ESGNasdaq CopenhagenSolarIFRS · DKK

Ennogie Solar Group A/S

Ennogie Solar Group A/S is a Danish company that develops, sells, and installs integrated solar roofs and facades for buildings. Its offering combines building-integrated solar modules with associated battery solutions and installation services, with sales primarily in Denmark and Germany.

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Revenue52.8m DKK
+14.3 %y/y
Operating profit (EBIT)-2.8m DKK
+77.6 %y/y
EBIT margin-5.3%
+22.0 ppy/y
Net income-3.8m DKK
+73.0 %y/y
Free cash flow-4.6m DKK
+8.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50050100m DKK2020: 17 m DKK2020: EBIT -4.8 m DKK20202021: 16 m DKK2021: EBIT -49 m DKK20212022: 61 m DKK2022: EBIT -10 m DKK20222023: 99 m DKK2023: EBIT -6.2 m DKK20232024: 46 m DKK2024: EBIT -13 m DKK20242025: 53 m DKK2025: EBIT -2.8 m DKK202553-2.8
RevenueOperating profit (EBIT)
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Business

Share of revenue
Integrated solar roofs60 %

Building-integrated solar roof systems sold as complete roof solutions.

Solar facades12 %

Building-integrated facade products that generate electricity.

Installation services18 %

Delivery, installation, and grid-connection work tied to project sales.

Battery solutions6 %

Proprietary battery systems paired with solar roof installations.

Service and replacements4 %

Replacement panels, warranty-related work, and related support.

Customers

Ennogie sells to end users and project intermediaries that need integrated solar building elements rather than conventional rooftop PV. The customer base includes private individuals, installation businesses, contractors, and commercial-building or renovation projects, with orders often structured as contract-based project sales. The products appeal to buyers that value architectural integration, roof aesthetics, and compliance with local building rules where standard black panels are restricted.

Private individuals / homeowners

Buy integrated solar roofs and facades for residential buildings where appearance and building rules matter.

Installation businesses

Purchase systems and components to install Ennogie roofs and facades for end customers.

Contractors and builders

Use the products in new construction and renovation projects requiring integrated solar solutions.

Commercial building projects

Buy for offices, non-residential buildings, and renovations that need architectural integration.

Strategy

The company is broadening its product set around integrated roof systems by developing new panel designs, a red solar roof, battery systems, and thermoelectric roof-and-facade concepts. It is also focused on improving manufacturability and fit with local architectural and municipal requirements, which can widen the addressable market beyond standard solar applications. Because sales are project-based, execution depends on product reliability, supplier support, and the ability to convert design-led demand into installable orders.

Expand building-integrated product rangeMedium term

Broader roof, facade, and battery offerings can increase attach rates per project and widen the addressable market.

Improve product reliability and manufacturabilityShort term

Quality and supplier consistency are critical in a system business where warranty claims and replacements can erode customer confidence.

Target architecturally constrained marketsMedium term

Aesthetic and municipal-rule-driven demand supports differentiation versus conventional PV modules.

Geography

Ennogie is based in Denmark and sells mainly in Denmark and Germany, which together make up essentially all disclosed revenue. The company also holds non-current assets in Denmark and Germany, reflecting its operational footprint in those markets. Because the products are project-based and installation-heavy, geography matters through local building codes, design preferences, and the pace of rooftop and facade adoption.

Risks

The main business risk is that Ennogie depends on new-product adoption, project execution, and supplier reliability in a niche building-integrated solar market. Warranty claims, panel defects, working-capital needs, and customer prepayment timing can materially affect operations and cash conversion, while demand also depends on construction cycles and local regulatory acceptance. As a small project-driven company, it is also exposed to IT disruption, credit risk, and the need to secure external funding.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern / funding risk1Warranty and defect exposure2Supplier dependence3Project-based demand volatility4IT system disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern / funding riskImpact: CriticalLikelihood: High

    The report discloses material uncertainty and dependence on additional funding to continue operations.

    ExposureLoan extensionsInvestor fundingCovenant waivers
  2. Warranty and defect exposureImpact: HighLikelihood: High

    The business sells integrated panels and roof systems that may require replacements and customer claims if product quality fails.

    ExposureSolar panel defectsWarranty provisionsReplacement panels
  3. Supplier dependenceImpact: HighLikelihood: Medium

    The company relies on external suppliers for panels and replacement units, making continuity and quality a key operational risk.

    Exposure: panel sourcing and warranty delivery

  4. Project-based demand volatilityImpact: MediumLikelihood: High

    Revenue depends on contract wins and installation timing rather than recurring subscriptions.

    ExposureConstruction cycleOrder timingCustomer prepayments
  5. IT system disruptionImpact: MediumLikelihood: Medium

    Daily operations rely on IT systems, so outages can impair order processing, delivery, and administration.

    Exposure: internal or external IT disruptions

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Accounting

Judgemental items
Revenue recognition timing

Contracts can include delivery, installation, and connection, so timing determines when revenue is booked.

Impact: Affects revenue split, contract assets, and prepayments

Warranty provisions

Expected future claims and received claims are estimated using failure rates and replacement costs.

Impact: Can materially affect expenses and liabilities

Inventory valuation

Provisioning depends on expected sales of different product types and replacement panels.

Impact: Can affect gross margin and asset carrying values

Capitalized development costs

Product development is capitalized only when feasibility milestones are met and future benefits are expected.

Impact: Affects intangible assets and amortization

Deferred tax assets

Significant tax loss carryforwards are not recognized due to uncertainty of utilization.

Impact: Limits recognition of future tax benefits

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Last updated: 24/10/2026