No. 16 2021 In Q2 Solar Delivered an EBITDA Increase of 66%

2021-08-12 07:57:54

In July, revenue and EBITDA guidance were revised upwards by DKK 350m and DKK 100m to DKK 12,100m and DKK 825m, respectively, see announcement no. 15.

CEO Jens Andersen says:
"We delivered our second upward guidance revision just six months into our Core+ strategy period. All our four strategic focus areas are showing traction across markets and have contributed significantly to the strong results.

We see strong performance within all our segments. We are particularly satisfied with our Industry segment where OEM and MRO are picking up. At the same time, our concept share of revenue has increased to a new all-time high of 22%.  We see strong performance in all our markets especially in Solar Nederland that achieved a concept share increase of more than 2%-points.  

We distributed extraordinary dividends of DKK 110m to our shareholders, whereby the total dividend payment year to date was DKK 314m corresponding to DKK 43 per share of DKK 100.

The impressive results could not have been achieved without the dedicated and hard work by our employees, whom I want to thank – they are the foundation for our success.”

Q2 key financial messages

  • EBITDA margin up by 2.2%-points, almost 50% increase
  • One-off price effects resulted in a positive impact of approx. DKK 30m of the gross profit, corresponding to a gross profit margin improvement of approx. 1%-point
  • 2021 guidance: Revenue of DKK 12,100m and EBITDA of DKK 825m
  • Return on invested capital (ROIC) increased to 21% from 10%

Financial highlights (DKK million)Q2 2021Q2 2020H1 2021H1 2020
Cash flow from operating activities351282263239
Financial ratios (%)    
Organic growth adj. for number of working days8.6-
EBITDA margin6.
Net working capital, end of period/revenue (LTM)10.911.910.911.9
Gearing (NIBD/EBITDA), no. of times0.
Return on invested capital (ROIC)

Audio webcast and teleconference today

The presentation of Quarterly Report Q2 2021 will be made in English on 12 August 2021 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at Participation will be possible via a teleconference.

Teleconference call-in numbers:

DK: tel. +45 787 232 50
UK: tel. +44 333 300 9035
US: tel. +1 646 722 4956



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


Solar is a leading European sourcing and services company mainly within electrical, heating and plumbing, ventilation and climate and 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 11.5bn in 2020 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


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.