Enea Q1 Report 2026

• Net sales increased by 4.0 percent to SEK 222.4 million (213.9). Currency adjusted, net sales increased by 12.1 percent.
• Adjusted EBITDA amounted to SEK 75.0 million (52.6), corresponding to an adjusted EBITDA margin of 33.7 percent (24.6).
• Profit after tax amounted to SEK 18.6 million (-18.8).
• Earnings per share amounted to SEK 0.98 (-0.94).
• Cash flow from operating activities amounted to SEK 14.3 million (35.5).

CEO Statement
We have started the year with solid growth and a significant improvement in profitability compared to the same period last year. Total sales increased by 4 percent (12 percent in constant currency) to SEK 222 (214) million. Adjusted EBITDA grew by 42 percent totaling SEK 75 (53) million, corresponding to a margin of 34 percent (25).
I am proud of how we are accelerating sales in our growth portfolio while at the same time maintaining good cost control.
As part of our strategy update, launched in Q4 2025, we are introducing a more transparent way of reporting on our business. Starting this quarter, we present our operations across five product groups to provide greater clarity regarding our development:

• Network Performance & Intelligence
• Signalling & Messaging Security
• Embedded Network Insights & Security
• Network Access Control
• Operating Systems

The first three product groups drive growth, while the remaining two have a stronger profitability profile and form what we refer to as our classic portfolio. In the quarter, the growth portfolio increased by 17 percent, while the classic portfolio declined by 27 percent, both compared to Q1 2025.
Our growth portfolio continues to develop well, which confirms the strong relevance of our offering. During the quarter, our Signaling & Messaging Security business performed very well, reflecting the underlying strength we are building in the business over time.

Geopolitical challenges
Geopolitical uncertainty continues to shape the global market environment. At the same time, we recognize how increased investments in national security is creating new opportunities for Enea, both in the short and long term. We already have a good presence in this segment, supported by a solid pipeline, and we continue to strengthen our position in line with our strategy.
The current situation is also affecting parts of our business, particularly in the Middle East, where customer investment decisions have been delayed during the quarter. While this affects our short-term development, these are not lost opportunities, but rather business that is shifting in time.

Accelerating our sales
A key pillar of our strategy is Market acceleration, where we invest in our sales capabilities to expand within existing and new customer verticals. During the quarter, we welcomed our new Chief Commercial Officer, Mathias Johansson, who will lead the execution of the sales strategy. We have also selectively strengthened our sales organization within the national security segment to further accelerate our presence and growth.

Business development in quarter 1, 2026
During the quarter, Enea acquired four new customers: two within Embedded Network Insights & Security and two within Network Performance & Intelligence. We also announced an important agreement within Signaling & Messaging Security.

Financial summary Q1 – Growth and cost control drive profitability
We report a 4 percent increase in net sales (12 percent in constant currency), to SEK 222 (214) million. The growth portfolio expanded by 17 percent while the classic portfolio declined by 27 percent compared to Q1 2025.
Despite the FX headwind, we report an Adjusted EBITDA increase by 42 percent to SEK 75 (53) million, corresponding to a margin of 34 percent (25). Recurring revenue amounted to 66 percent of total revenue.
Cash flow from operations amounted to SEK 14 million (35) and is in the short term impacted by increased working capital. Our cost levels remain stable. We expect costs to increase slightly as we continue to implement our profitable growth strategy, which is fully reflected in our guidance for the year.
Due to uncertainty related to previously forgiven PPP loans in the U.S., we have recognized a provision of SEK 25.7 million.
Earnings per share for the period improved to 0.98 SEK (-0.94) per share.

Market developments supporting Enea solutions
Recent market developments continue to highlight the growing need for secure and resilient communication infrastructure. During the quarter, drone-related incidents and critical software vulnerabilities underscored the increasing importance of protecting command-and-control communication in complex threat environments. Enea’s capabilities in traffic inspection and network intelligence are well aligned with these trends, supporting governments and mobile network operators in safeguarding critical infrastructure. This is also reflected in the industry recognition we received during the quarter, across areas such as signaling security, messaging fraud prevention, network traffic management, and embedded security.

Going forward
Although geopolitical challenges continue to affect the company, we remain well positioned for sustainable, long-term success. This is supported by our strong global presence, a relevant and expanding product portfolio, dedicated teams, and a solid customer base. Combined with our solid profitability, these give us confidence in continued organic growth as well as future strategic acquisitions.
Despite the current market environment, both our 2026 and long-term guidance remain unchanged. For 2026, we expect single digit growth with an adjusted EBITDA margin above 30 percent. For the current strategy cycle, ending in 2028, we target an average annual compound growth above 10 percent (2026-2028), and an adjusted EBITDA margin exceeding 35 percent.
In combination with solid cash flow generation, this strengthens our financial position and our ability to create long-term value. I am confident in our ability to deliver on our ambitions going forward.

Teemu Salmi
President and CEO

Video webcast for analysts, investors and journalists 
President and CEO Teemu Salmi and CFO Ulf Stigberg will comment on the report and take questions during a video webcast at 08:30 AM CEST.

Participate via webcast:
Webcast - Q1 Report 2026
You can submit written questions via the webcast

Participate via telephone conference and ask verbal questions:
Conference call - Q1 Report 2026
After registration, you will receive dial-in details and a conference ID.

References
Webpage for Enea financial reports and presentations
https://www.enea.com/investors/financial-reports/

Contact
Enea Investor Relations 
ir@enea.com