Enea (ENEA) Q2 2026 earnings summary

Executive summary

• Growth portfolio expanded by 11% in Q2 2026, with strong operational cash flow of SEK 88 million and continued government sector momentum, including a major Asian government contract.

• Net sales for Q2 2026 were SEK 218 million, a 2.6% reported decline and 0.8% currency-adjusted decline year-over-year, but first half net sales grew 5.5% currency-adjusted.

• Strategy execution is accelerating with expanded sales teams, enhanced AI capabilities, and new offerings for national security and defense.

• Five new customers added in Q2, with four in the growth portfolio and one in the classic portfolio.

• Profit after tax improved to SEK 12.5 million from a loss of SEK -8.6 million in Q2 2025.

Financial highlights

• Q2 2026 operational cash flow reached SEK 88 million, a significant improvement year-over-year.

• Net sales for Q2 2026 at SEK 218 million, down 2.6% reported and 0.8% currency-adjusted year-over-year; H1 2026 net sales SEK 440.4 million, up 5.5% currency-adjusted.

• Adjusted EBITDA margin for Q2 2026 was 25.4%, with EBITDA of SEK 55.3 million; adjusted EBIT margin was 9.4%.

• Earnings per share for Q2 2026 was SEK 0.66, up from -SEK 0.46 in Q2 2025.

• Net debt reduced to SEK 192 million in Q2 2026.

Outlook and guidance

• Guidance for 2026 remains unchanged: single-digit growth, adjusted EBITDA margin over 30%, and continued investment for growth.

• Long-term ambition is a 10%+ average compounded growth rate and EBITDA margin over 35% by 2028.

• Full effect of sales team ramp-up expected by end of 2027, with gradual acceleration starting in H2 2026.

• Geopolitical instability in the Middle East is causing deal slippage and delayed customer decisions, impacting short-term sales by SEK 7–10 million.