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Solteq - Tough quarter

Solteq’s Q2 results were quite weak and both revenue and profitability fell below our estimates. Revenue was at EUR 14.3m (Evli EUR 16.0m) and adj. EBIT at EUR -1.9m (Evli EUR -0.3m).
  • Net sales in Q2 were EUR 14.3m (EUR 17.9m in Q2/22), below our estimates (Evli EUR 16.0m). Revenue declined 20.4% y/y in Q2. The comparable revenue amounted to EUR 13.6m (EUR 14.8m), down by 8.2% y/y.
  • The operating profit and adj. operating profit in Q2 amounted to EUR 6.3m and -1.9m respectively (EUR 0.4m/1.3m in Q2/22), below our estimates (Evli EUR 7.8m/-0.3m). EBIT includes proceeds from the sale of the Group’s ERP business based on Microsoft BC and LS Retail Solutions.
  • According to Solteq, the second quarter performance was weak, mainly due to a weaker demand in the Retail & Commere segment. In Utilities, profitability suffered from a heavy cost structure. 
  • Retail and commerce: revenue in Q2 amounted to EUR 10.8m (Q2/22: EUR 14.3m) vs. Evli EUR 12.1m. Revenue declined by 24.3% driven by lower demand and the divestment. The adj. EBIT was EUR -0.3m (Q2/22: EUR 0.8m) vs. Evli EUR 0.5m. 
  • Utilities: Revenue in Q2 amounted to EUR 3.4m (Q2/22: EUR 3.6m) vs. Evli EUR 3.9m. The adj. EBIT was EUR -1.5m (Q2/22: EUR -0.7m) vs. Evli EUR -0.8m. 
  • Guidance for 2023 (published 3.5.2023): group revenue is expected to be EUR 60-62m and the operating result slightly negative (excl. divestment profit recognition). 
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