Enea (ENEA) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered the highest profitability in four years with an adjusted EBITDA margin of 40%, despite a 5% reported decline in net sales due to FX headwinds; in constant currency, net sales grew 1% year-over-year.

• Full-year net sales were SEK 889 million, a 2% drop reported but a 2% increase in constant currency, with an adjusted margin of 33%.

• The company is executing a new strategy focused on market acceleration, vertical expansion, and offering evolution, with investments in sales and R&D to drive future growth.

• Major contracts were secured in government and telecom sectors across Africa, Asia, and Europe, expanding the customer base.

• FX headwinds, especially a weaker USD, negatively impacted reported results despite underlying business strength.

Financial highlights

• Q4 net sales: SEK 239 million, down 5% reported, up 1% in constant currency year-over-year.

• Adjusted EBITDA margin: 40% in Q4, highest in four years; gross margin stable at 81%.

• Earnings per share: SEK 2.21 in Q4.

• Operating cash flow: SEK 45 million in Q4; SEK 107 million for the full year.

• Net debt: SEK 208 million at year-end; net debt/EBITDA ratio at 0.77; equity ratio at 71.7%.

Outlook and guidance

• 2026 guidance: single-digit growth and adjusted EBITDA margin above 30%, with continued investments to accelerate growth.

• Long-term ambition: average annual growth above 10% from 2026–2028, with EBITDA margin above 35% by 2028.

• FX headwinds expected to continue impacting reported results in early 2026.

• Market outlook remains stable to positive, with a strong pipeline and focus on government sector expansion.