Ennogie Solar Group A/S
Renewable energy·ESG · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Develops and sells building-integrated solar roofs and energy systems.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Construction
End markets
DriverPositive impact: strengthens
“The project consists of a number of main elements that together give the new product significant competitive advantages in terms of total installation price, lifetime, optimized energy production and aesthetic adaptation in the built environment. The significant innovative elements include 1) a new roof concept that eliminates the need for an under-roof, 2) colored solar panels, with a focus on uniformity from different observation angles and the lifetime of the panels, 3) fire safety in the design phase and optimized ongoing monitoring, and 4) the possibility of calculating and assessing glare effects.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Hovedstadens Bygningsenterprise A/S is the main contractor and makes the installation of the roofs. The project is the first of its kind with Ennogie's new red solar roof in this size, which has been developed with a special focus on architectural adaptation in residential areas requiring red roofs.”
Annual report 2025A · The company itself
Market
“Ennogie’s building-integrated solar roofs and facades provide a robust, aesthetic whole that replaces traditional roofing and cladding while serving as the building’s primary climate shell. Ennogie transforms previously unproductive building surfaces into high-value assets that generate sustainable, self-produced electricity. For Ennogie customers, these solutions offer a significant degree of energy self-sufficiency and security.”
Annual report 2025A · The company itself
Market
“The facade solution is tailored for both new construction and renovation of commercial buildings, and gives architects and builders a flexible and aesthetically strong opportunity to integrate sustainable energy production directly into the building's expression.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Solar power
Technology
StrategyPositive impact: strengthens
“Our strategy focuses on significant revenue growth while maintaining control over margins and operating expenditures. We anticipate this growth will be driven by the adoption of our new facade and red solar solutions.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“At Ennogie, the ambition is to lead the way toward a future where renewable energy in the built environment is the global norm.”
Annual report 2025A · The company itself
Market
“Since manufacturing and selling its first solar roofs in 2017, Ennogie has seen production and sales accelerate significantly. In 2025, the company further expanded its product portfolio by introducing a high-performance solar facade solution and a red roof. Today, Ennogie employs approximately 30 professionals, maintaining production facilities in Denmark and sales operations in both Denmark and Germany.”
Annual report 2025A · The company itself
Market
“Ennogie’s building-integrated solar roofs and facades provide a robust, aesthetic whole that replaces traditional roofing and cladding while serving as the building’s primary climate shell. Ennogie transforms previously unproductive building surfaces into high-value assets that generate sustainable, self-produced electricity.”
Annual report 2025A · The company itself
Batteries and energy storage
Technology
StrategyPositive impact: strengthens
“Furthermore, our long-term investment in energy storage is nearing commercial launch. We expect the first delivery of our proprietary battery systems in Q1, with serial production of 64 kWh units slated to commence mid-year.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“During the year there has been battery development activities. The development is close to being finalized and the first delivery of our proprietary battery systems takes place in Q1, with serial production of 64 kWh units slated to commence mid-year.”
Annual report 2025A · The company itself
Market
“We expect the first delivery of our proprietary battery systems in Q1, with serial production of 64 kWh units slated to commence mid-year. This initiative is a strategic response to the increasing demand for selfconsumption optimization and the adoption of dynamic tariff structures.”
Annual report 2025A · The company itself
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“• Product innovation: Ennogie has started the development of a new roof mounting system that will reduce the materiel usage and, hence, reduce the environmental footprint. The development of the new roof mounting system will continue in 2026.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Energy efficiency
Technology
StrategyPositive impact: strengthens
“With a short payback period on the initial investment, Ennogie solar solutions provide long-term financial stability and predictability in energy expenditure.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“Our mission is to transform buildings into sustainable energy producers. By integrating solar technology directly into the building fabric, Ennogie supports the global shift toward green energy through decentralized production.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Real estate
End markets
Market
“For Ennogie customers, these solutions offer a significant degree of energy self-sufficiency and security.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Residential rental
End markets
Market
“The Sunbird concept is a new business and financing model for the establishment of, and roof renovation with, solar roofs targeted at both housing companies and property developers. Sunbird makes it possible to carry out roof replacements with no or little upfront investment for housing companies and property developers, as the cost is repaid by the residents through energy savings, reduced common expenses and lower electricity prices.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“Following customer feedback in 2024 regarding energy yield discrepancies, we prioritized a comprehensive redesign of our solar panels. While the design was finalized by the end of Q1, the subsequent manufacturing cycle in China and a two-month maritime transit period necessitated a condensed revenue realization schedule.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In corporation with a new Chinese suppler a red panel has been developed. The panel has a lower output than the black panel due the red color.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Finally, we have addressed the recent fiscal policy change in China regarding the cancellation of a 9% export refund effective from 1 April 2026.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“We remain confident in our ability to mitigate this impact through procurement efficiencies, allowing us to maintain our margins.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Europe
Geography
Geography
“Moreover, Ennogie attended 4Design Days in Katowice, Poland with the Embassy of Denmark in Poland, where Ennogie met architects and other people who can help Ennogie entering the Polish market.”
Annual report 2025A · The company itself
Geography
“Today, Ennogie employs approximately 30 professionals, maintaining production facilities in Denmark and sales operations in both Denmark and Germany.”
Annual report 2025A · The company itself
Geography
“To diversify our market presence, we successfully launched two high-potential product lines: • Aesthetic red roof innovation: In Q2, we introduced a red solar panel variant, initially deployed in Munich. This was followed in August by the largest contract in our corporate history: a 6,200 m roof renovation project at Glostrup Vestergård, Denmark. • Integrated facade solutions: Following the completion of development in Q2, we delivered our inaugural commercial solar facade—a 400 m installation in Hamburg, Germany. • Combined systems: The success of our facade technology led to our first integrated order for a residential project in Berlin, featuring both roof and facade solutions.”
Annual report 2025A · The company itself
Geography
“The 2026 budget is based on several key assumptions, including: Revenue growth: Revenue is expected to increase by 4–23% compared to 2025, supported by an order book of approximately DKK 10,000 thousand at year-end 2025, the introduction of new red roof and façade solutions, the planned launch of a battery solution in 2026 and the commencement of sales in Poland.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“Today, Ennogie employs approximately 30 professionals, maintaining production facilities in Denmark and sales operations in both Denmark and Germany.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Ennogie assesses that the risk of breaches is highest for suppliers situated outside Northern Europe.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Ennogie assesses that the greatest risk of human rights violations may occur through the use of suppliers, especially outside the EU, who may not respect individual rights in relation to their employees.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.05 bn DKK |
| Revenue growth vs. the year before, same method | 14.3 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 0.01 bn DKK |
| Diluted EPS per share | -0.12 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.