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No. 19 2021 Solar delivered an EBITDA increase of DKK 60m in Q3

In October, revenue and EBITDA guidance were revised upwards by DKK 200m and DKK 75m to DKK 12.3bn and DKK 900m, respectively, see announcement no. 18.

CEO Jens Andersen says:
"Nine months into 2021, we continue to see progress in our Core+ strategy with all four strategic focus areas – Industry, Concepts, Trade and Climate & Energy – delivering strong financial results.

In Q3, we delivered an EBITDA increase of DKK 60m, leading to a margin increase of 1.5 percentage points driven by strong market demand and one-off price effects. 

Furthermore, we are preparing an update of our 2023 financial targets as these have already been met.

I want to thank my colleagues for their continued efforts and dedication that have resulted in 12 straight quarters of EBITDA growth.”

Q3 key financial messages

  • With 8.8% organic growth, we realised stronger growth rates than anticipated in all markets.
  • One-off price effects resulted in an impact of approx. DKK 50m on gross profit.
  • Return on invested capital (ROIC) more than doubled.
Financial highlights (DKK million) Q3 2021 Q3 2020 Q1-Q3 2021 Q1-Q3 2020
Revenue 2,872 2,618 8,974 8,408
EBITDA 237 177 652 446
Cash flow from operating activities -38 142 225 381
Financial ratios (%)        
Organic growth adj. for number of working days 8.8 -4.8 5.4 -0.8
EBITDA margin 8.3 6.8 7.3 5.3
Net working capital, end of period/revenue (LTM) 13.0 11.9 13.0 11.9
Gearing (NIBD/EBITDA), no. of times 0.5 1.2 0.5 1.2
Return on invested capital (ROIC) 23.6 11.7 23.6 11.7


Audio webcast and teleconference today

The presentation of Quarterly Report Q3 2021 will be made in English on 4 November 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 51
UK: tel. +44 333 300 9032
US: tel. +1 631 913 1422 – PIN 89070906#



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 & 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 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.


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