The excited-state dynamics of four 5,10-dihydrobenzo[a]-indolo[2,3-c]carbazoles in solution and in films were studied with stationary and time-resolved spectroscopies. The solvent dependency of the photo physics reveals no appreciable dipole moment in the ground state. In the excited state, electron-withdrawing substituents contribute to an outspoken charge-transfer character. In films, although the molecules are mostly present as monomers, the excited-state dynamics are characterized by a cascade of energy-transfer processes to excited dimers and aggregates which dominate the photoluminescence (PL) spectra. The properties of the aggregates depend on the used substituents. The electroluminescence spectra obtained from single-layer and multilayer devices mostly resemble the PL spectra, but show contributions from other species such as electromers or electroplexes. It is inferred that the different substituents lead to a different packing of the carbazole moieties, each of which has different mobilities and recombination probabilities.