Translation: Original published in Finnish on 6/29/2026 at 7:30 am EEST.

Solwers announced on Friday that it has agreed with its principal bank on a waiver for the review of the financing covenant at the end of June. The temporary waiver removes the most acute financing risk from the company but does not solve the challenges posed by the balance sheet and weak profitability.

Expected waiver buys the company more time

As a result of negotiations between Solwers and its principal bank, the bank has waived the net debt/EBITDA covenant included in the financing agreement for the June 30, 2026 testing date. The company had previously warned of the risk of breaching the covenant, and obtaining a waiver was, in our assessment, the most likely outcome. However, the waiver now received does not change the key financial terms of the financing agreement, which we consider positive. Previously, we estimated that negotiating a new waiver would also increase the company's financing costs.

Although the acute financing risk has now been eliminated in the short term, the company's balance sheet position remains challenging. If the turnaround is not achieved in the coming quarters, we cannot rule out more drastic balance sheet strengthening measures in the longer term, such as a share issue, which would dilute ownership unfavorably.