Slide 1: Investor Call
Investor Call Investor call Q126
Slide 2: Agenda
Agenda • Intro • Financial Results • Way Forward & Outlook Investor call Q126
Slide 3: Q1 Summary
Q1 Summary Solid 12 % net sales growth Strong improvement in profitability and EPS Good momentum for strategy execution Investor call Q126
Slide 4: Market and Business Development
Market and Business Development Strong momentum in Enea more relevant Strategy execution 12 % growth in Q1 growth portfolio than ever according to plan Investor call Q126
Slide 5: Q1 Key Numbers
Q1 Key Numbers JANUARY-MARCH 2026 EBITDA NET SALES NET DEBT MARGIN 2/ 222 34 240 MSEK MSEK PERCENT EARNINGS OPERATING R&D 1/ PER SHARE CASH FLOW 0.98 14 24 PERCENT SEK MSEK 1/ (OPEX less D&A plus Capitalized R&D)/(Net Sales) 2/ (EBITDA excl NRI and trans. diff.)/(Net Sales) 5 Investor call Q126
Slide 6: Market Development
Market Development Thought Leadership Innovation Recognition Leading Vendor in Tier 1 – Key Industry Events – Product Awards – Messaging Security • MWC – Presented at the largest trade • Enea won the MEFFY Awards 2026 for • Three major Commercial deals show setting the global stage for the best anti
Slide 7: Introducing Net Sales per Product Group
Introducing Net Sales per Product Group NETWORK PERFORMANCE & INTELLIGENCE SIGNALING & MESSAGING SECURITY OPERATING SYSTEMS & MIDDLEWARE EMBEDDED NETWORK INSIGHTS & SECURITY NETWORK ACCESS CONTROL Growth portfolio Classic portfolio Investor call Q126
Slide 8: Agenda
Agenda • Intro • Financial Results • Way Forward & Outlook Investor call Q126
Slide 9: 12% Growth of Net Sales in Fixed Currency Rates
12% Growth of Net Sales in Fixed Currency Rates Net Sales (SEK m) 300 1 200 2026 2025 2026 2025 Q1 Q1 R12m Year 250 1 000 Net Sales 222 214 897 889 Growth (%) +4% +7% +1% -2% 200 800 Growth (%, currency +12% +6% +4% +2% adjusted) 150 600 • 12% growth in fixed currency rates for the quarter and +4% f
Slide 10: 34% EBITDA Margin
34% EBITDA Margin Q1 2026 EBITDA excluding NRI and Trans. Diff. (SEK m) 2026 2025 2026 2025 120 60% Q1 Q1 R12m Year EBITDA excl NRI and Trans. Diff. 75.0 52.6 313.4 291.0 SEK m 100 50% EBITDA, SEK m 56.5 41.8 285.6 270.9 80 40% EBITDA excl. NRI and Trans. Diff. % 34% 25% 35% 33% EBITDA margin, % 23%
Slide 11: 9% Reported EBIT Margin
9% Reported EBIT Margin Q1 2026 Operating profit excluding NRI and Trans. diff. (SEK m) 2026 2025 2026 2025 60 30% Q1 Q1 R12m Year EBIT excl Non-Recurring Items 38.6 12.4 160.0 133.7 and trans. Diff., SEK m EBIT, SEK m 20.2 1.6 132.2 113.6 40 20% EBIT margin excl. non-rec. items 17% 6% 18% 14% and t
Slide 12: Q1 Net Sales per Product Group
Q1 Net Sales per Product Group • Quarters mainly varies dependent on new software license revenues in the quarter • High share of SW license revenue in our three growth product groups to the left • High share of services in the Signaling & Messaging security product group • The two classic product g
Slide 13: Q1 Net Sales per Product Group
Q1 Net Sales per Product Group Net Sales (SEK m) 0 20 40 60 80 Fx adjusted Growth growth Network Performane & 62 Intelligence 66 Network Performance & Intelligence +6% +24% Signaling & Messaging Security +48% +17% +56% +28% Signaling & Messaging 45 Security 67 +SEK26m Embedded Network Insights & Sec
Slide 14: Net Sales per Product Group R12m
Net Sales per Product Group R12m Net Sales (SEK m) 0 50 100 150 200 250 300 Fx adjusted Growth Network Performance & 258 growth Intelligence 261 Network Performance & Intelligence +1% +14% Signaling & Messaging 190 Signaling & Messaging Security +12% +4% +17% +12% Security 212 +SEK25m Embedded Netwo
Slide 15: Less Exposure in Financial Net
Less Exposure in Financial Net Enea Group (KSEK) Q1 2026 Q1 2025 Financial net Net interest -3,632 -1,650 Q1 Q1 Currency net +1,069 -20,093 Financial net -2,564 -21,743 Investor call Q126
Slide 16: Cash Flow
Cash Flow Cash flow generation in SEK million 2026 Q1 2025 Q1 Operating profit 20.2 1.6 Financial net -2.6 -21.7 Non-cash items and taxes 46.9 20.4 Change in working capital -50.3 35.3 Cash flow from operations 14.3 35.5 Investments -29.0 -23.9 Financing 4.1 35.1 Total Net Cash flow -10.6 46.6 Finan
Slide 17: The Buy-Back Program
The Buy-Back Program • 243 515 shares were bought back in Q126, for a total consideration of SEK 15.6 million. • The repurchases are since May 10th within the framework of the authorization from the Annual General Meeting 2025. • The program is carried out by a credit institution following the ‘Safe
Slide 18: Agenda
Agenda • Intro • Financial Results • Way Forward & Outlook Investor call Q126
Slide 19: Key Takeaways
Key Takeaways Solid 12 % net sales growth Strong improvement in profitability and EPS Good momentum for strategy execution Investor call Q126
Slide 20: Short-Term Outlook
Short-Term Outlook • Market remains stable to moderately positive. • Enea portfolio highly relevant for the markets and segments we serve. • Government sector growing well to support growth of new vertical for Enea and diversify our customer base. • FX headwind still putting pressure on comparabilit
Slide 21: Long Term Financial Ambition
Long Term Financial Ambition Our long term ambition is to over the next three-year period, 2026-2028, deliver an average CAGR >10%. Our profitability will have an EBITDA >35% at the end of the next three-year period, i.e., FY 2028. Investor call Q126
Slide 22: Question & Answers
ENEA Question & Answers
Slide 23: Thank You!
Thank You! TEEMU SALMI, CEO ULF STIGBERG, CFO VISIT ENEA.COM FOR MORE FINANICAL INFORMATION