• 3 percent revenue growth in constant currency.
• Revenue from the network business decreased by 1.5 percent to SEK 99.3 million (100.8).
• Revenue from the security business was unchanged and amounted to SEK 96.9 million (96.6).
• Revenue from operating systems decreased by 13.7 percent to SEK 16.4 million (19.0).
• Adjusted EBITDA amounted to SEK 70.3 million (74.8), corresponding to an adjusted EBITDA margin of 33.1 percent (34.6).
• Profit after tax amounted to SEK 34.3 million (3.7).
• Earnings per share amounted to SEK 1.77 (0.18).
• Cash flow from operating activities amounted to SEK 20.7 million (18.6).

CEO Comment

I am very pleased to announce that Enea’s growth journey continues with strength and resilience. Despite a challenging macroeconomic situation, and a stronger SEK exchange rate, we are reporting a 3 percent growth in constant currency (-2 percent in reported currency). Combined with solid cost control, this resulted in an adjusted EBITDA margin of 33 percent for the quarter, showing that Enea stands strong for the future.

Both our core areas, Networks and Security, delivered growth during the quarter, showing that our offerings remain relevant and solid even in uncertain times.

We have a good pipeline for the final quarter of the year and remain confident in delivering on our financial guidance.
The updated strategy is now being finalized, and will be communicated during the fourth quarter, as previously announced. I am confident that it will enable Enea to accelerate our profitable growth and strengthen our position going forward.

Quarter 3, 2025
During the quarter, Enea welcomed five new customers, all within the Security core area. In addition, we announced several important deals in the Networks core area.

- North American leading mobile network operator renewed and expanded its collaboration with Enea through our Traffic Management solution. The total contract value is SEK 39 million, of which SEK 14 million is recognized as net sales in the third quarter.
- North African Tier 1 communications service provider has signed a contract worth SEK 18 million for our Traffic Management solution, of which SEK 10 million will be recognized as net sales in the third quarter.
 
Financial summary Q3
We report a 2 percent decline in revenues (3 percent growth in currency-adjusted terms), totaling SEK 213 million (SEK 222 million currency-adjusted). The underlying business continues to grow within both core areas, Networks and Security. Our networks business grew by 9 percent in constant currency, driven by our Traffic Management solution, while our security business grew by 1 percent in constant currency, mainly driven by DPI (Deep Packet Inspection) and firewalls. Our recurring revenue for the quarter accounted for 67 percent of total revenue.
 
Good profitability driven by good cost control
Despite the FX headwind, we report an adjusted EBITDA margin of 33 percent (34) in the quarter, totaling SEK 70 million (75).
Cash flow from operations amounted to SEK 21 million (19). Our cost levels remain stable and are slightly down year over year, thanks to operational improvements and a stronger SEK, mainly against the EUR, where we have most of our costs. We expect our cost levels to remain stable over the year.
The initiatives we started in early Q2 to optimize our exposure to financial net items are paying off. In Q3, we report an impact of SEK 0 million from financial net items. EPS for the period improved significantly to 1.77 SEK (0.18) per share.
 
Market developments supporting Eneas solution
The following events have influenced the telecom and cybersecurity markets during the quarter, driving stronger demand for Enea’s solutions.

- Security concern over phone locations for sale: In Ireland, data brokers selling precise smartphone location data have raised major privacy and national security concerns by exposing users’ movements and sensitive sites. Enea’s Adaptive Signaling Firewall safeguards networks and subscribers from location leaks, while Enea’s Traffic Management solution identifies and filters app-level traffic.
- Hybrid attacks: In Q3, global drone attacks intensified, including Russian strikes in Ukraine, incursions into Polish airspace, and a major “hybrid attack” on Copenhagen Airport that shut it down for four hours. Similar incidents in Norway and Sweden underscored the growing threat of drone warfare and reinforced Enea’s focus on detecting drone communications using cellular networks.
 
Going forward
Although macroeconomic challenges continue to affect us, we remain well positioned for sustainable, long-term success. This is driven by our strong global presence, unique and expanding product portfolio, our dedicated teams, and successful customers. Combined with solid profitability, these factors strengthen our confidence in continued organic growth and future strategic acquisitions.

Despite the current market environment, 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 stable cash flows. Looking further ahead, our long-term ambition is to achieve growth of more than 10 percent in our core areas and an adjusted EBITDA margin above 35 percent, supported by strong cash flows. I am confident that Enea is well positioned to deliver on these ambitions and continue creating long-term value.

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/

Video webcast for analysts, investors and journalists 
President and CEO Teemu Salmi and CFO Ulf Stigberg will comment on the report and take questions during a video webcast at 08:30 AM CEST.

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Contacts 
Enea Investor Relations 
ir@enea.com