Enea Q4 report

• Net sales decreased by 5.1 percent to SEK 238.7 million (251.6). Currency adjusted, net sales increased by 0.9 percent.
• Revenue from the network business decreased by 7.6 percent to SEK 111.4 million (120.5).
• Revenue from the security business decreased by 2.9 percent to SEK 103.4 million (106.5).
• Revenue from operating systems decreased by 2.6 percent to SEK 23.9 million (24.6).
• Adjusted EBITDA amounted to SEK 95.0 million (88.2), corresponding to an adjusted EBITDA margin of 39.8 percent (35.1).
• Profit after tax amounted to SEK 42.5 million (94.7).
• Earnings per share amounted to SEK 2.21 (4.70).
• Cash flow from operating activities amounted to SEK 45.2 million (103.5).

CEO Comment

As we close 2025, I am pleased with how Enea continues to strengthen its profitability and strategic position despite a challenging macroeconomic environment. The fourth quarter was an important milestone, as we delivered solid results while launching our updated strategy for the coming years.

A significantly stronger Swedish krona (SEK), primarily against the USD, impacted our reported results during the quarter. In constant currency, we delivered growth of 1 percent, while reported net sales declined by 5 percent. Both our security and networks business showed a positive underlying development. For the full year, net sales grew by 2 percent in constant currency, while reported figures showed a decline of 2 percent.
Despite the currency headwind, we delivered strong profitability with an adjusted EBITDA of SEK 95 million (88), corresponding to a margin of 40 percent (35). This is a strong result that I am very proud of and a clear indication that Enea is well positioned to move forward in 2026 as we begin executing on our updated strategy.

During the quarter, we launched our strategy for the period 2026–2028. Our ambition is to deliver an average growth of over 10 percent during the period and to reach an adjusted EBITDA margin exceeding 35 percent by the end of the period. The strategy is built on three pillars: Market Acceleration, Vertical Expansion and Offering Evolution. A key focus area in the vertical expansion segment is the government sector, where we announced two strategic wins late in the quarter, further strengthening our market position.

Enea experienced a cybercrime incident, which was contained quickly and securely. The incident has been handed over to the authorities, and a criminal investigation is ongoing. We did not suffer any financial damage from this incident.

Overall, it was a solid quarter with high profitability, and it gives us a strong starting point as we execute on our updated strategy.

Business development in Q4, 2025 – increasing number of government customers

During the quarter, Enea welcomed 10 new customers, of which 9 were within the security area, and 1 within the networks area. The following deals were announced in the quarter, and reflect continued customer activity across EMEA and APAC:

• An African government signed a telecom and security contract valued at USD 3.7 million, of which USD 2.4 million was recognized as net sales in the fourth quarter. The solution includes Integra Traffic Management, a virtual load balancer and the Qosmos ixEngine solution.
• A European Tier 1 operator signed a contract with Enea valued up to EUR 4.9 million, of which EUR 0.9 million was recognized as net sales in the fourth quarter. The customer selected Enea’s access control solution to support the modernization of its network and enable migration towards a cloud-native infrastructure.
• An Asian government customer signed a contract valued EUR 1.3 million, of which EUR 0.9 million was recognized as net sales in the fourth quarter. The agreement covers the Enea Qosmos Probe (ixEngine) solution, providing high-capacity, real time visibility into data traffic, to strengthen the customer’s threat detection capabilities.

Financial summary Q4 – good profitability driven by good cost control and business mix

Net sales declined by 5 percent (+1 percent in constant currency), totaling SEK 239 million (252). In constant currency, both core areas showed growth, with networks increasing by 1 percent and cybersecurity by 2 percent. Net sales continue to be driven primarily by Traffic Management within networks and ixEngine in security.

Despite the FX headwind, we reported an adjusted EBITDA margin of 40 percent (35) in the quarter, totaling SEK 95 million (88). License sales increased year-over-year, resulting in a more favourable business mix and contributing positively to profitability.

Cash flow from operations amounted to SEK 45 million (104). Our cost levels remained stable and were slightly lower year-over-year, driven by operational improvements and a stronger SEK, mainly against the EUR, where we have most of our costs.

Net financial items had a negative impact of SEK -6 million (41). Earnings per share amounted to SEK 2.21 (4.70).

Market developments supporting Enea’s solutions

The following events have influenced the telecom and cybersecurity market during the quarter, which is driving the need for Enea solutions.

• EU Digital Networks Act proposal: The European Commission introduced a major draft law reforming telecom regulation, including unlimited-duration radio spectrum licenses to encourage investment and help achieve full fibre broadband coverage — a significant policy shift for EU operators.
• In 2025, telecom networks remained prime targets for ransomware, nation-state, and hacktivist attacks due to their critical infrastructure role, sensitive subscriber data, and geopolitical importance. Increasingly coordinated threats are pushing telecom operators beyond service delivery into the role of frontline defenders of digital trust and national security.
• Increasing geopolitical tension is adding to the needs for nations to invest in technology to defend their people. Controlling what communication enters and leaves a country is critical, and Enea delivers world-leading solutions to support this.
  

Summary and moving ahead

Macroeconomic headwinds were a challenge throughout 2025. Despite this, we continued to strengthen and accelerate our profitability towards the end of the year. The increasing number of deals won in the government sector, combined with continued solid development in the telecom sector, positions Enea well for continued financial progress in the year ahead.

Our growing customer base reflects strong confidence in Enea and the relevance of our solutions in an increasingly complex geopolitical environment. Secure communication is a fundamental requirement for both national security and technological development, and our world-leading products and solutions are well positioned to meet these needs.

From 2026, we move to our new financial guidance. Our ambition is to deliver an average annual growth above 10 percent during the strategy period, while achieving an adjusted EBITDA margin exceeding 35 percent by the end of 2028.

Our short-term guidance for 2026 is single digit growth with an adjusted EBITDA over 30 percent. In 2026 we will make investments that will accelerate our growth as part of our strategy.

I am confident that Enea is well positioned to deliver on these ambitions and to continue to create long-term value for our shareholders.

Teemu Salmi
President & 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.

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

Contact 
Enea Investor Relations 
ir@enea.com