Solwers Plc reported a decline in profitability for the first half of 2026, with its EBITA margin contracting to 0.7% from 0.9% a year earlier. The Nordic consulting group, operating 29 subsidiaries across Finland, Sweden, and Poland, posted H1 revenue of EUR 41.8 million, a 1.2% year-over-year decrease.
EBITA fell 29.6% to EUR 0.3 million, while adjusted EBITA dropped 68.3% to EUR 0.4 million, reflecting a 0.9% margin. EBITDA declined 8.7% to EUR 2.1 million, and return on capital employed (ROCE) fell to 2.4% from 7.7% in the prior-year period. Personnel expenses rose approximately 2%, and the equity ratio decreased to 41.1% from 42.3%. Net debt increased to EUR 28.2 million, up from EUR 25.1 million.
Revenue performance varied by region. Finland contributed EUR 22.1 million, down from EUR 22.6 million, with key entities including Geounion, Finnmap Infra, and Pontek. Sweden generated EUR 18.9 million, a decline from EUR 19.7 million, with noted weakness in industrial-focused units such as ELE Engineering, WiseGate Consulting, and Relitor. Poland accounted for EUR 0.8 million in revenue, supported by expansion in accounting services through Advisors.
Quarterly figures showed mixed trends, with Q1 revenue rising 2.9% to EUR 21.0 million, followed by a 5.1% decline in Q2 to EUR 20.8 million. Earnings per share worsened to negative EUR 0.11 from negative EUR 0.06 in the prior year. Billing rates fell to 79.8% from 82.6%.
Management described Q1 performance as expected but characterized Q2 as a disappointment. The company has implemented a 2025 cost-reduction program, cutting fixed costs by approximately EUR 0.7 million. Solwers secured a covenant waiver from its principal bank on June 30, 2026, with amended financing terms in place through June 30, 2027, targeting a Net Debt/EBITDA ratio of 3.5x.
Long-term projects continue to underpin operations, including Finnmap Infra’s involvement in Tampere’s underground infrastructure design and the East Railway Porvoo-Koria planning assignment, both extending into the 2030s. Licab is deploying around 20 experts on the North Bothnia Line, a 270-kilometer coastal railway project also running into the 2030s. Additional initiatives include swimming hall projects across Finland involving DT+S Architects, Zenner Engineering, and Plan-Air.
Solwers maintains mid-term financial targets, including revenue growth exceeding 20% on a 12-month basis, an EBITA margin above 9%, and an equity ratio above 40%.
