Enea (ENEA) Q1 2026 earnings summary

Executive summary

• Achieved 12% net sales growth in constant currency (4–5% reported) year-over-year for Q1 2026, with strong profitability and EPS improvement to 0.98 SEK from -0.94 SEK last year.

• Adjusted EBITDA reached SEK 75 million (33.7–34% margin), the highest Q1 margin in years.

• Growth was led by firewalls and security, especially in Europe and North America, with major deals in CPaaS and Tier 1 carriers.

• Strategy execution is progressing well, with new hires in commercial and sales roles to accelerate market presence.

• Recurring revenue accounted for 66% of total revenue.

Financial highlights

• Net sales: SEK 222–222.4 million, up 12% in constant currency and 4% in reported currency year-over-year.

• Adjusted EBITDA: SEK 75 million (33.7–34% margin), up from SEK 52.6 million (24.6–25%) last year.

• EBIT: SEK 20.2 million (9% margin), up from SEK 1.6 million (1%) last year; adjusted EBIT margin at 17.4%.

• Net debt increased to SEK 240–240.3 million from SEK 144.7–145 million year-over-year.

• Net cash flow for the quarter was -SEK 10.6 million; operating cash flow down to SEK 14–14.3 million.

Outlook and guidance

• 2026 guidance unchanged: single-digit organic growth, adjusted EBITDA margin above 30%, with continued investment in strategy.

• Long-term ambition: average 10% annual growth and EBITDA margin above 35% by 2028.

• Guidance remains unchanged despite geopolitical and market challenges.