 of Annual Report 2025 or on www.solar.eu. The below allocation has been made based on the products’ place of sale. Financial statements 25 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Q3 2026 Quarterly figures Solar A/S Q3 2026 Financial statements 26 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Consolidated Q1 Q2 Q3 Q4 Income statement (DKK million) 2026 2025 2026 2025 2026 2025 2025 2024 Revenue 3,308 3,223 3,440 3,018 3,321 2,815 3,115 3,233 Earnings before interest, tax, depreciation and amortisation (EBITDA) 59 74 84 112 147 110 205 219 Earnings before interest, tax and amortisation (EBITA) -10 10 11 45 71 47 139 154 Earnings before interest and tax (EBIT) -31 -11 -11 24 44 27 115 87 Financials, net -20 -22 -27 -21 -31 -21 -7 -23 Earnings before tax (EBT) -51 -33 -38 3 13 6 108 63 Net profit or loss for the quarter -43 -28 -31 -1 12 3 100 51 Balance sheet (DKK million) Non-current assets 2,601 2,015 2,584 2,061 2,574 2,114 2,486 1,900 Current assets 4,327 4,385 4,547 3,944 4,596 3,929 3,810 4,208 Balance sheet total 6,928 6,400 7,131 6,005 7,170 6,043 6,296 6,108 Total equity 1,982 1,786 1,939 1,754 1,966 1,767 1,996 1,874 Non-current liabilities 1,135 863 787 694 782 687 1,113 878 Current liabilities 3,811 3,751 4,405 3,557 4,422 3,589 3,187 3,356 Interest-bearing liabilities, net 1,972 1,519 2,317 1,670 2,554 1,739 1,625 1,232 Invested capital 3,940 3,289 4,242 3,410 4,506 3,493 3,608 3,089 Net working capital, end of period 1,856 1,867 2,228 1,865 2,421 1,869 1,648 1,693 Net working capital, average 1,810 1,829 1,900 1,865 2,038 1,824 1,812 1,831 Quarterly figures Financial statements 27 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Consolidated – continued Q1 Q2 Q3 Q4 Cash flows (DKK million) 2026 2025 2026 2025 2026 2025 2025 2024 Cash flow from operating activities -173 -88 -267 4 -155 64 430 525 Cash flow from investing activities -111 -78 -79 -118 -45 -94 -361 -56 Cash flow from financing activities 262 51 311 -26 182 16 -126 -278 Net investments in intangible assets -34 -26 -40 -31 -33 -24 -45 -41 Net investments in property, plant and equipment -77 -50 -39 -87 -12 -70 -7 -15 Acquisition and divestment of subsidiaries and operations, net 0 -2 0 0 0 0 -309 0 Financial ratios (% unless otherwise stated) Revenue growth 2.6 6.4 14.0 -2.6 18.0 -1.6 -3.6 2.3 Organic growth -4.2 6.5 6.5 -3.4 10.3 -2.1 - 6.1 2.3 Organic growth adjusted for nomber of working days -4.2 6.5 6.1 -1.2 10.3 -2.1 - 6.1 3.0 Gross profit margin 19.5 20.4 19.1 20.3 19.3 19.8 21.0 20.8 EBITDA margin 1.8 2.3 2.4 3.7 4.4 3.9 6.6 6.8 EBITA margin -0.3 0.3 0.3 1.5 2.1 1.7 4.5 4.8 EBIT margin -0.9 -0.3 -0.3 0.8 1.3 1.0 3.7 2.7 Net working capital (end of period NWC)/revenue (LTM) 15.1 15.0 17.6 15.1 18.4 15.2 13.5 13.9 Net working capital (average NWC )/revenue (LTM) 14.8 14.7 15.0 15.1 15.5 14.8 14.9 15.0 Gearing (net interest-bearing liabilities/EBITDA), no. of times 4.1 2.4 5.1 2.8 5.2 3.4 3.2 1.9 Return on equity (ROE) 3.0 7.2 1.7 5.9 2.1 1.5 4.0 8.4 Return on invested capital (ROIC) 2.4 7.7 1.2 6.7 1.9 4.4 3.0 8.3 Enterprise value/earnings before interest, tax and amortisation (EV/EBITA) 15.8 8.4 20.0 11.1 18.9 12.4 13.1 8.4 Equity ratio 28.0 27.2 26.6 28.5 26.8 28.5 31.0 29.9 Financial statements 28 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Consolidated – continued Q1 Q2 Q3 Q4 Share ratios (DKK unless otherwise stated) 2026 2025 2026 2025 2026 2025 2025 2024 Earnings per share outstanding (EPS) -5.28 -3.70 -3.40 - 0.14 1.38 0.41 12.96 6.98 Intrinsic value per share outstanding 243.67 238.39 238.77 234.01 242.04 235.79 245.31 250.30 Share price 199.52 241.44 189.36 310.17 191.64 202.13 200.07 299.27 Share price/intrinsic value 0.82 1.01 0.79 1.33 0.79 0.86 0.82 1.20 Employees Number of employees (FTE's), end of period 2,951 2,919 2,908 2,913 2,903 2,902 2,995 2,895 Average number of employees (FTE's) 2,940 2,896 2,939 2,902 2,939 2,908 2,932 2,899 Definitions Organic growth Revenue growth adjusted for enterprises acquired and sold off and any exchange rate changes. No adjustments have been made for number of working days. Actual Sonepar Norge revenue from January to April 2026 (prior to the integration) is excluded. For the period from May 2026 onwards, actual Sonepar Norge revenue for the corresponding period in 2025 is used as a proxy for the acquired business following the integration. Organic growth adjusted for number of working days Revenue growth adjusted for enterprises acquired and sold off and any exchange rate changes and number of working days. Net working capital Inventories and trade receivables less trade payables. Return on invested capital (ROIC) Return on invested capital calculated on the basis of EBIT exclusive impairment on goodwill less tax calculated using the effective tax rate adjusted for one-off effects, if any. In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”. Financial statements 29 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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Q3 2026 Statements Solar A/S Q3 2026 Financial statements 30 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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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 nine months of 2026. The financial report for the first nine months of 2026, which has not been audited or reviewed by the company’s auditor, is presented in accordance with IAS 34 “Interim Financial Reporting” as approved by the EU and additional Danish disclosure requirements for quarterly reports of listed companies. In our opinion, the financial report gives a fair presentation of the group’s assets, equity and liabilities and financial position as at 30 September 2026 as well as of the results of the group’s activities and cash flow for the first nine months of 2026. Further, in our opinion, the management’s review gives a true and fair statement of the development of the group’s activities and financial situation, net profit for the period and of the group’s overall financial position and describes the most significant risks and uncertainties that the group faces. In our opinion, the financial report of Solar A/S for the first nine months of 2026 with the file name SOLA-2026-09-30-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. Executive Board Jens E. Andersen CEO Michael H. Jeppesen CFO Board of Directors Michael Troensegaard Andersen Chair Jesper Dalsgaard Vice chair Peter Bang Louise Knauer Baroudy Katerine Borum Morten Chrone Ulf Gregers Jensen Ulrich Liedtke Rune Jesper Nielsen Mads Pilegaard Thorsen Vejen, 3 November 2026 Financial statements 31 Solar A/S Q3 2026 Consolidated financial statements Q3 Statement of comprehensive income Balance sheet Cash flow statement Statement of changes in equity Notes Section 1 – Basis for preparation Section 2 – Income statement Q3 Quarterly information Statements
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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