Source: Inderes

Translation: Original published in Finnish on 10/20/2026 at 7:00 am EEST.

Enento will publish its Q3 report on Thursday, October 29, and you can follow the company's earnings webcast here starting at 1:00 pm EET. We expect the company's revenue to have continued on a stable growth path, supported by all geographical segments. We forecast earnings to have grown clearly, supported by savings from the change negotiations earlier in the year, an improved sales mix, and top-line growth. We expect the company to reiterate its full-year guidance. In the report, we will pay special attention to the development of the demand environment. A broader pick-up in economic growth in Finland and Sweden supports the company's demand outlook, although consumer confidence and housing market activity remain quite muted.

Stable growth trend continues

We expect Enento's Q3 revenue to have increased by just over 3% to 38.6 MEUR. We estimate that growth is driven by a positive development across all geographical segments. In Sweden (forecast +4%, 17.6 MEUR), we expect the recovery in consumer information services to have continued on a yearly basis, but the reform of the SME business may still create minor headwinds for business information revenue. In Finland (forecast +2%, 18.1 MEUR), we expect B2B demand to have remained largely stable, but we estimate that consumer demand has experienced a slight pick-up. We expect the Norway-Denmark businesses (forecast +8%, 2.9 MEUR) to have grown the fastest among the segments, but this growth is largely supported by exchange rates (the Norwegian krone has strengthened significantly). We estimate that, as in Q2, comparable growth is weighed down by challenges with the company's advertising sales partners. Overall, currencies will have a small positive impact on revenue at the Group level. The small Eivora acquisition and the Emaileri divestment have only a small net-negative impact on revenue development.

Earnings to remain on growth track

We forecast adjusted EBIT to have clearly risen to 12.8 MEUR (Q3'25: 10.7 MEUR), which would correspond to a strong margin of 33.1% (Q3'25: 28.7%). Earnings growth is driven by revenue growth and favorable development of the sales mix as high-margin consumer information services recover. In addition, the cost savings brought by the change negotiations implemented earlier in the year should now support profitability for the entire quarter. The company is also making certain growth investments, so the reductions will not be fully reflected as savings. However, the company has stated that it aims to keep its number of personnel (FTE) below 350 (2025: 377). We expect reported EBIT to stand at 10.4 MEUR (Q3'25: 8.2 MEUR), and we do not expect significant one-off costs. We expect reported EPS to have risen to EUR 0.30 per share (Q3'25: EUR 0.22).

No changes expected in guidance

We expect Enento to reiterate its guidance, according to which 2026 revenue is expected to grow by 0–5% at comparable exchange rates, and the growth in adjusted EBITDA is expected to exceed revenue growth. Our forecasts for the current year expect revenue to grow by just under 4% (comparably ~3%) and adjusted EBITDA to grow by just under 10%. We believe the company is progressing well in line with its guidance, and we do not see any actual risks associated with it. The macroeconomy of the company's largest markets, Finland and Sweden, has developed favorably this year, which is why interest focuses on how Enento comments on its outlook. A broad-based recovery in the macroeconomic environment should support the company's outlook, but at the same time, it is good to recognize that, for example, data center and defense investments in Finland do not directly support the company's demand. A broad-based pick-up in business and consumer demand as well as the housing market would be particularly important for the company. However, especially regarding the housing market, the recent rise in interest rates creates a headwind.