Nasdaq CopenhagenIFRS · DKK

Nordic Solar A/S

Nordic Solar A/S is a Danish renewable energy company focused on the development, ownership and operation of solar power assets. The group builds and manages photovoltaic projects across selected European markets through project companies and long-term asset ownership structures.

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Revenue50.2m DKK
+2.1 %y/y
Operating profit (EBIT)-7.1m DKK
+45.9 %y/y
EBIT margin-14.2%
+12.6 ppy/y
Net income-34.5m DKK
−14.5 %y/y
Free cash flow-93.3m DKK
+30.6 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-20020406080m DKK2021: 46 m DKK2021: EBIT 12 m DKK20212022: 72 m DKK2022: EBIT 24 m DKK20222023: 59 m DKK2023: EBIT 6.1 m DKK20232024: 49 m DKK2024: EBIT -13 m DKK20242025: 50 m DKK2025: EBIT -7.1 m DKK202550-7.1
RevenueOperating profit (EBIT)
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Business

Share of revenue
Solar project development25 %

Identifying, permitting and structuring utility-scale solar projects.

Solar asset ownership45 %

Holding operational solar parks and earning revenue from electricity generation.

Project construction and commissioning15 %

Building solar farms and bringing them into commercial operation.

Power sales15 %

Selling electricity produced by the group's solar assets into power markets or under contracts.

Customers

Nordic Solar primarily serves electricity buyers, offtakers and power-market counterparties that purchase output from solar parks. It also depends on landowners, contractors, grid operators and financing partners to develop and operate projects. In practice, the customer base is shaped by long-duration asset ownership rather than recurring consumer sales.

Electricity offtakers

Buy solar power through long-term contracts or market purchases to secure renewable supply.

Utility and wholesale power markets

Absorb generation from merchant or partially contracted solar assets.

Project development partners

Co-invest in or support solar project pipelines and special-purpose project companies.

Construction and service providers

Supply EPC, equipment, operations and maintenance services needed to develop and run parks.

Strategy

The company’s strategy is centered on expanding its solar asset base, advancing the project pipeline and converting development rights into operating parks. It also relies on disciplined project financing and long-term asset ownership to support stable generation capacity and scale over time.

Grow the operating solar asset baseMedium term

More commissioned parks increase generation capacity and recurring power sales.

Advance the project pipelineShort term

Permitted and financed projects are needed to replenish future operating assets.

Strengthen long-term revenue visibilityMedium term

Contracted or stable power sales improve cash flow predictability for asset ownership.

Geography

Nordic Solar is headquartered in Denmark and operates through solar projects across selected European markets. Its business is geographically diversified across project sites and power markets, which affects permitting, grid access, weather patterns and electricity pricing. The company’s exposure is tied to the countries where its solar parks are developed and where power is sold.

Risks

The business is exposed to execution risk in project development, including permits, grid connection, construction delays and cost overruns. As a solar owner-operator, it is also sensitive to electricity prices, weather variability and changes in regulatory frameworks for renewable power. Financing availability and asset valuation can materially affect the pace of growth and reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Project development and permitting risk1Electricity price volatility2Construction and execution risk3Weather and generation variability4
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. Project development and permitting riskImpact: HighLikelihood: High

    Solar parks require land rights, permits and grid approvals before they can generate revenue.

    Exposure: Pipeline conversion

  2. Electricity price volatilityImpact: HighLikelihood: High

    Revenue from owned solar assets depends partly on market power prices and contract terms.

    Exposure: Power sales

  3. Construction and execution riskImpact: HighLikelihood: Medium

    Large solar projects can face delays, equipment issues and contractor performance problems.

    Exposure: Project delivery

  4. Weather and generation variabilityImpact: MediumLikelihood: High

    Solar output is sensitive to irradiation, seasonality and local weather conditions.

    Exposure: Operating assets

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Accounting

Judgemental items
Capitalized project development costs

Early-stage solar projects often require judgment on which costs can be capitalized versus expensed.

Impact: Affects asset values and near-term profit

Impairment of project assets

Project delays or weaker power-price assumptions can reduce recoverable amounts.

Impact: Can create large non-cash write-downs

Revenue recognition for electricity sales

Generation-based revenues depend on meter readings, contract terms and settlement timing.

Impact: Affects period-to-period comparability

Lease and land-right accounting

Solar parks often depend on long-duration land leases or usage rights.

Impact: Influences balance sheet liabilities and EBITDA

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Last updated: 24/10/2026