Eniro Group (ENRO) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were SEK 237 million, up 1% year-over-year, with stable performance despite economic uncertainty, especially in Sweden.

• Strategic focus on digitalization, integration of acquisitions, and operational efficiency supported results.

• ARR for the Marketing Partner business area increased to SEK 515 million, reflecting strong subscription-based growth.

• Integration of Medialuotsi and Qwamplify Nordics completed, contributing to revenue and strategic positioning.

Financial highlights

• Q3 2025 net sales: SEK 237 million (SEK 235 million in Q3 2024); operating result: SEK 24 million (32).

• EBITDA: SEK 40 million (50), EBITDA margin: 17.0% (21.4%). Adjusted EBITDA: SEK 46 million (50).

• Net result: SEK 22 million (30); EPS: SEK 0.03 (0.04).

• Cash flow from current operations: SEK 13 million (-3).

• For Jan–Sep 2025: net sales SEK 711 million (712), EBITDA SEK 96 million (100), net result SEK 39 million (39).

Outlook and guidance

• Management expects continued stability and growth, supported by a strong balance sheet and ongoing investments in AI and digital infrastructure.

• Anticipates further improvements in Dynava as efficiency measures take effect and new contracts materialize.

• Macroeconomic recovery in the Nordics is expected in 2026, with increased business start-ups indicating positive momentum.