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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Ennogie Solar (ESG) investor relations material
Ennogie Solar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Nov, 2025
Executive summary
Q3 2025 revenue was DKK 10.7 million, with Q1–Q3 2025 revenue at DKK 19.9 million, reflecting a 34% year-over-year decrease due to delayed solar panel deliveries from China following a design change.
Order intake in Q3 2025 reached DKK 16.4 million, up DKK 6.4 million from Q3 2024; Q1–Q3 order intake matched the prior year at DKK 36.8 million, with 62% from Germany and 38% from Denmark.
Major new project wins include the largest order to date for red solar roofs in Denmark and a smaller project in Munich, targeting underserved market segments.
Management changes include the addition of Lech Kaniuk to the board, bringing industry and entrepreneurial expertise.
Financial highlights
Q3 2025 gross profit was DKK 4.9 million (gross margin 46.1%), up from 39.7% in Q3 2024, driven by lower panel prices.
Q3 2025 EBITDA was DKK -0.6 million, impacted by a one-time cost of DKK 0.6 million; excluding this, EBITDA would have been breakeven.
Q3 2025 net result was DKK -1.9 million, compared to DKK -0.9 million in Q3 2024.
Q1–Q3 2025 EBITDA was DKK -7.8 million, slightly lower than DKK -7.5 million in Q1–Q3 2024, with staff costs reduced by 33%.
Q1–Q3 2025 net result was DKK -11.1 million, compared to DKK -10.8 million in the prior year.
Outlook and guidance
2025 turnover is expected in the range of DKK 55–62 million, with EBITDA between DKK 0 and 2 million.
Q4 2025 revenue is highly dependent on timely production and delivery, with significant revenue planned for December; any delays could shift revenue into 2026.
Gross margin for Q4 is expected to remain at Q1–Q3 levels (around 43.7%).
Provisions for customer complaints and potential further increases are factored into the outlook.
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Next Ennogie Solar earnings date
Q4 202528 Apr, 2026
Next Ennogie Solar earnings date
Q4 202528 Apr, 2026
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