===== 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. ===== SIDA 3 ===== 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