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.

Mid-term financial targets:

• Revenue growth >20% (12 months)
• EBITA > 9%
• 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

Solwers does not provide an outlook for 2026 for the time being.

The market situation in the company’s operating sectors remains mixed. Most of the portfolio companies deliver stable results and order stock development is encouraging. Yet, the visibility into profitability development for the rest of the year is limited, particularly in the Swedish companies serving industrial engineering clients. The effects of the subsidiary-specific efficiency measures already initiated are expected to materialise gradually and on a full scale during the fourth quarter.

Market Outlook

The market outlook is based on Solwers’ management assessment, order backlog, customer activity and publicly available market information.

In Finland, the market for infrastructure-related services is expected to remain strong, supported by already secured assignments and national plans to improve transport infrastructure. Demand for railway-related engineering services is supported by rail investments, while demand for road-related services is driven by rehabilitation and improvement projects. After a prolonged downturn in construction, activity is expected to improve gradually, although housing construction remains below historical levels and the recovery has been slower than anticipated. Demand for design and consulting services related to public investments is expected to support market activity, while a gradual recovery is anticipated in commercial and institutional projects. Residential building engineering, particularly in new residential projects, is expected to remain weak. Demand for architectural services in residential projects is expected to remain subdued, while opportunities are seen in commercial, public-sector and renovation projects.

In Sweden, demand for engineering services serving industrial clients is expected to improve gradually and is expected to follow the broader industrial recovery with a delay. Green transition investments continue to support demand in areas such as electrification, renewable energy and energy infrastructure. Defence-related demand also supports activity in certain industrial segments. Architectural services are expected to remain affected by weak construction activity. New residential construction remains slow, although slight positive signs are visible in commercial real estate. Demand for infrastructure-related services is expected to remain strong, supported by continued high activity in investments and transport upgrades. infrastructure investments and transport upgrades.

In Poland, the outlook for accounting services is favourable, supported by regulatory changes, including the mandatory national e-invoicing system, as well as the continued growth of Poland’s business services sector. Demand is shifting from traditional bookkeeping to higher value consulting services.