Solwers as an investment

Our business 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.

We have 29 group companies, over 700 employees and 30 locations across Finland, Sweden and Poland. The companies specialize in: 

• Project management
• Architectural design
• Infra and structural design
• Plant engineering
• Transmission and distribution (T&D), electrical and automation engineering
• HVAC and acoustic design
• Environmental services and analyses
• Management consulting in logistics and rail transportation
• Financial management services

Our client base is extensive and we have over 4,000 active projects in a year. Around 50 per cent of our projects are small, less than EUR 10,000 of sales value. The client base includes both public organizations and private companies or operators, such as construction and real estate companies.

New acquisitions increase the customer interface of our entire group. We want to be our clients’ preferred partner in visionary and sustainable design and engineering. Our versatile group expertise enables innovative and wide-ranging solutions for our customers.

Strategy 

Solwers’ vision is to be the preferred partner in visionary and sustainable design and engineering. The company’s goal is to continue growth and expansion also geographically. 

Solwers’ growth strategy is based on

• acquisitions
• organic growth
• the group’s attractiveness as a good employer for professionals in various fields and to the continuous development of competence

The company’s goal is to balance its sources of income so that around half of the turnover comes from public and infrastructure projects and the rest from other services.

Strategic acquisitions

We are in constant dialogue with potential acquisition targets in the field of architecture, design, project management and digital services. Each acquisition provides us with strategically new expertise, expands our offer, increases our customer base and opens new customers. As a rule, our acquisition targets operate in sectors with low cyclical sensitivity. The purchased companies are well-known and reputable operators with strong expertise in their respective fields. The companies are profitable and their EBIT margin is generally over 10 percent.

Support for organic growth

In terms of organic growth, urbanization as a megatrend increases the above-ground and underground construction of infrastructure. The emphasis on responsibility in our operations, new circular economy projects and the EU’s stricter energy efficiency regulations support the growth of our business. In addition, society’s repair debt opens up new business opportunities, the implementation of which is well suited to our strategy and business model based on cost efficiency.

We are a committed owner and we want to enable our companies to develop into leading experts in their field. By supporting the development of our companies’ operations, we also provide a basis for continuous organic growth.

Our goal is to develop and maintain different cultures that make our employees enjoy their work, promote innovation and creativity, and allow personnel to learn and develop their skills with experts in their field in work communities of a manageable size. We develop expertise through joint digital services and circular economy projects, among other things.

The group’s joint financial management services and systems enable Solwers companies to focus on their core competence and customer work.

Competent personnel are the key of high-quality operations

Our personnel is our strategic asset. Our aim is to employ skilled and passionate experts and let them focus on what they do best. Our goal is to maintain and develop a company culture that attracts different experts to the field and motivates and inspires them. Our employees enjoy their work and we offer them the opportunity to develop their own special skills in work communities of a manageable size. Our underlying corporate structure also offers a path for career development.

On the other hand, our companies are responsible for achieving the goals set together.

Business model

Key pillars of Solwers’ concept: 

• LIGHT INTEGRATION – Subsidiaries have individual brands and identities, organisation and admin remain the same
• COLLABORATION – Synergies from broader service portfolio, common projects, sales and marketing
• GROWTH PLATFORM – Solwers acts as a growth platform for the companies it owns

In our operating model, our companies continue to operate in our group under their own name, while maintaining their identity. Integration costs remain low, as we do not fully integrate the companies’ business processes into Solwers, but only to the extent deemed necessary in terms of financial management and ICT systems.

We offer our companies support services and synergy benefits, as well as the opportunity to operate quite independently, agilely and efficiently in their own manageable size unit. Our companies retain the freedom to make decisions and operate close to their customers.

Solwers’ strengths

• strong cash flow, stable capital structure, funds from the planned share issue and existing financing arrangements
• each acquisition expands the customer base and opens new channels for the sale of other companies’ services

Megatrends support our growth

Urbanization

Migration to cities and population growth in urban areas create investment needs in both new and existing environments. Demand is particularly increasing in areas such as street, municipal, road, rail, and bridge planning. Current trends, such as the shift to rail transportation and the growth of pedestrian and cycling paths, are increasing the need for tunnel and other infrastructure planning. There is also an increasing desire to move power plants and water treatment facilities underground, which increases the need for specialized planning.

Maintenance Backlog

The aging building and infrastructure stock in Finland and Sweden (roads, railways, bridges, and tunnels) are expected to increase the need for maintenance, repair services, and new construction. [1] Solwers’ management believes that the maintenance backlog and stimulus funding maintain a steady project pipeline in the infrastructure and public sector in Finland, and the trend is similar in Sweden.

Additionally, the increased demand for battery and biofuel production, as well as the construction of data centers, have led to investments that affect the demand for Solwers’ services outside of growth centers. Currently, the next five years in Northern Sweden look promising in terms of technical consulting and project management. Our local Solwers subsidiary can expand its service offering with the help of other Solwers companies. [2]

Climate Change

The climate emergency creates a significant need for more efficient energy solutions in the built environment. Reusing existing building stock through repairs and improving energy efficiency is the only way to achieve climate goals within a reasonable timeframe. This creates markets for Solwers companies and the Solwers circular neighbourhood concept. [3]

Energy Efficiency

The environmental impact and energy efficiency of buildings and structures must be evaluated throughout their lifecycle. The most crucial factors for energy efficiency are often decided during the design phase of buildings, as changing them later is often difficult and costly. Urban planning and transportation design have a significant impact on energy efficiency and emissions. A functional infrastructure and smooth transportation system improve energy efficiency. [4]

Energy efficiency is part of all our new projects. We have acquired an engineering firm specializing in energy efficiency within our group, whose expertise can also be utilized in the design activities of other Solwers companies.

Circular Economy

The circular economy has created opportunities for the real estate and construction sectors to combat climate change and prevent biodiversity loss. The key example of this is the reuse and recycling of building materials and components, which save natural resources and reduce emissions and waste generated in manufacturing processes.

Solwers has several plans related to the circular economy. Our circular economy projects aim to serve as examples and demonstrate how we can help cities achieve their environmental goals. The idea behind our circular economy projects is to significantly reduce carbon dioxide emissions by recycling existing building components and utilizing existing structures.

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[1] According to the company’s management perspective.

[2] According to the company’s management perspective.

[3] According to the company’s management perspective.

[4] Construction Industry: The built environment determines energy efficiency.

Key Figures Financial Year 2025

Calculation formulas for key figures 

Revenue per person = Revenue/average total number of employees

Growth = Revenue growth for the most recently concluded reporting period compared to revenue for the corresponding period in the previous year

Invoicing rate = Sum of the Solwers companies’ sales margins / (company1 sales margin/company1 invoicing rate) + (company2 sales margin/company2 invoicing rate) + … + (company sales margin/company invoicing rate)

where n = the number of Solwers companies for which the invoicing rate is an applicable performance indicator

EBITDA = EBIT + depreciation, amortization and impairment of tangible and intangible assets

EBITDA % = (EBIT + depreciation, amortization and impairment of tangible and intangible assets) / revenue x 100

EBITA = EBIT excluding depreciation, amortization and impairment of intangible assets and leased premises = EBIT + amortization of intangible assets and leased premises + impairment

EBITA % = EBIT % (Operating profit + amortization of intangible assets and leased premises depreciation of intangible assets + impairment) / revenue x 100

EBIT =Operating profit

EBIT % = EBIT / revenue x 100

Net profit = Profit/loss for the financial period

Net profit % = (Profit/loss for the financial period) / revenue x 100

EPS =Earnings per share = Share of the net profit for the period attributable to the owners of the parent company / average number of outstanding shares during the period

Adjusted equity = Equity + non-controlling interest + capital loans

Net debt = Interest-bearing liabilities + lease liabilities + other liabilities comparable to interest-bearing liabilities – cash and cash equivalents

Equity ratio = (Equity + non-controlling interest) / balance sheet total

Adjusted equity ratio = (Equity + non-controlling interest + capital loans) / balance sheet total

Mid-term financial targets:

• Revenue growth >20% (12 months)
• EBITA >12%
• Equity ratio > 40%

The disclosed financial targets are only targets and not forecasts or estimates of future financial performance, and should not be construed as such.

Dividend policy

Solwers’ dividend policy is to distribute a dividend of 20–40 percent of the profit for the financial year.

Outlook for 2026

The company expects EBITA to improve compared to the previous year.

The year has started under challenging conditions for Solwers. Performance is expected to improve as the year progresses.

Market outlook

In Finland, the bottom of the design and consulting sector has most likely been reached, and a modest recovery is continuing – although cautiously and slowly. The infrastructure market remains strong. Construction remains a lagging sector, and overall economic growth is expected to remain restrained in 2026, which will limit the launch of new investment projects. A stronger recovery in the sector is expected only in 2027. As competition increasingly focuses on smaller projects, raising prices remains challenging.

In Sweden’s industrial sector, market conditions remain reasonable, but competition for new projects continues to be intense. The defense industry, infrastructure sector, and energy infrastructure are supporting the market. There are no significant signs of recovery in the housing and commercial construction, and price competition remains tight.

The shortage of skilled professionals persists in both Finland and Sweden in certain specialized areas, such as energy infrastructure and geotechnical design. On the other hand, the low economic cycle has eased recruitment pressure.

Poland is increasingly acting as a logistical hub between Europe and Asia. This position particularly benefits infrastructure, logistics, and design projects in the coming years. The country is currently investing in high-speed rail connections, new motorways and express road networks, as well as transport infrastructure linking cities. However, activity in the industrial sector is declining, yet at a slower pace, and Germany’s weakness is holding back projects in the export-driven industrial cluster. Poland offers an attractive foundation for long-term expansion, in line with the company’s strategic objectives.

[Sources: SKOL Suhdannekatsaus 01/2026, Trading Economics: Sweden Manufacturing PMI, Trading Economics: Poland Manufacturing PMI]