Slide 1: Investor Call
Investor Call
Slide 2: Agenda
Agenda • Intro • Financial Results • Way Forward & Outlook Investor call Q226 Public Information
Slide 3: Q2 Highlights
Q2 Highlights 11% growth in Growth portfolio Strong operational cashflow Government business growing Investor call Q226 Public Information
Slide 4: Market and Business Development
Market and Business Development 5 new customers Government sector growing well Strategy execution accelerating 6 % sales growth in H1 whereof 4 in growth portfolio according to plan with good momentum Investor call Q226 Public Information
Slide 5: Strategy Execution
Strategy Execution MARKET ACCELERATION VERTICAL EXPANSION OFFERING EVOLUTION Expanded global sales team Major government win Accelerating AI capabilities Number of mature Total funnel growth of 29 % Expanded national security / government leads continues for growth portfolio defense offering to grow
Slide 6: Addressing a Critical Sovereign Blind Spot
Addressing a Critical Sovereign Blind Spot ENEA’S TELECOM DRONE DEFENSE SOLUTION Connected drones bypass RF jamming Global range, no line-of-sight need Challenge moving beyond war zones Enea provides governments with the network intelligence to detect and disconnect mobile-connected drones – address
Slide 7: Q2 Key Numbers
Q2 Key Numbers APRIL-JUNE 2026 JANUARY-JUNE 2026 EBITDA EBITDA NET SALES NET DEBT NET SALES NET DEBT MARGIN 2/ MARGIN 2/ 218 25 192 440 30 192 MSEK MSEK MSEK MSEK PERCENT PERCENT EARNINGS OPERATING EARNINGS OPERATING R&D 1/ R&D 1/ PER SHARE CASH FLOW PER SHARE CASH FLOW 0.66 88 26 1.64 102 25 PERCEN
Slide 8: Agenda
Agenda • Intro • Financial Results • Way Forward & Outlook Investor call Q226 Public Information
Slide 9: Net Sales
Net Sales Net Sales (SEK m) 300 1 200 2026 2025 2026 2025 Q2 Q2 R12m Year 250 1 000 Net Sales 218 224 892 889 200 800 Growth (%) -3% -5% -2% -2% Growth (%, currency -1% 0% +4% +2% adjusted) 150 600 100 400 • +6% growth in fixed currency rates for June YTD 50 200 0 0 2/25 3/25 4/25 1/26 2/26 Net Sale
Slide 10: 25% Adjusted EBITDA Margin Q226
25% Adjusted EBITDA Margin Q226 EBITDA excluding NRI and Trans. Diff. (SEK m) 120 60% 2026 2025 2026 2025 Q2 Q2 R12m Year 100 50% EBITDA excl NRI and Trans. Diff. 55.3 73.1 295.5 291.0 SEK m EBITDA, SEK m 58.5 67.9 276,2 270.9 80 40% EBITDA excl. NRI and Trans. Diff. % 25% 33% 33% 33% 60 30% EBITDA
Slide 11: 9% Adjusted EBIT Margin Q226
9% Adjusted EBIT Margin Q226 Operating profit excluding NRI and Trans. diff. (SEK m) 2026 2025 2026 2025 60 30% Q2 Q2 R12m Year EBIT excl Non-Recurring Items and 20.6 34.3 146.2 133.7 trans. Diff., SEK m EBIT, SEK m 23.8 29.0 126.9 113.6 EBIT margin excl. non-rec. items and 40 20% 9% 15% 16% 15% tra
Slide 12: Quarterly Net Sales per Product Group
Quarterly Net Sales per Product Group Licenses Support & Maintenance Professional Services Growth Classic Investor call Q226 Public Information
Slide 13: Net Sales per Product Area Q226
Net Sales per Product Area Q226 Net Sales (SEK m) Fixed Currency 0 20 40 60 80 100 Growth Growth Network Performance & 69 Network Performance & Intelligence +15% +20% Intelligence 79 Signaling & Messaging Security 0% +9% -1% +11% Signaling & Messaging 46 Embedded Network Insights & Security +9% +9%
Slide 14: Net Sales per Product Area YTD
Net Sales per Product Area YTD Net Sales (SEK m) 0 50 100 150 200 Fixed Currency Growth Growth Network Performance & 131 Intelligence 145 Network Performance & Intelligence +11% +22% Signaling & Messaging Security +24% +13% +27% +19% Signaling & Messaging 91 Security 113 +SEK40m Embedded Network Ins
Slide 15: Less Exposure in Financial Net
Less Exposure in Financial Net Enea Group (KSEK) Q2 2026 Q2 2025 Financial net Net interest -3,562 -1,892 Currency net +1,203 -37,150 Q2 Q2 Financial net -2,359 -39,042 Investor call Q226 Public Information
Slide 16: Improved Cash Flow
Improved Cash Flow Cash flow generation in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Operating profit 23.8 20.2 48.9 34.1 29.0 Financial net -2.4 -2.6 -6.0 0.1 -39.0 Non-cash items and taxes 36.7 46.9 36.7 27.7 39.4 Change in working capital 29.6 -50.3 -34.4 -41.1 -24.2 Cash flow from oper
Slide 17: Improved Cash Flow
Improved Cash Flow Cash flow generation in SEK million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Operating profit 23.8 20.2 48.9 34.1 29.0 Financial net -2.4 -2.6 -6.0 0.1 -39.0 Non-cash items and taxes 36.7 46.9 36.7 27.7 39.4 Change in working capital 29.6 -50.3 -34.4 -41.1 -24.2 Cash flow from oper
Slide 18: Agenda
Agenda • Intro • Financial Results • Way Forward & Outlook Investor call Q226 Public Information
Slide 19: Q2 Highlights
Q2 Highlights 11% growth in Growth portfolio Strong operational cashflow Government business growing Investor call Q226 Public Information
Slide 20: Short-Term Outlook
Short-Term Outlook • Market remains stable to moderately positive. Growing in government business • Government sector growing well to support growth of new vertical for Enea and diversify our customer base • Geopolitical challenges in Middle East creating unpredictability • Solid and growing pipelin
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 Q226 Public Information
Slide 22: Question & Answers
Question & Answers
Slide 23: Thank You!
Thank You! TEEMU SALMI, CEO ULF STIGBERG, CFO VISIT ENEA.COM FOR MORE FINANICAL INFORMATION