Flash Comment

Latest edition · August 25, 2026

Solwers 202608250847 flash

Solwers reported weak Q2 results, with revenue of EUR 20.8m (-12% vs. est.) and adjusted EBITA of EUR 0.1m (-86% vs. est.) hurt by loss-making Swedish operations. However, the company secured an extension of its net debt/EBITDA covenant waiver through 30 June 2027.

In its Q2 results, Solwers posted sales of EUR 20.8m (down 5% y/y and 12% below Nordea's EUR 23.6m estimate) and adjusted EBITA of EUR 0.1m (86% below Nordea's EUR 0.7m estimate), impacted by underperforming Swedish units where cost cuts have begun. H1 adjusted EBITA dropped ~70% y/y to EUR 0.4m, and no full-year 2026 outlook was provided. Positively, Solwers agreed with its principal bank on an extension of its net debt/EBITDA covenant waiver until June 30, 2027, giving the firm time to execute operational improvements.

Key takeaways from the latest edition

• 1.Solwers reported Q2 sales of EUR 20.8m, down 5% y/y and 12% below Nordea's estimate of EUR 23.6m.
• 2.Adjusted EBITA reached EUR 0.1m in Q2, missing Nordea's EUR 0.7m forecast by 86%, driven by loss-making subsidiaries in Sweden.
• 3.Solwers agreed with its principal bank to extend its net debt/EBITDA covenant waiver until 30 June 2027, giving the company additional operational headroom.

What this series covers

• Commissioned research: Solwers – Weak Q2 and covenant waiver extended to mid-2027
• DEVIATION TABLE
• SUMMARY TABLE - KEY FIGURES
• Svante Krokfors
• Disclaimer and legal disclosures
• Fair value and sensitivity
• Marketing material

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