Second quarter highlights in figures
· Revenue from the network business decrease by 1.7 percent to SEK 115.9 million (117.9).
· Revenue from the security business decreased by 11.2 percent to SEK 88.8 million (100.0).
· Revenue from operating systems increased by 4.7 percent to SEK 19.1 million (18.2).
· Adjusted EBITDA amounted to SEK 73.1 million (83.7), corresponding to an adjusted EBITDA margin of 32.7 percent (35.4).
· Profit after tax amounted to SEK -8.6 million (34.1).
· Earnings per share amounted to SEK -0.43 (1.64).
· Cash flow from operating activities amounted to SEK 5.2 million (37.0).

CEO comment

I have now completed my first 100 days at Enea, and the journey toward accelerated profitable growth is underway. Enea’s strong and relevant offering positions us well to grow fast in both the network and cybersecurity segments. In the current volatile macro-economic environment, we are pleased to report a currency-adjusted growth of 3 percent for the first half of the year. We are focusing on strategically bringing our existing solutions to new industries and markets while expanding our portfolio with new offerings.

The macroeconomic headwinds continue. The weakening USD/SEK is impacting our revenues negatively, while a more stable EUR/SEK is not offsetting costs, creating short-term pressure on results. We are working to mitigate these impacts.

The underlying demand for secure and reliable communication to enable digitalization and AI remains strong, and Enea is well positioned to support and grow with these trends.
 
Quarter 2, 2025
In the quarter, Enea has acquired seven new customers. Additionally, we have made a couple of important announcements regarding deals and collaborations in cybersecurity, further strengthening our position in this growing segment:
- An existing agreement with a global cloud-based cybersecurity and networking provider has been extended and expanded for two additional years with a total value of USD 2.5 million. Under this agreement, Enea will deliver our embedded application and traffic classification software (Qosmos ixEngine®), enabling the customer to improve application performance, enhance security, and reduce costs.
- A referral agreement with Akamai to expand device insights for networking and cybersecurity vendors using Enea’s Traffic intelligence and Threat Detection software. By combining Akamai Fingerbank’s device profiles with Enea Qosmos ixEngine® and Threat Detection SDK, Enea customers can extend and enhance network discovery and observability in their products.
 
Financial summary Q2
We report a 5 percent decline (0 percent in currency-adjusted terms) in revenues, totalling SEK 224 million (SEK 235 million in currency-adjusted). The underlying business continues to grow within our network business, fuelled by our Traffic Management solution. The security business declined by 6 percent mainly driven by business model transition from perpetual to SaaS models, as well as longer lead-times to close new contracts.
The non-recurring portion, dependent on the timing of individual deal signings, closings, and deliveries, can vary between quarters. We have therefore set a full year target for our growth ambitions in our focus areas and here we stay confident in reaching our full year ambitions.

Good profitability in a challenging comparability quarter
Despite the FX headwind, we are reporting an adjusted EBITDA margin of 33 percent (35) in the quarter, totalling SEK 68 million (75).
Cash flow from operations amounted to SEK 5 million (37) mainly impacted by the negative financial net. Our cost levels stay stable and are slightly down year-over-year thanks to operational improvements and a stronger SEK, mainly towards EUR where we have most of our cost. We expect our cost levels to remain stable over the year.
The large movements in FX are negatively impacting our financial net, and we are taking actions to minimize our exposure to financial net items. We are reviewing our financial and capital structure in foreign currency to improve our position, which includes our cash-pools, debt structure and internal treasury. The negative financial net impacts our EPS for the period, which ended at -0.38 SEK (1.64) per share.
 
Significant market developments
The following market events have shaped the telecom and cybersecurity market during the quarter:
- New identity verification and Sender ID regulations taking effect in May 2025 have increased the urgency for compliance across key markets in Europe, the Middle East, and Africa. Enea is supporting telecom and CPaaS providers with our Adaptive Messaging Firewall, which monitors traffic, verifies sender identities, and filters fraudulent messages in real time. Our solution ensures compliance, protects networks and users from sophisticated fraud, and enables operators to turn regulatory demands into a security and revenue opportunity.
 
- Infrastructure protection is one of the growing segments in the global security market, driven by the need to secure critical systems powering AI applications and large language models (LLMs). Enea is actively working in this area by helping cybersecurity vendors to increase the security posture in AI environments and prevent fraud. Our Qosmos DPI and Threat Detection solutions provide deep traffic visibility and real-time threat intelligence and threat detection, enabling smarter, adaptive cybersecurity solutions.
 
AI focus
During the second quarter, we advanced our strategic focus on scaling AI capabilities in our products and strengthening partnerships with Communication Platforms as a Service (CPaaS) providers. A key milestone was the integration of Enea’s AI-powered Restricted Image Detection technology into a major North American messaging customer. This milestone reflects not only the growing demand for trusted and intelligent content moderation but also Enea’s position at the forefront of enabling safe and compliant digital communication at scale.
Our solution enables real-time detection and filtering of inappropriate image content enhancing user trust and safety. This deployment highlights Eneas’s role in delivering high-impact AI solutions that support both regulatory compliance and strategic differentiation for digital communication platforms.
 
Going forward
While we are impacted by macroeconomic turmoil in the short term, we are positioning ourselves well for long-term success. This is driven by our strong global presence, unique and expanding product portfolio, dedicated teams, and successful customers. Combined with solid profitability, these strengthen our confidence in continued organic growth and future strategic acquisitions.

The Board of Directors has decided to utilize the mandate granted by the Annual General Meeting in May to implement a share buy-back program. The program will start on July 21, 2025, and may amount to at the highest SEK 50 million.
 
Despite short-term headwinds, both our 2025 and long-term guidance remain unchanged. For 2025, this means growth in our core areas and an adjusted EBITDA margin of between 30 and 35 percent, combined with strong cash flows. Long-term, we aim for growth of more than 10 percent in our core areas and an adjusted EBITDA margin above 35 percent, supported by strong cash flows.

Teemu Salmi
President & CEO

To read the complete report including tables, please see the attached file or visit: https://www.enea.com/investors/financial-reports/

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Contacts 
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