Solwers Q1 Results and Covenant Waiver Update

Solwers reported a weak Q1 with sales and EBITA missing estimates due to challenging market conditions, particularly in Sweden. The company faces a looming debt covenant deadline on June 30, 2026, which may require a waiver extension.

Key Takeaways

• 1.Solwers' Q1 results significantly missed Nordea's estimates, with Adjusted EBITA 51% below expectations.
• 2.There is a significant risk that the company will not meet its original net debt/EBITDA covenant threshold by June 30, 2026.
• 3.Regional performance diverged, with Finnish operations performing better than those in Sweden during the challenging first quarter.

Table of Contents

• Flash Comment
• Commissioned research: Solwers – Q1 remained weak and covenant waiver might need to be extended
• DEVIATION TABLE
• SUMMARY TABLE - KEY FIGURES
• Disclaimer and legal disclosures
• Fair value and sensitivity
• Marketing material

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