SolTech Energy (SOLT) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 was 664.3 MSEK, down from 740.6 MSEK year-over-year, with organic growth at -10% due to declines in the Netherlands and Spain.

• EBITDA for Q4 increased to 61.3 MSEK (9.2% margin), while EBITA was 39.9 MSEK (6.0% margin); net result after tax was -217.5 MSEK.

• Full-year revenue was 2,405.8 MSEK, down from 2,904.4 MSEK, with organic growth at -18%; net result after tax was -278.1 MSEK.

• Positive cash flow from operations in Q4 (100.6 MSEK) and for the year (91.5 MSEK), supported by working capital improvements and asset sales.

• Strategic focus on energy storage, service, and diversified offerings to offset weak construction market and consumer solar demand.

Financial highlights

• Q4 EBITDA margin improved to 9.2% from 7.8% year-over-year; EBITA margin rose to 6.0% from 5.6%.

• Full-year EBITDA was 197.0 MSEK (8.2% margin), EBITA 129.5 MSEK (5.4% margin), both up from prior year.

• Net result per share for Q4 was -1.64 SEK; for the year, -2.10 SEK.

• Cash flow from investing in Q4 was 46.9 MSEK, mainly from the sale of Ramsjöholm solar park.

• Liquidity at year-end was 235.0 MSEK, with available credit facilities of 135.8 MSEK.

Outlook and guidance

• Management expects continued long-term growth in solar and energy storage, driven by EU requirements and electrification trends.

• Cost reductions and organizational adjustments are expected to yield full effect by Q2 2025.

• The company targets 8 BSEK in revenue and 10% EBITA margin by 2028.