Solwers Plc reported a 1.2% year-over-year decline in first-half 2026 revenue to €41.8 million, reflecting weaker performance in Finland and Sweden despite a 2.9% increase in first-quarter sales. Second-quarter revenue fell 5.1% to €20.8 million, extending the group’s margin pressure as operating costs climbed.
The Helsinki-based engineering consultancy recorded an EBITA margin of 0.7% in the six-month period, down from 0.9% a year earlier, with adjusted EBITA falling 68.3% to €0.4 million. EBITDA decreased 8.7% to €2.1 million, while return on capital employed declined to 2.4% from 7.7% in the prior year. Earnings per share worsened to a loss of €0.11, compared with a loss of €0.06 in H1 2025.
Solwers attributed the softness to project delays and elevated personnel expenses, which rose approximately 2% year-over-year. Billing rates declined to 79.8% from 82.6%, while the average headcount remained stable at 711 employees across 29 subsidiaries. Fixed costs were reduced by about €0.7 million in 2025, though net debt increased to €28.2 million from €25.1 million.
The company secured a covenant waiver from its principal bank on June 30, 2026, with amended financing terms now running through June 30, 2027. Solwers aims to reduce its net debt-to-EBITDA ratio to 3.5x by mid-2027, while maintaining an equity ratio above 40%, which stood at 41.1% at the end of June.
Management described the first quarter as in line with expectations but noted the second quarter underperformed. The group’s mid-term targets include revenue growth exceeding 20% on a 12-month basis and an EBITA margin above 9%.
