Eniro Group (ENRO) Q4 2025 earnings summary

Executive summary

• 2025 marked a transition from transformation to growth, with the strongest revenue quarter and stable adjusted EBITDA, despite challenges in the Dynava segment.

• Strategic acquisitions (Medialuotsi, Qwamplify Nordics) strengthened the digital marketing position in the Nordics.

• The company ended the year with a strong cash position and improved operational efficiency, setting the stage for further investments and organic growth in 2026.

Financial highlights

• Q4 net sales: SEK 244 million (up 2% year-over-year); full-year net sales: SEK 955 million (flat year-over-year).

• Q4 operating result: SEK 10 million (down from 24); full-year operating result: SEK 55 million (down from 72).

• Q4 EBITDA: SEK 27 million (down from 42); full-year EBITDA: SEK 123 million (down from 143).

• Adjusted full-year EBITDA: SEK 139 million (down from 143), reflecting SEK 16 million in non-recurring items.

• Q4 net result: SEK 8 million (down from 29); full-year net result: SEK 46 million (down from 68).

• Cash flow from operations: SEK 43 million in Q4 (down from 64); SEK 90 million for the year (down from 109).

• Earnings per share: SEK 0.01 in Q4 (0.04); SEK 0.06 for the year (0.09).

Outlook and guidance

• Entering 2026 with a strong balance sheet, growing recurring revenues, and a focus on investments in sales, product development, and AI-driven innovation.

• Expectation of accelerated organic growth and improved EBITDA leverage, with clear effects anticipated from 2027.

• The advertising market is expected to strengthen, especially in digital channels, and optimism is returning among Nordic SMEs.