Business
Enea : Q1 Interim Report Jan-March 2026
Enea : Q1 Interim Report Jan-March
About this update from Enea Ab
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 10 th 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.