Alexandra Åquist has been appointed Country Manager for Sweden and will join Enento Group Plc’s Executive Management Team by the beginning of 2027 at the latest. She will report directly to CEO Teppo Paavola. Sweden’s Acting Country Manager, Carl Brynielsson, will continue in his primary role as Country Manager for Norway and Denmark.
Alexandra Åquist will play a key role in executing the growth strategy for Sweden as part of Enento’s strategic goal for long-term growth. Alexandra has built her career in the insurance and fundraising sectors, as well as in legal information services, the latter involving senior management positions at Karnov Group. In her most recent role, she served as Chief Revenue Officer and Country Manager for Spain and Portugal.
It’s just a shame about these long transition periods at the executive level when moving from previous roles to new ones. Now that it seems the company has “started shaking things up” and all sorts of changes are in the air, it would be very nice if the newly appointed individuals could get to work on advancing them as quickly as possible. Well, the latest CEO appointment was already anticipated like the rising moon… Of course, if that position had been filled by Paavola sooner, all of these measures would already be further along in implementation… Time moves slowly when you’re waiting.
Good news for Enento regarding the demand for corporate loans: Q2 has been more active than the comparison period. According to the news, bank managers also expect credit demand to develop favorably in Q3.
“According to Finance Finland’s (FA) latest Bank Barometer, companies have requested significantly more credit during the second quarter of 2024 than at the same time last year.”
Here are Ronin’s pre-game thoughts as Enento prepares to report its results this Friday
We expect revenue to have continued on a moderate growth path, supported by all geographical segments. We expect the operating result to have improved from the comparison period, but we expect the reported result to remain very weak due to significant non-recurring items (write-downs from the Emaileri divestment and costs related to change negotiations). Following these, we have made cuts to our reported Q2 earnings forecasts. In the report, our attention will be focused on the development of the demand outlook, the Swedish business (reorganization of SME business and regulation), as well as the final results of the company’s change negotiations.
Net sales were EUR 39.9 million (EUR 38.6 million), up 3.3% (up 2.6% at comparable exchange rates).
Adjusted EBITDA was EUR 14.6 million (EUR 13.0 million), up 11.9% (up 11.2% at comparable exchange rates).
Adjusted EBITDA margin was 36.5% (33.7%), an increase of 2.8 percentage points (an increase of 2.8 percentage points at comparable exchange rates).
Adjusted EBIT was EUR 11.6 million (EUR 10.2 million), up 13.6% (up 13.0% at comparable exchange rates).
EBIT was EUR 1.7 million (EUR 5.0 million).
January–June 2026 in brief
Net sales were EUR 79.5 million (EUR 76.3 million), up 4.1% (up 2.6% at comparable exchange rates).
Adjusted EBITDA was EUR 28.1 million (EUR 25.5 million), up 10.2% (up 8.9% at comparable exchange rates).
Adjusted EBITDA margin was 35.3% (33.4%), an increase of 1.9 percentage points (an increase of 2.0 percentage points at comparable exchange rates).
Adjusted EBIT was EUR 22.2 million (EUR 19.7 million), up 12.9% (up 11.7% at comparable exchange rates).
EBIT was EUR 9.4 million (EUR 10.2 million).
Updated guidance:
Enento Group expects net sales for 2026 to grow by 0–5 percent and adjusted EBITDA to grow at comparable exchange rates compared to 2025, with the growth of adjusted EBITDA exceeding the growth of net sales at comparable exchange rates.
Previous guidance:
Enento Group estimated that net sales for 2026 would grow by 0–5 percent and adjusted EBITDA would grow compared to 2025 at comparable exchange rates.
Roni interviewed Enento’s CEO Teppo Paavola regarding the Q2 results
Topics:
00:00 Introduction
00:09 Key points of Q2
01:05 Drivers of earnings improvement
02:02 Change negotiations
03:51 Major changes in the organization
04:42 M&A activity during the quarter
06:17 M&A activity going forward
06:53 Changes in market dynamics due to AI
09:40 Customer relationships with Nordic banks
11:16 Product development
12:16 Refined guidance
13:22 Demand outlook
14:40 Regulatory changes
The pessimistic mood continues with this stock. €15/share at the moment It would definitely be a nice boost if share buybacks started now and were used, for example, to finance acquisitions.
Enento grew in Q2 as we expected, but operating profitability exceeded our forecasts. There are no major changes in the operating environment compared to before, and regulatory risks appear to be under control. The guidance was refined, which provided more concreteness to the earnings growth outlook we expect for the current year. Given the good business trend, we believe the stock’s valuation remains attractive and the risk-reward ratio is favorable. We reiterate our target price of EUR 17.0 and our “Accumulate” (lisää) recommendation.
-
OP reiterates BUY and a target price of 21.0. Titled “Growth picture brightening”.
-
DNB Carnegie raises its target price to 20.60 (previously 18.90) and reiterates BUY.
These are the kind of announcements I, for one, have been waiting for since the earnings release. At least we got one now. It already started to cross my mind whether some kind of arrangement was in the works, given that CEO Paavola stopped buying stock after the earnings result. Though he did buy his way into the top 50 shareholders during the spring.
It would definitely be a nice boost if share buybacks started now and were used, for example, to finance acquisitions.