Report published August 25, 2026
Solwers: Weak Q2 Results and Covenant Waiver Extension to Mid-2027 – Nordea Research
Source and citation context
- Issuer
- Nordea
- Report date
- August 25, 2026
- Analysis as of
- Not stated in source
Authors / editors: Svante Krokfors
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.
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.
Key Takeaways
- 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.
Table of Contents
- 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
Report data
DEVIATION TABLE
| Metric | Estimate | Context |
|---|---|---|
| Q2 2026 Sales | 20.8 EURm | Actual Q2 sales versus Nordea estimate of EUR 23.6m and EUR 21.9m in Q2 2025. |
| Q2 2026 Adjusted EBITA | 0.1 EURm | Actual Q2 adj. EBITA versus Nordea estimate of EUR 0.7m and EUR 0.7m in Q2 2025. |
| Q2 2026 Adjusted EBITA Margin | 0.5% | Actual Q2 adj. EBITA margin compared to NDA estimate of 3.1%. |
| H1 2026 Adjusted EBITA | 0.4 EURm | First half 2026 adjusted EBITA. |
| 2026E Net Debt/EBITDA | 3.83 x | Forecast net debt/EBITDA ratio for 2026. |
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Authors / Editors
Reported Data Context
- Q2 2026 Sales: 20.8 EURm (Q2 2026) · Source: Company data and Nordea estimates
- Q2 2026 Adjusted EBITA: 0.1 EURm (Q2 2026) · Source: Company data and Nordea estimates
- Q2 2026 Adjusted EBITA Margin: 0.5 % (Q2 2026) · Source: Company data and Nordea estimates
- H1 2026 Adjusted EBITA: 0.4 EURm (H1 2026) · Source: Company data and Nordea estimates
- 2026E Net Debt/EBITDA: 3.83 x (2026E) · Source: Company data and Nordea estimates
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