Solwers Oyj

Business Review Jan 1 - Sep 30, 2026

Källa: Cision
Negativ

Sammanfattning

Solwers redovisar en fortsatt utmanande period med minskad omsättning och negativt EBITA för Q3 och 9M 2026. Åtgärder för att förbättra lönsamheten fortsätter, men bolaget förväntar sig lägre resultat och omsättning för helåret 2026 jämfört med 2025.

Analys

Bolaget uppvisar en negativ trend med minskande omsättning och lönsamhet, vilket bekräftas av en vinstvarning som tidigare kommunicerats. Trots pågående åtgärder för att förbättra lönsamheten, särskilt inom arkitektverksamheten, kvarstår utmaningar. Finansieringsvillkoren har amenderats, men det finns en risk att bolaget inte uppfyller covenant-kravet för Netto Skuld/EBITDA vid årets slut, vilket kräver förhandlingar med banken.

Nyckeltal

Revenue Q3/2026
16,388 EUR thousand
Revenue change Q3/2026
-6.7%
EBITA Q3/2026
-114 EUR thousand
EBITA-% Q3/2026
-0.7%
Revenue 01-09/2026
58,192 EUR thousand
EBITA 01-09/2026
172 EUR thousand

Insikter

  • • Bolaget fortsätter att vidta åtgärder för att förbättra lönsamheten, men resultaten varierar mellan dotterbolagen.
  • • Risken att inte uppfylla covenant-kravet vid årets slut är betydande och kräver bankförhandlingar.
  • • Skillnaden mellan rapporterad EBITA och justerad EBITA är liten, vilket indikerar att de justerade siffrorna inte signifikant mildrar den negativa bilden.
Fundamental påverkan
Negativ

Fortsatt negativ påverkan på resultat och kassaflöde drivet av minskad omsättning och kostnadspress, med en ökad finansiell risk kopplad till covenant-krav.

Omfattning: 6/10Materiell påverkan
0 · Ingen påverkan10 · Avgörande påverkan

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A challenging quarter, measures to improve profitability continue

Solwers Plc, Company Release, November 12, 2026 at 8.30 a.m. EET

Business Review Jan 1 - Sep 30, 2026

This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company’s financial performance. The financial information presented in this business review is unaudited.

Key figures: 

Solwers Consolidated
EUR thousand Q3/2026 Q3/2025 01-09/2026 01-09/2025 2025
Revenue 16,388 17,570 58,192 59,889 80,567
Revenue change, % -6.7% 5.5% -2.8% 5.9% 2.9%
EBITDA 803 1,419 2,887 3,696 5,102
EBITDA-% 4.9% 8.1% 5.0% 6.2% 6.3%
EBITA -114 447 172 847 1,144
EBITA-% -0.7% 2.5% 0.3% 1.4% 1.4%
Adjusted EBITA -125 412 240 1,563 1,971
Adjusted EBITA-% -0.8% 2.3% 0.4% 2.6% 2.4%
EBIT -269 332 -206 505 687
EBIT-% -1.6% 1.9% -0.4% 0.8% 0.9%
Headcount, average during period 684 687 702 706 703
Headcount, at the end of period 674 692 674 692 716
Equity Ratio, % 42.3% 44.1% 42.2%
ROCE 2.1% 3.3% 2.8%

Q3 key events: 

  • 24.8. Financing terms amended: the debt covenant was temporarily eased. New minimum cash requirement added. Acquisitions require the bank’s prior consent.
  • 31.8. Finnmap Infra and Kreate settled their dispute and withdrew the claims as well as the pending lawsuits and counterclaims. No material impact on financial position or business operations.

Events after the review period:

  • 22.10. Profit warning: 2026 EBITA is expected to be positive yet below 2025 level and revenue to be slightly below 2025 level. The Net Debt/EBITDA covenant may not be met on 31 December 2026 testing date. The Company will start negotiations with its main financing bank.

CEO Johan Ehrnrooth: 

The third quarter continued to be challenging for us. Corrective actions are gradually starting to take effect, but the performance still varies across our companies. 

Our revenue decreased by 6.7 per cent to EUR 16.4 million (17.6). EBITA was EUR -0.1 million (0.4), or -0.7 per cent of revenue (2.5). Revenue for January–September was EUR 58.2 million (59.9) and EBITA EUR 0.2 million (0.8).

Revenue development

Several of our companies grew their revenue, supported especially by favourable market conditions in the infrastructure business. Companies that were acquired in late 2025 also contributed to our revenue.

Revenue declined due to fewer new assignments than expected as well as capacity adjustments in the architecture business. In Sweden, lower billing rate and capacity adjustments at companies that faced challenges earlier in the year continued to reduce revenue.

Profitability development

Profitability varied considerably across the group. Our companies with specialist expertise continued to perform well, and profitability in the infrastructure business was at a good level. Earnings in the architecture business fell short of expectations despite significant cost-saving measures, including temporary layoffs.

Our companies serving the industrial sector in Sweden showed gradual improvement in profitability towards the end of the quarter, largely driven by cost-saving measures.

Order backlog and pricing

Growth in our order backlog is concentrated in the infrastructure business, where workloads are already healthy. The situation is more difficult in the architecture business. The number of requests for quotations has increased, but this has not yet translated into new orders.

Workloads at our structural engineering, specialist design and financial management companies have remained stable.

Price pressure remains intense, and we have not been able to fully pass on salary increases through higher customer prices.

Current projects

In Finland, our subsidiary Finnmap Infra is involved in the preparation of the general plan for the Porvoo–Koria section of the Eastern Railway. Our structural design expert Pontek has signed a framework agreement with Helsinki Metropolitan Area Transport Ltd. 

Our Swedish companies have received new assignments in the fields of energy and water supply and industrial automation. Wisegate Consulting won Nordion Energi's framework agreement for project and construction management and DEMAB won an eight-year frame agreement for automation with the water supply company NSVA. The framework agreements create a foundation for long-term customer cooperation. Some of the work under the agreements is already underway. 

Financing and events during the review period

In August, we agreed on a temporary easing of the debt covenant. However, based on our updated forecast, we estimate that the Net Debt/EBITDA covenant may not be met at the review point on 31 December 2026. We are in negotiations with our principal bank to resolve the situation.

Outlook and priorities for the rest of the year

Measures to improve profitability in the underperforming companies have progressed, and we expect them to support earnings development during the remainder of the year. However, differences in the performance of the subsidiaries persist. The order backlog in the infrastructure business remains strong, while the architecture business continues to experience challenges. We are focusing on strengthening profitability at company level, improving cash flow and developing our business over the long term.

We expect full-year EBITA to be positive but below the 2025 level. Revenue will also be slightly lower than in the previous year.

Solwers' outlook for the year 2026 

Solwers expects EBITA for the financial year 2026 to be positive, yet below the 2025 level and revenue to be slightly below the 2025 level. 

In 2025, the Group’s EBITA was EUR 1.1 million and revenue was EUR 80.6 million.

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12 November 2026, Espoo

The Board of Directors

Solwers Plc

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ENQUIRIES: 

Jasmine Jussila, Chief Communications Officer, Solwers Plc, p. +358 40 500 4760, jasmine.jussila@solwers.com

CERTIFIED ADVISOR: 

UB Corporate Finance, ubcf@unitedbankers.fi 

DISTRIBUTION:

  • Nasdaq Helsinki
  • Key Media
  • www.solwers.com
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