Solwers (SOLWERS) Q3 2024 earnings summary

Executive summary

• Revenue grew over 20% year-over-year in Q3 2024, with continued execution of the growth strategy and positive order backlog development.

• Swedish subsidiaries outperformed Finnish operations, and new projects were secured in both private and public sectors.

• Two acquisitions completed in Q3: Siren Architects in Finland and Spectra Consult AB in Sweden, expanding expertise and headcount.

• Strategic decision made to expand into Poland, targeting infrastructure and energy sector opportunities.

Financial highlights

• Q3 2024 revenue: €16.6 million, up 20.9% year-over-year; 9M 2024 revenue: €56.6 million, up 20.4%.

• Q3 2024 EBITDA: €1.48 million (8.9% margin), down from €1.65 million (12.0%) in Q3 2023.

• Q3 2024 EBIT: €0.52 million (3.1% margin), down from €0.91 million (6.6%) in Q3 2023.

• Average headcount increased to 715 in Q3 2024 from 616 in Q3 2023.

Outlook and guidance

• Outlook for 2024 remains unchanged, expecting business climate to improve towards year-end with market recovery.

• Growth supported by urbanization, green transition, and increased defense sector orders in Sweden.

• Focus remains on energy, automation, and power transmission sectors, with continued acquisition activity.