Solwers posted H1 revenue of EUR 39.9m, 2% above our expectations while profitability was lower due to e.g. preparation costs related to a possible transfer to the main list of Nasdaq Helsinki. H1 growth was 20% driven by acquisitions conducted in 2023 and early H1 in particular. H1 EBIT of EUR 2.0m declined by 21% y/y and the EBIT margin declined to 4.9% from 7.5% in H1 2023. Operating cash flow improved to EUR 1.1m from EUR 1.0m a year ago, The billing rate was largely unchanged at 82%. EPS was EUR 0.07 per share, down from EUR 0.15 y/y. The headcount at the end of H1 was 690. In the CEO comment it is mentioned that the overall market uncertainty has persisted. The company now expects moderate improvement in the business climate towards the end of the year and the outlook for 2024 remains unchanged. The company does not provide a financial guidance for 2024. We expect a neutral to slightly negative share price reaction.