Kvartalsrapport Q2 2026

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===== SIDA 1 =====

Unofficial translation of the official Swedish version  Interim Report Q2 2026

===== SIDA 2 =====

2 
Interim Report Q2 
Results remain solid, investments continue and ARR increases 
April – June 2026  January – June 2026 
• Net sales for the quarter amounted to SEK 247 million 
(237). 
• Operating result amounted to SEK 14 million (7).   
• EBITDA amounted to SEK 27 million (24), with an EBITDA-
margin of 10,8 percent (10,2).1) 
• Adjusted EBITDA amounted to SEK 32 million (31).1) 
• Result before income tax amounted to SEK 9 million (0). 
• Net result for the period amounted to SEK 8 million (1). 
• Earnings per share before and after dilution amounted to 
SEK 0,53 (0,04). 2)  
• Cash flow from current operations amounted to SEK 18 
million (14). 
 
 
 • Net sales for the period amounted to SEK 485 million (474). 
• Operating profit amounted to SEK 13 million (20). 
• EBITDA amounted to SEK 38 million (56), with an EBITDA 
margin of 7,8 percent (11,7). 1) 
• Adjusted EBITDA amounted to SEK 63 million (63). 
• Profit before tax amounted to SEK 1 million (15). 
• Net result for the period amounted to SEK 0 million (16). 
• Earnings per share before and after dilution amounted to SEK 
0,01 (1,13). 2)  
• Cash flow from current operations amounted to SEK 27 million 
(33). 
• ARR for the Marketing Partner business area amounted to SEK 
546 million (510).1) 
 
1)Alternative performance measures are reconciled on page 24 and defined on page 26. 
2) See note 7 
 
 
 
LTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Net sales 247 237 485 474 966 955Operating result 14 7 13 20 47 55EBITDA 27 24 38 56 105 123Adjusted EBITDA 32 31 63 63 139 139Net result for the period 8 1 0 16 30 46Cash flow from current operations 18 14 27 33 84 90Q2 Jan-Jun
Significant events during the second quarter of 2026 
• On 22 May 2026, the Annual General Meeting resolved to approve a dividend for the 2025 financial year of SEK 0.05 per share prior to the 
share consolidation, corresponding to SEK 36 million. 
• On 10 June 2026, Eniro announced the timetable for a 1:50 share consolidation. 
• On 30 June 2026, Eniro announced that the share consolidation had been completed, reducing the number of shares in the Company by 731.3 
million to 14.9 million. 
Significant events January – June 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 22 May 2026, the Annual General Meeting resolved to approve a dividend for the 2025 financial year of SEK 0.05 per share prior to the 
share consolidation, corresponding to SEK 36 million. 
• On 10 June 2026, Eniro announced the timetable for a 1:50 share consolidation. 
• On 30 June 2026, Eniro announced that the share consolidation had been completed, reducing the number of shares in the Company by 731.3 
million to 14.9 million. 
Significant events after the end of the period 
• On 2 July 2026, Eniro announced that it had acquired the Finnish company Aste, strengthening its position in enterprise marketing in Finland.

===== SIDA 3 =====

3 
CEO update 
Expanding our offering 
The boundaries between strategy, creative production, search, 
media buying and technology are becoming increasingly 
blurred. Ten years ago, customers typically purchased 
individual services from different providers. Today, these 
services are interconnected, and companies offering only one 
component face greater challenges in demonstrating their 
long-term relevance. Our own data confirms this. In June, 
customer churn improved compared with both the previous 
month and the corresponding month last year. 
Annualised churn amounted to 16.4%, an improvement of 1.5 
percentage points compared with the previous year. Behind 
this figure lies another important pattern. Customers with only 
a single product tend to leave us. Customers with multiple 
products stay. Local Search still accounts for the majority of 
churn, while customers combining Local Search with other 
products exhibit significantly lower churn. This long-term 
trend is the single most important reason why we continue to 
expand our offering and broaden our product portfolio. 
Results remain solid, investments continue and ARR 
increases 
Adjusted EBITDA for the Group amounted to SEK 63 million for 
the first half of the year, corresponding to a margin of 12.8%. 
This was in line with the previous year despite significant 
investments in sales capacity through new offices, technology 
and product development. ARR within Marketing Partner 
amounted to SEK 546 million and now represents 
approximately 80% of the business area's annual revenue, 
providing a strong and predictable recurring revenue base. 
Cash flow remained strong. Despite a dividend of SEK 36 
million, deferred payments of SEK 13 million relating to 
previous acquisitions and the legal settlement, cash and cash 
equivalents amounted to SEK 145 million at the end of June. 
The equity ratio exceeded 30%, and the Group continues to 
have no interest-bearing debt. We have the financial strength 
and capacity to pursue strategic acquisitions. 
Dynava delivered the most significant earnings improvement 
during the first half of the year, reporting adjusted EBITDA of 
SEK 14 million compared with SEK 2 million in the first half of 
2025. The cost base has been right-sized, the delivery model 
has been enhanced, and the business has adopted a clearer 
focus on profitable customer relationships. The work is not yet 
complete, but the direction has been demonstrated rather 
than merely promised. 
 
 
The market is growing, but not where it used to 
The Swedish advertising market grew by just over 3% at the 
beginning of the year. Beneath that headline figure lies a more 
important shift. Search advertising grew by 1%. Display 
advertising grew by nearly 12%. Social media grew by 14%. 
Online video surpassed television for the first time during a 
single quarter. A company whose offering consisted solely of 
search would currently see its market shrinking relative to the 
broader media mix. This is precisely the dependency we have 
been reducing over recent years and continue to reduce. 
At the same time, competitive dynamics within our industry 
are changing faster than they have for many years. Studies 
show that the pace at which market leaders and challengers 
exchange positions has accelerated across most industries 
over the past decade. For companies that stand still, 
competitive positions erode. For companies that act, 
customers previously locked in with competitors become 
available. We belong to the latter category. 
An expanded offering built on the same logic 
On 1 July, Eniro acquired all shares in Aste Holding Oy, one of 
Finland's leading providers of digital production and 
marketing services. The acquisition was completed at an 
enterprise value of EUR 3.8 million. In 2025, Aste generated 
revenue of approximately EUR 12 million and EBITDA of 
around EUR 1 million. 
Aste adds enterprise expertise and deep relationships with 
some of Finland's largest brands. This enables us to serve a 
broader spectrum of customers, from local businesses with 
only a few employees to organisations with complex multi-
market marketing needs.

===== SIDA 4 =====

4 
Together, Medialuotsi, Qwamplify, SST and now Aste have 
broadened our product portfolio, customer base and 
geographical reach. Step by step, we are building a business 
capable of addressing more of our customers' needs. Our 
ambition is that customers should not have to turn to a 
competitor for a more comprehensive solution. 
Bankruptcies weigh on the market 
Bankruptcies account for an increasing share of churn, rising 
from 28% to 32%, while ROI-related churn continues to 
decline. Customers are increasingly leaving us because they 
have gone bankrupt rather than because they are dissatisfied 
with our services. This sends a dual signal. The market remains 
challenging for Nordic SMEs, more challenging than the 
aggregated growth figures suggest. But among the companies 
that remain, demand is stronger and we are meeting that 
demand better than we did a year ago. 
Products used every day 
We continue to invest in our product portfolio and the 
technology platform that supports it. The measure of success 
is simple: are we building products that customers actually use 
every day, or products that merely impress during a sales 
presentation. 
A comprehensive research study involving more than 7,000 
office workers shows that AI tools save time but do not 
fundamentally change the nature of work. Around three out of 
four CFOs report time savings from AI, while only around one 
in ten report measurable financial value. The gap between 
those figures is the most relevant question for any 
management team investing in AI. 
Our conclusion is that AI creates value only when it changes 
how work is actually performed, both within our own 
processes and in our customers' day-to-day operations. This is 
slower than purchasing licences and more difficult to 
communicate. It is also the only path that leads to results that 
are visible in the income statement. Our partnership with Sana 
Labs forms part of that journey. 
We enter the second half of the year with stable profitability, a 
higher proportion of recurring revenue and the financial 
capacity to act. The Nordic digital marketing landscape 
remains fragmented among hundreds of smaller players. In 
ten years, it will look different. A small number of players will 
offer customers the entire value chain, from local visibility to 
complex campaign management across multiple markets. We 
are building Eniro to be one of them. Every acquisition, every 
product investment and every improved customer relationship 
is a step in that direction. 
 
Hosni Teque-Omeirat 
President and CEO

===== SIDA 5 =====

5 
 
 
 
Financial overview  
April – June 2026 
Net sales  
Net sales for the second quarter amounted to SEK 247 million 
(237), an increase of SEK 10 million compared with the previous 
year, corresponding to a change of 4,3 percent. In the Marketing 
Partner business area, net sales increased by SEK 19 million, 
corresponding to 12 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 9 million, 
corresponding to 11 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 -4 
million (-5). 
Geographically, revenue distribution was as follows: Sweden SEK 
136 million (128), Norway SEK 30 million (26), Denmark SEK 29 
million (31) and Finland SEK 51 million (51). 
Operating result 
Operating result amounted to SEK 14 million (7), an increase of 
SEK 7 million compared with the previous year. 
Currency translation effects impacted operating result by SEK 0 
million (0). 
The Group's operating expenses, excluding depreciation, 
amortization and impairment, amounted to SEK -222 million (-
214), an increase of SEK 8 million compared with the previous 
year. Currency translation effects impacted operating expenses 
excluding depreciation and amortization by SEK 3 million (6).  
 
The Group's total depreciation and amortization amounted to 
SEK-13 million (-17), a decrease of SEK 4 million, of which -6 
million (-7) refers to tangible fixed assets and -7 million (-10) 
refers to intangible assets. Currency translation effects impacted 
total depreciation and amortization by SEK 0 million (1). 
Adjusted EBITDA 
The Group’s EBITDA amounted to SEK 27 million (24), an increase 
of SEK 3 million corresponding to an EBITDA margin of 10,8 
percent (10,2). Currency translation effects impacted EBITDA by 
SEK 0 million (0). 
Adjusted EBITDA amounted to SEK 32 million (31), excluding items 
affecting comparability of SEK 5 million (7). Items affecting 
comparability consist of, Restructuring costs of SEK 0 million (2), 
M&A costs of SEK 1 million (0), Legal costs of SEK 1 million (0) and 
other non-recurring items of SEK 4 million (5). 
Net financial items 
Net financial items amounted to SEK -2 million (-3) and mainly 
consist of interest on pension liabilities of -2 MSEK (-2) and 
foreign exchange differences on intra-group cashpool of SEK -1 
million (0) and intra-group loans of SEK 0 million (-1), with 
exposure to NOK, DKK, and EUR, which is partially offset by 
interest income of SEK 2 million (0). 
  
Net sales 
247 MSEK 
 
 
 
Operating result 
14 MSEK 
 
 
 
Adjusted EBITDA 
32 MSEK 
 
 
245235239237237237244238247050100150200250Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22024 2025 2026MSEK12322414 72410-114-20-100102030405060Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22024 2025 2026MSEK30504232314630313201020304050607080Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22024 2025 2026MSEK

===== SIDA 6 =====

6 
 
 
 
Result before and after tax 
Result before tax amounted to SEK 9 million (0), an increase of SEK 
9 million. Net result (after tax) amounted to SEK 8 million (1), an 
increase of SEK 7 million. 
Cash flow 
Total cash flow for the period amounted to SEK -31 million (4), 
a decrease of SEK 35 million, driven by the dividend paid to 
shareholders. 
Cash flow from current operations amounted to SEK 18 million 
(14), an increase of SEK 4 million where the change in working 
capital was SEK -9 million (-10).  
Cash flow from investing activities amounted to SEK -6 million 
(-1) and mainly relates to capitalized development costs and 
general IT purchases, SEK -6 million (-6). 
Cash flow from financing activities amounted to SEK -43 
million (-9), a decrease of SEK 34 million, and relates mainly to 
dividend paid to shareholders, SEK -36 million (0). 
Amortization of lease liability according to IFRS 16 amounted 
to  SEK -5 million (-7), as well as the amortization of pension 
liability, SEK -1 million (-3).  
Liquidity and financial position  
Cash and cash equivalents amounted to SEK 145 million (164), 
a decrease of SEK 19 million, driven by the dividend to 
shareholders. The Group’s consolidated equity amounted to 
SEK 293 million (298). The equity ratio amounted to 30,7 
percent (30,8).  
The Group’s pension obligations amounted to SEK 287 million 
(290). For further information, see Note 4 on page 20.  
Employees 
The average number of full-time employees in the Group at 
the end of the period was 853 (897), a decrease of 44 full-time 
employees. 
Parent Company 
Net sales amounted to SEK 5 million (3) and relate to intra-
group services. Net result for the period amounted to SEK 4 
million (-2). As of June 30, the parent company's equity 
amounted to SEK 432 million (468), of which non-restricted 
equity amounted to SEK 134 million (170). 
 
Net result  
8 MSEK 
 
 
 
Cash flow from current 
operations 
 18 MSEK 
 
 
 
Equity ratio 
30,7% 
 
 
5302916 1228-88-30-20-10010203040Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22024 2025 2026MSEK
35-36419 14 13439 18-20-10010203040506070Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22024 2025 2026MSEK23253031313435333105101520253035Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22024 2025 2026%

===== SIDA 7 =====

7 
 
 
 
Financial overview  
January – June 2026 
Net sales 
Net sales amounted to SEK 485 million (474), an increase of 
SEK 11 million compared to the previous year, equivalent to 
2,3 percent. In the Marketing Partner business area, net sales 
increased by SEK 31 million, or 10 percent, compared with 
previous year, which is mainly explained by the acquisition of 
Qwamplify and Mainostoimisto SST, which contributed to the 
increase in sales. The Dynava business area's net sales 
decreased by SEK 20 million, or 12 percent, compared with 
previous year, mainly due to a continued decline in volumes in 
directory assistance and weak performance of Finland’s 
contact centre operations. Currency translation effects 
impacted total net sales by SEK -10 million (-6). 
Geographically, the distribution of revenues was; Sweden 274 
million (254), Norway 57 million (52), Denmark 57 million (62) 
and Finland 97 million (107). 
Operating result 
Operating result amounted to SEK 13 million (20), a decrease 
of SEK 7 million compared to the previous year. Currency 
translation effects impacted operating result by SEK 0 million 
(0). 
The Group's operating expenses including capitalized 
development, excluding depreciation, amortization and 
impairment, amounted to SEK -452 million (-425). An increase 
by SEK 27 million compared to previous year, equivalent to 6 
percent, mainly due to the settlement with Kapatens and 
acquisitions. 
Currency translation effects impacted operating expenses, 
excluding depreciation and amortization, by SEK 9 million (5). 
The Group's total depreciation and amortization amounted to 
SEK -25 million (-35), a decrease of SEK 10 million of which 
SEK -12 million (-15) refers to tangible fixed assets and SEK -13 
million (-20) refers to intangible assets.  
Currency translation effects impacted total depreciation and 
amortization by SEK 0 million (1). 
Adjusted EBITDA 
The Group’s EBITDA amounted to SEK 38 million (56), a 
decrease of SEK 18 million corresponding to an EBITDA margin 
of 7,8 percent (11,7). Adjusted EBITDA amounted to SEK 63 
million (63) excluding items affecting comparability of SEK 25 
million (7). The decline in EBITDA is primarily attributable to 
items affecting comparability related to the settlement with 
Kapatens and restructuring within the Marketing Partner 
business area, while Dynava delivered adjusted EBITDA that 
was SEK 5 million higher than in the previous year. Currency 
translation effects impacted EBITDA by SEK 0 million (0). 
Net financial items 
Net financial items amounted to SEK -8 million (0) and consist 
mainly of interest on pension liabilities of SEK -4 million (-4), 
offset by exchange rate differences on intra-group cashpool of 
 Net sales 
485 MSEK 
 
 
 
 Operating result 
13 MSEK 
 
 
 
 Adjusted EBITDA 
63 MSEK 
 
 
4314814764744852022 2023 2024 2025 2026MSEK11-2016 20 132022 2023 2024 2025 2026MSEK68285063 632022 2023 2024 2025 2026MSEK

===== SIDA 8 =====

8 
 
 
 
SEK -8 million (0), interest revenues by SEK 2 million (0) and 
interest expenses by SEK -1 million (-1). 
Result before and after tax  
Result before tax amounted to SEK 1 million (15), a decrease of 
SEK 14 million, primarily driven by the settlement with 
Kapatens. Net result for the period (after tax) amounted to SEK 
0 million (16).  
 
Cash flow 
Total cash flow for the period amounted to SEK -46 million (3), 
a decrease of SEK 49 million due to dividend payments, 
acquisitions and the settlement with Kapatens. 
Cash flow from current operations amounted to SEK 27 million 
(33), a decrease of SEK 6 million of which change in working 
capital accounted for SEK -9 million (-22).  
Cash flow from investing activities amounted to SEK -23 
million (-12), an increase of SEK 11 million and mainly relates 
to the acquisition of the subsidiary Medialuotsi Oy, SEK -9 
million, the acquisition of the subsidiary Mainostoimisto SST, 
SEK -4 million, capitalized development costs, general IT 
purchases, SEK -10 million (-9). The remaining SEK 0 million (6) 
refers to released blocked bank funds relating to deposits for 
premises in Norway. 
Cash flow from financing activities amounted to SEK -50 
million (-18), a decrease of SEK 32 million and mainly relates to 
dividend to shareholders SEK 36 million (0). Amortization of 
lease liabilities in accordance with IFRS 16 amounted to  
SEK -10 million (-14). 
Liquidity and financial position  
Cash and cash equivalents amounted to SEK 145 million (164), 
a decrease of SEK 19 million, driven by the dividend paid to 
shareholders, the settlement with Kapatens and acquisitions.  
The Group’s consolidated equity amounted to SEK 293 million 
(298). Equity ratio amounted to 30,7 percent (30,8).  
The Group’s pension obligations amounted to SEK 287 million 
(290). For further information, see Note 4 on page 20.  
Employees 
The average number of full-time employees in the Group at 
the end of the period was 853 (897), a decrease of 44 full-time 
employees. 
Parent Company 
Net sales amounted to SEK 10 million (9) and relate to intra-
group services. Net result for the period amounted to SEK -14 
million (-10). As of June 30, the parent company's equity 
amounted to SEK 432 million (468), of which non-restricted 
equity amounted to SEK 134 million (170). 
 
 
 
 
 
 Net result for the period 
0 MSEK 
 
 
 
 Cash flow from current  
operations 
27 MSEK 
 
 
 
 Equity ratio 
30,7% 
 
 
4-2910 16 02022 2023 2024 2025 2026MSEK
32144733272022 2023 2024 2025 2026MSEK21282331312022 2023 2024 2025 2026%

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

9 
 
 
 
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 174 million (155), an increase of 12 
percent, which is mainly explained by the acquisition of Qwamplify, which 
contributed SEK 9 million to the increase in sales and Mainostoimisto SST which 
contributed SEK 11 million to the increase in sales. EBITDA this quarter amounted 
to SEK 22 million (28) and operating result SEK 14 million (16). The decline in 
EBITDA is mainly explained by increased volume related costs. The year was 
impacted by restructuring costs of approximately SEK 4 million (2). 
Share of Group’s net sales in the 
quarter 
70,6% 
 
 
 
 
 
   
 
 
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 72 million (81), a decline of 12 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 6 million (0) and operating result SEK 2 
million (-5). 
The improvement is attributable to the efficiency measures implemented. 
  
 
Share of Group’s net sales in the 
quarter 
29,4% 
 
  
LTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Net sales 174 155 338 308 668 637EBITDA 22 28 46 65 108 128EBITDA margin, % 12,8 18,3 13,5 21,2 16,2 20,1Adjusted EBITDA 26 33 53 70 121 138Operating result 14 16 29 40 68 79Q2 Jan-Jun
LTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Net sales 72 81 146 166 298 318EBITDA 6 0 14 -0 26 12EBITDA margin, % 9,0 0,0 9,3 -0,1 8,7 3,8Adjusted EBITDA 7 2 14 2 27 16Operating result 2 -5 5 -11 7 -8Q2 Jan-Jun

===== SIDA 10 =====

10 
 
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 2026 2025 Jul-Jun 2025Net sales - - - - - -EBITDA-2 -4 -22 -9 -30 -17EBITDA margin, %- - - - - -Adjusted EBITDA-1 -4 -3 -9 -9 -15Operating result-2 -4 -21 -9 -29 -17Q2 Jan-JunLTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Net sales 247 237 485 474 966 955EBITDA 27 24 38 56 105 123EBITDA margin, % 10,8 10,2 7,8 11,7 10,8 12,8Adjusted EBITDA 32 31 63 63 139 139Operating result 14 7 13 20 47 55Q2 Jan-Jun

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

11 
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 14 923 649, of 
which 363 508 are owned by Eniro Group AB. There were no 
other share classes at the end of the period. See note 7, page 
23. 
Major changes among the Company's shareholders 
On 23 February 2026, Eniro announced that Mats and Eva 
Qviberg had become new major shareholders in Eniro. On 5 
May 2026, Eniro announced that the new investment company 
Flauvus Invest had become the principal shareholder of Eniro 
Group AB. On 22 May 2026, Eniro announced that the 
Company's President and CEO, Hosni Teque-Omeirat, had 
acquired 35 million shares from Mats Qviberg. 
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

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

12 
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. 
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. 
 
 
 
 
 
A claim against Eniro 
A claim against Eniro Group AB (publ) (“Eniro”) has 21st of 
May, 2026 been filed at Solna District Court by Gunnar Levin, 
on his own behalf and as representative of Marita Levin, 
together with other individuals, seeking financial 
compensation in connection with the previous holding of 
Series B preference shares in Eniro. 
The claim is only directed against Eniro and amounts to SEK 
28,716,454 plus interest. 
The claims in question relate to resolutions passed by the 
general meeting regarding the redemption of Series B 
preference shares and the subsequent implementation of 
those resolutions in 2022 and 2023. The claims were first 
raised more than three years after these events took place. 
Eniro deems that the claims made have no legal basis and will 
contest them in their entirety. 
Warrants 
The Annual General Meeting held on 11 May 2023 resolved to 
issue warrants ("2023 Warrants"). The warrants expired during 
the second quarter of 2026, and none were exercised. 
CSRD 
Eniro began reporting in accordance with the Corporate 
Sustainability Reporting Directive (CSRD) as of 1 January 2025. 
CSRD is included as an integral 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) and in compliance with the CSRD. 
 
Eniro's Annual General Meeting 
The Annual General Meeting for shareholders was held on 22 
May 2026. At the Annual General Meeting held on 22 May, it 
was resolved to re-elect Fredric Forsman, Mia Batljan, Fredrik 
Crafoord, Mats Gabrielsson and Trond Dale as members of the 
Board of Directors, and to elect Alexander Hannerland and 
Øystein Engebretsen as new members of the Board of 
Directors. 
Annual Report 
The Annual Report has been published and is available on 
Eniro's website. www.enirogroup.com

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

13 
Consolidated income statement 
Other comprehensive income statement 
 
LTM Full-yearMSEK Note 2026 2025 2026 2025 Jul-Jun 2025Net sales 3 247 237 485 474 966 955Other operating revenue 2 1 5 6 9 10Capitalized work for own account 5 4 5 6 9 9Purchase of goods and services -36 -27 -67 -52 -133 -118Other external expenses -55 -52 -115 -97 -200 -181Personnel costs -135 -137 -272 -277 -541 -546Other operating expenses  -1 -1 -3 -4 -5 -6Depreciations, amortizations and write-downs of - tangible fixed assets -6 -7 -12 -15 -24 -27 - intangible assets -7 -10 -13 -20 -34 -41Operating result 14 7 13 20 47 55Results from participations in associated companies -3 -4 -4 -6 -9 -10Finance income 1 2 0 7 4 10Finance costs -4 -4 -8 -7 -17 -16Result before income tax 9 0 1 15 25 39Income tax for the period -1 0 -1 2 5 8Net result for the period8 1 0 16 30 46Of which attributable to:Equity holders of the Parent 8 1 0 16 30 46Non-controlling interests - - - 0 - 0Net result for the period 8 1 0 16 30 46Earnings per share7 0,53 0,04 0,01 1,13 2,07 3,19
Q2 Jan-Jun
LTM Full-yearMSEK Note 2026 2025 2026 2025 Jul-Jun 2025Net result for the period 8 1 0 16 30 46Other comprehensive incomeItems that will not be reclassified to profit or loss:Actuarial gains/losses attributable to pensions4-9 -11 -18 7 2 27Items that may be reclassified to profit or lossTranslation differences related to foreign operations  -1 8 3 -7 13 -14Other comprehensive income, net of tax -10 -3 -15 -0 15 13Comprehensive income for the period -2 -3 -15 16 45 59Of which attributable to:Equity holders of the Parent -2 -5 -15 14 45 57Non-controlling interests (incl translation differences) - 2 - 2 -0 2Comprehensive income for the period -2 -3 -15 16 45 59Q2 Jan-Jun

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

14 
Consolidated balance sheet 
 
 31 DecMSEK Note 2026 2025 2025AssetsFixed assetsRight of use asset  35  22  34Other tangible assets  11  9  9Intangible fixed assets2 546  548  530Deferred tax assets  20  16  20Financial assets  38  49  43Total non-current assets  649  645  635Current assetsAccounts receivable  77  64  73Other current receivables  84  92  84Cash and cash equivalents  145  164  189Total current assets  307  320  346Total assets  956  964  982Equity and liabilitiesEquityShare capital  298  298  298Reserves - 289 - 286 - 293Shareholder contributions/retained earnings  284  285  339Equity attributable to equity holders of the Parent  293  298  344Non-controlling interests - - - 0Total equity  293  298  344Non-current liabilitiesLease liabilities  21  12  21Employee benefits obligations4 287  290  268Other non-current liabilities  4  5  3Total non-current liabilities  312  306  292Current liabilitiesLease liabilities  16  11  14Other current liabilities  335  350  331Total current liabilities  351  361  345Total equity and liabilities  956  964  982
30 Jun

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

15 
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 - - -9 0 -9 0 -9Actuarial gains/losses - - - 7 7 - 7Total Comprehensive income - - -9 23 14 0 14Transactions with owners -1 -1Other - - - 0 0 0 0Dividend paid to equity holders of the Parent - - - 0 0 - 0Dividends to non-controlling interests in subsidiaries - - - - - 0 0Total transactions with shareholders - - - 0 0 -1 -1Closing balance June 30 2025 298 5 860 -286 -5 576 298 0 298Opening 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 - - - 0 0 0 0Translation differences related to foreign operations - - 4 0 4 0 4Actuarial gains/losses - - - -18 -18 - -18Total Comprehensive income - - 4 -18 -15 0 -15Other - - - 0 0 0 0Total other - - - 0 0 0 0Transactions with owners - - - - - 0 0Dividend paid to equity holders of the Parent - - - -36 -36 - -36Dividends paid to non-controlling interests in subsidiaries¹ - - - - - 0 0Total transactions with shareholders - - - -36 -36 0 -36Closing balance June 30 2026 298 5 860 -289 -5 540 293 0 293

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

16 
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 2026 2025 Jul-Jun 2025Operating activities Operating result  14  6  13  20  47  54Depreciation and amortization  13  17  25  35  58  68Other non-cash items -  1 - 2  1 - 6 - 3Financial items, net  1  1  2  1 - - 1Paid tax - - 1 - 1 - 1 - 1 - 1Cash flow from current operations before changes in working capital  27  25  36  56  97  117 Changes in working capital -9 - 10 - 9 - 22 - 14 - 27Cash flow from current operations  18  14  27  33  84  90Investing activitiesAcquisition of subsidiary -  0 - 13 - 9 - 27 - 23Purchases of non-current assets - 6 - 6 - 10 - 9 - 16 - 15Repayment of deposits -  5 -  6 -  6Cash flow from investing activities - 6 - 1 - 23 - 12 - 43 - 32Financing activitiesRepayment of pension liabitity - 1 - 3 - 4 - 4 - 5 - 5Lease payments - 5 - 7 - 10 - 14 - 20 - 24Dividend paid to equity holders of the Parent - 36 - - 36 - - 36 -Dividends paid to non-controlling interests in subsidiaries¹- - 0 - - 1 - - 1Cash flow from financing activities - 43 - 9 - 50 - 18 - 61 -29Cash flow for the period - 31  4 - 46  3 - 20 29Cash and cash equivalents at the beginning of the period 176  158  189  163  164  163Cash flow for the period - 31  4 - 46  3 - 20  29Exchange difference in cash and cash equivalents-  2  3 - 2  2 - 3Cash and cash equivalents at the end of the period 145  164  145  164  145  189
Q2 Jan-Jun

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

17 
Condensed Parent Company Income statement 
 
 
 
LTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Net sales  5  3  10  9  16  15Other external expenses - 4 - 4 - 24 - 13 - 41 - 30Personnel costs - 1 - 3 - 7 - 8 - 16 - 16Other operating expenses - 0  0 - 0 - 0 - 0 - 0Depreciations, amortizations and write-downs of - tangible fixed assets - 0 - 0 - 0 - 0 - 0 - 0Operating result  0 - 4 - 22 - 12 - 41 - 32Finance income  5  2  10  2  17  9Finance costs - 1 - 0 - 3 - 0 - 5 - 2Group contribution - - - -  29  29Result before income tax  4 - 2 - 14 - 10  0  4Income tax for the period- - - - - -Net result for the period 4 -2 -14 -10 0 4Q2 Jan-Jun

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

18 
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 345 347 345Current assetsIntra-group receivables and other short term receivables 507 152 471Cash and cash equivalents 98 6 153Total current assets 605 157 624Total assets 950 505 970Equity and liabilitiesEquityRestricted equtiyShare capital 298 298 298Non-restricted equityRetained earnings 148 180 180Net result for the period -14 -10 4Total equity 432 468 483Non-current liabilitiesEmployee benefits obligations 30 32 30Total non-current liabilities 30 32 30Current liabilitiesIntra-group liabilities and other short termliabilities 488 5 457Total current liabilities 488 5 457Total equity and liabilities 950 505 970
30 Jun

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

19 
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 
The carrying amounts of all the Group’s intangible assets are tested for impairment annually at the end of the fourth quarter and 
whenever there is an indication of impairment. The annual impairment test was performed in the fourth quarter of 2025 and did 
not result in any impairment loss. No material changes have occurred in the underlying assumptions used since the annual 
impairment test as of 31 December 2025. Taking into account the performance of the business units and other information 
available at the reporting date, no impairment requirement has been identified. For further information on the Group’s 
impairment testing methodology, see Note 7 to the 2025 Annual Report. 
 
 
 
 31 DecMSEK 2026 2025 2025Opening balance 478 444 444Business acquisitions 6 40 44Impairments - - -Translation differences 6 -5 -10Net carrying amount 490 479 47830 Jun 31 DecMSEK 2026 2025 2025Opening balance 52 74 74Acquisitions/Capitalized work 6 6 9Business acquisitions 10 8 9Disposals - - -Depreciations -13 -20 -41Translation differences 1 -0 -0Net carrying amount 56 69 52IT investments 33 46 37Brands 0 7 -Customer relations 21 16 14Other intangible assets 1 0 1Total intangible assets (excl goodwill) 56 69 5230 Jun

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

20 
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 -18 million (+7) has arisen as of June 30, 2026. This loss is a result of changed assumptions regarding the 
discount rate and inflation. The valuation of pension obligations for the second quarter of 2026, carried out by external experts, is 
based on several assumptions where the discount rate is 3.7 percent (3.6) and inflation and long-term increase in pensions are 1.8 
percent (1.7). 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 2026 2025 Jul-Jun 2025Over time 137 134 267 265 537 534At point in time 110 103 217 209 429 421Total revenues 247 237 485 474 966 955Q2 Jan-JunLTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Subscription revenues 137 134 267 265 537 534Other digital marketing revenues 38 22 71 43 131 103Total Marketing partner 174 155 338 308 668 637Dynava 72 81 146 166 298 318Total Dynava 72 81 146 166 298 318Total revenues 247 237 485 474 966 955Q2 Jan-JunLTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Sweden 136 128 274 254 543 522Norway 30 26 57 52 111 105Denmark 29 31 57 62 118 124Finland 51 51 97 107 194 204Total revenues 247 237 485 474 966 955Q2 Jan-Jun

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

21 
Note 5. Purchase Price Allocation 
Mainostoimisto SST Oy 
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 including the discounted value of the contingent consideration 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 30 June, 
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 260204–260630 
Net sales  16 
Operating result 4 
Financial net and tax -1 
Net result 3

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

22 
 
Aste Holding Oy  
On July 1, 2026, Eniro acquired 100 percent of the shares in Aste Holding Oy, one of Finland’s leading providers of digital 
production and marketing services, for an enterprise value of SEK 42 million. 
The results, assets, and liabilities of the acquired company have been consolidated as of July 1, 2026. 
Acquisition-related costs recognized in profit or loss up to the end of June amounted to SEK 1 million. These costs are recognized 
as other external expenses in Eniro Group’s income statement and in cash flow from operating activities. 
Effects of the Acquisition of Aste Holding Oy 
The net assets of the acquired company included in the preliminary purchase price allocation are as follows: 
 
 
 
 
 
 
 
 
 
 
 
Allocation of Surplus Value in the Preliminary Purchase Price Allocation 
The identified surplus value of SEK 38 million, including the discounted value of the contingent consideration, identified at the 
acquisition has been allocated as follows: SEK 24 million to customer relationships, net, and the remaining SEK 14 million to 
goodwill. 
The goodwill is primarily attributable to expected future synergies arising from the combined workforce and new customer 
contracts. 
Purchase Consideration 
The enterprise value amounts to SEK 42 million. SEK 34 million was paid in cash, while the remaining amount of up to SEK 9 
million, comprises an earn-out component based on future revenue. 
 
 
 
 
Group, MSEK Fair value 
Intangible assets: Customer relationships 30 
Tangible assets 2 
Other financial non-current assets 0 
Accounts receivable and other current 
receivables 25 
Cash and cash equivalents 9 
Deferred tax liability -6 
Accounts payable and other current liabilities -33 
Net identifiable assets and liabilities 28 
Goodwill 14 
Acquired net assets 42 
Group, MSEK Fair value 
Total purchase consideration 42 
Cash purchase consideration paid on 
acquisition date 
 
 
34

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

23 
Note 6. Current receivables and liabilities 
 
 
Note 7. Share consolidation 
At the Annual General Meeting held on 22 May 2026, it was resolved to carry out a share consolidation, whereby 50 existing 
shares were consolidated into one share. The share consolidation was completed on 17 June, 2026. In accordance with IAS 33, the 
weighted average number of shares and earnings per share, both before and after dilution, have been retrospectively restated for 
all comparative periods presented. 
Note 8. Subsequent events 
On July 1, 2026, Eniro acquired 100 percent of the shares in Aste Holding Oy, one of Finland's leading providers of digital 
production and marketing services, for an enterprise value of SEK 42 million. The provisionally determined fair value of the 
identifiable net assets of the company at the acquisition date was SEK 42 million, of which acquired goodwill amounted to SEK 14 
million. 
The acquisition has not affected the financial statements for the interim period ended 30 June 2026. The results, assets and 
liabilities of the acquired company will be consolidated from 1 July 2026. 
 
Intra-group receivables and other short term receivables20262025Intra-group cashpool receivables 492 -Intra-group loan receivables - 150Accrued intra-group revenues 5 3Accounts receivables intra-group 9 -Other short term receivables 1 -Total intra-group receivables and other short term receivables 507 153Intra-group liabilities and other short termliabilities20262025Intra-group lcashpool liabilities 484 -Other short term liabilities 5 5Total intra-group liabilities and other short term liabilities 488 5Q2Q2

===== SIDA 24 =====

24 
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, % 30,7 30,8 35,1ARR for business area Marketing Partner, MSEK  546  510  537Average number of shares outstanding, thousands 14 560 14 560 14 560Share price at end of period, SEK 26,55 22,60 19,55Jan-JunLTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Operating result  14  7  13  20  47  55Depreciations  13  17  25  35  58  68Writedowns - - - - - -Total EBITDA  27  24  38  56  105  123EBITDA margin, % 10,8 10,2 7,8 11,7 10,8 12,8Q2 Jan-JunLTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025Restructuring costs 0 2 4 2 10 9Mergers and acquisitions 1 - 2 - 2 -Legal costs 1 - 15 - - -Other non-recurring items 4 5 4 5 6 7Total of items affecting comparability 5 7 25 7 34 16Q2 Jan-JunLTM Full-yearMSEK 2026 2025 2026 2025 Jul-Jun 2025EBITDA 27 24 38 56 105 123Reversal of items affecting comparability 5 7 25 7 34 16Adjusted EBITDA 32 31 63 63 139 139Q2 Jan-Jun

===== SIDA 25 =====

25 
 
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, July 23, 2026 
Eniro Group AB (publ) 
 
 
 
Fredric Forsman  Alexander Hannerland 
Chairman of the Board  Deputy Chair of the Board 
 
 
 
Mia Batljan   Fredrik Crafoord  Mats Gabrielsson 
Member of the Board  Member of the Board  Member of the Board 
 
 
 
Øystein Engebretsen  Trond Dale   Mattias Magnusson 
Member of the Board  Member of the Board  Member of the Board/ 
      Employee representative 
 
 
 
   Hosni Teque-Omeirat 
   Chief Executive Officer and President of the Group

===== SIDA 26 =====

26 
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 27 =====

Financial Calendar 
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 July 24, 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