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Solar
Solar (SOLAR) investor relations material
Solar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved key milestones in 2025 despite market headwinds, including the acquisition of Sonepar Norge, which expanded market reach and is expected to add DKK 700 million in revenue post-integration, but caused short-term negative EBITDA impact due to integration costs.
Major investments in digital transformation and logistics modernization, including a new automated centre in Kumla, aim to improve efficiency and customer experience, with investment levels to normalize below 1% of revenue from 2027.
2026 will be a transition year due to integration and restructuring, with margin dilution expected before benefits materialize from 2027 onward.
Financial highlights
FY 2025 revenue was DKK 12,171 million, down 0.4% year-over-year; Q4 revenue was DKK 3,115 million, down 3.6% from Q4 2024.
Organic growth for Q1 2025 was 6.5% but ended Q4 at -6.1%; adjusted organic growth for FY 2025 was -0.9%.
Full-year 2025 EBITDA was DKK 501 million (margin 4.1%), down from DKK 646 million (margin 5.3%) in 2024.
Q4 EBITDA of DKK 205 million (margin 6.6%) included a DKK 74 million gain from the sale of the Halmstad warehouse.
Gross profit margin for FY 2025 was 20.4% (down from 20.6%); Q4 margin was 21.0%.
Outlook and guidance
2026 revenue guidance: DKK 12.9–13.4 billion, with DKK 700 million from acquisitions and DKK 275 million from a new solar park project; mid-range organic growth of ~1%.
EBITDA guidance for 2026: DKK 400–480 million, including DKK 85 million in restructuring costs; underlying performance expected to improve slightly to DKK 525 million.
Margin improvement from the Sonepar Norge acquisition expected from H2 2026 and especially from 2027.
Uncertainty remains elevated due to market conditions and a weak start to 2026.
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Next Solar earnings date
Q1 20267 May, 2026
Solar
Next Solar earnings date
Q1 20267 May, 2026
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Frequently asked questions
Solar is a sourcing and services company that supplies electrical, heating, plumbing, and ventilation products. It serves professional contractors and industrial customers across the Nordic region and the Netherlands. The company is headquartered in Vejen, Denmark, and its shares are listed on the Nasdaq Copenhagen.
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