Solar A/s Class B · OMXCOP:SOLAR_B
Solar A/s Class B — Q2 2026 Earnings Presentation
12 slides from Solar A/s Class B's earnings presentation, August 2026
Slide 1: Q2 2026 Quarterly report
Q2 2026 Quarterly report Presented by Jens E. Andersen, CEO Michael H. Jeppesen, CFO
Slide 2: Agenda
Agenda 1 Update on strategic focus areas 2 Growth initiatives 3 Financial highlights 4 Guidance 5 Q&A
Slide 3: Update on strategic focus areas
Update on strategic focus areas Integration of Sonepar Norge Integration completed in Q2 2026. Kumla logistics centre Facility is commissioned and operational. Customer-facing platform Launch initiated. • Platform successfully launched in the Faroe Islands. • Next phase of the platform integration i
Slide 4: Financial highlights Q2 & H1 2026
Financial highlights Q2 & H1 2026
Slide 5: Returned to positive adjusted organic growth across all main markets and segments
We returned to positive adjusted organic growth across all main markets and all main segments in Q2 The integration of Sonepar Adjusted organic growth Solar Group Norge was completed in Q2 • Revenue increased to DKK 3.4bn (DKK 8% Q2 Q2 3.0bn), positively impacted by the 6,5% 6,1% 2026 2025 acquisiti
Slide 6: EBITDA of DKK 84m was in line with our expectations
EBITDA of DKK 84m was in line with our expectations Integration costs of DKK 21m Q2 EBITDA margin Solar Group related to Sonepar Norge • The gross profit decreased to 19.1% 5% Q2 Q2 from 20.3% despite additional cyclical 2026 2025 inventory gains of approx. DKK 20m. 0,2% 3,9% 4% Revenue, DKKm 3,440
Slide 7: H1 EBITDA of DKK 143m impacted by non-recurring items of DKK -69m
H1 EBITDA of DKK 143m impacted by non-recurring items of DKK -69m H1 EBITDA was at the lower H1 EBITDA margin Solar Group end of our guidance range • We delivered growth in Solar Sverige, 5% H1 H1 Solar Nederland and Solar Polska, while 2026 2025 Solar Danmark and Solar Norge had the 0,9% 3,9% most
Slide 8: Cash flow impacted by temporary inventory build-up
Cash flow impacted by temporary inventory build-up of DKK 250m, which is expected to normalise in H2 Q2 cash flow Q2 cash flow, operating activities DKK million DKK million 150 113 -267 150 100 311 78 100 95 -10 -115 50 50 -31 -267 0 0 -149 -50 -50 -100 -100 -79 -150 -150 -200 -200 -57 -250 -250 -30
Slide 9: Net working capital as an average of the previous four quarters at 15.0%
Net working capital as an average of the previous four quarters at 15.0% NWC average impacted by temporary NIBD and gearing are well within inventory built up covenants DKK million NWC% DKK million Gearing, no. of times 2.000 16,0% 3.000 6,0 2.500 5,0 1.800 14,0% 2.000 4,0 1.600 12,0% 1.500 3,0 1.00
Slide 10: 2026 guidance reconfirmed: Revenue of DKK 12.9bn - 13.4bn and EBITDA of DKK 400m - 480m
2026 guidance reconfirmed: Revenue of DKK 12.9bn - 13.4bn and EBITDA of DKK 400m - 480m Specification of 2026 mid-range guidance Revenue • Our 2026 guidance reflects revenue in the range of DKK 12.9bn to 13.4bn, supported by revenue of DKK 700m from acquired businesses and DKK 275m from a new major
Slide 11: Q&A
Q&A Logistics Centre Kumla, Sweden Grass on the roof
Slide 12: Solar
Solar