Translation: Original published in Finnish on 3/3/2026 at 8:12 am EET.

Yesterday, Enento Group announced that it will transition to a country-based operating model, replacing its current business area-based structure. The company is simultaneously renewing its executive management team and segment reporting, which will improve transparency regarding developments in different countries. This change in organizational model comes as no surprise, considering that a new CEO took office at the beginning of the year. The change will not impact our forecasts or views.

Country-based model clarifies local P&L responsibility

Enento has previously reported its revenue based on its Consumer Insight and Business Insight business areas. In the future, reporting will follow geographical divisions: Finland, Sweden, and the combined Norway–Denmark region. This change is intended to enhance customer proximity and clarify local profit-and-loss ownership. The company has already reported its revenue development by country, but we assume that it will also start reporting its results by country in the future. From an investor's perspective, we believe that this change will be beneficial, as it would increase transparency regarding the company's performance in different markets. In recent years, Enento's challenges have been especially centered in Sweden, where regulatory changes and the transformation of the loan broker market have reduced demand for consumer credit information. This has also been reflected in the group's overall result, as revenue from consumer credit information in Sweden is very high-margin. Meanwhile, business operations in Finland (Asiakastieto) have remained considerably more stable, with a greater focus on business information.

Significant changes to executive management team

In connection with the organizational restructuring, there will be significant changes to Enento's executive management team, as the Country Managing Directors will join the team and three previous members will leave their positions. Arto Paukku has been appointed Country Managing Director for Finland and Carl Brynielsson for Norway and Denmark (as well as temporarily for Sweden). At the same time, the company aims to ensure Nordic synergies and product development harmonization through the role of a new Chief Product Officer (CPO), for which an appointment has not yet been made. Technology and data operations remain under the IT organization led by the Chief Information Officer.  HR, finance and other group functions will continue to operate as centralized support units under the Chief HR Officer and Chief Financial Officer.  

While the reorganization is significant for the company, it is not particularly surprising, given the new CEO who started earlier this year. Enento's businesses in different countries vary considerably and are at different stages of development. For this reason, we consider the country-specific organizational model logical. However, the change has no immediate impact on our estimates or our view.