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Enea (ENEA) investor relations material
Enea Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 net sales were SEK 224M, flat year-over-year in constant currency, with seven new customers added and strong traction in network and DPI solutions.
EBITDA margin was 33% (32.7–33%), down from 35% last year; EPS for Q2 was -0.43, impacted by FX and negative financial net.
Security business declined 6–7% currency-adjusted, while Networks and legacy OS businesses showed growth.
Macroeconomic and geopolitical factors created short-term financial pressure but increased demand for security and network intelligence.
Key cybersecurity agreements extended, including a USD 2.5M deal with a global cloud provider.
Financial highlights
Q2 net sales: SEK 224M (down 5% reported, flat currency-adjusted); YTD net sales up 3% currency-adjusted.
EBITDA margin at 33% (32.7–33%); EBIT margin at 13–15% in Q2.
Operating cash flow was SEK 5.2M, down from SEK 37M last year.
Net debt increased to SEK 187M from SEK 145M; equity ratio improved to 71.5%.
Gross margin at 76–79% (down from 80% last year); adjusted EBIT margin at 15% (17% last year).
Outlook and guidance
Long-term ambition: double-digit growth in core areas, EBITDA margin above 35%, and strong cash flows.
2025 guidance unchanged: growth in focus areas, EBITDA margin 30–35%, and strong cash flow.
Strategy update underway, with potential for increased mid-term investments to accelerate growth.
Next Enea earnings date

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