Enea (ENEA) Q3 2025 earnings summary

Executive summary

• Q3 net sales were SEK 213 million, a 2% year-over-year decline in reported currency but a 3% increase in constant/fixed currency; YTD net sales were SEK 650 million, flat year-over-year in fixed currency, with software license sales increasing in Q3.

• Adjusted EBITDA margin reached 33% for Q3, with gross margin at 79% and EBIT margin at 16%; net debt stood at SEK 211.9 million and operational cash flow was SEK 20.7 million.

• Earnings per share improved to SEK 1.77 from SEK 0.18 in Q3 last year.

• 25% of turnover was invested in R&D to maintain competitiveness and innovation.

• Five new security customers were acquired, and major contracts were signed in Networks, including a SEK 39 million deal with a North American operator.

Financial highlights

• Q3 net sales: SEK 213 million; YTD net sales: SEK 650 million; 3% growth in constant currency for both periods.

• Adjusted EBITDA margin was 33% for Q3 and 30% for the nine months; gross margin was 79%.

• EBIT margin for Q3 was 16%; reported EBITDA margin improved to 16% from 13% year-over-year.

• Net debt stood at SEK 211.9 million, with an equity ratio of 71.1% and net debt to EBITDA of 0.78.

• Financial net improved to SEK 87,000 in Q3, aided by positive currency effects totaling SEK 4 million.

Outlook and guidance

• Market outlook remains stable to moderately positive, with strong positioning in Middle East and North America.

• Guidance for 2025 unchanged: continued growth in core areas, EBITDA margin of 30–35%, and stable cash flow; long-term ambition is double-digit growth and EBITDA margin above 35%.

• Strategy update focused on accelerated growth to be communicated in Q4.