Translation: Original published in Finnish on 10/30/2026 at 8:00 am EET.

Enento’s Q3 performance was largely in line with our expectations, with strong performance in Finland providing particular support this time. The demand environment is showing signs of picking up, as clearly reflected in strong growth in consumer credit information. Rising interest rates, however, pose a risk to the trend continuing. Our estimates are practically unchanged. Given the good business trend, we believe the share’s valuation remains attractive. We reiterate our EUR 17.0 target price and Accumulate recommendation.

Strong acceleration in consumer credit information in Finland

Enento’s Q3 revenue grew by 4% to 38.8 MEUR, in line with our estimate. Geographically, Finland was a bright spot for once, with revenue up 5% (6% excluding the Emaileri divestment), driven by strong growth in consumer information services (+13%). In Sweden, comparable growth was more moderate (+2%), as the SME transformation weighs on business information services. Norway and Denmark were stable, as expected, with sales still held back by limited resources. Adjusted EBIT improved to 12.1 MEUR (Q3'25: 10.7 MEUR), slightly below our 12.8 MEUR estimate but above consensus (11.5 MEUR). The earnings improvement was driven by revenue growth, lower sales commissions from the SME transformation, and cost savings from the change negotiations, although the normalization of incentive costs, which we had not fully factored into our forecasts, held back the improvement. On a positive note, there were practically no non-recurring items, which have historically been fairly regular for the company. Reported EPS was EUR 0.29 (our forecast: EUR 0.30).

Estimates practically unchanged

As expected, Enento reiterated its guidance, under which 2026 revenue will grow by 0–5% at comparable exchange rates and adjusted EBITDA will grow faster than revenue. Based on January–September, the company is well on track to meet its guidance, and we see no risk to it.

More broadly, the Nordic macroeconomic environment is showing signs of improvement, as indicated by the growth in Finnish consumer credit volumes, driven by unsecured loans. Rising interest rates and weaker consumer confidence, which dipped in Finland this fall, are raising the risks again, however. So far, these risks do not appear to have shown up in the company’s figures. Our forecast changes are small and mainly reflect the Q3 figures. We expect current-year revenue to grow by ~4% to 158.8 MEUR and adjusted EBIT to rise to 46.1 MEUR (2025: 41.0 MEUR).

Unique data protects the business

In the AI era, unique proprietary data matters more than ever, and Enento says ~60% of its revenue comes from data and services that only it holds. In our view, this protects the business, and the company is building new solutions on top of this data, such as AI Connector. The remaining 40% faces a greater risk of competition, but Enento’s brand and the value it adds on top of the data appear to protect its position, at least for now.

The big picture remains unchanged, risk/reward ratio is interesting

In the big picture, the Q3 report once again reaffirmed Enento's earnings growth outlook for this year, and we see many of the same themes supporting the outlook next year as well. In our view, the business continues to develop in the right direction, and reflecting this, the stock's valuation is moderate, with adjusted EV/EBIT multiples of 11x–10x and corresponding adjusted P/E multiples of 14x–11x for 2026–2027. We find the risk/reward ratio interesting at the current valuation. Investors should note that a significant portion of the expected return consists of a dividend of over 6%.