Solwers posted a weak Q1, with revenue largely in line with our expectation but profitability clearly below. Q1 EBITA was EUR 0.9m, 40% below our EUR 1.5m estimate, and EBIT was EUR 0.1m, while we expected EUR 0.9m. Q1 earnings were still burdened by items related to the preparation costs for the possible listing change. However, the order backlog and the billing rate improved towards the end of the quarter. Following the Q1 report, we raise our top-line estimates by 1% for 2025-27 but cut our adjusted EBIT estimates by 7-8%. Consequently, we derive a lower DCF- and peer-based fair value range of EUR 3.5-4.1 (3.7-4.4), which includes EUR 0.6 per share for the present value of unannounced acquisitions. We believe Solwers will continue its M&A-driven strategy, and we foresee margin improvement potential once the market recovers. Marketing material commissioned by Solwers.
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