This article first appeared on GuruFocus .
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Net Sales (Q4 2025):SEK239 million, a reported decrease of 5% from Q4 last year, but a growth of 1% in constant currency.
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Adjusted EBITDA Margin (Q4 2025):40%, the highest in four years.
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Earnings Per Share (Q4 2025):SEK2.21.
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Operating Cash Flow (Q4 2025):SEK45 million.
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Net Sales (Full Year 2025):SEK889 million, a 2% drop in reported numbers, but a 2% growth in constant currency.
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Adjusted Margin (Full Year 2025):33%.
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Operating Cash Flow (Full Year 2025):SEK107 million.
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Security Solutions Growth (Q4 2025):Strong sales of licenses, stable professional services, and support and maintenance.
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Network Solutions Growth (Q4 2025):Higher license sales compared to Q4 2024, stable professional services, and support and maintenance.
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Net Debt:SEK208 million.
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Share Buyback (Q4 2025):166,000 shares to a value of SEK11.8 million.
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Warning! GuruFocus has detected 4 Warning Sign with FRA:EED5.
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Is FRA:EED5 fairly valued? Test your thesis with our free DCF calculator.
Release Date: January 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Enea AB ( FRA:EED5 ) reported the highest Q4 profitability in four years with an adjusted EBITDA margin of 40%, indicating strong financial management.
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The company experienced significant growth in its core offerings, with Deep Packet Inspection growing by almost 20% and Traffic Management by over 30%.
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Enea AB ( FRA:EED5 ) successfully contained a cyber incident in Q4 without financial impact or customer disruption, showcasing robust cybersecurity measures.
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The company signed 10 new customers across EMEA, North America, and Asia Pacific, indicating a strong market presence and expansion.
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Enea AB ( FRA:EED5 ) launched a new strategy focusing on market acceleration, vertical expansion, and offering evolution, positioning itself for future growth.
Negative Points
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Enea AB ( FRA:EED5 ) reported a 5% decline in net sales for Q4 2025, primarily due to unfavorable foreign exchange impacts.
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The strengthening of the Swedish krona against the US dollar negatively affected reported results, with a 20% increase in the krona's value over the past year.
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Despite large announced contracts, the company did not achieve higher growth in Q4, indicating potential challenges in converting orders into revenue.
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Operating cash flow before changes in working capital declined, partly due to significant swings in the financial net related to currency fluctuations.
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The company faces growth constraints due to market dynamics and the need to restructure its sales organization to be more customer-centric.
Q & A Highlights
Q: Why did the order bonanza in Q4 not translate into higher growth? A: Teemu Salmi, CEO: The business mix and timing of wins at the end of the quarter affected the results. The wins pave the way for future growth, but the total business mix determines the current results.
Q: Can you comment on the decline in operating cash flow before changes in working capital? A: Ulf Stigberg, CFO: The decline is partly due to significant swings in the financial net, with a positive SEK41 million in Q4 2024 compared to a negative SEK6 million in Q4 2025. This is related to balance sheet composition and dollar development, but exposure has been reduced to limit future swings.
Q: What is the number one restraining factor in your growth today? Is it driven by market dynamics or the current market cycle? A: Teemu Salmi, CEO: The main factor is restructuring and reorganizing sales to be more customer-centric and selling a broader portfolio. Market dynamics are positive, and the momentum to diversify the business is good.
Q: Net working capital relative to sales seems to have been growing for several years. Is there any specific reason for this increase? A: Ulf Stigberg, CFO: The increase is due to business and deal mix, with development in areas with longer payment patterns. Efforts are being made to address this challenge.
Q: Are you hearing that customers are shying away from US and Israeli competitors, and are you benefiting as a Swedish company? A: Teemu Salmi, CEO: Yes, there is a growing dialogue about data sovereignty and trust in Swedish companies amid geopolitical turmoil. Sweden is seen as a trusted partner, which benefits Enea.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
