23 February 2023



▪ Adjusted* total revenue in the group amounted to SEK 755.2 (238.2) million, an increase of 217%.

▪ Organic growth in the quarter amounted to 81% and was driven by a high demand for solar energy solutions.

▪ Adjusted EBITDA* amounted to SEK 47.4 (-25.8) million.

▪ Adjusted EBIT* amounted to SEK 18.2 (-64.3) million.

The Group's revenue in the quarter amounted to SEK 804.6 (565.8) million, an increase of 42%. The group's earnings before depreciation (EBITDA) amounted to SEK -24.5 (267.3) million. EBITDA was affected by results and write-downs of shares in Advanced Soltech with -121.3 (288) MSEK. The negative effect on EBITDA was dampened by the deconsolidation of the Neabgruppen with SEK 49.4 million. The Group's operating profit (EBIT) amounted to -53.7 (166.3) MSEK.

▪ The period's result after tax amounted to -67.4 (138.2) MSEK.

▪ The period's cash flow from operating activities amounted to -5.2 (-31) MSEK.

▪ The period's cash flow for the group amounted to SEK 26.7 (-157.2) million.

▪ Earnings per share amounted to SEK -0.52 (1.55).


▪ Adjusted* total revenue in the group amounted to SEK 1,915.6 (792.5) million, an increase of 142%.

The group's organic growth amounted to 57 (29) %.

▪Adjusted EBITDA* amounted to -23.3 (-63.9) MSEK.

▪ Adjusted EBIT* amounted to -121.1 (-131.4) MSEK.

The Group's revenue for the year amounted to SEK 2,001.5 (1,239.8) million. An increase of 61%. The group's earnings before depreciation (EBITDA) amounted to -148.6 (317.6) MSEK. EBITDA was negatively affected by results and write-downs of shares in Advanced Soltech and effects from Neabgruppen. The Group's operating profit (EBIT) amounted to SEK -246.3 (150.7) million.

▪ The year's result after tax amounted to -269.9 (77.6) MSEK.

▪The year's cash flow from current operations amounted to -191.7 (-103.7) MSEK.

▪ The year's cash flow for the group amounted to -60.8 (115.2) MSEK.

▪ Earnings per share amounted to SEK -2.03 (0.86).


▪ Soltech acquired on 21 September 100% of the shares in Takab i Jönköping AB (TAKAB) with entry on 3 October.

▪ The subsidiary Sud Renovables has installed the largest roof-mounted solar energy solutions in Catalonia. In total, the installation covers an area of roughly 20,000 square meters and has an installed power of 4.2 MW.

▪ The subsidiary 365zon has won two large contracts of a total of SEK 155 million for solar energy installations for approximately 3,500 rental apartments and villas.

▪ Soltech acquired the remaining 20% of the shares in the subsidiary Takrekond i Småland AB on 28 October, with access on the same day. Soltech Energy now owns 100% of the company and the acquisition of the remaining shares in the company is part of the work to continue strengthening Takrekond's transformation towards becoming a solar-roof company.

▪ On October 14, Neabgruppen filed for bankruptcy. At the time of the acquisition, Neabgruppen was a clear turn-around case that Soltech worked actively to turn around. The assessment was that there were no conditions to continue the business. Bankruptcy trustees were appointed on 14 October and from this date Soltech does not have the controlling influence over the company. This means that from this date Neabgruppen is not consolidated and thus has no financial impact from 2023 onwards. In the quarter, the deconsolidation has a positive effect of SEK 49.4 million, which is excluded in adjusted EBITDA and EBIT.

▪ Value adjustment and write-down of the holding in Advanced Soltech for a total of -121.3 MSEK. Impairment has taken place at market value as of the balance sheet date and is excluded in adjusted EBITDA and EBIT.

* The adjustment consists of effects from the deconsolidation of Neabgruppen as well as separate listing, deconsolidation and write-down of shares in the associated company Advanced Soltech Sweden AB.


▪Soltech has on January 31, 2023, via the wholly owned subsidiary Takbyrån, made an additional acquisition of 100% of the shares in the solar energy company Vårgårda Solenergi AB.
▪Soltech has on February 1, 2023, via Wettergrens Tak, made an additional acquisition of 100% of the shares in Plåtteamet i Örnsköldsvik AB.


The focus on profitability gives results
Soltech's underlying business shows profitability and a new revenue record in the fourth quarter. Our underlying business reach SEK 755.2 (238.2) million in revenue and delivers an EBITDA of SEK 47.4 (-25.8) million. In the fourth quarter we grew organically by a full 81%, which I am extremely proud of, and in total it was 217% including acquisitions.
During 2022, we have gradually increased our focus on profitability. This means. that more focus is placed on synergy effects within procurement, sales, marketing and personnel issues. Our subsidiaries are doing a very good job and it shows now in this last quarter. What I am most proud of, however, is that our companies have managed to create profitability while growing organically by 81%.

From SEK 50 million to SEK 2,000 million
In the fall of 2018, we decided to change our strategy and start acquiring companies in the solar energy, roof, facade and electrical engineering industries. We had revenues of approximately SEK 50 million in 2018. We have now closed the fourth year after the strategy change and are very proud to have increased our revenues to SEK 2,000 million. Carrying out this extreme growth obviously requires large investments and we have made a loss according to plan during these years. For 2023, our plan is to gradually return to strong focus on our profitability. It is therefore particularly gratifying that in the underlying business we are already doing this in this last quarter

Fixed price project and contract review
A challenge in 2022 was that many subsidiaries were stuck in large projects with a fixed price where the extreme price increases on input goods could not be charged to the customer. On the plus side, the majority of these projects have been finalized in Q3 and Q4 2022, although some remain to be completed in Q1 2023.

At Group level, we have implemented a number of different initiatives to mitigate similar situations in the future. With everything from Group-wide purchase agreements, updated customer agreements and implementation of better adapted system support in combination with resource reinforcements.

Solar and Soltech has the future ahead
I can think of no other industry that is as timely as the solar industry. A long series of macro trends is a strong tailwind for us. I am thinking of private consumers, companies and the public sector who want to produce their own energy from the sun. Not only to get lower electricity costs, but to feel that they are part of a modern energy movement that is creating a sustainable green future. A couple of other trends that benefit us are of course the political will to support solar energy and the entire large financial sector that wants, and has demands, to invest in a sustainable future.

Welcome to join us as we create a modern energy movement and shareholder value.

Stefan Ölander