Enea (ENEA) Q2 2025 earnings summary

Executive summary

• Q2 2025 net sales were SEK 224 million, down 5% reported but flat year-over-year on a currency-adjusted basis, with YTD net sales at SEK 438 million, up 3% currency adjusted.

• Adjusted EBITDA margin was 33% for Q2 (down from 35% last year), with profit after tax at SEK -8.6 million and EPS at SEK -0.43, impacted by FX and financial net.

• Operating cash flow for Q2 was SEK 5.2 million, significantly lower than SEK 37 million in Q2 2024, and net debt increased to SEK 187 million.

• Seven new customers were added in Q2 across deep packet inspection, traffic management, firewall, and data management segments.

• Macroeconomic and geopolitical factors are creating short-term financial pressure but driving demand for security and network intelligence solutions.

Financial highlights

• Q2 net sales were SEK 224 million, down 5% reported but flat currency adjusted; YTD net sales up 3% currency adjusted.

• Adjusted EBITDA margin was 33% in Q2 (35% last year); EBIT margin was 15% in Q2 (17% last year).

• Gross margin was 79% in Q2, slightly down from 80% last year.

• Cash and cash equivalents at period end were SEK 83.9 million.

• Net debt/EBITDA ratio rose to 0.69 from 0.50.

Outlook and guidance

• 2025 guidance unchanged: continued growth in focus areas, EBITDA margin 30–35%, and strong cash flow.

• Long-term ambition: double-digit growth in focus areas and EBITDA margin above 35%.

• Strategy update underway, with potential for increased investments in the medium term to accelerate growth.