COMMENTS FROM THE CEO

In 2025, we have taken major strategic steps and implemented extensive measures with the aim to strengthen Soltech's position in order to continue adapting the business to the current market situation. Our main focus is to build a profitable and long-term resilient group. At the same time, the year has been characterized by a difficult market situation.

A number of non-recurring effects have had a significant impact on the quarter, primarily in the form of write-downs within the framework of the strategic review and restructuring in our business area solar for consumers. At the same time, we see that our business areas roofing, electricity and façade in general are showing a more stable and positive development.

Completed rights issue and a new major shareholder
The completed and fully guaranteed rights issue of approximately SEK 329 million was one of the year's most important strategic measures to strengthen the Group financially. In connection with the issue, Nordic Capital became our largest shareholder. Their industrial expertise and long-term perspective give Soltech better conditions going forward. The issue also enables an acceleration of our work with profitability measures and the development of existing business areas.

Continued work on profitability-driving measures
During the year, as previously mentioned, we implemented a number of profitability-driving initiatives within the Group, organizational changes as well as cost reductions. These measures will strengthen our resilience and improve our position even in a challenging market environment. We have a clear focus on what we can influence, and this is a work that we will pursue in a structured way at all levels and in all operations in the Group with continued discipline.

Stable core operations create security
During the year, our core roof, façade and electrical technology businesses contributed stability and constituted important building blocks in the Group. With broad and deep expertise and continuous adaptation to the market situation, these businesses have continued to create stability and, not least, value for their customers, which consist of commercial property owners, the public sector and industries.

Strategic review of the consumer market in solar energy
During the autumn and fourth quarter, we have been working on a strategic review of the Group's solar energy business specifically in the consumer market. Due to a continued weak consumer market, decisions have been made on a number of strategic measures in our companies that have only been aimed at the consumer market. These measures meant that Sesol in Norway and Soldags in Sweden were declared bankrupt as they were not considered viable. Sesol in Sweden went into reconstruction at the same time, and our previous company 365zon in the Netherlands was sold back to the founders.

The reconstruction of Sesol in Sweden is proceeding after intensive preliminary work. So far, the reorganization shows that the business has the potential to continue to operate after restructuring with an adapted organization and cost structure, as well as new processes that create an even more focused and clear platform.

Scale and complete solutions
Despite the challenging market, we are seeing positive signals. We are seeing a recovery in demand in our various business areas for major installations and contracts, which contributes to security in a turbulent time. Improved interest rates also create better conditions for faster investment decisions in the construction sector and industry, which is expected to have positive effects in the long term.

I would like to extend a big and warm thank you to all employees, customers and shareholders. This has been a year that has required flexibility, hard work and difficult decisions. I am proud of how we have come through an intense and challenging period together to continue to drive the business forward.

Patrik Hahne, CEO

Read the CEO's comment in full in the report

QUARTER 4: 1 OCTOBER – 31 DECEMBER*

• Net sales amounted to SEK 565.5 (638.4) million. The Group's organic growth amounted to -32% (-18%)

• EBITDA, adjusted for operations subject to strategic review and adjusted for non-cash flow impacting non-recurring effects related to revaluations and impairments, amounted to SEK -17.9 (12.2) million

• EBITDA amounted to SEK -80.4 (22.7) million. EBITDA margin was -14.2% (3.6%). EBITDA was impacted by revaluation effects of SEK 15.0 (25.2) million.

• EBITA, adjusted for operations subject to strategic review and adjusted for non-cash non-recurring effects related to revaluations and impairments, amounted to SEK -32.1 (-8.3) million

• EBITA amounted to SEK -122.4 (1.6) million. EBITA margin was -21.6% (0.2%). EBITA was impacted by revaluation effects of SEK 15.0 (25.2) million. Excluding revaluations, EBITA amounted to SEK -137.4 (-23.9) million.

• Profit after tax for the period amounted to SEK -345.7 (-171.0) million and was negatively impacted by depreciation and amortization of SEK -243.4 (-117.9) million

• Cash flow from operating activities amounted to SEK -11.7
  (96.0) million. Cash flow for the period amounted to SEK 116.8 (121.8) million
  
• Earnings per share before and after dilution amounted to SEK -0.46 (-1.29)

FULL YEAR JANUARY 1 – DECEMBER 31*

• Net sales amounted to SEK 1,709.3 (2,260.9) million. The Group's organic growth amounted to -32% (-20)

• EBITDA, adjusted for operations subject to strategic review and adjusted for non-cash flow impacting non-recurring effects related to revaluations and impairments, amounted to SEK -43.6 (-12.8) million

• EBITDA amounted to SEK -145.9 (39.9) million. EBITDA margin was -8.5% (1.7%). EBITDA was impacted by revaluation effects of SEK 15.0 (91.3) million

• EBITA, adjusted for operations subject to strategic review and adjusted for non-cash non-recurring effects related to revaluations and impairments, amounted to SEK -103.1 (-77.3) million

• EBITA amounted to SEK -237.9 (-27.3) million. EBITA margin was -14.0% (-1.2%). EBITA was impacted by revaluation effects of SEK 15.0 (91.3) million. Excluding revaluations, EBITA amounted to SEK -252.9 (-118.6) million

• Profit after tax for the period amounted to SEK -501.3 (-289.3) million and was negatively impacted by depreciation and amortization of SEK -301.2 (-211.3) million

• Cash flow from operating activities amounted to SEK -161.2 (75.8) million. Cash flow for the period amounted to SEK 9.6 (17.9) million

• Earnings per share before and after dilution amounted to SEK -1.31 (-2.19)

Significant events during the quarter

• A rights issue was completed, which provided the company with proceeds of SEK 329 million before issue costs

• The Nomination Committee for the Annual General Meeting on May 20, 2026 has been appointed

• Soltech acquired an additional 34.7 percent of the shares in the Spanish subsidiary SUD Renovables. After the transaction, Soltech owns 99.7 percent and the remaining 0.3 percent continues to be owned by the founders. The acquisition was financed from own cash

• Soltech's Spanish subsidiary SUD Renovables signed an agreement with Banco Sabadell for the development of three new solar parks with a total capacity of 35 MWp. The solar parks are planned to be commissioned in 2026. The order value amounted to approximately SEK 203 million and in addition to this, a seven-year operation and maintenance agreement worth SEK 7.7 million was also signed

• The Board of Directors decided to sell back the shares in the Dutch company 365zon to the minority shareholders. The business is presented as a business held for sale

Significant events after the quarter

• Soltech has decided on structural changes for the Group's subsidiaries that operate in the consumer market in the form of reconstruction, bankruptcy and liquidation for the Sol-consumer companies in Sweden and Norway, as well as a sale of the shares in the Dutch company. This has been motivaded by a continued weak and challenging market situation in the consumer market for solar energy. This means that the fourth quarter of 2025 will be affected by non-cash non-recurring effects linked to impairment of assets and excess values in affected units. It also means that the subsidiary in the Netherlands 365zon is treated as a business held for sale

The rest of the Group in electrical engineering, façade, roofing and large-scale solar energy installations, based on current operations and ongoing initiatives, is judged to be at or on its way to profitable and cash flow positive levels, and this is where the Group's focus is going forward. In these areas, we see a brightening ahead with profitability improvements. Margins are affected by implemented cost-cutting measures and are starting to yield positive results

*Soltech sold the shares in the Dutch company on January 29, 2026. The business is presented as a business held for sale and is not included in Net sales, EBITDA and EBITA. Comparison periods have been adjusted. For further information, see note 11. Net sales, EBITDA and EBITA in the report include businesses in consumer solar that have been declared bankrupt, liquidated and restructured after the turn of the year.

The quarterly report and other financial reports are available at: https://soltechenergy.com/en/investors/financial-reports-calendar/