Solwers (SOLWERS) Q4 2025 earnings summary

Executive summary

• Revenue grew 2.9% to EUR 80.6 million in 2025, mainly driven by acquisitions, while organic growth was limited.

• EBITDA was EUR 4 million, a 5% margin, pressured by cost inflation and limited pricing power; EBITA fell to EUR 4.0 million (5.0% margin), and EBIT dropped to EUR 0.7 million (0.9% margin).

• Net profit turned negative at EUR -0.9 million, with EPS at EUR -0.09, compared to EUR 0.11 last year.

• Two strategic acquisitions completed: Szwak & Spółka in Poland and Odigo Consulting in Sweden.

• New CEO Johan Ehrnrooth appointed in November 2025, focusing on profitability and operational improvements.

Financial highlights

• Revenue increased 2.9% year-over-year to EUR 80.6 million, with growth largely from acquisitions.

• EBITDA margin was 5%, below the 12% target, but improved in H2 2025; EBITA margin 5.0% (7.0% prior year).

• Net profit and EPS declined due to weaker operational results and higher financial costs; net profit EUR -0.9 million.

• Net debt increased to EUR 27.1 million, reflecting acquisitions and weaker profitability.

• Positive operating cash flow of EUR 3.5 million, down from EUR 4.3 million last year.

Outlook and guidance

• EBITDA and EBITA improvement targeted for 2026, with focus on profitability measures and cost controls.

• Revenue growth target remains at 20% per year, EBITDA margin at 12%, and equity ratio at 40%.

• Growth in 2026 anticipated in infrastructure and specialized engineering, especially in Finland and Poland.

• Acquisitions to continue at a moderate pace, focusing on the Polish market.

• Market recovery expected to be slow, with broader recovery not before 2027.