According to Nordea’s Frank Vang-Jensen, corporate credit volumes grew by 8% year-on-year in Q4/25. The KL article mentions that Sweden in particular drove the growth, but growth was seen across all Nordic countries. According to Vang-Jensen, Sweden’s personal customer business grew significantly compared to the comparison period. In Finland, sentiment is improving on the corporate credit side, but it remained quiet on the consumer side.
Assuming that the development seen by Nordea also applies to other banking players, Enento’s transaction-based billing would be expected to have grown in Q4/25.
We expect Enento’s reported revenue to have grown modestly at the end of the year, supported by exchange rates, and the operating result to have improved slightly from the comparison period. We have added some one-off costs to our Q4 forecasts due to the change negotiations conducted by the company in late 2024. In the report, attention will focus particularly on the first comments from the new CEO, who started in early January, as well as the outlook for 2026. In the operating environment, there are no major reasons for celebration yet, especially in Finland, but in Sweden, the economic environment is showing signs of picking up. In our view, the company should have the prerequisites for modest growth and earnings improvement this year.