Enento Group's Half Year Financial Report 1.1. - 30.6.2026: Growth in all segments, strong improvement in profitability

Summary

April – June 2026 in brief

• Net sales amounted to EUR 39,9 million (EUR 38,6 million), an increase of 3,3% (at comparable exchange rates increase of 2,6%).
• Adjusted EBITDA was EUR 14,6 million (EUR 13,0 million), an increase of 11,9% (at comparable exchange rates increase of 11,2%).
• Adjusted EBITDA margin was 36,5% (33,7%), an increase of 2,8 pp (at comparable exchange rates increase of 2,8 pp).
• Adjusted EBIT was EUR 11,6 million (EUR 10,2 million), an increase of 13,6% (at comparable exchange rates increase of 13,0%).
• Operating profit (EBIT) was EUR 1,7 million (EUR 5,0 million).

January – June 2026 in brief

• Net sales amounted to EUR 79,5 million (EUR 76,3 million), an increase of 4,1% (at comparable exchange rates increase of 2,6%).
• Adjusted EBITDA was EUR 28,1 million (EUR 25,5 million), an increase of 10,2% (at comparable exchange rates increase of 8,9%).
• Adjusted EBITDA margin was 35,3% (33,4%), an increase of 1,9 pp (at comparable exchange rates increase of 2,0 pp).
• Adjusted EBIT was EUR 22,2 million (EUR 19,7 million), an increase of 12,9% (at comparable exchange rates increase of 11,7%).
• Operating profit (EBIT) was EUR 9,4 million (EUR 10,2 million).

In April – June 2026, the items affecting comparability amounted to EUR -8,0 million (EUR -3,2 million) and in January – June 2026, the items affecting comparability amounted to EUR -9,2 million (EUR -5,5 million). Items affecting comparability consist of goodwill amortization from Emaileri divestment and costs related to change negotiations.

In April – June 2026, the amortization from fair value adjustments amounted to EUR -1,8 million
(EUR -2,0 million) and in January – June 2026 to EUR -3,7 million (EUR -4,0 million).

Future outlook and guidance (updated 17 July 2026)

Enento specifies its previous outlook and adjusted EBITDA guidance.
Macroeconomic and geopolitical uncertainties remain. Regulatory changes in the Swedish lending market continue to influence the operating environment, however, the impact on Enento is expected to be modest. In Finland, the macroeconomic outlook is more subdued but demand for Enento’s services is anticipated to remain stable. Supported by stabilizing market activity and improving conditions in Sweden, we expect Enento’s net sales to grow in 2026 at comparable exchange rates.

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, with Adjusted EBITDA growth exceeding net sales growth at comparable exchange rates.

Future outlook and guidance (previous 13 February 2026)
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 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 stable demand for mortgages 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 Q2 2026 Enento’s positive start for the year continued. Net sales grew 2,6% and Adjusted EBITDA grew by 11,2% from the previous year. During the first half of the year, there have been some positive signs of the macroeconomic environment starting to improve, especially in Sweden. Geopolitical tension continues and consumer confidence in both of our main markets Finland and Sweden remains below long-term averages, though confidence has improved during the spring. Despite the muted macroeconomic environment, all our reporting segments continued to grow in Q2. Group net sales at comparable exchange rates amounted to EUR 39,9 million (EUR 38,6 million).

Our organizational transformation continued during Q2. After announcing the transition to a country-based operating model in March, we transformed our organization to fit the new operating model. We held change negotiations affecting all employees in Finland and Sweden. The aim of the negotiations was to align Enento’s resources and competencies with strategic priorities and future customer needs, in addition to clarifying responsibilities and ways of working, as well as building smarter operations across the Group. The negotiations were completed in May resulting in 36 reductions and 27 role changes. We expect the number of FTEs to remain below 350 despite investing in certain key capabilities. In June we were happy to announce our new Country Director for Sweden, who will join the company by the beginning of 2027 at the latest.

Growth in Finland was a moderate 1,7%, reflecting a still weak macroeconomic environment and the impact of the Emaileri disposal. Growth was supported by good performance in business information services. Though consumer confidence has improved lately in Finland and was highest in over four years in June, it is not yet visible in our consumer credit information volumes, which remained flat in Q2 compared to the previous year.

In Sweden, sales grew by 3,6% at comparable rates. Growth in consumer credit information volumes was good, bringing confidence in the improvement of macro environment in Sweden. Also, real estate services continued to deliver strong growth, supported by a larger batch sale and higher volumes. Compliance remains a focus area and we have continued to strengthen the offering and capabilities through the acquisition of Swedish ownership data provider Eivora. Business information services continued to be affected by lower SME services revenue, reflecting the impact of sales partner restructurings. The SME transformation is however progressing as planned, and we see positive development also in new sales order intake. At the same time, churn has remained in line with expectations and supported profitability.

In Q2 growth in Norway & Denmark segment slowed down and was 2,5% at comparable rates. Growth came primarily from Premium services in Norway while the advertising business softened. The acceleration of digital sales is progressing and expected to support the segment’s performance going forward.

Group Adjusted EBITDA increased by 11,2% at comparable rates and reached EUR 14,6 million (EUR 13,0 million), resulting in an Adjusted EBITDA margin of 36,5% (33,7%). Profitability improvement was driven by cost savings in paid commissions driven by the SME transformation as well as lower data acquisition costs. Q2 2026 EBITDA was EUR 6,5 million (EUR 9,9 million) and was impacted by non-cash amortization related to Emaileri divestment, amounting to EUR 4,3 million as well as EUR 3,7 million expenses related to recent change negotiations. Adjusted free cash flow improved and landed at 9,4 million (8,7 million) resulting in an Adjusted cash conversion of 64,9% (66,6%). Q2 cashflow was affected by Emaileri divestment.

Artificial Intelligence (AI) is developing fast. We are implementing AI rapidly in both our product development and offering as well as internal operations to take full advantage of AI’s potential. We will continue investing in and developing our AI and technological capabilities in the organization going forward.

We continue to assess risks and embrace opportunities related to changes in the regulatory environment affecting Enento. Regarding Sweden’s broker legislation, we are seeing largest loan brokers as well as some smaller ones applying for licenses and therefore we expect the effects on Enento’s business to be moderate. At the moment, the upcoming Consumer Credit Directive 2 (CCD2) legislation imposes both risks and opportunities for Enento. CCD2 is expected to increase demand for credit information in Finland and Sweden especially among BNPL (Buy Now Pay Later) players, which is a growth area for Enento.

Looking ahead, we are encouraged by the stabilization of our business volumes and the progress we have made in strengthening Enento’s operating model and execution capabilities. The transition to a country-based organization, together with disciplined cost management and accelerated development of AI capabilities, positions us to improve competitiveness and unlock growth. We therefore specify our 2026 guidance and state that with comparable exchange rates, net sales are expected to grow by 0–5% and Adjusted EBITDA will increase compared to 2025, with Adjusted EBITDA growth exceeding net sales growth at comparable exchange rates. We remain fully committed to creating long-term value for our customers, employees, and shareholders.

WEBCAST

Webcast for analysts, investors and media will be arranged on 17 July 2026, starting at 11.00 a.m. (EEST). CEO Teppo Paavola and CFO Elina Stråhlman will present the results in English.

The webcast can be followed at: https://enento.events.inderes.com/q2-2026

The presentation material and the webcast recording will be available on Enento’s investor website.

Helsinki, 17 July 2026

ENENTO GROUP PLC
Board of Directors