The annual report for 2025 shows net sales of 1,083 MSEK and an operating profit of -507 MSEK, compared with -723 MSEK the year before. After the balance sheet date, the company has acquired assets from Sesol's bankruptcy estate.
Net sales
1,083 MSEK · full year 2025
Cash and cash equivalents
at year-end · 317 MSEK in 2024
Average number of employees
group · 931 in 2024
Lower revenue, smaller loss
The group's net sales amounted to 1,083 MSEK in 2025, a decrease of 21 per cent compared with 2024. Order intake was six per cent lower than the previous year. Operating profit was -507 MSEK compared with -723 MSEK, and profit after financial items was -631 MSEK compared with -807 MSEK. The company describes demand for solar power systems as volatile and states that it has fallen in most markets since 2025, while demand for batteries has continued to rise as a result of high spot price volatility, higher energy taxes and new pricing models.
| 2025 | 2024 | |
|---|---|---|
| Net sales | 1,083,222 | 1,363,356 |
| Operating profit | -506,568 | -723,237 |
| Profit after financial items | -631,081 | -807,104 |
| Profit margin | -46.8% | -53.0% |
| Equity ratio | 0.2% | 20.3% |
Cost measures and 153 MSEK converted into equity
A number of cost-efficiency measures were taken during 2025 and are expected to have full effect in 2026. The average number of employees in the group fell to 526 from 931. The result has also been affected by a change in the bad debt policy, severance pay in connection with organisational changes and inventory write-downs. The owners have continued to support the company: further loans of 136 MSEK were issued during the year, and in December loans including interest totalling 153 MSEK were converted into equity. Cash and cash equivalents amounted to 130 MSEK at year-end, compared with 317 MSEK a year earlier.
The solar parks are built in-house
Investments in solar parks amounted to 146 MSEK in 2025 and investments in subscription assets to 77 MSEK. Three large-scale solar parks were completed and commissioned in-house, within the sub-group Svea Solar Utility. The goal is to have built solar installations corresponding to an installed capacity of 500 MW within a couple of years, and to reach a capacity of more than 1 GW by 2030. The operations in Spain and the Netherlands were wound up in 2024, and in 2025 the focus was concentrated on Sweden, Italy, Belgium and Germany.
After the balance sheet date: Sesol's customer base and an extended loan facility
After the balance sheet date, a directed set-off issue has been registered and further capital has been provided by the owners through a shareholder loan. In April, Svea Renewable Solar AB acquired assets from Sesol's bankruptcy estate — including its customer base, ongoing projects, inventory and IP — an acquisition that has been approved by the Swedish Competition Authority (Konkurrensverket). Earlier in the year, Soldag's customer base was also acquired, after that company too went bankrupt. The company has extended its senior loan facility of 300 MSEK until the end of the second quarter of 2028, and the board considers liquidity to be sufficient until the first half of 2027.
Source: Svea Renewable Solar AB, annual report and consolidated accounts for the 2025 financial year.