Enento’s operating environment remained subdued as expected

Translation: Original published in Finnish on 9/17/2025 at 7:51 am EEST.

On Tuesday, Enento arranged a pre-silent period analyst call. A recording of the event is available here. As far as we could see, the call did not provide any significantly new information. The economic environment in the company's operating countries, Finland and Sweden, has remained sluggish, putting pressure on the company's growth and profitability outlook.

Notes from Enento's pre-silent period analyst call

• The economic situation in Finland and Sweden, which are Enento's largest operating countries, has remained subdued, and economic growth projections for these countries have continuously been postponed in recent times. This sluggish economic situation is reflected in weak consumer confidence, though on a positive note, Sweden has seen a slight upturn after a major slump in the spring. In Finland, loan demand is showing slight signs of recovery. Given the weak operating environment, Enento's growth outlook remains subdued in the short term, and we believe our Q3'25 growth forecast (reported growth of 1.5%) is realistic. Trends in each business area appear to be continuing along similar lines: Consumer Insight faces the greatest challenges, while Business Insight is developing at a clearly more stable pace.
• There have been no significant changes in the Swedish loan broker market following the new regulatory changes that partially took effect in July (loan brokers must now apply for a banking license). The market has anticipated changes caused by increased regulation, and these measures have been reflected in weak demand for Enento's consumer credit information services in Sweden for some time now.
• Due to weak top-line development and a slow sales mix, the outlook for profitability also remains challenging. The weaker sales mix has recently been driven primarily by the decline in revenue from consumer credit information services in Sweden due to changes in the Swedish market and by the shift in demand in Finland toward lower value-added products, partly due to loan applicants' weaker creditworthiness.
• The SME business transformation in Sweden is progressing. The company has previously stated that this change poses risks to revenue in the short term but it will clearly support the business's profitability potential in the medium term. The company also intends to expand its Swedish operations based on recurring revenue, though this remains in the early stages. Regarding more specific economic impacts, it is too early to tell. The company has not seen a significant increase in activity from its competitors due to the transformation phase.
• The IT infrastructure project has been completed, and the company has also implemented platform stabilization measures. The company has previously commented that the completion of the project should significantly decrease the substantial non-recurring expenses related to it in H2. We still expect some expenses from the project for Q3.