On 17 June, Solwers withdrew its outlook for 2026 due to uncertainty in business and profitability developments. The company’s visibility into business and earnings development for the remainder of the year has since improved, and Solwers today issued a new outlook for 2026. Solwers now expects EBITA for the financial year 2026 to be positive, yet below the 2025 level (EUR 1.1m) and revenue to be slightly below the 2025 level (EUR 80.6m). We have estimated 2026 revenue of EUR 80.9m and EBITA of EUR 1.0m. Solwers will report its Q3 results on 12 November 2026. Based on the updated forecast, Solwers also estimates that the net debt/EBITDA covenant included in its financing agreement may not be met at the 31 December 2026 testing date. Solwers will commence negotiations with its main financing bank to resolve the covenant situation. The current covenant requirements were set to tighten gradually through June 2027. Negative for the share in our view, although the covenant issue has been ongoing for some time now due to the profitability slump witnessed in 2025-26.
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