Enento Group (ENENTO) Pre-Silent Call summary

Executive summary

• Macroeconomic and market conditions in Finland and Sweden remain muted, with delayed recovery now expected in 2025 and a rebound in 2026.

• Consumer confidence is low in both main markets, especially in Finland, impacting spending and lending intentions.

• Group-level performance and outlook remain stable and in line with previous quarters; full-year guidance is reiterated.

Trading performance and revenue trends

• Q3 is expected to be stable in both revenue and volumes, with no major increases or decreases month-to-month.

• Business insights show solid growth in Finland, especially in real estate information services, while SME-targeted premium business is still affected by the weak environment.

• Norway and Denmark continue to perform well, driven by strong SME offerings.

• Sweden's business insight performance is muted due to ongoing SME transformation, with digital renewal for selected products starting in September and broader rollout in 2026.

• Consumer insights and credit information services face muted demand, with stable but not growing volumes; Sweden remains more challenging, especially in the broker channel.

Profitability and margins

• Profitability continues to be impacted by muted revenue, weaker sales mix, cost inflation, and investments in new services and go-to-market activities.

• Q3 margin follows seasonal patterns but is negatively affected by these factors; trend expected to remain similar to past quarters.

• Declining Swedish consumer credit business, a fixed-cost segment, directly impacts margins; growth in lower-margin areas like Finnish real estate and marketing services also affects sales mix.