Enea Q2 Report 2026

• Net sales decreased by 2.6 percent to SEK 218.0 million (223.8). Currency adjusted, net sales decreased by 0.8 percent.
• Adjusted EBITDA amounted to SEK 55.3 million (73.1), corresponding to an adjusted EBITDA margin of 25.4 percent (32.7).
• Profit after tax amounted to SEK 12.5 million (-8.6).
• Earnings per share amounted to SEK 0.66 (-0.43).
• Cash flow from operating activities amounted to SEK 87.8 million (5.2).

CEO Comment
I am pleased with our progress during the first half of 2026, where we continue to deliver solid financial performance. We report a currency-adjusted growth of 6 percent in net sales, and it corresponds to a reported result of SEK 440 (438) million, an improved adjusted EBITDA margin of 30 percent (29), and a significantly strengthened cash flow at SEK 102 (41) million. In the second quarter, our growth portfolio continued to perform well, with currency-adjusted net sales growth of 11 percent year-over-year, while the classic portfolio declined 29 percent. Total net sales decreased by 1 percent compared with the second quarter last year.

Geopolitical challenges  
Geopolitical challenges, primarily in the Middle East, continued into the second quarter and affected the timing of certain customer decisions. As a result, some deals expected to close have been delayed, with an estimated short-term negative net sales impact of SEK 7-10 million. These are not lost deals, but rather business that is shifting over time. 

Strategy execution continues according to plan
During the quarter, we strengthened our Market Acceleration efforts by expanding our global sales organization with four new hires. We also continued to execute Vertical Expansion by adding a new government customer in Asia. Within Offering Evolution, we continued to accelerate our AI capabilities while enhancing our solutions in optimization, monetization, and security. The investments in dedicated capabilities to expand and strengthen our offering and position for the national security segment, including defense, are continuing according to plan.

Financial performance – flat quarter with strong cashflows
In the second quarter, our growth portfolio continued its strong momentum, with currency-adjusted growth in net sales increasing by 11 percent, supported by new customer signings. We welcomed five new customers, four within the growth portfolio and one within the classic portfolio. The classic portfolio declined by 29 percent, and as a result, currency-adjusted net sales decreased by 1 percent year-over-year, totaling SEK 218 (224) million. Adjusted EBITDA amounted to SEK 55 (73) million, corresponding to an adjusted EBITDA margin of 25 percent, and earnings per share improved to SEK 0.66 (-0.43). Recurring revenue amounted to 62 percent of total revenue, and cash flow from operations strengthened significantly to SEK 88 (5) million, mainly driven by a higher contribution from recurring contracts. Our cost base is developing in line with our strategic ambitions. The minor increase reflects the strategic investments communicated at the end of 2025 as part of our updated strategic direction, and our total cost level is where we expect it to be at this point in our strategy cycle.

Market developments supporting Enea growth
Security investment continues to rise in a more volatile geopolitical world, creating additional opportunities for Enea. We are building a solid pipeline in the national security space and signing an increasing number of contracts. The government sector is emerging as a strong, complementary customer base alongside our existing segments, a key part of securing Enea’s profitable growth journey as outlined in our strategy. Our Threat Intelligence team is seeing an increased number of attacks across signaling and messaging. These insights help us remain relevant by enabling us to continuously improve our offerings to protect customers’ businesses. Rising threats, combined with emerging regulation, are compelling events increasing the need for our customers to invest in Enea technologies, such as firewalls, traffic management, and deep packet inspection.

Going forward
The strategic direction is set, and we are delivering according to plan. The positive impact of our strategic investments will continue to accelerate over time and are expected to be fully reflected by the end of 2027. Investments in expanding sales capacity are expected to translate into accelerated growth over time, given the naturally long sales cycles in our business. Long-standing customer relationships and consistently low churn demonstrate the trust our customers place in us. Combined with our employees’ ability to deliver high-quality solutions, this provides a strong foundation for sustainable, profitable growth. The short-term guidance of single digit currency-adjusted growth with an adjusted EBITDA over 30 percent in 2026 stands firm and so does our long-term strategic position of delivering an average annual growth above 10 percent (2026-2028), while achieving an adjusted EBITDA margin exceeding 35 percent in the final year of the strategy cycle.
I am pleased with the progress we are making and remain confident that our strategic direction will continue to create shareholder value.

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 – Q2 Report 2026
You can submit written questions via the webcast

Participate via telephone conference and ask verbal questions:
Conference call – Q2 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