Translation: Original published in Finnish on 4/23/2026 at 7:35 am EEST.

Enento Group announced on Wednesday that it is initiating change negotiations in Finland and Sweden. The preliminary estimate is that the planned measures could lead to a maximum reduction of approximately 60 full-time equivalents. The change negotiations came as no great surprise, given the operating model updated by new CEO Teppo Paavola and the continued sluggish demand environment, but the scale of the changes is surprisingly large. We expect to hear more details about the background to the change negotiations when the company reports its Q1 result next Tuesday, at which time we will also review our forecasts. Enento also released comparative figures yesterday for its new segment reporting for 2025, which highlighted the role of its Finnish operations (formerly Asiakastieto) in the company’s results.

Building smarter operations is an extension of restructuring the operating model

The announced change negotiations concern all employees in Finland and Sweden. The planned reduction of a maximum of 60 employees is significant given the company's size, representing approximately 16% of the group's total workforce (average number of employees in Q4'25: 377 people).

The aim of the negotiations is to align Enento’s resources and competencies with its strategic priorities and future customer needs, clarify responsibilities and ways of working, and build smarter operations across the group. In our view, these measures are closely related to the transition to a country-specific operating model, which was announced in March. Given the broader changes to the operating model, the change negotiations came as no surprise. However, the scale was surprisingly large, indicating that the company’s management sees clear potential for efficiency gains in its new operating model. We will be interested to hear from the company whether the efficiency benefits brought by AI have played a role in the change negotiations. The large-scale negotiations may also serve to underscore the persistently sluggish demand environment.

Estimates under review in connection with Q1

The change negotiations will not affect Enento's 2026 guidance, which states that the company expects revenue to grow by 0–5% in comparable currencies and adjusted EBITDA to increase from 2025. The negotiations are expected to conclude during the second quarter of 2026, and the outcome will be communicated and disclosed as part of the interim report for Q2’26. Therefore, the exact savings impact estimated by the company will not yet be known in connection with the Q1 earnings, but we will still attempt to account preliminarily for the change negotiations in our post-Q1 estimates. Termination benefits will result in one-time expenses in Q2.

Comparative data for new segment reporting released

Enento also released comparative data for its new segment reporting for 2025 yesterday. Going forward, Finland and Sweden will operate as separate country units, while Norway and Denmark will operate under one combined country structure. In addition, Enento is updating its revenue reporting practice. Going forward, revenue will be reported by segment and by income type: Business information and Consumer information.  In prior periods, revenue was reported by business area: Business Insight and Consumer Insight. As part of this change, certain ID protection services for corporate customers previously included in the Direct-to-Consumer business line under Consumer Insight have been reclassified to Business information services.

There was new information regarding the profitability of Enento’s various country units. Of Enento's adjusted EBIT of 41.0 MEUR for the year, 26.9 MEUR came from Finland (37% of revenue), 14.9 MEUR from Sweden (21% of revenue) and 2.2 MEUR from Norway/Denmark (20%). In addition, Group operations had an allocated adjusted EBIT of -2.9 MEUR.

Country-specific profitability figures did not reveal any major surprises when viewed in the broader context. The Finnish business is clearly the most profitable within the group, accounting for the largest share of profit. This came as no surprise, given the historical profitability of Asiakastieto (adj. EBIT-% approximately 40-45%). The Swedish business (primarily UC) is thus still significantly less profitable than the Finnish business, although profitability remains strong, especially considering the decline in revenue from high-margin consumer credit information services in Sweden in recent years. It is also not known what level of profitability the Swedish business achieved during the cycle's better years. Profitability in Norway/Denmark was slightly stronger than we had expected, given the still small scale of the business. This highlights that the smaller, yet growing, business operations in these countries are structurally sound, and we therefore believe that investing in these markets is a sound decision.