Enea (ENEA) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong profitability with an adjusted EBITDA margin of 39.8%–40%, the highest in four years, despite a 5.1% reported decline in net sales due to FX headwinds; in constant currency, net sales grew 0.9%–1% year-over-year.

• Full-year net sales were SEK 889 million, a 1.7%–2% drop reported but a 2%–2.1% increase in constant currency, with an adjusted margin of 32.7%–33%.

• The company is executing a new 2026–2028 strategy focused on market acceleration, vertical expansion, and offering evolution, with investments in sales and R&D to drive future growth.

• Major government and telecom contracts were secured in EMEA, APAC, and Africa, diversifying the customer base and supporting long-term growth.

• Product innovation, especially in AI and security, and government sector wins are key growth drivers.

Financial highlights

• Q4 net sales: SEK 238.7–239 million, down 5%–5.1% reported, up 0.9%–1% in constant currency year-over-year.

• Adjusted EBITDA margin: 39.8%–40% in Q4, highest in four years.

• Earnings per share: SEK 2.21 in Q4; profit after tax SEK 42.5 million.

• Operating cash flow: SEK 45–45.2 million in Q4; SEK 106.6–107 million for the full year.

• Net debt: SEK 208 million; strong capitalization and leverage headroom.

Outlook and guidance

• 2026 guidance: single-digit growth and adjusted EBITDA margin above 30%.

• Long-term ambition: average annual growth over 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.