Kvartalsrapport Q3 2025

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

Translated from the official Swedish version  Interim report Q3 2025

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

2 
Interim report Q3 
Steady progress in a changing landscape 
July - September 2025  January – September 2025 
• Net sales for the quarter amounted to SEK 237 million 
(235). 
• Operating result amounted to SEK 24 million (32).   
• EBITDA amounted to SEK 40 million (50), with an EBITDA-
margin of 17,0 percent (21,4).1) 
• Adjusted EBITDA amounted to SEK 46 million (50).1) 
• Result before income tax amounted to SEK 22 million (30). 
• Net result for the period amounted to 22 million (30). 
• Earnings per share before and after dilution amounted to 
SEK 0,03 (0,04).  
• Cash flow from current operations amounted to SEK 13 
million (-3). 
 
 
 • Net sales for the quarter amounted to SEK 711 million (712). 
• Operating profit amounted to SEK 44 million (48). 
• EBITDA amounted to SEK 96 million (100), with an EBITDA 
margin of 13,5 percent (14,1). 1) 
• Adjusted EBITDA amounted to SEK 109 million (100). 
• Profit before tax amounted to SEK 36 million (39). 
• Net result for the period amounted to SEK 39 million (39). 
• Earnings per share before and after dilution amounted to SEK 
0,05 (0,05).  
• Cash flow from current operations amounted to SEK 46 million 
(45). 
• ARR for the Marketing Partner business area amounted to SEK 
515 million (485).1) 
 
1)Alternative performance measures are reconciled on page 23 and defined on page 26. 
 
  
 
CEO update 
LTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Net sales 237 235 711 712 951 951Operating result 24 32 44 48 68 72EBITDA 40 50 96 100 138 143Net result for the period 22 30 39 39 67 68Cash flow from current operations 13 -3 46 45 110 109Q3 Jan-Sep
Significant events during the third quarter of 2025 
• On July 1, 2025, Eniro acquired Qwamplify Nordics to strengthen its position in digital marketing in the Nordic region. 
• On August 19, 2025 Mario von Dahn took the position as Chief Financial Officer (CFO) at Eniro. 
Significant events January – June of 2025 
• On January 3, 2025, Eniro announced that the closing of the acquisition of Medialuotsi Oy had taken place. 
• On February 19, 2025, the Board of Directors decided to evaluate a separate listing of Dynava. 
• On February 21, Eniro announced that Stefan Liljedahl has been appointed as new Interim Chief Financial Officer (CFO) during 
the recruitment of a new permanent CFO. Stefan took up the position on March 10, 2025. 
• On April 2, Eniro Kapaten's appeal against the redemption decision of preference shares 2022 lost in the Court of Appeal.  The 
company has appealed the judgment and applied for leave to appeal. 
• On April 25, Eniro announced that Mario von Dahn has been appointed new Chief Financial Officer (CFO). Mario will take up the 
position on August 19, 2025. 
• The Annual General Meeting on May 28 resolved to re-elect Board members Fredric Forsman, Mia Batljan, Fredrik Crafoord, 
Mats Gabrielsson, Joost Merks and to re-elect the Chairman of the Board Fredric Forsman and to elect Trond Dale. 
• The AGM decided that no dividend will be paid for the financial year 2024; the year's profits will be carried forward. 
• On July 1, 2025, Eniro acquired Qwamplify Nordics to strengthen its position in digital marketing in the Nordic region. 
• On August 19, 2025 Mario von Dahn took the position as Chief Financial Officer (CFO) at Eniro. 
Significant events after the end of the period 
• No significant events after the end of the period.

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3 
Steady progress in a changing landscape 
The third quarter once again shows that our strategic focus 
remains strong, even in a situation where uncertainty 
characterises both the economy and the market, especially in 
our most important market, Sweden. We continue to combine 
good operational discipline with long-term investments that 
strengthen our competitiveness, and we are delivering a 
quarter that confirms confidence in our model: that 
transformation is not the opposite of stability – but rather the 
path to it. 
During the quarter, we continued to successfully integrate 
previous acquisitions, while scaling our business through 
increased digitalisation and product innovation. We are now a 
company with a stronger revenue base, clearer positioning 
and greater innovative power than we have had for a very long 
time. 
A quarter of substance and strategic momentum 
Three events stand out in particular in the third quarter, which 
significantly affect our position as we approach the end of the 
year and the beginning of 2026: 
 We continued to increase our ARR during the quarter, 
reaching SEK 515 million – proof that our long-term 
work with scalable, value-creating and automated 
solutions is really paying off. 
 Our latest acquisitions are now fully integrated into 
the Eniro Group and have begun to contribute both 
growth and strategic value. Through focused and 
disciplined integration work, we have ensured that 
synergies are realised, and this is now having an 
impact on both results and direction. 
 A comprehensive efficiency and rationalisation 
programme was implemented within Dynava, with 
expected annual savings of SEK 20 million. 
For the first nine months of the year, Eniro reports revenue of 
SEK 711 million (712). Despite continued costs related to 
restructuring and future investments during the quarter, we 
are delivering a stable adjusted EBITDA margin of 15.3% and 
showing strength in cash flow. This gives us room for 
manoeuvre and confidence for the coming quarters. 
One business area in growth – one in transition 
Our Marketing Partner business area continues to be a growth 
engine for the Group. The customer base of nearly 45,000 
SMEs provides a stable foundation, with most of the revenue 
coming from subscription-based agreements. With ARR 
growing from SEK 485 million to SEK 515 million in twelve 
months, it is clear that our customers see the value in our 
services – and are choosing to extend their agreements. 
Dynava, which operates on a different logic with fewer 
customers but larger deals and longer contracts, is facing an 
important change process. The private market continues to 
face challenges, but we should soon see the effects of our 
focus on efficiency. During Q3, the EBITDA margin improved 
compared with the previous year, and we look forward to 
realising further improvements as new deals are secured and 
materialise. 
A changed business climate – but entrepreneurial spirit 
remains 
Although the macroeconomic situation in the Nordic region is 
characterised by cautious consumption and uncertain 
economic signals, there are also positive developments. 
According to the latest update from the National Institute of 
Economic Research, some recovery is expected in 2026, and 
new business start-ups are increasing in many regions – in 
September 2025 by over 28% compared with the previous 
year. In Stockholm, over 2,300 new companies were started, an 
increase of just over 35%. This is a sign that the 
entrepreneurial spirit is strong, and it reinforces our conviction 
that our customers – small and medium-sized enterprises 
throughout the Nordic region – will play a key role in the 
recovery. 
We are well positioned to support this development through 
digital, automated and AI-supported solutions that make it 
easier to grow, market and streamline their businesses. 
Technology, AI and innovation – a strategic framework 
Our ambition is not just to follow developments – but to drive 
them. That is why we continue to invest in AI, data-driven 
products and digital infrastructure. We have an AI-first 
strategy in several parts of the Group, where we automate 
processes, improve customer experiences and create new 
revenue streams with an agentic approach. At the same time, 
we are closely following the EU's new regulatory initiatives and 
ensuring that our growth is based on ethics and responsibility. 
As McKinsey recently wrote in its leadership article: "The new 
generation of leadership is about combining vision and courage 
with execution power and the ability to mobilise the entire 
organisation." That is exactly where we are today, with 
leadership throughout all layers of the organisation identifying 
opportunities, refining the strategy and moving the company 
forward – every day. 
 
Looking ahead 
We are now entering the final quarter of the year, and we are 
doing so with a strong balance sheet, growing business value 
and an organisation that has proven its ability to handle both 
transformation and growth simultaneously. This gives us the 
scope to continue investing and take new positions in the 
market. 
Thank you to all our employees, customers and shareholders – 
together we can shape an Eniro that stands firm, acts big and 
executes quickly. 
 
Hosni Teque-Omeirat 
President and CEO

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

4 
 
 
 
Financial overview  
July - September 2025 
Net sales  
Net sales for the second quarter amounted to SEK 237 million 
(235), an increase of SEK 2 million compared with the previous 
year, corresponding to a change of 1 percent. In the Marketing 
Partner business area, net sales increased by SEK 17 million, 
corresponding to 12 percent compared with the previous year, 
which is mainly explained by the acquisition of Medialuotsi 
and Qwamplify, which contributed SEK 20 million to the 
increase in sales. The Dynava business area's sales decreased 
by SEK 15 million, corresponding to 16 percent compared with 
the previous year, which is mainly related to continued 
reduced volumes in directory assistance. Currency translation 
effects impacted total net sales by SEK -4 million (-4). 
Geographically, revenue distribution was as follows: Sweden 
SEK 131 million (122), Norway SEK 27 million (29), Denmark 
SEK 31 million (35) and Finland SEK 49 million (50). 
Operating result 
Operating result amounted to SEK 24 million (32).   
Currency translation effects impacted operating result by SEK 
2 million (0). 
The Group's operating expenses, excluding depreciation, 
amortization and impairment, amounted to SEK -198 million (-
187). Currency translation effects impacted operating expenses 
excluding depreciation and amortization by SEK -1 million (1).  
The Group's total depreciation and amortization amounted to 
SEK-17 million (-18) of which -6 million (-8) refers to tangible 
fixed assets and -10 million (-10) refers to intangible assets. 
Currency translation effects impacted total depreciation and 
amortization by SEK 1 million (0). 
EBITDA 
The Group’s EBITDA amounted to SEK 40 million (50), 
corresponding to an EBITDA margin of 17,0 percent (21,4). 
Adjusted EBITDA amounted to SEK 46 million (50), excluding 
items affecting comparability of SEK 6 million (0).The decline in 
EBITDA is mainly attributable to non-recurring costs related to 
restructuring and strategic investments in the Marketing 
Partner business area. Currency translation effects impacted 
EBITDA by SEK -1 million (0). 
Net financial items 
Net financial items amounted to SEK -1 million (1) and mainly 
consist of interest on pension liabilities of -6 MSEK (-2) and 
foreign exchange differences on intra-group loans of 4 MSEK 
(-4), with exposure to NOK, DKK, and EUR. 
Result before and after tax  
Result before tax amounted to SEK 22 million (30). Net result 
(after tax) amounted to SEK 22 million (30).   
Net sales 
237 MSEK 
 
  
Operating result 
24 MSEK 
 
 
 
EBITDA 
40 MSEK 
 
 
 
238240232245235239237237237050100150200250Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32023 2024 2025MSEK
232 4 12322414 724-20-100102030405060Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32023 2024 2025MSEK45222030504232244001020304050607080Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32023 2024 2025MSEK

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

5 
 
 
 
Cash flow 
Total cash flow for the period amounted to SEK -11 million (-
14). 
Cash flow from current operations amounted to SEK 13 million 
(-3), where the change in working capital was SEK -27 million 
(-53).  
Cash flow from investing activities amounted to SEK -18 
million (-3) and mainly relates to capitalized development 
costs and general IT purchases, SEK -7 million (-3), and 
repayment of a deposit for rent for our old office in Norway, 
SEK 1 million (0). 
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 -1 million (-1).  
Liquidity and financial position  
Cash and cash equivalents amounted to SEK 152 million (113). 
The Group’s consolidated equity amounted to SEK 330 million 
(231). Equity ratio amounted to SEK 33,8 percent (25,4).  
The Group’s pension obligations amounted to SEK 279 million 
(315). 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 856 (887).  
Parent Company 
Net sales amounted to SEK 3 million (3) and relate to intra-
group services. Net result for the period amounted to SEK -12 
million (-3). As of September 30, the parent company's equity 
amounted to SEK 457 million (341), of which non-restricted 
equity amounted to SEK 158 million (43). 
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 third quarter of 2025 
include revenues for Eniro amounting to SEK 1 million, 
expenses amounting to SEK -3 million as well as outstanding 
receivables of SEK 2.8 million. All transactions have been 
conducted on commercial terms.  
Net result  
22 MSEK 
 
  
Cash flow from current 
operations 
 13 MSEK 
 
 
 
Equity ratio 
33,8% 
 
 
 
16 10 4 5302916 122-30-20-10010203040Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32023 2024 2025MSEK
-15531235-36419 14 13-20-10010203040506070Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32023 2024 2025MSEK32282723253031313405101520253035Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32023 2024 2025%

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

6 
 
 
 
Financial overview  
January – September 2025 
Net sales 
Net sales amounted to SEK 711 million (712), A decrease of 
SEK 1 million compared to the previous year, equivalent to 0 
percent. In the Marketing Partner business area, net sales 
increased by SEK 36 million, or 8 percent, compared with 
previous year, which is mainly explained by the acquisition of 
Medialuotsi and Qwamplify, which contributed SEK 48 million 
to the increase in sales. The Dynava business area's net sales 
decreased by SEK 36 million, or 13%, compared with previous 
year, mainly due to a continued decline in volumes in directory 
assistance.   Currency translation effects impacted total net 
sales by SEK -9 million (-4). 
Geographically, the distribution of revenues was; Sweden 384 
million (366), Norway 78 million (85), Denmark 93 million (105) 
and Finland 155 million (156). 
Operating result 
Operating result amounted to SEK 44 million (48).         
Currency translation effects impacted operating result by SEK 
0 million (0). 
The Group's operating expenses, excluding depreciation, 
amortization and impairment, amounted to SEK -623 million (-
620), an increase by SEK 3 million compared to previous year, 
equivalent to 0 percent.  
Currency translation effects impacted on operating expenses, 
excluding depreciation and amortization, by SEK 8 million (2). 
The Group's total depreciation and amortization amounted to 
SEK -52 million (-53), of which SEK -21 million (-25) refers to 
tangible fixed assets and SEK -30 million (-28) refers to 
intangible assets.  
Currency translation effects impacted total depreciation and 
amortization by SEK 1 million (0). 
EBITDA 
The Group’s EBITDA amounted to SEK 96 million (100), 
corresponding to an EBITDA margin of 13,5 percent (14,1). 
Adjusted EBITDA amounted to SEK 109 million (100) excluding 
items affecting comparability of SEK 13 million (0). The 
improvement in EBITDA is mainly explained by lower costs 
thanks to previously implemented efficiency programs. The 
first 9 months of the year was burdened by non-recurring 
costs relating to strategic investments in the Marketing Partner 
business area. In the Dynava business area, the decline in 
EBITDA is explained by lower volumes and restructuring costs. 
Currency translation effects impacted EBITDA by SEK -1 million 
(0). 
Net financial items 
Net financial items amounted to SEK -1 million (-6) and consist 
mainly of interest on pension liabilities of SEK -6 million (-4), 
offset by exchange rate differences on intra-group loans of 
SEK 4 million (2) and interest expenses by SEK -1 million (-2). 
 Net sales 
711 MSEK 
 
 
 
 Operating result 
44 MSEK 
 
 
 
 EBITDA 
96 MSEK 
 
 
6166797197127112021 2022 2023 2024 2025MSEK10 67 3 48 442021 2022 2023 2024 2025MSEK
10413065100962021 2022 2023 2024 2025MSEK

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

7 
 
 
 
Result before and after tax  
Result before tax amounted to SEK 36 million (39). Net result 
for the period (after tax) amounted to SEK 39 million (39).  
 
Cash flow 
Total cash flow for the period amounted to SEK -8 million (-
51). 
Cash flow from current operations amounted to SEK 46 million 
(45), of which change in working capital accounted for SEK -49 
million (-50).  
Cash flow from investing activities amounted to SEK -30 
million (-42), and mainly relates to the acquisition of the 
subsidiary Medialuotsi Oy, SEK -17 million (0), the acquisition 
of the subsidiary Qwamplify Nordics, SEK -6 million (0), 
capitalized development costs, general IT purchases, SEK -13 
million (-7). The remaining SEK 6 million (0) refers to released 
blocked bank funds relating to deposits for premises in 
Norway. 
Cash flow from financing activities amounted to SEK -25 
million (-53) and mainly relates to amortization of lease 
liabilities in accordance with IFRS 16, -19 million (-22). 
Liquidity and financial position  
Cash and cash equivalents amounted to SEK 152 million (113). 
The Group’s consolidated equity amounted to SEK 330 million 
(231). Equity ratio amounted to SEK 33,8 percent (25,4).  
The Group’s pension obligations amounted to SEK 279 million 
(315). 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 856 (887).  
Parent Company 
Net sales amounted to SEK 12 million (11) and relate to intra-
group services. Net result for the period amounted to SEK -22 
million (-9). As of September 30, the parent company's equity 
amounted to SEK 457 million (341), of which non-restricted 
equity amounted to SEK 158 million (43). 
Transactions with related parties 
Azerion holds 26,10 percent of the votes in Eniro Group AB 
and is thus considered a related party. 
The transactions with Azerion in 2025 include income for Eniro 
of SEK 6 million, costs of SEK -6 million and outstanding 
receivables of SEK 2.8 million. All transactions have taken place 
on commercial terms. 
 
 
 
 
 Net result for the period 
39 MSEK 
 
 
 
 Cash flow from current  
operations 
46 MSEK 
 
 
 
 Equity ratio 
33,8% 
 
 
8 56-1339 392021 2022 2023 2024 2025MSEK
2841-145462021 2022 2023 2024 2025MSEK
21273225342021 2022 2023 2024 2025%

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

8 
 
 
 
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 161 million (144), an increase of 12 
percent, which is mainly explained by the acquisition of Medialuotsi, which 
contributed SEK 12 million to the increase in sales and Qwamplify which 
contributed SEK 8 million to the increase in sales. The improvement in EBITDA is 
mainly explained by lower costs thanks to previously implemented efficiency 
programs. The first nine months of the year was burdened by non-recurring costs 
for strategic investments totaling SEK 7 million. 
 
EBITDA for the quarter amounted to SEK 34 million (43) and operating result SEK 
22 million (30). The decrease in the quarter is due to one-off costs and integration 
costs for Qwamplify. 
Share of Group’s net sales 
67,7% 
 
 
 
 
 
   
 
 
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 77 million (92),  a decrease of 16 
percent, which is mainly related to continued lower volumes in directory assistance. 
Dynava is in the period affected by restructuring costs of approximately SEK 2.4 
million, where a program is underway to adapt costs to market conditions. This is 
expected to be completed during the second half of the year. 
 
EBITDA for the quarter amounted to SEK 9 million (9) and operating result SEK 4 
million (3). 
Share of Group’s net sales 
32,3% 
 
 
 
 
LTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Net sales 161 144 468 432 617 581EBITDA 34 43 99 96 146 143EBITDA margin, % 21,3 30,1 21,2 22,2 23,7 24,5Operating result 22 30 63 59 96 93Q3 Jan-Sep
LTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Net sales 77 92 243 279 334 370EBITDA 9 9 8 15 9 15EBITDA margin, % 11,1 9,3 3,4 5,4 2,6 4,2Operating result 4 3 -7 -0 -13 -6Q3 Jan-Sep

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

9 
 
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 2025 2024 2025 2024 okt-Sep 2024Net sales - - - - - -EBITDA-2 -2 -12 -11 -16 -16EBITDA margin, %- - - - - -Operating result-2 -2 -11 -11 -16 -16Q3 Jan-SepLTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Net sales 237 235 711 712 951 951EBITDA 40 50 96 100 138 143EBITDA margin, % 17,0 21,4 13,5 14,1 14,5 15,0Operating result 24 32 44 48 68 72Q3 Jan-Sep

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

10 
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 2023, page 35 and in 
note 25 on page 56. 
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 been subject to a review by the 
auditors. See separate report on page 25. 
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. 
Complaints 
On December 1, 2022, Kapatens Investment AB filed a 
summons application with Solna District Court to challenge 
the resolution of the general meeting on September 12, 
2022, regarding the redemption of preference shares of 
series B. Kapatens Investment AB did not request an 
injunction, i.e. that the resolution of the general meeting 
should not be executed. The resolution, as well as other 
related general meeting resolutions, has thus been 
registered with the Swedish Companies Registration Office. 
The registration decisions have not been appealed. All 
resolutions at the general meeting have subsequently been 
executed. The company now has only one class of shares, 
with equal rights to capital, dividends and votes. Kapatens 
Investment AB has, in addition and in connection with the 
appeal, filed an appeal regarding the dividend decisions 
made at the annual general meetings 2023 and 2024 as 
well as parts of the decision on the amendment of the 
articles of association, these cases are declared dormant 
pending the final resolution of the original appeal. 
Solna District Court granted Kapatens Investment AB's 
action of December 1, 2022, by judgment on June 28, 2024. 
On April 2, 2025, Svea Court of Appeal upheld the District 
Court's judgment. The company has appealed to the 
judgment and applied for leave to appeal to the Supreme 
Court.  
The company's board of directors, with the support of 
external legal advice, has continued to assess that Kapatens 
Investment AB's action will not entail any change to the 
current share structure. This is justified by the fact that all 
the decisions related to the redemption of former 
preference shares of series B have been registered with the 
Swedish Companies Registration Office and executed 
through the payment of redemption proceeds, the issuance 
of newly subscribed ordinary shares through set-off of

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

11 
redemption proceeds or cash payment and the conversion 
of preference shares of series A into ordinary shares. The 
Company's external advisors have assessed that these 
enforcement measures in a CSD company whose shares are 
subject to daily trading on the stock market are not 
possible to restore.  The Company's external advisors have 
stated that this is ultimately a consequence of the fact that 
no enforcement obstacles were directed against the 
decisions by either Kapatens Investment AB or by the court 
or by the Swedish Companies Registration Office. 
 
Neither the Swedish Companies Registration Office's nor 
Euroclear's assessments of the consequences of the Court 
of Appeal's judgment gaining legal force are yet available.  
In addition, in July 2023, Kapatens Investment AB 
submitted a claim against the company for SEK 43,249,500 
in addition to its appeal the decision of the general 
meeting on September 12, 2022, regarding the redemption 
of the company's previously issued preference shares of 
series B. The claim has been rejected as groundless, and 
the Board of Directors' assessment is that the claim made 
does not give rise to any provision in the company's 
balance sheet. This is also confirmed by the fact that 
Kapetens Investment AB has not made the claim in the 
ongoing court proceedings but has only claimed 
compensation for legal costs.  
If the Court of Appeal's judgment becomes final, it is likely 
that the two previously suspended proceedings regarding 
the dividend decision and amendment of the articles of 
association will be resumed.  
The Board's previous assessment that the ultimate 
consequence for the company of the Court of Appeal's 
judgment gaining legal force is, based on external legal 
advice, that the company must bear Kapatens Investment 
AB's legal costs for the appeal process remains. These costs 
currently amount to just over SEK 3 million, of which SEK 
2.5 million has been expensed in 2024 and the remainder 
in 2025.  
The Company's external advisors have emphasized that 
every regulatory and court process, regardless of type, 
always contains a "process risk", which is why the Company 
continues to investigate these issues to continuously assess 
whether and when there is reason to make a different 
assessment regarding the consequences of the disputes 
with Kapatens Investment AB. 
 
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 will begin reporting in accordance with the Corporate 
Sustainability Reporting Directive (CSRD) as of 1 January 2025. 
Work on implementing CSRD is ongoing so that the 2025 
annual report can be prepared in accordance with applicable 
rules. We have completed a double materiality analysis to 
identify significant sustainability aspects in our value chain. 
Data collection in identified areas is ongoing. The report will 
be prepared in accordance with the European Sustainability 
Reporting Standard (ESRS) in line with the CSRD directive.

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

12 
Consolidated income statement 
Other comprehensive income statement 
 
LTM Full-yearMSEK Note 2025 2024 2025 2024 okt-Sep 2024Net sales 3 237 235 711 712 951 951Other operating revenue 1 2 7 9 13 14Capitalized work for own account 2 1 8 5 12 8Purchase of goods and services -33 -35 -85 -84 -109 -108Other external expenses -43 -30 -140 -133 -174 -167Personnel costs -124 -122 -401 -406 -549 -554Other operating expenses  -1 -1 -5 -2 -5 -2Depreciations, amortizations and write-downs of - tangible fixed assets -6 -8 -21 -25 -29 -33 - intangible assets -10 -10 -30 -28 -41 -38Operating result 2 24 32 44 48 68 72Results from participations in associated companies-1 -4 -7 -4 -9 -6Finance income 0 4 7 5 11 8Finance costs -1 -3 -9 -11 -14 -16Result before income tax 22 30 36 39 55 57Income tax for the period 1 -0 2 1 12 10Net result for the period22 30 39 39 67 68Of which attributable to:Equity holders of the Parent 22 30 39 39 67 68Non-controlling interests - -0 0 -0 0 0Net result for the period 22 30 39 39 67 68Earnings per share0,03 0,04 0,05 0,05 0,09 0,09
Q3 Jan-Sep
LTM Full-yearKSEK Note 2025 2024 2025 2024 okt-Sep 2024Net result for the period 22 30 39 39 67 68Other comprehensive incomeItems that will not be reclassified to profit or loss:Actuarial gains/losses attributable to pensions412 -13 18 -49 38 -29lossTranslation differences related to foreign operations -2 -3 -9 -1 -4 4Other comprehensive income, net of tax 10 -16 9 -49 34 -25Comprehensive income for the period 32 13 48 -10 101 43Of which attributable to:Equity holders of the Parent 32 13 46 -10 99 43Non-controlling interests (incl translation differences) -0 -0 2 -0 2 0Comprehensive income for the period 32 13 48 -10 101 43Q3 Jan-Sep

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

13 
Consolidated balance sheet 
 
 31 DecMSEK Note 2025 2024 2024AssetsFixed assetsRight of use asset  35  32  22Other tangible assets  10  8  9Intangible fixed assets2 544  522  519Deferred tax assets  16  8  17Financial assets  50  66  63Total non-current assets  654  635  629Current assetsAccounts receivable  84  71  70Other current receivables  86  90  88Cash and cash equivalents  152  113  163Total current assets  322  274  322Total assets  976  909  951Equity and liabilitiesEquityShare capital  298  298  298Reserves - 287 - 281 - 277Shareholder contributions/retained earnings  318  213  261Equity attributable to equity holders of the Parent  330  230  283Non-controlling interests - 0  1  1Total equity  330  231  284Non-current liabilitiesLease liabilities  22  14  11Employee benefits obligations4 279  315  296Other non-current liabilities  4  6  5Total non-current liabilities  304  335  312Current liabilitiesLease liabilities  14  21  13Other current liabilities  328  323  341Total current liabilities  343  343  355Total equity and liabilities  976  909  951
30 Sep

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

14 
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 2024 298 5 860 -281 -5 609 269 1 270Net result for the period - - - 39 39 0 39Translation differences related to foreign operations - - 0 - 0 0 -1Actuarial gains/losses - - - -49 -49 - -49Total Comprehensive income - - 0 -10 -10 0 -10Transactions with ownersTotal transactions with shareholders - - - -29 -29 - -29Closing balance Sep 30 2024 298 5 860 -281 -5 648 230 1 231Opening balance Jan 1 2024 298 5 860 -281 -5 609 269 1 270Net result for the period - - - 68 68 -0 68Translation differences related to foreign operations - - 4 - 4 -0 4Actuarial gains/losses - - - -29 -29 - -29Total Comprehensive income - - 4 39 43 -0 43OtherPremiums for warrants - - - 0 0 - 0Total other - - - 0 0 - 0Transactions with ownersDividend paid to equity holders of the Parent - - - -29 -29 0 -29Total transactions with shareholders - - - -29 -29 0 -29Closing balance Dec 31 2024 298 5 860 -277 -5 599 283 1 284Opening balance Jan 1 2025 298 5 860 -277 -5 599 283 1 284Net result for the period - - - 39 39 -0 39Translation differences related to foreign operations - - -11 - -11 0 -11Actuarial gains/losses - - - 18 18 - 18Total Comprehensive income - - -11 57 46 -0 46Transactions with owners - - - - - -1 -1Dividends paid to non-controlling interests in subsidiaries¹ - - - - - - -Total transactions with shareholders - - - - - - -Closing balance Mar 31 2025 298 5 860 -287 -5 542 330 0 330

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

15 
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 2025 2024 2025 2024 okt-Sep 2024Operating activities Operating result  24  32  44  48  68  72Depreciation and amortization  17  18  52  53  70  71Other non-cash items - 1  0 - - 5 - 1 - 6Financial items, net  0  0  1  0  5  4Paid tax - 0 - 0 - 1 - 1 - 1 - 1Cash flow from current operations before changes in working capital  40  50  96  95  141  140 Changes in working capital - 27 - 53 - 49 - 50 - 30 - 31Cash flow from current operations  13 - 3  46  45  110  109Investing activitiesAcquisition of subsidiary - 14 - - 23 - - 23 -Purchases of non-current assets - 4 - 3 - 13 - 43 - 19 - 49Repayment of deposits - 0 -  6  0  6  0Cash flow from investing activities - 18 - 3 - 30 - 42 - 36 - 49Financing activitiesRepayment of pension liabitity - 1 - 1 - 5 - 3 - 6 - 4Lease payments - 5 - 7 - 19 - 22 - 26 - 29Dividend paid to equity holders of the Parent - - - - 29 - - 29Dividends paid to non-controlling interests in subsidiaries¹- - - 1 - - 1 -Cash flow from financing activities - 7 - 9 - 25 - 53 - 33 -62Cash flow for the period - 11 - 14 - 8 - 51  41 -2Cash and cash equivalents at the beginning of the period 164  128  163  164  113  164Cash flow for the period - 11 - 14 - 8 - 51  41 - 2Exchange difference in cash and cash equivalents 0 - 1 - 2  0 - 1  1Cash and cash equivalents at the end of the period 152  113  152  113  152  163
Q3 Jan-Sep

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

16 
Condensed Parent Company Income statement 
 
 
 
LTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Net sales  3  3  12  11  16  14Other external expenses - 14 - 5 - 27 - 14 - 31 - 17Personnel costs - 3 - 2 - 10 - 7 - 14 - 11Other operating expenses - 0 - 0 - 0 - 0 - 0 - 0Depreciations, amortizations and write-downs of - - - - tangible fixed assets - 0 - - 0 - - 0 - 0Operating result - 14 - 3 - 26 - 11 - 29 - 14Finance income  2  0  4  2  145  142Finance costs - 0 - 0 - 0 - 0 - 0 - 0Result before income tax - 12 - 3 - 22 - 9  115  128Income tax for the period - - - - - -Net result for the period - 12 - 3 - 22 - 9  115  128Q3 Jan-Sep

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

17 
Condensed Parent Company balance sheet 
 
  
 31 DecMSEK 2025 2024 2024AssetsFixed assetsOther tangible assets 0 0 0Shares in subsidiaries 323 323 323Financial assets 25 25 25Total non-current assets 347 348 348Current assetsOther current receivables 438 27 163Cash and cash equivalents 118 3 4Total current assets 556 30 167Total assets 903 378 515Equity and liabilitiesEquityRestricted equtiyShare capital 298 298 298Non-restricted equityRetained earnings 180 52 52Net result for the period -22 -9 128Total equity 457 341 479Non-current liabilitiesEmployee benefits obligations 32 32 32Total non-current liabilities 32 32 32Current liabilitiesOther current liabilities 414 4 4Total current liabilities 414 4 4Total equity and liabilities 903 378 515
30 Sep

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

18 
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 2023, 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 impairment test checks whether there is a need for impairment by comparing the carrying amounts of the cash-generating 
units, including goodwill and other consolidated surplus values, with their recoverable amounts. If the carrying amount exceeds 
the recoverable amount, the carrying amount is written down to the recoverable amount.  
The recoverable amount consists of the value in use (the higher of value in use and estimated net selling price). A discount rate 
has been calculated for each cash-generating unit. The value of all of the Group's intangible assets is tested annually within 12 
months of the previous test or when indications of significant changes in assumptions are identified.  
Eniro has gradually moved from country-based organisations with country managers to a more centralised organisation, with a 
manager for each business area (Marketing Partner and Dynava) and centralised support functions and systems. The units within 
each segment, regardless of geographical location, therefore have many common dependencies. Follow-up and reporting to 
company management, as well as evaluation of business area managers, takes place at the business area level and not per 
country. Based on this, Eniro has identified that the lowest cash-generating unit consists of the respective business areas, 
 31 DecMSEK 2025 2024 2024Opening balance 444 442 442Business acquisitions 45 - -Impairments - - -Translation differences -7 -0 3Net carrying amount 483 442 44430 Sep 31 DecMSEK 2025 2024 2024Opening balance 74 68 68Acquisitions/Capitalized work 8 39 44Business acquisitions 9 - -Disposals - - -0Depreciations -30 -28 -38Translation differences -0 1 2Net carrying amount 62 80 74- -IT investments 42 51 49Brands 3 18 14Customer relations 15 12 11Other intangible assets 1 - 0Total intangible assets (excl goodwill) 62 80 7430 Sep

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

19 
Marketing Partner and Dynava. As this represents a change from previous years, Eniro has chosen to perform impairment testing 
at both the business area level and the country level.  
The results of both impairment tests are presented below. 
An impairment test is based on a number of different assumptions about the future development of the operations. Such 
assumptions are always associated with varying degrees of uncertainty. In the third quarter of 2025, the annual impairment test 
was performed, resulting in an impairment of goodwill and intangible assets of SEK 0 million (0).  
The discount rate used in calculating the recoverable amount was between 14.5-17.6 (12.5-14.3) per cent before tax for the cash-
generating units. The required rate of return has been determined based on the Group's current capital structure and reflects the 
risks associated with the various cash-generating units.  
Cash flow forecasts for 2026–2030 are based on an average revenue growth rate of 5 (3) per cent. Cash flows beyond the five-year 
period are extrapolated using an estimated long-term growth rate of 2 (2) per cent for all cash-generating units.  
Sensitivity analysis has been prepared for the cash-generating units Marketing Partner and Dynava, but also according to the 
previous CGU level, i.e. at country level. An increase in the discount rate of two percentage points, a decrease in the operating 
margin before depreciation and amortisation of intangible assets (EBITDA margin) by two percentage points, or a decrease in the 
assumed long-term growth rate by two percentage points would each increase the impairment requirement as of 30 September 
2025 by:  
• Increase in the discount rate: SEK 0 million  
• Decrease in EBITDA margin: SEK 0 million  
• Decrease in long-term growth rate: SEK 0 million.

===== 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 gain of SEK +18 million (-49) has arisen as of September 30, 2025. This gain is a result of changed assumptions 
regarding the discount rate and inflation. The valuation of pension obligations for the third quarter of 2025, carried out by 
external experts, is based on several assumptions where the discount rate is 3.8 percent (3.4) and inflation and long-term increase 
in pensions are 1.7 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 2025 2024 2025 2024 okt-Sep 2024Over time 137 122 402 347 524 470At point in time 100 113 310 365 426 481Total revenues 237 235 711 712 951 951Q3 Jan-SepLTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Subscription revenues 137 122 402 347 524 470Other digital marketing revenues 24 22 67 85 92 111Total Marketing partner 161 144 468 432 617 581Dynava 77 92 243 279 334 370Total Dynava 77 92 243 279 334 370Total revenues 237 235 711 712 951 951Q3 Jan-SepLTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Sweden 131 122 384 366 510 492Norway 27 29 78 85 106 113Denmark 31 35 93 105 130 141Finland 49 50 155 156 204 205Total revenues 237 235 711 712 951 951Q3 Jan-Sep

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

21 
Note 5. Purchase Price Allocation 
On January 3, 2025, Eniro acquired 100 percent of the shares in Medialuotsi OY, a leading Finnish digital marketing agency, for a 
preliminary cash purchase price of SEK 36 million. 
The results, assets, and liabilities of the acquired company have been consolidated as of January 3, 2025. 
Effects of the Acquisition of Medialuotsi Oy 
The net assets of the acquired company included in the preliminary purchase price allocation are as follows: 
 
 
 
 
 
 
 
 
 
 
 
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. 
Allocation of Surplus Value in the Preliminary Purchase Price Allocation 
The identified surplus value of SEK 48 million has been allocated as follows: SEK 8 million to customer relationships and the 
remaining SEK 40 million to goodwill. The goodwill is primarily attributable to expected future synergies, such as a combined 
workforce and new customer contracts. 
Purchase Consideration 
The preliminary purchase price amounts to SEK 36 million and consists of three installments. SEK 17 million was paid on the 
acquisition date, and the remaining consideration is to be paid in two additional installments within one year from the acquisition 
date. 
Pro Forma Result 
Revenue and expenses for Medialuotsi for the period January 1–2, 2025, are considered immaterial and are therefore not 
presented. The table below presents the revenue and profit of Medialuotsi from the acquisition date, January 3, 2025, through 
September, 2025. 
 
 
 
 
 
Group,, MSEK Fair value 
Intangible assets 0 
Intangible assets: Customer relationships 8 
Tangible assets 0 
Other financial non-current assets 0 
Accounts receivable and other current 
receivables 4 
Cash and cash equivalents 7 
Deferred tax liability -2 
Accounts payable and other current liabilities -23 
Net identifiable assets and liabilities -5 
Goodwill 40 
Acquired net assets 36 
Group, MSEK Fair value 
Total purchase consideration 36 
Cash purchase consideration paid on 
acquisition date 
 
Cash purchase consideration paid on July 1, 
2025 according to installment number 2. 
17 
 
10 
Group, MSEK 250103–250630 
Net sales  40 
Operating result 6 
Financial net and tax 0 
Net result 6

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

22 
On July 1, 2025, Eniro acquired 100 percent of the shares in Qwamplify Nordics Oy, a leading Finnish digital marketing agency, for 
a preliminary cash purchase price of SEK 8 million. 
The results, assets, and liabilities of the acquired company have been consolidated as of July 1, 2025. 
Effects of the Acquisition of Qwamplify Nordics 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 6 million has been allocated as follows: SEK 1 million to customer relationships and the 
remaining SEK 5 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 8 million and was paid acquisition date. 
 
 
 
 
 
 
 
 
 
 
Group,, MSEK Fair value 
Intangible assets 0 
Intangible assets: Customer relationships 1 
Tangible assets 0 
Other financial non-current assets 1 
Accounts receivable and other current 
receivables 4 
Cash and cash equivalents 1 
Deferred tax liability 0 
Accounts payable and other current liabilities -5 
Net identifiable assets and liabilities 2 
Goodwill 5 
Acquired net assets 8 
Group, MSEK Fair value 
Total purchase consideration 8 
Cash purchase consideration paid on 
acquisition date 
 
 
8 
Group, MSEK 250701–250930 
Net sales  8 
Operating result -2 
Financial net and tax 0 
Net result -2

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

23 
Note 6. Subsequent events 
No significant events after the end of the period. 
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 2025 2024 2024Equity ratio, % 33,8 25,4 29,9ARR for business area Marketing Partner, MSEK  515  485  489Average number of shares outstanding, thousands 728 007 728 007 728 007Share price at end of period, SEK 0,39 0,46 0,45Jan-SepLTM Full-yearMSEK 2025 2024 2025 2024 okt-Sep 2024Operating result  24  32  44  48  68  72Depreciations  17  18  52  53  70  71Writedowns - - - - - -Total EBITDA  40  50  96  100  138  143EBITDA margin, % 17,0 21,4 13,5 14,1 14,5 15,0Q3 Jan-Sep

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

24 
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, November 5, 2025 
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 25 =====

25

===== 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 
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 2025  November 5, 2025  
Q4 Interim Report 2025  February 19, 2026 
Year-end Report 2025  April 14, 2026  
 
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 
08.20 CET on 23 April 2025. 
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 2024, the 
Eniro Group had sales of SEK 951 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, 2025