Ahead of Solwers' Q1 2026 report, we make minor estimates revisions for 2026-28. Solwers will start reporting EBITA numbers from Q1 2026 also on an adjusted level to include items affecting comparability, and the company has also changed the EBITA definition to include depreciation of right-of-use assets. We have looked mainly at EBIT, so the change has no impact on our EBIT estimates or valuation methodology. However, we note that there were EUR -0.5m and EUR -0.8m in items affecting comparability in 2024 and 2025, respectively. Our DCF- and peer-based fair value range remains at EUR 2.5-3.0, including EUR 0.4 per share for the present value of unannounced acquisitions for 2026E-27E. We expect the company to post adjusted EBITA of EUR 0.5m in Q1 2026 versus EUR 0.4m a year ago.
