Ennogie just reaches break-even – but is dependent on new capital for continued operations

Ennogie Solar Group A/S, which develops, produces and sells integrated solar roofs that function as both roofing and power generating systems, increased its revenue in 2025 to 52.8 million DKK from 46.2 million DKK the previous year. At the same time, EBITDA improved to 0.3 million DKK from -9.5 million DKK, while the gross margin increased to 44.2 percent from 35.2 percent. The result for the year remained negative at -3.9 million DKK against -13.9 million DKK the previous year.

- The 2025 financial year represented a significant turning point for Ennogie Solar Group. We achieved our primary strategic goals for the year: to scale the business, improve the gross margin and reduce OPEX to achieve EBITDA break-even, says Kim Haugstrup Mikkelsen, Chairman of the Board of Directors of Ennogie Solar Group, in the management report in the annual report.

Although the company is just reaching EBITDA break-even, there is pressure on liquidity, and Ennogie is therefore working to raise DKK 10 million in new capital to secure operations and strategic investments. In this regard, the auditor points to significant uncertainty about the company's continued operation. The company states this in a press release.

"We draw attention to the significant uncertainty that exists, which may create significant doubt about the group's and the parent company's ability to continue operations, as commitments for financing have not yet been obtained," the auditor's report on the annual accounts states.

Negatively affected by several one-off items

Conversely, several key figures show improved operations. Revenue increased by 14 percent compared to 2024, driven by a strong fourth quarter, but it was still below the company's expectations. Personnel costs were reduced by DKK 4.7 million as a result of organizational adjustments.

The result was affected by several one-off items, and adjusted for these, EBITDA amounted to DKK 2.9 million. The items included, among other things, provisions of DKK 1.2 million for faulty solar panels, losses of DKK 1.0 million DKK from litigation in Germany and extraordinary expenses of DKK 0.4 million in the first quarter to complete the annual report for 2024.

Germany remained the largest market and accounted for 78 percent of revenue, while Denmark accounted for 22 percent after growth in the domestic market, among other things driven by a major project at Glostrup Vestergård.

During the year, Ennogie launched a red solar cell variant targeted at buildings worthy of preservation and delivered its first commercial solar cell facade in Hamburg. The company is also working to develop its own battery systems with first delivery planned for the first quarter of 2026.

For 2026, Ennogie expects revenue of DKK 55 to 65 million and EBITDA of DKK 1 to 4 million.

amp