Solwers Plc's Half-Year Report 1 January- 30 June 2026 (Unaudited)
Solwers Plc, Company Release August 25, 2026, at 9:05 a.m. EEST
Profitability below the comparison period, focus on improving the financial performance
This release is a summary of Solwers Plc's Half-Year Financial Report January-June 2026. The full financial statements bulletin is attached to this company release and available on the company's website at https://solwers.com/for-investors/reports-and-presentations/.
The figures for the first half of the year, January 1–June 30, 2026, are unaudited and prepared in accordance with IFRS. Unless otherwise stated, figures in brackets refer to the corresponding period in 2025 and are presented in the same unit.
April-June 2026 in brief
- Revenue declined by -5.1% compared to same periodin the previous year, amounting to EUR 20,795 thousand (21,908)
- Operating profit before amortization of intangible assets (EBITA) was EUR 29 thousand (235)
- Adjusted EBITA was EUR 99 thousand (717)
- Operating profit (EBIT) was EUR -82 thousand (121)
- Return on Capital Employed (ROCE) was 2.4% (7.7%)
January-June 2026 in brief
- Revenue was EUR 41,803 thousand (42,319), declining by -1.2% from the previous year
- Revenue was EUR 41,803 thousand (42,319), declining by -1.2% from the previous year
- Operating profit before amortization of intangible assets (EBITA) was EUR 286 thousand (400), 0.7% (0.9%) of revenue
- Adjusted EBITA was EUR 365 thousand (1,151)
- Operating profit (EBIT) was EUR 64 (173) thousand, 0.2% (0.4%) of revenue
- Operating cash flow was EUR 1,151 thousand (524)
- Billing rate was 79.8% (82.6%)
- Return on Capital Employed (ROCE) was 2.4% (7.7%)
- Earnings per share (EPS) was EUR -0.11 (-0.06)
- Headcount at the end of the reporting period was 705 (703)
- The company strengthened its ownership by redeeming the non-controlling interest in Contria Oy
- The Annual General Meeting resolved to transfer the profit for the financial year 2025 to retained earnings and that no dividend shall be distributed (EUR 0.024).
Key Figures
| Solwers Consolidated | |||||
| EUR thousand | Q2/2026 | Q2/2025 | H1/2026 | H1/2025 | 2025 |
| Revenue | 20,795 | 21,908 | 41,803 | 42,319 | 80,567 |
| Revenue growth, % | -5.1% | 5.9% | -1.2% | 6.0% | 2.9% |
| EBITDA | 953 | 1,170 | 2,084 | 2,277 | 5,102 |
| EBITDA-% | 4.6% | 5.3% | 5.0% | 5.4% | 6.3% |
| EBITA | 29 | 235 | 286 | 400 | 1,144 |
| EBITA-% | 0.1% | 1.1% | 0.7% | 0.9% | 1.4% |
| Adjusted EBITA | 99 | 717 | 365 | 1,151 | 1,971 |
| Adjusted EBITA-% | 0.5% | 3.3% | 0.9% | 2.7% | 2.4% |
| EBIT | -82 | 121 | 64 | 173 | 687 |
| EBIT-% | -0.4% | 0.6% | 0.2% | 0.4% | 0.9% |
| Headcount, average during period | 707 | 707 | 711 | 714 | 703 |
| Headcount, at the end of period | 705 | 703 | 705 | 703 | 716 |
| Equity Ratio, % | 41.1% | 42.3 % | 41.1% | 42.3% | 42.2 % |
| ROCE | 2.4% | 7.7% | 2.4% | 7.7% | 2.8% |
| Net Profit | -1,111 | -559 | -914 | ||
| Net Profit-% | -2.7% | -1.3% | -1.1% | ||
| Earnings per Share (EPS) | -0.11 | -0.06 | -0.09 | ||
| Revenue per employee | 59 | 59 | 115 | ||
| Billing rate, % | 79.80% | 82.60% | 81.24% | ||
| Equity | 39,269 | 40,700 | 41,220 | ||
| Net debt | 28,153 | 25,099 | 27,053 | ||
| Net debt excluding Leasing Debt | 22,612 | 19,828 | 22,034 | ||
| Total Assets | 95,647 | 96,274 | 97,564 |
CEO review
“The first half of 2026 was not satisfactory for Solwers: EBITA profitability was 0.7 per cent (0.9). This is a clear signal to us that we must strengthen our financial performance and adjust our cost structure to the current market environment.
The billing rate declined to 79.8 per cent from 82.6 per cent in the comparison period. Although the number of personnel was close to the level of the comparison period, averaging 711 (714), the number of billable hours was around two per cent lower. At the same time, personnel expenses increased by around two per cent. Together, these factors had a clear negative impact on profitability.
The impact of the Group-wide savings measures initiated earlier is reflected most clearly in other fixed costs. Excluding the impact of new companies and changes in contingent consideration liabilities, other fixed costs were approximately EUR 0.7 million lower than in the comparison period. Going forward, the focus will be primarily on subsidiary-specific measures aimed at improving profitability and adjusting the cost structure in line with each company’s situation.
The operational development of the Group companies remained twofold during the review period. Several of our companies performed well relative to the market situation, but in a few companies, particularly in Sweden, the first half of the year was loss-making. In these companies, we have launched savings and efficiency measures to strengthen performance. The measures mainly consist of personnel reductions and office space savings. The savings will take effect gradually, and we estimate that their full impact will be visible during Q4.
At the same time, the specialist design companies and companies focused on financial administration services continued to perform well. This highlights the strength of our Group’s service portfolio: while some of our companies are facing challenges, we also have businesses where demand is more stable and profitability remains at a good level.
To strengthen the financial position, the company has agreed with its principal financing bank on a temporary amendment concerning the net debt-to-EBITDA covenant included in the financing agreement. The amendment is effective until 30 June 2027.
Business in Finland remained at a reasonable level
In Finland, business developed reasonably well overall. The infrastructure design market remained positive, although price competition continued to be intense.
Finnmap Infra continued its steady performance. At the beginning of the year, a new project began related to the design of underground infrastructure in central Tampere (P-Hämppi), which will continue into the 2030s. In June, Finnmap Infra signed an agreement for the general planning of the Itärata Porvoo–Koria rail connection, which will continue until 2028. Geounion, which provides geotechnical services, also benefited from the favourable market situation.
In structural design, we were able to maintain a satisfactory performance level, and Pontek’s development in the first half of the year was encouraging. Example projects include the structural design for the railway renovations in Helsinki area, which will continue well into the autumn.
In architectural design, the market remained challenging, and we have continued to adjust capacity to match demand. However, the number of requests for proposals has picked up during the summer, also in architectural design.
The business in Sweden remained challenging
In Sweden, the challenges have been concentrated particularly in our companies serving industrial clients, such as ELE Engineering (electrical and automation engineering), WiseGate Consulting (energy and process industry consultancy) and Relitor (plant engineering), where uneven demand, price pressure and an excessively low billing rate have weakened profitability.
Despite the challenging market situation, our Swedish companies’ ongoing customer assignments demonstrate demand for our expertise in selected areas. WiseGate Consulting has supported several Swedish energy companies in early-stage BioCCUS development, including by preparing feasibility studies and providing strategic advice on carbon capture solutions. These assignments continue in 2026. Licab is involved in the planning of the Norrbotniabanan northern coastal railway in multidisciplinary expert assignments. The project provides work for Licab’s infrastructure and project management specialists for years to come.
Demand in architectural design remained subdued.
We have reviewed the necessary company-specific measures, closed smaller unprofitable offices, clarified roles and monitored the development of employee satisfaction. We are focusing on strengthening sales and adjusting the cost level in those units where the market does not yet support the targeted level of profitability.
Focus in the second half of the year on strengthening financial performance
We continued to develop competence through, among other things, AI training in Finland and project manager training in Sweden. To support the long-term commitment of key personnel, we launched two new share-based incentive plans. In addition, we developed our financial reporting by aligning the EBITA calculation method with market practice and introducing new alternative performance measures, adjusted EBITA and ROCE. We also strengthened the transparency of investor communications with new tools on our investor website.
No acquisitions were carried out during the review period. Our focus at this stage is clearly on improving operational efficiency and strengthening our financial position.
In the second half of the year, we will focus on the factors we can influence ourselves: increasing the billing rate, strengthening sales, managing the cost structure and right-sizing resources.
The Group has extensive expertise and well-performing companies on which we can build our future development. The order backlog has also developed positively, supporting our work in the second half of the year. Overall, however, the outlook remains mixed, and at this stage we are not issuing an outlook for the second half of 2026. We aim to gradually restore profitability to a level that corresponds to Solwers’ mid-term targets.”
- Johan Ehrnrooth, CEO, Solwers Plc
Market outlook
In Finland, the market for infrastructure-related services is expected to remain strong, supported by already secured assignments and national plans to improve transport infrastructure. Demand for railway-related engineering services is supported by rail investments, while demand for road-related services is driven by rehabilitation and improvement projects. After a prolonged downturn in construction, activity is expected to improve gradually, although housing construction remains below historical levels and the recovery has been slower than anticipated. Demand for design and consulting services related to public investments is expected to support market activity, while a gradual recovery is anticipated in commercial and institutional projects. Residential building engineering, particularly in new residential projects, is expected to remain weak. Demand for architectural services in residential projects is expected to remain subdued, while opportunities are seen in commercial, public-sector and renovation projects.
In Sweden, demand for engineering services serving industrial clients is expected to improve gradually and is expected to follow the broader industrial recovery with a delay. Green transition investments continue to support demand in areas such as electrification, renewable energy and energy infrastructure. Defence-related demand also supports activity in certain industrial segments. Architectural services are expected to remain affected by weak construction activity. New residential construction remains slow, although slight positive signs are visible in commercial real estate. Demand for infrastructure-related services is expected to remain strong, supported by continued high activity in infrastructure investments and transport upgrades.
In Poland, the outlook for accounting services is favourable, supported by regulatory changes, including the mandatory national e-invoicing system, as well as the continued growth of Poland’s business services sector. Demand is shifting from traditional bookkeeping to higher-value consulting services.
The market outlook is based on Solwers’ management assessment, order backlog, customer activity and publicly available market information.
Solwers’ Outlook for 2026
Solwers does not provide an outlook for 2026 for the time being.
The market situation in the company’s operating sectors remains mixed. Most of the portfolio companies deliver stable results and order stock development is encouraging. Yet, the visibility into profitability development for the rest of the year is limited, particularly in the Swedish companies serving industrial engineering clients. The effects of the subsidiary-specific efficiency measures already initiated are expected to materialise gradually and on a full scale during the fourth quarter.
__
Espoo, August 25, 2026
Board of Directors
Solwers Plc
Certified Advisor: UB Corporate Finance Oy, ubcf@unitedbankers.fi
__
Results webcast on August 25, 2026 at 10:30 a.m. EEST
The Company will hold a briefing in English for investors, media, and analysts on August 25, 2026, at 10:30 a.m. EEST.
The results webcast can be followed at https://solwers.events.inderes.com/2026-08-25-halfyearreport. The 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/.
__
Enquiries: Jasmine Jussila, Chief Communications Officer, Solwers Plc, jasmine.jussila@solwers.com, p. +358 40 500 4760
Distribution:
- Nasdaq Helsinki
- Key media
- www.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. The Solwers Group comprises 29 companies that operate under their own brands and employ more than 700 experts in Finland, Sweden and Poland. | solwers.com