Kvartalsrapport Q1 2026

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Unofficial translation of the official Swedish version  Interim report Q1 2026

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2 
Interim report Q1 
The market is moving. We are ready. 
January – March 2026   
• Net sales for the quarter amounted to SEK 238 million 
(237). 
• Operating result amounted to SEK -1 million (14).   
• EBITDA amounted to SEK 11 million (32), with an EBITDA-
margin of 4,6 percent (13,3).1) 
• Adjusted EBITDA amounted to SEK 31 million (32).1) 
• Non-recurring items amounted to SEK 20 million (0). 
 
 
 • Result before income tax amounted to SEK -8 million (15). 
• Net result for the period amounted to -8 million (16). 
• Earnings per share before and after dilution amounted to SEK -
0,01 (0,02).  
• Cash flow from current operations amounted to SEK 9 million 
(19). 
• ARR for the Marketing Partner business area amounted to SEK 
534 million (499).1) 
1)Alternative performance measures are reconciled on page 20 and defined on page 22. 
 
 
 
  
 
 
 
 
 
 
LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Net sales 238 237 956 955Operating result -1 14 40 55EBITDA 11 32 102 123Adjusted EBITDA 31 32 138 139Net result for the period -8 16 23 46Cash flow from current operations 9 19 80 90Q1
Significant events in the first quarter of 2026 
• On February 4, 2026, Eniro announced that the closing of the acquisition of Mainostoimisto SST Oy had taken place. 
• On February 10, 2026, Eniro announced that the company made an agreement with Kapatens. 
• On February 18, 2026 the Supreme Court announced that the lower instances judgements had been set aside and the case was 
dismissed. 
• On February 23, 2026 Eniro announced that Mats and Eva Qviberg are new major shareholders in Eniro. 
 
Significant events after the end of the period 
No significant events have occurred after the period.

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3 
 
CEO update 
The market is shifting. We are ready. 
Over the past two years, the Nordic SME segment has undergone 
a historically significant downturn. More than 10,000 Swedish 
companies went bankrupt in both 2024 and 2025. Our customers 
across the Nordics have struggled with high interest rates, weak 
consumption and repayments of pandemic-related debt. This has 
left its mark on demand, but the companies that remain have a 
viable business idea that we want to help realize. 
And now the tide is turning. January 2026 showed the clearest 
decline in bankruptcies in two years. The Swedish government is 
launching economic stimulus packages and optimism is returning 
despite continued global uncertainty. This is a market we are well 
positioned for. 
2025 was a year in which Eniro took clear steps from 
transformation to positioning. 2026 is the year we build further 
and invest in the future. In the first quarter we deliver revenue of 
SEK 238 million, essentially unchanged from the prior year. 
Adjusted EBITDA lands at SEK 31 million, also in line with Q1 2025. 
ARR for Marketing Partner amounts to SEK 534 million.  
Dynava turned to positive EBITDA of SEK 7 million, compared to 
zero in the same period last year. That movement is the result of 
deliberate restructuring work that is now taking effect: fewer but 
stronger customer relationships, an adjusted cost base and a 
delivery capability that is better than it has been in a long time. A 
company that manages to turn one business area around without 
losing the other has an operational discipline that rarely shows up 
in the numbers. 
The Nordic digital marketing landscape is being restructured right 
now. Companies that cannot manage the AI transition are seeking 
partners or exits. At the same time, capital is returning to the M&A 
market, and the window for acquiring the right companies at the 
right price is open. We have SEK 175 million in cash, no bank debt 
and several completed acquisitions with a proven integration 
capability. That is a structural advantage in a window that will not 
stay open forever, and our ambition is to capitalize on this going 
forward. We are probably the only Nordic company in our sector 
with the capital, platform and proven integration capability to act 
now. In February we completed the acquisition of SST in Finland, 
our third Finnish acquisition, and we are committed to continuing 
our acquisition journey across our Nordic market. 
AI is no longer a side project for us. It is at the core of how we 
build our business. Research consistently shows that the 
companies that truly capture AI value are not those that adopt 
more tools, but those that rebuild how they work. That is the path 
we have chosen with Robin, Dynava Lab and our recently 
announced partnership with Sana. The 45,000 SMEs we serve 
cannot afford their own AI departments. That is exactly why they 
need us more now than they did three years ago. We are actively 
investing in our technology platform, modernizing legacy systems 
and building an IT capability that can scale in line with business 
growth. 
 
 
 
 
 
But technology does not win on its own. What I find myself 
thinking about more and more as we move further into this 
journey is what AI actually frees up space for: setting direction, 
making difficult decisions and building a company where people 
can grow. Those questions cannot be automated and they require 
close leadership. That is where the real competitive advantage is 
built, in how we think and what we choose to prioritize. 
We enter the remainder of 2026 with a strong cash position, high 
recurring revenues and the willingness to invest in an organization 
built for acceleration. 
Hosni Teque-Omeirat 
President and CEO

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4 
 
 
 
 
Financial overview  
January – march 2026 
Net sales  
Net sales for the first quarter amounted to SEK 238 million 
(237), an increase of SEK 1 million compared with the previous 
year, corresponding to a change of 0 percent. In the Marketing 
Partner business area, net sales increased by SEK 11 million, 
corresponding to 8 percent compared with the previous year, 
which is explained by the acquisition of Qwamplify and 
Mainostoimisto SST, which contributed to the increase in sales. 
The Dynava business area's sales decreased by SEK 11 million, 
corresponding to 13 percent compared with the previous year, 
which is mainly related to continued reduced volumes in 
directory enquiries and the weak development of the Finnish 
contact centre business. Currency translation effects affected 
total revenue by SEK -6 million (-2). 
Geographically, revenue distribution was as follows: Sweden 
SEK 138 million (125), Norway SEK 27 million (26), Denmark 
SEK 27 million (31) and Finland SEK 46 million (55). 
Operating result 
Operating result amounted to SEK -1 million (14).   
Currency translation effects impacted operating result by SEK 
0 million (0). 
The Group's operating expenses, excluding depreciation, 
amortization and impairment, amounted to SEK -230 million (-
211). Currency translation effects impacted operating expenses 
excluding depreciation and amortization by SEK 6 million (1).  
The Group's total depreciation and amortization amounted to 
SEK-12 million (-18) of which -6 million (-8) refers to tangible 
fixed assets and -6 million (-10) refers to intangible assets. 
Currency translation effects impacted total depreciation and 
amortization by SEK 0 million (0). 
EBITDA 
The Group’s EBITDA amounted to SEK 11 million (32), 
corresponding to an EBITDA margin of 4,6 percent (13,3). 
Adjusted EBITDA amounted to SEK 31 million (32), excluding 
items affecting comparability for M&A, settlement and 
restructuring of SEK 20 million (0). Currency translation effects 
impacted EBITDA by SEK 0 million (0). 
Net financial items 
Net financial items amounted to SEK -5 million (3) and mainly 
consist of interest on pension liabilities of -2 MSEK (-2), 
foreign exchange differences on intra-group cashpool of SEK -
4 million (0) and intra-group loans of SEK 0 million (4) with 
exposure to NOK, DKK, and EUR, which is partially offset by 
interest income of SEK 1 million (0). 
Result before and after tax  
Result before tax amounted to SEK -8 million (15). Net result 
(after tax) amounted to SEK -8 million (16).   
Net sales 
238 MSEK 
 
 
 
Operating result 
-1 MSEK 
 
 
 
EBITDA 
11 MSEK 
 
 
232245235239237237237244238050100150200250Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12024 2025 2026MSEK4 12322414 72410-1-20-100102030405060Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12024 2025 2026MSEK20305042322440271101020304050607080Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12024 2025 2026MSEK

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5 
 
 
 
Cash flow 
Total cash flow for the period amounted to SEK -15 million  
(-1). 
 
Cash flow from current operations amounted to SEK 9 million 
(19), where the change in working capital was SEK 0 million (-
12).  
Cash flow from investing activities amounted to SEK -17 
million (-11) and mainly relates to the acquisitions of 
Medialuotsi Oy and Mainostoimisto SST SEK -13 million (-9) 
and general IT purchases, SEK -3 million (-3). 
Cash flow from financing activities amounted to SEK -7 million 
(-9) and relates mainly to the amortization of lease liability 
according to IFRS 16, SEK -5 million (-7), as well as the 
amortization of pension liability, SEK -3 million (-1).  
Liquidity and financial position  
Cash and cash equivalents amounted to SEK 175 million (158). 
The Group’s consolidated equity amounted to SEK 327 million 
(302). Equity ratio amounted to SEK 33,2 percent (31,1).  
The Group’s pension obligations amounted to SEK 277 million 
(278). For further information, see Note 4 on page 17.  
Employees 
The average number of full-time employees in the Group at 
the end of the period was 838 (905).  
Parent Company 
Net sales amounted to SEK 5 million (6) and relate to intra-
group services. Net result for the period amounted to SEK -18 
million (-8). As of March 31, the parent company's equity 
amounted to SEK 465 million (471), of which non-restricted 
equity amounted to SEK 166 million (172). 
Transactions with related parties 
Azerion holds 26,10 percent of the voting rights in Eniro Group 
AB and is therefore considered a related party. 
 
Transactions with Azerion during the first quarter of 2026 
include revenues for Eniro amounting to SEK 2 million, 
expenses amounting to SEK -4 million as well as outstanding 
receivables of SEK 6 million. All transactions have been 
conducted on commercial terms. 
 
 
  
Net result  
-8 MSEK 
 
 
 
Cash flow from current 
operations 
 9 MSEK 
 
 
 
Equity ratio 
33,2% 
 
 
4 5302916 1228-8-30-20-10010203040Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12024 2025 2026MSEK
1235-36419 14 13439-20-10010203040506070Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12024 2025 2026MSEK27232530313134353305101520253035Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12024 2025 2026%

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6 
 
 
 
Segment reporting 
 
Marketing partner 
 
 The Marketing Partner business area offers micro, small, and medium-sized 
enterprises a comprehensive range of digital marketing services through both 
proprietary products and external partnerships, such as with Google and Facebook. 
The offering consists of seven products grouped into three clear needs: retaining 
customers, finding new customers, and becoming number one in their market. In 
Marketing Partner, our own search site products from our own marketplaces are 
gathered under a common brand, Robin, which replaces the previous brands; 
eniro.se, gulesider.no, krak.dk, dgs.dk, and 0100100.fi for third party products. 
 
Net sales for the quarter amounted to SEK 164 million (153), an increase of 8 
percent, which is mainly explained by the acquisition of Qwamplify which 
contributed SEK 9 million and the acquisition of Mainostoimisto SST Oy which 
contributed SEK 5 million to the increase in sales. EBITDA this quarter amounted to 
SEK 23 million (37) and operating result SEK 15 million (24). The decline in EBITDA 
is mainly explained by increased volume related costs and integration costs for 
Mainostoimisto SST. The first quarter was impacted by restructuring costs of 
approximately SEK 3 million (0). 
Share of Group’s net sales 
69,0% 
 
 
 
 
 
   
 
 
Dynava 
 
 The Dynava business area offers customer service and answering services, as well as 
directory inquiry services for major companies in the Nordic region. In the Finnish 
market, Dynava is one of the largest players in the contact center market, and in 
the Swedish market, it is a major player in traffic-related services and directory 
inquiries. 
 
Net sales for the quarter amounted to SEK 74 million (85), a decline of 13 percent, 
which is mainly related to continued lower volumes in directory assistance and the 
Finnish contact center business.  
 
EBITDA for the quarter amounted to SEK 7 million (0) and operating result SEK 3 
million (-6), which is the result of efficiency measures implemented in 2025. 
Share of Group’s net sales 
31,0% 
 
 
 
 
LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Net sales 164 153 649 637EBITDA 23 37 114 128EBITDA margin, % 14,2 24,1 17,6 20,1Adjusted EBITDA 26 37 128 138Operating result 15 24 71 79Q1
LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Net sales 74 85 307 318EBITDA 7 -0 19 12EBITDA margin, % 9,7 -0,2 6,3 3,8Adjusted EBITDA 7 -0 23 16Operating result 3 -6 0 -8Q1

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7 
 
Other 
 
 In this table, revenues and costs in the parent company that have not been allocated to the business areas Marketing 
Partner and Dynava are reported. 
 
   
 
 
Group 
 
 
 
 
   
 
  
LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Net sales - - - -EBITDA-19 -5 -32 -17EBITDA margin, %- - - -Adjusted EBITDA-3 -5 -13 -15Operating result-19 -5 -31 -17Q1LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Net sales 238 237 956 955EBITDA 11 32 102 123EBITDA margin, % 4,6 13,3 10,7 12,8Adjusted EBITDA 31 32 138 139Operating result -1 14 40 55Q1

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8 
Other information 
Risks and uncertainties 
Eniro’s customers have a broad Nordic presence and represent 
a variety of industries. This diversification contributes to 
spreading risks, which is crucial for managing and controlling 
the business effectively. Eniro's ambition is to achieve a high 
level of risk awareness and well-developed risk management, 
which not only minimizes potential negative impacts but also 
identifies opportunities that can lead to positive business 
growth. 
Market-related risks 
Eniro's business operations are affected by a range of market-
related risks, including changing customer needs, economic 
fluctuations, geopolitical events, pandemics and financial 
crises. These factors can indirectly and directly affect the 
company's revenue and profitability. To mitigate these risks, 
Eniro relies on its diversified customer base that spans many 
industries and geographies. 
Global uncertainty has been increased by several factors, 
including international conflicts and economic challenges such 
as a weakening currency and economy. Eniro continues to 
actively manage these risks to minimise negative impact on 
the business and explore opportunities for growth and 
development despite these challenges. 
Inflation and high interest rates, leading to increased costs and 
reduced investment appetite among customers, represent 
additional risks. Eniro manages these through a mix of 
strategies that include long-term customer contracts, credit 
checks, prepayments and continuous evaluation of accounts 
receivable. 
Financial risks 
Eniro faces several financial risks, including currency risks, 
financing risks, interest rate risks, tax risks and other related 
financial challenges.  The Group's financial position is affected 
by fluctuations in the value of the Swedish krona, as Eniro 
manages revenue and expenses in multiple currencies and has 
intra-group receivables and liabilities in foreign currencies. 
These exchange rate fluctuations are detailed in the financial 
overview in this report, where a weakening of the Swedish 
krona generally favors net sales but has a negative effect on 
operating costs and only a marginal impact on operating 
profit. 
Eniro has no outstanding loans with credit institutions, which 
means that any interest rate increases have a limited impact 
on Eniro. 
For a more detailed description of significant risks and 
uncertainties, see the annual report for 2025, page 80 and in 
note 25 on page 100. 
Forward-looking statements, intangible assets and 
pension liabilities 
Information in this interim financial report that relates to 
future conditions or circumstances, including information 
about future performance, growth and other circumstances, 
and the effects and valuations of intangible assets and the 
Group's pension obligations, is forward-looking information. 
Forward-looking information is subject to risks and 
uncertainties because it relates to conditions and depends on 
circumstances that will occur in the future. Future conditions 
may differ materially from those expressed or implied in the 
forward-looking statements as a result of many factors, many 
of which are beyond the Company's control. 
Auditor's report 
This interim report has not been subject to a review by the 
auditors. 
Share structure 
The stock is traded under the ticker symbol ENRO. At the end 
of the period, the total number of shares was 746,182,472, of 
which 18,175,356 are owned by Eniro Group AB. There were no 
other share classes at the end of the period. 
Settlement with Kapatens Investment AB 
At the general meeting held on 12 September 2022, Eniro 
resolved to implement a uniform share structure by redeeming 
all outstanding Series B preference shares, converting Series A 
preference shares into ordinary shares, and carrying out a 
directed share issue. The resolutions were registered with the 
Swedish Companies Registration Office (Bolagsverket) and 
were duly implemented. Following completion, the Company 
has only one class of shares, carrying equal rights to capital, 
dividends, and voting. 
On 1 December 2022, Kapatens Investment AB commenced 
proceedings before the District Court of Solna (Solna 
tingsrätt), challenging the resolution regarding the redemption 
of the Series B preference shares. Kapatens did not request an 
order for suspension of enforcement (inhibition), and the 
resolutions could therefore be registered and implemented. 
Kapatens has subsequently also challenged certain subsequent 
resolutions regarding dividends, as well as parts of a resolution 
to amend the Articles of Association. These proceedings have 
been stayed pending a final determination in the original 
challenge proceedings. 
The District Court upheld Kapatens’ claim by judgment dated 
28 June 2024. The judgment was upheld by the Svea Court of 
Appeal (Svea hovrätt) on 2 April 2025. In both instances, 
dissenting opinions were issued in support of the Company’s 
resolutions. Eniro appealed the judgment of the Court of 
Appeal and applied for leave to appeal to the Supreme Court 
of Sweden (Högsta domstolen). 
The Board of Directors has, on an ongoing basis and with the 
support of external legal counsel, assessed that the 
implemented resolutions of the general meeting and the 
completed change in the share structure could not, in practice, 
be reversed. The Company’s previous assessment has 
therefore been that the ultimate financial consequence for the 
Company would essentially be limited to an obligation to 
reimburse the counterparty’s legal costs.

===== SIDA 9 =====

9 
However, the protracted legal proceedings have resulted in 
significant uncertainty for the Company. The proceedings have 
affected the Company’s freedom of action, including its ability 
to plan its capital structure and dividend policy in the long 
term, and have created uncertainty in the trading of the 
Company’s shares. Against this background, the Board of 
Directors, with the support of the Company’s major 
shareholders representing approximately 70 per cent of the 
shares, has assessed that a settlement is commercially justified 
and in the best interests of the Company and its shareholders. 
During February 2026, Eniro entered into an agreement with 
Kapatens Investment AB. Under the settlement, the parties will 
jointly petition the Supreme Court to set aside the judgments 
of the lower courts. Provided that the Supreme Court resolves 
in accordance with the parties’ joint petition, the stayed 
proceedings will be withdrawn and all disputes between the 
parties will be finally resolved. 
In this connection, Eniro shall pay a total settlement amount of 
SEK 17 million. A refundable advance payment corresponding 
to 10 per cent shall be paid in connection with the agreement. 
Kapatens shall withdraw all challenge actions and waive any 
and all further claims against the Company or its Board of 
Directors. The Company’s share structure, consisting of a 
single share class, shall remain in place in accordance with the 
previously implemented resolutions of the general meeting. 
The settlement is conditional upon the Supreme Court 
rendering a decision in accordance with the parties’ joint 
petition. 
On 18 February 2026, the Supreme Court announced its 
decision to overturn the ruling of the Svea Court of Appeal 
dated 2 April 2025 and the ruling of the Solna District Court 
dated 28 June 2024, and to dismiss the case. The Supreme 
Court made its decision in accordance with the joint petition 
submitted by Eniro and Kapatens to the Supreme Court 
pursuant to the settlement agreement entered into by the 
parties on 10 February 2026. 
Warrants 
At the annual general meeting held on 11 May 2023, it was 
resolved to issue a maximum of 37,000,000 warrants of series 
TO 2023 (‘Warrants 2023’), which in turn will entitle the holder 
to subscribe for new shares in the Seller in accordance with 
the terms and conditions of Warrants 2023 adopted by the 
said annual general meeting (for more information on the 
terms and conditions please, see the tab ‘General Meetings’ - 
‘Previous General Meetings’ at www.enirogroup.com). The 
Annual General Meeting held on 29 May 2024 decided to 
extend the period during which participants may apply for 
participation until 30 September 2024. 
All Warrants 2023 were subscribed for by Eniro Group AB itself 
and have been offered to employees within the Eniro Group, 
all 37,000,0000 Warrants 2023 have subsequently been 
subscribed for. Warrants 2023 were valued, in accordance with 
the terms and conditions, by an independent party according 
to the Black & Scholes valuation model. 
Subscription of shares shall, according to the terms and 
conditions, take place during the period from 1 June 2026 up 
to and including 30 June 2026. Each warrant will entitle the 
holder to subscribe for one share at a cost of SEK 1.09. Upon 
the exercise of all 37,000,000 Warrants and without taking into 
account any recalculation of Warrants 2023, Warrants 2023 will 
increase the share capital by a maximum of SEK 14,800,000 
and a maximum dilution corresponding to approximately 5 
percent. 
CSRD 
Eniro began reporting in accordance with the Corporate 
Sustainability Reporting Directive (CSRD) as of 1 January 2025. 
CSRD is included as an integrated part of our 2025 annual 
report, which was published on 14 April 2026. The report has 
been prepared in accordance with the European Sustainability 
Reporting Standards (ESRS) in line with the CSRD directive. 
Eniro's Annual General Meeting 
The Annual General Meeting for shareholders will be held on 
22 May 2026. 
Annual Report 
The Annual Report for 2025 has been published and is 
available on Eniro's website. www.enirogroup.com

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10 
Consolidated income statement 
Other comprehensive income statement 
 
LTM Full-yearMSEK Note 2026 2025 Apr-Mar 2025Net sales 3 238 237 956 955Other operating revenue 3 5 7 10Capitalized work for own account 0 2 7 9Purchase of goods and services -31 -25 -124 -118Other external expenses -60 -45 -197 -181Personnel costs -137 -140 -543 -546Other operating expenses  -2 -3 -5 -6Depreciations, amortizations and write-downs of - tangible fixed assets -6 -8 -25 -27 - intangible assets -6 -10 -37 -41Operating result -1 14 40 55Results from participations in associated companies -2 -2 -10 -10Finance income -1 5 4 10Finance costs -5 -3 -18 -16Result before income tax -8 15 16 39Income tax for the period 0 1 7 8Net result for the period-8 16 23 46Of which attributable to:Equity holders of the Parent -8 16 23 46Non-controlling interests - 0 - 0Net result for the period -8 16 23 46Earnings per share-0,01 0,02 0,03 0,06
Q1
LTM Full-yearKSEK Note 2026 2025 Apr-Mar 2025Net result for the period -8 16 23 46Other comprehensive incomeItems that will not be reclassified to profit or loss:Actuarial gains/losses attributable to pensions4-10 18 -0 27Items that may be reclassified to profit or lossTranslation differences related to foreign operations  5 -15 5 -14Other comprehensive income, net of tax -5 3 4 13Comprehensive income for the period -13 19 27 59Of which attributable to:Equity holders of the Parent -13 19 26 57Non-controlling interests (incl translation differences) - 0 2 2Comprehensive income for the period -13 19 27 59Q1

===== SIDA 11 =====

11 
Consolidated balance sheet 
 
 31 DecMSEK Note 2026 2025 2025AssetsFixed assetsRight of use asset  33  20  34Other tangible assets  12  7  9Intangible fixed assets2 543  548  530Deferred tax assets  20  17  20Financial assets  41  60  43Total non-current assets  650  653  635Current assetsAccounts receivable  78  67  73Other current receivables  82  94  84Cash and cash equivalents  175  158  189Total current assets  335  320  346Total assets  985  972  982Equity and liabilitiesEquityShare capital  298  298  298Reserves - 288 - 292 - 293Shareholder contributions/retained earnings  317  295  339Equity attributable to equity holders of the Parent  327  302  344Non-controlling interests - - - 0Total equity  327  302  344Non-current liabilitiesLease liabilities  20  10  21Employee benefits obligations4 277  278  268Other non-current liabilities  5  6  3Total non-current liabilities  302  293  292Current liabilitiesLease liabilities  15  12  14Other current liabilities  341  364  331Total current liabilities  356  377  345Total equity and liabilities  985  972  982
31 Mar

===== SIDA 12 =====

12 
Change in consolidated equity 
 
1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS.   
MSEK Share capital Other contributed capital  Reserves Retained earnings Total Non-controlling interests Total equity Opening balance Jan 1 2025 298 5 860 -277 -5 599 283 1 284Net result for the period - - - 16 16 -0 16Translation differences related to foreign operations - - -15 0 -15 0 -15Actuarial gains/losses - - - 18 18 - 18Total Comprehensive income - - -15 34 19 0 19Transactions with owners 0Other - - - 0 0 0 0Dividend paid to equity holders of the Parent - - - 0 0 - 0Dividends to non-controlling interests in subsidiaries - - - - - -1 -1Total transactions with shareholders - - - 0 0 -1 -1Closing balance Mar 31 2025 298 5 860 -292 -5 565 302 0 302Opening balance Jan 1 2025 298 5 860 -277 -5 599 283 1 284Net result for the period - - - 46 46 0 46Translation differences related to foreign operations - - -16 0 -16 2 -16Actuarial gains/losses - - - 27 27 - 27Total Comprehensive income - - -16 74 57 2 59Other - - - 3 3 -3 0Premiums for warrants - - - 0 0 - 0Total other - - - 3 3 -3 0Transactions with owners 0Dividend paid to equity holders of the Parent - - - 0 0 0 0Total transactions with shareholders - - - 0 0 0 0Closing balance Dec 31 2025 298 5 860 -293 -5 522 344 0 344Opening balance Jan 1 2026 298 5 860 -293 -5 522 344 0 344Net result for the period - - - -8 -8 0 -8Translation differences related to foreign operations - - 5 0 5 0 5Actuarial gains/losses - - - -10 -10 - -10Total Comprehensive income - - 5 -17 -13 0 -13Other - - - -3 -3 0 -3Total other - - - -3 -3 0 -3Transactions with owners - - - - - 0 0Dividends paid to non-controlling interests in subsidiaries¹ - - - - - 0 0Total transactions with shareholders - - - - - 0 0Closing balance Mar 31 2026 298 5 860 -288 -5 542 327 0 327

===== SIDA 13 =====

13 
Consolidated cash flow statement 
 
1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS.   
LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Operating activities Operating result - 1  14  39  54Depreciation and amortization  12  18  62  68Other non-cash items - 2 - 0 - 5 - 3Financial items, net  1  0 - 0 - 1Paid tax - 1 - 0 - 2 - 1Cash flow from current operations before changes in working capital  9  31  95  117 Changes in working capital 0 - 12 - 15 - 27Cash flow from current operations  9  19  80  90Investing activitiesAcquisition of subsidiary - 13 - 9 - 27 - 23Purchases of non-current assets - 3 - 3 - 15 - 15Repayment of deposits -  1  5  6Cash flow from investing activities - 17 - 11 - 38 - 32Financing activitiesRepayment of pension liabitity - 3 - 1 - 7 - 5Lease payments - 5 - 7 - 22 - 24Dividend paid to equity holders of the Parent - - - -Dividends paid to non-controlling interests in subsidiaries¹- - 1 - 0 - 1Cash flow from financing activities - 7 - 9 - 27 -29Cash flow for the period - 15 - 1  15 29Cash and cash equivalents at the beginning of the period 189  163  158  163Cash flow for the period - 15 - 1  15  29Exchange difference in cash and cash equivalents - - 4  1 - 3Cash and cash equivalents at the end of the period  175  158  175  189
Q1

===== SIDA 14 =====

14 
Condensed Parent Company Income statement 
 
 
 
LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Net sales  5  6  13  15Other external expenses - 20 - 10 - 40 - 30Personnel costs - 6 - 5 - 18 - 16Other operating expenses - 0 - 0 - 0 - 0Depreciations, amortizations and write-downs of - tangible fixed assets - 0 - 0 - 0 - 0Operating result - 22 - 8 - 45 - 32Finance income  6  0  14  9Finance costs - 2 - - 4 - 2Group contribution - - 29  29Result before income tax - 18 - 8- 6  4Income tax for the period- - - -Net result for the period -18 -8 -6 4Q1

===== SIDA 15 =====

15 
Condensed Parent Company balance sheet 
 
  
 31 DecMSEK 2026 2025 2025AssetsFixed assetsOther tangible assets 0 0 0Shares in subsidiaries 323 323 323Financial assets 22 25 22Total non-current assets 345 348 345Current assetsIntra-group receivables and other short term receivables 501 153 471Cash and cash equivalents 138 7 153Total current assets 639 160 624Total assets 985 508 970Equity and liabilitiesEquityRestricted equtiyShare capital 298 298 298Non-restricted equityRetained earnings 184 180 180Net result for the period -18 -8 4Total equity 465 471 483Non-current liabilitiesEmployee benefits obligations 30 32 30Total non-current liabilities 30 32 30Current liabilitiesIntra-group liabilities and other short term liabilities 490 5 457Total current liabilities 490 5 457Total equity and liabilities 985 508 970
31 Mar

===== SIDA 16 =====

16 
Notes 
Note 1. Accounting principles 
This report has been prepared in accordance with the Accounting Standard IAS 34 Interim Financial Reporting.  
The report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Swedish Financial 
Reporting Board's recommendation RFR 2.  
The accounting policies applied in this interim report are consistent with those of the annual report for the year ended 31 
December 2025, which was prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC 
interpretations endorsed by the European Union (EU) and should be read in conjunction with them. 
Note 2. Intangible assets  
Goodwill 
 
Intangible assets (excl. goodwill) 
 
Impairment testing 
An assessment of the value of all intangible assets in the Group is performed annually at the end of the fourth quarter, as well as 
when there is an indication of impairment. In the fourth quarter of 2025, the annual impairment test was carried out, which did 
not result in any impairment. No indications of impairment have been identified since then. For further information regarding the 
Group’s impairment testing methodology, please refer to Note 7 in the 2025 annual report. 
 
 
 
 
 
 31 DecMSEK 2026 2025 2025Opening balance 478 444 444Business acquisitions 6 38 44Impairments - - -Translation differences 3 -10 -10Net carrying amount 487 473 47831 Mar 31 DecMSEK 2026 2025 2025Opening balance 52 74 74Acquisitions/Capitalized work 0 2 9Business acquisitions 10 8 9Disposals - - -Depreciations -6 -10 -41Translation differences 1 -0 -0Net carrying amount 56 75 52IT investments 32 46 37Brands - 10 -Customer relations 23 17 14Other intangible assets 1 1 1Total intangible assets (excl goodwill) 56 75 5231 Mar

===== SIDA 17 =====

17 
 
Note 3. Revenue recognition (IFRS 15) 
The core principle is that the Group recognizes revenue in a manner that best reflects the transfer of control of the promised 
service to the customer. Through a five-step model, the Group's contracts with customers may include various performance 
obligations identified as service revenue and subscription revenue. 
Timing of revenue recognition (IFRS) 
 
External revenues by category and segment 
 
External revenues by country  
 
Note 4. Pension obligations 
Revaluation of pension obligations in Other Comprehensive income 
The valuation of defined benefit pension plans has been carried out in accordance with IAS 19. 
An actuarial loss of SEK -10 million (+18) has arisen as of March 31, 2026. This loss is a result of changed assumptions regarding 
the discount rate and inflation. The valuation of pension obligations for the first quarter of 2026, carried out by external experts, is 
based on several assumptions where the discount rate is 3.85 percent (3.9) and inflation and long-term increase in pensions are 
1.8 percent (1.8). The discount rate is based on the market interest rate on mortgage bonds with a duration corresponding to the 
average remaining maturity of the obligation. 
  
LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Over time 131 131 534 534At point in time 107 106 422 421Total revenues 238 237 956 955Q1LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Subscription revenues 131 131 534 534Other digital marketing revenues 33 21 115 103Total Marketing partner 164 153 649 637Dynava 74 85 307 318Total Dynava 74 85 307 318Total revenues 238 237 956 955Q1LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Sweden 138 125 535 522Norway 27 26 107 105Denmark 27 31 120 124Finland 46 55 194 204Total revenues 238 237 956 955Q1

===== SIDA 18 =====

18 
Note 5. Purchase Price Allocation 
On February 4, 2026, Eniro acquired 100 percent of the shares in Mainostoimisto SST Oy, a Finnish digital marketing agency, for a 
cash purchase price of SEK 23 million. 
The results, assets, and liabilities of the acquired company have been consolidated as of February 4, 2026. 
Acquisition-related expenses amount to approximately SEK 2 million. These acquisition costs are recognized as other operating 
expenses in the Group’s income statement and in cash flow from operating activities. 
Effects of the Acquisition of Mainostoimisto SST Oy 
The net assets of the acquired company included in the purchase price allocation are as follows: 
 
 
 
 
 
 
 
 
 
Allocation of Surplus Value in the Preliminary Purchase Price Allocation 
The identified surplus value of SEK 16 million has been allocated as follows: SEK 10 million to customer relationships and the 
remaining SEK 6 million to goodwill. The goodwill is primarily attributable to expected future synergies, such as a combined 
workforce and new customer contracts. 
Purchase Consideration 
The purchase price amounts to SEK 23 million and consists of three installments. SEK 12 million was paid on the acquisition date, 
and the remaining consideration is to be paid in two additional installments according to the following: SEK 6 million within 6 
months from the acquisition date and SEK 6 million within 12 months from the acquisition date.  
Pro Forma Result 
The table below presents the revenue and profit of Mainostoimisto from the acquisition date, February 4, 2026, through March, 
2026. 
 
 
 
 
 
Group,, MSEK Fair value 
Intangible assets: Customer relationships 10 
Tangible assets 0 
Other financial non-current assets 1 
Accounts receivable and other current 
receivables 4 
Cash and cash equivalents 8 
Deferred tax liability 0 
Accounts payable and other current liabilities -6 
Net identifiable assets and liabilities 17 
Goodwill 6 
Acquired net assets 23 
  
Group, MSEK Fair value 
Total purchase consideration 23 
Cash purchase consideration paid on 
acquisition date 
12 
 
Group, MSEK 260204–260331 
Net sales  5 
Operating result 2 
Financial net and tax 0 
Net result 2

===== SIDA 19 =====

19 
Note 6. Current receivables and liabilities 
 
 
Note 7. Subsequent events 
No subsequent events after the reporting period. 
  
HelårIntra-group receivables and other short term receivables202620252025Intra-group cashpool receivables 486 - 455Intra-group loan receivables - 150 -Accrued intra-group revenues 4 3 -Accounts receivables intra-group 11 - 16Total intra-group receivables and other short term receivables 501 153 471HelårIntra-group liabilities and other short term liabilities202620252025Intra-group cashpool liabilities 481 - 450Other short term liabilities 9 5 7Total intra-group liabilities and other short term liabilities 490 5 457Q1Q1

===== SIDA 20 =====

20 
Other key performance indicators 
 
Reconciliation Alternative Performance Measures 
Reconciliation between Operating result and EBITDA 
 
 
Reconciliation of items affecting comparability 
 
 
Reconciliation between EBITDA and Adjusted EBITDA 
 
 
 
 
 
 
 
 
Full-yearKey figures 2026 2025 2025Equity ratio, % 33,2 31,1 35,1ARR for business area Marketing Partner, MSEK  534  499  537Average number of shares outstanding, thousands 728 007 728 007 728 007Share price at end of period, SEK 0,58 0,52 0,39Jan-MarLTM Full-yearMSEK 2026 2025 Apr-Mar 2025Operating result - 1  14  40  55Depreciations  12  18  62  68Writedowns - - - -Total EBITDA  11  32  102  123EBITDA margin, % 4,6 13,3 10,7 12,8Q1LTM Full-yearMSEK 2026 2025 Apr-Mar 2025Restructuring costs 4 - 13 9Mergers and acquisitions 2 - 2 -Legal costs 14 - - -Other non-recurring items - - 7 7Total of items affecting comparability 20 - 36 16Q1LTM Full-yearMSEK 2026 2025 Apr-Mar 2025EBITDA 11 32 102 123Reversal of items affecting comparability 20 - 36 16Adjusted EBITDA 31 32 138 139Q1

===== SIDA 21 =====

21 
 
The Board of Directors and CEO's Assurance 
 
The Board of Directors and the CEO assures that this quarterly report provides a fair overview of the operations, financial position, 
and performance of the parent company and the Group, and describes the material risks and uncertainties facing the parent 
company and the companies included in the Group. 
 
 
 
Solna, April 28, 2026 
Eniro Group AB (publ) 
 
 
 
Fredric Forsman 
Chairman of the Board 
 
 
 
Hosni Teque-Omeirat                Mia Batljan  Fredrik Crafoord 
Chief Executive Officer and President of the Group            Member of the Board  Member of the Board 
 
 
 
Mats Gabrielsson                Joost Merks  Trond Dale 
Member of the Board              Member of the Board  Member of the Board 
 
 
 
Mattias Magnusson 
Member of the Board/ 
Employee representative

===== SIDA 22 =====

22 
Definitions of key performance indicators 
Eniro presents certain financial measures that are not defined under IFRS. Eniro believes that these measures provide valuable 
supplementary information to investors and management as they enable evaluation of the Group's performance and financial 
position. As not all companies calculate financial measures in the same way, these are not always comparable with measures used 
by other companies. Therefore, these financial measures should not be considered as a substitute for the measures defined under 
IFRS. 
Financial IFRS Measures 
Key ratio Definition 
Earnings per share Net result attributable to equity holders of the parent divided by the 
average number of outstanding shares.  
 
 
Alternative performance measures 
Key ratio Definition Purpose 
EBITDA Operating result before depreciations, amortizations and 
write-downs of tangible and intangible fixed assets.  
This key ratio is used to monitor the operational 
activities. 
EBITDA margin (%) EBITDA in relation to net sales. This key ratio is used to measure operational 
profitability and indicates the Group's cost 
efficiency 
Non-recurring items Non-recurring items include capital gains and losses from 
divestments and major restructuring initiatives, impairment 
losses, capital gains and losses from divestments of financial 
assets, and other significant items that have a material impact 
on comparability. 
Non-recurring items increase the comparability 
of EBITDA over time. 
Adjusted EBITDA Operating result before items affecting comparability and 
depreciation and amortisation of tangible and intangible fixed 
assets. 
This key ratio is used to measure operational 
profitability excluding items affecting 
comparability. This increases the comparability 
of EBITDA over time. 
Operating expenses excluding 
depreciation and amortization 
The sum of Capitalized work for own account, Purchases of 
goods and services, Other external expenses, Personnel costs, 
and Other operating expenses 
The key ratio is used to measure and analyze 
the total operating expenses of the business. 
Equity ratio (%) Equity ratio indicates the proportion of assets financed by 
equity. The size of equity in relation to other liabilities 
describes the Group's long-term solvency. Equity for the 
period, not the average, is used for the calculation. 
This key ratio reflects the company's financial 
position. A strong equity ratio provides the 
ability to handle periods of economic downturn 
and ensures financial preparedness for growth. 
ARR for the business area 
Marketing Partner 
Annual Recurring Revenue (ARR) consists of the monthly value 
of subscription revenues from digital marketing services as of 
the last day of the period, converted to 12 months and valued 
at the exchange rate on the balance sheet date. This measure 
does not include orders received during the period that have 
not yet started to be invoiced, but it does include orders that 
have been canceled but will end in a future period. 
ARR is a metric used to evaluate the recurring 
revenue of the Marketing Partners business 
area.

===== SIDA 23 =====

Financial Calendar 
Q2 Interim Report 2026  July 24, 2026 
Q3 Interim Report 2026  November 5, 2026 
Q4 Interim Report 2026  February 19, 2027 
Year-end Report 2026  April 19, 2027 
 
  
 
For more information, please contact: 
Hosni Teque-Omeirat 
President and Chief Executive Officer 
hosni.teque-omeirat@eniro.com 
+46 (0)70-225 18 77 
ir@eniro.com 
+46 (0)8 553 310 00 
Eniro Group AB (publ)  
Box 4085 
SE-169 04 Solna 
Org.nr.: 556588-0936 
www.enirogroup.com 
 
This information is information that Eniro Group AB (publ) is 
obliged to make public pursuant to the EU Market Abuse 
Regulation. The information was submitted for publication, 
through the agency of the contact person set out above, at 
08.30 CET on April 29, 2026. 
Eniro exists for companies that want to achieve success and growth in their market. Today, Eniro optimizes the opportunity for 
companies to create local presence, searchability and marketing digitally. This makes Eniro an important partner for small and 
medium-sized companies. The company's clear goal is to give SMEs the same conditions and resources that large companies have 
access to. Eniro offers a platform that optimizes local marketing through intelligence, automation and streamlining of 
communication. In the digital landscape, Eniro partners with the largest media groups in the world. 
 
Eniro Group AB (publ) is listed on Nasdaq Stockholm (ENRO) and operates in Sweden, Denmark, Finland and Norway. In 2025, the 
Eniro Group had sales of SEK 955 million and approximately 900 employees with headquarters in Stockholm. The group also 
includes Dynava, which offers customer service and answering services for major companies in the Nordic region, as well as 
directory enquiry services.  
 
 
© ENIRO GROUP AB, 2026