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Third party research

Solwers: Market conditions remain soft in early 2026 - Nordea

Solwers

This is a third party research report and does not necessarily reflect our views or values

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Solwers' Q4 sales were weak, 11% below our expectation, and EBITA of EUR 1.0m was 32% below our estimate, a clear turn for the worse from Q3, as there were signs of stabilisation. So far, the company has realised EUR 0.3m of its cost-efficiency programme, targeting EUR 1m in savings compared to the 2024 cost level. However, at the EBIT level, the results missed our EUR 1.0m estimate by 83%, coming in at EUR 0.2m, which was a clear disappointment. The company also states that 2026 has started under challenging conditions. Following the Q4 report, we trim our top-line estimates by 3-4% for 2026-28 and cut EBIT by 8-13%. We derive a lower DCF- and peer-based fair value range of EUR 2.5-3.0 (2.8-3.3), including EUR 0.4 per share for the present value of unannounced acquisitions.
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