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Eniro Group
Quarterly Report • Apr 23, 2025
3156_10-q_2025-04-23_84104601-4ac8-4b5b-abcf-d7d8e98d6e0f.pdf
Quarterly Report
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Translated from the official Swedish version
Interim report Q1 2025
Interim report Q1
A MESSAGE OF STRENGTH IN CHANGING TIMES
January – March 2025
- Net sales for the quarter amounted to SEK 237 million (232).
- Operating result amounted to SEK 14 million (4).
- EBITDA amounted to SEK 32 million (20), with an EBITDAmargin of 13,3 percent (8,6).1)
- Result before income tax amounted to SEK 15 million (3).
- Net result for the period amounted to 16 million (4).
- Earnings per share before and after dilution amounted to SEK 0,02 (0,01).
- Cash flow from current operations amounted to SEK 19 million (12).
- ARR for the Marketing Partner business area amounted to SEK 499 million (458).1)
1)Alternative performance measures are reconciled on page 19 and defined on page 20.
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 | |
| Net sales | 237 | 232 | 957 | 951 | |
| Operating result | 14 | 4 | 81 | 72 | |
| EBITDA | 32 | 20 | 154 | 143 | |
| Net result for the period | 16 | 4 | 80 | 68 | |
| Cash flow from current operations | 19 | 12 | 116 | 109 |
Significant events during the first quarter of 2025
- On January 3, 2025, Eniro announced that the closing of the acquisition of Medialuotsi Oy had taken place on the same day.
- On February 19, 2025, the Board decided to evaluate a separate listing of Dynava.
- On February 21, Eniro announced that Stefan Liljedahl has been appointed as the new Interim Chief Financial Officer (CFO) during the ongoing recruitment process for a permanent CFO. Stefan assumed the position on March 10, 2025.
Significant events after the end of the period
- On April 2, 2025, the Svea Court of Appeal upheld the judgment of the District Court in Solna and allowed Kapatens Investment AB's appeal regarding the redemption of preference shares of series B. See page 8 for more information.
- On April 9, the Board of Directors resolved new dates for the 2025 Annual General Meeting and the publication of the 2024 Annual Report; see the Financial Calendar on page 21.
CEO update
A MESSAGE OF STRENGTH IN CHANGING TIMES
Our focused efforts to improve our customer offering and thereby increase profitability have continued to pay off. During the first quarter of the year, we have achieved a very positive financial development, despite a continued challenging business environment.
I am proud to note that the first quarter of 2025 is the sixth consecutive quarter with an improved EBITDA margin.
This is clear evidence that our investments in product development, customer value-driving initiatives and operational efficiency are having an effect. EBITDA increased by 60% to SEK 32 million, corresponding to an improved margin of 13%. Cash flow from operating activities amounted to SEK 19 million (12), with an impact from working capital of SEK -12 million (-5). The integration of Medialuotsi has been completed according to plan and the company contributed SEK 13 million in sales and SEK 1.2 million in EBITDA during the quarter.
Eniro's positioning in a new technological landscape
We are at the dawn of a new era where AI is not only enhancing what we do - it is also reshaping the way value is created in society. This will affect the future of knowledge work and we see it as both an obligation and an opportunity to invest in this.
We see innovation as a strategic investment portfolio - where returns are measured in technological capabilities, customer value and longterm growth. Our ambition is to combine the strength of a robust core business with the power of innovative initiatives, thereby contributing to a sustainable and competitive Nordic business community.
At the same time, we are inspired by the growing AI agenda in Europe. The Nordic region must not be left behind - it is crucial that we build linguistically and culturally embedded solutions that strengthen our technological sovereignty. As a leading digital partner to tens of thousands of small and medium-sized enterprises, we see it as our role to make advanced technologies accessible, understandable and value-creating for local stakeholders.
Digital tools strengthen our local presence
The macro environment is still characterized by high inflation and reduced purchasing power, which affects consumption patterns. More people are choosing to shop locally, sustainably and locally - and this is where Eniro makes a real difference. With the Nordic region's leading search services and with Team Robin - the Nordic region's largest media agency - we enable small and medium-sized companies to reach out with digital precision and local anchoring. We see that more consumers want to shop Nordic, but lack the tools to find the products. That's where we come in - with the mission to connect local businesses with the right target audience, both geographically and digitally.
Our focus on AI, automation and digital transformation will further strengthen our position.
During the quarter, we achieved an ARR of almost SEK 499 million, an increase of 9 % compared to last year - a clear result of our customercentric innovation work.
The future: courage, renewal and value creation
We stand on a strong foundation. Profitability is improving, customer value is increasing, and we are continuously strengthening our
innovation capabilities. This gives us great opportunities to accelerate growth going forward. The strong start to 2025 is proof that our strategy is working. Our investments in digital innovation, AI and operational excellence are paying off - both internally and externally. Most importantly, our customers see the value and experience improvements in their collaboration with us.
In April, we received a negative decision from the Svea Court of Appeal in the case concerning Kapatens Investment AB's complaint against the redemption of preference shares. It is important to emphasize that this will most likely not affect our operational activities or our strategic direction. We remain fully focused on delivering value to our customers and shareholders.
New business and structural efficiencies in Dynava
During the quarter, Dynava has taken important steps to strengthen its position as a leading player in customer experience and outsourcing in the Nordic region. With Dynava Lab as a driving innovation engine, where we develop new AI-based solutions to meet the market's growing demands for both accessibility and costefficiency, we have already won new clients. In Finland, which is Dynava's largest market, we have initiated an operational and strategic cost-saving program. The planned streamlining efforts are in line with our other strategic efficiency improvements and operational enhancements within the Eniro Group.
In a fast-changing environment, we are not immune but resilient. We have a multi-faceted business model with value-creating products and relevant offerings that create value for our customers even in troubled times.
I would like to extend my sincere thanks to our shareholders, customers and employees for your trust and your commitment.
Together, we look forward to creating an even stronger and more successful 2025!
Hosni Teque-Omeirat President and Chief Executive Officer
Financial overview
January – March 2025
Net sales
Net sales for the first quarter amounted to SEK 237 million (232), an increase by SEK 5 million compared to last year, equivalent to 2 percent. Within the Marketing Partner business area, net sales increased by SEK 11 million, equivalent to 8 percent compared to the previous year. The increase is primarily explained by the acquisition of Medialuotsi. The net sales of the Dynava business area decreased by SEK 5 million, corresponding to a 6% decline compared to the previous year, primarily due to continued volume reductions in directory assistance services. Currency translation effects impacted total net sales by SEK -1 million (-2).
Geographically, revenue distribution was as follows: Sweden SEK 125 million (118), Norway SEK 26 million (27), Denmark SEK 31 million (34) and Finland SEK 55 million (52).
Operating result
Operating result amounted to SEK 14 million (4). Currency translation effects impacted operating result by SEK 0 million (0).
The Group's operating expenses, excluding depreciation, amortization and impairment, amounted to SEK -211 million (- 214). Currency translation effects impacted operating expenses excluding depreciation and amortization by SEK 1 million (2).
The Group's total depreciation and amortization amounted to SEK-18 million (-16) of which -8 million (-8) refers to tangible fixed assets and -10 million (-8) refers to intangible assets. Currency translation effects impacted total depreciation and amortization by SEK 0 million (0).
EBITDA
The Group's EBITDA amounted to SEK 32 million (20), corresponding to an EBITDA margin of 13,3 percent (8,6). The improved EBITDA is primarily attributable to efficiency improvements within the Marketing Partner business area. Currency translation effects impacted EBITDA by 0 million (0).
Net financial items
Net financial items amounted to SEK 3 million (-4) and mainly consist of interest on pension liabilities of -2 MSEK (-2) and foreign exchange differences on intra-group loans of 4 MSEK (-2), with exposure to NOK, DKK, and EUR.
Result before and after tax
Result before tax amounted to SEK 15 million (3). Net result (after tax) amounted to SEK 16 million (4).
Net sales 237 MSEK
Operating result 14 MSEK
EBITDA 32 MSEK
Cash flow
Total cash flow for the period amounted to SEK -1 million (0).
Cash flow from current operations amounted to SEK 19 million (12), where-of change in working capital was SEK -12 million (- 5).
Cash flow from investing activities amounted to SEK -11 million (-4), and mainly relates to the acquisition of the subsidiary Medialuotsi Oy, SEK -9 million (0), as well as capitalized development costs and general IT purchases, SEK - 3 million (-4).
Cash flow from financing activities amounted to SEK -9 million (-9) and pertains to the amortization of lease liability according to IFRS 16, SEK -7 million (-7), as well as the amortization of pension liability, SEK -1 million (-1).
Liquidity and financial position
Cash and cash equivalents amounted to SEK 158 million (166). The Group's consolidated equity amounted to SEK 302 million (254). Equity ratio amounted to SEK 31,1 percent (26,8).
The Group's pension obligations amounted to SEK 278 million (290). For further information, see Note 4 on page 17.
Employees
The average number of full-time employees in the Group at the end of the period was 905 (904).
Parent Company
Net sales amounted to SEK 6 million (4) and relate to intragroup services. Net result for the period amounted to SEK -8 million (-3). As of March 31, the parent company's equity amounted to SEK 471 million (377), of which non-restricted equity amounted to SEK 172 million (78).
Transactions with related parties
Azerion holds 26.10 percent of the voting rights in Eniro Group AB and is therefore considered a related party.
Transactions with Azerion during the first quarter of 2025 include revenues for Eniro amounting to SEK 3 million, as well as outstanding receivables of SEK 3 million. All transactions have been conducted on commercial terms.
Net result 16 MSEK
Cash flow from current operations 19 MSEK
Segment reporting
Marketing partner
The Marketing Partner business area offers micro, small, and medium-sized enterprises a comprehensive range of digital marketing services through both proprietary products and external partnerships, such as with Google and Facebook. The offering consists of seven products grouped into three clear needs: retaining customers, finding new customers, and becoming number one in their market. In Marketing Partner, our own search site products from our own marketplaces are gathered under a common brand, Robin, which replaces the previous brands; eniro.se, gulesider.no, krak.dk, dgs.dk, and 0100100.fi for third party products.
Share of Group's net sales 64,2%
Net sales for the quarter amounted to SEK 153 million (142), an increase of 8 percent. The increase is primarily attributable to the acquisition of Medialuotsi.
EBITDA for the quarter amounted to SEK 37 million (23) and operating result SEK 24 million (12). The improved result for the quarter is a consequence of implemented efficiency measures.
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 | |
| Net sales | 153 | 142 | 592 | 581 | |
| EBITDA | 37 | 23 | 157 | 143 | |
| EBITDA margin, % | 24,1 | 16,0 | 26,5 | 24,5 | |
| Operating result | 24 | 12 | 106 | 93 |
Dynava
The Dynava business area offers customer service and answering services, as well as directory inquiry services for major companies in the Nordic region. In the Finnish market, Dynava is one of the largest players in the contact center market, and in the Swedish market, it is a major player in traffic-related services and directory inquiries.
Share of Group's net sales 35,8%
Net sales for the quarter amounted to SEK 85 million (90), a decrease of 6 percent, primarily related to continued volume declines in directory assistance services
EBITDA for the quarter amounted to SEK 0 million (2) and operating result SEK -6 million (-3).
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 | |
| Net sales | 85 | 90 | 365 | 370 | |
| EBITDA | -0 | 2 | 13 | 15 | |
| EBITDA margin, % | -0,2 | 2,5 | 3,6 | 4,2 | |
| Operating result | -6 | -3 | -9 | -6 |
Other
In this table, revenues and costs in the parent company that have not been allocated to the business areas Marketing Partner and Dynava are reported.
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 | |
| Net sales | - | - | - | - | |
| EBITDA | -5 | -5 | -16 | -16 | |
| EBITDA margin, % | - | - | - | - | |
| Operating result | -5 | -5 | -16 | -16 | |
| Group | ||||
|---|---|---|---|---|
| Q1 | LTM | Full-year | ||
| MSEK | 2025 | 2024 | apr-Mar | 2024 |
| Net sales | 237 | 232 | 957 | 951 |
| EBITDA | 32 | 20 | 154 | 143 |
| EBITDA margin, % | 13,3 | 8,6 | 16,1 | 15,0 |
| Operating result | 14 | 4 | 81 | 72 |
Other information
Risks and uncertainties
Eniro's customers have a broad Nordic presence and represent a variety of industries. This diversification contributes to spreading risks, which is crucial for managing and controlling the business effectively. Eniro's ambition is to achieve a high level of risk awareness and well-developed risk management, which not only minimizes potential negative impacts but also identifies opportunities that can lead to positive business growth.
Market-related risks
Eniro's business operations are affected by a range of marketrelated risks, including changing customer needs, economic fluctuations, geopolitical events, pandemics and financial crises. These factors can indirectly and directly affect the company's revenue and profitability. To mitigate these risks, Eniro relies on its diversified customer base that spans many industries and geographies.
Global uncertainty has been increased by several factors, including international conflicts and economic challenges such as a weakening currency and economy. Eniro continues to actively manage these risks to minimise negative impact on the business and explore opportunities for growth and development despite these challenges.
Inflation and high interest rates, leading to increased costs and reduced investment appetite among customers, represent additional risks. Eniro manages these through a mix of strategies that include long-term customer contracts, credit checks, prepayments and continuous evaluation of accounts receivable.
Financial risks
Eniro faces several financial risks, including currency risks, financing risks, interest rate risks, tax risks and other related financial challenges. The Group's financial position is affected by fluctuations in the value of the Swedish krona, as Eniro manages revenue and expenses in multiple currencies and has intra-group receivables and liabilities in foreign currencies. These exchange rate fluctuations are detailed in the financial overview in this report, where a weakening of the Swedish krona generally favors net sales but has a negative effect on operating costs and only a marginal impact on operating profit.
Eniro has no outstanding loans with credit institutions, which means that any interest rate increases have a limited impact on Eniro.
For a more detailed description of significant risks and uncertainties, see the annual report for 2023, page 35 and in note 25 on page 56.
Forward-looking statements, intangible assets and pension liabilities
Information in this interim financial report that relates to future conditions or circumstances, including information about future performance, growth and other circumstances, and the effects and valuations of intangible assets and the Group's pension obligations, is forward-looking information. Forward-looking information is subject to risks and uncertainties because it relates to conditions and depends on circumstances that will occur in the future. Future conditions may differ materially from those expressed or implied in the forward-looking statements as a result of many factors, many of which are beyond the Company's control.
Auditor's report
This interim report has not been subject to review by the company's auditors.
Share structure
The stock is traded under the ticker symbol ENRO. At the end of the period, the total number of shares was 746,182,472, of which 18,175,356 are owned by Eniro Group AB. There were no other share classes at the end of the period.
Challenge of the resolution
On December 1, 2022, Kapatens Investment AB filed a summons application with Solna District Court to challenge the resolution of the general meeting on September 12, 2022 regarding the redemption of preference shares of series B. Kapatens Investment AB did not request an injunction, i.e. that the resolution of the general meeting should not be executed. The resolution, as well as other related general meeting resolutions, has thus been registered with the Swedish Companies Registration Office. The registration decisions have not been appealed. All resolutions at the general meeting have subsequently been executed. The company now has only one class of shares, with equal rights to capital, dividends and votes. Kapatens Investment AB has, in addition and in connection with the appeal, filed an appeal regarding the dividend decisions made at the annual general meetings 2023 and 2024 as well as parts of the decision on the amendment of the articles of association, these cases are declared dormant pending the final resolution of the original appeal.
Solna District Court granted Kapatens Investment AB's appeal of December 1, 2022 by judgment on June 28, 2024. Svea Court of Appeal upheld the District Court's judgment on April 2, 2025. The Board of Directors has decided to appeal the judgment and apply for leave to appeal to the Supreme Court.
With the support of external legal advice, the company's board of directors has continued to assess that Kapatens Investment AB's appeal will not entail any change to the current share structure. This is justified by the fact that all of the decisions related to the redemption of former preference shares of series B have been registered with the Swedish Companies Registration Office and executed through the payment of redemption proceeds, the issuance of newly subscribed ordinary shares through set-off of redemption proceeds or cash payment and the conversion of preference shares of series A into ordinary shares. The Company's external advisors have assessed that these enforcement measures in a CSD whose shares are subject to daily trading on the stock market are not possible to restore. The Company's external advisors
have stated that this is ultimately a consequence of the fact that no enforcement obstacles were directed against the decisions by either Kapatens Investment AB, the court or the Swedish Companies Registration Office.
Neither the Swedish Companies Registration Office's nor Euroclear's assessments of the consequences of the Court of Appeal's judgment gaining legal force are yet available.
In addition, in July 2023, Kapatens Investment AB submitted a claim against the company for SEK 43,249,500 in addition to its appeal of the decision of the general meeting on September 12, 2022 regarding the redemption of the company's previously issued preference shares of series B. The claim has been rejected as groundless, and the Board of Directors' assessment is that the claim made does not give rise to any provision in the company's balance sheet. This is also confirmed by the fact that Kapetens Investment AB has not made the aforementioned claim in the ongoing court proceedings but has only claimed compensation for legal costs.
If the Court of Appeal's judgment becomes final, it is likely that the two previously suspended proceedings regarding the dividend decision and amendment of the articles of association will be resumed.
The Board's previous assessment that the ultimate consequence for the company of the Court of Appeal's judgment gaining legal force is, based on external legal advice, that the company must bear Kapatens Investment AB's legal costs for the appeal process remains. These costs currently amount to just over SEK 3 million, which have been recognized as an expense.
The Company's external advisors have emphasized that every governmental and court proceeding, regardless of type, always contains a "process risk", which is why the Company continues to investigate these issues in order to continuously assess whether and when there is reason to make a different
assessment regarding the consequences of the disputes with Kapatens Investment AB.
Warrants
At the annual general meeting held on 11 May 2023, it was resolved to issue a maximum of 37,000,000 warrants of series TO 2023 ('Warrants 2023'), which in turn will entitle the holder to subscribe for new shares in the Seller in accordance with the terms and conditions of Warrants 2023 adopted by the said annual general meeting (for more information on the terms and conditions please, see the tab 'General Meetings' - 'Previous General Meetings' at www.enirogroup.com). The Annual General Meeting held on 29 May 2024 decided to extend the period during which participants may apply for participation until 30 September 2024.
All Warrants 2023 were subscribed for by Eniro Group AB itself and have been offered to employees within the Eniro Group, all 37,000,0000 Warrants 2023 have subsequently been subscribed for. The Warrants 2023 were valued, in accordance with the terms and conditions, by an independent party according to the Black & Scholes valuation model.
Subscription of shares shall, according to the terms and conditions, take place during the period from 1 June 2026 up to and including 30 June 2026. Each warrant will entitle the holder to subscribe for one share at a cost of SEK 1.09. Upon exercise of all 37,000,000 Warrants and without taking into account any recalculation of Warrants 2023, Warrants 2023 will increase the share capital by a maximum of SEK 14,800,000 and a maximum dilution corresponding to approximately 5 percent.
CSRD
Starting January 1, 2025, Eniro will begin reporting in accordance with the Corporate Sustainability Reporting Directive (CSRD). The implementation work for CSRD has already commenced.
Consolidated income statement
| Q1 | LTM | Full-year | ||
|---|---|---|---|---|
| MSEK Note |
2025 | 2024 | apr-Mar | 2024 |
| Net sales | 3 237 |
232 | 957 | 951 |
| Other operating revenue | 5 | 3 | 16 | 14 |
| Capitalized work for own account | 2 | 2 | 8 | 8 |
| Purchase of goods and services | -25 | -22 | -110 | -108 |
| Other external expenses | -45 | -52 | -160 | -167 |
| Personnel costs | -140 | -142 | -552 | -554 |
| Other operating expenses | -3 | -0 | -5 | -2 |
| Depreciations, amortizations and write-downs of | ||||
| - tangible fixed assets | -8 | -8 | -32 | -33 |
| - intangible assets | -10 | -8 | -41 | -38 |
| Operating result | 2 14 |
4 | 81 | 72 |
| Results from participations in associated companies | -2 | 3 | -11 | -6 |
| Finance income | 5 | 0 | 14 | 8 |
| Finance costs | -3 | -5 | -15 | -16 |
| Result before income tax | 15 | 3 | 69 | 57 |
| Income tax for the period | 1 | 1 | 11 | 10 |
| Net result for the period | 16 | 4 | 80 | 68 |
| Of which attributable to: | ||||
| Equity holders of the Parent | 16 | 4 | 80 | 68 |
| Non-controlling interests | 0 | 0 | 0 | 0 |
| Net result for the period | 16 | 4 | 80 | 68 |
| Earnings per share | 0,02 | 0,01 | 0,11 | 0,09 |
Other comprehensive income statement
| Q1 | LTM | Full-year | ||||
|---|---|---|---|---|---|---|
| KSEK | Note | 2025 | 2024 | apr-Mar | 2024 | |
| Net result for the period | 16 | 4 | 80 | 68 | ||
| Other comprehensive income | ||||||
| Items that will not be reclassified to profit or loss: Actuarial gains/losses attributable to pensions Items that may be reclassified to profit or loss |
4 | 18 | -23 | 13 | -29 | |
| Translation differences related to foreign operations | -15 | 3 | -14 | 4 | ||
| Other comprehensive income, net of tax | 3 | -20 | -1 | -25 | ||
| Comprehensive income for the period | 19 | -16 | 78 | 43 | ||
| Of which attributable to: | ||||||
| Equity holders of the Parent | 19 | -16 | 78 | 43 | ||
| Non-controlling interests (incl translation differences) |
0 | 0 | -0 | 0 | ||
| Comprehensive income for the period | 19 | -16 | 78 | 43 |
Consolidated balance sheet
| 31 Mar | 31 Dec | |||
|---|---|---|---|---|
| MSEK | Note | 2025 | 2024 | 2024 |
| Assets | ||||
| Fixed assets | ||||
| Right of use asset | 20 | 38 | 22 | |
| Other tangible assets | 7 | 10 | 9 | |
| Intangible fixed assets | 2 | 548 | 506 | 519 |
| Deferred tax assets | 17 | 9 | 17 | |
| Financial assets | 60 | 73 | 63 | |
| Total non-current assets | 653 | 637 | 629 | |
| Current assets | ||||
| Accounts receivable | 67 | 66 | 70 | |
| Other current receivables | 94 | 79 | 88 | |
| Cash and cash equivalents | 158 | 166 | 163 | |
| Total current assets | 320 | 311 | 322 | |
| Total assets | 972 | 948 | 951 | |
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 298 | 298 | 298 | |
| Reserves | - 292 | - 277 | - 277 | |
| Shareholder contributions/retained earnings | 295 | 232 | 261 | |
| Equity attributable to equity holders of the Parent | 302 | 253 | 283 | |
| Non-controlling interests | - | 1 | 1 | |
| Total equity | 302 | 254 | 284 | |
| Non-current liabilities | ||||
| Lease liabilities | 10 | 18 | 11 | |
| Employee benefits obligations | 4 | 278 | 290 | 296 |
| Other non-current liabilities | 6 | 8 | 5 | |
| Total non-current liabilities | 293 | 315 | 312 | |
| Current liabilities | ||||
| Lease liabilities | 12 | 23 | 13 | |
| Other current liabilities | 364 | 355 | 341 | |
| Total current liabilities | 377 | 378 | 355 | |
| Total equity and liabilities | 972 | 948 | 951 |
Change in consolidated equity
| Other | Non | ||||||
|---|---|---|---|---|---|---|---|
| Share | contribut | Retained | controlling | Total | |||
| MSEK | capital | ed capital | Reserves | earnings | Total | interests | equity |
| Opening balance Jan 1 2024 | 298 | 5 860 | -281 | -5 609 | 269 | 1 | 270 |
| Net result for the period | - | - | - | 4 | 4 | 0 | 4 |
| Translation differences related to foreign operations | - | - | 3 | - | 3 | 0 | 3 |
| Actuarial gains/losses | - | - | - | -23 | -23 | - | -23 |
| Total Comprehensive income | - | - | 3 | -19 | -16 | 0 | -16 |
| Transactions with owners | |||||||
| Total transactions with shareholders | - | - | - | - | - | - | - |
| Closing balance Mar 31 2024 | 298 | 5 860 | -277 | -5 628 | 253 | 1 | 254 |
| Opening balance Jan 1 2024 | 298 | 5 860 | -281 | -5 609 | 269 | 1 | 270 |
| Net result for the period | - | - | - | 68 | 68 | -0 | 68 |
| Translation differences related to foreign operations | - | - | 4 | - | 4 | -0 | 4 |
| Actuarial gains/losses | - | - | - | -29 | -29 | - | -29 |
| Total Comprehensive income | - | - | 4 | 39 | 43 | -0 | 43 |
| Other | |||||||
| Premiums for warrants | - | - | - | 0 | 0 | - | 0 |
| Total other | - | - | - | 0 | 0 | - | 0 |
| Transactions with owners | |||||||
| Dividend paid to equity holders of the Parent | - | - | - | -29 | -29 | 0 | -29 |
| Total transactions with shareholders | - | - | - | -29 | -29 | 0 | -29 |
| Closing balance Dec 31 2024 | 298 | 5 860 | -277 | -5 599 | 283 | 1 | 284 |
| Opening balance Jan 1 2025 | 298 | 5 860 | -277 | -5 599 | 283 | 1 | 284 |
| Net result for the period | - | - | - | 16 | 16 | 0 | 16 |
| Translation differences related to foreign operations | - | - | -15 | - | -15 | 0 | -15 |
| Actuarial gains/losses | - | - | - | 18 | 18 | - | 18 |
| Total Comprehensive income | - | - | -15 | 34 | 19 | 0 | 19 |
| Transactions with owners | |||||||
| Dividends paid to non-controlling interests in | |||||||
| subsidiaries¹ | - | - | - | - | - | -1 | -1 |
| Total transactions with shareholders | - | - | - | - | - | -1 | -1 |
| Closing balance Mar 31 2025 | 298 | 5 860 | -292 | -5 565 | 302 | 0 | 302 |
1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS.
Consolidated cash flow statement
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 | |
| Operating activities | |||||
| Operating result | 14 | 4 | 81 | 72 | |
| Depreciation and amortization | 18 | 16 | 73 | 71 | |
| Other non-cash items | - 0 | - 3 | - 3 | - 6 | |
| Financial items, net | 0 | 0 | 4 | 4 | |
| Paid tax | - 0 | 0 | - 1 | - 1 | |
| Cash flow from current operations before changes in | 31 | 17 | 154 | 140 | |
| working capital | |||||
| Changes in working capital | - 12 | - 5 | - 38 | - 31 | |
| Cash flow from current operations | 19 | 12 | 115 | 109 | |
| Investing activities | |||||
| Acquisition of subsidiary | - 9 | - | - 9 | - | |
| Purchases of non-current assets | - 3 | - 4 | - 48 | - 49 | |
| Repayment of deposits | 1 | - | 1 | 0 | |
| Cash flow from investing activities | - 11 | - 4 | - 56 | - 49 | |
| Financing activities | |||||
| Repayment of pension liabitity | - 1 | - 1 | - 4 | - 4 | |
| Lease payments | - 7 | - 7 | - 29 | - 29 | |
| Dividend paid to equity holders of the Parent | - | - | - 29 | - 29 | |
| Dividends paid to non-controlling interests in subsidiaries¹ |
- 1 | - | - 1 | - | |
| Cash flow from financing activities | - 9 | - 9 | - 63 | -62 | |
| Cash flow for the period | - 1 | 0 | - 3 | -2 | |
| Cash and cash equivalents at the beginning of the period |
163 | 164 | 166 | 164 | |
| Cash flow for the period | - 1 | 0 | - 3 | - 2 | |
| Exchange difference in cash and cash equivalents | - 4 | 2 | - 4 | 1 | |
| Cash and cash equivalents at the end of the period | 158 | 166 | 158 | 163 |
1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS.
Condensed Parent Company Income statement
| Q1 | LTM | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 | |
| Net sales | 6 | 4 | 16 | 14 | |
| Other external expenses | - 10 | - 5 | - 22 | - 17 | |
| Personnel costs | - 5 | - 3 | - 13 | - 11 | |
| Other operating expenses | - 0 | 0 | - 0 | - 0 | |
| Depreciations, amortizations and write-downs of | - | - | |||
| - tangible fixed assets | - 0 | - | - 0 | - 0 | |
| Operating result | - 8 | - 4 | - 19 | - 14 | |
| Finance income | 0 | 1 | 142 | 142 | |
| Finance costs | - | - | - 0 | - 0 | |
| Result before income tax | - 8 | - 3 | 123 | 128 | |
| Income tax for the period | - | - | - | - | |
| Net result for the period | - 8 | - 3 | 123 | 128 |
Condensed Parent Company balance sheet
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Assets | |||
| Fixed assets | |||
| Other tangible assets | 0 | - | 0 |
| Shares in subsidiaries | 323 | 323 | 323 |
| Financial assets | 25 | 25 | 25 |
| Total non-current assets | 348 | 348 | 348 |
| Current assets | |||
| Other current receivables | 153 | 58 | 163 |
| Cash and cash equivalents | 7 | 7 | 4 |
| Total current assets | 160 | 65 | 167 |
| Total assets | 508 | 413 | 515 |
| Equity and liabilities | |||
| Equity | |||
| Restricted equtiy | |||
| Share capital | 298 | 298 | 298 |
| Non-restricted equity | |||
| Retained earnings | 180 | 81 | 52 |
| Net result for the period | -8 | -3 | 128 |
| Total equity | 471 | 377 | 479 |
| Non-current liabilities | |||
| Employee benefits obligations | 32 | 32 | 32 |
| Total non-current liabilities | 32 | 32 | 32 |
| Current liabilities | |||
| Other current liabilities | 5 | 4 | 4 |
| Total current liabilities | 5 | 4 | 4 |
| Total equity and liabilities | 508 | 413 | 515 |
Notes
Note 1. Accounting principles
This report has been prepared in accordance with the Accounting Standard IAS 34 Interim Financial Reporting.
The report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2.
The accounting policies applied in this interim report are consistent with those of the annual report for the year ended 31 December 2023, which was prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations endorsed by the European Union (EU) and should be read in conjunction with them.
Note 2. Intangible assets
Goodwill
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Opening balance | 444 | 442 | 442 |
| Business acquisitions | 38 | - | - |
| Impairments | - | - | - |
| Translation differences | -10 | 1 | 3 |
| Net carrying amount | 473 | 443 | 444 |
Intangible assets (excl. goodwill)
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Opening balance | 74 | 68 | 68 |
| Acquisitions/Capitalized work | 2 | 2 | 44 |
| Business acquisitions | 8 | - | - |
| Disposals | - | - | -0 |
| Depreciations | -10 | -8 | -38 |
| Translation differences | -0 | 1 | 2 |
| Net carrying amount | 75 | 63 | 74 |
| - | - | ||
| IT investments | 46 | 24 | 49 |
| Brands | 10 | 25 | 14 |
| Customer relations | 17 | 15 | 11 |
| Other intangible assets | 1 | 0 | 0 |
| Total intangible assets (excl goodwill) | 75 | 63 | 74 |
Impairment testing
An assessment of the value of the Group's intangible assets is performed annually at the end of the third quarter, as well as when there are indications of impairment. The annual impairment test was conducted in the third quarter of 2024 and did not result in any impairment. No indications of impairment have been identified since then. For further information regarding the Group's impairment testing methodology, refer to Note 7 in the 2023 Annual Report
Note 3. Revenue recognition (IFRS 15)
The core principle is that the Group recognizes revenue in a manner that best reflects the transfer of control of the promised service to the customer. Through a five-step model, the Group's contracts with customers may include various performance obligations identified as service revenue and subscription revenue.
Timing of revenue recognition (IFRS)
| Q1 | LTM | Full-year | ||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 |
| Over time | 131 | 117 | 484 | 470 |
| At point in time | 106 | 115 | 473 | 481 |
| Total revenues | 237 | 232 | 957 | 951 |
External revenues by category and segment
| Q1 | LTM | Full-year | ||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 |
| Subscription revenues | 131 | 117 | 484 | 470 |
| Other digital marketing revenues | 21 | 25 | 108 | 111 |
| Total Marketing partner | 153 | 142 | 592 | 581 |
| Dynava | 85 | 90 | 365 | 370 |
| Total Dynava | 85 | 90 | 365 | 370 |
| Total revenues | 237 | 232 | 957 | 951 |
External revenues by country
| Q1 | LTM | Full-year | ||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 |
| Sweden | 125 | 118 | 499 | 492 |
| Norway | 26 | 27 | 111 | 113 |
| Denmark | 31 | 34 | 137 | 141 |
| Finland | 55 | 52 | 208 | 205 |
| Total revenues | 237 | 232 | 957 | 951 |
Note 4. Pension obligations
Revaluation of pension obligations in Other comprehensive income
The valuation of defined benefit pension plans has been carried out in accordance with IAS 19.
An actuarial gain of SEK +18 million (-23) has arisen as of March 31, 2025. This gain is a result of changed assumptions regarding the discount rate and inflation. The valuation of pension obligations for the first quarter of 2025, carried out by external experts, is based on several assumptions where the discount rate is 3.9 percent (3.6) and inflation and long-term increase in pensions are 1.8 percent (1.7). The discount rate is based on the market interest rate on mortgage bonds with a duration corresponding to the average remaining maturity of the obligation.
Note 5. Purchase Price Allocation
On January 3, 2025, Eniro acquired 100 percent of the shares in Medialuotsi OY, a leading Finnish digital marketing agency, for a preliminary cash purchase price of SEK 36 million.
The results, assets, and liabilities of the acquired company have been consolidated as of January 3, 2025.
Effects of the Acquisition of Medialuotsi Oy
The net assets of the acquired company included in the preliminary purchase price allocation are as follows:
| Group,, MSEK | Fair value |
|---|---|
| Intangible assets: Customer relationships | 8 |
| Accounts receivable and other current receivables |
4 |
| Cash and cash equivalents | 7 |
| Deferred tax liability | -2 |
| Accounts payable and other current liabilities | -23 |
| Net identifiable assets and liabilities | -5 |
| Goodwill | 40 |
| Acquired net assets | 36 |
| Group, MSEK | Fair value |
| Total purchase consideration | 36 |
| Cash purchase consideration paid on acquisition date |
17 |
Acquisition-related expenses amount to approximately SEK 2 million. These acquisition costs are recognized within other operating expenses in the Group's income statement and in cash flow from operating activities.
Allocation of Surplus Value in the Preliminary Purchase Price Allocation
The identified surplus value of SEK 48 million has been allocated as follows: SEK 8 million to customer relationships and the remaining SEK 40 million to goodwill. The goodwill is primarily attributable to expected future synergies, such as a combined workforce and new customer contracts.
Purchase Price
The preliminary purchase price amounts to SEK 36 million and will be paid in three installments. An initial payment of SEK 17 million was made on the closing date. The remaining amount will be settled in two additional installments within one year from the acquisition date. There is no earn-out related to the acquisition; the deferred payments represent fixed portions of the agreed purchase price.
Pro Forma Result
Revenue and expenses for Medialuotsi for the period January 1–2, 2025, are considered immaterial and are therefore not presented. The table below presents the revenue and profit of Medialuotsi from the acquisition date, January 3, 2025, through March 31, 2025.
| Group, MSEK | 250103–250331 |
|---|---|
| Net sales | 13 |
| Operating result | 1 |
| Financial net and tax | 0 |
| Net result | 1 |
Other key performance indicators
| Jan-Mar | ||||
|---|---|---|---|---|
| Key figures | 2025 | 2024 | 2024 | |
| Equity ratio, % | 31,1 | 26,8 | 29,9 | |
| ARR for business area Marketing Partner, MSEK | 499 | 458 | 489 | |
| Average number of shares outstanding, thousands | 728 007 | 728 007 | 728 007 | |
| Share price at end of period, SEK | 0,52 | 0,60 | 0,45 |
Reconciliation Alternative Performance Measures
Reconciliation between Operating result and EBITDA
| Q1 | LTM | Full-year | ||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | apr-Mar | 2024 |
| Operating result | 14 | 4 | 81 | 72 |
| Depreciations | 18 | 16 | 73 | 71 |
| Writedowns | - | - | - | - |
| Total EBITDA | 32 | 20 | 154 | 143 |
| EBITDA margin, % | 13,3 | 8,6 | 16,1 | 15,0 |
Definitions of key performance indicators
Eniro presents certain financial measures that are not defined under IFRS. Eniro believes that these measures provide valuable supplementary information to investors and management as they enable evaluation of the Group's performance and financial position. As not all companies calculate financial measures in the same way, these are not always comparable with measures used by other companies. Therefore, these financial measures should not be considered as a substitute for the measures defined under IFRS.
Financial IFRS Measures
| Key ratio | Definition |
|---|---|
| Earnings per share | Net result attributable to equity holders of the parent divided by the average number of outstanding shares. |
Alternative performance measures
| Key ratio | Definition | Purpose |
|---|---|---|
| EBITDA | Operating result before depreciations, amortizations and write-downs of tangible and intangible fixed assets. |
This key ratio is used to monitor the operational activities. |
| EBITDA margin (%) | EBITDA in relation to net sales. | This key ratio is used to measure operational profitability and indicates the Group's cost efficiency |
| Operating expenses excluding depreciation and amortization |
The sum of Capitalized work for own account, Purchases of goods and services, Other external expenses, Personnel costs, and Other operating expenses |
The key ratio is used to measure and analyze the total operating expenses of the business. |
| Equity ratio (%) | Equity ratio indicates the proportion of assets financed by equity. The size of equity in relation to other liabilities describes the Group's long-term solvency. Equity for the period, not the average, is used for the calculation. |
This key ratio reflects the company's financial position. A strong equity ratio provides the ability to handle periods of economic downturn and ensures financial preparedness for growth. |
| ARR for the business area Marketing Partner |
Annual Recurring Revenue (ARR) consists of the monthly value of subscription revenues from digital marketing services as of the last day of the period, converted to 12 months and valued at the exchange rate on the balance sheet date. This measure does not include orders received during the period that have not yet started to be invoiced, but it does include orders that have been canceled but will end in a future period. |
ARR is a metric used to evaluate the recurring revenue of the Marketing Partners business area. |
Financial Calendar
Annual report 2024 April 25, 2025 Annual general meeting 2025 May 28, 2025 Q2 Interim Report 2025 July 18, 2025 Q3 Interim report 2025 November 5, 2025 Year-end Report 2025 February 2026
For more information, please contact:
Hosni Teque-Omeirat
President and Chief Executive Officer [email protected] +46 (0)70-225 18 77
[email protected] +46 (0)8 553 310 00
Eniro Group AB (publ) Box 4085 SE-169 04 Solna
Org.nr.: 556588-0936
This information is information that Eniro Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.20 CET on 23 April 2025.
Eniro Group AB (publ) is listed on Nasdaq Stockholm (ENRO) and operates in Sweden, Denmark, Finland and Norway. In 2024, the Eniro Group had sales of SEK 951 million and approximately 900 employees with headquarters in Stockholm. The group also includes Dynava, which offers customer service and answering services for major companies in the Nordic region, as well as directory enquiry services.
© ENIRO GROUP AB, 2025