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Solar A/S: No. 7 2025 Unexpected slowdown in market activity

In Q2, Solar experienced negative growth, most notable within the Industry segment and to a lesser extent in Installation.

CEO Jens Andersen says:"In Q2 and even more July, market developments have been disappointing. We saw an unexpected slowdown for Industry and to a lesser extent for Installation, while Trade and Climate & Energy delivered growth driven by Solar Polaris' sales to a major solar park project. We continue to expect market improvement in 2025, relative to current level.

In Q2, we executed additional staff reductions, and we continue to initiate measures to optimise our operating model. Our H1 results, therefore, include transition costs of DKK 12m and restructuring costs of DKK 45m, of which the latter is expected to generate equivalent savings in 2025 and full-year savings of approx. DKK 70m going forward.

Given our resilient business model combined with the executed initiatives and our strategic focus areas, we are convinced that Solar will be able to improve profitability in our strategy period."

H1 key 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 improved to 20.7% from 20.5%.

Restructuring and transition costs amounted to DKK 57m.

Revenue and EBITDA were below our initial expectations.

Financial highlights (DKK million)

Q2 2025

Q2 2024

H1 2025

H1 2024

Revenue

3,018

3,100

6,241

6,130

EBITDA

112

137