Enea (ENEA) Q3 2025 earnings summary

Executive summary

• Q3 net sales were SEK 213 million, a 1.8–2% year-over-year decline, but 3% growth in constant currency, with a 33% adjusted EBITDA margin supported by strong cost control.

• Networks and Security core areas delivered growth in constant currency, with recurring revenue comprising 67% of total revenue.

• Earnings per share improved to SEK 1.77 from SEK 0.18 in Q3 last year, with profit after tax at SEK 34.3 million.

• 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 adjusted EBITDA was SEK 70.3 million (33.1% margin), down from SEK 74.8 million (34.6%) year-over-year.

• Profit after tax for Q3 was SEK 34.3 million, up from SEK 3.7 million last year; EPS was SEK 1.77 (0.18).

• Cash flow from operating activities in Q3 was SEK 20.7 million, slightly up 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.

• Q3 gross margin was 79.1% (77.7% last year), and operating margin was 16.0% (13.5%).

Outlook and guidance

• Guidance for 2025 remains: growth in core areas, adjusted EBITDA margin between 30–35%, and stable cash flows.

• Long-term ambition is double-digit growth in core areas and adjusted EBITDA margin above 35%.

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