Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [3][4] - The company generated revenue of approximately DKK 12.2 billion in 2025 and employs around 3,000 people [4] - Solar is listed on Nasdaq Copenhagen under the short designation SOLAR B [4] Shareholding Changes - UBS Group AG holds 409,991 Class B shares in Solar, representing a shareholding of 5.12%, an increase from the previously reported 5.09% [1] - UBS Group AG's holding of Class B shares under Section 38(2) of the Danish Capital Markets Act has decreased from 5.04% to 4.98% [2]

Core Viewpoint - Solar has successfully amended its articles of association, which was approved by shareholders at the annual general meeting on March 13, 2026 [1]. Group 1: Company Overview - Solar is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation and climate, and energy solutions [1]. - The company generated revenue of approximately DKK 12.2 billion in 2025 and employs around 3,000 people [2]. - Solar is listed on Nasdaq Copenhagen under the short designation SOLAR B [2]. Group 2: Business Operations - The core business of Solar revolves around product sourcing, value-adding services, and optimization of customers' businesses [1]. - The company facilitates efficiency improvements and provides digital tools to enhance customer success [2]. - Solar is committed to driving the green transition and offers best-in-class solutions for sustainable resource use [2].

Core Points - The Annual General Meeting (AGM) approved the Annual Report 2025 and discussed the management's review along with the independent auditors' report [1] - Michael Troensegaard Andersen was re-elected as chair of the Board of Directors, and Jesper Dalsgaard as vice chair [1] - The AGM approved the Remuneration Report for 2025 and discussed the remuneration structure for the Board of Directors for 2026 [3] Board Appointments - The Audit Committee re-elected members include Peter Bang, Louise Knauer Baroudy, and Michael Troensegaard Andersen [2] - The Remuneration Committee re-elected members include Michael Troensegaard Andersen, Morten Chrone, and Louise Knauer Baroudy [2] - The Nomination Committee re-elected members include Jesper Dalsgaard, Michael Troensegaard Andersen, Katrine Borum, and Morten Chrone [2] Financial Overview - Solar Group generated revenue of approximately DKK 12.2 billion in 2025 and has around 3,000 employees [5] - The company has authorized the Board of Directors to potentially distribute an extraordinary dividend of up to DKK 50.00 per share before the next AGM [3] - The Board of Directors has also been authorized to acquire up to 10% of the share capital in treasury shares [3] Corporate Governance - Deloitte was re-elected as the auditor and sustainability auditor for the company [3] - The Board of Directors has been authorized to increase the share capital by up to a nominal amount of DKK 71,060,000 [3] - The authorization for capital increase is valid until March 15, 2028 [3] Company Profile - Solar is a leading European sourcing and services company focused on electrical, heating, plumbing, and climate & energy solutions [4] - The company promotes efficiency improvements and offers digital tools to enhance customer business performance [4]

Core Viewpoint - Solar A/S is preparing for its Annual General Meeting (AGM) scheduled for March 13, 2026, where key financial and operational decisions will be made, including the approval of the annual report and discussions on profit allocation and board remuneration [1][2][3]. Financial Performance - The Board of Directors proposes the approval of the 2025 annual report, which includes audited financial statements [2]. - For the financial year 2025, the Board recommends that no dividend be paid due to the acquisition of Sonepar Norge and a capital increase that generated net proceeds of DKK 120 million. The company's gearing at the end of 2025 was 3.2x EBITDA, exceeding the target range of 1.5–3.0x EBITDA [2]. Remuneration - An indicative vote will be held on the remuneration report for the Board of Directors and Executive Board for 2025 [3]. - The fixed remuneration for the Board of Directors for 2026 is proposed to remain unchanged at DKK 200,000 [3]. - Additional meeting fees are proposed, including DKK 15,000 for physical meetings and DKK 7,500 for virtual meetings, with the chair receiving double the meeting fee [5]. Board of Directors - The Nomination Committee proposes the election of Ulrich Liedtke and the re-election of six current board members [6]. - The chair of the Board of Directors receives triple the remuneration, while the vice chair and chair of the Audit Committee receive 1.5 times the remuneration for their extended duties [4]. Auditor Election - The Board proposes the re-election of Deloitte as the company auditor and sustainability auditor, following the Audit Committee's recommendation [7]. Shareholder Proposals - The Board seeks authorization to distribute an extraordinary dividend of up to DKK 50.00 per share [9]. - Authorization is also requested for the acquisition of up to 10% of the share capital and to increase the share capital by up to DKK 71,060,000 [10][11]. Meeting Logistics - The AGM will be broadcast via video webcast for registered shareholders [1][23]. - Shareholders must register their attendance by March 9, 2026, and can vote by proxy or postal vote [17][19]. Company Overview - Solar is a leading European sourcing and services company focused on electrical, heating, plumbing, ventilation, and energy solutions, generating approximately DKK 12.2 billion in revenue in 2025 [26][27].

Core Insights - UBS Group AG has acquired shares in Solar A/S, increasing its holding to 407,439 shares, which represents 5.09% ownership [1] Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2][3] - The company generated approximately DKK 12.2 billion in revenue in 2025 and employs around 3,000 people [3] - Solar A/S is listed on Nasdaq Copenhagen under the designation SOLAR B [3] Business Focus - The core business of Solar A/S revolves around product sourcing, value-adding services, and optimizing customer operations [2] - The company emphasizes efficiency improvement and provides digital tools to enhance customer success [3] - Solar A/S is committed to driving the green transition and offers sustainable resource solutions [3]

Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2][3] - The company generated revenue of approximately DKK 12.2 billion in 2025 and employs around 3,000 people [3] - Solar is listed on Nasdaq Copenhagen under the designation SOLAR B [3] Shareholder Information - Tind Asset Management AS has acquired shares in Solar, increasing its holding to a total of 403,263 shares, which represents an ownership stake of 5.04% [1]

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]

Core Points - Nordea Funds Ltd. has reduced its holding in Solar A/S to 4.96% of the voting rights after selling shares on December 17, 2025, totaling 78,788,600 shares at DKK 100 each [1] Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2][3] - The company generated approximately DKK 12.2 billion in revenue in 2024 and employs around 2,900 people [3] - Solar A/S is listed on Nasdaq Copenhagen under the designation SOLAR B [3] Business Focus - The company emphasizes efficiency improvement and provides digital tools to enhance customer success [3] - Solar A/S is committed to driving the green transition and offers best-in-class solutions for sustainable resource use [3]

Core Insights - Nordea Funds Ltd. has reduced its holding in Solar A/S, now owning 79,787,200 shares, which represents a 9.96% ownership stake following a sale on December 15, 2025 [1] Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2][3] - The company generated approximately DKK 12.2 billion in revenue in 2024 and employs around 2,900 people [3] - Solar A/S is listed on Nasdaq Copenhagen under the designation SOLAR B [3] Business Focus - The company emphasizes efficiency improvement and provides digital tools to enhance customer success [3] - Solar A/S is committed to driving the green transition and offers best-in-class solutions for sustainable resource use [3]

Core Insights - UBS AG has reduced its holding in Solar A/S, now owning 378,709 shares, which represents a 4.73% ownership stake following a sale on December 4, 2025 [1] Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2] - The company generated approximately DKK 12.2 billion in revenue in 2024 and employs around 2,900 people [3] - Solar A/S is listed on Nasdaq Copenhagen under the designation SOLAR B [3] Business Operations - The company specializes in product sourcing, value-adding services, and optimizing customer businesses [2] - Solar A/S is committed to driving efficiency improvements and providing digital tools to enhance customer success [3] - The company plays a significant role in the green transition, offering sustainable resource solutions [3]