Solwers Plc's Financial Statements Release 1 January-31 December 2025 (Unaudited)
Solwers Plc Company Release March 5, 2026, at 08:30 a.m. EET
Moderate Revenue Growth in 2025, Additional Focus on Profitability
This release is a summary of Solwers Plc's financial statement release for January-December 2025. The full financial statement release is attached to this release and is also published on the company's website at: Reports and presentations - Solwers Oyj
The figures for the financial year (1 January-31 December 2025) are unaudited (IFRS). The figures in brackets refer to the corresponding period in 2024 and are expressed in the same unit, except where otherwise noted.
July-December 2025 in brief
- Revenue declined -0.3% compared to same period previous year, amounting to EUR 38,249 thousand (38,371)
- EBITA was EUR 2,200 thousand (2,246)
- EBIT was EUR 507 thousand (785)
January-December 2025 in brief
- Revenue was EUR 80,567 thousand (78,280), growth of 2.9% vs previous year
- EBITA was EUR 4,027 thousand (5,505), 5.0% (7.0%) of revenue
- EBIT was EUR 687 (2,737) thousand, 0.9% (3.5%) of revenue
- Operating cash flow was EUR 3,482 thousand (4,337)
- Billing rate was 81.24% (79.9%)
- Earnings per share (EPS) was EUR -0.09 (0.11)
- Headcount at the end of the reporting period was 716 (724)
- Johan Ehrnrooth started as the group CEO on November 24
- The execution of the growth strategy continued with two acquisitions: the first acquisition in Poland and another acquisition in Sweden, both in December
- The Board of Directors proposes to the Annual General Meeting, planned for April 17, that no dividend shall be distributed for the financial year 2025
Key Figures
| Solwers Consolidated | ||||||
| EUR thousand | Q4/2025 | Q4/2024 | H2/2025 | H2/2024 | 2025 | 2024 |
| Revenue | 20,678 | 21,723 | 38,249 | 38,371 | 80,567 | 78,280 |
| Revenue growth, % | -4.8% | 14.2% | -0.3% | 17.0% | 2.9% | 18.6% |
| EBITDA | 1,402 | 1,249 | 2,818 | 2,726 | 5,102 | 6,478 |
| EBITDA-% | 6.8% | 5.7% | 7.4% | 7.1% | 6.3% | 8.3% |
| EBITA | 1,013 | 1,035 | 2,200 | 2,246 | 4,027 | 5,505 |
| EBITA-% | 4.9% | 4.8% | 5.8% | 5.9% | 5.0% | 7.0% |
| EBIT | 178 | 270 | 507 | 785 | 687 | 2,737 |
| EBIT-% | 0.9% | 1.2% | 1.3% | 2.0% | 0.9% | 3.5% |
| Headcount, average during period | 698 | 722 | 690 | 719 | 703 | 709 |
| Headcount, at the end of period | 716 | 724 | 716 | 724 | 716 | 724 |
| Equity Ratio, % | 42.2% | 43.4% | 42.2% | 43.4% | 42.2% | 43.4% |
| Net Profit | -369 | 454 | -914 | 1,205 | ||
| Net Profit-% | -1.0% | 1.2% | -1.1% | 1.5% | ||
| Earnings per Share (EPS) | -0.04 | 0.04 | -0.09 | 0.11 | ||
| Revenue per employee | 55 | 53 | 115 | 110 | ||
| Billing rate, % | 79.72% | 78.50% | 81.24% | 79.90% | ||
| Equity | 41,220 | 40,871 | 41,220 | 40,871 | ||
| Net debt | 27,053 | 16,173 | 27,053 | 16,173 | ||
| Net debt excluding Leasing Debt | 22,034 | 10,062 | 22,034 | 10,062 | ||
| Total Assets | 97,564 | 94,094 | 97,564 | 94,094 |
CEO Johan Ehrnrooth:
"The year 2025 was a year of both successes and significant challenges for Solwers. The market environment remained divided.
Our revenue increased by 2.9 per cent from the previous year and amounted to EUR 80.6 million. The growth was generated entirely through acquisitions. We faced significant challenges in profitability: EBITA was EUR 4.0 million which is EUR 1.5 million less than previous year. Although the order backlog has improved during the year and billing rate has remained at a reasonable level, there is still plenty of room for improvement. Price increases were not sufficient to fully offset the rise in costs, which put pressure on profitability.
Business Environment in Finland
In Finland, infrastructure-related services, including geotechnical investigations and related design, remained at a good level throughout the year. In particular, the significant orders received in the second half of the year indicate that activity in the sector will continue to grow in 2026.
Positive development was seen in our companies providing specialised services. Geounion (geotechnical services), Accado (financial consulting), Taitotekniikka (IoT solutions and site monitoring), Zenner (HVAC and acoustic measurements), and Polyplan (structural planning) all delivered strong performances during the year. Overall, demand for engineering services in Finland improved steadily throughout the year. The full-year performance in Finland was satisfactory given the difficult market conditions, although it is not at the level we are targeting on a longer term.
Competition for new orders remained intense, limiting opportunities for price increases, particularly in architectural design (DT+S and Lukkaroinen) as well as rock engineering and building services (Kalliotekniikka, PlanAir). In these companies, market pressures were directly reflected in profitability.
Business Environment in Sweden
Ongoing investments sustained operations, although the number of new projects in the market remains limited. Our experts in specialized technical design and infrastructure services performed rather well: Establish Schening and TCGN (logistics consulting), and Spectra Consult (planning and supervision) were among our steady performers. Licab's infrastructure business continued at a stable level, and demand in these segments remained good.
In contrast, our Swedish subsidiaries serving the industrial sector faced challenges. One of our largest companies, ELE (electrical and automation engineering), suffered from significant profitability issues. For example, a delay in one Swedish project required subcontracting, which eroded profitability in an already low-margin project. As corrective measures, we implemented, among other actions, a reorganization of management, intensified sales efforts, and relocated to more cost-efficient office premises. The year was also challenging for Relitor (plant engineering). After a major client changed direction, the company had to seek new clientele. Hence, billing rates in industrial projects remained below target. In these companies we expect the effects of our corrective measures to become visible during the first half of 2026.
Acquisitions and Subsidiary Mergers
At the end of 2025, we strengthened the Group's growth with two strategically significant acquisitions. We expanded our operations into Poland by acquiring the local financial management expert company Szwak i Spólka, which will support future acquisitions in the region and provide financial management expertise to future Group companies in Poland. In Sweden, we complemented our service offering by acquiring Odigo Consulting, which will be integrated into WiseGate Consulting. The company, located in southern Sweden, specializes in technical services for the manufacturing and process industries.
In addition, we completed two subsidiary mergers during the year, both of which clarify the service offering and improve operational efficiency.
Current Projects
Our Finnish companies are involved in, among other things, the renewal of municipal service networks, port and logistics solutions, and energy construction projects. One of the most significant projects won during the year was the VT12 Jokue-Tillola road project, the largest road project in Finnmap Infra's history. Moderate recovery is also visible in hotel construction and renovation projects, where our architectural and building services engineering companies have received new offer requests as well as assignments.
In Sweden, the project pipeline developed positively particularly in the areas of power transmission and energy infrastructure. Licab continued in a key role in the North Botnia Line railway project, one of the country's most significant infrastructure projects.
Among the interesting development projects at the turn of the year was Zenner's new testing laboratory, which strengthens the Group's position as an expert in laboratory solutions, testing systems, and high-demand process design. Interest and demand from customers have been promising.
Growth Drivers and Strengthening Profitability in 2026
As we enter 2026, we are focusing on two clear priorities: strengthening organic growth and improving profitability.
I assumed the role of Group CEO in November and have since visited all our companies in person. During 2025, approximately half of our Swedish companies received new leaders with a clear mandate to drive performance improvements. We have strengthened cross-selling by appointing sales and marketing leads in both Finland and Sweden. Capacity has been adjusted in both countries to reflect market conditions. Together, these actions provide a solid and controlled foundation for the new year, and we expect an improvement in profitability to materialise during 2026.
The cost-cutting measures initiated in H1 2025 are only partly reflected in the full-year figures. Fixed costs have decreased by EUR 0.3 million year-on-year. The cost-cutting measures are continuing. Also, the acquisitions completed toward the end of the year, together with the increased order backlog, support improved performance in 2026. Leadership appointments in subsidiaries and an improvement in employee net promoter score (eNPS*) by five points to +30 indicate a positive development trajectory for the organization.
Although the year has kicked off under challenging conditions, growth in 2026 is expected particularly in infrastructure and specialized engineering services, as well as in technical services for the built environment. We will continue acquisitions at a moderate pace, with particular interest in expanding the Polish market.
In underperforming units, especially in Swedish companies serving the industrial sector, we continue measures to support the management in turnaround efforts with active sales and marketing, improving cost-efficiency and reviewing pricing to ensure sustainable improvement in profitability."
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Johan Ehrnrooth, CEO, Solwers Plc
*The Employee Net Promoter Score (eNPS) indicates how willing employees are to recommend the company as a workplace to friends or colleagues. eNPS ranges from -100 to 100, where a score below 0 indicates room for improvement, 0-20 is good, 20-50 is very good, and above 50 is excellent. Source: eletive.com.
Market outlook
In Finland, the bottom of the design and consulting sector has most likely been reached, and a modest recovery is continuing - although cautiously and slowly. The infrastructure market remains strong. Construction remains a lagging sector, and overall economic growth is expected to remain restrained in 2026, which will limit the launch of new investment projects. A stronger recovery in the sector is expected only in 2027. As competition increasingly focuses on smaller projects, raising prices remains challenging.
In Sweden's industrial sector, market conditions remain reasonable, but competition for new projects continues to be intense. The defense industry, infrastructure sector, and energy infrastructure are supporting the market. There are no significant signs of recovery in the housing and commercial construction, and price competition remains tight.
The shortage of skilled professionals persists in both Finland and Sweden in certain specialized areas, such as energy infrastructure and geotechnical design. On the other hand, the low economic cycle has eased recruitment pressure.
Poland is increasingly acting as a logistical hub between Europe and Asia. This position particularly benefits infrastructure, logistics, and design projects in the coming years. The country is currently investing in high-speed rail connections, new motorways and express road networks, as well as transport infrastructure linking cities. However, activity in the industrial sector is declining, yet at a slower pace, and Germany's weakness is holding back projects in the export-driven industrial cluster. Poland offers an attractive foundation for long-term expansion, in line with the company's strategic objectives.
[Sources: SKOL Suhdannekatsaus 01/2026, Trading Economics: Sweden Manufacturing PMI, Trading Economics: Poland Manufacturing PMI]
Solwers' Outlook for 2026
The company expects EBITA to improve compared to the previous year.
The year has started under challenging conditions for Solwers. Performance is expected to improve as the year progresses.
Strategy and Mid-term targets
Solwers' vision is to be the preferred partner for its customers in visionary and sustainable design and engineering. The Company's goal is to continue to grow and expand in at least three countries.
The growth strategy is based on acquisitions, organic growth, and the attractiveness as a good employer for professionals in various fields as well as continuous development and competence. The Company aims to balance its sources of revenue so that a significant part of its revenue comes from public and infrastructure projects.
The Company has the following mid-term financial targets:
- Growth: Revenue growth over 20% (12 months)
- Profitability: EBITA margin over 12%
- Equity ratio: Over 40%
Financial reporting
The Annual Report 2025, Financial Statements and the Report of the Board of Directors for 2025 will be published as a company release on March 23, 2026 and will be available digitally on the company website at https://solwers.com/for-investors/reports-and-presentations/.
The Annual General Meeting is planned to take place on April 17, 2026. The official notice of the AGM will be presented later.
The Company publishes two business reviews and a half-year report in 2026:
- 21.5.2026 Q1 Business Review January-March
- 25.8.2026 Half-year Report for January-June
- 12.11.2026 Q3 Business Review January-September
Q1 and Q3 business reviews are not interim reports in accordance with IAS 34.
Results webcast
The Company will hold a briefing in English for investors, media, and analysts on March 5, 2026, at 12:00 pm EET.
The webcast can be followed at https://solwers.events.inderes.com/q4-2025.
Audience may submit questions through the webcast chat.
A recording of the webcast and the presentation materials will be subsequently available at https://solwers.com/for-investors/reports-and-presentations/.
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Espoo, March 5, 2026
Board of Directors
Solwers Plc
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Certified Advisor: UB Corporate Finance Oy, ubcf@unitedbankers.fi
Enquiries: Jasmine Jussila, Chief Communications Officer, tel. +358 40 500 4760, jasmine.jussila@solwers.com
Solwers Plc in brief:
Solwers is a group of consultancy companies that offer architectural design, technical and other consulting as well as project management services locally, close to clients. Solwers' strategy is based on acquisitions and organic growth, the group's attractiveness as a good employer for professionals in different fields and the continuous development of expertise. 29 operative Solwers companies employ around 700 experts in Finland, Sweden and Poland. | www.solwers.com
