Source: Inderes & Enento (consensus, 6 analysts)

 Translation: Original published in Finnish on 7/14/2026 at 8:03 am EEST.

Enento will publish its Q2 report on Friday, July 17, and the company's earnings webcast can be followed here at 11.00 am EEST. We expect revenue to have continued on a moderate growth path, supported by all geographical segments. We expect the operating result to have improved from the comparison period, but the reported result is expected to be very weak due to significant non-recurring items (write-down of the Emaileri divestment and costs related to change negotiations). As a result, we cut our reported Q2 earnings estimates. Our attention in the report will be on the development of the demand outlook, the Swedish business (SME business restructuring and regulation), and the final results of the company's change negotiations.

Moderate growth expected

We expect Enento's Q2 revenue to increase by 3% to 39.8 MEUR. Revenue will only receive minor support from currencies, so our forecast is almost equivalent to comparable growth. Growth in our forecasts comes from all geographical segments, but we expect growth to have been fastest in the small Norway-Denmark segment, as in Q1 (forecast +8%). We expect Sweden's revenue to have grown due to stabilized demand for consumer credit information (forecast +3%), although we estimate that the transformation of the SME business will create a small headwind for revenue development. In Finland, we also expect revenue to have grown moderately (forecast +2.5%). The small corporate acquisitions, i.e., the Emaileri divestment and Eivora acquisition, did not have an impact on the full quarter's figures. The net impact of these on revenue is small anyway (a very small negative impact).

Adjusted earnings improve, but non-recurring items weigh on the reported result

We estimate that the adjusted EBIT will increase to 11.0 MEUR (Q2'25: 10.2 MEUR) which would correspond to a margin of 27.7% (Q2'25: 26.4%). Earnings improvement is driven by moderate revenue growth and a recovery in gross margin, supported by efficiency measures in data acquisition and the recovery of Consumer information in Sweden (high gross margin). The transformation of the Swedish SME business should also increasingly support profitability as the current year progresses. Enento's extensive change negotiations will result in small savings for Q2, but the largest effects will be seen in H2. The company will also only comment on the outcome of these negotiations in connection with the Q2 results, so there is still some uncertainty regarding the magnitude. The company will also increase investments in growth areas, so the terminated positions will not directly translate into savings. Segment-wise, absolute earnings growth in our forecasts is mainly driven by the Finnish and Swedish segments.

We expect reported EBIT to be only 1.9 MEUR (Q2'25: 5.0 MEUR). In addition to normal PPA depreciation, the reported results are burdened by a sales loss of approximately 4.2 MEUR from the Emaileri divestment (goodwill write-down) and restructuring costs from change negotiations. We have now accounted for the write-down in our forecasts and slightly increased the non-recurring costs resulting from the change negotiations. It should be noted that the Emaileri write-down does not affect cash flow, and the costs resulting from the change negotiations are non-recurring, although the company has recorded a significant amount of various non-recurring costs in recent years.

Guidance reiteration expected

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 reiterate its guidance, as the development in the early part of the year was well in line with it, and we also expect Q2 to have progressed according to the guidance. Our forecasts expect full-year revenue to grow by ~4% to 159 MEUR (comparable growth slightly above the midpoint of the range) and adjusted EBITDA to rise to 54 MEUR.

In the report, we will particularly monitor the company's comments on the demand environment. The macro situation has remained uncertain due to the war in Iran, and we aim to determine whether a temporary weakening of consumer confidence or the interest rate environment has affected customer behavior during Q2. In connection with Q1, the company did not see any particularly significant impacts, and we do not expect the situation to have changed significantly since then. In addition, we look forward to more detailed information on the outcome of the change negotiations and the savings effects, which we estimate will support profitability in the latter part of the year and next year.