Enento Group Q1'26 preview: Demand outlook and new reporting under review

Translation: Original published in Finnish on 4/22/2026 at 7:00 am EEST.

Source: Inderes & Enento (consensus, 6 analysts)

Enento will publish its Q1 report on Tuesday, April 28, 2026, and the company's earnings release can be viewed here at 2.00 pm EEST. We expect Enento's revenue to have grown moderately, albeit primarily in a currency-driven manner. We also expect the result to improve slightly from the comparison period. One of the most interesting aspects of the report will be the presentation of the new operating model and how earnings are distributed across the different country segments, as the company has not yet published comparison figures for its new reporting format. Additionally, we are naturally focused on the demand outlook development, where the war in Iran has once again heightened risks.

Moderate, currency-driven growth

We expect Enento's Q1 revenue to increase by 3.5% to 39.0 MEUR. Growth is supported by currencies (the Swedish krona has strengthened), and our forecast would correspond to approximately 1% comparable growth. For the time being, we have not made estimates for the new country-based segments. In our estimates, growth is distributed fairly evenly between the old Business Insight and Consumer Insight business areas, but on a comparable basis, we expect BI's growth to have been stronger. In Business Insight, we estimate that demand for real estate information services and compliance services has remained stable. In the Consumer Insight segment, we expect volumes to stabilize in the Swedish loan broker segment, although regulatory changes and cautious demand for consumer credit still moderate the outlook.

Profitability benefits from efficiency measures and a stabilizing sales mix

We estimate that the adjusted EBIT will increase to 10.0 MEUR (Q1'25: 9.5 MEUR), which corresponds to an adjusted EBIT margin of 25.8% (Q1'25: 25.1%). The profit improvement is supported by moderate revenue growth and the savings measures implemented by the company at the end of 2025. The profitability trend was strong overall in Q4'25, and we expect it to have continued into Q1. This positive profitability trend was largely due to changes in the sales mix, with an improvement in gross margin following a prolonged downward trend. A key factor in sustaining this trend would be stabilizing demand for high-margin Swedish consumer credit information. We expect reported EPS to rise from a low of EUR 0.09 in the comparison period to EUR 0.20, particularly due to the assumed contraction of one-off expenses. The change in the organizational model and related expiring job roles will likely cause one-time costs in Q1, which we have conservatively estimated (0.5 MEUR) in our forecasts.

Demand outlook unlikely to have improved early in the year

Enento has guided that 2026 revenue will grow in comparable currencies by 0–5% and adjusted EBITDA will grow from 2025. We expect the company to repeat this guidance. Our estimates project that Enento's reported revenue will grow by nearly 4%, reaching 158.3 MEUR, which would roughly correspond to a comparable development in line with the midpoint of the guidance range. Adjusted EBITDA is expected to improve to 53.9 MEUR (2025: 52.4 MEUR). Our attention in the report is drawn to the presentation of the new organizational model and the publication of country-specific margins. In addition, we aim to gain an understanding of the demand outlook. While expectations for Finland’s economic growth were initially modest at the start of the year, the economic growth forecasts for Sweden were higher. The company had not yet seen any concrete signs of improvement here either early in the year, and the war in Iran that began after the financial statements were released has increased the risks to the economic growth outlook in both countries, partly due to rising interest rates. In addition to the impact on the demand side, rising interest rates also affect Enento through higher financing costs (the company uses significant leverage).