EBITDA was in line with expectations despite a slower than initially expected market recovery. Accordingly, the EBITDA guidance remains unchanged at DKK 600 million, while we revise down the revenue guidance from DKK 12,500 million to DKK 12,300 million.

CEO Jens Andersen says:

“In September, adjusted organic growth stood at -0.6%. This shows that the recovery continues to take root, especially in Denmark. Other markets are also showing signs of quarterly recovery, but at a slower pace than initially expected.

In terms of high-capacity industrial heat pumps, we are seeing an increase in the conversion rate, which is resulting in increased orders.

Accordingly, we reconfirm our EBITDA guidance of DKK 600 million for 2024.”

Key financial messages for Q3

• Q3 EBITDA is in line with expectations.
• Continued improvement in quarterly EBITDA.
• The 2024 EBITDA estimate of DKK 600 million has been reconfirmed.

Guidance

Due to a slower-than-expected recovery, revenue guidance was revised downwards from DKK 12,500 million to DKK 12,300 million. EBITDA guidance remains unchanged at DKK 600 million.

The general hypothesis

Our guidance for 2024 continues to be affected by the unpredictable market outlook caused by macroeconomic uncertainties. However, we expect the macroeconomic situation to recover towards the end of the year, albeit at a slower pace than initially expected.

Audio webcast and conference call today

The presentation of the Q3 2024 Quarterly Report will be in English on October 31, 2024 at 11:00 CET. The presentation will be broadcast 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/b64ddq9h

To participate by phone, and so you have the opportunity to ask questions:

Register before the conference call by clicking the link below. Upon registration, each participant will receive a unique personal dialing number and PIN code:

https://register.vevent.com/register/BIee98fb5f56e645bba0ef324f4b246a0b

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 supply and service company, mainly in the field of electricity, heating and plumbing, ventilation and air conditioning and energy solutions. Our core business is focused on providing value-added products, services and business optimization to our customers.

We facilitate efficiency improvements and provide digital tools that turn our customers into winners. We lead the green transition and offer best-in-class solutions to ensure the sustainable use of resources.

Solar Group is based in Denmark, generated revenues of approx. 13.0 billion DKK in 2023 and has approx. 3,000 employees. Solar is listed on Nasdaq Copenhagen and operates under the short name SOLAR B. For more information, please visit www.solar.eu.

Disclaimer

This announcement was published today in Danish and English by Nasdaq Copenhagen. In case of any inconsistencies between the two versions, the Danish version will prevail.

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