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Eniro Group
Quarterly Report • Nov 5, 2025
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Quarterly Report
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Translated from the official Swedish version
Interim report Q3 2025
Interim report Q3
Steady progress in a changing landscape
July - September 2025
- Net sales for the quarter amounted to SEK 237 million (235)
- Operating result amounted to SEK 24 million (32).
- EBITDA amounted to SEK 40 million (50), with an EBITDAmargin of 17,0 percent (21,4).1)
- Adjusted EBITDA amounted to SEK 46 million (50).1)
- Result before income tax amounted to SEK 22 million (30).
- Net result for the period amounted to 22 million (30).
- Earnings per share before and after dilution amounted to SEK 0,03 (0,04).
- Cash flow from current operations amounted to SEK 13 million (-3).
January - September 2025
- Net sales for the quarter amounted to SEK 711 million (712).
- Operating profit amounted to SEK 44 million (48).
- EBITDA amounted to SEK 96 million (100), with an EBITDA margin of 13,5 percent (14,1).
- Adjusted EBITDA amounted to SEK 109 million (100).
- Profit before tax amounted to SEK 36 million (39).
- Net result for the period amounted to SEK 39 million (39).
- Earnings per share before and after dilution amounted to SEK 0,05 (0,05).
- Cash flow from current operations amounted to SEK 46 million (45).
- ARR for the Marketing Partner business area amounted to SEK 515 million (485).1)
<sup>1)Alternative performance measures are reconciled on page 23 and defined on page 26.
| Q3 | Jan- | Sep | LTM | Full-year | ||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Net sales | 237 | 235 | 711 | 712 | 951 | 951 |
| Operating result | 24 | 32 | 44 | 48 | 68 | 72 |
| EBITDA | 40 | 50 | 96 | 100 | 138 | 143 |
| Net result for the period | 22 | 30 | 39 | 39 | 67 | 68 |
| Cash flow from current operations | 13 | -3 | 46 | 45 | 110 | 109 |
Significant events during the third quarter of 2025
- On July 1, 2025, Eniro acquired Qwamplify Nordics to strengthen its position in digital marketing in the Nordic region.
- On August 19, 2025 Mario von Dahn took the position as Chief Financial Officer (CFO) at Eniro.
Significant events January - June of 2025
- On January 3, 2025, Eniro announced that the closing of the acquisition of Medialuotsi Oy had taken place.
- On February 19, 2025, the Board of Directors decided to evaluate a separate listing of Dynava.
- On February 21, Eniro announced that Stefan Liljedahl has been appointed as new Interim Chief Financial Officer (CFO) during the recruitment of a new permanent CFO. Stefan took up the position on March 10, 2025.
- On April 2, Eniro Kapaten's appeal against the redemption decision of preference shares 2022 lost in the Court of Appeal. The company has appealed the judgment and applied for leave to appeal.
- On April 25, Eniro announced that Mario von Dahn has been appointed new Chief Financial Officer (CFO). Mario will take up the
position on August 19, 2025. - The Annual General Meeting on May 28 resolved to re-elect Board members Fredric Forsman, Mia Batljan, Fredrik Crafoord, Mats Gabrielsson, Joost Merks and to re-elect the Chairman of the Board Fredric Forsman and to elect Trond Dale.
- The AGM decided that no dividend will be paid for the financial year 2024; the year's profits will be carried forward.
- On July 1, 2025, Eniro acquired Qwamplify Nordics to strengthen its position in digital marketing in the Nordic region.
- On August 19, 2025 Mario von Dahn took the position as Chief Financial Officer (CFO) at Eniro.
Significant events after the end of the period
• No significant events after the end of the period.
CEO update
Steady progress in a changing landscape
The third quarter once again shows that our strategic focus remains strong, even in a situation where uncertainty characterises both the economy and the market, especially in our most important market, Sweden. We continue to combine good operational discipline with long-term investments that strengthen our competitiveness, and we are delivering a quarter that confirms confidence in our model: that transformation is not the opposite of stability – but rather the path to it.
During the quarter, we continued to successfully integrate previous acquisitions, while scaling our business through increased digitalisation and product innovation. We are now a company with a stronger revenue base, clearer positioning and greater innovative power than we have had for a very long time.
A quarter of substance and strategic momentum
Three events stand out in particular in the third quarter, which significantly affect our position as we approach the end of the year and the beginning of 2026:
- We continued to increase our ARR during the quarter, reaching SEK 515 million – proof that our long-term work with scalable, value-creating and automated solutions is really paying off.
- Our latest acquisitions are now fully integrated into the Eniro Group and have begun to contribute both growth and strategic value. Through focused and disciplined integration work, we have ensured that synergies are realised, and this is now having an impact on both results and direction.
- A comprehensive efficiency and rationalisation programme was implemented within Dynava, with expected annual savings of SEK 20 million.
For the first nine months of the year, Eniro reports revenue of SEK 711 million (712). Despite continued costs related to restructuring and future investments during the quarter, we are delivering a stable adjusted EBITDA margin of 15.3% and showing strength in cash flow. This gives us room for manoeuvre and confidence for the coming quarters.
One business area in growth – one in transition
Our Marketing Partner business area continues to be a growth engine for the Group. The customer base of nearly 45,000 SMEs provides a stable foundation, with most of the revenue coming from subscription-based agreements. With ARR growing from SEK 485 million to SEK 515 million in twelve months, it is clear that our customers see the value in our services – and are choosing to extend their agreements.
Dynava, which operates on a different logic with fewer customers but larger deals and longer contracts, is facing an important change process. The private market continues to face challenges, but we should soon see the effects of our focus on efficiency. During Q3, the EBITDA margin improved compared with the previous year, and we look forward to realising further improvements as new deals are secured and materialise.
A changed business climate – but entrepreneurial spirit remains
Although the macroeconomic situation in the Nordic region is characterised by cautious consumption and uncertain economic signals, there are also positive developments. According to the latest update from the National Institute of Economic Research, some recovery is expected in 2026, and new business start-ups are increasing in many regions – in September 2025 by over 28% compared with the previous year. In Stockholm, over 2,300 new companies were started, an increase of just over 35%. This is a sign that the entrepreneurial spirit is strong, and it reinforces our conviction that our customers – small and medium-sized enterprises throughout the Nordic region – will play a key role in the recovery.
We are well positioned to support this development through digital, automated and AI-supported solutions that make it easier to grow, market and streamline their businesses.
Technology, AI and innovation – a strategic framework
Our ambition is not just to follow developments – but to drive them. That is why we continue to invest in AI, data-driven products and digital infrastructure. We have an AI-first strategy in several parts of the Group, where we automate processes, improve customer experiences and create new revenue streams with an agentic approach. At the same time, we are closely following the EU's new regulatory initiatives and ensuring that our growth is based on ethics and responsibility.
As McKinsey recently wrote in its leadership article: "The new generation of leadership is about combining vision and courage with execution power and the ability to mobilise the entire organisation." That is exactly where we are today, with leadership throughout all layers of the organisation identifying opportunities, refining the strategy and moving the company forward – every day.
Looking ahead
We are now entering the final quarter of the year, and we are doing so with a strong balance sheet, growing business value and an organisation that has proven its ability to handle both transformation and growth simultaneously. This gives us the scope to continue investing and take new positions in the market.
Thank you to all our employees, customers and shareholders – together we can shape an Eniro that stands firm, acts big and executes quickly.
Hosni Teque-Omeirat President and CEO
Financial overview
July - September 2025
Net sales
Net sales for the second quarter amounted to SEK 237 million (235), an increase of SEK 2 million compared with the previous year, corresponding to a change of 1 percent. In the Marketing Partner business area, net sales increased by SEK 17 million, corresponding to 12 percent compared with the previous year, which is mainly explained by the acquisition of Medialuotsi and Qwamplify, which contributed SEK 20 million to the increase in sales. The Dynava business area's sales decreased by SEK 15 million, corresponding to 16 percent compared with the previous year, which is mainly related to continued reduced volumes in directory assistance. Currency translation effects impacted total net sales by SEK -4 million (-4).
Geographically, revenue distribution was as follows: Sweden SEK 131 million (122), Norway SEK 27 million (29), Denmark SEK 31 million (35) and Finland SEK 49 million (50).
Operating result
Operating result amounted to SEK 24 million (32). Currency translation effects impacted operating result by SEK 2 million (0).
The Group's operating expenses, excluding depreciation, amortization and impairment, amounted to SEK -198 million (-187). Currency translation effects impacted operating expenses excluding depreciation and amortization by SEK -1 million (1).
The Group's total depreciation and amortization amounted to SEK-17 million (-18) of which -6 million (-8) refers to tangible fixed assets and -10 million (-10) refers to intangible assets. Currency translation effects impacted total depreciation and amortization by SEK 1 million (0).
EBITDA
The Group's EBITDA amounted to SEK 40 million (50), corresponding to an EBITDA margin of 17,0 percent (21,4). Adjusted EBITDA amounted to SEK 46 million (50), excluding items affecting comparability of SEK 6 million (0). The decline in EBITDA is mainly attributable to non-recurring costs related to restructuring and strategic investments in the Marketing Partner business area. Currency translation effects impacted EBITDA by SEK -1 million (0).
Net financial items
Net financial items amounted to SEK -1 million (1) and mainly consist of interest on pension liabilities of -6 MSEK (-2) and foreign exchange differences on intra-group loans of 4 MSEK (-4), with exposure to NOK, DKK, and EUR.
Result before and after tax
Result before tax amounted to SEK 22 million (30). Net result (after tax) amounted to SEK 22 million (30).
Net sales
237 MSEK
Operating result 24 MSEK
EBITDA
40 MSEK
Cash flow
Total cash flow for the period amounted to SEK -11 million (-14).
Cash flow from current operations amounted to SEK 13 million (-3), where the change in working capital was SEK -27 million (-53).
Cash flow from investing activities amounted to SEK -18 million (-3) and mainly relates to capitalized development costs and general IT purchases, SEK -7 million (-3), and repayment of a deposit for rent for our old office in Norway, SEK 1 million (0).
Cash flow from financing activities amounted to SEK -7 million (-9) and relates mainly to the amortization of lease liability according to IFRS 16, SEK -5 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 152 million (113). The Group's consolidated equity amounted to SEK 330 million (231). Equity ratio amounted to SEK 33,8 percent (25,4).
The Group's pension obligations amounted to SEK 279 million (315). For further information, see Note 4 on page 20.
Employees
The average number of full-time employees in the Group at the end of the period was 856 (887).
Parent Company
Net sales amounted to SEK 3 million (3) and relate to intragroup services. Net result for the period amounted to SEK -12 million (-3). As of September 30, the parent company's equity amounted to SEK 457 million (341), of which non-restricted equity amounted to SEK 158 million (43).
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 third quarter of 2025 include revenues for Eniro amounting to SEK 1 million, expenses amounting to SEK -3 million as well as outstanding receivables of SEK 2.8 million. All transactions have been conducted on commercial terms
Net result 22 MSEK
Cash flow from current operations
13 MSEK
Equity ratio 33,8%
Financial overview
January - September 2025
Net sales
Net sales amounted to SEK 711 million (712), A decrease of SEK 1 million compared to the previous year, equivalent to 0 percent. In the Marketing Partner business area, net sales increased by SEK 36 million, or 8 percent, compared with previous year, which is mainly explained by the acquisition of Medialuotsi and Qwamplify, which contributed SEK 48 million to the increase in sales. The Dynava business area's net sales decreased by SEK 36 million, or 13%, compared with previous year, mainly due to a continued decline in volumes in directory assistance. Currency translation effects impacted total net sales by SEK -9 million (-4).
Geographically, the distribution of revenues was; Sweden 384 million (366), Norway 78 million (85), Denmark 93 million (105) and Finland 155 million (156).
Operating result
Operating result amounted to SEK 44 million (48). Currency translation effects impacted operating result by SEK 0 million (0).
The Group's operating expenses, excluding depreciation, amortization and impairment, amounted to SEK -623 million (-620), an increase by SEK 3 million compared to previous year, equivalent to 0 percent.
Currency translation effects impacted on operating expenses, excluding depreciation and amortization, by SEK 8 million (2).
The Group's total depreciation and amortization amounted to SEK -52 million (-53), of which SEK -21 million (-25) refers to tangible fixed assets and SEK -30 million (-28) refers to intangible assets.
Currency translation effects impacted total depreciation and amortization by SEK 1 million (0).
EBITDA
The Group's EBITDA amounted to SEK 96 million (100), corresponding to an EBITDA margin of 13,5 percent (14,1). Adjusted EBITDA amounted to SEK 109 million (100) excluding items affecting comparability of SEK 13 million (0). The improvement in EBITDA is mainly explained by lower costs thanks to previously implemented efficiency programs. The first 9 months of the year was burdened by non-recurring costs relating to strategic investments in the Marketing Partner business area. In the Dynava business area, the decline in EBITDA is explained by lower volumes and restructuring costs. Currency translation effects impacted EBITDA by SEK -1 million (0).
Net financial items
Net financial items amounted to SEK -1 million (-6) and consist mainly of interest on pension liabilities of SEK -6 million (-4), offset by exchange rate differences on intra-group loans of SEK 4 million (2) and interest expenses by SEK -1 million (-2).
Net sales 711 MSEK
MSEK
Operating result
44 MSEK
MSEK
96 MSEK
MSEK
Result before and after tax
Result before tax amounted to SEK 36 million (39). Net result for the period (after tax) amounted to SEK 39 million (39).
Cash flow
Total cash flow for the period amounted to SEK -8 million (-51).
Cash flow from current operations amounted to SEK 46 million (45), of which change in working capital accounted for SEK -49 million (-50).
Cash flow from investing activities amounted to SEK -30 million (-42), and mainly relates to the acquisition of the subsidiary Medialuotsi Oy, SEK -17 million (0), the acquisition of the subsidiary Qwamplify Nordics, SEK -6 million (0), capitalized development costs, general IT purchases, SEK -13 million (-7). The remaining SEK 6 million (0) refers to released blocked bank funds relating to deposits for premises in Norway.
Cash flow from financing activities amounted to SEK -25 million (-53) and mainly relates to amortization of lease liabilities in accordance with IFRS 16, -19 million (-22).
Liquidity and financial position
Cash and cash equivalents amounted to SEK 152 million (113). The Group's consolidated equity amounted to SEK 330 million (231). Equity ratio amounted to SEK 33,8 percent (25,4).
The Group's pension obligations amounted to SEK 279 million (315). For further information, see Note 4 on page 20.
Employees
The average number of full-time employees in the Group at the end of the period was 856 (887).
Parent Company
Net sales amounted to SEK 12 million (11) and relate to intragroup services. Net result for the period amounted to SEK -22 million (-9). As of September 30, the parent company's equity amounted to SEK 457 million (341), of which non-restricted equity amounted to SEK 158 million (43).
Transactions with related parties
Azerion holds 26,10 percent of the votes in Eniro Group AB and is thus considered a related party.
The transactions with Azerion in 2025 include income for Eniro of SEK 6 million, costs of SEK -6 million and outstanding receivables of SEK 2.8 million. All transactions have taken place on commercial terms.
Net result for the period 39 MSEK
2021 2022 2023 2024 2025
Cash flow from current operations
46 MSEK
MSEK
Equity ratio 33,8%
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 67.7%
Net sales for the quarter amounted to SEK 161 million (144), an increase of 12 percent, which is mainly explained by the acquisition of Medialuotsi, which contributed SEK 12 million to the increase in sales and Qwamplify which contributed SEK 8 million to the increase in sales. The improvement in EBITDA is mainly explained by lower costs thanks to previously implemented efficiency programs. The first nine months of the year was burdened by non-recurring costs for strategic investments totaling SEK 7 million.
EBITDA for the quarter amounted to SEK 34 million (43) and operating result SEK 22 million (30). The decrease in the quarter is due to one-off costs and integration costs for Qwamplify.
| Q | Q3 Jan-Sep | Sep | LTM | Full-year | ||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Net sales | 161 | 144 | 468 | 432 | 617 | 581 |
| EBITDA | 34 | 43 | 99 | 96 | 146 | 143 |
| EBITDA margin, % | 21,3 | 30,1 | 21,2 | 22,2 | 23,7 | 24,5 |
| Operating result | 22 | 30 | 63 | 59 | 96 | 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 32,3%
Net sales for the quarter amounted to SEK 77 million (92), a decrease of 16 percent, which is mainly related to continued lower volumes in directory assistance. Dynava is in the period affected by restructuring costs of approximately SEK 2.4 million, where a program is underway to adapt costs to market conditions. This is expected to be completed during the second half of the year.
EBITDA for the quarter amounted to SEK 9 million (9) and operating result SEK 4 million (3).
| Q | 3 | Jan-Sep | LTM | Full-year | ||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Net sales | 77 | 92 | 243 | 279 | 334 | 370 |
| EBITDA | 9 | 9 | 8 | 15 | 9 | 15 |
| EBITDA margin, % | 11,1 | 9,3 | 3,4 | 5,4 | 2,6 | 4,2 |
| Operating result | 4 | 3 | -7 | -0 | -13 | -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.
| Q3 | Q3 Jan | Sep | Full-year | |||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Net sales | - | - | - | - | - | - |
| EBITDA | -2 | -2 | -12 | -11 | -16 | -16 |
| EBITDA margin, % | - | - | - | - | - | - |
| Operating result | -2 | -2 | -11 | -11 | -16 | -16 |
| Q3 | Jan-Sep | LTM | Full-year | |||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Net sales | 237 | 235 | 711 | 712 | 951 | 951 |
| EBITDA | 40 | 50 | 96 | 100 | 138 | 143 |
| EBITDA margin, % | 17,0 | 21,4 | 13,5 | 14,1 | 14,5 | 15,0 |
| Operating result | 24 | 32 | 44 | 48 | 68 | 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 been subject to a review by the auditors. See separate report on page 25.
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.
Complaints
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 action of December 1, 2022, by judgment on June 28, 2024. On April 2, 2025, Svea Court of Appeal upheld the District Court's judgment. The company has appealed to the judgment and applied for leave to appeal to the Supreme Court.
The company's board of directors, with the support of external legal advice, has continued to assess that Kapatens Investment AB's action will not entail any change to the current share structure. This is justified by the fact that all 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 company 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 or by the court or by 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 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 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, of which SEK 2.5 million has been expensed in 2024 and the remainder in 2025.
The Company's external advisors have emphasized that every regulatory and court process, regardless of type, always contains a "process risk", which is why the Company continues to investigate these issues 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. 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 the 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
Eniro will begin reporting in accordance with the Corporate Sustainability Reporting Directive (CSRD) as of 1 January 2025. Work on implementing CSRD is ongoing so that the 2025 annual report can be prepared in accordance with applicable rules. We have completed a double materiality analysis to identify significant sustainability aspects in our value chain. Data collection in identified areas is ongoing. The report will be prepared in accordance with the European Sustainability Reporting Standard (ESRS) in line with the CSRD directive.
Consolidated income statement
| Q | 3 | Jan- | Sep | LTM | Full-year | ||
|---|---|---|---|---|---|---|---|
| MSEK | Note | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Net sales | 3 | 237 | 235 | 711 | 712 | 951 | 951 |
| Other operating revenue | 1 | 2 | 7 | 9 | 13 | 14 | |
| Capitalized work for own account | 2 | 1 | 8 | 5 | 12 | 8 | |
| Purchase of goods and services | -33 | -35 | -85 | -84 | -109 | -108 | |
| Other external expenses | -43 | -30 | -140 | -133 | -174 | -167 | |
| Personnel costs | -124 | -122 | -401 | -406 | -549 | -554 | |
| Other operating expenses | -1 | -1 | -5 | -2 | -5 | -2 | |
| Depreciations, amortizations and write- | |||||||
| - tangible fixed assets | -6 | -8 | -21 | -25 | -29 | -33 | |
| - intangible assets | -10 | -10 | -30 | -28 | -41 | -38 | |
| Operating result | 2 | 24 | 32 | 44 | 48 | 68 | 72 |
| Results from participations in associated | -1 | -4 | -7 | -4 | -9 | -6 | |
| Finance income | 0 | 4 | 7 | 5 | 11 | 8 | |
| Finance costs | -1 | -3 | -9 | -11 | -14 | -16 | |
| Result before income tax | 22 | 30 | 36 | 39 | 55 | 57 | |
| Income tax for the period | 1 | -0 | 2 | 1 | 12 | 10 | |
| Net result for the period | 22 | 30 | 39 | 39 | 67 | 68 | |
| Of which attributable to: | |||||||
| Equity holders of the Parent | 22 | 30 | 39 | 39 | 67 | 68 | |
| Non-controlling interests | - | -0 | 0 | -0 | 0 | 0 | |
| Net result for the period | 22 | 30 | 39 | 39 | 67 | 68 | |
| Earnings per share | 0,03 | 0,04 | 0,05 | 0,05 | 0,09 | 0,09 |
Other comprehensive income statement
| Q | Q3 Jan-S | Sep LTM | Full-year | ||||
|---|---|---|---|---|---|---|---|
| KSEK Note | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 | |
| Net result for the period | 22 | 30 | 39 | 39 | 67 | 68 | |
| Other comprehensive income | |||||||
| Items that will not be reclassified to profit or | |||||||
| Actuarial gains/losses attributable to 4 | 12 | -13 | 18 | -49 | 38 | -29 | |
| loss | |||||||
| Translation differences related to foreign | -2 | -3 | -9 | -1 | -4 | 4 | |
| operations | -2 | -5 | -9 | -1 | -4 | 4 | |
| Other comprehensive income, net of tax | 10 | -16 | 9 | -49 | 34 | -25 | |
| Comprehensive income for the period | 32 | 13 | 48 | -10 | 101 | 43 | |
| Of which attributable to: | |||||||
| Equity holders of the Parent | 32 | 13 | 46 | -10 | 99 | 43 | |
| Non-controlling interests (incl translation | -0 | -0 | 2 | -0 | 2 | 0 | |
| differences) | -0 | -0 | 2 | -0 | 2 | U | |
| Comprehensive income for the period | 32 | 13 | 48 | -10 | 101 | 43 |
Consolidated balance sheet
| 30 9 | 31 Dec | ||
|---|---|---|---|
| MSEK Not | 2025 | 2024 | 2024 |
| Assets | |||
| Fixed assets | |||
| Right of use asset | 35 | 32 | 22 |
| Other tangible assets | 10 | 8 | 9 |
| Intangible fixed assets | 544 | 522 | 519 |
| Deferred tax assets | 16 | 8 | 17 |
| Financial assets | 50 | 66 | 63 |
| Total non-current assets | 654 | 635 | 629 |
| Current assets | |||
| Accounts receivable | 84 | 71 | 70 |
| Other current receivables | 86 | 90 | 88 |
| Cash and cash equivalents | 152 | 113 | 163 |
| Total current assets | 322 | 274 | 322 |
| Total assets | 976 | 909 | 951 |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 298 | 298 | 298 |
| Reserves | - 287 | - 281 | - 277 |
| Shareholder contributions/retained earnings | 318 | 213 | 261 |
| Equity attributable to equity holders of the Parent | 330 | 230 | 283 |
| Non-controlling interests | - 0 | 1 | 1 |
| Total equity | 330 | 231 | 284 |
| Non-current liabilities | |||
| Lease liabilities | 22 | 14 | 11 |
| Employee benefits obligations | 279 | 315 | 296 |
| Other non-current liabilities | 4 | 6 | 5 |
| Total non-current liabilities | 304 | 335 | 312 |
| Current liabilities | |||
| Lease liabilities | 14 | 21 | 13 |
| Other current liabilities | 328 | 323 | 341 |
| Total current liabilities | 343 | 343 | 355 |
| Total equity and liabilities | 976 | 909 | 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 | - | - | - | 39 | 39 | 0 | 39 |
| Translation differences related to foreign operations | - | - | 0 | - | 0 | 0 | -1 |
| Actuarial gains/losses | - | - | - | -49 | -49 | - | -49 |
| Total Comprehensive income | - | - | 0 | -10 | -10 | 0 | -10 |
| Transactions with owners | |||||||
| Total transactions with shareholders | - | - | - | -29 | -29 | - | -29 |
| Closing balance Sep 30 2024 | 298 | 5 860 | -281 | -5 648 | 230 | 1 | 231 |
| 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 | - | - | - | 39 | 39 | -0 | 39 |
| Translation differences related to foreign operations | - | - | -11 | - | -11 | 0 | -11 |
| Actuarial gains/losses | - | - | - | 18 | 18 | - | 18 |
| Total Comprehensive income | - | - | -11 | 57 | 46 | -0 | 46 |
| Transactions with owners | - | - | - | - | - | -1 | -1 |
| Dividends paid to non-controlling interests in subsidiaries 1 | _ | _ | _ | _ | _ | _ | _ |
| Total transactions with shareholders | - | - | - | - | - | - | _ |
| Closing balance Mar 31 2025 | 298 | 5 860 | -287 | -5 542 | 330 | 0 | 330 |
<sup>1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS.
Consolidated cash flow statement
| Q | 3 | Jan- | Sep | LTM | Full-year | |
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Operating activities | ||||||
| Operating result | 24 | 32 | 44 | 48 | 68 | 72 |
| Depreciation and amortization | 17 | 18 | 52 | 53 | 70 | 71 |
| Other non-cash items | - 1 | 0 | - | - 5 | - 1 | - 6 |
| Financial items, net | 0 | 0 | 1 | 0 | 5 | 4 |
| Paid tax | - 0 | - 0 | - 1 | - 1 | - 1 | - 1 |
| Cash flow from current operations before | 40 | 50 | 96 | 95 | 141 | 140 |
| changes in working capital | ||||||
| Changes in working capital | - 27 | - 53 | - 49 | - 50 | - 30 | - 31 |
| Cash flow from current operations | 13 | - 3 | 46 | 45 | 110 | 109 |
| Investing activities | ||||||
| Acquisition of subsidiary | - 14 | - | - 23 | - | - 23 | - |
| Purchases of non-current assets | - 4 | - 3 | - 13 | - 43 | - 19 | - 49 |
| Repayment of deposits | - 0 | - | 6 | 0 | 6 | 0 |
| Cash flow from investing activities | - 18 | - 3 | - 30 | - 42 | - 36 | - 49 |
| Financing activities | ||||||
| Repayment of pension liabitity | - 1 | - 1 | - 5 | - 3 | - 6 | - 4 |
| Lease payments | - 5 | - 7 | - 19 | - 22 | - 26 | - 29 |
| Dividend paid to equity holders of the Parent | - | - | - | - 29 | - | - 29 |
| Dividends paid to non-controlling interests in subsidiaries 1 | - | - | - 1 | - | - 1 | - |
| Cash flow from financing activities | - 7 | - 9 | - 25 | - 53 | - 33 | -62 |
| Cash flow for the period | - 11 | - 14 | - 8 | - 51 | 41 | -2 |
| Cash and cash equivalents at the beginning of the period | 164 | 128 | 163 | 164 | 113 | 164 |
| Cash flow for the period | - 11 | - 14 | - 8 | - 51 | 41 | - 2 |
| Exchange difference in cash and cash equivalents | 0 | - 1 | - 2 | 0 | - 1 | 1 |
| Cash and cash equivalents at the end of the period | 152 | 113 | 152 | 113 | 152 | 163 |
<sup>1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS.
Condensed Parent Company Income statement
| Q | 3 | Jan- | Sep | LTM | Full-year | |
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Net sales | 3 | 3 | 12 | 11 | 16 | 14 |
| Other external expenses | - 14 | - 5 | - 27 | - 14 | - 31 | - 17 |
| Personnel costs | - 3 | - 2 | - 10 | - 7 | - 14 | - 11 |
| Other operating expenses | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 |
| Depreciations, amortizations and write-downs of | - | - | - | |||
| - tangible fixed assets | - 0 | - | - 0 | - | - 0 | - 0 |
| Operating result | - 14 | - 3 | - 26 | - 11 | - 29 | - 14 |
| Finance income | 2 | 0 | 4 | 2 | 145 | 142 |
| Finance costs | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 |
| Result before income tax | - 12 | - 3 | - 22 | - 9 | 115 | 128 |
| Income tax for the period | - | - | - | - | - | - |
| Net result for the period | - 12 | - 3 | - 22 | - 9 | 115 | 128 |
Condensed Parent Company balance sheet
| 30 9 | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Assets | |||
| Fixed assets | |||
| Other tangible assets | 0 | 0 | 0 |
| Shares in subsidiaries | 323 | 323 | 323 |
| Financial assets | 25 | 25 | 25 |
| Total non-current assets | 347 | 348 | 348 |
| Current assets | |||
| Other current receivables | 438 | 27 | 163 |
| Cash and cash equivalents | 118 | 3 | 4 |
| Total current assets | 556 | 30 | 167 |
| Total assets | 903 | 378 | 515 |
| Equity and liabilities | |||
| Equity | |||
| Restricted equtiy | |||
| Share capital | 298 | 298 | 298 |
| Non-restricted equity | |||
| Retained earnings | 180 | 52 | 52 |
| Net result for the period | -22 | -9 | 128 |
| Total equity | 457 | 341 | 479 |
| Non-current liabilities | |||
| Employee benefits obligations | 32 | 32 | 32 |
| Total non-current liabilities | 32 | 32 | 32 |
| Current liabilities | |||
| Other current liabilities | 414 | 4 | 4 |
| Total current liabilities | 414 | 4 | 4 |
| Total equity and liabilities | 903 | 378 | 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
| 30 9 | 31 Dec | ||
|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 |
| Opening balance | 444 | 442 | 442 |
| Business acquisitions | 45 | - | - |
| Impairments | - | - | - |
| Translation differences | -7 | -0 | 3 |
| Net carrying amount | 483 | 442 | 444 |
Intangible assets (excl. goodwill)
| 30 9 | Sep | 31 Dec | ||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 | |
| Opening balance | 74 | 68 | 68 | |
| Acquisitions/Capitalized work | 8 | 39 | 44 | |
| Business acquisitions | 9 | - | - | |
| Disposals | - | - | -0 | |
| Depreciations | -30 | -28 | -38 | |
| Translation differences | -0 | 1 | 2 | |
| Net carrying amount | 62 | 80 | 74 | |
| - | - | |||
| IT investments | 42 | 51 | 49 | |
| Brands | 3 | 18 | 14 | |
| Customer relations | 15 | 12 | 11 | |
| Other intangible assets | 1 | - | 0 | |
| Total intangible assets (excl goodwill) | 62 | 80 | 74 |
Impairment testing
The impairment test checks whether there is a need for impairment by comparing the carrying amounts of the cash-generating units, including goodwill and other consolidated surplus values, with their recoverable amounts. If the carrying amount exceeds the recoverable amount, the carrying amount is written down to the recoverable amount.
The recoverable amount consists of the value in use (the higher of value in use and estimated net selling price). A discount rate has been calculated for each cash-generating unit. The value of all of the Group's intangible assets is tested annually within 12 months of the previous test or when indications of significant changes in assumptions are identified.
Eniro has gradually moved from country-based organisations with country managers to a more centralised organisation, with a manager for each business area (Marketing Partner and Dynava) and centralised support functions and systems. The units within each segment, regardless of geographical location, therefore have many common dependencies. Follow-up and reporting to company management, as well as evaluation of business area managers, takes place at the business area level and not per country. Based on this, Eniro has identified that the lowest cash-generating unit consists of the respective business areas,
Marketing Partner and Dynava. As this represents a change from previous years, Eniro has chosen to perform impairment testing at both the business area level and the country level.
The results of both impairment tests are presented below.
An impairment test is based on a number of different assumptions about the future development of the operations. Such assumptions are always associated with varying degrees of uncertainty. In the third quarter of 2025, the annual impairment test was performed, resulting in an impairment of goodwill and intangible assets of SEK 0 million (0).
The discount rate used in calculating the recoverable amount was between 14.5-17.6 (12.5-14.3) per cent before tax for the cashgenerating units. The required rate of return has been determined based on the Group's current capital structure and reflects the risks associated with the various cash-generating units.
Cash flow forecasts for 2026–2030 are based on an average revenue growth rate of 5 (3) per cent. Cash flows beyond the five-year period are extrapolated using an estimated long-term growth rate of 2 (2) per cent for all cash-generating units.
Sensitivity analysis has been prepared for the cash-generating units Marketing Partner and Dynava, but also according to the previous CGU level, i.e. at country level. An increase in the discount rate of two percentage points, a decrease in the operating margin before depreciation and amortisation of intangible assets (EBITDA margin) by two percentage points, or a decrease in the assumed long-term growth rate by two percentage points would each increase the impairment requirement as of 30 September 2025 by:
- Increase in the discount rate: SEK 0 million
- Decrease in EBITDA margin: SEK 0 million
- Decrease in long-term growth rate: SEK 0 million.
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)
| Q | 3 | Jan- | Sep | LTM | Full-year | |
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Over time | 137 | 122 | 402 | 347 | 524 | 470 |
| At point in time | 100 | 113 | 310 | 365 | 426 | 481 |
| Total revenues | 237 | 235 | 711 | 712 | 951 | 951 |
External revenues by category and segment
| Q | 13 | Jan- | Sep | LTM | Full-year | |
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Subscription revenues | 137 | 122 | 402 | 347 | 524 | 470 |
| Other digital marketing revenues | 24 | 22 | 67 | 85 | 92 | 111 |
| Total Marketing partner | 161 | 144 | 468 | 432 | 617 | 581 |
| Dynava | 77 | 92 | 243 | 279 | 334 | 370 |
| Total Dynava | 77 | 92 | 243 | 279 | 334 | 370 |
| Total revenues | 237 | 235 | 711 | 712 | 951 | 951 |
External revenues by country
| Q | 3 | Jan- | Sep | LTM | Full-year | |
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Sweden | 131 | 122 | 384 | 366 | 510 | 492 |
| Norway | 27 | 29 | 78 | 85 | 106 | 113 |
| Denmark | 31 | 35 | 93 | 105 | 130 | 141 |
| Finland | 49 | 50 | 155 | 156 | 204 | 205 |
| Total revenues | 237 | 235 | 711 | 712 | 951 | 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 (-49) has arisen as of September 30, 2025. This gain is a result of changed assumptions regarding the discount rate and inflation. The valuation of pension obligations for the third quarter of 2025, carried out by external experts, is based on several assumptions where the discount rate is 3.8 percent (3.4) and inflation and long-term increase in pensions are 1.7 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 | 0 |
| Intangible assets: Customer relationships | 8 |
| Tangible assets | 0 |
| Other financial non-current assets | 0 |
| 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 |
| 10 | |
| Cash purchase consideration paid on July 1, 2025 according to installment number 2. |
Acquisition-related expenses amount to approximately SEK 2 million. These acquisition costs are recognized as 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 Consideration
The preliminary purchase price amounts to SEK 36 million and consists of three installments. SEK 17 million was paid on the acquisition date, and the remaining consideration is to be paid in two additional installments within one year from the acquisition date.
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 September, 2025.
| Group, MSEK 250103–250630 |
|||
|---|---|---|---|
| Net sales | 40 | ||
| Operating result | 6 | ||
| Financial net and tax | 0 | ||
| Net result | 6 |
On July 1, 2025, Eniro acquired 100 percent of the shares in Qwamplify Nordics Oy, a leading Finnish digital marketing agency, for a preliminary cash purchase price of SEK 8 million.
The results, assets, and liabilities of the acquired company have been consolidated as of July 1, 2025.
Effects of the Acquisition of Qwamplify Nordics Oy
The net assets of the acquired company included in the preliminary purchase price allocation are as follows:
| Group,, MSEK | Fair value |
|---|---|
| Intangible assets | 0 |
| Intangible assets: Customer relationships | 1 |
| Tangible assets | 0 |
| Other financial non-current assets | 1 |
| Accounts receivable and other current receivables |
4 |
| Cash and cash equivalents | 1 |
| Deferred tax liability | 0 |
| Accounts payable and other current liabilities | -5 |
| Net identifiable assets and liabilities | 2 |
| Goodwill | 5 |
| Acquired net assets | 8 |
| Group, MSEK | Fair value |
|---|---|
| Total purchase consideration | 8 |
| Cash purchase consideration paid on acquisition date |
8 |
Allocation of Surplus Value in the Preliminary Purchase Price Allocation
The identified surplus value of SEK 6 million has been allocated as follows: SEK 1 million to customer relationships and the remaining SEK 5 million to goodwill. The goodwill is primarily attributable to expected future synergies, such as a combined workforce and new customer contracts.
Purchase Consideration
The purchase price amounts to SEK 8 million and was paid acquisition date.
| Group, MSEK | 250701–250930 |
|---|---|
| Net sales | 8 |
| Operating result | -2 |
| Financial net and tax | 0 |
| Net result | -2 |
Note 6. Subsequent events
No significant events after the end of the period.
Other key performance indicators
| Jan- | Jan-Sep | ||||
|---|---|---|---|---|---|
| Key figures | 2025 | 2024 | 2024 | ||
| Equity ratio, % | 33,8 | 25,4 | 29,9 | ||
| ARR for business area Marketing Partner, MSEK | 515 | 485 | 489 | ||
| Average number of shares outstanding, thousands | 728 007 | 728 007 | 728 007 | ||
| Share price at end of period, SEK | 0,39 | 0,46 | 0,45 |
Reconciliation Alternative Performance Measures
Reconciliation between Operating result and EBITDA
| Q | 3 | Jan- | Sep | LTM | Full-year | |
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Operating result | 24 | 32 | 44 | 48 | 68 | 72 |
| Depreciations | 17 | 18 | 52 | 53 | 70 | 71 |
| Writedowns | - | - | - | - | - | - |
| Total EBITDA | 40 | 50 | 96 | 100 | 138 | 143 |
| EBITDA margin, % | 17,0 | 21,4 | 13,5 | 14,1 | 14,5 | 15,0 |
Reconciliation of items affecting comparability
| Q3 | Jan-Se | р | LTM | Full-year | ||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| Restructuring costs | 4 | - | 7 | - | 2 | - |
| Changes to executive management team | - | ~ | 10.40 | 7- | 12 | 21 |
| Other items affecting comparability | 1 | - | 6 | 12 | 11 | _ |
| Total of items affecting comparability | 6 | 2 | 13 | 121 | 13 | 2 |
Reconciliation between EBITDA and Adjusted EBITDA
| Q | 3 | Jan- | Sep | LTM | Full-year | |
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | okt-Sep | 2024 |
| EBITDA | 40 | 50 | 96 | 100 | 138 | 143 |
| Reversal of items affecting comparability | 6 | - | 13 | - | 13 | - |
| Adjusted EBITDA | 46 | 50 | 109 | 100 | 151 | 143 |
The Board of Directors and CEO's Assurance
The Board of Directors and the CEO assures that this quarterly report provides a fair overview of the operations, financial position, and performance of the parent company and the Group, and describes the material risks and uncertainties facing the parent company and the companies included in the Group.
Solna, November 5, 2025 Eniro Group AB (publ)
Fredric Forsman
Chairman of the Board
Hosni Teque-Omeirat Mia Batljan Fredrik Crafoord
Chief Executive Officer and President of the Group Member of the Board Member of the Board
Mats Gabrielsson Joost Merks Trond Dale
Member of the Board Member of the Board Member of the Board
Mattias Magnusson
Member of the Board/ Employee representative
Auditor's report
To the Board of directors in Eniro Group AB (publ), corporate identity number 556588-0936
Introduction
We have conducted a limited review of the condensed interim financial information (interim report) for in Eniro Group AB (publ), as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.
Stockholm, 5 November 2025 Öhrlings PricewaterhouseCoopers AB
Henrik Boman Authorized Public Accountant
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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
Q3 Interim report 2025 November 5, 2025 Q4 Interim Report 2025 February 19, 2026
Year-end Report 2025 April 14, 2026
For more information, please contact:
Hosni Teque-Omeirat President and Chief Executive Officer [email protected]
[email protected] +46 (0)8 553 310 00
+46 (0)70-225 18 77
Eniro Group AB (publ) Box 4085 SE-169 04 Solna
Org.nr.: 556588-0936
www.enirogroup.com
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 exists for companies that want to achieve success and growth in their market. Today, Eniro optimizes the opportunity for companies to create local presence, searchability and marketing digitally. This makes Eniro an important partner for small and medium-sized companies. The company's clear goal is to give SMEs the same conditions and resources that large companies have access to. Eniro offers a platform that optimizes local marketing through intelligence, automation and streamlining of communication. In the digital landscape, Eniro partners with the largest media groups in the world.
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.
