Fourth quarter highlights in figures
- Net sales decreased by 5.1 percent to SEK 238.7 million (251.6). Currency adjusted, net sales increased by 0.9 percent.
- Revenue from the network business decreased by 7.6 percent to SEK 111.4 million (120.5).
- Revenue from the security business decreased by 2.9 percent to SEK 103.4 million (106.5).
- Revenue from operating systems decreased by 2.6 percent to SEK 23.9 million (24.6).
- Adjusted EBITDA amounted to SEK 95.0 million (88.2), corresponding to an adjusted EBITDA margin of 39.8 percent (35.1).
- Profit after tax amounted to SEK 42.5 million (94.7).
- Earnings per share amounted to SEK 2.21 (4.70).
- Cash flow from operating activities amounted to SEK 45.2 million (103.5).
CEO Comment
As we close 2025, I am pleased with how Enea continues to strengthen its profitability and strategic position despite a challenging macroeconomic environment. The fourth quarter was an important milestone, as we delivered solid results while launching our updated strategy for the coming years.
A significantly stronger Swedish krona (SEK), primarily against the USD, impacted our reported results during the quarter. In constant currency, we delivered growth of 1 percent, while reported net sales declined by 5 percent. Both our security and networks business showed a positive underlying development. For the full year, net sales grew by 2 percent in constant currency, while reported figures showed a decline of 2 percent.
Summary and moving ahead
Macroeconomic headwinds were a challenge throughout 2025. Despite this, we continued to strengthen and accelerate our profitability towards the end of the year. The increasing number of deals won in the government sector, combined with continued solid development in the telecom sector, positions Enea well for continued financial progress in the year ahead.
Our growing customer base reflects strong confidence in Enea and the relevance of our solutions in an increasingly complex geopolitical environment. Secure communication is a fundamental requirement for both national security and technological development, and our world-leading products and solutions are well positioned to meet these needs.
From 2026, we move to our new financial guidance. Our ambition is to deliver an average annual growth above 10 percent during the strategy period, while achieving an adjusted EBITDA margin exceeding 35 percent by the end of 2028.
Our short-term guidance for 2026 is single digit growth with an adjusted EBITDA over 30 percent. In 2026 we will make investments that will accelerate our growth as part of our strategy.
I am confident that Enea is well positioned to deliver on these ambitions and to continue to create long-term value for our shareholders.
Teemu Salmi
President and CEO Teemu Salmi and CFO Ulf Stigberg will comment on the report and take questions during a video webcast at 08:30 AM CEST.
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References
https://www.enea.com/investors/financial-reports/
Contact
ir@enea.com
About Enea
Enea is a global specialist in advanced telecom and cybersecurity software, with a vision to make the world's communications safer and more efficient. Dedicated to innovation and security, our solutions connect, optimize, and protect communications between people, companies, and connected things worldwide. We serve 170+ communication service providers across 100+ countries, with more than 3 billion people relying on Enea technologies every day. Headquartered in Stockholm, Sweden, Enea is publicly listed on NASDAQ Stockholm. To learn more, visit enea.com.
Enea is required to make the information in this press release public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 7:20 a.m. on January 30, 2026.
