Q3 2026 was a strong quarter for Enento, with growth across all reported segments and continued positive momentum from the first half of the year. Group net sales increased by 3,4% at comparable exchange rates and amounted to EUR 38,8 million (EUR 37,3 million). Adjusted EBITDA grew considerably faster than net sales, with adjusted EBITDA margin reaching 38,8% (36,2%). Also, free cash flow improved significantly.
We are on a transformation journey from a data provider to a technology company that combines trusted data, regulatory expertise and AI capabilities. Our ambition is to help customers make continuously better decisions with confidence by developing AI-enabled products and connectors that make our data easier to access and use. At the same time, we are leveraging AI to accelerate product development and improve our internal efficiency. AI is only as powerful as the data behind it, and roughly two thirds of our data is unique. This provides a strong foundation for innovation and reinforces our market-leading position.
We are excited to have launched our AI connectors across the Nordics. This allows customers to use their own AI tools for analysis and decision-making while relying on Enento’s trusted unique data. The connectors’ beta versions are currently being tested by our customers and developed further based on the feedback. We will continue to develop more AI-native products going forward.
To support the transition into a technology-led company, we made changes to the Executive Management Team (EMT) in October. We have started the recruitment of a new Chief Technology Officer, who will replace the Chief Information Officer role in the EMT. Also, the interim country leadership of Sweden was strengthened in August by appointing Petter Alvsten as Interim Country Director for Sweden until the previously appointed Alexandra Åquist joins Enento at the beginning of 2027. This enables dedicated leadership in Sweden while Carl Brynielsson has his full focus on Norway and Denmark.
Our three segments: Finland, Sweden and Norway & Denmark
In Finland, the improved macroeconomic environment was finally visible in the business during Q3. Net sales grew by 5,3%, and 6,4% excluding the divested Emaileri business. Growth was driven by consumer information services, supported by higher consumer lending volumes and new customer wins, while growth in business information services was more moderate. To support further growth, we have strengthened our sales teams, with a focus on new customer acquisition.
In Sweden, sales grew by 2,4% at comparable exchange rates. Consumer information continued to perform well, supported by higher consumer credit volumes in both unsecured lending and housing transactions. Business information services remained affected by the SME transformation as Premium revenue continued to be under pressure. Otherwise, the transformation is progressing according to plan. Churn has remained in line with expectations and lower sales commissions have supported profitability.
In Norway and Denmark, development was two-fold, net sales growing by 0,2% at comparable exchange rates. The visibility and data-driven premium services for SMEs grew by double digits through both online and offline channels, while display advertising business continued to be affected by temporary resource constraints. Corrective actions have been taken, and sales resources have since been strengthened. The segment made a strong improvement in profitability, originating from improved sales efficiency.
Our results in more detail
Group Adjusted EBITDA increased by 11,0% at comparable rates and reached EUR 15,1 million (EUR 13,5 million). Profitability improvement was driven mainly by scalable net sales growth and supported by operational efficiencies. Adjusted free cash flow improved and landed at EUR 15,2 million (EUR 8,7 million), resulting in an Adjusted cash conversion of 100,8% (64,4%).
During the quarter, we renewed our long-term financing package, comprising of a EUR 150 million term loan and a EUR 30 million revolving credit facility. The agreement has a three-year maturity and includes two one-year extension options. Our strong cash flow and strengthened financial position allow us to allocate capital to our shareholders. The second dividend payment for 2026 of EUR 0,5 will be paid out in November. In addition, we will initiate a share buyback program for a maximum of 120 000 shares representing approximately 0,50% of total shares. The program supports efficient capital allocation and prepares for potential share-based payments under the company’s long-term incentive programs.
Future outlook
Looking ahead, as the current strategy period approaches its conclusion, we prepare to deliver value in an evolving business environment against our strategic priorities. The macroeconomic environment in the Nordics has improved, though the situation may change as interest rates have started to rise again. Geopolitical uncertainty remains and we continue to monitor macro indicators as well as regulatory changes affecting our markets closely. Our guidance for 2026 remains unchanged. We continue to expect that, with comparable exchange rates, net sales will grow by 0–5% and Adjusted EBITDA will increase compared to 2025, with Adjusted EBITDA growth exceeding net sales growth at comparable exchange rates. We remain focused on sales execution, investing in AI-enabled products and building future growth and value for our customers, employees and shareholders.
Further information
You can find further information about our results development in section Investors.
