Solwers (SOLWERS) Q1 2025 earnings summary

Executive summary

• Moderate performance in Q1 2025 amid a cautiously optimistic market, with revenue growth and improved order backlog and billing rate towards quarter end.

• Swedish subsidiaries outperformed Finnish ones, with notable activity in electricity transmission and storage projects.

• No acquisitions in Q1, but active review of targets in Finland, Sweden, and Poland continued.

Financial highlights

• Q1 2025 revenue was EUR 20.4 million, up 6.2% year-over-year; EBITDA was EUR 1.1 million (5.4% margin), and EBITA EUR 0.9 million (4.3% margin).

• EBIT dropped to EUR 0.05 million (0.3% margin) from EUR 0.9 million (4.7% margin) in Q1 2024.

• Average headcount increased to 721 from 704 year-over-year.

Outlook and guidance

• 2025 outlook unchanged; market uncertainty limits visibility, but recovery expected to strengthen late 2025.

• Focus remains on acquisitions in at least three countries, organic growth, profitability, and cost-cutting.