Enea Publishes Annual and Sustainability Report 2025 Report

Annual Report

2025

CONTENT ABOUT ENEA

BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

Content

About Enea 3

The Year in Brief 5

A Word from the CEO 6

Business Concept and Strategy 8

Business Model 8

Strategy 10

The Market 12

Our Offering 14

Enea as an Investment 18

The Enea Share 19

Sustainability Report 22

Value Chain and Materiality 24

Assessment

Environment 26

People and Culture 27

Governance and Business Ethics 32

Financial Statements 34

Directors' Report 35

Risks and Risk Management 37

Corporate Governance Report 40

Board of Directors and Executive 46

Leadership Team

Accounts 48

Notes 54

Declaration of the Board of 78

Directors and the CEO

Auditor's Report 79

Other Information 83

Five-Year Overview 83

Alternative Key Performance 84

Indicators

Financial Definitions 85

Glossary 86

Information for Shareholders 87

and Financial calendar

The currency for all amounts stated in this Annual Report is Swedish kronor (SEK) unless otherwise stated. Figures in SEK thousands may be abbreviated as "SEK 000", while those in SEK millions may be abbreviated as "SEKm". Unless otherwise stated, all amounts are for current operations, and amounts

in parentheses are for 2024. The audited annual accounts are found on pages 35-78. The sustainability report on pages 22-33 has been reviewed by the auditors in accordance with FAR's auditing standard RevR 12 Auditor's report on the statutory sustainability report.

Enea's vision:

We make the world's communication safer and more efficient.

About Enea

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

‌Enea is a world-leading software specialist in telecom and cybersecurity. We develop and deliver solutions that enhance security, performance, and intelligence in digital communication. Among other benefits, our solutions enable stable and secure connectivity for billions of people, while safeguarding critical infrastructure around the world every day.

We have several hundred customers across four segments: fixed and mobile telecom service providers; CPaaS (Communication Platform as a Service) providers; the public sector in defense, national security, and critical infrastructure; and larger product and service companies that integrate our technology into their offerings.

The product portfolio is divided into three product segments: Network Solutions, Security Solutions and Operating Systems. Our offering includes advanced firewalls that protect mobile networks from cyber attacks, messaging management solutions, and DPI-based (Deep Packet Inspection) network visibility that provides transparency into network traffic. We also offer solutions for traffic classification, video traffic optimization, and Wi-Fi network management. Through continuous innovation and strategic acquisitions, we constantly strengthen our offering and global presence.

49%

42%

9%

ANNUAL REPORT 2025

3

CONTENT ABOUT ENEA

BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

Financial targets

Targets Outcome 2025

Double-digit growth in our core areas (Network Solutions and Security Solutions)

Adjusted EBITDA margin > 35%

-1.6%

32.7%

% 30

20

10

0

-10

% 50

40

30

20

10

0

2021

2021

2022

2022

2023

2023

2024

2024

2025

2025

Targets

Targets

Strong operating cash flow

SEK

106.6m

SEKm 350

300

250

200

150

100

50

0

2021

2022

2023

2024

2025

4 ANNUAL REPORT 2025

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

‌Significant events

Q1 Q2 Q3 Q4

• Enea had a strong presence at the Mobile World Congress in Barcelona, conducting over a hundred meetings with customers, partners, and industry representatives.

• Stc, Saudi Arabia's largest mobile network operator, achieved 100 percent compliance with GSMA's signaling standards using the Enea Adaptive Signaling Firewall.

• Enea announced a strategic partnership with Beyond ONE, an MVNO customer in a strategic priority segment for Enea, to deliver a

  pay-as-you-use data solution to Virgin Mobile in Latin America.

• Teemu Salmi was appointed President and CEO on April 1, 2025.

• A leading U.S.-based cybersecurity company chose to integrate Enea Ǫosmos ixEngine® into its next-generation SD-WAN solution.

• Enea and Akamai announced a referral agreement combining Enea's ixEngine DPI solution with Akamai's Fingerbank solution.

• Enea signed a three-year traffic management agreement worth SEK 39 million with a leading North American mobile network operator for the delivery of 5G Service Engine and Stratum Network Data Layer.

• Enea extended its key strategic partnership with OISF, the non-profit organization behind Suricata.

• Enea signed a strategic partnership agreement with Asiacell for traffic management in connection with the Mobile World Congress in Doha.

• Enea presented an updated strategy and financial targets for increased growth and profitability for the period 2026-2028.

• During the year, Enea bought back a total of 933,470 of treasury shares. The buybacks were part of the buyback program totaling up to SEK 50 million announced on July 15, 2025.

Key performance indicators

889 33

SEK

Net sales

m %

Adjusted EBITDA margin

107 25

* Product development expenses, excluding depreciation and amortization but including capitalized costs, are expressed as a percentage of net sales.

SEK

Operating cash flow

3+ Bn

Daily users

m %

Product development*

477

Employees

ANNUAL REPORT 2025

5

A word from the CEO

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

‌Communication is a fundamental prerequisite for innovation, business, and societal development. It is the backbone of our connected world and needs to work around the clock, without interruption or disturbance. As CEO of Enea, I am proud to lead a company with a clear and determined focus on securing digital communication and thereby contributing to a safer and more functional world. Our solutions enable customers to secure, streamline and add value to their businesses, while strengthening the communication networks on which society and business rely.

Stability in a changing world

Despite a challenging currency environment, 2025 clearly demonstrated the strength of Enea's core business. Although our reported revenue was significantly impacted by the SEK's appreciation against most currencies, particularly the USD, I am proud to note that we achieved 2 percent growth in constant currency, while slightly improving our profitability during the year. Since the majority of our revenue is in USD, we experienced a negative currency effect of nearly 20 percent during the year, which impacted growth in reported figures.

At the same time, we saw very strong performance in Traffic Management and Deep Packet Inspection (DPI), while our firewall segment faced a more challenging year, impacted by lower-than-expected customer activity. Our legacy portfolio continued to perform well, despite parts of it - primarily

operating systems - being in structural decline. Overall, 2025 was a stable financial year, supporting the accelerated growth trajectory we defined for the company.

A strong portfolio that drives innovation, customer value, and growth

Advances in artificial intelligence create significant growth opportunities, but also pose increased security risks when the same technology is used by malicious actors for criminal purposes. For us at Enea, AI is not a passing trend - it is an integral part of our daily business, and we have already implemented several

AI-based features in our solutions to help our customers stay one step ahead of increasingly sophisticated threats. Responsible and business-oriented use of AI is now an essential part of our business and strengthens our competitiveness.

"Overall, 2025 was

a stable financial year, supporting the accelerated growth trajectory we defined for the company."

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ANNUAL REPORT 2025

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

Our telecom customers need to continuously strengthen their security capabilities to defend against increasingly sophisticated attacks. At the same time, they need to optimize their investments and continue developing their core businesses. Our solutions are designed to meet these very needs. Our firewall solutions enhance security while also contributing to increased revenue from messaging services. Through our Traffic Management solution, we help customers deliver a superior user experience while optimizing resource utilization in their networks with the help of our intelligent network performance software.

National security broadens Enea's customer base and drives growth

In the current geopolitical climate, characterized by rising nationalism, a stronger focus on national control and escalating conflicts, national security has become even more of a priority. In 2025, Enea entered into several national security agreements, in which our robust solutions help strengthen countries' security capabilities. This segment is strategically important to us and is expected to be a significant driver of Enea's continued growth.

From resilience to acceleration

In Ǫ4, we launched an updated strategy with clear priorities and revised financial ambitions. The strategy rests on three pillars, namely market acceleration, vertical expansion, and product offering evolution.

Market acceleration involves strengthening our sales efforts in regions where we already have a strong position and solid growth, while simultaneously expanding our presence in other regions with significant growth potential.

Vertical expansion focuses on further developing and adapting our existing offerings for new customer segments. A clear example is our expansion in national security. Another is our repackaged offerings for Tier 2 operators and Mobile Virtual Network Operators (MVNOs), which are designed to enhance security while enabling more efficient monetization.

Product offering evolution ensure that Enea can continue to maintain and strengthen its position as market leader in the areas in which we operate. Our investments in AI will continue to increase, and research and development (RCD) are crucial for us to stay one step ahead of the competition and continue to win business. We invest approximately 25 percent of our revenue in RCD, which gives us a strong foundation for continued innovation and long-term, sustainable growth.

"Security is no longer an option

- it is a prerequisite for running a resilient and successful business."

Well positioned for a secure future

Enea is well positioned for the future, with an offering that is both relevant and competitive. Security is no longer an option - it is a prerequisite for running a resilient and successful business. This development is also driven by increased regulatory requirements globally, which means that our customers need to invest to meet - and in many cases exceed - the requirements set. At the same time, an increased focus on national control and a more volatile geopolitical environment create favorable conditions for Enea.

In closing, I would like to extend my warmest thanks to all of our employees. It is your commitment and expertise that form the foundation of where we stand today and of our continued development. I would also like to thank our customers and investors for the trust you place in us. We strive every day to live up to that trust. Our customers' success is Enea's success, and we are committed to contributing to their business goals.

Sincerely,

Teemu Salmi

President and CEO

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7

Business model

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

‌Business and sales models

Our business model is based on the development and sale of software, including Software as a Service (SaaS), as well as product-related services such as installation, configuration, support, and maintenance. We also provide artificial intelligence (AI)-based cyber threat analysis services as a real-time service within our Threat Intelligence unit. The software is typically licensed to the customer, with recurring revenue generated through both licenses and technical support and maintenance. In the SaaS model, the customer pays for usage and the software is provided via cloud-based technology.

We operate using three different sales models:

• Direct sales to telecom operators and service providers. Over time, we have strengthened our sales organization and now have established, long-term business relationships and large-scale implementations with many of the world's leading players in the segment.

• Partner sales through system vendors, where our software is delivered in partnership with selected larger system supplier partners and complements their own product portfolio.

• Partner sales through system integrators, where our products are delivered in partnership with specialized actors to reach additional customer segments and markets. This enables us to offer products and solutions to customers and markets that we would have difficulty reaching on our own.

8 ANNUAL REPORT 2025

Communications Platforms-as-a-Service (CPaaS)

Telecom operators

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

Direct and partner sales

Alternatively via system suppliers

Product portfolio and sales models

Public sector G authorities

Business customers

End-users

Partner sales

Alternatively via system suppliers

Customers

Our customer base primarily consists of the following groups:

• Telecom operators, our largest customer group, use our software in their networks to optimize, monetize and secure communication services to both subscribers and businesses. This customer group enables long-term contracts with stable and recurring revenue, and we collaborate with several of our customers on joint innovation and the development of new solutions. We have long-standing relationships with many of the world's leading and most technologically advanced telecom operators and are continuously working to introduce more solutions from our portfolio.

• Technology providers integrate our software into their products through a licensing model. For example, our DPI software is used in customers' applications in cybersecurity solutions. In this market segment, our volume-based revenue model is based on customer growth, resulting in a high proportion of recurring revenue.

• Major CPaaS providers and messaging aggregators, that use our AI-based messaging security firewalls to protect businesses and users from unwanted and fraudulent SMS traffic. Service-based business models and cloud-based delivery models are becoming increasingly common in this sector.

• Public sector and authorities, including entities involved in national security and critical infrastructure, use our solutions to strengthen security, resilience and continuity. Our solutions provide greater visibility into network traffic and the threat landscape, supporting efforts to prevent and manage cyberattacks, data breaches and fraud, and to protect user data and communication integrity. We also provide expertise and threat intelligence to support the protection, development and long-term security of national mobile networks.

Strategy

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

‌Our strategy is based on creating long-term, sustainable growth in the network and security segments. Over the course of the year, we have further refined our strategy to better respond to a rapidly changing market. The updated strategy, presented in November 2025, sets out our priorities for the future and strengthens our ability to deliver high customer value, profitable growth and an offering that evolves in step with the demands of the world around us. With our aim set on 2028, we now have a clearly defined ambition and concrete objectives for the company's continued development.

To ensure comparability between years, Enea reports operations for 2025 using the previous portfolio structure. The updated structure will be introduced in the financial reporting starting in 2026.

Three strategic pillars

The updated strategy is based on three strategic pillars, each with clear content and defined priorities. These pillars are Market acceleration, Vertical expansion, and Product offering evolution.

1

Market acceleration

We are expanding our efforts in North America through increased investments and growth initiatives aimed at capturing a larger share of the available market potential and strengthening our position in the region. At the same time, we are focusing on capitalizing on business opportunities in Latin America and Asia-Pacific by leveraging the use of our current product portfolio. Although Enea already has an extensive customer base in these regions, evolving customer needs create opportunities to offer additional solutions from the portfolio.

2

Vertical expansion

To meet the growing demand for cybersecurity and resilience, we are increasing our focus on authorities and critical operations. This vertical expansion encompasses public sector entities, including defense, national security and critical infrastructure, where geopolitical developments are driving increased investment in protection against cyber threats.

Through our advanced solutions for analyzing and managing internet traffic, we are strengthening our customers' cybersecurity and thereby our position in a rapidly changing global market. Our strong offerings, primarily in Traffic Management and DPI, are expected to drive the expansion of our customer base, such as MVNOs.

3

Product offering evolution

We are further developing our product portfolio to meet the changing needs of our customers and strengthen Enea's competitiveness. Product development is driven by three key areas: security, monetization and optimization, where advanced AI technologies play an increasingly important role. By optimizing network resources, combating fraud and making security a strategic asset, Enea creates increased customer value and

long-term sustainable growth for our customers. As the threat landscape evolves and geopolitical tensions rise, our solutions are becoming increasingly relevant for strengthening national security and protecting critical infrastructure. We are therefore continuing to accelerate the development and integration of AI into our products to further enhance functionality and competitiveness.

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

Financial targets

Our updated strategy is reflected in our new financial targets for the next three years, 2026-2028:

• Compound annual growth rate (CAGR) of over 10 percent

• Adjusted EBITDA of over 35 percent by the end of 2028

These targets aim to ensure sustainable growth, increased customer value and a continued strong position in a rapidly evolving global market.

Acquisitions

Acquisitions have long been an important tool for strengthening our growth and broadening our offering. Over time, we have successfully acquired and integrated several companies within our core areas. With a strong financial position, we are well positioned to finance further acquisitions, and potential acquisition candidates are continuously evaluated.

The market

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

‌We operate and specialize in key segments of the global communications and cybersecurity market. We focus on areas that require secure, reliable and high-performance digital infrastructure for mission-critical services. Our customer segments primarily include telecom operators, CPaaS providers and network and cybersecurity vendors. Government security authorities and national security actors also use Enea's technology for threat detection and to strengthen their national cybersecurity profile.

The primary drivers behind investments in telecom infrastructure and communications solutions are the rapidly growing demand for accessible, reliable and secure high-speed connectivity, which is reinforced by increased regulatory requirements. At the same time, network traffic continues to grow significantly faster than revenues for service providers, creating a clear need for software solutions that optimize network performance, prevent revenue leakage and enable competitive differentiation through faster service delivery and a superior user experience.

As telecom networks are increasingly viewed as critical national infrastructure, cybersecurity threats continue to rise. Protecting mobile networks and digital communications has therefore become a strategic priority for telecom operators globally, in an increasingly uncertain geopolitical environment. At the same time, the rapidly growing volume of encrypted and complex traffic increases the need for solutions that provide clear, accurate and real-time visibility into network traffic, such as DPI.

As service providers, enterprises and security suppliers migrate to cloud-based, cloud-native architectures, the demand for advanced traffic intelligence grows. This is crucial for improving network performance, identifying threats at an early stage and enabling the delivery of differentiated and value-added services.

Drivers of growth

Our business opportunities are shaped by a combination of industry-specific factors, technological advancements and broader societal and economic trends. Some of the most relevant drivers affecting our business include:

1. Fraud and security threats

   In recent years, global cybersecurity threats have intensified from already high levels, due in part to attackers taking advantage of AI. According to Check Point Research, the average number of weekly cyberattacks per organization increased by approximately 21 percent in the second quarter of 2025 compared to the same period in 2024, and was 58 percent higher than the corresponding period in 2023.¹ The number of ransomware attacks also increased globally by approximately 32 percent in 2025 compared to 2024.² The threat landscape not only affects critical infrastructure for telecom networks, businesses and consumers, but also has consequences for society as a whole and for the ongoing digitalization. An increasing number of societal functions and activities depend on secure and resilient communication systems. Incidents such as phone and messaging scams, as well as widespread service disruptions, have contributed to greater public awareness, and attacks on telecom networks

   1. Check Point Research, Global Cyber Attacks Surge 21% in Ǫ2 2025, 2025. 2) Comparitech, Worldwide Ransomware Roundup 2025 End-of-Year Report, 202C.

      Global technology trends

      2015

      2020

      2025

      2030

      
      
      

      Fraud G

      security threats

      Attacks against mobile devices

      * e.g. SIMjacker

      Signaling attacks

      Fraudulent messaging services

      * Artificial Traffic Inflation

      Security threats to messaging services

      Regulations for critical infrastructure

      In-depth defense Zero trust

      AI-driven threats by default

      Increasing

      data traffic

      1.4

      GB/user/month

      9

      GB/user/month

      20

      GB/user/month

      35

      GB/user/month

      AI G

      automation

      Data in isolated systems

      Process-based machine learning

      Supervised learning

      API exposure

      Generative AI

      Orchestration across multiple domains

      Cloud G

      virtualization

      Separate hardware and software

      Network virtualization

      Private clouds

      Partnership with hyperscaler

      Security via cloud service (SASE)

      Portability between clouds

      Containerization

      CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

      FINANCIAL STATEMENTS OTHER INFORMATION

      are increasingly viewed as a matter of national security. Encryption is intended to strengthen user privacy but also poses increased security risks by making traffic analysis and accurate classification more difficult. Governments around the world are responding with new cybersecurity directives and regulations that place higher demands on the telecom and IT industries to protect networks, data and subscribers, as well as to manage geopolitical risks in service delivery. Businesses are also increasing their investment in cybersecurity and placing higher demands on their telecoms and service providers.

2. Increased demand for data

   Telecom networks need to handle a continued surge in data traffic. This growth is primarily driven by increased video consumption, which places particularly high demands on capacity in indoor environments, where the majority of data is consumed. At the same time, new revenue streams from these investments have not yet fully materialized, meaning that telecom operators are increasingly focusing on improving the profitability of existing networks. Enea's software contributes to this by optimizing the management of data and video traffic and enabling cost-effective control of Wi-Fi networks in

   high-traffic indoor environments. Some operators have also been able to increase revenue by offering subscription plans with differentiated speeds and developing new offerings to address the rapidly growing video gaming market.

3. Artificial intelligence and automation

   The telecom and cybersecurity sectors are early adopters of advanced AI. It is used for purposes such as improving customer service solutions, streamlining operational processes and automating complex network functions that enhance performance and efficiency.

   Enea's products integrate advanced AI technologies to predict and manage network load, and identify and classify different types of traffic at scale. Since the effectiveness of AI and automation depends on access to relevant, high-quality

   data, these development trends are driving increased demand for specialized software solutions that enable operators and software providers to collect, process and use different types of data in critical network environments.

4. Cloud

The migration to cloud-based solutions is one of the most prominent industry trends. This development encompasses both public and private cloud platforms, with private clouds continuing to dominate among mobile operators. The transition impacts both technology choices and business models, requiring software specifically developed for cloud environments that offers high flexibility and scalability.

Cloud-based solutions enable new business models, such as subscription-based licensing and usage-based pricing, which create greater flexibility for both customers and suppliers.

Enea's products are developed and adapted for these environments, enabling the company to offer alternative business models, such as a SaaS model.

Enea is well positioned

People, businesses and societal functions around the world are becoming more and more dependent on secure and reliable digital communication. As traffic volumes increase and the number of connected devices continues to grow, the need for investment in technology that both protects and optimizes digital communication is on the rise. Enea's business concept is to develop and sell software that secures and optimizes communication in mobile and IT networks. The transition to cloud solutions, AI and next-generation mobile networks is changing market dynamics in an industry previously dominated by just a few major players. Traditional, vendor-locked systems are increasingly being replaced by open and cloud-based solutions developed through collaboration between different specialized software providers. As a leading provider, Enea is well positioned to capitalize on the structural changes and long-term trends shaping the market.

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CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

Our offering

‌We offer products and services for digital infrastructure, including telecom networks and cybersecurity. Our offering is built on the unique and collective expertise of our specialists and deep technical expertise in areas such as 5G, cybersecurity, AI and cloud-based solutions.

Our portfolio is built on three key value drivers:

• Security: Technology that detects and prevents advanced cyber threats and contributes to enhanced national security by protecting communities, businesses and critical infrastructure.

• Monetization: Solutions that protect and increase revenue by preventing fraud, enabling smarter business models and securing digital communications.

• Optimization: Technology that reduces operating costs through more efficient use of spectrum and network resources, and improves the overall user experience.

Product groups

To support these value drivers, our portfolio is organized into three product groups:

Networks

Security

Operating systems

SEKm 1,000

800

600

400

Net sales by product group

200

0

2021 2022 2023 2024 2025

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CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

Networks

In our Network Solutions group, we offer specialized software solutions for optimizing and managing data in networks, improving performance, and enhancing the customer experience. Our traffic management products enable telecom operators to optimize the transmission of encrypted video,

thereby improving the user experience and ensuring more consistent utilization of network resources. The advanced features also enable operators to improve quality for end-us-ers and to classify and filter traffic to protect revenue and prevent fraud.

SEK 431m

Revenue

5%

Currency-adjusted organic growth

49%

Share of total net sales

CUSTOMER CASE

Asiacell boosts mobile network capacity and quality

With the rapid growth of data traffic on mobile networks, it has become crucial for Asiacell, a leading mobile operator in Iraq, to improve the user experience while optimizing services and network capacity through efficient delivery of video content.

"Enea's network data traffic management tools are a crucial component in enabling fast and reliable data access. These top-tier tools give us the flexibility to offer our business and residential customers a wide range of innovative data plans and to intelligently manage video data traffic to enhance the customer experience," says Hassan El Chami, Chief Technology and Information

Officer at Asiacell. "Through powerful real-time traffic monitoring and analysis tools, Asiacell can now plan network capacity more effectively and better manage future data growth."

Enea's network control products enable user identification and authentica-

tion as well as access to specific network services and subscription plans based on network applications, for example through AAA servers and policy management. The portfolio also includes solutions for centralized storage of subscriber data across a wide range of network applications, the Network Data Layer, which can both reduce the number of data silos and lower operating costs. Enea's Wi-Fi service management solutions enable operators to offer public Wi-Fi services with the market's most comprehensive set of use cases for both consumers and businesses.

"Enea's network data traffic management tools are a crucial component in enabling fast and reliable data access."

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

Security

The Security Solutions group encompasses specialized cybersecurity software solutions that protect networks against intrusions, threats and attacks. The group includes solutions that protect mobile operators' signaling protocols against various threats, such as personal data leaks and various forms of fraud. This supports, among other things, operators' efforts to secure revenue and meet regulatory requirements when delivering application-to-person (A2P) messages, i.e. messages sent from businesses and digital services to end-users, and is used by mobile network operators and CPaaS providers.

Our embedded Ǫosmos software products classify traffic in real time, including encrypted traffic, and provide detailed information on network activities. Powered by AI and by delivering high-quality data to AI-based solutions, our products offer valuable insights and advanced detection capabilities within our customers' third-party cybersecurity and networking products. The changing geopolitical situation is driving increased investment in national security, where Enea is well positioned to deliver security solutions.

SEK 378m

Revenue

0%

Currency-adjusted organic growth

42%

Share of total net sales

CUSTOMER CASE

TextNow protects millions of users from scams and nuisance text messages

To take the lead in the fight against the growing threat of spam, scams, and malicious content distributed via text messages, TextNow has strengthened its focus on user security by implementing Enea's Adaptive Messaging

Firewall and associated expert threat intelligence services. "Trust and security are an important part of TextNow's mission to make free telephony services available to everyone," says Jon Halk, Head of Design and Customer Journey at TextNow. "Partnering with Enea allows us to take a step forward

in our efforts to combat increasingly sophisticated threats and work to keep the users who rely on our service as secure as possible."

Through the solution, TextNow has strengthened its security team's ability to quickly detect and block

ever-changing fraud campaigns.

"Partnering with Enea allows us to take a step forward in our efforts to combat increasingly sophisticated threats."

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CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

CUSTOMER CASE

Extreme Networks enhances application security & fights shadow IT

Extreme Networks, a leading provider of AI-driven cloud networking and cybersecurity, has integrated Enea's Ǫosmos ixEngine® into its SD-WAN solution for in-depth network traffic inspection. This integration enables industry-leading visibility and traffic classification, strengthening Extreme Networks' SD-WAN solution and paving the way for more personalized user experiences

through a broader range of services based on network intelligence. Enea's embedded software also contributes to enhanced security and performance by enabling precise application-specific rules, identifying encrypted traffic and traffic attempting to

bypass security controls and delivering services based on application needs. "For customers, the integration of Enea's Ǫosmos ixEngine into ExtremeCloud SD-WAN means better visibility into applications, faster SD-WAN deployment and increased security for critical tools," says Cristian Mircea, Chief Development Officer at Extreme Networks.

"For customers, the integration of Enea's Qosmos ixEngine into ExtremeCloud SD-WAN means better visibility into applications, faster SD-WAN deployment and increased security for critical tools."

Operating Systems

In the Operating Systems group, we offer high-performance real-time operating systems for applications in telecom, networks and embedded systems. Our products enable customers to launch new solutions faster, reduce risks and lower costs throughout the entire product lifecycle. Our

technology for communication between applications and hardware also helps to utilize resources such as processor capacity more efficiently, supporting both performance and long-term reliability requirements.

SEK 80m

Revenue

-3%

Currency-adjusted organic growth

9%

Share of total net sales

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

Enea as an investment

‌An established player with a global customer base Enea is currently in a strong and favorable position, with the ability to address customers' security, optimization and monetization needs. With a loyal customer base and

long-standing customer relationships in over 100 countries, the company has built a stable core business. Enea's offering enables growth both within the existing customer base and in new customer segments, such as authorities and entities active in the field of national security and operation of critical infrastructure, as well as MVNOs. In addition, Enea is well positioned to accelerate growth in established markets in Latin America, North America and Asia-Pacific, while selectively investing in new geographies.

World-leading product portfolio and scalable business model

Enea is a global technology leader in helping customers secure and optimize their assets while ensuring increased revenue. The company continuously invests in its offering to ensure a competitive and scalable product portfolio that meets the needs associated with Enea's growth ambitions in new verticals. Long-term product development initiatives, including the development and implementation of AI-based solutions for monetization, further strengthen the company's position as a global leader in the industry and create the conditions to further accelerate growth.

Significant and growing share of recurring revenue Over the past three years, Enea has gradually increased its share of recurring revenue to about two-thirds of net sales.

This development has been primarily driven by strong growth in the company's priority growth areas. Going forward, Enea intends to leverage its product mix to further increase the proportion of recurring revenue and expand into additional customer segments.

Financial strength and long-term value creation Enea's business model has contributed to stable profitability and strong cash flow, which over time has resulted in reduced net debt and a stronger balance sheet. This financial position has enabled share buybacks and strategic acquisitions with good returns. The continued development of a diversified portfolio of high-margin products creates further conditions for enhanced profitability over time and provides room for new growth initiatives and long-term shareholder value.

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CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

The Enea share

‌Share price performance

During the year, Enea's share price fluctuated between a high of SEK 106.00 on January 24, 2025 and a low of SEK 62.10 on June 18, 2025. The closing price at year-end was SEK 70.30, which means that Enea's share price fell by 29.1 percent during the year. This can be compared with the OMX Stockholm All-Share Gross Index (OMXSGI), which rose by 12.8 percent during the same period.

Trading volume

A total of 9.4 million shares were traded during the year at a total value of SEK 643 million (606), which amounts to an average of 37,638 shares (34,782) per trading day.

Ownership

The number of shareholders was 7,302 as of December 31, 2025 (8,403). Enea is listed on Nasdaq Stockholm (ticker: ENEA). The company's largest shareholders are Per Lindberg with 36.26 percent, Enea AB with 7.09 percent, Första

AP-fonden with 6.80 percent, Canaccord Genuity Wealth Management with 3.29 percent and Herald Investment Management with 2.92 percent. The 20 largest shareholders together hold 71.4 percent (70.8) of the company's capital. Foreign ownership amounted to 23.5 percent (22.9).

Number of shares

The number of shares amounted to 20,560,581 as of December 31, 2025. As of the same date, Enea AB held a total of 1,457,296 shares, corresponding to 7.1 percent of the total number of shares.

One ordinary share has a quota value of SEK 1.20 and entitles the holder to voting rights (one vote per share) at the Annual General Meeting. The total number of votes is 20,560,581.

Under the provisions of the Articles of Association, there are no restrictions on the transferability of shares or on each shareholder's voting rights at the Annual General Meeting.

Capital structure

In a company of Enea's nature, where software development and sales represent a significant component of the business, maintaining a strong financial position is of great importance. To enable Enea to continue its growth, including through acquisitions, the company may, over time, become net indebted. The Board of Directors continuously monitors the company's long-term financing needs.

Dividend policy

Enea's long-term dividend policy is that at least 30 percent of net profit after tax shall be distributed to shareholders.

However, consideration shall be given to the financial position, cash flow, acquisition opportunities and future prospects.

Given the acquisition opportunities and future prospects that Enea's Board of Directors foresees for the coming years, no dividend is proposed for 2025.

Authorization - acquisition of treasury shares

The 2025 Annual General Meeting resolved to authorize the Board of Directors to decide on the acquisition and transfer of treasury shares. Acquisition of treasury shares may only take place on Nasdaq Stockholm or in the form of an acquisition offer to all of the company's shareholders. The acquisition may involve no more shares than is necessary to ensure that the company's own holding at any given time does not exceed 10 percent of all shares in the company.

The transfer of treasury shares is also permitted by means other than on via the stock exchange, including the right to transfer waiving shareholders' preferential rights and with payment in a form other than cash. A maximum of 10 percent of the total number of shares in the company may be transferred. The above authorization may be exercised on one or more occasions and no later than the 2026 Annual General Meeting.

The acquisition of shares on the stock exchange may only take place at a price within the price range registered on the stock exchange at any given time. Transfers in connection with company acquisitions may take place at a market value determined by the Board of Directors. The purpose of acquiring or transferring treasury shares is to be able to continuously adapt the company's capital structure to its capital needs, to enable financing, in whole or in part, in connection with company acquisitions and to be able to secure available shares in decided share savings programs.

New share issue

The 2025 Annual General Meeting authorized the Board of Directors to, on one or more occasions until the 2026 Annual General Meeting, resolve on a new share issue in order to be able to finance continued growth and expansion, for example in connection with company acquisitions. This authorization grants the Board of Directors the right to issue shares corresponding to a maximum of 2,056,058 shares, i.e. a maximum of ten percent of the number of outstanding shares following cancellation of shares pursuant to a resolution by the Annual General Meeting. The share issue may take place with or without waiving of shareholders' preferential rights. The issue price shall be determined based on market terms. Payment for new shares may be made in cash, via offset or contribution in kind or other terms stated in Chapter 13, Section 5(1), Item 6 of the Swedish Companies Act. In other respects, the Board of Directors may determine the terms and conditions of new share issue. For more information, please visit https://www.enea.com.

Investor relations

Enea's investor relations work is characterized by transparency and the provision of accurate and relevant information. The company publishes this information in the form of press releases, interim reports and annual reports and on Enea's website. Stakeholders can subscribe to press releases and financial reports by email.

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Swedish and foreign ownership, based on shareholdings, percentage of shares

Legal and physical persons, based on shareholdings, percentage of shares

23%

77%

77% Swedish ownership

23% Foreign ownership

56% Physical persons

10%

34%

56%

34% Legal persons

10% Unknown

SEK 160

140

120

100

80

60

40

20

Volume, thousands

400

350

300

250

200

150

100

50

0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

0

Dec

Enea OMXSPI

Volume

Source: Modular Finance AB. Compiled and processed data from sources such as Euroclear, Morningstar and Swedish Financial Supervisory Authority.

Share-based KPIs, SEK

2025 2024 2023 2022 2021

Shareholders by size of holding, December 31, 2025

Percentage

continuing opera-

tions

Cash flow from operating activities

6.96 -25.8 5.05 8.61

2.53

1) Board of Directors' proposal to the 2026 Annual General Meeting.

20

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Owners by geographical area, December 31, 2025

Ten largest shareholders by ownership group, December 31, 2025

Shareholders,

Percentage of

Number of

Percentage of votes and

Rest of the world 1.6 12.9

gement 676,183 3.29

ANNUAL REPORT 2025 21

SUSTAINABILITY REPORT

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BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

Sustainability report

Sustainability Report 22

Value Chain and Materiality Assessment 24

Environment 26

People and Culture 27

Governance and Business Ethics 32

22 ANNUAL REPORT 2025

CONTENT ABOUT ENEA

BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

SUSTAINABILITY REPORT

Introduction

Sustainability is a vital element of Enea's operations and a key factor in our long-term success. We actively work to integrate sustainability aspects throughout our business model and into our daily decisions. By reducing our sustainability footprint while amplifying the positive impact of our solutions, we contribute to a more sustainable, resilient and secure digital future.

We are proud of how our products and service offerings contribute to safe and open communities by providing robust telecom services that modern society relies on. Through our partnership with the Internet Watch Foundation, we are continuously developing our content filtering services, which, among other things, allow parents and guardians to protect their children from harmful and illegal digital content. Our experts have also researched and shared their knowledge on how mobile communications can be secured in situations characterized by so-called "hybrid warfare", where networks are critical to the functioning of society but can also be exploited by enemies.

The telecom industry accounts for up to 2 percent of global energy consumption, and mobile data traffic continues to grow rapidly. Studies from 2022 show that our traffic management solutions can help an average mobile operator reduce its energy consumption by over 10 percent. Since video streaming accounts for the majority of today's data traffic and is expected to increase further as AR (Augmented Reality) and VR (Virtual Reality) become established, optimizing video streaming has never been more important. Our work focuses on improving network energy efficiency without compromising the user experience.

As an industry leader, it is important for us to contribute to the development of standards and security solutions for the mobile networks of the future. Through our involvement in the industry organizations Mobile Ecosystem Forum and GSMA Fraud and Security Group, we are actively working to advance new frameworks and strengthen security in global telecom environments. As part of our sustainability efforts, we continuously identify and manage potential negative impacts of our products and operations, while amplifying the positive impacts.

Comments on sustainability data

In light of changes to EU regulations, it has been determined that Enea is not subject to the reporting requirements under the Corporate Sustainability Reporting Directive (CSRD) as a result of the so-called Omnibus Directive. We have therefore drawn up our sustainability report in accordance with the previous wording of the Annual Accounts Act. For the time being, we have therefore chosen to structure our sustainability reporting based on the framework and principles of the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME), without claiming full compliance, pending further guidance from the EU.

In light of this, we also do not provide disclosures in accordance with the EU Taxonomy Regulation. Taxonomy reporting is closely linked to CSRD, and Enea's activities as a software company do not fall within the economic activities currently defined as taxonomy-relevant. Continued reporting in accordance with the Taxonomy Regulation is therefore not considered to provide a meaningful or accurate basis for decision-making for the company's stakeholders.

In 2025, Enea continued its collaboration with an external partner to strengthen the collection of sustainability data, ensure a more reliable data foundation and enable both improved assessment of the company's climate impact and increased transparency in reporting.

In cases where activity data was unavailable, calculations were performed using the expenditure-based method. During the year, we improved both the collection and calculation of sustainability data, particularly in the areas of external data centers, business travel and the purchase of goods and services. These improvements have affected the reporting of Scope 3 emissions. In accordance with the reporting principles, sustainability data for the company Enea Software Ltd (formerly Adaptive Mobile Security), which was acquired in 2021, has been included as of the 2022 reporting. The subsidiary Software Development Services was divested in 2022, and its sustainability data is therefore not included in the reporting for that year. Read more on pages 24-33.

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OTHER INFORMATION

SUSTAINABILITY REPORT

Value chain and materiality assessment

Value chain

Upstream Own operations Downstream

IT hardware Software licenses

Own servers G data centers

Employees

See the Strategy section, page 10.

Product use

End-of-life hardware

Enea's software is used to connect, optimize and secure communications for leading mobile operators, service providers, cybersecurity and enterprise network providers, and government authorities worldwide.

Impacts, risks and opportunities

As a global software provider, our material IROs (impacts, risks and opportunities) arise mainly within our own operations, where we rely on a highly skilled workforce and on hardware and software resources for the development and delivery of our solutions. Relevant IROs are also identified in downstream operations, where our products play a key role in security, functionality and customer experience. See further under "Cybersecurity" on page 30 and "Responsible AI development" on page 31.

Part of our downstream operations involves the management of end-of-life IT equipment. Since our technical infrastructure - which includes data centers, servers and office hardware - is critical to delivering secure, reliable and efficient services, we strive to ensure a responsible and sustainable lifecycle approach for all equipment.

We also rely on IT equipment, software providers and cloud service providers in our upstream operations, which are essential to our delivery capabilities. A key aspect is ensuring a stable and sustainable electricity supply, particularly for our data centers and cloud services. To reduce our climate footprint and contribute to a more sustainable digital infrastructure, we focus on energy-efficient solutions and partnerships with suppliers who prioritize renewable energy. Through this, we contribute to a business model that is climate-smart and sustainable over the long term.

Collaboration and long-term sustainability

By working closely with employees, suppliers, partners and customers, we create the conditions to implement our sustainability strategy and maintain a sustainable business model over the long term. These dependencies, both upstream and downstream in the value chain, have been taken into account in the initial double materiality analysis, as well as in the evaluation of our working methods and performance.

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Materiality analysis and material areas

The double materiality analysis and Enea's sustainability work

A dual materiality analysis was conducted in 2024, building on the previous year's analysis. The aim was to update our understanding of material impacts, risks and opportunities from a sustainability perspective. The analysis covered both our own operations and upstream and downstream segments of the value chain.

We have identified several areas where our operations have a material sustainability impact, including climate change, own workforce, business conduct, resource use and circular economy, workers in the value chain, consumers and

end-users, cybersecurity, and responsible AI. At the same time, some areas have been assessed as non-essential for us, such as pollution, water and marine resources, biodiversity and ecosystems, and affected communities.

Identified sustainability risks and opportunities As part of our double materiality assessment, we have identified relevant risks and opportunities related to our workforce, business conduct, consumers and end-users, cybersecurity and responsible AI.

The double materiality assessment process is an integral and ongoing part of our sustainability governance and forms the basis for our reporting structure.

During the year, we continued to prioritize efforts in the areas of business ethics, climate impact, occupational health and safety, and diversity and gender equality. These areas have been prioritized based on societal trends, the UN Sustainable Development Goals, market demands, relevant regulations and our ability to contribute to positive effects. Within each area, we report relevant key performance indicators and set targets.

Prioritized sustainability areas

Our four sustainability areas - Technology, People, Compliance and Environment - have been prioritized based on relevance to our stakeholders and impact on our business, risk profile and reputation.

Technology

We have always been at the forefront of technological development, where responsibility and security are crucial. The development of AI solutions focuses on responsible use, even as global regulations continue to evolve.

Cybersecurity is a key sustainability area for us. As an established player in the industry, we provide expertise to legislators and industry partnerships and play a vital role in identifying and addressing cyber threats on a global scale. This also places high demands on our own information security. We therefore work systematically to maintain a robust IT security environment and protect sensitive information.

People

The area "People" encompasses occupational health and safety, well-being and skills development, and is a key investment area with significant business impact for Enea. Diversity and inclusion are central to our social sustainability strategy.

An inclusive work environment promotes innovation, well-informed decision-making and increased business

resilience, while also fostering engagement and facilitating the ability to attract and retain talent. By ensuring equal opportunities, we contribute to sustainable and competitive business practices and promote human rights throughout the value chain.

Compliance

Corporate responsibility, including sound business ethics and anti-corruption measures, is a fundamental requirement for Enea. Supply chain management is another key sustainability area that, together with compliance and internal controls, contributes to a comprehensive perspective on our operations.

Environment

We have been measuring and reporting our climate impact since 2021. In the field of energy efficiency, we have both concrete targets for our own operations and products that can help reduce our customers' energy use.

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Environment

‌Climate impact

In 2025, we continued our collaboration with an external partner to enhance the quality of our data and enable a more reliable assessment of the company's climate impact.

During the year, we also calculated our corporate carbon footprint for the second time. As we continue to develop our climate reporting, it is important to explain how carbon accounting works, which methods are used and what this means for comparing this year's results with those of the previous year.

Our emissions are currently calculated using a combination of activity-based and expenditure-based data. In several categories, the calculations are still largely based on the expenditure-based method, where emissions are estimated by multiplying financial expenditures - such as those for goods and services - by average emission factors for each category. This method is widely used and suitable in the early stages of carbon accounting, but it is less accurate than activity-based methods that rely on more specific data, such as energy consumption, kilometers driven or volumes of materials purchased. As our data quality improves, our ambition is to gradually increase the proportion of activity-based calculations and reduce our reliance on expenditure-based estimates.

We have expanded the scope of our reporting compared to last year. We now include more emission categories and collect more detailed information than before for many suppliers and activities. At the same time, certain high-emis-sion sources that were not previously reported have now been added, while some data points from last year have been refined, reclassified or excluded in cases where they did not meet methodological requirements. These changes in scope, data coverage and categorization are key reasons for the differences in reported emissions between years.

As 2025 is only our second calculation of the company's carbon footprint, these developments are a normal and expected part of building internal expertise, systems and processes for climate reporting. The current results should therefore be interpreted as part of a maturing reporting process rather than as an exact year-on-year comparison. In

CO₂e-neutral

data centers

100%

renewable energy in our on-premises data centers by 2030.

by 2030, both in cloud-based data centers

and in our on-premises data centers.

ENEA'S TARGETS

the coming years, we aim to further improve data quality, increase the proportion of activity-based calculations and stabilize reporting thresholds. This will improve comparability between years and provide a more robust basis for tracking emission reductions over time.

The significant difference between the climate reporting for 2023 and 2024 is primarily explained by the fact that we previously only reported business travel and energy consumption for leased assets in Scope 3.

As a result of an identified calculation error and additional information that became available after the publication of the 2024 report, updated figures for Scope 1 and Scope 3 emissions are presented below.

Key performance indicators for 2025 and 2024 include our entire organization. For 2023, the KPIs include operations in Austria, Canada, Croatia, the Czech Republic, France, Germany, India, Ireland, Japan, Malaysia, Romania, Singapore, South Africa, Sweden, the United Kingdom and the United States. For 2022, the KPIs include operations in Austria, Croatia, France, India, Ireland, Japan, Malaysia, Romania, Singapore, Sweden, the United Kingdom and the United States.

1. Revised figures for 2022.

2. Only business travel and energy consumption for leased assets.

3. 2024 is our first year of reporting under Scope 1, 2 and 3. Exceptions were made for employee commuting (2.1% of emissions) and office waste from small offices, where reliable data

   is unavailable.

4. Revised figures for 2024.

5. Upstream leased assets are not included.

People and culture

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‌Our employees

With about 480 employees worldwide, it is the people at Enea who make a difference every day. The skills, professional development and well-being of our employees are crucial to achieving our goals and ensuring our long-term growth. By working with complex customer challenges, product development and market-related activities, our employees contribute to Enea's innovative power, quality and business development. Together, we create a collaborative culture that supports the business and its continued development.

Enea's values

Our values - customer focus C quality, take action, inclusive and passion C fun - form the foundation of our culture and guide how we collaborate, make decisions and develop our business. They contribute to an inclusive and respectful work environment with a focus on commitment, well-being and development. Through shared values, we create the conditions for sustainable performance and long-term development.

Our focus

Our ability to attract, develop, and retain talented employees is crucial to our long-term success. We strive to empower leaders, teams and employees to succeed by providing a work environment that supports development, performance and good health. At the same time, we promote an inclusive, engaging and respectful culture in which everyone is given the opportunity to contribute and grow.

Employee well-being is a vital part of our work and is reflected in our commitment to work-life balance, skills development and investment in people. Our aim is to create a workplace characterized by professionalism, innovation and customer focus, where employees are given the opportunity to develop and thrive.

To ensure that our policies and processes align with the expectations and needs of our stakeholders, we engage in regular dialogues with employees, union representatives and other relevant parties. These dialogues provide important perspectives and serve as a foundation for continuously developing our approach.

Strong leadership

Managers and leaders have a particular responsibility as role models and cultural ambassadors. During the year, we worked with a selection of our most respected and inspiring leaders to develop a new leadership framework. The aim is to further strengthen and clearly define leadership within Enea and thereby continue to foster a culture in which people develop, collaborate and perform at a high level.

The framework has been evaluated in a pilot project in France and received a very positive response, providing valuable guidance for broader implementation in the coming years.

Transparency and understanding of our strategy

During the year, we worked intensively to update Enea's strategy and strengthen internal understanding of it. Increasing knowledge and insight creates better conditions for every

ANNUAL REPORT 2025

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employee to contribute in a more effective, engaged and value-creating way.

In 2025, we also focused on developing a new job architecture in accordance with the EU Pay Transparency Directive.

The new structure aims to increase clarity regarding career paths, qualification requirements and pay principles, thereby strengthening transparency within the organization.

As part of this work, Enea ensures that all employees receive pay that meets or exceeds the applicable statutory minimum wage or the minimum wage under collective agreements in each country. The company complies with applicable legislation on equal treatment and equal pay, including requirements for pay surveys and analysis to identify and address any unwarranted pay disparities. Enea is monitoring developments regarding the EU Pay Transparency Directive and is preparing the organization for upcoming requirements for increased transparency and public reporting.

Employee survey

This year's employee survey revealed a strong and rising eNPS (Employee Net Promoter Score), indicating high engagement and a positive workplace experience. The results point to a clear sense of belonging, rooted in strong collaboration and supportive colleagues. The work culture is characterized by trust and accountability, with managers encouraging autonomy and initiative. Employees value good learning opportunities, skills development and continuous professional development. Motivation is fostered through recognition of a job well done, a positive collaborative environment, and clear work processes. Overall, Enea is perceived as an attractive workplace with meaningful assignments, a good work-life balance and an inclusive culture. All indicators are above the industry average.

New offices

We have moved to new office spaces in Bucharest, Dublin and Stockholm. The new work environments are designed to support collaboration, meetings and well-being in our daily work. Physical meeting spaces are an important part of our culture and contribute to knowledge sharing, collaboration and relationship building. The new offices thus represent a strategically important investment in a modern, sustainable and attractive workplace that strengthens both collaboration and the long-term development of the business.

Use of AI

Throughout the year, we have worked purposefully to strengthen the organization's ability to use AI in a responsible, effective and value-creating manner. Our focus has been on integrating AI as a natural support in our daily work, with the aim of increasing efficiency and creating space for innovation and creativity.

The initiative has included training programs, lunch seminars and the establishment of a network of AI ambassadors in areas such as finance, IT and HR. The ambassadors have contributed to the dissemination of knowledge and practical application of AI in their respective fields. We have also taken a significant step toward ensuring the structured and secure use of AI in RCD through the development and implementation of a specific framework for the procurement and use of AI solutions.

The aim was to increase the use of AI tools by 25 percent during the year. By the end of the year, the increase had reached 32 percent, indicating that the initiative had an impact and that AI is now a natural part of Enea's way of working.

Terms of employment and benefits

Enea complies with applicable collective agreements in countries where such agreements exist and applies local tax and terms of employment in all countries in which the company operates. Enea respects freedom of association and the right to collective bargaining in accordance with applicable national legislation. To support employee health and well-be-ing, we offer benefits that include health insurance, performance incentives and other social benefits that comply with local tax and employment regulations.

Enea also has an employee representative on the Board of Directors who participates in all board meetings and ensures that employees' perspectives and interests are taken into account when the company makes strategic decisions.

Category 2025 2024 2023 2022

All boxes marked with "-" are data points that were not measured in the current year.

1. A new measurement method was introduced in 2024 that takes more parameters into account.

2. From 2024, all staff turnover (turnover rate) is reported.

3. Collective agreements existed, but there was no available information on the number of employees covered.

4. The difference between 2024 and 2025 is due to a change in measurement method. Only training courses conducted via Enea's platforms are included for 2025. Self-stu-dies outside of these are not included. For 2024, the figures were based on a questionnaire in which employees self-reported their training hours, including self-study.

5. Refers to own employees and external workers.

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Diversity and gender equality

Enea's diversity is a key asset that contributes to creativity, well-informed decision-making and strong long-term results. More than 30 nationalities are currently represented in the organization, and the Executive Leadership Team consists of representatives from five different countries. We are committed to strengthening diversity and representation at all levels of the organization.

Category 2025 2024 2023 2022

Category 2025 2024 2023 2022

All boxes marked with "-" are data points that were not measured in the current year.

One key area is gender distribution, where we see a need for more balanced representation. Greater balance contributes to better decision-making, greater innovation capacity and stronger competitiveness over time. Our goal is to increase the proportion of female leaders and the proportion of women in the total workforce to 30 percent by 2030. Our baseline for comparison is 2022, when the proportion stood at 13 percent female leaders and 19 percent women in the organization.

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Cybersecurity

1. Internal

1. Customer

2. Society

Cybersecurity is a critical area for us from multiple perspectives and forms an integral part of both our business model and our value chain. It affects our operations, our relationship with customers and our societal impact. A systematic and responsible approach to cybersecurity contributes to positive outcomes for employees, customers and digital service users. At the same time, cybersecurity deficiencies can pose significant risks, including negative impacts on trust, business relationships and regulatory compliance.

To manage these risks and ensure long-term sustainable development, we engage in continuous work on governance, risk management and control, including in the downstream part of the value chain. The table below summarizes our identified impacts, risks and opportunities related to cybersecurity.

We are an active member of the GSMA Fraud C Security Group, which gives us the opportunity to contribute to the development of industry guidelines. These guidelines aim to help operators reduce their exposure to signaling attacks. Our software and analytics services are used by approximately 100 mobile networks globally and help protect billions of subscribers every day.

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Responsible AI development

AI is transforming how we develop products, make decisions and manage risks. As AI becomes increasingly significant in the telecom and cybersecurity sectors, expectations from legislators, customers and other stakeholders regarding the responsible, transparent and controlled use of this technology are also increasing.

Through its use of AI, Enea aims to enhance the security, quality and efficiency of products and internal processes, while identifying and managing potential risks related to data protection, information security, bias and unintended consequences. Responsible AI practices are therefore essential for ensuring long-term trust and compliance with regulatory requirements.

Regulation of AI is evolving rapidly, with the EU's AI Act serving as a central framework that sets clear requirements for risk-based classification, governance, documentation and transparency. Regulatory expectations require companies that develop or use AI-based systems to demonstrate how risks are identified, prevented and monitored throughout the entire

lifecycle. We are closely monitoring the development of AI regulations and working to adapt internal processes, governance and guidelines in line with current and upcoming regulatory requirements.

As part of our efforts to ensure the responsible and safe use of AI, we have developed a framework for the procurement and use of AI solutions within the Group during the year. This framework was developed as part of our RCD activities but is designed for broad application across Enea.

The aim is to strengthen the governance of AI use and the management of related risks through clear principles for data protection, information security, human oversight, regulatory compliance and data integrity. The framework contributes to the structured and controlled use of AI in our operations and in relevant parts of the value chain. The implementation of the framework, together with procurement conducted in accordance with its principles, strengthens our ability to ensure the safe and structured use of AI. Enea's data and source code are and will remain fully owned and controlled by the company.

Enea's future AI objectives

• Improve products and customer experiences

  We intend to further develop our products with AI-driven features that contribute to increased quality, reliability and user value, in line with applicable requirements for security and responsible use.

• Optimize business processes

  We are working to implement

  AI-based solutions to streamline internal processes, increase the level of automation and improve resource utilization, while ensuring governance, control and regulatory compliance.

• Sustainable and responsible AI practices

Enea aims to establish a structured, long-term AI initiative that strengthens internal expertise and ensures that AI usage complies with the EU's AI Act and other applicable regulations. This includes guidelines on

AI-driven decision-making, risk management, data protection and monitoring.

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Governance and business ethics

‌Sustainability governance

To ensure that the sustainability perspective is integrated into operations, the relevant line organizations are responsible for implementing and monitoring established sustainability goals. These are managed within the company's established governance processes and forums, where the Board of Directors has ultimate responsibility for reviewing and approving targets and reporting. Read more on page 40.

Board of Directors

The Board of Directors oversees Enea's sustainability and corporate responsibility strategy and receives reports on progress and results at least once a year, or more frequently as needed. The Board of Directors approves the annual and sustainability report.

ESG Committee

Enea's ESG (Environmental, Social, and Governance) Committee is responsible for operational planning and reports to the executive leadership team. The committee is chaired by the Chief Marketing and Communications Officer and includes representatives from Finance, Ǫuality and Sustainability, People and Culture, Legal and Communications.

Deal Committee

The Deal Committee assesses and decides on matters that require review from a risk perspective, such as human rights and ethics, as well as from a financial perspective. The committee consists of all members of the executive leadership team and the general counsel.

Policies, guidelines and standards

Enea works continuously to update its policies to ensure compliance and relevance. The work also includes ongoing development of the Group's information security efforts in line with ISO 27001 and applicable laws and regulatory requirements. Enea's Code of Conduct and policies apply to all managers and employees across all operations. There is an established process to ensure that employees confirm that they have read and understood these.

Code of Conduct

Enea's Code of Conduct outlines the company's commitment to ethical business practices, with an emphasis on integrity, respect for human rights, diversity and environmental responsibility. Enea supports internationally recognized human rights, ensures non-discrimination, respects privacy, upholds freedom of association and prohibits forced and child labor. The company promotes an inclusive and equitable workplace where all individuals are treated with dignity and respect, regardless of gender, age, ethnicity, religion, sexual orientation or other protected characteristics. Enea values diverse perspectives and promotes a safe, healthy and harassment-free work environment. Employees are encouraged to uphold these standards and contribute to a positive and supportive workplace culture.

90%

of all employees receiving training on the Code of Conduct every two years.

ENEA'S TARGETS

Enea promotes transparency and integrity by complying with anti-corruption laws, avoiding conflicts of interest and ensuring compliance with export control regulations. Enea requires its suppliers to meet similar ethical, environmental and social standards, as outlined in the Supplier Code of Conduct.

The Supplier Code of Conduct is in line with the UN Global Compact framework, and our policies and targets are in line with the UN Sustainable Development Goals. Through our operations, we are doing our part to advance the Sustainable Development Goals. We have a clear impact in three areas:

1. efficient use of materials and energy for information and communication networks,

2. enabling digitization, and

3. cybersecurity

   To continue improving our ESG performance and track our progress, we are regularly assessed by independent specialists, including CDP for environmental sustainability and EcoVadis for responsible business practices (environment, labor, human rights, ethics and sustainable procurement).

   Core policies and governance documents

   • Code of Conduct

   • Supplier Code of Conduct

   • Environmental Policy

   • Human Rights Policy

   • Security Policy

   • Data Protection Policy

   • Work Environment Policy

Business ethics

Our internal Code of Conduct outlines the principles that guide our business ethics and our responsibilities in relation to customers, partners, employees, shareholders and other stakeholders. In their daily work, all employees are expected to comply with local laws and regulations as well as applicable anti-corruption legislation.

Our vision is to make the world's communication safer and more efficient. We see our primary contribution as providing robust and secure software solutions that make telecom and data communication networks more efficient, reliable and secure. Through our network management, cybersecurity and traffic optimization solutions, we help strengthen digital

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SUSTAINABILITY REPORT

infrastructure globally and support the development of the telecom sector, particularly where the need for stable and secure communication is greatest. At the same time, we are aware that our products, while fulfilling important functions such as security, child protection, revenue protection and improved network performance, could potentially be misused. This may involve excessive surveillance of groups or individuals or restrictions on access to information.

Many countries are enacting laws and regulations to address societal and security risks, such as those linked to terrorism or the spread of disinformation. How these issues are addressed varies greatly between countries and often changes in line with political developments, creating a dynamic and complex environment for our business.

We have a framework for assessing the human rights impact of our products and conduct Human Rights Impact Assessments (HRIAs) for all products with features that could be overused or misused in a way that affects rights such as freedom of expression, freedom of information, privacy, freedom of movement, freedom of assembly and freedom of religion.

In 2025, Enea did not donate money to political parties or engage in any lobbying or political advocacy. As part of our commitment to responsibility, we actively work to identify, assess and mitigate risks associated with our products. We do this through measures such as limiting functionality where possible, enabling remote monitoring and deactivation and setting clear usage requirements in our commercial agreements.

We use independent rating data to assess whether the benefits of improved communication outweigh any residual risks, thereby ensuring that business decisions are well-found-ed. To ensure proper use, our internal procedures require that all potentially sensitive transactions, regardless of value, be screened based on use case, customer and country of distribution, and approved by the Deal Committee, which consists of the entire Executive Leadership Team.

A clear and controlled sales process ensures that our business

opportunities undergo the necessary risk and compliance assessment. During the year, only a small number of transactions required screening by the Deal Committee, reflecting the thorough preparation and quality assurance prior to deci-

sion-making. Enea also generally refrains from doing business in a number of countries that are deemed to pose an excessively high risk.

Whistleblowing process and whistleblowing portal As part of our commitment to ethical business practices, Enea has a whistleblowing process to ensure transparency and accountability. The process is part of our efforts to foster a responsible and sustainable corporate culture and provides employees and other individuals covered by applicable whistleblower legislation with the opportunity to anonymously report suspected misconduct, including human rights violations, discrimination, misconduct or other actions inconsistent with the company's values and ethical principles.

To ensure objectivity and anonymity, all reports are handled through a secure whistleblowing portal administered by an independent third party. Incoming reports are dealt with confidentially and followed up by responsible individuals in senior management, in accordance with applicable legislation.

Auditor's report on the statutory sustainability report

To the general meeting of the shareholders in Enea AB (publ), corporate identity number 55C20S-714C.

Engagement and responsibility

It is the Board of Directors who is responsible for the statutory sustainability report for the year 2025 on pages 22-33 and that it has been prepared in accordance with the Annual Accounts Act according to the prior wording that was in effect before 1 July 2024.

Sweden. We believe that the examination has provided us

with sufficient basis for our opinion.

Opinion

A statutory sustainability report has been prepared.

The scope of the audit

Our examination has been conducted in accordance with FAR's standard RevR 12 The auditor's opinion regarding the statutory sustainability report. This means that our examination of the statutory sustainability report is substantially different and less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in

Stockholm, 26 March 2026

Öhrlings PricewaterhouseCoopers AB

Nicklas Kullberg

Authorized Public Accountant, Auditor in Charge

Oskar Thorslund

Authorized Public Accountant

CONTENT ABOUT ENEA

BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

Financial statements

Financial Statements 34

Directors' Report 35

Risks and Risk Management 37

Corporate Governance Report 40

Board of Directors and Executive 46

Leadership Team

Accounts 48

Notes 54

Declaration of the Board of 78

Directors and the CEO

Auditor's Report 79

34 ANNUAL REPORT 2025

CONTENT ABOUT ENEA

BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

DIRECTORS' REPORT

Directors' report

The Board of Directors and the CEO of Enea AB (publ), corporate identity number 556209-7146, with its registered office in Stockholm, hereby submit the annual report and consolidated financial statements for the financial year 2025. The balance sheet and income statement for the Group and the Parent Company will be adopted at the Annual General Meeting on May 7, 2026.

Enea is a global provider of software for telecommunications and cybersecurity. Revenue is mainly generated within the product groups Network Solutions and Security Solutions, which include mobile and fixed telecommunications as well as enterprise networks. The software delivered by Enea enables mobile operators to enhance the security of their networks, ensure consistent and high-quality delivery of various types of services, and manage large volumes of data in a resource-effi-cient manner.

Products and solutions are sold directly to network operators and are also integrated into solutions from system vendors.

Today, billions of people use Enea's solutions and services to communicate via mobile phones and the internet.

Net sales

Enea's total revenue amounted to SEK 900.0 million (920.2). Net sales decreased by 2 percent (1) to SEK 889.0 million (904.3).

Currency adjusted, net sales increased by 2 percent (-1).

Revenue from the Network Solutions product group was unchanged, 0 (10) percent, and amounted to SEK 431.0 million (429.7).

Revenue from the Security Solutions product group decreased by 4 percent (increased by 9 percent) and amounted to SEK 378.2 million (392.4).

Sales from the Operating Systems product group amounted to SEK 79.8 million (82.2), a decrease of 3 percent (49).

Results

Enea's operating profit excluding items affecting comparability amounted to SEK 133.7 million (129.7), corresponding to an operating margin of 15.0 percent (14.3). Items affecting comparability consist of restructuring costs, currency effects on operating receivables and liabilities and, in the previous year, also a write-down of accounts receivable.

Operating profit amounted to SEK 113.6 million (122.4), corresponding to an operating margin of 12.8 percent (13.5).

Financial currency effects on the Group's result amounted to SEK -56.4 million (28.9). Gross margin for the full year amounted to 77.2 percent (78.7). Financial net for the full year amounted to SEK -66.7 million (8.1).

Profit after tax amounted to SEK 49.4 million (143.1) for the full year. Earnings per share amounted to SEK 2.53 (6.96) for the full year.

Cash flow and financial position

Cash flow from operating activities amounted to SEK 106.6 million (279.2), total cash flow amounted to SEK -41.2 million (-114.2). Cash flow from changes in working capital varies between quarters, partly depending on when revenue from

larger license transactions is received. Cash and cash equivalents amounted to SEK 97.6 million (161.5) at year-end. Total interest-bearing liabilities amounted to SEK 305.6 million (278.1), divided between SEK 136.4 million (51.3) in current interest-bearing liabilities and SEK 169.2 million (226.7) in

non-current interest-bearing liabilities.

Total assets amounted to SEK 2,292.0 million (2,544.9) at year-end, and net debt amounted to SEK 208.0 million (116.6). Enea maintains a strong financial position with an equity ratio of 71.7 percent (72.7).

Investments and depreciation

Investments for the year amounted to SEK 97.2 million (92.7). Depreciation, amortization and write-downs amounted to SEK

139.9 million (152.6).

Product development costs capitalized amounted to SEK

86.5 million (85.8). Depreciation, amortization and write-downs related to these amounted to SEK 75.3 million (84.8).

Depreciation attributable to lease assets amounted to SEK

17.4 million (18.0).

Research and development

Enea's business strategy is based on developing new products and improving existing solutions, which involves significant investments. At the end of the period, the value of capitalized development costs was SEK 221.3 million (232.8).

Investments are made in markets with great potential for growth and profitability and after careful analysis. If, despite this, products are not technically or commercially successful, it may have a negative impact on the company's operations and financial position, which may lead to changes in strategy and priorities.

During 2025, product development costs amounted to SEK

271.7 million (271.4), corresponding to 30.6 percent (30.0) of net sales during the period.

Product development costs excluding depreciation but including capitalized costs amounted to SEK 223.3 million (210.4), corresponding to 25.1 percent (23.3) of sales during the period.

Parent Company

The Parent Company's business focuses mainly on staff functions and management regarding business governance, finance, IT and administration.

The Parent Company's net sales for the full year amounted to SEK 77.9 million (62.2) and profit before appropriations and tax amounted to SEK -16.9 million (-7.1).

Financial net in the Parent Company amounted to SEK 12.5 million (15.8), while cash and cash equivalents and financial investments amounted to SEK 0.1 million (0.1) at year-end.

The Parent Company's investments amounted to SEK 3.2 million (2.1).

The number of employees in the Parent Company at year-end was 17 (14).

The Parent Company does not conduct any business of its own and its risks are mainly related to the operations of the subsidiaries.

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

DIRECTORS' REPORT

Guidelines for remuneration to senior executives Guidelines for remuneration to senior executives are presented in Note 4. A remuneration report will be prepared and presented at the Annual General Meeting. It describes how the guidelines have been applied during 2025. No deviations from the guidelines have been made and no departures have been made from the decision-making process that, according to the guidelines, shall be applied to determine remuneration.

Sustainability Report

A sustainability report, which has been reviewed by the Company's auditors, has been prepared (see pages 22-33).

Dividend policy

Enea's ambition is to build a larger and stronger company that delivers increasing value for customers, employees and shareholders.

Acquisitions that strengthen the company's market position and long-term earnings capacity, as well as continued investments in the company's own product portfolio, are important parts of this endeavor.

To enable and be well equipped for acquisitions, Enea needs to have a strong and flexible capital structure. This may sometimes mean that the company is net leveraged. Therefore, the Board of Directors also needs to take into account the company's long-term investment needs as well as its financial position when considering dividends. During the year, Enea acquired 933,470 of its own ordinary shares for a total of SEK 75.5 million.

Enea's long-term dividend policy is that at least 30 percent of profit after tax shall be distributed to shareholders.

However, consideration shall be given to the company's financial position, cash flow, acquisition opportunities and prospects. Given the company's acquisition opportunities and growth strategy for the coming years, the Board of Directors does not propose a dividend for 2025.

Proposed appropriation of profits

The following funds are at the Parent Company's disposal (SEK):

The Board of Directors proposes that the available funds be carried forward, resulting in a total of SEK 604,065,755 to be carried forward.

Key events

Teemu Salmi was appointed the position of CEO and President on April 1, 2025.

In February, Enea announced a strategic partnership with Beyond ONE to deliver a pay-as-you-use data solution to Virgin Mobile in Latin America, including a Traffic Management platform that enables more user-centric services.

In March, Stc, Saudi Arabia's largest mobile network operator, achieved 100 percent compliance with GSMA's signaling standards using the Enea Adaptive Signaling Firewall.

In May, a U.S.-based cybersecurity company selected Enea for its next-generation SD-WAN solution and integrated Enea Ǫosmos ixEngine® into its product. The contract value amounts to USD 2.5 million over the period 2026-2027.

In June, Enea announced a partnership with Akamai, combining Enea's DPI-based network visibility with Akamai's Fingerbank device identification solution through a 'referral agreement'.

In October, Enea signed a three-year Traffic Management agreement worth SEK 39 million with a leading North American mobile network operator for the delivery of 5G Service Engine and Stratum Network Data Layer. Enea extended its strategic partnership with OISF, the non-profit organization behind Suricata.

In November, Enea signed a strategic partnership agreement with Asiacell (Ooredoo Iraq) for Traffic Management in connection with the Mobile World Congress in Doha.

In November, Enea presented an updated strategy and financial targets to address the increasing demand for solutions at the intersection of monetization, traffic optimization and cybersecurity.

During the year, cyber-related incidents occurred that were managed in accordance with the company's established security processes. The incidents did not have any material impact on operations and work to further strengthen security has continued.

Other

In July, the Company announced that Enea AB's Board of Directors has resolved to exercise the authorization granted by the 2025 Annual General Meeting for the repurchase of own shares for an amount of up to SEK 50 million for the period up to and including the day before the Annual General Meeting 2026. At the Annual General Meeting in Enea on May 6, 2025, it was resolved to authorize the Board of Directors to decide on the acquisition and transfer of own ordinary shares.

The ordinary shares will be acquired in accordance with the EU Market Abuse Regulation (MAR) and the EU Commission Delegated Regulation 2016/1052 (the so-called Safe Harbour Regulation). The purpose of the repurchase program is to enable the Company to adapt its capital structure to its capital needs over time and thereby contribute to increased shareholder value. The current intention is that the repurchased shares will be canceled by resolution at upcoming general meetings.

Material events after the end of the financial year 2025

On March 11, 2026, Enea announced in a press release that Mathias Johansson will assume the role of Chief Commercial Officer. He will focus on strengthening Enea's customer relationships and driving profitable growth in line with the company's strategy. He will be part of Enea's executive leadership team.

To date, the escalating conflict in the Middle East has had limited impact. It is too early to determine the long-term effects, which will depend on how the situation evolves. We have employees and customers in the region and are closely monitoring the situation. Personal safety is a priority.

Risks and risk management

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

RISKS AND RISK MANAGEMENT

‌Introduction

Enea is exposed to a range of risks that could affect the Group's results. The Company continuously identifies and manages these risks. Those assessed as most significant are described in the table on the following pages and are divided into the categories of operational and financial risks.

Enea mainly operates in telecom and cybersecurity. Prevailing global uncertainties-such as the war in Ukraine, energy

prices, inflation, interest rates and broader geopolitical tensions-affect some customers' risk appetite and willingness to invest. For Enea, this may mean that projects are delayed or not implemented. At the same time, the underlying drivers of the telecom industry remain, including continued focus on security, virtualization, 5G and increased network capacity.

Operational Risks

CONTENT

ABOUT ENEA

BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

RISKS AND RISK MANAGEMENT

Financial Risks

CONTENT

ABOUT ENEA

BUSINESS CONCEPT AND STRATEGY

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS

OTHER INFORMATION

RISKS AND RISK MANAGEMENT

Corporate governance report

CORPORATE GOVERNANCE REPORT

CONTENT ABOUT ENEA BUSINESS CONCEPT AND STRATEGY SUSTAINABILITY REPORT

FINANCIAL STATEMENTS OTHER INFORMATION

‌Enea is a Swedish public limited company headquartered in Stockholm, Sweden. The Company is listed on Nasdaq Stockholm, and corporate governance within the Group is based on Swedish legislation and on the rules and recommendations issued by organizations such as the Swedish Corporate Governance Board and the Swedish Securities Council.

Governance model

Enea's governance, management and control are divided between the shareholders at the Annual General Meeting, the Board of Directors and the CEO in accordance with the Swedish Companies Act and the Board of Directors' Rules of Procedure. During the financial year, Enea complied with the Swedish Code of Corporate Governance issued by the Swedish Corporate Governance Board, and this Corporate Governance Report has been prepared accordingly. This Corporate Governance Report has been subject to statutory review.

1

Enea's share is listed on Nasdaq Stockholm's Mid Cap list. According to the share register maintained by Euroclear Sweden, the number of shares totaled 20,560,581 as of December 31, 2025. At the same time, share capital amounted to SEK 24,705,525. Enea's holding of treasury shares amounted to 1,457,296 shares, corresponding to approximately 7.1 percent of the total. The company's largest shareholders, apart from Enea AB, were Per Lindberg 36.26 percent, Första AP Fund 6.80 percent, Canaccord Genuity Wealth Management 3.29 percent and Herald Investment Management 2.92 percent. The ten largest shareholders together held 64.7 percent (63.9) of the company's capital.

Annual General Meeting

The Annual General Meeting, or where applicable Extraordinary General Meetings, is Enea's highest decision-making body. All shareholders are entitled to participate in the Annual General Meeting (in person or by proxy through power of attorney) and have a matter addressed. The Annual General Meeting resolves on matters including:

• any amendments to the Articles of Association

• election of the Board of Directors, Chairman of the Board and Auditor

• adoption of the Income Statement and Balance Sheet

• appropriation of profit or loss and discharge from liability for the Board members and the CEO

• principles for appointing the Nomination Committee

• guidelines for remuneration to senior executives

  A two-thirds majority is required for resolutions to amend the Articles of Association. The Annual General Meeting was held on May 6, 2025 in Stockholm. The Annual General Meeting resolved, inter alia, to:

• adopt the income statement and balance sheet of the Parent Company and the consolidated income statement and consolidated balance sheet of the Group

• discharge the members of the Board of Directors and the CEO from liability

• pay no dividend for the 2024 financial year

• approve remuneration to the members of the Board of Directors and the auditors

• approve the Board of Directors' remuneration report for the 2024 financial year

Overview of governance model

6 Information 1

Information

Election

Proposal Election

2Nomination Committee

Election

3

Targets Strategies Governance tools

Policies

Reports Internal control

Information 4

5