SolTech Energy (SOLT) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was SEK 664.3 million, down 10% year-over-year, mainly due to declines in the Netherlands and Spain, while Swedish demand remained strong.

• EBITDA for Q4 reached SEK 61.3 million (9.2% margin), positively impacted by revaluation effects; net income was negatively affected by goodwill impairments and write-downs in foreign operations.

• The company implemented cost reductions, including a reduction of about 100 employees in 2024, with full effects expected in Q2 2025.

• Positive cash flow of SEK 127 million in Q4, supported by the sale of the Ramsjöholm solar park and operational performance.

• Strategic focus remains on energy storage, service, and integrated solutions across solar, roofing, façade, and electrical technology.

Financial highlights

• Q4 revenue: SEK 664.3 million, a 10% decrease year-over-year; full-year 2024 revenue: SEK 2,405.8 million, down 18%.

• Q4 EBITDA margin improved to 9.2%; EBITA margin was 6.0%.

• Net loss after tax for Q4: SEK -217.5 million, mainly due to goodwill impairments and write-downs.

• Positive operating cash flow of SEK 100.6 million in Q4, with total cash flow at SEK 127 million.

• Year-end liquidity was SEK 235 million, with available credit facilities of SEK 135.8 million.

Outlook and guidance

• Management expects continued long-term growth in solar and energy storage, driven by EU requirements and electrification trends.

• Cost-saving measures and organizational adjustments are expected to have full effect in Q2 2025.

• The company targets SEK 8 billion in revenue and a 10% EBITA margin by 2028.

• Focus remains on profitable, organic growth and integrated solutions.