Solwers (SOLWERS) Q4 2025 earnings summary

Executive summary

• Revenue grew 2.9% year-over-year to EUR 80.6 million in 2025, mainly driven by acquisitions, while organic growth was limited and profitability was pressured by cost inflation and limited pricing power.

• EBITA was EUR 4.0 million (5.0% margin), down from EUR 5.5 million (7.0%) in 2024; EBITDA was EUR 5.1 million (6.3% margin), both reflecting cost inflation and integration challenges.

• Net profit turned negative at EUR -0.9 million, with EPS at EUR -0.09, compared to EUR 0.11 last year.

• Order backlog improved and operating cash flow remained positive at EUR 3.5 million; headcount reached 716 with a billing rate of 81.24%.

• Two strategic acquisitions completed in December: Szwak & Spółka in Poland and Odigo Consulting in Sweden; new CEO appointed in November 2025.

Financial highlights

• Revenue increased 2.9% year-over-year to EUR 80.6 million, with growth largely from acquisitions.

• EBITDA margin was 6.3% (EUR 5.1 million), down from 8.3% (EUR 6.5 million) in 2024; EBITA margin was 5.0% (EUR 4.0 million), down from 7.0% (EUR 5.5 million).

• Net profit and EPS declined, with net profit at EUR -0.9 million and EPS at EUR -0.09.

• Net debt increased to EUR 27.1 million from EUR 16.2 million, reflecting acquisitions and weaker profitability.

• Cash and cash equivalents at year-end were EUR 7.8 million, down from EUR 11.6 million; positive operating cash flow of EUR 3.5 million, down from EUR 4.3 million last year.

Outlook and guidance

• EBITA and EBITDA improvement targeted for 2026, with focus on profitability measures and cost controls.

• Revenue growth target remains at over 20% per year, EBITA/EBITDA margin at 12%, and equity ratio at 40%.

• Market recovery expected to be slow, especially in Finland and Sweden, with infrastructure and specialized engineering driving demand.

• Acquisitions to continue at a moderate pace, with a focus on the Polish market.