Solar A/S: No. 1 2026 Annual report 2025

Core Insights - The company achieved an EBITDA of DKK 501 million in 2025, supported by the sale of the Halmstad warehouse, but faced pressure from uncertain market conditions and an unfavorable segment mix [1] - CEO Jens Andersen highlighted the acquisition of Sonepar Norge as a significant investment for long-term growth, with integration expected to be completed in 2026 [2] - The company is investing in digital transformation and constructing a fully automated logistics center in Kumla, which is set to improve service levels and efficiency by late Q2 2026 [3] Financial Performance - In Q4 2025, revenue was DKK 3,115 million, down from DKK 3,233 million in Q4 2024, with a total revenue of DKK 12,171 million for the year, slightly lower than DKK 12,223 million in 2024 [4] - EBITDA for Q4 2025 was DKK 205 million, down from DKK 219 million in Q4 2024, with an annual EBITDA of DKK 501 million compared to DKK 646 million in 2024 [4] - The company reported an organic growth of -6.1% in Q4 2025, with an EBITDA margin of 6.6% [4] 2026 Outlook - Revenue for 2026 is projected to be between DKK 12,900 million and DKK 13,400 million, with EBITDA expected to range from DKK 400 million to DKK 480 million [5] - Organic growth for 2026 is anticipated to be between -1.5% and 3.5%, with an EBITDA margin forecasted between 3.1% and 3.6% [5] - Key revenue drivers for 2026 include the Solar Polaris project, contributing DKK 275 million, and the acquisition of Sonepar Norge, adding DKK 700 million [6] Strategic Initiatives - The acquisition of Sonepar Norge is expected to temporarily dilute the EBITDA margin by approximately 0.7 percentage points in 2026 due to restructuring and integration costs [7] - The company is focused on optimizing its cost base and improving efficiency to navigate geopolitical uncertainties and market recovery challenges [4]