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Enea
Quarterly Report • Apr 24, 2025
3042_10-q_2025-04-24_cf334a9d-67cb-4a06-bacd-f2d93da804a3.pdf
Quarterly Report
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Interim report Q1
| Interim report Q1 January - March 2025 enea.com 1
JANUARY - MARCH 202 5
25% EBITDA ADJUSTED MARGIN Q1
27% RESEARCH AND DEVELOPMENT Q1
First quarter highlights in figures
- Revenue from the network business increased by 15.5 percent compared to the same period last year and amounted to SEK 104.5 million (90.5).
- Revenue from the security business decreased by 0.2 percent compared to the same period last year and amounted to SEK 89.1 million (89.2).
- Revenue from operating systems remained unchanged compared to the same period last year and amounted to SEK 20.4 million (20.4).
- Adjusted EBITDA amounted to SEK 52.6 million (53.6), corresponding to an adjusted EBITDA margin of 24.6 percent (26.8).
- Profit after tax amounted to SEK -18.7 million (10.6).
- Earnings per share amounted to SEK -0.94 (0.51).
- Cash flow from operating activities amounted to SEK 35.5 million (120.1).
Key figures
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| 2025 | 2024 | LTM | 2024 | |
| Net sales, SEK m | 213.9 | 200.1 | 918.1 | 904.3 |
| Growth, % | 6.9 | -19.3 | -3.9 | -0.9 |
| Growth currency adjusted, % | 6.1 | -19.3 | 6.3 | -0.6 |
| EBITDA Adjusted, SEK m | 52.6 | 53.6 | 299.3 | 300.3 |
| EBITDA Adjusted, % | 24.6 | 26.8 | 32.6 | 33.2 |
| EBITDA, SEK m | 41.8 | 57.9 | 276.9 | 293.0 |
| EBITDA, % | 19.5 | 28.9 | 30.2 | 32.4 |
| Operating profit, SEK m | 1.6 | 16.1 | 107.8 | 122.4 |
| Operating margin, % | 0.7 | 8.1 | 11.7 | 13.5 |
| Profit after tax, SEK m | -18.8 | 10.6 | 113.7 | 143.1 |
| Earnings per share, SEK | -0.94 | 0.51 | 5.61 | 6.96 |
| Cash flow from operating activities, SEK m | 35.5 | 120.1 | 194.6 | 279.2 |
| EBITDA less capitalized development, SEK m | 20.9 | 36.4 | 191.7 | 207.2 |
| Net debt/EBITDA (12 months) | - | - | 0.52 | 0.40 |
| Cash & cash equivalents, SEK m | 189.9 | 328.1 | 189.9 | 161.5 |
INTERIM REPORT Q1 2025
CEO statement
Dear Shareholders,
It is with great honor and pride that I join Enea as the new President and CEO. Communication is a fundamental human need, and the ability to connect globally has never been easier and more accessible as now. However, given the ongoing geopolitical challenges, we cannot take this for granted. Reliable and secure communication should be available to everyone, a goal Enea supports by empowering our customers to deliver exactly that with our solutions.
With over 30 years of experience leading global businesses in IT, technology, and security, I am committed to bringing this expertise to Enea's growth journey. Enea already offers outstanding solutions, and my ambition is to drive an accelerated growth strategy that will focus on expanding our current portfolio, strengthening our security solutions, and identifying new opportunities to enhance our existing offerings. None of this would be possible without the continued support of you, our shareholders, the dedication of our talented employees, and, of course, the ongoing trust of our expanding customer base.
Quarter 1, 2025
Enea had a strong presence at MWC 2025, the largest global event for the telecommunications industry. The event served as a valuable platform to engage with existing customers and, predominantly, new prospects and to showcase our thought leadership, share our strategic product direction, and reinforce our position in key focus areas. It was an excellent opportunity to engage with partners and customers, exchange insights, and highlight how Enea is helping operators strengthen their security posture, including publicly referenced collaborations such as our work with STC, which will be describe further down in this text. Events like MWC continue to play a vital role in elevating Enea's brand and extending our reach in the market.
"Enea already offers outstanding solutions, and my ambition is to drive an accelerated growth strategy…"
In the first quarter of 2025, we achieved 6 percent organic growth, with revenues totaling 214 MSEK (200). This performance was primarily driven by strong double-digit growth in our Network business, while revenues in our Security segment remained stable. We are pleased with the 12 percent growth in Networks and remain confident in our business model, with approximately 70 percent of our revenues recurring. These recurring revenues provide a solid foundation and consistency year after year. However, the non-recurring portion, dependent on the timing of individual deal signings, closings, and deliveries, can vary between quarters. That is why we have a full year target for our growth ambitions in our focus areas.
Market turmoil
The first quarter was eventful from a geopolitical and economic perspective. It started off well with emerging signs that we were approaching the end of the slowdown in the telecom market. But in the mid-quarter the sentiment began to change due to increased competition, aggressive promotional activities, and continued challenges in subscriber growth. Also, the new U.S. import duties on networking, server, and storage equipment are straining the telecom supply chain due to ongoing trade tensions. When the turmoil accelerated, the uncertainty about the actual tariffs, its implementation, their effects and on top of that a plummeting stock market, it did not help investment decisions during the second part of the first quarter. While we were not directly impacted, nor are we immune to the general investment sentiment.
Solid Earnings and Cash Flow
We were directly affected by the significant drop in the dollar in early March, resulting in a SEK 9 million negative translation effect. Net financial items were negatively impacted by SEK 20 million, which in all contributed to reducing our earnings per share to SEK -0.94 per share (down from 0.51 first quarter last year). Still, operating cash flow remained solid at SEK 36 million. Adjusted for translation effects and nonrecurring items, our EBITDA margin was 25 percent, totaling SEK 53 million (54).
This slight year-over-year decrease was largely attributable to elevated Q4 commission payouts, as opposed to the lower levels seen in Q1 2024. Our cost levels remain stable, and we expect operating expenses to remain in line with last year, following the December–January rightsizing, which reduced total costs by approximately 3 percent, which is equivalent to the projected cost increase during this year.
AI focus
AI is a key growth driver, recognized as both cybersecurity challenge and a vital tool in protecting networks and end-users from threats like fraud and illegal robocalls. In Q1, the US Federal Communications Commission (FCC) expanded call-blocking efforts, to protect consumers from unwanted and fraudulent calls.
We continue to work with regulators, customers, and partners to improve the solutions needed. In Q1, Extreme Networks, a leading US company, integrated our embedded deep packet inspection engine, Enea Qosmos ixEngine, to enable AI embedded functionality, within their Extreme SD-WAN solution. This integration will help Extreme SD-WAN customers to quickly and easily complete SD-WAN deployments and personalize user experience by offering a wider range of applications. In the Middle East, STC achieved full GSMA signaling security compliance using our Adaptive Signaling Firewall and AI-driven security center.
Going forward
With a strong global position, a unique and growing product portfolio within and beyond telecom industry, a committed team, and successful customers, we are well positioned for long-term success. Synergies from eight years of acquisitions are becoming clear, confirming the strength of our strategy and integration capabilities. Combined with our solid earnings, this strengthens our confidence in continued organic growth and future strategic acquisitions. Our long-term ambition remains double-digit growth in focus areas, an EBITDA margin above 35%, and strong cash flow. While broader telecom recovery may be delayed by macroeconomic and trade-related uncertainties, our 2025 guidance remains, and I am feeling optimistic for the future of Enea.
I am truly excited about the journey ahead and deeply committed to making a positive and lasting impact.
"…our 2025 guidance remains, and I am feeling optimistic for the future of Enea."
Teemu Salmi, President and CEO
Enea in short
ABOUT THE COMPANY
Enea is a global leader specializing in software for telecommunications and cybersecurity. Our vision is to make the world's communication safer and more efficient – a driving force that, together with our passion for technological innovation, is at the core of our business. We develop and deliver reliable solutions that enhance security, performance, and intelligence in digital communication. Our technology enables stable and secure connectivity for billions of people around the world every day, a responsibility we take very seriously. We take pride in contributing to a safer and more efficient digital world for both individuals and businesses.
Our product portfolio includes advanced firewalls that protect mobile networks from cyberattacks, as well as solutions for traffic classification, video traffic optimization, and Wi-Fi network management. Through continuous innovation and strategic acquisitions, we constantly strengthen our offerings and global presence.
Enea has over 480 employees worldwide, is present in more than 20 markets, and has partnerships with over 100 leading communication service providers. We continue to invest in innovation and strategic collaborations to ensure long-term growth and competitiveness.
KEY FIGURES FULL YEAR 2024
80+
MARKETS
904
SEK MILLION NET SALES
279
SEK MILLION OPERATING CASH FLOW 482 EMPLOYEES
34%
EBITDA ADJUSTED MARGIN
23%
RESEARCH AND DEVELOPMENT
ENEAS PLATFORM ENABLES NEW SUBSCRIPTION MODELS FOR VIRGIN MOBILE IN LATINAMERICA
Enea's Integra platform helps mobile networks like Virgin Mobile in Latin America deliver better data services to their customers. The platform works by watching how people use their data in real-time and adjusting it so apps like video streaming run smoothly. For example, if you're watching a movie on your phone, the platform ensures that it doesn't freeze or buffer, even when the network is busy. This helps Virgin Mobile offer plans where customers only pay for the data they actually use, instead of a fixed amount. This is all possible because Enea's software carefully manages network traffic, making sure everything runs fast and efficiently.
"Enea's traffic management capabilities provide the technological foundation needed to fulfill our 'subscribe once, source from many, pay for what you use' model, which is radically transforming how consumers experience mobile services across our LATAM operations," said Naorus Abdulghani, Group Chief Technology Officer at Beyond ONE, owner of Virgin Mobile Latin America and Middle East.
Read more in the press release from February 28, 2025, in our pressroom via this link.
ENEA'S VISION
To make the world's communications safer and more efficient.
Financial summary
Profit and loss items include continued operations and are compared to the corresponding period of the previous year. Balance sheet and cash flow items refer to the position at the end of the period and are compared to the corresponding period of the previous year.
January – March
Revenues
Total revenue for the quarter amounted to SEK 217.0 million (206.0), of which net sales amounted to SEK 213.9 million (200.1) and other operating income, mainly currency effects, amounted to SEK 3.1 million (5.9). Organic growth in comparable currency amounted to 6 percent.
Network
Revenue from the network business amounted to SEK 104.5 million (90.5), an increase of 15.5 percent. Currency-adjusted organic growth was 12 percent. The Network Operations business accounted for 49 percent (45) of total sales during the quarter. Revenue for licenses has increased through both one-time licenses and fixed-term recurring licenses. Revenue for support and maintenance has decreased because of terminated agreements. We continue to see stable development with extended contracts in all revenue categories.
Security
Revenue from the security business remained unchanged compared to the previous year and amounted to SEK 89.1 million (89.2). Currency-adjusted organic growth was 0 percent. The security business accounted for 42 percent (45) of total sales during the quarter. Demand for security solutions remains stable. Revenues for licenses were slightly decreased. The development of services and support continues.
Operating system
Revenue from operating systems remained unchanged compared to the previous year and amounted to SEK 20.4 million (20.4). The product group's share of total sales during the quarter was 10 percent (10). Revenue was slightly higher than expected for operating systems.
Expenses and results for the quarter
Costs of goods and services sold
In the quarter, the cost of goods and services sold amounted to SEK 59.7 million (48.0). Gross margin amounted to 72.5 percent (76.7). Depreciation and amortisation included in the cost of goods and services sold amounted to SEK 0.2 million (0.2).
Operating expenses
Operating expenses amounted to SEK 155.7 million (141.9) for the quarter. Depreciation and amortization charged to operating expenses amounted to SEK 40.1 million (41.5).
Costs attributable to restructuring, reported as items affecting comparability, amounted to SEK 1.7 million (0).
Sales and marketing expenses
In the quarter, sales and marketing expenses amounted to SEK 55.4 million (51.0), corresponding to 25.9 percent (25.5) of sales. Depreciation and amortization charged to sales and marketing expenses amounted to SEK 0.1 million (0.1).
Restructuring items amounted to SEK 1.7 million (0).
Product development expenses
In the quarter, product development costs amounted to SEK 71.4 million (66.7), corresponding to 33.4 percent (33.3) of net sales. In addition, product development costs to a value of SEK 20.9 million (21.5) were capitalized. Depreciation and amortization were charged to product development costs of SEK 34.5 million (36.4), of which SEK 19.2 million (20.9) is amortization of acquisitionrelated and capitalized development expenses.
Product development expenses affecting cash flow amounted to SEK 57.8 million (51.8), corresponding to 27.0 percent (25.9) of net sales for the quarter.
Administrative Expenses
During the quarter, administrative expenses amounted to SEK 28.9 million (24.2), corresponding to 13.5 percent (12.1). Depreciation and amortization charged to administrative expenses amounted to SEK 5.5 million (5.0).
EBITDA
EBITDA amounted to SEK 41.8 million (57.9), corresponding to an EBITDA margin of 19.6 percent (28.9). Adjusted for items affecting comparability, EBITDA amounted to SEK 52.6 million (53.6), corresponding to an adjusted EBITDA margin of 24.6 percent (26.8).
EBITDA adjusted for items affecting comparability and capitalized development costs amounted to SEK 31.7 million (32.1), corresponding to an adjusted EBITDA margin of 14.8 percent (16.0).
Operating profit/loss
Operating profit amounted to SEK 1.6 million (16.1), corresponding to an operating margin of 0.7 percent (8.1). Adjusted for items affecting comparability, operating profit amounted to SEK 12.4 million (11.8), corresponding to an adjusted operating margin of 5.8 percent (5.9).
Financial net
Financial items amounted to SEK -21.7 million (-0.4). External net interest amounted to SEK -1.6 million (-6.1). Unrealized exchange rate changes of financial assets affected the result by SEK -20.1 million (5.6) in the quarter.
Tax
Tax expense/income for the quarter amounted to SEK 1.4 million (-5.1). The effective tax rate is 7.0 percent (32.5).
Profit/loss
Profit after tax for the quarter amounted to SEK -18.8 million (10.6). Earnings per share amounted to SEK -0.94 (0.51).
Cash flow, investments and financial position for the period
Cash flow
During the period, the Group generated a cash flow from operating activities of SEK 35.5 million (120.1). Cash flow from investing activities amounted to SEK -23.9 million (-22.6), of which investments in intangible fixed assets amounted to SEK -20.9 million (-21.5) and investments in tangible fixed assets amounted to SEK -2.7 million (-1.1). Cash flow from financing activities amounted to SEK -35.1 million (-46.5). During the period own shares were acquired, corresponding to SEK -32.2 million (-13.2). Total cash flow for the period amounted to SEK 46.6 million (51.0).
Investments
Investments for the period amounted to SEK 23.6 million (22.6). Depreciation and amortization amounted to SEK 35.8 million (37.9). Product development costs capitalized amounted to SEK 20.9 million (21.5). Depreciation and amortization related to these amounted to SEK 19.2 million (20.9). Depreciation attributable to lease assets amounted to SEK 4.4 million (3.9) for the period.
Financial position at the end of the period
Net debt amounted to SEK 144.7 million (133.0) at the end of the period, of which cash and cash equivalents amounted to SEK 189.9 million (328.1) and interest-bearing bank liabilities amounted to SEK 334.6 million (461.0). Interest-bearing liabilities were divided between short-term liabilities of SEK 132.1 million (0) and long-term liabilities of SEK 202.5 million (461.0) and.
The equity/assets ratio was 69.1 percent (65.8) and total assets amounted to SEK 2,423.8 million (2,690.1) at the end of the period. Net debt/EBITDA (12M) amounted to 0.52 (0.74).
Financing
On 16 December 2024, a three-year loan facility of EUR 25 million was signed, and according to the terms of the bank loan, the Group is obliged to meet the following financial loan covenants at the end of each full-year and interim period: EBITDA/Net debt and EBITDA/Net financial expenses. The loan terms are fulfilled as of March 31, 2025.
On December 19, 2024, Enea signed an amendment agreement regarding the overdraft facility. The amount was increased from SEK 70 million to SEK 150 million. At the end of the period, SEK 87 million of this overdraft facility was utilized.
Unutilized credit facilities totaled SEK 63 million at the end of the period.
0 20 40 60 80 100 Adjusted EBITDA Capitalized R&D Adjusted EBITDA less Capitalized Expenditures EBITDA Adjusted and Capitalized Expenditures (Year To Date) SEK m
Other information
Events after the balance sheet date
No significant events have occurred after the balance sheet date.
Parent company
The Parent Company's sales for the period January to March amounted to SEK 15.3 million (15.3) and profit before appropriations and tax amounted to SEK -4.9 million (-1.2). Net financial items in the Parent Company amounted to SEK 7.3 million (2.6) and cash and cash equivalents amounted to SEK 0.1 million (31.0). The Parent Company's investments during the period amounted to SEK 0.2 million (0.1). The number of employees was 15 (13). The Parent Company does not conduct any business of its own and its risks are essentially related to the operations of the subsidiaries.
Employees
At the end of the period, the group had 480 (451) employees. Note that the reported headcount in the first quarter 2024 does not include the correct number of line consultants.
The share and shareholders
Enea is listed on Nasdaq Stockholm [ENEA]. The company has a total of 19,694,135 outstanding ordinary shares.
Repurchase of treasury shares
Enea's holding of own shares at the end of the period was 1,508,349 shares, corresponding to 7.1 percent of the total number of shares. Enea announced on May 7, 2024, that the Board of Directors has decided to continue the share buy-back program until the day before the Annual General Meeting in 2025. During the quarter, 342,620 shares were repurchased.
Annual general meeting
Enea's Annual General Meeting 2025 will be held on May 6 in Stockholm.
Nomination committee
In consultation with the largest shareholders, the Chairman of the Board of Enea AB has established a Nomination Committee for the AGM 2025. The members of the Nomination Committee are: Per Lindberg (own mandate), Niklas Johansson (Handelsbanken Fonder), Anna Magnusson (Första AP-fonden) and Kjell Duveblad (Chairman of Enea AB). The Nomination Committee has appointed Per Lindberg as Chairman. The duty of the Nomination Committee
is to submit proposals for the Chairman and other members of the Board, and fees and other compensation for work on the Board to each of the Board members, to the AGM. The Nomination Committee should also submit proposals on the election and remuneration of auditors. The Nomination Committee should also submit proposals on the process of appointing a nomination committee for the AGM 2025.
Material risks and uncertainties
Enea operates mainly in the areas of cybersecurity and telecommunications. The uncertain global situation is having a negative effect on the global economy, which affects customers' risk appetite and willingness to invest. For Enea, this means that some projects are delayed or not implemented. At the same time, the underlying drivers for telecommunications remain, which means a continued focus on virtualization, 5G and increased network capacity.
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 amounted to SEK 219.8 million (229.5). 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.
Since no other significant changes occurred during the quarter regarding significant risks and uncertainties, Enea refers to the statement in the latest Annual Report on pages 25-27.
Long-term ambition
Our ambition is to develop Enea into the leading challenger in specialized software for cybersecurity and telecommunications. We are already established with major customers, and we are gaining new market shares with innovative solutions for the open, cloud-based systems of the future. We compete with large companies by being focused, faster and more agile, and we can attract the best talent. Our goal in the coming years is to generate double-digit growth in our focused business areas, an EBITDA margin above 35 percent and strong cash flows. Over time, we also want to make complementary acquisitions to further strengthen our market position.
Kista, April 24, 2025 Enea AB (publ)
The Board of Directors
This interim report has not been subject to review by the company's auditors.
This is information that Enea AB (publ) is required to publish under the EU market Abuse Regulation. The information was submitted for publication by the authority of Teemu Salmi on 24 April 2025 at 7:20 a.m.
Consolidated statement of comprehensive income
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | Apr-Mar | 2024 |
| Net sales | 213.9 | 200.1 | 918.1 | 904.3 |
| Other operating income | 3.1 | 5.9 | 13.1 | 15.9 |
| Total revenue | 217.0 | 206.0 | 931.2 | 920.2 |
| Cost of goods and service sold | -59.7 | -48.0 | -207.5 | -195.7 |
| Gross profit | 157.3 | 158.0 | 723.7 | 724.4 |
| Sales and marketing costs | -55.4 | -51.0 | -232.3 | -227.9 |
| R&D costs | -71.4 | -66.7 | -276.1 | -271.4 |
| General and administration costs | -28.9 | -24.2 | -107.5 | -102.7 |
| Operating profit 1) 2) 3) 4) | 1.6 | 16.1 | 107.8 | 122.4 |
| Financial net | -21.7 | -0.4 | -13.2 | 8.1 |
| Profit before tax | -20.2 | 15.7 | 94.6 | 130.5 |
| Tax | 1.4 | -5.1 | 19.1 | 12.6 |
| Net profit for the period | -18.8 | 10.6 | 113.7 | 143.1 |
| OTHER COMPREHENSIVE INCOME | ||||
| Items that may be reclassified to profit or loss | ||||
| Translation differences | -125.9 | 91.5 | -116.3 | 101.2 |
| Items that will not be reclassified to profit or loss | ||||
| Pension obligations | -0.0 | 0.1 | -0.6 | -0.5 |
| Total comprehensive income for the period, net of tax | -144.7 | 102.2 | -3.2 | 243.7 |
| Profit for the period attributable to equity holders of the parent | -18.8 | 10.6 | 113.7 | 143.1 |
| Comprehensive income for the period attributable to equity holders | -144.7 | 102.2 | -3.2 | 243.7 |
| 1) including depreciation and write-down tangible assets | 2.0 | 2.5 | 8.7 | 9.1 |
| 2) including amortization and write-down intangible assets | 33.8 | 35.4 | 141.9 | 143.5 |
| 3) including amortization right-to-use assets | 4.4 | 3.9 | 18.6 | 18.0 18.0 |
| 4) Items affecting comparability included in operating profit | 10.8 | -4.3 | 22.3 | 7.3 |
| FX gain/loss on operating items | 9.0 | -4.3 | 8.2 | -5.2 |
| Restructuring costs | 1.7 | - | 6.2 | 4.4 |
| Reservation for reported but not yet received income | ||||
| - | - | 8.0 | 8.0 | |
| Operating profit excluding items affecting comparability | 12.4 | 11.8 | 130.2 | 129.6 |
Key figures related to the income statement
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | Apr-Mar | 2024 |
| Earnings per share (SEK) | -0.94 | 0.51 | 5.61 | 6.96 |
| Earnings per share after full dilution (SEK) 1) | -0.94 | 0.51 | 5.61 | 6.96 |
| Average number of shares before dilution (million) | 19.9 | 20.9 | 20.3 | 20.6 |
| Average number of shares after dilution (million) | 19.9 | 20.9 | 20.3 | 20.6 |
| Net sales growth (%) | 7 | -19 | -4 | -1 |
| Gross margin (%) | 72.5 | 76.7 | 77.7 | 78.7 |
| EBITDA (SEK m) | 41.8 | 57.9 | 276.9 | 293.0 |
| Operating costs as % of revenue | ||||
| - Sales and marketing costs | 25.9 | 25.5 | 25.3 | 25.2 |
| - R&D costs | 33.4 | 33.3 | 30.1 | 30.0 |
| - G&A costs | 13.5 | 12.1 | 11.7 | 11.4 |
| Operating margin excl. items affecting comparability (%) | 5.8 | 5.9 | 14.2 | 14.3 |
| Operating margin (%) | 0.7 | 8.1 | 11.7 | 13.5 |
Consolidated balance sheet
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| ASSETS | |||
| Intangible assets | 1,774.3 | 1,938.8 | 1,897.5 |
| - goodwill | 1,289.0 | 1,356.8 | 1,369.3 |
| - capitalized development | 219.8 | 229.5 | 232.8 |
| - product rights | 26.6 | 42.3 | 31.3 |
| - customer contracts | 190.6 | 241.5 | 209.0 |
| - trademarks | 27.1 | 29.3 | 29.3 |
| - right-to-use assets | 19.5 | 37.2 | 24.1 |
| - other intangible asssts | 1.5 | 2.2 | 1.7 |
| Inventories, tools and installations | 16.8 | 17.7 | 16.9 |
| Deferred tax assets | 19.1 | 13.8 | 20.6 |
| Other fixed assets | 2.5 | 2.3 | 2.3 |
| Total fixed assets | 1,812.7 | 1,972.6 | 1,937.3 |
| Current receivables | 421.2 | 389.5 | 446.1 |
| Cash and cash equivalents | 189.9 | 328.1 | 161.5 |
| Total current assets | 611.1 | 717.5 | 607.6 |
| Total assets | 2,423.8 | 2,690.1 | 2,544.9 |
| EQUITY and LIABILITIES | |||
| Equity | 1,674.3 | 1,770.2 | 1,851.2 |
| Provisions | 3.5 | 2.3 | 2.9 |
| Long-term liabilities | |||
| Deferred tax liabilities | 63.6 | 94.2 | 67.3 |
| Long-term liabilities, interest-bearing | 202.5 | 461.0 | 226.7 |
| Long-term liabilities, non-interest-bearing | 23.3 | 19.3 | 24.3 |
| Long-term liabilities, leasing | 6.8 | 11.0 | 8.7 |
| Total long-term liabilities | 296.2 | 585.4 | 326.9 |
| Current liabilities | |||
| Current liabilities, interest-bearing | 132.1 | - | 51.3 |
| Current liabilities, non-interest-bearing | 303.7 | 321.7 | 295.8 |
| Current liabilities, leasing | 13.9 | 10.5 | 16.8 |
| Total current liabilities | 449.7 | 332.2 | 363.9 |
| Total equity and liabilities | 2,423.8 | 2,690.1 | 2,544.9 |
Consolidated statement of changes in equity
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| At beginning of period | 1,851.2 | 1,681.3 | 1,681.3 |
| Total comprehensive income for the period | -144.7 | 102.2 | 243.7 |
| Dividend | 0.0 | 0.0 | 0.0 |
| Buy-back of own shares | -32.2 | -13.3 | -73.8 |
| At end of period | 1,674.3 | 1,770.2 | 1,851.2 |
Consolidated statement of cash flow
| Jan-Mar | 12 months | Full Year | ||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2025 | 2024 |
| Profit before tax | -20.2 | 15.7 | 94.6 | 130.5 |
| Adjustment for non-cash items | 26.5 | 44.8 | 170.3 | 188.7 |
| Tax paid/received | -6.1 | -1.8 | -6.1 | -1.8 |
| Operating cash flow before changes in working capital | 0.1 | 58.7 | 258.8 | 317.4 |
| Cash flow from changes in working capital | 35.3 | 61.4 | -64.3 | -38.2 |
| Cash flow from operating activities | 35.5 | 120.1 | 194.6 | 279.2 |
| Cash flow from Investing Activities | -23.9 | -22.6 | -94.0 | -92.7 |
| Automatic redemption program | 0.0 | 0.0 | 0.0 | 0.0 |
| Raising of loans | 83.2 | - | 374.0 | 290.8 |
| Amortization of loans | -11.4 | -27.2 | -483.9 | -499.7 |
| Amortization of lease liability | -4.5 | -6.2 | -16.3 | -18.0 |
| Buy-back of own shares | -32.2 | -13.2 | -92.8 | -73.8 |
| Cash flow from financing activities | 35.1 | -46.5 | -219.1 | -300.7 |
| Cash flow for the period | 46.6 | 51.0 | -118.6 | -114.2 |
| Cash and cash equivalents at the beginning of period | 161.5 | 261.8 | 328.1 | 261.8 |
| Exchange rate difference in cash and cash equivalents | -18.2 | 15.3 | -19.6 | 13.9 |
| Cash and cash equivalents at the end of period | 189.9 | 328.1 | 189.9 | 161.5 |
Key figures related to balance sheet and cash flow statement
| Jan-Mar | 12 months | Full year | ||
|---|---|---|---|---|
| SEK m | 2025 | 2024 | Apr-Mar | 2024 |
| Cash and cash equivalents (SEK m) | 189.9 | 328.1 | 189.9 | 161.5 |
| Equity ratio (%) | 69.1 | 65.8 | 69.1 | 72.7 |
| Equity per share (SEK) | 85.02 | 85.11 | 85.02 | 92.39 |
| Cash flow from operating activities per share (SEK) | 1.78 | 5.74 | 9.60 | 13.58 |
| Net debt (SEK m) | 144.7 | 133.0 | 144.7 | 116.6 |
| Number of employees at end of period | 480 | 451 | 480 | 482 |
| Return on equity (%) | - | - | 6.6 | 8.1 |
| Return on capital employed (%) | - | - | 16.8 | 18.4 |
| Return on assets (%) | - | - | 14.1 | 15.6 |
Parent company
Income statement Balance sheet
| Full year | |||
|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 |
| Revenue | 15.3 | 15.3 | 62.2 |
| Operating costs | -27.5 | -19.1 | -85.1 |
| Operating profit | -12.2 | -3.8 | -22.9 |
| Financial net | 7.3 | 2.6 | 15.8 |
| Profit/loss after financial net | -4.9 | -1.2 | -7.1 |
| Appropriations | - | - | 6.9 |
| Profit/loss before tax | -4.9 | -1.2 | -0.2 |
| Tax | - | - | 0.1 |
| Net profit/loss for the period | -4.9 | -1.2 | -0.1 |
| Jan-Mar | Full year | 31 Mar | 31 Dec | ||
|---|---|---|---|---|---|
| SEK m | 2025 | 2024 | 2024 | ||
| ASSETS | |||||
| Fixed assets | 214.3 | 214.5 | 214.7 | ||
| Current assets | 1,012.0 | 1,192.1 | 999.3 | ||
| Total assets | 1,226.3 | 1,406.6 | 1,214.0 | ||
| EQUITY AND LIABILITIES | |||||
| Equity | 684.2 | 780.8 | 721.3 | ||
| Untaxed reserves | 1.1 | 1.1 | 1.1 | ||
| Long-term liabilities, interest-bearing | 202.5 | 460.1 | 226.7 | ||
| Current liabilities, interest-bearing | 132.1 | - | 51.3 | ||
| Current liabilities, other | 206.4 | 164.5 | 213.5 | ||
| Total equity and liabilities | 1,226.3 | 1,406.6 | 1,214.0 |
Quarterly data
| Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEK m INCOME STATEMENT Net sales 213.9 251.6 216.4 236.1 200.1 241.5 215.7 207.7 247.9 271.0 Other operating revenue 3.1 6.0 0.7 3.3 5.9 1.1 4.9 9.7 6.1 2.1 Cost of goods and services sold -59.7 -50.0 -48.4 -49.9 -48.0 -50.9 -51.4 -62.0 -50.7 -64.5 Gross profit 157.3 207.6 168.7 189.6 158.0 191.7 169.2 155.4 203.3 208.6 Sales and marketing costs -55.4 -64.7 -50.0 -62.3 -51.0 -57.4 -50.2 -122.9 -60.2 -61.5 R&D costs -71.4 -69.7 -66.8 -68.3 -66.7 -67.4 -78.9 -610.5 -73.7 -67.2 General and administration costs -28.9 -28.2 -22.8 -27.1 -24.2 -23.8 -24.4 -27.7 -21.8 -22.1 Operating profit 1.6 45.0 29.2 31.9 16.1 43.1 15.7 -605.7 47.4 57.8 Financial net -21.7 41.0 -30.7 -1.8 -0.4 -22.4 4.7 -14.9 -24.4 -34.8 Profit before tax -20.2 86.1 -1.5 30.2 15.7 20.6 20.4 -620.5 23.1 23.0 Tax 1.4 8.6 5.2 3.9 -5.1 -7.9 0.0 26.5 -12.9 16.1 Net profit for the period -18.8 94.7 3.7 34.0 10.6 12.7 20.4 -594.0 10.2 39.3 Other comprehensive income -125.9 69.2 -35.3 -24.8 91.6 -101.1 -32.3 103.0 9.8 -50.5 Total comprehensive income -144.7 163.9 -31.6 9.2 102.2 -88.3 -11.9 -491.0 19.9 -11.1 BALANCE SHEET Intangible assets 1,774.3 1,897.5 1,849.2 1,902.0 1,938.8 1,883.0 1,984.8 2,028.4 2,491.9 2,493.7 Other fixed assets 35.9 37.5 30.0 30.9 31.5 31.6 42.3 44.3 43.3 43.9 Other financial fixed assets 2.5 2.3 2.2 2.3 2.3 2.2 2.7 3.1 3.4 3.6 Current receivables 421.2 446.1 402.2 397.0 389.5 402.5 387.2 470.2 551.1 545.4 Cash and cash equivalents 189.9 161.5 282.0 309.9 328.1 261.8 333.0 291.3 258.1 231.3 Total assets 2,423.8 2,544.9 2,565.6 2,642.1 2,690.1 2,581.1 2,750.1 2,837.2 3,347.9 3,318.0 Shareholders´ equity 1,674.3 1,851.2 1,707.3 1,756.2 1,770.2 1,681.3 1,785.9 1,817.2 2,308.0 2,291.2 Long-term liabilities, interest-bearing 209.3 235.4 11.6 15.5 472.0 466.2 506.4 537.0 547.7 568.6 Long-term liabilities, non-interest-bearing 90.4 94.4 110.6 113.0 115.7 112.8 112.0 117.0 137.7 137.8 Current liabilities, interest-bearing 146.0 68.1 468.7 472.2 10.5 44.4 17.7 14.7 15.7 21.1 Current liabilities, non-interest-bearing 303.7 295.8 267.5 285.2 321.7 276.5 328.1 351.3 338.8 299.2 Total equity and liabilities 2,423.8 2,544.9 2,565.6 2,642.1 2,690.1 2,581.1 2,750.1 2,837.2 3,347.9 3,318.0 CASH FLOW |
2025 | 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow from operating activities | 35.5 | 103.5 | 18.6 | 37.1 | 120.0 | -24.0 | 108.3 | 77.1 | 97.5 | -2.1 | |
| Cash flow from investing activities -23.9 -23.6 -23.9 -22.6 -22.6 -21.0 -18.8 -22.5 -32.9 -34.2 |
|||||||||||
| Cash flow from financing activities 35.1 -206.3 -21.8 -26.2 -46.4 1.1 -24.7 -34.7 -40.4 1.4 |
|||||||||||
| Cash flow for the period | |||||||||||
| 46.6 -126.4 -27.2 -11.7 51.0 -44.0 64.8 20.0 24.2 -34.9 |
|||||||||||
| Cash flow from acquisition/divestment of | |||||||||||
| Cash flow for the period, from - - - - - - - - - -0.1 |
|||||||||||
| Total cash flow for the period 46.6 -126.4 -27.2 -11.7 51.0 -44.0 64.8 20.0 24.2 -35.0 |
Five-year overview
| SEK m | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| INCOME STATEMENT | |||||
| Net sales | 904.3 | 912.7 | 927.7 | 863.2 | 780.6 |
| Other operating revenue | 15.9 | 21.9 | 37.1 | 24.3 | 13.7 |
| Operating expenses | -797.8 | -1,434.0 | -846.6 | -689.7 | -620.9 |
| Operating profit | 122.4 | -499.5 | 118.1 | 197.8 | 173.4 |
| Financial net | 8.1 | -56.9 | -17.2 | 4.7 | -24.1 |
| Profit before tax | 130.5 | -556.4 | 101.0 | 202.5 | 149.4 |
| Tax | 12.6 | 5.7 | 8.0 | -17.0 | -19.5 |
| Net profit for the period | 143.1 | -550.7 | 224.8 | 200.3 | 142.3 |
| BALANCE SHEET | |||||
| Intangible assets | 1,897.5 | 1,883.0 | 2,493.7 | 2,314.4 | 1,734.5 |
| Other fixed assets | 37.5 | 31.6 | 43.9 | 49.3 | 40.7 |
| Other financial fixed assets | 2.3 | 2.2 | 3.6 | 4.3 | 6.1 |
| Current receivables | 446.1 | 403.7 | 545.4 | 454.0 | 357.5 |
| Cash and cash equivalents | 161.5 | 261.8 | 231.3 | 211.4 | 195.1 |
| Total assets | 2,544.9 | 2,582.3 | 3,318.0 | 3,033.3 | 2,334.0 |
| Shareholders' equity | 1,851.2 | 1,681.3 | 2,291.2 | 1,776.0 | 1,487.5 |
| Long-term liabilities, interest-bearing | 226.7 | 442.7 | 545.1 | 469.8 | 291.7 |
| Long-term liabilities, non-interest-bearing | 103.1 | 136.2 | 161.3 | 169.3 | 141.0 |
| Current liabilities, interest-bearing | 51.3 | 27.1 | 6.6 | 268.8 | 142.2 |
| Current liabilities, non-interest-bearing | 312.5 | 295.0 | 313.8 | 349.3 | 271.7 |
| Total equity and liabilities | 2,544.9 | 2,582.3 | 3,318.0 | 3,033.3 | 2,334.0 |
| CASH FLOW | |||||
| Operating activities | 279.2 | 258.9 | 167.2 | 333.7 | 274.2 |
| Investing activities | -92.7 | -95.2 | -138.8 | -138.4 | -130.9 |
| Investing activities - divestment of operation | - | - | 173.2 | - | - |
| investing activities - acquisition of operation | - | - | - | -379.4 | -90.5 |
| Financing activities | -300.7 | -126.0 | -205.9 | 191.5 | 8.9 |
| Cash flow for the period | -114.2 | 37.7 | -4.2 | 7.5 | 61.6 |
| KEY FIGURES | |||||
| Net sales growth, % | -0.9 | -1.6 | 7.5 | 10.6 | -7.8 |
| Operating margin, % | 13.5 | -54.7 | 12.7 | 22.9 | 22.2 |
| Profit margin, % | 14.4 | -61.0 | 10.9 | 23.5 | 19.1 |
| Return on capital employed, % | 18.4 | -27.7 | 11.1 | 13.2 | 10.4 |
| Return on equity, % | 8.1 | -4.6 | 14.7 | 12.3 | 9.6 |
| Return on total capital, % | 15.6 | -3.9 | 12.6 | 11.1 | 8.8 |
| Interest coverage ration, multiple | 1.5 | -0.3 | 1.3 | 3.1 | 3.9 |
| Equity ratio, % | 72.7 | 65.1 | 69.1 | 58.6 | 63.7 |
| Liquidity, % | 167.0 | 206.6 | 242.4 | 107.6 | 133.5 |
| EBITDA | 293.0 | 215.4 | 292.4 | 352.6 | 275.4 |
| Net debt/EBITDA | 0.40 | 0.97 | 1.10 | 1.50 | 0.87 |
| Average number of employees | 464 | 489 | 619 | 504 | 403 |
| Net sales per employee, SEK m | 1.9 | 1.9 | 1.5 | 1.7 | 1.9 |
| Net asset value per share, SEK | 92.39 | 79.89 | 106.06 | 82.66 | 69.09 |
| Earnings per share, SEK | 6.96 | -25.80 | 10.43 | 9.30 | 6.63 |
Other disclosures
Accounting policies
This interim report has been prepared in accordance with IAS 34. Interim reporting, which is in accordance with Swedish law through the application of (Swedish Financial Reporting) RFR 1 - Supplementary accounting rules for groups and RFR 2 - Accounting for legal entities, regarding the Parent Company. The same accounting principles, definitions of key ratios and calculation methods have been applied as in the most recent annual report for both the Group and the Parent Company, unless otherwise stated below.
Financial assets and liabilities
The Group applies IFRS 13. The standard requires disclosure of the uncertainty in valuations based on the three levels used for financial instruments.
Level 1: The fair value of financial instruments traded on an active market is based on quoted market prices on the balance sheet date. A market is considered active if quoted prices from an
exchange, broker, industry group, pricing service or supervisory authority are readily and regularly available and its prices represent real and regular market transactions at arm's length. As of 31 March 2025, the Group does not report any level 1 financial instruments.
Level 2: The fair value of financial instruments that are not traded on an active market (e.g. OTC derivatives) is determined using valuation techniques. In some cases, the Group uses currency derivatives for hedging purposes. Currency hedges are valued at market value by making an early allocation of the currency hedge to determine what the forward price would be if maturity were on the balance sheet date. As of 31 March 2025, the Group does not report any level 2 financial instruments.
Level 3: as of 31 March 2025, the Group does not report any level 3 financial instruments.
For other financial assets and liabilities, the carrying amount corresponds to the fair value.
Alternative performance measures
This Interim Report uses non-IFRS measures that Enea, and other parties use to evaluate Enea's results of operations. These measures provide management and investors with significant information to analyze trends in the company's business operations. These non-IFRS measures are intended to complement, but not replace, financial measures presented in accordance with IFRS.
For definitions of financial key ratios, please refer to the Annual Report 2024 with the following adjustments effective from 2025:
EBITDA
Profit before financial items plus depreciation. EBITDA adjusted is EBITDA adjusted for items affecting comparability. Items affecting comparability include, as from 2025, also FX gain/loss on operating items.
Items affecting comparability
Items affecting comparability can include restructuring costs, non-recurring write-downs, legal advice costs relating to major disputes, and transaction and integration costs relating to major acquisitions and, as from 2025, also FX gain/loss on operating items. Transaction costs include costs for legal and financial advice but exclude financing costs. Reversed earn-outs are also included in items affecting comparability items. The purpose of specifying these is to clarify the development of the underlying business.
Comparison numbers in the report have been adjusted according to updated definition.
| Jan-Mar | Full year | ||
|---|---|---|---|
| Reconciliation of net sales growth | 2025 | 2024 | 2024 |
| Net sales, SEK million | 213.9 | 200.1 | 904.3 |
| Net sales growth, SEK million | 13.8 | -47.7 | -8.4 |
| Net sales growth, % | 7 | -19 | -1 |
| Currency effect, unchanged exchange rates compared to previous | 1.6 | 0.1 | -3.1 |
| Currency effect, unchanged exchange rates compared to previous | 1 | 0 | -0 |
| Net sales growth, unchanged exchange rates compared to previous | 12.3 | -47.8 | -5.3 |
| Net sales growth, unchanged exchange rates compared to previous | 6 | -19 | -1 |
| Jan-Mar | Full year | ||
|---|---|---|---|
| Reconciliation of financial income/expense | 2025 | 2024 | 2024 |
| Financial income, SEK million | 56.9 | 82.3 | 278.3 |
| Financial expense, SEK million | -78.7 | -82.7 | -270.2 |
| Reported financial net, SEK m | -21.7 | -0.4 | 8.1 |
Company information
Enea AB (556209-7146) Jan Stenbecks Torg 17 P.O. Box 1033 SE-164 21 Kista
Financial calendar 2025
| Annual general meeting | May 6 |
|---|---|
| Interim report Q2 | July 16 |
| Interim report Q3 | October 23 |
Contact information
Investor Relations [email protected]
Teemu Salmi, President and CEO [email protected]
Ulf Stigberg, CFO [email protected]
Financial information is available at: enea.com
