Q2 2026 Solar A/S Earnings Call Transcript
Key Points
- Successfully completed the integration of SonoParNoro in Norway, marking a key milestone and positioning the company to realize operational benefits.
- The Kumla logistics center is now fully operational, completing a major investment cycle and establishing a modern, scalable logistics platform across the Nordics.
- Q2 2026 delivered strong organic growth of 6.1% (adjusted for working days), with positive growth across all main segments and markets, particularly in Sweden and Poland.
- The MAC 45 segment returned to growth earlier than expected, with an increasing order pipeline providing confidence for continued growth in H2.
- Underlying EBITDA of DKK 122 million in Q2 was slightly above last year, and the company raised its expected cyclical inventory gains from DKK 20 million to DKK 40 million.
- Gross margin decreased by 1.2% year-over-year in Q2, driven by rising freight costs and intense competition, with no substantial improvement expected in the short term.
- H1 underlying EBITDA of DKK 212 million was below last year's DKK 243 million, partly due to harsh winter conditions in Q1 that impacted Norway and Denmark.
- Net working capital increased to 17.7% of revenue (vs. 15.1% last year), driven by higher inventory levels, leading to a gearing ratio of 5.1, above the company's target range.
- Market conditions remain soft across much of the industry, with the timing of a broader recovery unclear, and infrastructure investments are currently limited to high-voltage projects.
- The company expects continued gross margin pressure in H2, as cyclical inventory gains are offset by competitive pricing, and it remains slightly below the mid-range of its EBITDA guidance.
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Welcome to all to our second Q conference call.
Please go to the first slide.
Let me provide a brief update on our key strategic priorities and the progress we have made during the period. Starting with Norway, we successfully completed the integration of SonoParNoro in the second quarter of 2026. The integration has proceeded according to plan and represents an important milestone for the whole solar group. Our focus is now on realizing the operational benefits from the combination, strengthening our market position and ensuring that customers and employees continue to experience a seamless transition.
Turning to Kumla, the logistics center has now been commissionised and is fully operational. More broadly, Kumla marks the completion of a significant investment cycles over our logistics network in the core business. That had taken some years and we have heavily invested and expanded and modernized our automation of our warehouses facilities across our
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