Svea Solar's Annual Report 2024
Steps Toward Profitability in a Challenging Solar Market
Svea Solar’s 2024 Annual Report reflects a year marked by challenging market conditions across the European solar energy sector. In 2024, the European consumer market for solar energy declined significantly, driven by reduced household purchasing power due to high inflation, rising interest rates, and reduced government subsidies—particularly in Sweden. Despite the tough market, Svea Solar has gained market share and is making significant strides toward profitability in 2025.
Svea Solar has taken extensive measures to adapt to the new market environment. The company reports a slightly weaker financial result in 2024 compared to 2023, with net revenue amounting to SEK 1,363 million. It is worth noting that the 2023 revenue was positively impacted by a backlog of orders built up in 2022 and delivered in 2023. Order intake in 2024 was only five percent lower than in 2023.
In 2025, Svea Solar has shown significantly improved performance, achieving profitability in its core business—energy solutions for private households in Sweden—during the second quarter.
“Our 2024 results reflect the tough macroeconomic conditions that have affected the entire solar energy sector,” says Mattias Ringqvist, CEO of Svea Solar. “We remain committed to our goal of reaching profitability by the end of 2025. The actions we took last year are already laying the foundation for a more diversified and future-proof company. Even though this isn’t yet visible in the full-year figures, we are in a significantly stronger position today than we were in both 2023 and 2024. We stand by our plan to become profitable by year-end.”
Svea Solar has implemented significant cost-saving measures and improved efficiency in both procurement and operations, strengthening the company’s resilience and supporting its ongoing strategic transformation. The company expanded its product portfolio to include heat pumps and introduced a range of smart energy services focused on optimizing energy use in homes and across the grid.
In 2025, Svea Solar’s core business—household energy solutions in Sweden—has delivered markedly better results than in 2024, achieving profitability in the second quarter. The company is backed by strong owners who support its transformation from a traditional solar panel company into a provider of comprehensive energy solutions tailored to customers’ full energy needs.
“We believe that the second half of 2025 will also present a tough market for solar panels. However, we are confident that more people will be interested in smart energy solutions and in getting help navigating an increasingly complex energy landscape. With the help of batteries and smart services, we can significantly reduce our customers’ electricity bills,” adds Mattias Ringqvist.
To ensure the company’s long-term development, two funding rounds were completed during the year, raising a total of SEK 460 million. Svea Solar continues to invest in innovation and sustainability, with a clear focus on delivering long-term value to customers and accelerating the transition to a sustainable future.