Enea Q3 Report 2026
Enea Q3 Report 2026
Third quarter highlights in figures
- Net sales decreased by 4.8 percent to SEK 202.3 million (212.5). Currency adjusted, net sales decreased by 6.1 percent.
- Adjusted EBITDA amounted to SEK 47.3 million (70.3), corresponding to an adjusted EBITDA margin of 23.4 percent (33.1).
- Profit after tax amounted to SEK 6.5 million (34.3).
- Earnings per share amounted to SEK 0.34 (1.77).
- Cash flow from operating activities amounted to SEK 66.4 million (20.7).
CEO Comment
Strong cash flows despite short-term headwinds
The geopolitical uncertainty and rising memory prices highlighted in previous quarters continued to lengthen customer decision-making processes and delay new contract signings.
I am not satisfied with the development of our net sales and profitability during the quarter, but I am pleased with the cash flow we continue to generate. Our sales pipeline remains healthy, and we are taking focused actions to improve conversion, accelerate decision-making, and secure new business.
In the third quarter, net sales amounted to SEK 202 (212) million, a decline of 5 percent compared with the same period last year. Year-to-date, net sales declined by 1 percent, amounting to SEK 643 (650) million. Adjusted EBITDA amounted to SEK 47 (70) million for the quarter and SEK 178 (196) million year-to-date. Our cash flow generation remains strong, and we report cash flow of SEK 66 (21) million in the quarter and SEK 168 (62) million year-to-date.
Based on the strong cash flow, the Board of Directors intends to initiate a share repurchase program in line with the authorization granted at the Annual General Meeting in May 2026. The intention is to repurchase shares for a total value of SEK 20 million within the approved terms.
Year-to-date, our growth portfolio continues to show growth, while our classic portfolio is declining slightly faster than anticipated. However, the third quarter shows signs of positive recovery for our classic portfolio.
We are making progress with our strategic priorities, particularly strengthening our sales organization and expanding our presence in the government sector. We also continue to invest in AI, building on our already strong foundation. The establishment of an AI Center of Excellence will further strengthen knowledge sharing across our product portfolio, accelerating the development of new AI capabilities and shortening the time to revenue generation. Our upcoming firewall release is a good example of this, with AI capabilities representing a significant part of the release. This will allow us to deliver greater value to our customers and further strengthen our position as a world-leading software provider in AI-based cybersecurity and secure communications.
Despite continued market uncertainty, we remain firmly focused on accelerating profitable growth. With a strong product portfolio, disciplined investment in innovation, and a clear strategy, I am confident that we are well positioned to deliver lasting value for our customers and shareholders.
For 2026, we continue to reiterate our outlook of single-digit growth with an adjusted EBITDA margin above 30 percent.
Teemu Salmi
President and CEO
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.
Participate via webcast:
Webcast – Q3 Report 2026
You can submit written questions via the webcast
Participate via telephone conference and ask verbal questions:
Teleconference – Q3 Report 2026
After registration, you will receive dial-in details and a conference ID.
References
Webpage for Enea financial reports and presentations
https://www.enea.com/investors/financial-reports/
Contact
Enea Investor Relations
ir@enea.com