Enity (ENITY) Q4 2025 earnings summary

Executive summary

• Achieved record full-year results for 2025, meeting all financial targets and celebrating a successful IPO and 20th anniversary, despite subdued housing markets and macroeconomic challenges in Sweden and Finland.

• Transitioned from private equity to public listing on Nasdaq Stockholm in June 2025, broadening ownership and improving access to capital markets.

• Benefited from synergies and efficiency gains following the Bank2 acquisition and completed acquisition of Eiendomsfinans AS, with Uno Finans AS consolidation expected in 2026.

• Strong operational delivery with 10% lending growth and 17% increase in adjusted operating profit year-over-year; adjusted ROTE reached 19.2%.

• Board proposes SEK 1.4 per share dividend, a 20% payout ratio.

Financial highlights

• Loan book grew by 10% in 2025 (currency adjusted), meeting the 8%-10% target; lending to the public reached SEK 30,611m.

• Adjusted operating profit improved by 17% year-over-year to SEK 593m; net profit up 38% to SEK 352m due to favorable tax effects.

• Net interest income rose 9.3% to SEK 1,218m, with a stable net interest margin of 4.0%-4.1%.

• Adjusted RoTE reached 19.2%, close to the 20% target; adjusted C/I ratio improved to 46%-48.2%.

• CET1 ratio at 14.1%, 215 bps above regulatory requirement.

Outlook and guidance

• Expect continued loan growth of 8%-10% and net interest margin to trend down slightly; cost inflation of 4% anticipated for 2026, with increased marketing spend and investments in digitalization and efficiency.

• Credit losses expected to gradually decrease toward normalized levels, trending below 20 bps; regulatory changes in Sweden (LTV cap, amortization, DTI) expected to support growth from April 2026.

• Acquisition of remaining Uno Finans shares to be completed and consolidated from March 2026.