olivLaw · European equity research
Solteq Oyj SOLTEQ.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Solteq Oyj is a Finnish software and digital services group listed on Nasdaq Helsinki, active across several vertical markets. Its 2025 annual report shows that exposure to client demand, financial market conditions and delivery pace on large projects remains the central risk factor.
At the close of 05 Nov 2026, Solteq Oyj (SOLTEQ.HE) stock was 0.25 EUR (−6.27% on the day), with market capitalisation 5.0 m EUR, beta 0.17, 52-week range 0.21–0.49 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.1
- weak (30–45)
- Bollinger (20, 2)
- 0.27 – 0.31
- below the lower band · %B -0.24 · band width 16.2%
- SMA 50 / 200
- 0.30 / 0.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.3% | +0.4% | −6.7 pp | — |
| 3 months | −13.6% | −3.3% | −10.3 pp | — |
| 6 months | −22.8% | +4.0% | −26.8 pp | — |
| Year to date | −38.6% | +8.1% | −46.7 pp | — |
| 1 year | −43.7% | +10.7% | −54.4 pp | −1.2% |
| 3 years | −66.8% | +50.1% | −116.9 pp | +6.8% |
| 5 years | −94.1% | +43.6% | −137.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 57.7 m | 50.9 m | 46.7 m |
| Revenue YoY | unavailable | −11.8% | −8.1% |
| Net income | -5.4 m | -1.2 m | -1.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.28 | -0.06 | -0.07 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -9.3% | -2.4% | -2.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 m EUR
- Financial debt
- 23.0 m EUR
- Net debt
- 21.7 m EUR
- Equity
- 14.7 m EUR
- Total assets
- 50.1 m EUR
- Debt / equity
- 1.57x
- Current ratio
- 0.22x
- ROE
- -8.9%
- ROA
- -2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 57.7 m | 50.9 m | 46.7 m | esef· 04 Mar 2026verified |
| Operating income | -3.5 m | 1.8 m | 765.0 k | esef· 04 Mar 2026verified |
| Interest expense | 2.7 m | 2.8 m | 3.1 m | esef· 04 Mar 2026verified |
| Pre-tax income | -4.7 m | -598.0 k | -1.9 m | esef· 04 Mar 2026verified |
| Income tax | 665.0 k | 612.0 k | -582.0 k | esef· 04 Mar 2026verified |
| Net income | -5.4 m | -1.2 m | -1.4 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.28 | -0.06 | -0.07 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.9 m | 3.3 m | 1.3 m | esef· 04 Mar 2026verified |
| Receivables | 9.8 m | 6.2 m | 6.3 m | esef· 04 Mar 2026verified |
| Inventories | 60.0 k | 34.0 k | 9.0 k | esef· 04 Mar 2026verified |
| Current assets | 11.7 m | 9.5 m | 7.7 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 25.0 k | 43.0 k | 45.0 k | esef· 04 Mar 2026verified |
| Goodwill | 40.6 m | 38.6 m | 38.6 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.2 m | 532.0 k | 203.0 k | esef· 04 Mar 2026verified |
| Total assets | 56.7 m | 52.0 m | 50.1 m | esef· 04 Mar 2026verified |
| Accounts payable | 12.8 m | 11.6 m | 10.7 m | esef· 04 Mar 2026verified |
| Short-term debt | 24.1 m | 1.1 m | 22.9 m | esef· 04 Mar 2026verified |
| Long-term debt | 246.0 k | 20.9 m | 83.0 k | esef· 04 Mar 2026verified |
| Current liabilities | 38.7 m | 14.0 m | 34.6 m | esef· 04 Mar 2026verified |
| Total liabilities | 39.5 m | 36.1 m | 35.4 m | esef· 04 Mar 2026verified |
| Equity | 17.2 m | 15.9 m | 14.7 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 19.2 m | 20.2 m | 19.5 m | esef· 04 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.0 m EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.8% | 20 (vs peers) | 38% |
| Net margin · Quality | -2.9% | 15 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality18/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Solteq Oyj (SOLTEQ.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 46.7 m EUR in 2025; YoY growth -8.1%; net margin -2.9%; ROE -8.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 1.8%
- Net margin: -2.9%
- Interest coverage: 0.2x
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for SOLTEQ.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Solteq Oyj is a Finnish software and digital services group listed on Nasdaq Helsinki, active across several vertical markets. Its 2025 annual report shows that exposure to client demand, financial market conditions and delivery pace on large projects remains the central risk factor.
SWOT
Strengths
- The group has vertical expertise in specialised sectors such as utilities and retail, which supports relationships with existing clients.
- The governance structure includes an audit committee, an external auditor and formalised internal control policies, according to the annual report.
- Listing on a regulated market such as Nasdaq Helsinki imposes transparency and discipline in reporting.
Weaknesses
- Dependence of revenue on contract timing and pricing makes quarterly results hard to anticipate.
- Personnel costs dominate the cost structure, limiting flexibility if demand falls.
- Managing large and complex projects is a sensitive point, as noted among the risks in the report.
Opportunities
- Digitalisation of utilities and retail could generate new demand for the group's solutions.
- Developing own products could increase the share of recurring revenue if client adoption accelerates.
- Targeted acquisitions could extend the portfolio and client base if integration succeeds.
Threats
- General economic uncertainty could lead clients to postpone software investment.
- Wage pressure could reduce margins if it cannot be passed through in rates.
- Competition from vertical vendors and large integrators could erode market share.
Risks
- Dependence on contract timinghigh
The timing of contract signing and delivery directly influences revenue, which can produce significant variation between periods. The 2025 annual report 1 identifies it as an important risk.
- Management of large contractshigh
Large projects can generate cost overruns or delays, with an impact on results. The report 1 includes the capacity to manage such projects among its key risks.
- Financial market conditionsmedium
Developments in financial markets can affect financing costs and investor behaviour if conditions deteriorate. The report 1 mentions it among the relevant uncertainties for 2025.
- Cost pressuresmedium
Rising personnel costs could reduce margins if not offset by pricing. The 2025 annual report 1 discusses monitoring of this risk.
- Asset valuation and reporting riskslow
Testing the value of assets, including goodwill and projects in progress, involves estimates that may be revised. The report 1 includes them among the risk areas for financial reporting.
Investment thesis
What would need to be true (bull case)
- If demand for digitalisation in utilities and retail consolidates, revenue could benefit from new projects, especially those using the group's own products.
- If personnel cost management remains disciplined, margins could hold up even in periods of weaker demand.
- If targeted acquisitions are integrated effectively, they could add clients and capacity without raising execution risk.
What would break the thesis
- If economic uncertainty persists, clients could postpone projects, and revenue could be more volatile than expected.
- If large projects face delays or cost overruns, margins could be significantly affected.
- If competition from vertical vendors intensifies, the group's market share could decline.
What to watch
- Revenue and margin trends for each business unit, as reported in quarterly updatesQ1 2027
- Status of large projects and any adjustments to cost or timing2027
- Development of personnel costs and their impact on margins2027
- Any new acquisitions and their integration into the group portfolionext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Solteq Oyj is the parent company of the Solteq group, which provides software services and digital solutions to clients in Finland and other markets. According to the 2025 annual report 1, the group organises its activity into business units, including Utilities and Retail & Commerce, led by members of the group management team. The company is listed on Nasdaq Helsinki and applies that market's disclosure rules.
The revenue model rests on projects and delivery contracts, whose timing and pricing directly influence reported results. The report 1 states explicitly that revenue depends on when transactions close and on prices, and that personnel costs make up the largest part of the cost structure. This dependence makes managing delivery capacity an important element of strategy.
Group governance is structured around a board of directors, an audit committee and an executive management team, with an external auditor appointed by the general meeting. The 2025 annual report 1 also details remuneration policies and internal rules on share transactions, indicating a formalised control framework for a mid-sized company.
Segments
Utilities
The Utilities unit is led by a dedicated business director and focuses on clients in the energy and utilities sector. The 2025 annual report 1 presents it as one of the two business areas reported within group management, alongside the retail and commerce area.
Retail & Commerce
The Retail & Commerce unit covers solutions for commerce and retail clients and is led separately by a business director. According to the report 1, this area was consolidated into group management in 2025 as the executive team was expanded.
Market context
The market in which Solteq operates is that of software and digital services for companies in the Nordics and Europe, with demand shaped by clients' investment cycles. The 2025 annual report 1 shows that general economic uncertainty and financial market conditions were among the most important sources of uncertainty in 2025.
Demand for digital transformation projects and for the group's own products depends on clients' budget availability and the pace at which new solutions are adopted. The report 1 flags the development and commercialisation of own products and the management of large contracts as significant market risks.
Trends
- General economic uncertaintyheadwind
An uncertain macroeconomic backdrop affects clients' decisions to delay or reduce software investment, which could slow contract signings. The 2025 annual report 1 names it among the main sources of uncertainty.
- Digitalisation of regulated sectorstailwind
Digitalisation requirements in energy and utilities create demand for specialised software solutions, provided projects can be delivered within acceptable timeframes. The report 1 links the pace of revenue to the capacity to manage large and complex projects.
- Personnel cost developmentsheadwind
Personnel costs make up the majority of expenses, so wage pressure could reduce margins if rates do not rise in parallel. The 2025 annual report 1 highlights monthly monitoring of these costs.
- Targeted acquisitionsmixed
The group's strategy includes targeted acquisitions, which could accelerate growth or bring complex integration. The report 1 describes due diligence processes as part of these transactions, showing both their opportunity and their risk.
Competitive position
Solteq competes with other IT consultancy and software integration firms in the Nordic region, as well as with vertical software providers. The 2025 annual report 1 does not detail the competitive landscape but stresses that client retention and transaction timing are critical factors.
The group's differentiation rests on vertical expertise in utilities and retail and on its own products rather than on global scale. This means that losing key clients or delaying projects could have a visible effect on revenue.
- Nordic IT consultancies
Regional IT services and integration firms competing for the same digital transformation projects.
- Vertical utilities software vendors
Specialist producers of energy and utilities solutions that can compete directly with the group's own products.
- Retail and commerce solution providers
Companies offering commerce platforms and retail systems that compete with the Retail & Commerce area.
- Global systems integrators
International consultancy and integration firms active on large projects where Solteq could be a subcontractor or competitor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202406 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Solteq Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.