Enento Q3'25 preview: Weak and stable quarter

Translation: Original published in Finnish on 10/20/2025 at 8:02 am EEST.

Source: Inderes & Enento (6 analysts)

Enento will publish its Q3 results on Wednesday, October 29, at the exceptionally early time of 9.00 am EET. We expect low, currency-driven growth in revenue and operating result to remain roughly the same as in the soft comparison period. The operating environment has remained fairly subdued, and we do not anticipate any significant changes to the outlook. Our comments on the analyst call preceding the company's quiet period are available here. Areas of interest in the report include developments in the Swedish market, the impact of the SME business transformation, and developments in new growth areas.

Relatively stable revenue trend expected

We expect Enento's Q3 revenue to increase by 1.5% to 37.4 MEUR. We estimate that revenue will receive slight support from currency changes and that, in comparable currencies, revenue will remain at approximately the same level as in the comparison period. The market environment in the company's main markets of Finland and Sweden has remained sluggish, and economic growth expectations for these countries have continuously been postponed in recent times. There are also some small positive signs, such as a noticeable upturn in consumer confidence in Sweden and slight signs of recovery in loan demand in Finland. By business area, we estimate that Consumer Insight's revenue remained at the same level as in the comparison period and that Business Insight drove growth (estimate +2.5%).

No grounds for earnings growth

We expect Enento's adjusted Q3 EBIT to have been 10.8 MEUR, around the same level as in the comparison period (Q3'24: 10.9 MEUR). In our view, given the current trend in the top line, the result does not provide grounds for significant improvements, while we also expect to see slight inflation in costs. We also estimate that the gross margin will continue to face slight pressure due to the weakened sales mix. We expect reported EBIT to be 7.5 MEUR (Q3'24: 7.2 MEUR), weighed down by continued PPA amortizations but mainly by small, one-off IT infrastructure project costs (-1.3 MEUR). Nevertheless, we estimate that these costs have decreased significantly from previous levels (Q2'25: -3.2 MEUR).

Guidance should be achievable

Enento guides that its current year revenue will be 150-156 MEUR and adjusted EBITDA around 50-55 MEUR. Our revenue forecast is 152.7 MEUR and adjusted EBITDA is 51.7 MEUR. Our forecasts are thus below the mid-point of the guidance range, especially for the result. If Q3 were to fall significantly short of our estimates, and if the operating environment were to continue deteriorating throughout the rest of the year, a negative profit warning could not be ruled out entirely. In our opinion, this is not evident, but there has been no significant recovery either. At this stage, attention is already turning strongly to next year, for which we are striving to gain a little more visibility in terms of drivers. We believe that the company has the potential for earnings growth next year, but this would require some support from the demand environment, which is naturally beyond the company's control. Of the company's own actions, the transformation of the Swedish SME business could jeopardize revenue development but will enhance the business's long-term profitability potential.