Enento Q4'25: Earnings growth outlook gained further clarity

Translation: Original published in Finnish on 2/16/2026 at 8:00 am EET.

Enento's Q4 result exceeded our estimates due to strong profitability development. The guidance, which anticipates earnings growth from a higher-than-expected level, led us to make small upward revisions to our forecasts. There are no strong signs of recovery in the outlook yet, although the trend appears to be improving. Considering the improving earnings growth and moderate valuation (26e adj. P/E 12x), we consider the risk/reward ratio attractive. We reiterate our target price of EUR 17.0 and Accumulate recommendation.

Profitability clearly exceeded our expectations

Enento's Q4 revenue grew by 3% to 39.1 MEUR, in line with our estimates. Growth primarily stemmed from currencies, with comparable growth at 0.9%. Development by business area contained no major surprises: Business Insight grew by 2% on a comparable basis, and Consumer Insight contracted by 0.6%. Of greater interest in the report was the profitability development, with the company achieving an adjusted EBIT of 10.6 MEUR, which was a clear improvement from the weak comparison period (Q4'24 8.4 MEUR), and also clearly exceeded our forecast (9.3 MEUR). Profitability was supported by revenue growth, cost-saving measures, and, contrary to our expectations, an improved sales mix. As expected, Enento's Board of Directors proposed a stable dividend of EUR 1.0 per share.

Guidance largely expected

Enento guided for comparable revenue growth of 0-5% in 2026 and an increase in adjusted EBITDA. Our previous growth forecast was in line with the guidance, but due to a slightly higher-than-expected 2025 earnings level, the earnings guidance was slightly stronger than our expectations. The outcome for growth (which end of the range the company lands on) is primarily driven by macroeconomic developments, although the company's own commercialization efforts also have an impact. The new CEO's focus seems to be largely on pursuing growth in non-growing target markets. In addition to top-line development, earnings growth is naturally driven by the company's own efficiency measures (change negotiations in late 2025). The cost side otherwise also seems to be quite well under control, although the company will increase investments in certain growth areas. In addition, the transformation of the Swedish Premium business, for example, should gradually provide clear support for profitability. Regarding the operating environment, there were no major changes to the outlook compared to before. Sweden's economic growth is expected to pick up this year, but Enento has not yet seen concrete signs of this in its data. For Finland, expectations are also more modest. Overall, the company expects stable demand for mortgages and unsecured loans, and continued strong demand for business information services. A stable market alone would be a welcome change for the company after the market burdened by regulatory changes in Sweden in recent years. We expect Enento's reported revenue to grow by about 4% to 158.3 MEUR (with slight support from FX) and adjusted EBITDA to improve to 53.9 MEUR (2025: 52.4 MEUR).

Risk/reward at an attractive level

After challenging years, Enento's growth outlook shows slight signs of improvement, which enables a clearer path to steady earnings growth for the company. In this context, we believe that the share's valuation is at a very moderate level, with adjusted EV/EBIT ratios for 2026-2027 at 11.4x-10.5x and corresponding adjusted P/E ratios at 12x-11.5x. Regarding the P/E ratio, we note that we are forecasting fairly strong EPS growth due to a reduction in one-off costs, which should naturally also be reflected in cash flow. In any case, we consider the risk/reward ratio very attractive at the current valuation. A significant portion of the expected return consists of a dividend of approximately 7%.