Enento Group's Financial Statement release 1.1. - 31.12.2025: Business volumes stabilized, strong free cash flow

SUMMARY

October – December 2025 in brief

• Net sales amounted to EUR 39,1 million (EUR 37,8 million), an increase of 3,3% (at comparable exchange rates increase of 0,9%).
• Adjusted EBITDA was EUR 13,5 million (EUR 11,7 million), an increase of 15,2% (at comparable exchange rates increase of 12,8%).
• Adjusted EBITDA margin was 34,5% (30,9%), an increase of 3,6 pp (at comparable exchange rates increase of 3,6 pp).
• Adjusted EBIT was EUR 10,6 million (EUR 8,4 million), an increase of 26,3% (at comparable exchange rates increase of 24,0%).
• Operating profit (EBIT) was EUR 7,0 million (EUR 4,3 million).

January – December 2025 in brief

• Net sales amounted to EUR 152,7 million (EUR 150,4 million), an increase of 1,5% (at comparable exchange rates remained flat).
• Adjusted EBITDA was EUR 52,4 million (EUR 52,0 million), an increase of 0,8% (at comparable exchange rates decrease of 0,5%).
• Adjusted EBITDA margin was 34,3% (34,6%), a decrease of 0,3 pp (at comparable exchange rates decrease of 0,2 pp).
• Adjusted EBIT was EUR 41,0 million (EUR 39,6 million), an increase of 3,5% (at comparable exchange rates increase of 2,3%).
• Operating profit (EBIT) was EUR 25,4 million (EUR 24,6 million).
• The Board of Directors propose to the Annual General Meeting a dividend of EUR 0,50 per share, to be paid in April 2026, followed by a second instalment of up to EUR 0,50 per share in November, subject to Board decision.

In October – December 2025, the items affecting comparability amounted to EUR -1,6 million (-2,2 EUR million) and in January – December 2025, the items affecting comparability amounted to EUR -7,8 million (-7,0 EUR million), including mainly restructuring and IT infrastructure consolidation related costs.

In October – December 2025, the amortization from fair value adjustments amounted to EUR -1,9 million (EUR -1,9 million) and in January – December 2025 to EUR -7,9 million (EUR -8,1 million).

¹ Previously reported Comparable earnings per share have been restated and renamed to Adjusted earnings per share by excluding in addition to fair value adjustments related to acquisitions also items affecting comparability and reduction in value of associated company as well as their tax impact. The restated quarterly information is disclosed in Note 1 Alternative performance measures.

FUTURE OUTLOOK AND GUIDANCE

Macroeconomic and geopolitical uncertainties are expected to persist into 2026. The Swedish regulatory environment, especially recent and upcoming changes affecting loan brokers, continue to present risks for Enento. Despite these challenges, our business volumes stabilized in 2025, and we anticipate a return to a growth trajectory in 2026. There are encouraging signs of a gradually improving macroeconomic landscape in Sweden, while the development in Finland is expected to remain more modest. We expect a stable demand for mortgage and unsecured loans and continued healthy demand for business information services.

Enento is focused on improving Adjusted EBITDA and strengthening free cash flow through disciplined cost control, while simultaneously investing in future competitiveness and growth opportunities.

Enento Group expects that in 2026, with comparable exchange rates, its net sales will grow by 0-5% and Adjusted EBITDA will increase compared to 2025.

TEPPO PAAVOLA, CEO

In 2025, our business volumes stabilized, giving us a stronger footing for the year ahead. Although the macroeconomic environment in Finland and Sweden remained challenging, with muted market activity, this resilience supports our expectation of returning to a growth trajectory in 2026.

Our net sales for the full year 2025 was close to flat at comparable exchange rates, amounting to EUR 152,7 million (EUR 150,4 million), with growth in Business Insight and decline in Consumer Insight, mostly due to negative development of the Swedish consumer credit information business. Fourth quarter net sales totaled EUR 39,1 million (EUR 37,8 million), representing growth of 0,9% at comparable exchange rates. Business Insight’s sales grew whereas Consumer Insight’s sales were close to flat.

Our Adjusted EBITDA for the full year 2025 reached EUR 52,4 million (EUR 52,0 million), remaining close to flat at comparable exchange rates and resulting in an Adjusted EBITDA margin of 34,3% (34,6%). Profitability was negatively impacted by increased data acquisition costs, changes in the sales mix and a lower level of capitalized development, which offset the savings in personnel and other operating expenses. Our free cash flow continued to be strong and improved to EUR 34,0 million (EUR 30,7 million) and cash conversion increased to 75,6% (66,2%). The strong free cash flow reflects our resilient cash‑generation capability and reinforces our capacity to deliver stable dividends in line with our capital allocation priorities.

Fourth quarter adjusted EBITDA was EUR 13,5 million (EUR 11,7 million), representing an increase of 12,8% at comparable exchange rates. The Adjusted EBITDA margin was 34,5% (30,9%). Profitability was supported by increased net sales, efficiency actions and an improved sales mix. During the fourth quarter, we also initiated and completed small-scale change negotiations aimed at strengthening our strategy execution and building a go-to-market model in Sweden with specified sales growth team established.

Business Insight’s development in the fourth quarter remained solid with net sales growth of 2,0% at comparable exchange rates. Compliance services continued to grow strongly in Finland, and we also see good interest in the Swedish market. Real estate services’ growth persisted in Finland, and we launched a new digital registration service in the Finnish market with good outlook and several customers onboarded already. We continued to face headwinds in Premium sales for SMEs in Sweden. However, the Swedish SME transformation progressed according to plan, and we launched digital renewal process for selected products and a limited group of customers, with broader rollout started in January 2026. The transformation carries profitability potential as we focus on ensuring customer retention and driving new sales.

Consumer Insight net sales declined by 0,6% at comparable exchange rates in the fourth quarter, with flat development in Sweden and decline in Finland. In Sweden, the consumer credit information demand remained muted but stable. The volumes of the Swedish broker segment have stabilized and to our understanding all major brokers in Sweden plan to apply for a banking license, which will support the business going forward. In Finland, the volumes were pressured by the weak macroeconomic situation and low consumer confidence. However, we see new consumer lenders entering the Finnish market which is encouraging.
 
In 2025, we strengthened our position through innovation, operational improvements, and a strong focus on customer and employee experience. We launched several new services throughout the year and continued expansion in Sweden into new verticals such as e-commerce and telecom. Operational efficiency was enhanced through IT capacity optimization as well as infrastructure vendor consolidation, which enable us to serve our customers with greater speed and reliability. We continued to achieve very high customer satisfaction: both our Group B2B and B2C NPS reached 38. Also our employee engagement remained on a high level of 8,0 (7,8), highlighting Enento’s strong team spirit and good leadership.
 
Looking ahead to 2026, we expect the macroeconomic and geopolitical uncertainties to persist, with the Swedish regulatory environment, especially recent and upcoming changes affecting loan brokers, continuing to present risks. There are encouraging signs of a gradually improving macroeconomic landscape in Sweden, while the development in Finland is expected to remain more modest. We expect a stable demand for mortgage and unsecured loans and continued healthy demand for business information services. Therefore, we expect net sales growth of 0-5% and an increase in Adjusted EBITDA at comparable exchange rates compared to 2025.
 
Attractive capital allocation through strong cash flows and dividends continues to be a priority for Enento. The Board of Directors proposes a dividend of EUR 0,50 per share for the fiscal year 2025, to be paid in April 2026, followed by a second installment of up to EUR 0,50 per share in the last quarter, subject to the Board of Directors’ separate decision.
 
I took the role of CEO at the beginning of January 2026 and look forward to leading Enento into its next chapter. The results from the final quarter of 2025 reflect the strong foundation built by the Enento team. As we move forward, my focus will be on driving sustainable growth, innovation, and customer value as we continue to strengthen our position in the Nordic markets. I would like to thank our customers, partners, employees, and shareholders for their trust and support, which makes Enento’s success possible.

WEBCAST

A webcast is scheduled today, 13 February 2026 at 14:00 PM EET for analysts, investors and media. During the webcast, CEO Teppo Paavola and CFO Elina Stråhlman will deliver a presentation on the results in English.

The webcast can be followed at: https://enento.events.inderes.com/q4-2025. The presentation material and the webcast recording will be available on Enento’s investor website.

Helsinki, 13 February 2026

ENENTO GROUP PLC
Board of Directors