Report published August 26, 2026
Solwers: Q2 Earnings Weakness, Covenant Relief, and Nordea Valuation Update
Source and citation context
- Issuer
- Nordea
- Report date
- August 26, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Svante Krokfors (Analyst)
Finvaulta summarizes Nordea's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Nordea cuts its fair value range for Solwers to EUR 1.7–2.0 (from EUR 2.6–3.0) following weak Q2 results and a net debt/EBITDA covenant waiver through June 2027. Full-year 2026E adjusted EBITA estimates are cut by 64% amid negative organic growth and billing rate pressure.
Key Takeaways
- 1.Solwers' Q2 net sales fell 5% y/y to EUR 20.8m (12% below Nordea's estimate) with adjusted EBITA plunging to EUR 0.1m versus EUR 0.7m a year ago.
- 2.The company secured a temporary amendment on its net debt/EBITDA bank covenant effective until the end of June 2027.
- 3.Nordea cut adjusted EBITA estimates by 64% for 2026E and 7–21% for 2027E–2028E due to declining billing rates and pricing pressure.
Table of Contents
- KEY DATA
- PERFORMANCE
- VALUATION APPROACH
- ESTIMATE CHANGES
- Nordea IB & Equity - Analysts
- Q2 results weak; amendment to covenant received
- Sales declined by 5% y/y; organic growth clearly negative
- We cut EBITA by 64% for 2026E and by 7-21% for 2027E-28E
- Fair value range cut significantly to EUR 1.7-2.0 (2.6-3.0)
- SUMMARY TABLE - KEY FIGURES
- Valuation and estimate revisions
- SOLWERS: VALUATION EXCLUDING UNANNOUNCED M&A; DERIVED VALUATION MULTIPLES
- M&A scenario
- Detailed estimates
- Reported numbers and forecasts
- Disclaimer and legal disclosures
- Fair value and sensitivity
- Marketing material
Report data
ESTIMATE CHANGES — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Q2 Net Sales | 20.8 EURm | Reported quarterly net sales coming in 12% below Nordea estimate. |
| Q2 Adjusted EBITA | 0.1 EURm | Reported adjusted EBITA 86% below Nordea estimate of EUR 0.7m. |
| Billing Rate | 79.8% | Operating billing rate decline impacting profitability. |
| Fair Value Range (incl. M&A) | 1.7-2.0 EUR | Combined DCF and peer multiples fair value range per share, including EUR 0.2/share for unannounced M&A. |
| 2026E Adjusted EBITA Estimate Revision | -64% | Nordea estimate reduction following Q2 earnings release. |
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Authors / Editors
Reported Data Context
- Q2 Net Sales: 20.8 EURm (Q2 2026) · Source: Solwers
- Q2 Adjusted EBITA: 0.1 EURm (Q2 2026) · Source: Solwers
- Billing Rate: 79.8 % (Q2 2026) · Source: Solwers
- Fair Value Range (incl. M&A): 1.7-2.0 EUR (2026) · Source: Nordea
- 2026E Adjusted EBITA Estimate Revision: -64 % (2026E) · Source: Nordea
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