Q3 revenue was at the lower end of our expectations, and gross profit margin was below. Initially, we expected the market to recover in late 2025. However, this has not materialised to the extent that we expected. Consequently, we refine our guidance to DKK 12.0bn in revenue (previously DKK 11.75bn-12.25bn) and DKK 460m in EBITDA (previously DKK 450m-510m).
CEO Jens Andersen says:
"While our Q3 results were at the low end of expectations, our commitment to long-term value creation remains unchanged. The signing of an agreement to acquire Sonepar Norge, the construction of our new state-of-the-art logistics centre in Sweden, and our continued investment in the digital transformation journey are all strategic milestones. These initiatives make up the foundation for sustainable growth and earnings across our markets."
| Financial highlights (DKK million) | Q3 2025 | Q3 2024 | Q1-Q3 2025 | Q1-Q3 2024 |
| Revenue | 2,815 | 2,860 | 9,056 | 8,990 |
| EBITDA* | 110 | 202 | 296 | 427 |
| Cash flow from operating activities | 64 | -196 | -20 | 13 |
| Financial ratios (%) | ||||
| Organic growth adj. for number of working days | -2.1 | -5.3 | 1.0 | -9.4 |
| EBITDA margin | 3.9 | 7.1 | 3.3 | 4.7 |
| Net working capital, end of period/revenue (LTM) | 15.2 | 16.8 | 15.2 | 16.8 |
| Gearing (NIBD/EBITDA), no. of times | 3.4 | 2.7 | 3.4 | 2.7 |
| Return on invested capital (ROIC) | 4.4 | 6.8 | 4.4 | 6.8 |
* When adjusted for non-recurring income and costs, the underlying EBITDA for Q3 amounted to DKK 116m (Q3 2024: DKK 165m) and the underlying EBITDA for Q1-Q3 amounted to DKK 361m (Q1-Q3 2024: DKK 415m).
Guidance 2025
| Refinement | Previous | |
| Revenue (DKK million) | Approx. 12,000 | 11,750-12,250 |
| EBITDA (DKK million) | Approx. 460 | 450-510 |
| Organic growth | Approx. -0.5% | -4% to 0% |
| EBITDA margin | Approx. 3.8% | 3.8% to 4.2% |
Events after the reporting period
Solar has signed an agreement for Solar Norge to acquire 100% of Sonepar Norge, see announcement no. 9 dated 22 October 2025.
Audio webcast and teleconference today
The presentation of Quarterly Report Q3 2025 will be made in English on 6 November 2025 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at www.solar.eu. Participation will be possible via teleconference.
Access to the webcast
https://edge.media-server.com/mmc/p/uthsswet
Participate in the teleconference to ask questions
If you want to participate in the teleconference, please register in advance by using this link:
https://register-conf.media-server.com/register/BI29ac9979b1a04243b27a81da13a8be74
When you have registered, you will receive a dial-in number and a unique personal pin.
Contacts
CEO Jens Andersen - tel. +45 79 30 02 01
CFO Michael H. Jeppesen - tel. +45 79 30 02 62
IR Director Dennis Callesen - tel. +45 29 92 18 11
Facts about Solar
Solar is a leading European sourcing and services company mainly within electrical, heating and plumbing, ventilation and climate and energy solutions. Our core business centres on product sourcing, value-adding services and optimisation of our customers' businesses.
We facilitate efficiency improvement and provide digital tools that turn our customers into winners. We drive the green transition and provide best in class solutions to ensure sustainable use of resources.
Solar Group is headquartered in Denmark, generated revenue of approx. DKK 12.2bn in 2024 and has approx. 2,900 employees. Solar is listed on Nasdaq Copenhagen and operates under the short designation SOLAR B. For more information, please visit www.solar.eu.
Disclaimer
This announcement was published in Danish and English today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the Danish version shall prevail.