Eniro Group (ENRO) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were SEK 238 million, flat year-over-year, with stable recurring revenues and a strong cash position of SEK 175 million.

• Adjusted EBITDA was SEK 31 million, in line with Q1 2025, while reported EBITDA dropped to SEK 11 million due to SEK 20 million in non-recurring items.

• Operating result was SEK -1 million, down from SEK 14 million last year, and net result was SEK -8 million compared to SEK 16 million in Q1 2025.

• The company completed the acquisition of Mainostoimisto SST Oy and settled a major legal dispute with Kapatens, removing significant uncertainty.

Financial highlights

• Net sales: SEK 238 million (Q1 2025: SEK 237 million).

• EBITDA: SEK 11 million (Q1 2025: SEK 32 million), EBITDA margin 4.6% (13.3%).

• Adjusted EBITDA: SEK 31 million (Q1 2025: SEK 32 million), excluding SEK 20 million in non-recurring items.

• Net result: SEK -8 million (Q1 2025: SEK 16 million).

• Cash flow from current operations: SEK 9 million (Q1 2025: SEK 19 million).

• Equity ratio: 33.2% (Q1 2025: 31.1%).

Outlook and guidance

• Signs of recovery in the Nordic SME market, with declining bankruptcies and renewed optimism.

• The company is positioned for growth, with a focus on acquisitions and technology investments, especially in AI.

• No specific quantitative guidance provided for the remainder of 2026.