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No. 9 2022 Solar delivers all-time high Q1 EBITDA

Announcement 9 2022    ·    5. May, 2022

In April, revenue and EBITDA guidance were revised upwards by DKK 500m and DKK 125m to DKK 13.25bn and DKK 975m, respectively. See announcement no. 7 2022.

CEO Jens Andersen says:

"In Q1, we delivered an EBITDA increase of DKK 77m, leading to a margin increase of 1.3 percentage points driven by high growth combined with resilience in all market segments.

We have seen all our segments – Installation, Industry and Trade – deliver strong results with adjusted organic growth of 9%, 18% and 35%, respectively.  

Furthermore, we are experiencing an additional increase in the demand for renewable solutions across our markets.   

Finally, the Board of Directors has decided to distribute an extraordinary dividend of DKK 45.00 per share.”

Q1 key financial messages

  • With 13.6% organic growth, we realised stronger growth rates than anticipated in all markets.
  • EBITDA increased by DKK 77m to DKK 281m.
  • Return on invested capital (ROIC) increased by approx. 10 percentage points.
Financial highlights (DKK million) Q1 2022 Q1 2021
Revenue 3,462 3,004
EBITDA 281 204
Cash flow from operating activities -202 -88
Financial ratios (%)    
Organic growth adj. for number of working days 13.6 -0.6
EBITDA margin 8.1 6.8
Net working capital, end of period/revenue (LTM) 14.0 11.8
Gearing (NIBD/EBITDA), no. of times 0.6 0.7
Return on invested capital (ROIC) 26.5 16.6

Audio webcast and teleconference today

The presentation of Quarterly Report Q1 2022 will be made in English on 5 May 2022 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at www.solar.eu. Participation will be possible via a teleconference.

Teleconference call-in numbers:

DK: tel. +45 781 501 09
UK: tel. +44 333 300 9273
US: tel. +1 631 913 1422 – PIN 67031694#



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 sourcing and services company mainly within electrical, heating & plumbing and climate & energy solutions. Our core business centres on product sourcing, value-adding services and optimisation of our customers’ businesses.

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

Solar Group is headquartered in Denmark, generated revenue of approx. DKK 12.4bn in 2021 and has approx. 2,900 employees. Solar is listed on Nasdaq Copenhagen and operates under the short designation SOLAR B. For more information, please visit www.solar.eu.


This announcement was published in Danish and English today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the Danish version shall prevail.



Dennis CallesenInvestor Relations Director