Solwers reported its results for Q2 with sales of EUR 21.9m, 2% below our estimate of EUR 22.3m. The reported EBITA (Solwers definition) was EUR 0.9m, clearly below our EUR 1.8m estimate and down from EUR 1.7m a year ago. EBIT of EUR 0.1m came in clearly below our estimate of EUR 1.2m and EUR 1.0m a year ago. The result was still burdened by non-recurring items such as costs related to potential main list transition as well as additional purchase prices for acquisitions, and project losses on a specific project in Sweden. The company aims to implement cost savings of almost EUR 1m compared to 2024 cost level. Tough price competition also contributed to the weaker result, while order backlog remained at a good level and billing rate improved y/y. No numerical guidance was given, but the company anticipates market recovery to strengthen towards the year-end 2025. We note that Solwers' received a waiver on net debt/EBITDA covenant on 25 August, which will impact M&A activity negatively, we believe. We expect a negative share price reaction.
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