Enea AbOMXSTO: ENEA

Q1 Interim Report Jan-March 2026

· MarketScreener
Watch Enea Ab explain itEnea AB (publ) (ENEA) Q2 2026 Earnings Call · Replay · Jul 15
Investor Call

Investor call Ǫ126





Agenda

  • Intro

  • Financial Results



  • Way Forward C Outlook









Q1 Summary

Solid 12 % net sales growth

Strong improvement in profitability and EPS

Good momentum for strategy execution



Market and Business Development



12 % growth in Ǫ1

Strong momentum in growth portfolio

Enea more relevant than ever

Strategy execution according to plan



Q1 Key Numbers

R&D

1/

24

PERCENT

J A N U A R Y - M A R C H 2 0 2 6

1/ (OPEX less D&A plus Capitalized R&D)/(Net Sales)

2/ (EBITDA excl NRI and trans. diff.)/(Net Sales)

OPERATING CASH FLOW

14

MSEK

EARNINGS PER SHARE

0.98

SEK

NET DEBT

240

MSEK

EBITDA MARGIN 2/

34

PERCENT

NET SALES

222

MSEK



Market Development

Thought Leadership

- Key Industry Events

  • MWC - Presented at the largest trade show setting the global stage for the future of connectivity

  • RSAC - Largest cybersecurity trade show, attracts cybersecurity vendors C government audience

Innovation Recognition

- Product Awards

  • Enea won the MEFFY Awards 2026 for best anti-fraud solution for its AI-based Image Detection in the Adaptive Messaging Firewall

  • Enea Wins Most Innovative Embedded Security Category at the Global InfoSec Awards 2026 with Ǫosmos Probe

Leading Vendor in Tier 1

- Messaging Security

  • Three major Commercial deals

    closed with Tier 1 Carriers and CPaaS

  • Product innovation to meet new threats in messaging with the Adaptive Messaging Firewall





Introducing Net Sales per Product Group



N E T W O R K P E R F O R M A N C E C I N T E L L I G E N C E S I G N A L I N G C M E S S A G I N G S E C U R I T Y

O P E R A T I N G S Y S T E M S C

M I D D L E W A R E

E M B E D D E D N E T W O R K I N S I G H T S C S E C U R I T Y

N E T W O R K A C C E S S C O N T R O L

Growth portfolio Classic portfolio



Agenda

  • Intro

  • Financial Results

  • Way Forward C Outlook





12% Growth of Net Sales in Fixed Currency Rates

Net Sales (SEK m)

2026

Ǫ1

2025

Ǫ1

2026

R12m

2025

Year

Net Sales

222

214

897

889

Growth (%)

Growth (%, currency adjusted)

+4%

+12%

+7%

+6%

+1%

+4%

-2%

+2%

300 1 200

250 1 000

200 800

150 600

100

400

  • 12% growth in fixed currency rates for the quarter and +4% for the last 12 months.

    50 200

    0 0

    1/25 2/25 3/25 4/25 1/26

    Net Sales Net Sales R12m



    34% EBITDA Margin

    Q 1 2 0 2 6

    EBITDA excluding NR

    I and Trans. Diff. (SEK m)

    2026

    2025

    2026

    2025

    120

    60%

    Ǫ1

    Ǫ1

    R12m

    Year

    EBITDA excl NRI and Trans. Diff.

    SEK m

    75.0

    52.6

    313.4

    291.0

    EBITDA, SEK m

    56.5

    41.8

    285.6

    270.9

    EBITDA excl. NRI and Trans. Diff. %

    34%

    25%

    35%

    33%

    EBITDA margin, %

    23%

    20%

    32%

    31%

    100 50%

    80 40%

    60 30%

    40

    20

    0

    1/25 2/25 3/25 4/25 1/26

    EBITDA excl (NRI) EBITDA % R12m

    20%

    10%

    0%

    • 34% (25%) EBITDA margin excl. NRI and Transl. differences

    • 23% (20%) EBITDA margin.

    • 79% in Gross margin excluding Transl. diff. (77%).

    • Total operating expenses SEK 189.7m (209.0m)

      • D&A SEK 36.4m (40.2)

      • Capex SEK 22.5m (20.9)

    • Operating expenses spend, SEK 175.9m (189.7).

    • 13.4m in lower cost is related to Fx impacts.



9% Reported EBIT Margin

Q 1 2 0 2 6

Operating profit excluding NRI and Trans. diff. (SEK m)

60

40

20

0

1/25 2/25 3/25 4/25 1/26

EBIT (excl NRI and Trans. diff.) EBIT % R12m

30%

20%

10%

0%

EBIT excl Non-Recurring Items

2026

Ǫ1

2025

Ǫ1

2026

R12m

2025

Year

38.6

12.4

160.0

133.7

20.2

1.6

132.2

113.6

17%

6%

18%

14%

9%

1%

15%

13%

0.98

-0.94

and trans. Diff., SEK m EBIT, SEK m

EBIT margin excl. non-rec. items

and trans. Diff., % EBIT margin, %

Earnings per share, SEK

  • EBIT excl Non-Rec Items and trans. diff. of SEK 38.6m (12.4) or 17% (6%) EBIT margin.

  • EBIT of SEK 20.2m (1.6) or 9% (1%) EBIT margin.

  • EPS of 0.98 compared to -0.94 last year.



    Q1 Net Sales per Product Group

    • Ǫuarters mainly varies dependent on new software license revenues in the quarter

    • High share of SW license revenue in our three growth product groups to the left

    • High share of services in the Signaling C Messaging security product group

    • The two classic product groups to the right show some variations and represent approx. 20% of the portfolio





Q1 Net Sales per Product Group

Growth

Fx adjusted

growth

Network Performance C Intelligence

+6%

+24%

Signaling C Messaging Security

+48%

+17%

+56%

+28%

Embedded Network Insights C Security

+0%

+5%

Network Access Control

-26% -24%

-27% -26%

Net Sales (SEK m)

0 20 40 60 80

Ǫ1-25 Ǫ1-26

Operating Systems C Middleware

-30%

-30%

Network Performane C

Intelligence

62

66

Signaling C Messaging

Security

45

67

+SEK26m

Embedded Network Insights

C Security

44

44

Network Access Control

42

32

-SEK16m

Operating Systems C

Middleware

20

14

  • The growth in Q126 is mainly related to the "Signaling & Messaging Security" product group, which grew by 48% and fx adjusted 56%.

  • Growth in the "Network performance & Intelligence" product group with 6% and 24% fx adjusted.

  • The product group "Embedded Network Insight & Security" grew 5% fx adjusted and 0% reported.



Net Sales per Product Group R12m

Net Sales (SEK m)

-8%

-8%

Network Performance C

Intelligence

258

261

Signaling C Messaging

Security

190

212

+SEK25m

Embedded Network Insights

C Security

188

188

Network Access Control

174

162

-SEK18m

Operating Systems C

Middleware

80

74

Growth

Fx adjusted growth

Network Performance C Intelligence

+1%

+14%

Signaling C Messaging Security

+12%

+4%

+17%

+12%

Embedded Network Insights C Security

+0%

+4%

Network Access Control

-6% -4%

-7% -5%

0 50 100 150 200 250 300

Operating Systems C Middleware

Ǫ125-Ǫ425 Ǫ225-Ǫ126



Enea Group

(KSEK)

Ǫ1

Ǫ1



Less Exposure in Financial Net

Financial net

Net interest

Currency net

Q1 2026

Q1 2025

-3,632

+1,069

-1,650

-20,093

Financial net

-2,564

-21,743



Cash Flow



Cash flow generation in SEK million

2026 Ǫ1

2025 Ǫ1

Operating profit

20.2

1.6

Financial net

-2.6

-21.7

Non-cash items and taxes

46.9

20.4

Change in working capital

-50.3

35.3

Cash flow from operations

14.3

35.5

Investments

-29.0

-23.9

Financing

4.1

35.1

Total Net Cash flow

-10.6

46.6

Financing structure in SEK million

Net debt

240.3

144.7



Financial KPI's

Equity ratio

68.9

69.1

Net debt to EBITDA

0.84

0.77



The Buy-Back Program



  • 243 515 shares were bought back in Ǫ126, for a total consideration of SEK 15.6 million.

  • The repurchases are since May 10th within the framework of the authorization from the Annual General Meeting 2025.

  • The program is carried out by a credit institution

    following the 'Safe Harbour Regulation'.



  • The Board of Directors has resolved to exercise the authorization granted by the Annual General Meeting 2025 for 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.



Agenda

  • Intro

  • Financial Results



  • Way Forward s Outlook







    Key Takeaways

    Solid 12 % net sales growth

    Strong improvement in profitability and EPS

    Good momentum for strategy execution



    Short-Term Outlook



  • Market remains stable to moderately positive.

  • Enea portfolio highly relevant for the markets and segments we serve.

  • Government sector growing well to support growth of new vertical for Enea and diversify our customer base.

  • FX headwind still putting pressure on comparability for Ǫ1.

2026 guidance: Unchanged.

Single-digit growth, >30% adjusted EBITDA margin; investments to accelerate growth.

Earlier from Enea Ab

All Enea Ab news releases