olivLaw · European equity research
Midsummer AB MIDS.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Midsummer AB develops and manufactures thin-film solar roofs and panels, including lightweight panels for weak roofs, and sells production equipment for solar cell factories. Equipment sales rose sharply in 2025 while the Swedish installation market shrank, and demand in Europe for differentiated, locally made products could support the company if market trends continue.
At the close of 05 Nov 2026, Midsummer AB (MIDS.ST) stock was 1.19 SEK (−0.17% on the day), with market capitalisation 385.2 m SEK, beta 0.29, 52-week range 0.77–2.50 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.2
- weak (30–45)
- Bollinger (20, 2)
- 1.16 – 1.28
- in the lower half of the band · %B 0.27 · band width 10.2%
- SMA 50 / 200
- 1.34 / 1.20
- mixed trend
- MACD (12, 26, 9)
- -0.03 / -0.04
- MACD above 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 | −6.9% | +0.4% | −7.3 pp | — |
| 3 months | −19.3% | −3.3% | −16.0 pp | — |
| 6 months | +1.7% | +4.0% | −2.2 pp | — |
| Year to date | −13.5% | +8.1% | −21.6 pp | — |
| 1 year | −49.6% | +10.7% | −60.3 pp | −8.5% |
| 3 years | −25.2% | +50.1% | −75.3 pp | +12.3% |
| 5 years | −88.4% | +43.6% | −132.0 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 | 49.6 m | 52.1 m | 164.3 m |
| Revenue YoY | unavailable | +4.9% | +215.5% |
| Net income | -222.2 m | -129.5 m | -74.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.15 | -0.63 | -0.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -447.7% | -248.6% | -45.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.3 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 112.0 m SEK
- Total assets
- 412.7 m SEK
- Debt / equity
- unavailable
- Current ratio
- 1.35x
- ROE
- -79.5%
- ROA
- -17.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 49.6 m | 52.1 m | 164.3 m | esef· 26 Oct 2026verified |
| Cost of revenue | 97.2 m | 49.7 m | 133.4 m | esef· 26 Oct 2026verified |
| Gross profit | -47.6 m | 2.4 m | 31.0 m | esef· 26 Oct 2026verified |
| Research & development | 21.2 m | 21.6 m | 22.0 m | esef· 26 Oct 2026verified |
| Operating income | -200.8 m | -130.4 m | -47.1 m | esef· 26 Oct 2026verified |
| Interest expense | 79.7 m | 42.1 m | 32.4 m | esef· 26 Oct 2026verified |
| Pre-tax income | -225.3 m | -138.7 m | -74.4 m | esef· 26 Oct 2026verified |
| Income tax | -3.1 m | -9.3 m | 0 | esef· 26 Oct 2026verified |
| Net income | -222.2 m | -129.5 m | -74.4 m | esef· 26 Oct 2026verified |
| Diluted EPS | -2.15 | -0.63 | -0.23 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 103.5 m | 204.2 m | 355.2 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.5 m | 8.5 m | 29.3 m | esef· 26 Oct 2026verified |
| Inventories | 31.2 m | 42.9 m | 34.1 m | esef· 26 Oct 2026verified |
| Current assets | 268.5 m | 117.6 m | 131.8 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 175.8 m | 210.5 m | 205.9 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 53.4 m | 52.6 m | 49.9 m | esef· 26 Oct 2026verified |
| Total assets | 517.6 m | 418.1 m | 412.7 m | esef· 26 Oct 2026verified |
| Current liabilities | 100.0 m | 102.0 m | 97.3 m | esef· 26 Oct 2026verified |
| Total liabilities | 322.9 m | 342.8 m | 300.6 m | esef· 26 Oct 2026verified |
| Equity | 194.7 m | 75.3 m | 112.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 103.4 m | 205.5 m | 323.7 m | esef· 26 Oct 2026derived |
Cash flow · SEK
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: 3 of at least 6
- score weight coverage: 16.7% 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: 385.2 m SEK
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -45.3% | 8 (vs peers) | 38% |
| 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 | -1.5x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 25% |
| 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 sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 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
Midsummer AB (MIDS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 164.3 m SEK in 2025; YoY growth 215.5%; net margin -45.3%; ROE -79.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
- Net margin: -45.3%
- Interest coverage: -1.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for MIDS.ST 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 (SEK)
| 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
Midsummer AB develops and manufactures thin-film solar roofs and panels, including lightweight panels for weak roofs, and sells production equipment for solar cell factories. Equipment sales rose sharply in 2025 while the Swedish installation market shrank, and demand in Europe for differentiated, locally made products could support the company if market trends continue.
SWOT
Strengths
- Proprietary thin-film technology and full control of the production chain, from equipment to finished panels 1.
- Products with a much smaller carbon footprint and lower weight, supported by a third-party life cycle assessment 1.
- A high-capacity factory in Italy and significant equipment orders for the Colombian factory 1.
Weaknesses
Opportunities
Risks
- Dependence on large equipment ordershigh
Revenue depends heavily on a few large orders, and a delay or cancellation could quickly affect net sales.
- Ability to reach planned volume at Barihigh
High depreciation could persist if production does not reach the expected level, which could keep margins negative.
- Protection of intellectual propertymedium
The proprietary technology depends on patent protection, and challenges or litigation could have a significant impact.
- Disputes and product liabilitymedium
Contract disputes or claims of defects could be costly and could disrupt operations.
- Currency exposuremedium
Assets and operations in foreign currencies, including Italy and Colombia, create exchange-rate variations that could affect results.
Investment thesis
What would need to be true (bull case)
- If the removal of Chinese rebates and EU solar requirements for buildings materialise, lightweight and European-made products could gain market share.
- Equipment orders and the Bari factory could bring higher volumes and lower unit costs if production stabilises.
- The potential market for roofs with low load-bearing capacity could offer a niche where direct competition is limited.
What would break the thesis
- The operating loss remains significant, and the company could need additional financing if volumes do not rise enough.
- The Swedish market has declined sharply, and price pressure from competitors could limit margins even for differentiated products.
- Dependence on a few large equipment orders makes revenue vulnerable to delays or cancellations.
What to watch
- Production volume and depreciation at the Bari factory2026
- Execution of equipment orders for the Colombian factory2026
- Development of Chinese panel prices after the rebate removal2026
- Application in Sweden of the EPBD requirements for solar on buildings2027
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
Midsummer AB, headquartered in Stockholm, has proprietary thin-film technology for solar roofs and panels and controls the entire production chain, from equipment to finished panels. Production takes place in Järfälla near Stockholm and at the new Bari factory in Italy, which has a 50 MW capacity 1. In 2025 the company also set up Midsummer Colombia SAS to open the Latin American market.
Net sales rose from 52 million SEK to 164 million SEK in fiscal 2025, but the operating result remained negative 1. The company is in an investment and scaling phase, and results depend heavily on equipment orders and on how quickly the Bari factory reaches its planned volume.
Management describes a cost-reduction programme for production, but higher depreciation on equipment at Bari still weighs on cost of goods sold until volumes rise 1. The strategy rests on lightweight, eco-friendly products made in Europe for customers who cannot use conventional silicon panels.
Segments
Market context
Trends
- Removal of Chinese export rebatestailwind
From April 2026 China removes the VAT export rebate on solar panels entirely, raising costs for Chinese producers and prices for European customers 1. If prices rise, Midsummer's European products could become more attractive 1.
- EU requirements for solar on buildingstailwind
The EPBD directive phases in obligations to install solar panels on new and certain existing buildings, with effective application from 2027 and expansion to 2030 1. This could create demand for lightweight panels suited to roofs that cannot carry silicon panels 1.
- Contraction of the Swedish marketheadwind
Residential and commercial installations in Sweden fell sharply, and consolidation and bankruptcies among installers increased price pressure 1. If the decline continues, orders for solar roofs could stay low 1.
- Demand for differentiated, European-made productsmixed
Public and commercial customers increasingly ask for eco-friendly, lightweight and European-made products, and public procurement includes stricter criteria 1. This could support Midsummer's position if the trend holds 1.
Competitive position
The main competitors are silicon panel producers, especially Chinese ones, whose products the company describes as undifferentiated commodities 1. Midsummer differentiates through full vertical integration and lightweight panels with a lower carbon footprint 1.
Price competition is intense in Sweden, where installers cut margins to win jobs, which makes selling premium products difficult 1. Midsummer's advantage depends on convincing customers that differentiation justifies the price 1.
- Chinese silicon panel producers
Main price competitors, whose panels the company describes as commodity products; their costs rise after the export rebate removal 1.
- European installers and distributors
Channels through which panels reach customers; some may switch sources if differentiated alternatives appear 1.
- European solar module producers
Competitors for customers who prefer European production, though the source does not detail these players 1.
- Other thin-film technology producers
Alternative technology competitors not named in the source; the company bases its advantage on owning its technology 1.
News & filings
In the press
- 25 iunie 2026: JURIDICE by Night | Gașca de la Drept – MidSummer PartyJuridice.ro · 25 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Midsummer AB · 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.