ANNUAL
REVIEW
2025
ENENTO GROUP PLC
Contents
ENENTO AS A COMPANY
ENENTO IN BRIEF .........................................................................................3
KEY FIGURES ...............................................................................................5
STRATEGY ...................................................................................................6
BUSINESS MODEL ........................................................................................9
BUSINESS AREAS AND SERVICES .............................................................13
BOARD OF DIRECTORS’ REPORT
BOARD OF DIRECTORS’ REPORT 2025 .....................................................19
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ............... 39
CONSOLIDATED STATEMENT OF FINANCIAL POSITION........................ 41
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ......................... 42
CONSOLIDATED STATEMENT OF CASH FLOWS .................................... 44
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .................. 45
1 Basis of preparation ................................................................................. 45
1.1 General information .................................................................................................45
1.2 New standards and interpretations and changes in
accounting policies .......................................................................................................45
1.3 Consolidation ..............................................................................................................46
1.4 Foreign currency translation ............................................................................46
1.5 Segment reporting...................................................................................................46
1.6 Operating profit (EBIT) ...........................................................................................46
1.7 Critical accounting estimates and judgements .................................46
2 Financial performance ............................................................................ 47
2.1 Net sales .......................................................................................................................... 47
2.2 Costs, expenses and other income.............................................................50
2.3 Depreciation, amortization and impairment ........................................51
2.4 Finance income and expenses .......................................................................51
2.5 Income tax expenses ............................................................................................52
2.6 Earnings per share .................................................................................................. 52
3 Acquisitions, capital expenditure and net working capital.........53
3.1 Acquisitions ...................................................................................................................53
3.2 Goodwill and intangible assets .....................................................................53
3.3 Tangible assets and Right-of-use assets ..............................................56
3.4 Accounts receivable and other receivables ........................................57
3.5 Contract assets and liabilities ........................................................................58
3.6 Provisions ......................................................................................................................58
3.7 Other liabilities ...........................................................................................................59
3.8 Deferred tax assets and liabilities ................................................................59
4 Capital structure ...................................................................................... 60
4.1 Financial risk management ..............................................................................60
4.2 Capital management ..........................................................................................63
4.3 Equity ................................................................................................................................ 63
4.4 Financial assets and liabilities .......................................................................64
4.5 Commitments and contingent liabilities .............................................. 66
4.6 Pensions ........................................................................................................................ 66
5 Others .......................................................................................................... 68
5.1 Management remuneration .............................................................................68
5.2 Share-based payments .....................................................................................69
5.3 Group companies .................................................................................................... 71
5.4 Shares in associated companies ................................................................. 71
5.5 Related parties ..........................................................................................................72
5.6 Events after the reporting date .....................................................................72
PARENT COMPANY INCOME STATEMENT (FAS) ................................... 73
PARENT COMPANY BALANCE SHEET (FAS) ...........................................74
PARENT COMPANY STATEMENT OF CASH FLOWS (FAS) ....................76
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS ............. 77
1 Accounting principles ............................................................................. 77
1.1 Valuation principles ................................................................................................ 77
1.2 Items denominated in foreign currencies ........................................... 77
1.3 Cash pooling arrangement .............................................................................. 77
2 Net sales ..................................................................................................... 77
3 Personnel expenses ................................................................................ 77
4 Other operating expenses .................................................................... 77
5 Finance income and expenses ...........................................................78
6 Appropriations..........................................................................................78
7 Income tax expenses ..............................................................................78
8 Investments ...............................................................................................78
9 Long-term receivables ..........................................................................78
10 Short-term receivables ........................................................................79
11 Equity ...........................................................................................................79
12 Current liabilities ....................................................................................79
13 Leasing liabilities ....................................................................................79
BOARD’S PROPOSAL FOR THE DISTRIBUTION OF FUNDS .....................80
SIGNATURES TO THE FINANCIAL STATEMENTS ......................................81
AUDITOR’S NOTE .......................................................................................81
AUDITOR’S REPORT .................................................................................82
AUDITOR’S REPORT ON THE ESEF FINANCIAL STATEMENTS
OF ENENTO GROUP OYJ ...........................................................................87
GOVERNANCE
CORPORATE GOVERNANCE STATEMENT 2025 .....................................90
BOARD OF DIRECTORS 31.12.2025 ..........................................................99
EXECUTIVE MANAGEMENT TEAM 31.12.2025 ....................................... 100
INVESTOR INFORMATION
INFORMATION FOR SHAREHOLDERS .................................................... 102
Enento in brief
OUR PURPOSE: WE BUILD TRUST IN THE EVERYDAY.
We collect and transform data to intelligence and knowledge used in
interactions between people, businesses and society.
Enento is one of the leading providers of digital
business and consumer information services in
the Nordic countries. Our roots reach back to the
inception of the Finnish credit management indus-
try when our predecessor was founded in 1905 by
the largest Finnish banks, wholesalers and retail
chains.
Enento has been listed on Nasdaq Helsinki since
2015. In June 2020, Asiakastieto Group became
Enento Group.
Our services include credit information, business
information, asset information, marketing informa-
tion and direct to consumer services. These services
are primarily used for risk management, finance,
administration, compliance, decision-making as
well as sales and marketing purposes.
We gather company, consumer, and asset data
from multiple external sources as well as through
our own collection processes. Our expertise lies
in managing and integrating diverse data points,
transforming them into valuable insights. With
extensive proprietary time series, we are able to
deliver distinctive products and services tailored
to customer needs. These offerings range from
straightforward report extracts to advanced, inte-
grated risk management solutions.
We serve a wide spectrum of customers and
industries across the Nordics, where we have
built long-standing relationships. Our client base
includes major enterprises in finance and banking,
wholesale, retail and e-commerce, utilities, and
telecommunications, as well as small and medium-
sized businesses and individual consumers.
Enento Group Annual Review 2025 | 3Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
NET SALES BY COUNTRY 2025
FinlandFinland
SwedenSweden
45
48
NorwayNorway
DenmarkDenmark
1
6
%
NET SALES
ENENTO EMPLOYEES IN 2025
166
166
3
41
377
TOTAL
OUR BUSINESS AREAS
Business Insight
Business information services across the
Nordics in Finland, Sweden, Norway and
Denmark
60%*
NET SALES
Consumer Insight
Consumer information and decisioning
services in Finland and Sweden
40%*
NET SALES
* % of Group net sales 2025
Enento is a Nordic group with the following trusted
well-known brands: Asiakastieto and Emaileri
in Finland, UC and Allabolag in Sweden, Proff in
Norway and Denmark.
We are a market leader in Finland and Sweden in
credit information. In Norway and Denmark, we are
a challenger and are growing well with a narrower
service offering.
Sustainability is central to everything we do. We
deliver solutions that generate value for both our
customers and society by transforming data into
actionable intelligence. This empowers better deci-
sion-making, fosters transparency, and builds trust.
Our services support customers in advancing their
sustainability goals, particularly in areas such as
preventing over-indebtedness and fraud, ensuring
compliance, and addressing ESG (environmental,
social and governance) challenges.
We are continuously striving to strengthen Enento
as a sustainable workplace by advancing data
protection and information security, while promot-
ing responsible practices together with our suppli-
ers and partners.
SINCE 2006
SINCE 2011
SINCE 1977
SINCE 2007
SINCE 1905
SINCE 2004
Enento Group Annual Review 2025 | 4Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Key figures
EUR million, unless stated otherwise 2025 2024 2023
Net sales 152,7 150,4 155,9
Net sales, % change at reported exchange rates 1,5 -3,5 -6,9
Net sales, % change at comparable exchange rates 0,0 -3,6 -2,6
Adjusted EBITDA 52,4 52,0 57,1
Adjusted EBITDA, % change at reported exchange rates 0,8 -8,9 -6,7
Adjusted EBITDA, % change at comparable exchange rates -0,5 -9,0 -2,9
Adjusted EBITDA margin, % 34,3 34,6 36,6
Adjusted EBITDA margin, percentage point change at reported
exchange rates
-0,3 -2,0 0,1
Adjusted EBITDA margin, percentage point change at comparable
exchange rates
-0,2 -2,0 -0,1
Adjusted operating profit (EBIT) 41,0 39,6 46,0
Adjusted EBIT margin, % 26,9 26,4 29,5
Operating profit (EBIT) 25,4 24,6 30,4
EBIT margin, % 16,6 16,3 19,5
New services of net sales, % 8,1 15,6 12,2
Free cash flow 34,1 30,7 32,0
Cash conversion, % 75,6 66,2 62,6
Net debt to adjusted EBITDA, x 2,7 2,7 2,4
Earnings per share, EUR 0,57 0,51 0,74
Adjusted earnings per share, EUR
1
1,14 1,09 1,26
Dividend per share, EUR 1,0
2
1,0 1,0
1
Previously reported Comparable earnings per share have been restated and renamed to Adjusted earnings per share by excluding
in addition to fair value adjustments related to acquisitions also items affecting comparability and reduction in value of associated
company as well as their tax impact.
2
Proposal of the Board of Directors to the AGM.
NET SALES 2021–2025
Reported, EUR million
168
164
150
153
156
2021 2022 2023 2024 2025
ADJUSTED EBITDA 2021–2025
Reported, EUR million
61
59
52 52
57
2021 2022 2023 2024 2025
Enento Group Annual Review 2025 | 5Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
OUR PURPOSE OUR VISION OUR VALUES
As the Nordic knowledge company,
we power society with intelligence
We build trust in the everyday
FOUR STRATEGIC PRINCIPLES
guide our focus on our most important outcomes in the day-to-day business
We build trust | We care & dare |
We grow together
An annual average net sales growth of 5-10%
Adjusted EBITDA margin around 40%
Net debt to adjusted EBITDA ratio below 3x
Share of new services from net sales around 10%
Net zero emissions by the end of 2030
Retain and strengthen our leading position in the
credit information business
Become the leading provider of business information
STRATEGIC GOALS LONG-TERM TARGETS
Enento strategy in short
Customer
First
Operational
Excellence
One
Enento
Empowered
People
Enento Group Annual Review 2025 | 6Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
We drive scalable growth and margin expansion in
our strategy period that ends in 2026
Credit at the core and largest growth
opportunities in business information
IN OUR STRATEGY WE HAVE DEFINED TWO STRATEGIC GOALS:
1) Retain and strengthen our leading position in the credit
information business
2) Become the leading provider of business information
services in the Nordics
Credit information continues to be at the core of our business. We
have many competitive advantages and continue to have a lead-
ing position in both Finland and Sweden. There is continuous need
for credit information and many growth opportunities. We continue
to expand our credit information services in new customer verticals
such as utilities, e-commerce and telecom. Moreover, we see great
potential in scaling up our new services, such as real-time financial
data services and fraud prevention and detection services, that are
closely linked with our core services.
We see strong potential for expanding our service offering across the
Nordics, particularly within compliance, master data, and real estate
information. These areas represent important growth drivers and
enable us to broaden the value we deliver to our customers. In parallel,
we aim to deepen our market penetration and reinforce our position
among both small and medium-sized enterprises (SMEs) and large
corporations within business information services.
TO ENSURE PROFITABLE GROWTH, WE MUST ALSO:
• Digitalize our business model to improve efficiency over time
and modernize SME services especially in Sweden.
• Apply differentiated execution and go-to-market models for
different customer segments, businesses and services while
leveraging common capabilities and synergies
• Utilize win-win partnerships for data, channels and technology.
Our strategic principles guide how our
employees focus on their daily work
We have four strategic principles that guide our employees to focus on
our most important outcomes in the day-to-day business: Customer
first, One Enento, Operational excellence and Empowered people.
CUSTOMER FIRST
ONE ENENTO
OPERATIONAL EXCELLENCE
EMPOWERED PEOPLE
Maximize customer value and keep
our competitive position
For Nordic reach and
economies of scale
Secure cost-efficient, scalable
and well-managed operations
Learning organization with a growth
mindset, crosswise collaboration and
empowering culture
OUR STRATEGIC PRINCIPLES
Enento Group Annual Review 2025 | 7Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Our long-term targets and outcome in 2024 – 2025 We continue to invest in profitable growth
* Net sales change % at comparable foreign exchange rates
TARGET OUTCOME COMMENTS
2024
-3,6%*
2025
0,0%*
Continued weak market demand for
consumer credit information, whereas
Business Insight continued to grow.
34,6% 34,3%
Profitability under pressure due to the
decline in Swedish consumer credit
information, negative sales mix and
increased data acquisition costs.
Significant improvement in efficiencies
executed successfully.
2,7x 2,7x
Our financial position continued to be
strong, which also supports attractive
capital allocation and dividend to
shareholders.
15,6% 8,1%
Premium subscription services continued
good performance in Finland and Norway,
good growth in new real estate information
services.
The carbon footprint of our own operations is low. The most significant environmental
impacts arise from value chain emissions (Scope 3). Our total location-based
emissions were 2 026,0 t CO2e (1 992,8 t CO2e market-based).
An annual average net sales
growth of 5-10%
Adjusted EBITDA margin
around 40%
Net debt to adjusted EBITDA
ratio below 3x
Share of new services from
net sales around 10%
Net zero emissions by the end
of 2030
In this strategy period, we have many growth opportunities while our
operating environment remains mixed. Demand for business infor-
mation services remains good, but especially the Swedish consumer
credit information market faces uncertainty due to the new regulatory
developments and structural changes.
This means that we need to continue to balance growth and prof-
itability, while simultaneously investing in long-term competitive-
ness and prioritized growth opportunities. Our strategic top priorities
include the following:
Win in business
information in Sweden
Become the number one compliance
service provider in our main markets
Finland and Sweden
Move towards modern, efcient
technology and operating model
enabling scalable growth
Retain and strengthen our strategic
position in the credit value chain
Build a winning
organization
Enento Group Annual Review 2025 | 8Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Business model
Enento is a Nordic knowledge company that collects and transforms data into intelligence
to serve a wide range of customer needs in a scalable way.
We gather business, consumer and asset data from both unstructured
and structured data sources, transforming it into intelligence to meet
the needs of various customers.
We have extensive historical and proprietary data from various
sources such as governmental and public registers, banks and
companies. This includes proprietary data sets that we gather from
our customers and companies more widely. We also have strong data
management capabilities and pose expertise to blend traditional and
unstructured data in different ways to create advanced models and
insights. Artificial intelligence and machine learning are applied to
optimize efficiency, speed and quality.
We provide services to a broad range of customers and industries in
the Nordics. Our customers are large companies within finance and
banking, wholesale, retail and e-commerce, utilities, telecom and
small and medium-sized companies and consumers. Often the same
information can be used for multiple customer needs and services,
which creates scale benefits in our business model. For example, the
same information can be used for the needs of credit decisioning,
customer onboarding, sales and marketing as well as procurement
and compliance processes.
Our services are distributed via modern Application Programming
Interfaces (API), online Graphical User Interfaces (GUI) or direct inte-
grations. We offer standardized products and services with an attrac-
tive value proposition to small and medium-sized companies. Our
products and services range from basic report extracts to sophisti-
cated, integrated risk management solutions.
Our competitive advantage lies in our long-term customer relation
-
ships, trusted and well-known local brands, high-quality data and
data management expertise, innovation as well as mission-critical
products and services that are integrated into our customers’ busi-
ness processes.
Enento Group Annual Review 2025 | 9Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Intelligence
Data
gathering
Services
ENENTO GROUP
Public registers
Companies
Internet
Customers
Data collected from both structured
and unstructured sources, including
proprietary data e.g., consumer credit
data in Sweden, shareholder data in
Finland
Expertise to blend structured and
unstructured data to create unique
services and insights, same information
can often be used for multiple customer
needs and services
Broad range of basic and advanced
services provided for a wide range
of customer via APIs, GUIs and direct
integrations with customer processes
(especially with financial sector)
Marketing
information
Direct-to-
consumer
Asset
information
Credit
information
Business
information
Database
Analytics,
modelling & scoring
Service
development
ENENTO’S BUSINESS MODEL
Our competitive advantages
DATA SOURCING
• Known and trusted brands
• Advanced data processing capabilities
• Experience in scraping data from unstructured sources
DATABASE
• Database built on granularity
• High-quality data
• Long-time series of historical and proprietary data
PRODUCTION
• High service availability and quality
• High security and privacy standards
• Scalable operations
SERVICE DEVELOPMENT
• Expertise in combining different data sets
• Strong capabilities to build advanced models and
algorithms
• Excellent customer dialogue
• Nordic reach and ability to develop unique services
DISTRIBUTION AND SALES
• Mission-critical services integrated into customers
business processes through Application Programming
Interfaces (API), online Graphical User Interfaces (GUI)
and direct integrations
• Our freemium business information websites have
more than six million unique visitors per month
Enento Group Annual Review 2025 | 10Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
ENENTO’S VALUE CREATION MODEL
OUR VALUES: We build trust, We care and dare, We grow together
OUR PURPOSE:
We build trust in
the everyday.
OUR VISION:
As the Nordic knowledge
company, we power society
with intelligence.
Financial resources
OwnersSocial capital
SocietyStakeholder relationships
CustomersIntellectual capital
EnvironmentIntangible capital
Natural resources
01
0702
0803
0904
1005
06
INPUT VALUE CREATION
Each INPUT is explained in
more detail on the next page.
Each VALUE CREATION element
is explained in more detail on
the next page.
Retain and strengthen our
leading position within our
credit information business.
Become the leading
provider of business
information.
STRATEGIC
GOALS
OUR GROUP
STRATEGY
ONE
ENENTO
EMPOWERED
PEOPLE
CUSTOMER
FIRST
OPERATIONAL
EXCELLENCE
Value creation model
We power people, businesses and society
with data and intelligence you can trust.
We collect and transform data to knowledge and intelligence
that are used in the interactions between people, businesses
and society. When our data-based products and services are
used, it builds trust in the everyday between people, businesses
and society. Our services support companies across the Nordics
to make better and more sustainable business decisions,
including, for example, responsible lending and preventing
over-indebtedness in society, compliance and environmental,
social and governance (ESG) development.
Enento Group Annual Review 2025 | 11Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Financial resources
Stakeholder relationships
Intangible capital
Social capital Owners
Environment
Customers
Society
Intellectual capital
Natural resources
01
03
05
02 07
10
09
08
04
06
INPUT
• Equity total: EUR 263,7 million
• Balance sheet total: EUR 464,5 million
• Liabilities total: EUR 199,3 million
• 6 592 shareholders
• 74 000 corporate customers
• 450 000 consumer customers
• Commitment to high quality and top-
level reliability
• Engaged and competent employees
• Innovative and effective service
development
• Service production resources
• Six ofces in Finland, Sweden and
Norway (Denmark remotely)
• Data centers
• Personnel: 377 (FTE) employees in the
Nordics
• An appreciated and healthy employer:
8,0 in Employee engagement index
• Earnings per share EUR 0,57
• Dividend of EUR 0,50 per share in April,
followed by another payment of up to
EUR 0,50 in November
• Effective dividend yield 6,3% (31.12.2025)
• Total amount of CO2 emissions: 2 278,0 t CO2e
• Providing, for example, ESG services to decrease our customers’ carbon footprint
• We contribute to SDG 13
• Nordic and local market high quality
service offerings based on customer driven
innovation – share of net sales from new
services 8,1%
• Empowering our customers with business
data and knowledge for sustainable
decision making, including ESG
• Helping our customers to grow in a
responsible way – adding trust and long-
term value to their processes
• Business-to-business (B2B) NPS 38 in 2025
• We contribute to Sustainable
Development Goal (SDG) 12
• Creating trust and societal stability
by providing reliable information for
responsible decisions
• Contributing to sustainable lending
processes and decreasing over
indebtedness in society, over 30 million
consumer inquires related to our
consumer credit registers in Finland and
Sweden
• Salaries paid: EUR 29,6 million
• The gender diversity ratio is 0,9
(47% female, 53% male)
• Social security and pension contribution:
EUR 9,8 million
• Enento paid EUR 5,4 million in income
taxes during the review period
• Donations to charity: EUR 12 000
• Increasing knowledge about nancial
issues, and a special focus young people
in our educational programs TarkkaFyrkka
and The Bill reaching around 100 000
people
• We contribute to SDG 5
and 8
• Databases and internal processes
• Policies and guidelines
• Trust and reputation
• Energy
• Water
VALUE CREATION
Enento Group Annual Review 2025 | 12Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Business Insight
BUSINESS AREAS AND SERVICES
Business Insight develops and provides a comprehensive suite of credit, business and asset
information services across Finland, Sweden, Norway and Denmark. The services are used for
variety of purposes such as risk management, screening, sales and marketing, sustainable
lending and procurement, combatting fraud and financial crime, as well as ensuring
compliance.
Enento has a strong market position in business information in the
Nordics. Business Insight provides high-quality data and services for
a broad range of customers with various credit, business and asset
information needs. We turn data into insights that enable customers
to automate business processes, monitor and analyze risks, and make
better decisions.
Our company credit and risk management services include credit
information, scoring models, monitoring and advanced financial
risk decisioning solutions. Our master data services help customers
to access quality data for everyday operations and decision-mak-
ing, whether it is identifying ideal clients and prospects for targeting,
analyzing companies, research and background checks. In addition,
we provide marketing services through online visibility.
Companies are facing growing pressure to know their customers and
investigate the backgrounds of various stakeholders to ensure legal
compliance and effectively manage risks. To answer this growing
demand, we provide many compliance screening and monitoring
solutions such as beneficial owners, shareholder information, politi-
cally exposed person (PEP) and sanction lists.
Our environmental, social and governance (ESG) services help
customers to solve the increasing sustainable lending and sustain-
able procurement needs. Our ESG offering includes company reports,
ESG Rating report, monitoring, API services as well as climate risk
reports and other property ESG data.
We provide asset information services with focus on real estate and
apartment information. Services include information on real property,
buildings, residents and housing companies and apartments, valua-
tion services for housing, forest and farmland as well as tools for digi-
tal transactions and digital applications for registration.
In SME business, we focus on improving the online sales efficiency,
driving traffic to our freemium sites, while converting users into paying
customers. High focus on self-service and self-onboarding for fast
and efficient customer journey.
Solid performance continued in 2025
In 2025, Business Insight business area’s net sales increased to EUR 91,8
million (EUR 89,5 million) with a growth of 2,6% at reported exchange
rates and 1,5% at comparable exchange rates. Sales grew in Finland,
grew strongly in Norway and Denmark, but declined in Sweden. Enter-
prise sales were close to flat and were particularly impacted by
weaker development in sales and marketing services. Premium sales
declined in both Finland and Sweden, whereas good growth contin-
ued in Norway. Freemium demonstrated strong growth in Norway and
Denmark thanks to successful sales efforts. Real estate information
grew well thanks to improved volumes and successful introduction
of new services particularly in Finland. Compliance services delivered
strong sales growth in Finland due to good customer demand and
expansion of our unique services.
Enento Group Annual Review 2025 | 13Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
HIGHLIGHTS FROM 2025
We renewed our payment
default, payment and
payment indicator service.
We launched self-onboarding for
our Forvalt.no service customers
to enhance online subscription
sales in Norway.
We reinforced our strong real estate services
in Finland with new digital registration tool for
apartments, enhanced property transaction
service and new property ESG services.
We completed our comprehensive Compliance service
portfolio in Sweden with Swedish companies’ ownership
information based on unique database and PEP and
sanction check services in all delivery channels.
We launched a new GUI
for master data services
in Sweden.
We launched a
new ESG Rating
report of all Finnish
companies.
We launched
a new ID check
service in Finland.
NET SALES, BUSINESS INSIGHT
2023–2025
Reported, EUR million
89 89
92
2023 2024 2025
NET SALES BY COUNTRY 2025
Finland
Sweden
33
55
Norway
Denmark
1
10
%
NET SALES
Enento Group Annual Review 2025 | 14Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Consumer Insight
BUSINESS AREAS AND SERVICES
Consumer Insight develops and provides leading consumer information and decisioning
services including consumer credit information, consumer marketing information and direct-
to-consumer services in Finland and Sweden. Our services have a key role in supporting
sustainable economy, lending and preventing over-indebtedness in society.
Enento is the market leader in consumer credit information in Finland
and Sweden. We hold a strong position in banking, finance and
consumer credit sector. Moreover, we have been growing in new
customer verticals such as e-commerce, telecom and utilities, which
underscores the broader value of our consumer information products
and services.
Consumer Insight provides high-quality data and services that are
highly valued by customers. Our offering ranges from basic report
extracts to more sophisticated, integrated risk management solu-
tions that combine diverse data points and sets. Advanced credit
services, such as scoring models, negative and positive credit data
and decisioning solutions, create value-adding intelligence and make
our offering unique in the market in terms of quality, accuracy and
reliability.
Low consumer lending volumes continued to
impact performance in 2025
Consumer Insight’s net sales amounted to EUR 60,9 million (EUR 60,9
million) in 2025 and remained flat at reported exchange rates and
decreased by 2,1% at comparable exchange rates. Sales declined in
both Sweden and Finland, continuing to be impacted by low volumes
in the consumer credit information. In Sweden, the decline in sales
continued to be driven by consumer credit information and particu-
larly lower year-over-year volumes in the loan broker segment. That
said, year-to-date trends suggest a sequential stabilization in Swedish
consumer credit information volumes, evident in both the loan broker
segment and other segments. In Finland, consumer credit information
volumes have remained relatively stable, and some smaller custom-
ers are considering returning to the market. However, the overall
operating environment remained muted also in Finland. Direct-to-
consumer service sales declined, while services sold for sales and
marketing purposes demonstrated good growth.
Enento Group Annual Review 2025 | 15Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
HIGHLIGHTS FROM 2025
We updated our credit
information report with new
features and data points.
We developed further our Positive Credit
Register (a national register in Finland),
decision, fraud prevention and consumer
ratings services. Related new launches are
planned for 2026.
We updated our decision
services with new data points,
data anonymization features
and real-time reporting.
We enriched our
marketing services
with a new ESG
segmentation.
NET SALES, CONSUMER INSIGHT
2023–2025
Reported, EUR million
67
61 61
2023 2024 2025
NET SALES BY COUNTRY 2025
Finland
Sweden
64
36
%
NET SALES
Enento Group Annual Review 2025 | 16Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
Our services support a wide range of customer needs
Customer Experience
Cost Control
Increase Revenue
Risk Management
Compliance
CUSTOMER NEEDS
Proling Segmentation Enrichments
Target
groups
Fraud
prevention
Know your
customer
Credit
information
Credit
register
Real-time
nancial data
ESG reports
Scoring
models
Decision
services
CRM
enrichment
Monitoring
service
EXAMPLE USE CASES
Enento Group Annual Review 2025 | 17Financial Statements Governance Investor informationEnento as a company Board of Directors’ Report
BUSINESS OVERVIEW
Enento Group Plc (“the Company”) is a Finnish public limited liability
company and the parent company to Enento Group (“Enento Group”
or “the Group”). On the financial statements date, the Group consisted
of the parent company Enento Group Plc, Suomen Asiakastieto
Oy, Emaileri Oy, Proff AS, Proff ApS and UC AB and its subsidiary UC
Affärsinformation AB.
Enento Group is one of the leading Nordic providers of business and
consumer information services. The Group operates in the business
and consumer information services, collateral valuation, real estate
information, sales and marketing information as well as consumer
credit information markets in Finland, Sweden, Norway and Denmark.
Enento Group offers a comprehensive array of products and services
that cater to a broad spectrum of needs in various sectors. The Group
primarily focuses on financial and credit risk management, providing
solutions for monitoring, decision-making and automation. Addition-
ally, Group addresses diverse customer requirements in sales and
marketing, compliance, real estate and financing, collateral manage-
ment, housing valuation, ESG as well as personal financial manage
-
ment and credit information. Enento’s clientele is diverse, encom-
passing financial institutions, financial service providers, professional
services firms, insurance companies, telecom companies, utility
companies as well as wholesale and retail companies. The Group also
serves individual consumers.
Enento Group has comprehensive databases consisting of informa-
tion gathered from the authorities and other public sources as well as
privately acquired information. The data and databases are the basis
for the Group’s product and service offering and the development of
new products and services. That data is processed or refined by the
Group and made available to the customers mainly through integra-
tions and online services.
Group’s product and service offering ranges from basic information
concerning corporations and private individuals to advanced risk
management services, scoring, monitoring, decision-making, anal-
yses and analytics. The Group delivers its products and services to
clients for example, by integrating its services into the client’s business
processes, through customer interfaces, online subscription services
and open online services that do not require separate subscription
agreements. The Group also offers printed products and credit rating
certificates. The Group has a strong track record of developing and
launching new products and services.
Enento Group has a scalable business model that enables increasing
net sales at a lower incremental cost. A large proportion of the Group’s
income is based on automated processes and the automatic shar-
ing of information from the Group’s own databases. The Group can
use and relay the same data multiple times and include it in several
services provided for different customers. The Group also earns
income from digital advertising, particularly in Sweden and Norway.
Enento Group’s organization consists of two types of units: business
areas and functional units. The business areas are responsible for the
Group’s service offering and the functional units for the production,
maintenance and active development of the operations in their own
focus area and business processes. The functional units are Sales,
Marketing, Communications and Customer Operations, IT and Tech-
nology, Data and Analytics, Human Resources, Legal and Finance.
The Group’s business areas are:
BUSINESS INSIGHT: Business Area develops and provides leading
business information and decision services and solutions for general
risk management, credit risk management, compliance, financial
management, customer acquisition, decision-making, fraud and
credit loss prevention as well as for gaining knowledge of and identi-
fying their customers. In addition, services in this business area include
real estate and apartment information and their valuation as well as
ESG. The services are also used for compliance purposes, such as to
identify and monitor companies´ beneficial owners, persons in sanc-
tion lists and politically exposed persons.
CONSUMER INSIGHT: Business Area develops and provides lead-
ing consumer information and decisioning services in the Nordics.
Consumer Insight serves both consumers and companies engaging
in consumer business. Companies engaging in consumer business
use consumer information, scoring, monitoring and decision services
and solutions for general risk management, credit risk management,
financial management, customer acquisition, decision-making, fraud
and credit loss prevention. Services for consumers help consumers to
understand and better manage their own finances, protecting them
also from identity theft and fraud.
FINANCIAL RESULTS
Net Sales
Enento Group’s net sales in the financial year 2025 amounted to EUR
152,7 million (EUR 150,4 million) representing a year-on-year increase
of 1,5% at reported exchange rates and remained flat compared to
prior year at comparable exchange rates. The operating environment
and business activities remained largely similar to previous financial
year. The strengthening of the Swedish krona had a positive impact on
revenue growth. Net sales from new products and services were EUR
12,3 million (EUR 23,4 million), representing 8,1% (15,6%) of the total net
sales for the financial year. The decline in share of net sales from new
services was largely driven by timing impact where some larger prod-
ucts were removed from the metric as it covers new services launched
within the past 36 months. Business Insight business area net sales
grew, whereas Consumer Insight business area net sales declined.
Board of Directors’ Report 2025
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 19Investor information
Financial Results
Enento Group’s operating profit (EBIT) for the financial year 2025
amounted to EUR 25,4 million (EUR 24,6 million). Operating profit
included items affecting comparability of EUR -7,8 million (EUR -7,0
million), arising mainly from restructuring and IT infrastructure consol-
idation related costs. Operating profit also includes amortization from
fair value adjustments related to acquisitions of EUR -7,9 million (EUR
-8,1 million).
The adjusted EBITDA margin for the review period decreased by 0,3
percentage points year-on-year and was 34,3% (34,6%).
The Group’s depreciation, amortization and impairment for the review
period amounted to EUR -19,7 million (EUR -21,9 million). Of the depre-
ciation and amortization, EUR -7,9 million (EUR -8,1 million) resulted
from amortization from fair value adjustments related to the acquisi-
tions. The Group’s depreciation of right of-use assets (IFRS 16) during
the review period amounted to EUR -2,6 million (EUR -2,5 million).
The Group’s share of associated company’s net income for the review
period was EUR -0,2 million (EUR -0,5 million), including also amortiza-
tion from fair value adjustments.
Net financial expenses during the review period were EUR -6,7 million
(EUR -6,7 million). Financial expenses related to lease liabilities (IFRS
16) were EUR -0,3 million (-0,3 million) in the review period, and recog-
nized exchange rate losses amounted to EUR -0,4 million (EUR 0,7
million).
The Group’s profit before income taxes for the review period was EUR
17,5 million (EUR 15,8 million).
The tax amount booked as expense for the review period was EUR -3,9
million (EUR -3,6 million).
The Group’s profit for the review period was EUR 13,6 million (EUR 12,2
million).
Cash Flow
Cash flow from operating activities amounted to EUR 34,8 million (EUR
32,7 million). The effect of the change in the Group’s working capital
on cash flow was EUR 1,4 million (EUR 0,2 million). The impact of items
affecting comparability on operating cash flow was EUR -6,6 million
(EUR -5,5 million).
The Group paid EUR 5,4 million (EUR 6,4 million) in taxes during the
review period.
Cash flow from investing activities for the review period amounted to
EUR -7,1 million (EUR -9,5 million). The cash flow from investing activi-
ties consisted of service development costs and acquisitions of equip-
ment.
Cash flow from financing activities for the review period amounted
to EUR -26,2 million (EUR -28,5 million). The cash flow from financing
activities for the review period consisted of paid dividends and repay-
ments of lease liabilities (IFRS 16).
Statement of financial position
At the end of the review period, the Group’s total assets were EUR 464,5
million (EUR 459,6 million). Total equity amounted to EUR 263,7 million
(EUR 263,2 million) and total liabilities to EUR 199,3 million (EUR 195,9
million). The change in equity mainly consists of the paid dividends
and the result for the review period. Of the total liabilities, EUR 153,9
million (EUR 150,8 million) were long-term interest-bearing liabilities.
Of the total liabilities, EUR 11,3 million (EUR 12,9 million) were deferred
tax liabilities, EUR 2,6 million (EUR 3,2 million) current interest-bearing
lease liabilities and EUR 31,5 million (EUR 29,0 million) current non-in-
terest-bearing liabilities. Goodwill amounted to EUR 344,8 million (EUR
335,6 million) at the end of the review period.
Enento Group’s cash and cash equivalents at the end of the review
period were EUR 13,2 million (EUR 11,3 million), and net debt was EUR
143,3 million (EUR 142,7 million).
CAPITAL EXPENDITURE
The majority of Enento Group’s capital expenditure is related to the
development of new services, service platform and IT infrastructure.
Other capital expenditure mainly comprises purchases of IT hardware
and office equipment. The Group’s gross capital expenditure in the
review period amounted to EUR 6,7 million (EUR 9,8 million). Capital
expenditure on intangible assets was EUR 6,6 million (EUR 9,4 million)
and capital expenditure on property, plant and equipment was EUR 0,0
million (EUR 0,4 million).
RESEARCH AND DEVELOPMENT
The product development activities of Enento Group involve devel-
opment of the product and service offering. In 2025, the capitalized
development and software costs of the Group amounted to EUR 6,6
million (EUR 9,4 million). Capitalized development and software costs
consist of costs related to the Group’s product and service offering
and IT infrastructure. The Group had no material research activities
in 2025.
PERSONNEL
At the end of the financial year, Enento Group had a total of 377
(384) employees, of whom 167 (168) were employed by the Group
companies in Finland, 166 (171) by the Swedish subsidiary, 41 (41) by
the Norwegian subsidiary and 3 (4) by the Danish subsidiary. Of the
Group’s personnel, 3 (3) worked in management, 88 (89) in business
areas, 158 (160) in Sales Units and Marketing and Communications,
52 (55) in IT and Technology, 40 (42) in Data and Analytics and 36
(35) in Finance, Legal and HR. The table below presents Enento Group’s
number of employees as well as wages and salaries for 2023–2025.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 20Investor information
KEY FIGURES DESCRIBING THE GROUP’S PERSONNEL
Personnel
2025
2024 2023
Average number of personnel 377 380 404
Full time 367 364 390
Part time and temporary
1
10 16 14
Geographical distribution
Finland 167 166 172
Sweden 166 167 184
Norway 41 42 41
Denmark 2 5 7
Wages and salaries for the financial
year (EUR million)
29,6 28,7 29,8
1
In the comparison periods 2024 and 2023, part-time employees also include
temporary employees and have been reported as number of part-time and
temporary personnel.
The Group’s personnel expenses for the financial year 2025 amounted
to EUR 39,4 million (EUR 38,2 million). This figure includes an accrued
cost of EUR 0,4 million (EUR 0,4 million) from the management’s long-
term incentive plan. More information on the management’s long-
term incentive plan is provided in note 5.2 Share-based payments in
the notes to the consolidated financial statements.
SHARES AND SHAREHOLDERS
Enento Group Plc has one share class. Each share carries one vote at
the General Meeting of Shareholders and each share confers equal
right to dividends and net assets of the Company. The shares have
no nominal value. The shares of the Company are entered in the
book-entry securities system maintained by Euroclear Finland Ltd.
At the end of the financial year, the Company’s registered share capi-
tal amounted to EUR 80 thousand (EUR 80 thousand) and the total
number of shares was 23 685 590 (23 700 178) including the own
shares held by the parent company 16 300 (30 888). At the end of
December 2025, the Company had 16 300 shares in its possession.
The shares in the Company´s possession represent 0,07% of the total
number of shares and 0,07% of the total voting rights.
The Annual General Meeting of Shareholders on 24 March 2025 autho-
rized the Board of Directors to decide on the repurchase of a maximum
of 1 500 000 own shares of the Company. The authorization replaced
the corresponding authorization issued to the Board of Directors by
the Annual General Meeting held on 25 March 2024. The maximum
amount corresponds to approximately 6,3% of the Company’s shares
and voting rights. The authorization is effective for 18 months from
the date of the resolution. Further information on the authorization is
provided under “Authorizations of the Board of Directors”.
The Board of Directors of Enento Group Plc decided to cancel 14 588
treasury shares of the Company on 19 June 2025. The cancelled
shares were repurchased under the share buyback programs previ-
ously announced by the Company. Prior to the cancellation of the own
shares, there were in total 23 700 178 issued Enento Group shares. After
the cancellation, the total number of issued Enento Group shares and
votes is 23 685 590.
Share price and volume
During the financial year, a total of 5 920 948 (3 840 194) shares were
traded, and the total value of the exchanged shares was EUR 104,5
million (EUR 69,6 million). The highest share price during the finan-
cial year was EUR 18,10 (EUR 20,15), the lowest price was EUR 13,90 (EUR
15,92), the average price was EUR 16,64 (EUR 18,10) and the closing price
was EUR 15,86 (EUR 17,48). Market capitalization measured at the clos-
ing price of the financial year was EUR 375,7 million (EUR 414,3 million).
Shareholders
According to the book-entry securities system, the Company had
6 592 (6 721) shareholders, including 9 (9) nominee-registered share-
holders, on 31 December 2025. A list of the largest shareholders is avail-
able on the Company’s investor pages at enento.com/investors.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 21Investor information
SIGNIFICANT SHAREHOLDERS ON 31 DECEMBER 2025
Shareholder Number of shares % of shares
1 Otava Oy 6 278 549 26,51%
2 SEB AB 2 441 920 10,30%
3 Long Path Partners 2 321 196 9,80%
4 Nordea Bank Abp 2 303 315 9,72%
5 Handelsbanken Fonder 986 188 4,16%
6 Sp-Fund Management Company 754 719 3,19%
7 Ilmarinen Mutual Pension Insurance Company 624 494 2,64%
8 Nordea Funds 513 352 2,17%
9 Swedbank Robur Fonder 429 000 1,81%
10 Elo Mutual Pension Insurance Company 428 000 1,81%
11 Evli Fund Management Company 361 523 1,53%
12 Kaleva Mutual Insurance Company 358 446 1,51%
13 Degroof Petercam Asset Management SA 353 634 1,49%
14 Varma Mutual Pension Insurance Company 345 000 1,46%
15 Thompson, Siegel & Walmsley LLC 260 294 1,10%
16 Danske Invest 238 102 1,01%
17 SEB Funds 210 233 0,89%
18 Dimensional Fund Advisors 168 141 0,71%
19 Mandatum Fund Management 164 953 0,70%
20 Proprius Partners Oy 130 000 0,55%
20 largest shareholders total 19 671 059 83,05%
All shares 23 685 590 100,00%
Board of Directors’ Report
Financial Statements GovernanceEnento as a company
Enento Group Annual Review 2025 | 22Investor information
SHAREHOLDER STRUCTURE BY SECTOR, 31 DECEMBER 2025
Sector
Number of
shareholders % of shareholders Number of shares % of shares
Foundations 13 0,20% 46 354 0,20%
Fund companies 29 0,44% 7 381 780 31,17%
Investment & PE 1 0,02% 89 910 0,38%
Other & Unknown owner type 390 5,92% 11 599 501 48,97%
Pension & Insurance 15 0,23% 2 140 984 9,04%
Private Individuals 6 142 93,17% 2 398 016 10,12%
State, Municipal & County 1 0,02% 12 745 0,05%
Treasury Shares 1 0,02% 16 300 0,07%
Total 6 592 100,00% 23 685 590 100,00%
The information is based on the list of the Company’s sharehold-
ers maintained by Modular Finance AB. The data is compiled and
processed from various public sources, including Euroclear Finland
and Morningstar, and from direct shareholder disclosures. Whilst all
efforts have been made to secure as updated and complete informa-
tion as possible, neither Company nor Modular Finance AB can guar-
antee the accuracy of the data.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 23Investor information
Management Number of shares
Stråhlman Elina 4 007
Related party ownership 0
Brynielsson Carl 0
Related party ownership 0
Ek-Petroff Sari 0
Related party ownership 0
Göransson Gabriella 1 326
Related party ownership 0
Karemo Mikko 12 347
Related party ownership 0
Paukku Arto 820
Related party ownership 0
Pökkylä Panu 2
Related party ownership 0
Rådeström Annika 0
Related party ownership 0
Werner Karl-Johan 3 656
Related party ownership 0
Total 22 158
Auditor Number of shares
Nieminen Mikko, auditor in charge 0
Related party ownership 0
Total 0
MANAGEMENT’S SHARE OWNERSHIP ON 31 DECEMBER 2025
Board of Directors Number of shares
Mattila Veli-Matti, Chairperson of the Board 50 000
Related party ownership 0
Alppi Kalle 0
Related party ownership 0
Ehrnrooth Markus 0
Related party ownership 0
Forsberg Erik 1 500
Related party ownership 0
Kerppola Nora 14 000
Related party ownership 0
Kuusisto Tiina 0
Related party ownership 0
Randall Paul 0
Related party ownership 0
Ålund Petra 0
Related party ownership 0
Total 65 500
Board of Directors’ Report
Financial Statements GovernanceEnento as a company
Enento Group Annual Review 2025 | 24Investor information
MANAGEMENT
Board of Directors
The Company’s Board of Directors consists of a minimum of four
and maximum of eight members. The Annual General Meeting
elects the Board members and decides on their remuneration. The
Annual General Meeting elects the Chairman of the Board. The Board
members can elect a member of the board as a vice Chairman of the
Board. The term of office of the Board members ends at the conclu
-
sion of the first Annual General Meeting following their election. There
are no limitations to the number of terms a person can be a Board
member.
The Annual General Meeting held on 24 March 2025 approved the
Financial Statements and discharged the members of the Board of
Directors and the company’s CEO from liability for the financial year
2024 and resolved to approve the Remuneration report for governing
bodies. The Annual General Meeting resolved that the Chairperson of
the Board of Directors be remunerated EUR 100 000 annually and that
the members of the Board of Directors be remunerated EUR 40 000
annually. An attendance fee of EUR 500 shall be paid per the Board
of Directors meeting. For attending the Board Committee meetings,
the Chairpersons of the Committees will be remunerated EUR 500 per
meeting and the Committee members shall be remunerated EUR 400
per meeting. The members of the Shareholders’ Nomination Board will
not be remunerated. Reasonable travel expenses for attending the
meetings will be reimbursed.
In accordance with the proposal of the Shareholders’ Nomination
Board, the Annual General Meeting of 24 March 2025 re-elected as
members of the Board Tiina Kuusisto, Erik Forsberg, Markus Ehrnrooth
and Nora Kerppola. Veli-Matti Mattila, Kalle Alppi, Paul Randall and
Petra Ålund were elected as new members. Following these elections,
the Board of Directors consisted of eight members. Veli-Matti Mattila
was elected as the Chairperson of the Board of Directors. The Board of
Directors met 13 times in 2025.
Board Committees
The Board of Directors has established the Audit Committee and it
appoints committee members from among its members. The Board
of Directors may also appoint other committees, if it deems this to be
appropriate. The committees assist the Board of Directors by prepar-
ing and drawing up proposals and recommendations for the Board
of Directors’ consideration.
On 24 March 2025, the Board of Directors nominated Erik Forsberg,
Paul Randall, Kalle Alppi and Petra Ålund as members of the Audit
Committee. Erik Forsberg was nominated as the Chairman of the
Audit Committee.
The Board established a People and Remuneration Committee in
2025. The People and Remuneration Committee of the Enento Board
supports the Board in relation to nomination and compensation of
Enento Group management. Veli-Matti Mattila, Markus Ehrnrooth,
Nora Kerppola and Tiina Kuusisto were nominated as members of the
People and Remuneration Committee. Veli-Matti Mattila was nomi-
nated as the Chairman of the People and Remuneration Committee.
Authorizations of the Board of Directors
SHARE ISSUE AUTHORIZATION 24 MARCH 2025
The Annual General Meeting of Shareholders held on 24 March 2025
authorized the Board of Directors to decide on one or more issuances
of shares, which contain the right to issue new shares in the Company
or to transfer the Company’s treasury shares. The maximum number
of shares covered by the authorization is 1 500 000. The Board of Direc-
tors was also authorized to decide on the issuance of shares in devia
-
tion from the shareholders’ pre-emptive rights (directed issue) if there
would be a weighty financial reason for such issuance. The autho-
rization is proposed to be used for material arrangements from the
company’s point of view, such as financing or carrying out business
arrangements or investments or for other such purposes determined
by the Board of Directors.
The Board of Directors was authorized to resolve on all other terms and
conditions of the issuance of shares, including the payment period,
grounds for the determination of the subscription price and subscrip-
tion price or issuance of shares without consideration or that the
subscription price may be paid besides in cash also by other assets
either partially or entirely.
The authorization of issuance of shares is effective for 18 months from
the close of the Annual General Meeting, until 24 September 2026. The
authorization replaced the corresponding authorization issued to the
Board of Directors by the Annual General Meeting held on 25 March
2024. The authorization of issuances of shares has not been used as
of 31 December 2025.
REPURCHASING OWN SHARES AUTHORIZATION 24 MARCH 2025
The Annual General Meeting of Shareholders held on 24 March
2025 authorized the Board of Directors to decide on the repurchase
of maximum of 1 500 000 company’s own shares, in one or several
instalments. The shares would be repurchased using the company’s
invested unrestricted shareholders’ equity, and thus, the repurchases
will reduce funds available for distribution. The shares could be repur-
chased for developing the Company’s capital structure, for financ-
ing or carrying out potential corporate acquisitions or other business
arrangements, to be used as a part of the Company’s remuneration
or incentive plans or to be otherwise transferred further, retained by
the Company as treasury shares, or cancelled.
In accordance with the resolution of the Board of Directors, the shares
may be repurchased either through an offer to all shareholders on
equal terms or through other means or otherwise than in proportion to
the existing shareholdings of the Company as directed repurchases, if
the Board of Directors deems that there are weighty financial reasons
for such directed repurchases. The purchase price per share shall be
the market price of the shares quoted on the trading venues where the
Company’s shares are traded or at the price otherwise established on
the market terms at the time of the repurchase. The Board of Direc-
tors shall resolve on all other matters related to the repurchase of the
Company’s own shares, including on how shares will be repurchased.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 25Investor information
The authorization of repurchasing of shares is effective for 18 months
from the close of the Annual General Meeting, until 24 September
2026. The authorization replaced the corresponding share repurchase
authorization issued to the Board of Directors by the Annual General
Meeting held on 25 March 2024.
CANCELLATION OF TREASURY SHARES
The Board of Directors of Enento Group Plc decided to cancel 14 588
treasury shares of the Company on 19 June 2025. The cancelled
shares were repurchased under the share buyback programs previ-
ously announced by the Company. Prior to the cancellation of the own
shares, there were in total 23 700 178 issued Enento Group shares. After
the cancellation, the total number of issued Enento Group shares and
votes is 23 685 590.
The Company publishes a separate Corporate Governance State-
ment.
CEO
Jeanette Jäger acted as Enento Group’s CEO until she announced
that she has decided to leave the Company. Jäger left her duties in
the Company on 31 May 2025.
Enento Group’s CFO Elina Stråhlman was appointed as the interim CEO
as of 1 June 2025. She served as the interim CEO until 6 January 2026
after which she continues her role as the company’s CFO.
On 26 November 2025, Enento Group’s Board of Directors announced
the appointment of Teppo Paavola as the new CEO of Enento Group.
He started in the position on 7 January 2026.
Executive Team
At the end of the financial year 2025, members of the Executive Team
were Elina Stråhlman (Interim CEO, Finance), Gabriella Göransson
(Consumer Insight), Carl Brynielsson (Business Insight), Mikko Karemo
(Sales, Deputy CEO), Arto Paukku (Marketing and Communications,
Customer Operations), Annika Rådeström (IT and Technology),
Karl-Johan Werner (Data and Analytics), Sari Ek-Petroff (HR) and Panu
Pökkylä (Legal, until 30.4.2026).
AUDITOR
Authorized Public Accountants PricewaterhouseCoopers Oy served
as the Company’s auditor in 2025. The auditor in charge was Mikko
Nieminen, Authorized Public Accountant.
LOANS, LIABILITIES AND COMMITMENTS TO
THIRD PARTIES
Enento Group Plc’s unsecured financing consists of a term loan of
EUR 150 million and a revolving credit facility of EUR 30 million. The
Company holds the term loan partly in EUR and partly in SEK in accor-
dance with the terms of the loan agreement. At the end December
2025, the Company had used EUR 0 (EUR 0) of its revolving credit
facility. In addition, a multi-currency cash pool arrangement has
been implemented. The EUR 15 million overdraft was not utilized on 31
December 2025.
Enento Group’s cash and cash equivalents on 31 December 2025
amounted to EUR 13,2 million (EUR 11,3 million).
Further information on loans, liabilities and commitments to related
parties is provided in note 4.4 Financial assets and liabilities, note 4.5
Commitments and contingent liabilities and note 5.5 Related parties
in the consolidated financial statements.
GROUP STRUCTURE
At the end of the financial year, Enento Group consisted of Enento
Group Plc, its wholly owned subsidiaries Suomen Asiakastieto Oy,
Emaileri Oy, Proff AS and Proff ApS as well as UC AB and its wholly
owned subsidiary UC Affärsinformation AB.
NON-FINANCIAL INFORMATION
Enento Group’s Board of Directors and management are responsi-
ble for the management of corporate responsibility. Enento Group
complies with laws and regulations of its operating countries, the
Articles of Association, rules and guideline of Nasdaq Helsinki and
Corporate Governance Code for listed companies in its administra-
tion. In practical work, responsibility issues are guided by the Group’s
Code of Ethics. Furthermore, operations are governed by policies and
operating practices approved by the Board of Directors and Executive
Team. All the partners must also conform to the laws and agreements.
The Code of Ethics, along with key Group-level policies guidelines, is
published online on the Company’s investor pages.
Enento Group’s business model and governance
Enento Group’s mission is to maintain and create trust in the markets:
in trading and the concluding of agreements between companies
as well as between companies and private parties. Trust is created
through the provision of services that help companies verify the reli-
ability of their contractual counterparties. The foundation for these
services consists of Enento Group’s Nordic databases of up-to date
information on companies and consumers. From this data, Enento
Group develops digital services that enhance the operational effi-
ciency of its customers, promote sustainability, and contribute to
lowering the Group’s carbon footprint.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 26Investor information
The Group’s operations are guided by
• The strategy approved by the Board of Directors
• The Group’s annual budget and operating plan
• The Group’s management and governance model
Suomen Asiakastieto Oy and UC AB, both subsidiaries of Enento Group
Plc, have been certified according to ISO 9001:2015 since 2015 and 2021.
In December 2023 both subsidiaries were recertified and in Decem-
ber 2025 surveillance audits were carried out at our offices in Helsinki
and Stockholm in line with our audit plan. No major non-conformities
were found, but our work to optimize our processes will continue as
part of our daily operations. The existing certification is valid until 15th
of January 2027 and we plan to do the recertification later this year in
line with the original plan.
Enento Group’s strategy 2024–2026 and
sustainability
Enento Group aims for growth and increased profitability by strength-
ening its current position and seizing new opportunities within credit
and business information services. Investing in scalable growth, digi-
talizing sales, marketing and distribution as well as leveraging Nordic
capabilities and a continued focus on cost efficiencies will enable
Enento to achieve these goals.
Enento has two main objectives for the strategy period: to retain and
strengthen its leading position in credit information, and to become a
leading provider of business information.
Sustainability is at the core of Enento’s business. The Group contributes
to sustainable society by building trust and supporting our customers
to be more sustainable, through making responsible decisions and
preventing over-indebtedness.
Environmental issues
The carbon footprint of Enento Group’s own operations is low. The
most significant environmental impact arises from business travelling,
employee commuting, external services and IT. The Group’s long-term
goal is to become Net Zero in 2030.
The Group’s largest offices are in Helsinki (headquarters) and Stock-
holm. Both are in locations with good public transport connections.
They are modern activity-based offices in which fewer heated square
meters per employee are needed. The lessors of both premises moni-
tor electricity consumption, the use of warm and cold water, district
heating, district cooling and waste management on a monthly basis.
Digital service production and data processing account for part of
the Group’s total emissions. The Group’s IT environments have mainly
been virtualized and procured as outsourced data center services
that operate energy-efficiently. Our suppliers of data center services
use renewable energy without carbon dioxide (CO2) emissions.
Climate-related impacts, risks, and opportunities have been assessed
as part of the double materiality assessment. The most significant
negative impacts are primarily associated with emissions generated
and energy consumed by Enento’s operations. There are no signifi-
cant risks associated with the Group’s environmental aspects since
our emissions are proportionately very low. Emission calculations and
climate-related disclosures are published in a separate Sustainability
Review.
Social and employee-related issues
In 2025, the number of people employed by Enento Group on aver-
age was 377 FTE (full-time equivalent), of whom 167 worked in the
Finnish companies, 166 in the Swedish companies, 41 in the Norwe-
gian company and 3 in the Danish company. The overall voluntary
employee turnover of permanent employees was around 5,8% during
2025, which was a decrease from last year. This decrease demon-
strates the positive effects of the actions taken by Enento to ensure
employee satisfaction and maintain high levels of employee commit-
ment.
Our workforce diversity is well-balanced, with 53% men and 47%
women in December. This gender balance extends to our leadership
and management, where there are slightly more men than women
(62% men, 38% women). Additionally, the Executive Management
Team is well-represented by both genders, with 56% men and 44%
women.
Enento Group emphasizes learning and competence development,
collaborative culture with team spirit, the development of high-quality
leadership and people management skills and well-being of its people
in its approach to social responsibility. The Group’s goal is to be an
attractive employer that offers interesting jobs for people representing
various competence backgrounds in a collaborative and empowering
culture. Enento Group offers opportunities for all its people to develop
their expertise and skills both at work and through various learning
possibilities as well as seek new roles inside the Group within its Nordic
offices. In the recruitments, Enento Group follows a non-discriminatory
and transparent process.
The Group ensures the fulfilment of its social responsibility through fair
and safe working conditions, both mentally and physically. We follow
our Group’s values and Code of Ethics in everything we do, and our
following policies ensure the fairness of our processes: Recruitment
Policy, Remuneration Policy, Working Environment Policy and Remote
Work Policy. Enento Group respects human rights in all aspects and
there were no violations related to discrimination or other unfair
treatment during 2025. We have also updated our Diversity, Inclusion,
Equity and Belonging guidelines with clear targets.
The Group also has a whistleblowing channel to enable our employ-
ees to report any suspected violations anonymously. Enento strives to
achieve transparency and a high level of business ethics. Our employ-
ees are the most important source of insight for revealing possible
misconduct that needs to be addressed. Our whistleblowing service
offers a possibility to alert the company about suspicions of miscon-
duct in confidence. It is an important tool for reducing risks and main-
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 27Investor information
taining trust in our operations by enabling us to detect and act on
possible misconduct at an early stage.
The quality of leadership, trust, friendly work environment, clear work
objectives and competence development are the key factors influ-
encing the employees’ engagement to work and well-being at work.
Our bi-weekly pulse survey with Winningtemp continued with excellent
response rates giving teams and Enento good feedback on how to
develop our culture and ways of working in the future.
In 2025, we continued the Grow Talk process with several dialogues
during the year between manager and employee – to encourage and
support each employee to grow as a professional and to succeed
together with colleagues. Grow Talk discussions include personal
target setting, their follow-up with quality feedback, on which we
educated our managers to give as well as a dialogue on well-being
and individual development and career aspirations. The purpose of
the discussions is to create commitment and build an understanding
of how each employee contributes to the achievement of the shared
goals.
The 2023 started leadership program “We Lead Emotional Agency”
continued with a whole company program to build a shared under-
standing on the culture and way we wish to work together for the
future. This year-long program consists of self-studies, virtual
sessions together as well as a learning buddy concept. Feedback has
been excellent, and we shall continue the journey also during 2026.
We follow the quality of leadership with the Leadership Index in the
Winningtemp pulse survey and that has been at an excellent level.
Team collaboration development was also one of our topics during
2025 and with that we used Workplace Big5 tool to facilitate the work-
shops. Our Enento Academy provided learning opportunities for all
employees with, for example, renewed and mandatory GDPR train-
ing. We also curated learning opportunities on AI to all our people, a
topic that will continue in 2026. Building a learning organization with
a growth mindset continued to be a focus area throughout the year.
The well-being of our people continued to be a focus area, as the
turbulent environment around us continues to put pressure on people.
We continued the Meeting Free Wednesdays, Health Hour and Auntie’s
occupational well-being service. We had Empowered People Month
during May this year and there we focused on wellbeing and learning
in various topics such as mindfulness, nutrition, ergonomic tips, how
to deal with change, and we also had outdoor training and painting.
We also conducted Focus rules workshops for the whole company, in
total 50 workshops where we looked into meeting and digital prac-
tices to work smarter and enable us to focus better which will support
wellbeing and performance.
Ensuring information security and data
protection
Enento Group always strive to stay one step ahead in securing the
integrity and information of our customers, their customers, and the
end-users. We strive to ensure the confidentiality, availability, and
integrity of information, which is critical for our business to continue
operations and achieve our goals.
Information security is ensured through the implementation of robust
technical systems and processes designed to protect data confi-
dentiality, integrity, and availability. Enento Group has been certified
according to ISO/IEC 27001 since December 2024. A surveillance audit
was successfully done in November 2025 and no major non-confirmi
-
ties were identified. The existing certification is valid until 3rd of Febru-
ary 2028, but we will continue to conduct external audits on a yearly
basis according to our plan. This demonstrates our commitment to
maintain the highest standards of information security.
The Group processes Personal Data according to GDPR and other rele-
vant legislation including the local Data Protection legislation intro-
duced by the countries we operate in. We respect the Data Process-
ing principles confirmed in GDPR and process personal data securely
using different technical and organizational measures to ensure a
level of security appropriate to the risk.
Ensuring information security and data protection requires an orga-
nization and processes that support a purposeful and systematic
approach to these topics. Information security is governed by our
internal Information Security Policy and guidelines. All the partners
must also conform to the laws and agreements. Furthermore, the
confidentiality obligation is included in the employment agreement.
Respect of human rights
Enento Group operates in the Nordic countries, where respect for
human rights and equal treatment of people is generally at a very
high level. At Enento Group, the requirement that human rights and
equality must be respected applies to personnel and partners alike.
The Code of Ethics includes practices and procedures for dealing with
issues related to respect for human rights. There were no suspected
violations of human rights or violations related to discrimination or
other unfair treatment of employees observed in 2025.
The Group has a whistleblowing channel to enable employees to
report suspected violations anonymously.
Anti-corruption and bribery
Enento Group’s internal guidelines prohibit corruption and bribery.
The Group’s practices and procedures reduce opportunities for taking
action that would be contrary to the rules. The Ethical principles include
operational guidelines for handling issues related to corruption and
bribery. No corruption or bribery cases or other violations related to
unethical business practices were reported in 2025.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 28Investor information
RISKS AND UNCERTAINTIES
Enento Group is exposed to several risks and uncertainties that are
related, for instance, to the market conditions and the Group’s indus-
try, regulation, strategy, business and financing. The realization of such
risks could have a considerable adverse effect on the Group’s busi-
ness, financial situation, performance and future outlook.
Market and strategic risks
The demand for Enento Group’s products and services depends on
the activity of the business operations of its customers. Slow economic
growth or a declining economy may result in a weakening demand for
the services of the Group. In addition, regulatory changes that reduce
the lending ability of the Group’s customers and/or impact customer
behavior may have a negative effect on the demand for the Group’s
services and products. Moreover, the Group is vulnerable to potential
structural changes in any of its operating markets, including but not
limited to shifts in the demand for consumer credit information. Such
structural changes could alter market dynamics or customer behav-
ior, potentially impacting the Group’s financial performance.
Geopolitical uncertainty, trade wars, wars and conflicts can have a
negative impact on macroeconomic development and economic
activity in the Nordic countries and globally. This decreases the
Group’s ability to predict the demand for its services and causes a risk
of weakening revenue development. The Group does not have busi-
ness in Ukraine, Russia, Belarus, Israel or in the United States.
Enento Group operates in several product and service markets in
which competition is continuously becoming tougher and customers’
needs keep changing. Information services are more easily available
than before. This is primarily attributable to better availability of public
information, increase of digital information, new service providers and
new technologies such as artificial intelligence, which may increase
competition in the markets. Better availability of information and new
technologies may also provide the Group’s customers with better
opportunities for in-house development of services, such as analysis
services.
Tendering carried out by customers and general cost-awareness may
put some pressure for lower prices on the Enento Group’s markets. In
addition, price pressures caused by the Group’s competitors or price
increases from the Group’s vendors may have a negative effect on the
Group’s margins and result and hamper its opportunities to acquire
new customers on the current terms and conditions.
No customer of the Enento Group accounted for more than ten per
cent of the Group’s total invoicing in 2025. Even though the Group’s
customer base is diverse, the loss of one or more major customers
or a significant decrease in sales to one or more such customers for
any reason could have a very harmful effect on the Group’s business,
financial position, business result and future outlook.
The gathering, storage and use of information is subject to strict regu-
lations, for example data privacy legislation. In Sweden, a license is
required for certain operations of the Group, such as credit register
related operations. In addition, according to UC’s shareholder agree-
ment, UC’s minority shareholders may veto certain decisions concern-
ing UC’s credit register and the control of credit register data. This
may restrict Enento Group’s possibilities to materially change business
operations related thereto. The Group and its employees must also
comply with numerous other laws and regulations. Changes to the
regulatory framework may require the Group to adapt its service offer-
ing or strategy. These changes can include an introduction of poten-
tial governmental credit registers. Any actions in breach of regulations
concerning operations subject to a license may lead to changing of
the Group’s operations, imposing additional conditions to the license
or cancellation of the license. The above may also lead to higher
costs, force the Group to stop providing some products or services, or
prevent or delay development of its operations, or the Group may end
up in legal proceedings or become subject to legal claims.
Enento Group has a lot of goodwill recognized on acquisitions. The
Group has also capitalized meaningful amount of investments in other
intangible assets. Impairment of goodwill and other assets could have
a material effect on the Group’s reported result.
Operational risks
Safe and uninterrupted functioning of Enento Group’s IT network and
systems, cyber security and mitigation of cyber risks, are critical for the
Group’s business. Unauthorized access to or disclosure of information
as well as loss or abuse of information may lead to a breach of data
protection and other applicable laws by the Group, harm to reputa-
tion, loss of income, claims or measures taken by the authorities. In
its business, the Group relies on information from external sources,
such as government offices and other public sources, customers and
other sources. If one or more of them stopped providing information
for any reason or considerably increased the price of the information
provided, this could have a harmful effect on the Group’s ability to
offer its products and services to its customers.
Enento Group believes that its continued success will be influenced
by its ability to meet customers’ needs through the development of
products and services that are easy to use and that seek to increase
customers’ business process efficiency, offer cost savings, and facili-
tate better business decisions. The Group’s financial result may suffer
if the development of new products or services or improvements to
existing products are delayed for reasons related to possible technical
challenges, problems related to external IT development resources,
information acquisition or regulatory requirements.
Enento Group has invested and will continue to invest in its techni-
cal infrastructure, including equipment and software. If the Group
fails in its technological investments, its income may not develop
as expected and its expenses may increase. In addition, the Group
may end up in an unfavorable competitive position in the market if it
cannot, for example, offer certain new products and services or gather
certain type of new information.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 29Investor information
Despite testing and information quality control, products and services
developed and supplied by Enento Group as well as the operating
systems and software it uses may contain errors or faults. Material
defects or errors in the Group’s information, products or services as
well as delays in providing products and services may harm its repu-
tation or lead to loss of income, increased costs, regulatory measures
or legal claims. Enento Group’s IT network and infrastructure may be
exposed to damage and problems resulting from many reasons. Such
damage or problem may lead to a failure of Enento Group’s IT infra-
structure, which in turn may complicate the company’s work and lead,
for instance, to breaches of contract.
Enento Group operates in a regulated business and changes in the
applicable regulation may impact on revenue and profit. Such regu-
lation may concern, but are not limited to data protection, freedom of
speech, credit information and lending related legislation. Any govern-
mental plans to change credit information register related regulations
or potential introduction of governmental credit information registers
beyond the current regulations may change the competitive land-
scape and/or otherwise impact the Group’s business, revenue and
profit. Also, the failure to comply with regulations could have legal
consequences and cause reputational harm.
Enento Group’s brands and reputation are important competitive
advantages. The Group’s success is also based on its own technol-
ogies, processes, methods and information. The Group protects its
intellectual rights with trademarks and domain names, for instance,
and by relying on business secrets and the development of products
and technology. Failure to protect intellectual rights, damage to repu-
tation or negative views of the company in the market may have a
negative effect on the Group.
Enento Group’s success also depends on its management and other
professional personnel as well as its ability to recruit competent
personnel and develop, train and retain them. The Group’s inability to
retain or recruit new employees may have a material harmful effect
on the Group.
Disproportionately high sickness absences and especially long sick
leave for key personnel pose a risk to the development of the Enento
Group’s business. In information work, the most significant health
hazards consist of inadequate work ergonomics and stress caused
by work pressure. A good working atmosphere and high-quality
management, as well as early intervention in problem areas, prevent
the need for sick leaves.
Enento Group has taken out insurances to cover various risks or loss
events. The Group’s insurance coverage may be insufficient, or the
Group may not be able to maintain its current insurance coverage, in
which case the company may suffer losses not covered by its insur-
ances.
Enento Group is exposed to various financing risks, including currency
exposure, interest rate risk, liquidity risk and solvency risk which can
have an impact on the Group’s financial performance. The Group’s
financing risks and their management are described in note 4 in Notes
to the consolidated financial statements.
Intangible resources
The company’s key intangible resources include the brand and repu-
tation built up over the years, skilled and competent employees, and
strategic partnerships with key customers. These resources enable the
preservation of competitive advantage and are a central part of the
company’s long term growth strategy.
FINANCIAL TARGETS, DIVIDENDS AND
OUTLOOK
Financial targets
The Board of Directors of Enento Group has adopted long-term finan-
cial targets and dividend policy for the Group. The long-term financial
targets are:
• An annual average net sales growth of 5-10%
• Adjusted EBITDA margin around 40%
• Net debt to adjusted EBITDA ratio below 3x
• Share of new services from net sales around 10%
Dividend Policy
The Company’s dividend policy is to distribute as dividends at least
70 per cent of the Company’s net profit, whilst taking into consider-
ation the business development and investment needs of the Group.
Any dividends to be paid in future years, their amount and the time
of payment will depend on Enento Group’s future earnings, financial
condition, cash flows, investment needs, solvency and other factors.
Enento Group distributed funds to its shareholders totalling EUR
23 669 290 for the financial year 2025 and EUR 23 692 722 for the finan
-
cial year 2024. The dividend was EUR 1,00 per share for the financial
year 2025 and EUR 1,00 per share for the financial year 2024.
Pursuant to the Companies Act, the Annual General Meeting of Share-
holders resolves on the distribution dividend based on the Board of
Directors’ proposal. Dividends can only be distributed once the Annual
General Meeting of Shareholders has approved the financial state-
ments. If dividends are distributed, all shares confer equal rights to
dividends.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 30Investor information
Proposal for the Distribution of Funds
At the end of the financial year 2025, distributable funds of the Group’s
parent company amounted to EUR 392 939 271,61, of which the profit
for the financial year was EUR 20 551 608,80. The Board of Directors
proposes that a dividend of EUR 0,50 per share be paid for the finan-
cial year ended 31 December 2025 (totaling EUR 11 834 645,00 based
on the Group’s registered total number of shares at the time of the
proposal, notwithstanding shares held in treasury). The dividend will
be paid to a shareholder registered in the Group’s shareholders’ regis-
ter held by Euroclear Finland Oy on the payment record date of 30
March 2026. The Board of Directors proposes that the funds be paid
on 15 April 2026.
The Board of Directors further proposes that the Annual General Meet-
ing authorizes the Board, at its discretion, to resolve on the further
distribution of dividend up to a maximum of EUR 0,50 per share (total-
ing EUR 11 834 645,00 based on the Company’s registered total number
of shares at the time of the proposal, notwithstanding shares held
in treasury). It is the intention of the Board of Directors that the divi-
dend payment pursuant to this authorization would be carried out
in November 2026. The Company will separately publish resolutions
of the Board of Directors on the dividend payment and confirm the
record and payment dates in connection with such resolutions. The
Board may also decide not to use this authorization.
Future outlook and guidance
Macroeconomic and geopolitical uncertainties are expected to persist
into 2026. The Swedish regulatory environment, especially recent and
upcoming changes affecting loan brokers, continue to present risks for
Enento. Despite these challenges, our business volumes stabilized in
2025, and we anticipate a return to a growth trajectory in 2026. There
are encouraging signs of a gradually improving macroeconomic
landscape in Sweden, while the development in Finland is expected
to remain more modest. We expect a stable demand for mortgage
and unsecured loans and continued healthy demand for business
information services.
Enento is focused on improving Adjusted EBITDA and strengthening
free cash flow through disciplined cost control, while simultaneously
investing in future competitiveness and growth opportunities.
Enento Group expects that in 2026, with comparable exchange rates,
its net sales will grow by 0-5% and Adjusted EBITDA will increase
compared to 2025.
Board of Directors’ Report
Financial Statements GovernanceEnento as a company
Enento Group Annual Review 2025 | 31Investor information
KEY FINANCIAL INFORMATION FOR THE GROUP
KEY INCOME STATEMENT AND CASH FLOW FIGURES AND RATIOS
EUR million (unless otherwise mentioned) 2025 2024 2023
Net sales 152,7 150,4 155,9
EBITDA 45,1 46,4 51,0
EBITDA margin, % 29,5 30,9 32,7
Adjusted EBITDA 52,4 52,0 57,1
Adjusted EBITDA margin, % 34,3 34,6 36,6
Operating profit (EBIT) 25,4 24,6 30,4
Operating profit (EBIT) margin, % 16,6 16,3 19,5
Adjusted EBIT 41,0 39,6 46,0
Adjusted EBIT margin, % 26,9 26,4 29,5
Free cash flow 34,1 30,7 32,0
Cash conversion, % 75,6 66,2 62,6
Adjusted free cash flow 40,6 36,2 36,5
Adjusted cash conversion 77,5 69,7 64,0
Net sales from new products and services 12,3 23,4 19,1
New products and services of net sales, % 8,1 15,6 12,2
KEY BALANCE SHEET RATIOS
EUR million (unless otherwise mentioned) 2025 2024 2023
Balance sheet total 464,5 459,6 490,3
Net debt 143,3 142,7 139,7
Net debt to adjusted EBITDA, x 2,7 2,7 2,4
Return on equity, % 5,2 4,5 6,1
Return on capital employed, % 6,1 5,9 6,8
Equity ratio, % 58,1 58,6 58,9
Gearing, % 54,3 54,2 49,4
Gross investments 6,7 9,8 11,1
Board of Directors’ Report
Financial Statements GovernanceEnento as a company
Enento Group Annual Review 2025 | 32Investor information
SHARE-RELATED KEY FIGURES
EUR (unless otherwise stated) 2025 2024 2023
Earnings per share, basic 0,57 0,51 0,74
Earnings per share, diluted 0,57 0,51 0,73
Earnings per share, adjusted
1
1,14 1,09 1,26
Equity per share 11,13 11,10 11,89
Dividend (capital repayment) per share 1,00
2
1,00 1,00
Dividend (capital repayment) per earnings, % 175,4
2
196,1 137,0
Effective dividend (capital repayment) yield, % 6,3
2
5,7 5,1
Price per earnings 27,8 34,3 26,7
Share price development
Average price 16,64 18,10 18,85
Highest price 18,10 20,15 23,35
Lowest price 13,90 15,92 15,80
Closing price 15,86 17,48 19,48
Market capitalization, EUR million 375,7 414,3 463,5
Trading volume, pcs 5 920 948 3 840 194 12 488 195
Trading volume, % 25,0 16,2 52,5
Adjusted number of shares
3
Weighted average during financial year 23 669 290 23 694 888 23 892 230
At the end of the financial year 23 685 590 23 700 178 23 794 856
Number of shares adjusted for share issue, diluted
3
Weighted average during financial year 23 697 767 23 716 461 23 901 324
At the end of the financial year 23 657 113 23 678 604 23 785 762
1
Previously reported Comparable earnings per share have been restated and renamed to Adjusted earnings per share by excluding in addition to fair value adjustments related to
acquisitions also items affecting comparability and reduction in value of associated company as well as their tax impact.
2
The Board of Directors proposes to the Annual General Meeting a dividend of EUR 0,50 per share, followed by a second instalment of up to EUR 0,50 in November, subject to Board
decision. The share related key figures have been calculated based on the total of EUR 0,50 + EUR 0,50.
3
Includes own shares held by parent company 16 300 (30 888) pcs.
Board of Directors’ Report
Financial Statements GovernanceEnento as a company
Enento Group Annual Review 2025 | 33Investor information
Alternative performance measures used in
financial reporting
Enento Group Plc discloses a summary on the use of alternative perfor-
mance measures used by the Group, definitions of the performance
measures used and their matching with the IFRS financial statements
figures in accordance with the ESMA (European Securities and Markets
Authority) Guidelines on Alternative Performance Measures
1
.
Enento Group Plc presents alternative performance measures as
additional information for key performance measures in the consol-
idated statements of income, financial position and cash flows
prepared according to IFRS to reflect the financial development of
its business operations and to enhance comparability from period
to period. According to the management’s view, alternative perfor-
mance measures provide substantial supplemental information on
the result of the Group’s operations, financial position and cash flows
to the management and investors, securities analysts and other
parties. Alternative performance measures are not, as such, included
in the consolidated financial statements prepared according to IFRS,
but they are derived from the IFRS consolidated financial statements
by adjusting items in the consolidated statements of income, finan-
cial position and cash flows and/or by proportioning them to each
other. Alternative performance measures should not be considered as
a substitute for measures in accordance with IFRS. Not all companies
calculate alternative performance measures in a uniform way, and
thus the alternative performance measures of the Company are not
necessarily comparable with similarly named performance measures
of other companies.
Certain non-operational or non-cash valuation transactions with
significant income statement impact are adjusted as items affecting
comparability, if they arise from:
• efficiency program
• M&A and integration-related expenses
• restructuring expenses, including expenses arising from
redundancy and other costs directly associated with the
operational efficiency program
• external expenses arising from significant regulatory changes
• compensation for damages
• legal actions
1
Alternative Performance Measure refers to a financial measure other than financial
measure defined or specified in IFRS norms.
Alternative performance measures are defined as follows:
• EBITDA
EBITDA is the profit (loss) for the financial year before (i) income
taxes, (ii) financial income and expenditure and (iii) depreciation
and amortization.
• Adjusted EBITDA
Adjusted EBITDA is defined as EBITDA excluding items affecting
comparability.
• Adjusted EBIT
Adjusted EBIT is defined as EBIT excluding items affecting
comparability and amortization from fair value adjustments
related to acquisitions.
• Net sales of new products and services
Net sales of new products and services include the total sales
of products launched during the past 36 months. New products
and services are a significant driver of growth in the company
and consumer data market. The impact of new products and
services is especially important in times of poor economy,
because they dilute the impact of the poor economic situation
on the demand for current products and services. New products
and services replace or update old products and services.
They are often more advanced than old products and services,
or they respond to potential market demand. In addition to
customer needs, the development of new products and services
is also guided by opportunities recognized by service providers.
According to the Company’s view, company and consumer data
markets in its countries of operation are somewhat immature
compared to many European countries, and there is potential for
new products and services in the market.
• Free cash flow
Free cash flow consists of the cash flow from operating activities
before (i) paid interests and other financing expenses, (ii)
received interests and other financing income deducted by (iii)
acquisitions of tangible and intangible assets.
• Adjusted free cash flow
Adjusted free cash flow is defined as free cash flow excluding
items affecting comparability paid.
• Cash conversion
Cash conversion is calculated by dividing free cash flow by
EBITDA.
• Adjusted cash conversion
Adjusted cash conversion is calculated by dividing adjusted free
cash flow by adjusted EBITDA.
• Net debt
Net debt is calculated as difference of interest-bearing liabilities
and cash and cash equivalents. Interest-bearing liabilities
include loans from financial institutions (short- and long-term
loans) and lease liabilities, and cash and cash equivalents
include short-term deposits, cash assets and bank accounts.
• Net debt to adjusted EBITDA
Net debt to adjusted EBITDA is calculated by dividing net debt by
adjusted EBITDA.
• Return on equity
Return on equity is calculated by dividing (i) profit (loss) for the
financial year by (ii) total equity (average for the financial year).
• Return on capital employed
Return on capital employed is calculated (i) by adding financial
expenses to the profit (loss) before taxes and (ii) by dividing
the sum by the average of the difference of the balance sheet
total and non-interest-bearing debts of the opening and closing
balance sheet.
• Gearing
Gearing is calculated by dividing net debt by total equity.
• Equity ratio
Equity ratio is calculated by dividing (i) total equity by (ii)
balance sheet total, deducted by advances received.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 34Investor information
• Gross investments
Gross investments are fixed asset acquisitions with long-
term effect, from which no sales of property or renunciation of
business have been deducted. As a general rule, fixed assets
comprise property, plant and equipment and intangible assets.
• Earnings per Share, adjusted
Profit for the period attributable to the owners of the parent
company excluding amortization from fair value adjustments
related to acquisitions, items affecting comparability as well as
reduction in value of associated company and their tax impact
divided by weighted average number of shares in issue.
• Comparable exchange rates
Comparable exchange rates mean that the effects of any
changes in currencies are eliminated by calculating the figures
for the previous period using current period´s exchange rates.
PURPOSE OF USE OF ALTERNATIVE PERFORMANCE MEASURES
EBITDA, adjusted EBITDA and adjusted EBIT are presented as alterna-
tive performance measures to enhance comparability of business
performance between reporting periods and are frequently used by
analysts, investors and other parties.
Net sales from new products and services is presented as alterna-
tive performance measures, as it, according to the Company’s view,
describes the development and structure of the Company’s net sales.
Free cash flow, adjusted free cash flow, cash conversion, adjusted
cash conversion and gross investments are presented as alternative
performance measures, as they provide, according to the Company’s
view, a good insight into the needs relating to the Group’s business
cash flow and are frequently used by analysts, investors and other
parties.
Net debt, net debt to adjusted EBITDA, return on equity and return
on capital employed are presented as alternative performance
measures, as they are, according to the Company’s view, useful
measures of the Group’s ability to obtain financing and pay its debts,
and they are frequently used by analysts, investors and other parties.
Gearing and equity ratio are presented as alternative performance
measures, as they, according to the Company’s view, reflect the level
of risk related to financing and help to monitor the level of capital
employed in the Group’s business.
Adjusted earnings per share is presented as an alternative perfor-
mance measure, as it, according to the Company’s view, helps to
reflect the profit attributable to the owners.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 35Investor information
Reconciliation of alternative performance measures to the closest IFRS performance measure
ADJUSTED EBIT
EUR thousand 2025 2024 2023
Operating profit 25 360 24 585 30 418
Amortization from fair value adjustments related to acquisitions 7 890 8 064 9 537
Items affecting comparability
M&A and integration related expenses 5 26 710
Restructuring expenses 2 181 1 791 2 243
Efficiency program 5 574 5 173 2 695
Paid damages - - 440
Total items affecting comparability 7 759 6 991 6 089
Adjusted operating profit 41 008 39 640 46 044
EBITDA AND ADJUSTED EBITDA
EUR thousand 2025 2024 2023
Operating profit 25 360 24 585 30 418
Depreciation, amortization and impairment 19 309 20 444 20 600
Depreciation, amortization and impairment,
items affecting comparability
1
418 1 412 38
EBITDA 45 086 46 441 51 056
Items affecting comparability
M&A and integration related expenses 5 26 710
Restructuring expenses 2 181 1 791 2 243
Efficiency program 5 156 3 761 2 695
Paid damages - - 440
Total items affecting comparability 7 341 5 579 6 089
Adjusted EBITDA 52 428 52 020 57 107
ADJUSTED EARNINGS PER SHARE
EUR 2025 2024 2023
Basic earnings per share 0,57 0,51 0,74
Amortisation PPA 0,33 0,34 0,40
Items affecting comparability 0,33 0,30 0,26
Impairment of associated company 0,04 0,07 0,00
Tax effect -0,14 -0,13 -0,13
Adjusted earnings per share 1,14 1,09 1,26
FREE CASH FLOW
EUR thousand 2025 2024 2023
Cash flow from operating activities 34 760 32 668 36 804
Paid interest and other financing expenses 6 726 8 655 6 591
Received interest and other financing income -280 -985 -358
Acquisition of tangible assets and intangible assets -7 136 -9 597 -11 080
Free cash flow 34 071 30 741 31 957
ADJUSTED FREE CASH FLOW
EUR thousand 2025 2024 2023
Cash flow from operating activities 34 760 32 668 36 804
Paid expenses affecting comparability 6 556 5 498 4 580
Paid interest and other financing expenses 6 726 8 655 6 591
Received interest and other financing income -280 -985 -358
Acquisition of tangible assets and intangible assets -7 136 -9 597 -11 080
Adjusted free cash flow 40 627 36 239 36 537
1
Includes corrections to items affecting comparability, depreciation and amortisation that were previously included in EBITDA.
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 36Investor information
EBITDA Operating profit + depreciation, amortisation and impairment
Items affecting
comparability
Material items outside the ordinary course of business
that concern i) M&A and integration-related expenses, ii)
redundancy payments, iii) external expenses arising from
significant regulatory changes, iv) compensation paid for
damages, (v) legal actions and (vi) efficiency program.
Adjusted EBITDA EBITDA + items affecting comparability
Adjusted operating profit
(EBIT)
Operating profit excluding amortization from fair value
adjustments related to acquisitions + items affecting
comparability.
Net sales from new products
and services
Net sales of new products and services is calculated as net
sales of those products and services introduced within the past
36 months.
Free cash flow
Cash flow from operating activities added by paid interests and
other financing expenses, deducted by received interests and
other financing income and deducted by acquisition of tangible
and intangible assets.
Adjusted free cash flow
Free cash flow excluding impact from items affecting
comparability
Cash conversion, %
Free cash flow x 100
EBITDA
Adjusted cash conversion, %
Adjusted free cash flow
x 100
Adjusted EBITDA
Net debt Interest-bearing liabilities - Cash and cash equivalents
Net debt to adjusted EBITDA,
x
Net debt
Adjusted EBITDA
Return on equity, %
Profit (loss) for the financial year
x 100
Total equity (average for the financial year)
Return on capital employed,
%
Profit (loss) before taxes + Financial expenses
x 100
Total assets - non-interest-bearing
(average for the financial year)
Gearing, %
Interest -bearing liabilities - cash and cash equivalents
x 100
Total equity
Equity ratio, %
Total equity
x 100
Total assets - advances received
Dividend / earnings, %
Dividend (capital repayment) per share
x 100
Earnings per share
Effective dividend yield, %
Dividend (capital repayment) per share
x 100
Market value per share on the last day of the financial year
Price / Earnings
Market value per share on the last day of the financial year
Earnings per share
Earnings per share, basic
Profit for the period attributable to the owners of the parent
company divided by the weighted average number of shares in
issue.
Earnings per share, diluted
Profit for the period attributable to the owners of the parent
company divided by the weighted average number of shares
in issue, taking into consideration the possible impact of the
Group’s management’s long-term incentive plan.
Earnings per share, adjusted
Profit for the period attributable to the owners of the parent
company excluding amortization from fair value adjustments
related to acquisitions, items affecting comparability as well as
reduction in value of associated company and their tax impact
divided by weighted average number of shares in issue.
Gross investments
Gross investments are fixed asset acquisitions with long-term
effect, from which no sales of property or disposal of business
have been deducted. As a general rule, fixed assets comprise
property, plant and equipment and intangible assets.
FORMULAS FOR KEY FIGURES
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 37Investor information
EUR thousand Note 1.1.–31.12.2025 1.1.–31.12.2024
Net sales 2.1 152 671 150 379
Other operating income 2.2 69 82
Materials and services 2.2 -28 504 -27 705
Personnel expenses 2.2 -39 413 -38 167
Work performed by the entity and capitalized 2 379 2 837
Total personnel expenses -37 033 -35 330
Other operating expenses 2.2 -42 117 -40 985
Depreciation, amortization and impairment 2.3 -19 727 -21 856
Operating profit 25 360 24 585
Share of results of associated companies 5.4 -192 -457
Impairment of associated companies 5.4 -992 -1 620
Finance income 2.4 352 1 294
Finance expenses 2.4 -7 061 -8 038
Finance income and expenses -6 709 -6 744
Profit before income tax 17 466 15 764
Income tax expense 2.5 -3 858 -3 611
Profit for the financial year 13 608 12 153
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 39Investor information
Note 1.1.–31.12.2025 1.1.–31.12.2024
Items that may be reclassified to profit or loss:
Translation differences on foreign units
Hedging of net investments made in foreign units
-3 354 1 862
Income tax relating to these items
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations
4.6 -310 -358
Income tax relating to these items
-246 -285
Other comprehensive income for the financial year, net of tax 10 178 -7 200
Total comprehensive income for the financial year 23 786 4 953
Profit attributable to:
Owners of the parent company 13 608 12 153
Total comprehensive income attributable to:
Owners of the parent company 23 786 4 953
Earnings per share attributable to the owners of
the parent during the financial year:
Basic, EUR
2.6
Diluted, EUR
2.6
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 40Investor information
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR thousand Note 31.12.2025 31.12.2024
ASSETS
Non-current assets
Goodwill 3.2 344 822 335 598
Other intangible assets 3.2 72 485 78 516
Property, plant and equipment 3.3 316 962
Right-of-use assets 3.3 6 205 6 533
Investments in associated companies 5.4 - 990
Financial assets and other receivables 4.4 272 119
Total non-current assets 424 099 422 717
Current assets
Account and other receivables 3.4 27 205 25 575
Cash and cash equivalents 4.4 13 240 11 349
Total current assets 40 445 36 924
Total assets 464 544 459 641
EUR thousand Note 31.12.2025 31.12.2024
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital 4.3 80 80
Invested unrestricted equity reserve 4.3 239 836 239 836
Translation differences -10 684 -21 108
Retained earnings 4.3 34 456 44 376
Equity attributable to owners of the parent 263 688 263 183
Share of equity held by non-controlling interest 0 0
Total equity 263 688 263 183
Provisions 3.6 1 540 604
Liabilities
Non-current liabilities
Financial liabilities 4.4 153 859 150 840
Deferred tax liabilities 3.8 11 266 12 897
Total non-current liabilities 165 125 163 737
Current liabilities
Financial liabilities 3 969 4 669
Advances received 3.7 10 650 10 199
Account and other payables 3.7 19 573 17 248
Total current liabilities 34 192 32 116
Total liabilities 199 317 195 854
Total equity and liabilities 464 544 459 641
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 41Investor information
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the parent
EUR thousand Share capital
Invested
unrestricted
equity reserve
Translation
differences
Retained
earnings Total
Share of equity
held by non-
controlling
interest Total equity
Equity at 1.1.2025 80 239 836 -21 108 44 376 263 183 0 263 183
Profit for the period - - - 13 608 13 608 - 13 608
Other comprehensive income for the period
Translation differences - - 13 107 - 13 107 - 13 107
Hedging of net investments - - -3 354 - -3 354 - -3 354
Income tax relating to these items - - 671 - 671 - 671
Items that may be reclassified to profit or loss - - 10 424 - 10 424 - 10 424
Defined benefit plans - - - -310 -310 - -310
Income tax relating to these items - - - 64 64 - 64
Items that will not be reclassified to profit or loss - - - -246 -246 - -246
Other comprehensive income for the period, net of tax - - 10 424 -246 10 178 - 10 178
Total comprehensive income for the period - - 10 424 13 362 23 786 - 23 786
Transactions with owners
Distribution of funds - - - -23 670 -23 670 - -23 670
Management’s incentive plan - - - 388 388 - 388
Equity at 31.12.2025 80 239 836 -10 684 34 456 263 688 0 263 688
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 42Investor information
Attributable to owners of the parent
EUR thousand Share capital
Invested
unrestricted
equity reserve
Translation
differences
Retained
earnings Total
Share of equity
held by non-
controlling
interest Total equity
Equity at 1.1.2024 80 241 191 -14 193 55 849 282 927 0 282 927
Profit for the period - - - 12 153 12 153 - 12 153
Other comprehensive income for the period
Translation differences - - -8 406 - -8 406 - -8 406
Hedging of net investments - - 1 862 - 1 862 - 1 862
Income tax relating to these items - - -372 - -372 - -372
Items that may be reclassified to profit or loss - - -6 916 - -6 916 - -6 916
Defined benefit plans - - - -358 -358 - -358
Income tax relating to these items - - - 74 74 - 74
Items that will not be reclassified to profit or loss - - - -285 -285 - -285
Other comprehensive income for the period, net of tax - - -6 916 -285 -7 200 - -7 200
Total comprehensive income for the period - - -6 916 11 869 4 953 - 4 953
Transactions with owners
Distribution of funds - - - -23 693 -23 693 - -23 693
Management’s incentive plan - - - 350 350 - 350
Purchases of own shares - -1 355 - - -1 355 - -1 355
Equity at 31.12.2024 80 239 836 -21 108 44 376 263 183 0 263 183
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 43Investor information
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR thousand Note 1.1.–31.12.2025 1.1.–31.12.2024
Cash flow from operating activities
Profit before income tax 17 466 15 764
Adjustments:
Depreciation, amortization and impairment 2.3 19 727 21 856
Finance income and expenses 2.4 7 899 8 821
Profit (-) / loss (+) on disposal of property, plant
and equipment
-1 -34
Change in provisions 115 261
Management’s incentive plan 5.2 388 350
Other adjustments -323 -393
Cash flows before change in working capital 45 271 46 624
Change in working capital:
Increase (-) / decrease (+) in account
and other receivables
Increase (+) / decrease (-) in account
and other payables
-97 -3 415
Change in working capital 1 366 155
Interest and other financial expenses paid 2.4 -6 726 -8 655
Interest and other financial income received 2.4 280 985
Income taxes paid 2.5 -5 430 -6 442
Cash flow from operating activities 34 760 32 668
EUR thousand Note 1.1.–31.12.2025 1.1.–31.12.2024
Cash flows from investing activities
Purchases of property, plant and equipment 3.3 -33 -417
Purchases of intangible assets 3.2 -7 103 -9 180
Investments in associated companies 5.4 -61 -
Proceeds from sale of property,
plant and equipment
-55 59
Non-current receivables 67 6
Cash flows from investing activities -7 185 -9 532
Cash flows from financing activities
Purchase of own shares - -2 150
Repayments of interest-bearing liabilities 4.4 -2 522 -2 649
Dividends paid and other profit distribution 4.3 -23 669 -23 693
Cash flows from financing activities -26 191 -28 492
Net increase/decrease in cash
and cash equivalents
Cash and cash equivalents at beginning of
the financial year
Net change in cash and cash equivalents 1 385 -5 356
Translation differences of cash
and cash equivalents
Cash and cash equivalents at end of
the financial year
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 44Investor information
Notes to the Consolidated Financial Statements
Accounting principles are presented in connection
with notes in sections 2–5.
Critical accounting estimates and judgements are
presented in connection with notes in sections 3–5.
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 45Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 46Investor information
2 FINANCIAL PERFORMANCE
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 47Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 48Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 49Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 50Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 51Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 52Investor information
3 ACQUISITIONS, CAPITAL EXPENDITURE
AND NET WORKING CAPITAL
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 53Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 54Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 55Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 56Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 57Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 58Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 59Investor information
4 CAPITAL STRUCTURE
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 60Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 61Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 62Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 63Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 64Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 65Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 66Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 67Investor information
5 OTHERS
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 68Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 69Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 70Investor information
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 71Investor information
5.6 Events after the reporting date
There are no significant events reported after the end of financial year.
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 72Investor information
PARENT COMPANY INCOME STATEMENT (FAS)
EUR Note 1.1.–31.12.2025 1.1.–31.12.2024
Net sales 2 1 523 356,72 1 073 362,62
Personnel expenses 3 -1 544 291,80 -1 284 827,81
Other operating expenses 4 -2 620 490,37 -2 357 649,58
Operating loss -2 641 425,45 -2 569 114,77
Finance income and expenses
Income from group undertakings 5 12 846 287,23 15 564 286,04
Other interest and finance income 5 155 114,44 2 813 226,27
Interest expenses and other finance expenses 5 -10 485 630,28 -8 101 735,09
Impairment in non-current assets 5 -1 051 011,21 -2 285 525,00
Total finance income and expenses 1 464 760,18 7 990 252,22
Profit (loss) before appropriations and taxes -1 176 665,27 5 421 137,45
Appropriations
Group contributions 6 23 920 765,06 24 060 865,76
Income tax expense 7 -2 192 490,99 -3 242 523,46
Profit for the financial year 20 551 608,80 26 239 479,74
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 73Investor information
PARENT COMPANY BALANCE SHEET (FAS)
EUR Note
31.12.2025
31.12.2024
ASSETS
Non-current assets
Investments 8 544 896 936,41 545 887 086,41
Total non-current assets 544 896 936,41 545 887 086,41
Current assets
Long-term receivables 9 1 170 952,86 898 860,26
Short-term receivables 10 24 641 134,50 24 430 846,82
Cash in hand and at banks 10 575 998,52 8 612 003,94
Total current assets 36 388 085,88 33 941 711,02
Total assets 581 285 022,29 579 828 797,43
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 74Investor information
EUR Note 31.12.2025 31.12.2024
EQUITY AND LIABILITIES
Shareholders’ equity
Share capital 11 80 000,00 80 000,00
Invested unrestricted equity reserve 11 257 532 693,78 257 532 693,78
Retained earnings 11 114 854 969,03 112 284 779,29
Profit for the financial year 20 551 608,80 26 239 479,74
Total equity 393 019 271,61 396 136 952,81
Liabilities
Non-current liabilities
Loans from financial institutions 150 282 215,33 146 928 527,87
Total non-current liabilities 150 282 215,33 146 928 527,87
Current liabilities
Accounts payable 12 134 718,92 143 097,41
Payables to Group companies 12 35 878 202,12 34 002 454,33
Other liabilities 12 25 700,40 21 391,43
Accrued expenses 12 1 944 913,91 2 596 373,58
Total current liabilities 37 983 535,35 36 763 316,75
Total liabilities 188 265 750,68 183 691 844,62
Total equity and liabilities 581 285 022,29 579 828 797,43
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 75Investor information
EUR Note 1.1.–31.12.2025 1.1.–31.12.2024
Cash flow from operating activities
Loss before appropriations and taxes
-1 176 665,27 5 421 137,45
Adjustments:
Impairment in non-current assets
1 051 011,21 2 285 525,00
Finance income and expenses
5 -2 515 771,39 -10 275 777,22
Cash flows before change in working capital
-2 641 425,45 -2 569 114,77
Change in working capital:
Increase (-) / decrease (+) in account and other receivables
-8 739,54 73 163,05
Increase (+) / decrease (-) in account and other payables
105 532,31 -647 929,40
Change in working capital
96 792,77 -574 766,35
Paid interest and other financing expenses
5 -7 148 157,62 -9 077 082,53
Dividends received
5 12 846 287,23 15 564 286,04
Interest and other finance income received
5 155 114,44 438 915,08
Income taxes paid
7 -3 551 079,13 -3 319 564,54
Cash flow from operating activities
-242 467,76 462 672,93
Cash flows from investing activities
Investments in associated companies
8 -60 861,21 -
Cash flows from investing activities
-60 861,21 -
Cash flows from financing activities
Repayments of short-term borrowings
- -6 757 607,01
Proceeds from short-term borrowings
1 875 747,79 -
Group contributions received
6 24 060 865,76 26 251 937,28
Dividends paid and purchases of own shares
11 -23 669 290,00 -25 047 368,46
Cash flows from financing activities
2 267 323,55 -5 553 038,19
Net increase (+) / decrease (-) in cash and cash equivalents
1 963 994,58 -5 090 365,26
Cash and cash equivalents at beginning of the financial year
8 612 003,94 13 702 369,20
Cash and cash equivalents at end of the financial year
10 575 998,52 8 612 003,94
PARENT COMPANY STATEMENT OF CASH FLOWS (FAS)
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 76Investor information
Notes to the Parent Company Financial Statements
1 ACCOUNTING PRINCIPLES
Enento Group Plc is a Finnish limited liability company and the parent
company of Enento Group. The Company listed its shares on the main
list of Nasdaq Helsinki Ltd on 31 March 2015.
Enento Group Plc’s financial statements have been prepared in accor-
dance with the accounting principles based on the Finnish accounting
legislation (FAS).
1.1 Valuation principles
FINANCIAL INSTRUMENTS
The fees paid on draw-down loans have been entered in accrued
income. These will be discharged as financial expenses on the basis of
time in equal proportions. At the time of loan amortization the respec-
tive share of the remaining fees in the balance sheet will be entered
as expenses.
DEFERRED TAX ASSETS
Deferred tax assets are calculated on the temporary differences
between taxation and the financial statement using the tax rates
effective for future years confirmed on the balance sheet date. The
balance sheet includes the deferred tax assets at their estimate real-
isable amount.
1.2 Items denominated in foreign currencies
Transactions in foreign currencies are entered at the exchange rates
prevailing at the transaction dates. The unsettled balances on foreign
currency receivables and liabilities are converted into euros at the
rates of exchange prevailing at the end of the financial year.
1.3 Cash pooling arrangement
To facilitate efficient cash management in the Group, Enento Group
Plc has implemented a multi-currency cash pool arrangement with
Danske Bank A/S. The subsidiaries’ bank accounts in Danske Bank
have been included as member accounts in the arrangement. The
positive balances of the subsidiaries’ member accounts are shown in
the balance sheet item “Payables to Group companies” and negative
balances in the balance sheet item “Receivables from Group compa-
nies”.
2 NET SALES
NET SALES BY MARKET AREA
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Finland 630 808,99 505 488,06
Sweden 772 895,67 498 745,65
Other countries 119 652,06 69 128,91
Total 1 523 356,72 1 073 362,62
Net sales consist of management fees from Group companies.
3 PERSONNEL EXPENSES
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Salaries and benefits -1 353 061,88 -1 125 869,27
Pension expenses -170 001,72 -145 069,52
Other social security expenses -21 228,20 -13 889,02
Total -1 544 291,80 -1 284 827,81
The pension provision for the personnel is arranged at Elo Mutual
Pension Insurance Company.
SALARIES AND BENEFITS OF THE MANAGEMENT
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Board members and CEO -629 189,52 -547 500,15
Total -629 189,52 -547 500,15
The salaries and benefits paid to the management are itemised in
more detail in the notes to the consolidated financial statements, in
note 5.1 Management remuneration.
NUMBER OF PERSONNEL ON AVERAGE
Employees 1.1.–31.12.2025 1.1.–31.12.2024
Full time 8 8
Part time and temporary 1 -
Total 9 8
4 OTHER OPERATING EXPENSES
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Other employment expenses -170 430,67 -150 131,40
Expenses related to premises -26 912,93 -12 536,50
Marketing expenses -294 118,13 -108 879,91
Office expenses -304 978,87 -235 035,07
IT expenses -302 643,53 -266 584,20
Purchased services -1 293 232,05 -1 369 283,20
Other expenses -228 174,19 -215 199,30
Total -2 620 490,37 -2 357 649,58
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 77Investor information
AUDITOR’S FEES
EUR 1.1.–31.12.2025 1.1.–31.12.2024
PricewaterhouseCoopers Oy
Statutory fees -127 120,00 -123 640,00
Other services - -10 067,05
Total -127 120,00 -133 707,05
5 FINANCE INCOME AND EXPENSES
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Income from group undertakings
Dividends 12 846 287,23 15 564 286,04
Other interest and finance income
Interest income
From Group companies 2 449,89 265,42
From parties outside the Group 152 664,55 361 895,57
Other finance income
From parties outside the Group 0,00 2 451 065,28
Total finance income 13 001 401,67 18 377 512,31
Interest expenses and other finance
expenses
Interest expenses
To Group companies -483 316,77 -489 206,87
to parties outside the Group -5 787 514,14 -7 350 688,59
Other finance expenses
to parties outside the Group -4 214 799,37 -261 839,63
Impairment in non-current assets -1 051 011,21 -2 285 525,00
Total finance expenses -11 536 641,49 -10 387 260,09
Total 1 464 760,18 7 990 252,22
6 APPROPRIATIONS
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Group contributions received 23 920 765,06 24 060 865,76
Total 23 920 765,06 24 060 865,76
7 INCOME TAX EXPENSES
EUR 1.1.–31.12.2025 1.1.–31.12.2024
On business operations -2 610 295,72 -3 581 015,59
Change in deferred tax asset 417 804,73 338 492,13
Total -2 192 490,99 -3 242 523,46
8 INVESTMENTS
EUR 31.12.2025 31.12.2024
Shares in Group companies
Cost at 1.1. 544 896 936,41 544 896 936,41
Additions - -
Cost at 31.12. 544 896 936,41 544 896 936,41
Shares in associated companies
Cost at 1.1. 990 150,00 3 275 675,00
Additions 60 861,21 -
Impairment -1 051 011,21 -2 285 525,00
Cost at 31.12. 0 990 150,00
Net book value at 1.1. 545 887 086,41 548 172 611,41
Net book value at 31.12. 544 896 936,41 545 887 086,41
31.12.2025 31.12.2024
Group companies Ownership (%) Ownership (%)
Suomen Asiakastieto Oy, Helsinki 100 100
Emaileri Oy, Turku 100 100
UC AB, Stockholm 99,99 99,99
UC Affärsinformation AB, Stockholm 100 100
Proff AS, Oslo 100 100
Proff ApS, Frederiksberg 100 100
Associated companies
Goava Sales Intelligence Ab,
Stockholm
30,5 45,5
All the group companies have been consolidated to the Parent
Company’s consolidated financial statements. A specification of the
Group companies is included in note 5.3 to the consolidated financial
statements.
9 LONG-TERM RECEIVABLES
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Deferred tax assets
From non-deductible net interest
expenses
1 080 980,36 663 175,63
Total deferred tax assets 1 080 980,36 663 175,63
Prepaid expenses and accrued
income
Financial expenses periodised 89 972,50 235 684,63
Total prepaid expenses and accrued
income
89 972,50 235 684,63
Total 1 170 952,86 898 860,26
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 78Investor information
10 SHORT-TERM RECEIVABLES
EUR 31.12.2025 31.12.2024
Receivables from Group companies
Prepaid expenses and accrued
income
Group contribution 23 920 765,06 24 060 865,76
Total receivables from Group
companies
23 920 765,06 24 060 865,76
Other receivables 37 634,70 13 149,42
Prepaid expenses and accrued
income
Financial expenses periodised 154 457,33 162 176,31
Other periodised expenses 528 277,41 194 655,33
Total prepaid expenses and
accrued income
682 734,74 356 831,64
Total 24 641 134,50 24 430 846,82
11 EQUITY
EUR 31.12.2025 31.12.2024
Share capital at 1.1. 80 000,00 80 000,00
Share capital at 31.12. 80 000,00 80 000,00
Total restricted shareholders’ equity 80 000,00 80 000,00
Invested unrestricted equity reserve
at 1.1.
257 532 693,78 258 887 340,74
Capital repayment - -
Purchase of own shares - -1 354 646,96
Total invested unrestricted equity
reserve at 31.12.
257 532 693,78 257 532 693,78
Retained profit at 1.1. 138 524 259,03 135 977 500,79
Distribution of dividend -23 669 290,00 -23 692 721,50
Total retained profit at 31.12. 114 854 969,03 112 284 779,29
Profit for the financial year 20 551 608,80 26 239 479,74
Total unrestricted shareholders’
equity
392 939 271,61 396 056 952,81
Total equity 393 019 271,61 396 136 952,81
DISTRIBUTABLE FUNDS
EUR 31.12.2025 31.12.2024
Invested unrestricted equity reserve 257 532 693,78 257 532 693,78
Retained profit 114 854 969,03 112 284 779,29
Profit for the financial year 20 551 608,80 26 239 479,74
Total 392 939 271,61 396 056 952,81
12 CURRENT LIABILITIES
PAYABLES TO GROUP COMPANIES
EUR 31.12.2025 31.12.2024
Other liabilities 35 878 202,12 34 002 454,33
Total 35 878 202,12 34 002 454,33
OTHER CURRENT LIABILITIES
EUR 31.12.2025 31.12.2024
Accrued expenses
Holiday pay liabilities 181 903,08 153 779,89
Other accrued personnel expenses 414 325,16 324 429,75
Interest expenses 1 328 880,34 1 498 278,33
Taxes 0,00 591 415,59
Other 19 805,33 28 470,02
Total accrued expenses 1 944 913,91 2 596 373,58
Other liabilities
Other 25 700,40 21 391,43
Total other liabilities 25 700,40 21 391,43
Accounts payable 134 718,92 143 097,41
Total other current liabilities 134 718,92 143 097,41
Total 37 983 535,35 36 763 316,75
13 LEASING LIABILITIES
EUR 31.12.2025 31.12.2024
Leasing liabilities
Due within the next financial year 16 214,84 21 968,52
Due later - 16 214,84
Total 16 214,84 38 183,36
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 79Investor information
At the end of the financial year 2025, distributable funds of the Group’s
parent company amounted to EUR 392 939 271,61 of which the profit
for the financial year was EUR 20 551 608,80. The Board of Directors
proposes that a dividend of EUR 0,50 per share be paid for the finan-
cial year ended 31 December 2025 (totalling EUR 11 834 645,00 based
on the Group’s registered total number of shares at the time of the
proposal, notwithstanding shares held in treasury). The dividend will
be paid to a shareholder registered in the Group’s shareholders’ regis-
ter held by Euroclear Finland Oy on the payment record date of 30
March 2026. The Board of Directors proposes that the funds be paid
on 15 April 2026.
The Board of Directors further proposes that the Annual General Meet-
ing authorises the Board, at its discretion, to resolve on the distribu-
tion of an additional dividend up to a maximum of EUR 0,50 per share
(totalling EUR 11 834 645,00 based on the Company’s registered total
number of shares at the time of the proposal, notwithstanding shares
held in treasury). It is the intention of the Board of Directors that the
dividend payment pursuant to this authorisation would be carried out
in November 2026. The Company will separately publish resolutions
of the Board of Directors on the dividend payment and confirm the
record and payment dates in connection with such resolutions. The
Board’s proposal for the distribution of funds
additional dividend to be paid based on the authorisation would be
paid to a shareholder who on the payment record date in question
is recorded in the Company’s shareholders’ register maintained by
Euroclear Finland Oy. The Board of Directors proposes that the authori-
sation includes the right for the Board of Directors to decide on all
other terms and conditions related to the dividend payment. The
Board may also decide not to use this authorisation. The authorisation
is proposed to remain in effect until the next Annual General Meeting.
After the financial year there are no material changes in the Compa-
ny’s financial position. The Company’s liquidity is good and, based on
the Board of Directors’ view, the proposed distribution of profits does
not compromise the Company’s liquidity.
Financial Statements
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Signatures to the Financial Statements
The report of the audit has been submitted today.
Helsinki, on the date of the electronic signature 13 February 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Helsinki, 13 February 2026
Auditor’s Note
Mikko Nieminen
Authorised Public Accountant
Veli-Matti Mattila
Chairperson of the Board
Kalle Alppi
Member of the Board
Erik Forsberg
Member of the Board
Teppo Paavola
CEO
Nora Kerppola
Member of the Board
Tiina Kuusisto
Member of the Board
Markus Ehrnrooth
Member of the Board
Paul Randall
Member of the Board
Petra Ålund
Member of the Board
The consolidated financial statements and parent company financial statements prepared in accordance with applicable accounting regula-
tions give a true and fair view of the Group and the parent company’s assets, liabilities and financial position as at 31 December 2025 and the
profit or loss of the Group and the parent company operations and the cash flows for the financial year ended 31 December 2025.
The Report by the Board of Directors includes a fair review of the development and results of the business activities of the Group and the parent
company as well as a description of the most significant risks and uncertainties and other aspects of the Group and the parent company’s state.
Financial Statements
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GovernanceEnento as a company
Enento Group Annual Review 2025 | 81Investor information
TO THE ANNUAL GENERAL MEETING OF ENENTO GROUP OYJ
REPORT ON THE AUDIT OF THE FINANCIAL
STATEMENTS
Opinion
In our opinion
• the consolidated financial statements give a true and fair view
of the group’s financial position, financial performance and cash
flows in accordance with IFRS Accounting Standards as adopted
by the EU
• the financial statements give a true and fair view of the parent
company’s financial performance and financial position in
accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply with
statutory requirements.
Our opinion is consistent with the additional report to the Audit
Committee.
WHAT WE HAVE AUDITED
We have audited the financial statements of Enento Group Oyj (busi-
ness identity code 2194007-7) for the year ended 31 December 2025.
The financial statements comprise:
• the consolidated statement of comprehensive income,
consolidated statement of financial position, consolidated
statement of changes in equity, consolidated statement of
cash flows and notes to the consolidated financial statements,
which include material accounting policy information and other
explanatory information
Auditor’s Report
• the parent company’s income statement, balance sheet, cash
flow statement and notes to the parent company financial
statements.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in
Finland. Our responsibilities under good auditing practice are further
described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
INDEPENDENCE
We are independent of the parent company and of the group compa-
nies in accordance with the ethical requirements that are applicable
in Finland and are relevant to our audit, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, the non-audit services that
we have provided to the parent company and group companies are
in accordance with the applicable law and regulations in Finland and
we have not provided non-audit services that are prohibited under
Article 5(1) of Regulation (EU) No 537/2014. The non-audit services that
we have provided are disclosed in note 2.2 to the Financial Statements.
Our Audit Approach
OVERVIEW
Materiality
• Overall group materiality: € 1,5 million, which represents
approximately 1% of net sales.
Audit Scope
• The group audit scope includes all significant legal entities in
Finland and Sweden, covering the vast majority of revenues,
assets and liabilities of the group.
Key Audit Matters
• Goodwill: Goodwill in Enento Group’s consolidated statement
of financial position was € 344 822 thousand which is
approximately 74% of the total assets of € 464 544 thousand.
We have tested the impairment assessment and assessed the
appropriateness of the estimates used by Group’s management
in their impairment assessment.
• Net sales: Enento Group’s net sales in the financial year 2025
amounted to € 152 671 thousand. There is a risk in revenue
recognition that revenue accounted for in the financial
statements are not real or revenue has been recognised in
incorrect amount or in incorrect accounting period, whether
caused by fraud or error. We have tested revenue recognition
principles as well as revenue transactions in order to respond to
risks in revenue recognition.
As part of designing our audit, we determined materiality and
assessed the risks of material misstatement in the financial state-
ments. In particular, we considered where management made
subjective judgements; for example, in respect of significant account-
ing estimates that involved making assumptions and considering
future events that are inherently uncertain.
(Translation of the Finnish Original)
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 82Investor information
MATERIALITY
The scope of our audit was influenced by our application of material-
ity. An audit is designed to obtain reasonable assurance whether the
financial statements are free from material misstatement. Misstate-
ments may arise due to fraud or error. They are considered material
if individually or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the
financial statements.
Based on our professional judgement, we determined certain quan-
titative thresholds for materiality, including the overall group materi-
ality for the consolidated financial statements as set out in the table
below. These, together with qualitative considerations, helped us to
determine the scope of our audit and the nature, timing and extent of
our audit procedures and to evaluate the effect of misstatements on
the financial statements as a whole.
Overall group materiality
€ 1,5 million (previous year € 1,5 million)
How we determined it
Approximately 1% of net sales
Rationale for the materiality benchmark applied
We chose net sales as the benchmark because, in our view, it is a
stable and an important benchmark in the group’s current situation,
against which the performance of the group is measured by users
of the financial statements. As the group’s profitability has not been
stable, net sales is also a generally accepted benchmark. We chose
1% which is within the range of acceptable quantitative materiality
thresholds in auditing standards.
HOW WE TAILORED OUR GROUP AUDIT SCOPE
We tailored the scope of our audit, taking into account the structure
of the Enento Group, the accounting processes and controls, and the
industry in which the group operates.
The group audit scope included the group parent company and all
subsidiaries to the parent company.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements of
the current period. These matters were addressed in the context of
our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these
matters.
As in all of our audits, we also addressed the risk of management
override of internal controls, including among other matters consid-
eration of whether there was evidence of bias that represented a risk
of material misstatement due to fraud.
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Key audit matter in the audit of the group How our audit addressed the key audit matter
GOODWILL
NET SALES
Refer to note 2.1 of the financial statements
Refer to note 3.2 of the financial statements
The Group’s goodwill amounted to € 344 822 thousand which is approximately 74% of total assets
€ 464 544 thousand. Goodwill is material to the consolidated financial statements. The Group’s
management uses significant judgement when assessing future estimated cash flows.
For the purpose of impairment testing, the recoverable amount of the Group’s three cash-generating
units have been determined based on value-in-use calculations which require the use of estimates.
These calculations use cash flow projections based on financial estimates approved by the manage-
ment covering a four-year period. Cash flows beyond the four-year period are extrapolated using
the estimated growth rates.
Key parameters in the projections are the development of net sales and key cost items as well as
long-term growth rate and discount rate. Management has performed a sensitivity analysis around
the key parameters of the goodwill allocated to each cash generating units in which the combined
effect of changes in the parameters is tested.
Enento Group provides information services. The majority of revenue is transaction based generated
from the delivery of individual pieces or bundles of credit, business and market information. The infor-
mation is processed or refined by the Group and made available to the customers mainly through
online facilities.
Revenue is recognised at the point in time when the performance obligation is satisfied by the deliv-
ery of information or over time depending on performance obligation to be satisfied. The Group
recognises as revenue transaction price to which Enento Group expects to be entitled in exchange
for transferring goods and services to customer.
There is a risk in revenue recognition that revenue accounted for in the financial statements are not
real or revenue has been recognised in incorrect amount or in incorrect accounting period, whether
caused by fraud or error. The Company aims to ensure by its internal processes and controls that
revenue recognition in the financial statements is materially correct.
We assessed and tested the effectiveness of sales process key controls. We also tested revenue trans-
actions by using computer assisted audit techniques and by substantive testing procedures in order
to respond to risk of fraud in revenue recognition and to the risk that recognised revenue is not real or
has been recognised incorrectly. We also tested that revenue transactions have been accounted for
in the correct financial period.
We audited journal entries related to revenue. In addition, we have performed analytical procedures to
respond to risk of material misstatement in the financial statements.
We tested the cash flow estimates prepared by the Group’s management for years 2026-2028 as well
as the determination of the discount rate used. We compared the used cash flow estimates to finan-
cial budgets and projections prepared by the management and approved by the board to verify that
cash flow estimates used in the assessment are not greater than the financial budget. We assessed
the reasonabless and consistency of estimated profitability levels to approved financial budgets and
cash flow estimates. We compared estimated growth rates used in the cash flow estimates to the
Group’s historic growth and tested mathematical accuracy of these cash flow estimates. We assessed
appropriateness of the discount rate used in the calculations and tested the mathematical accuracy
of the discount rate calculations.
We tested the sensitivity analysis prepared by management in order to ascertain the combined effect
of changes in key parameters that would lead to impairment. We tested the mathematical accuracy
of the sensitivity analysis related to the goodwill impairment assessment.
We have no key audit matters to report with respect to our audit of the parent company financial statements.
There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to the consolidated financial statements or the parent company financial
statements.
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 84Investor information
Responsibilities of the Board of Directors and the
Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible
for the preparation of consolidated financial statements that give a
true and fair view in accordance with IFRS Accounting Standards as
adopted by the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations governing the
preparation of financial statements in Finland and comply with stat-
utory requirements. The Board of Directors and the Managing Direc-
tor are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the
Managing Director are responsible for assessing the parent compa-
ny’s and the group’s ability to continue as a going concern, disclosing,
as applicable, matters relating to going concern and using the going
concern basis of accounting. The financial statements are prepared
using the going concern basis of accounting unless there is an inten-
tion to liquidate the parent company or the group or to cease opera-
tions, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assur
-
ance, but is not a guarantee that an audit conducted in accordance
with good auditing practice will always detect a material misstate-
ment when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with good auditing practice, we
exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the parent company’s or the group’s
internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’
and the Managing Director’s use of the going concern basis of
accounting and based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions
that may cast significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the parent
company or the group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and
events so that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient
appropriate audit evidence regarding the financial information
of the entities or business units within the group as a basis for
forming an opinion on the group financial statements. We are
responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regard-
ing independence, and communicate with them all relationships and
other matters that may reasonably be thought to bear on our inde-
pendence, and where applicable, related safeguards.
From the matters communicated with those charged with gover-
nance, we determine those matters that were of most significance
in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our audi-
tor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
OTHER REPORTING REQUIREMENTS
Appointment
We have been acting as auditors appointed by the annual general
meeting since 5.5.2008. Our appointment represents a total period
of uninterrupted engagement of 18 years. Authorised Public Accoun-
tant (KHT) Mikko Nieminen has acted as the responsible auditor since
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 85Investor information
25th of March 2024, which represents a total period of uninterrupted
engagement of 2 years. Enento Group Oyj became a public interest
entity on 31.3.2015 as a result of the initial public offering.
Other Information
The Board of Directors and the Managing Director are responsible
for the other information. The other information comprises the report
of the Board of Directors and the information included in the Annual
Report but does not include the financial statements and our auditor’s
report thereon.
Our opinion on the financial statements does not cover the other
information.
In connection with our audit of the financial statements, our respon-
sibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the finan-
cial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. With respect to the report of the
Board of Directors, our responsibility also includes considering whether
the report of the Board of Directors has been prepared in compliance
with the applicable provisions.
In our opinion, the information in the report of the Board of Directors
is consistent with the information in the financial statements and the
report of the Board of Directors has been prepared in compliance with
the applicable provisions.
If, based on the work we have performed, we conclude that there is
a material misstatement of the other information, we are required to
report that fact. We have nothing to report in this regard.
Helsinki, on the date of the electronic signature 13 February 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Mikko Nieminen
Authorised Public Accountant (KHT)
Financial Statements
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GovernanceEnento as a company
Enento Group Annual Review 2025 | 86Investor information
TO THE BOARD OF DIRECTORS OF ENENTO GROUP OYJ
We have performed a reasonable assurance engagement on the
financial statements 743700EPLUWXE25HGM03-2025-12-31-1-fi.zip of
Enento Group Oyj (business identity code 2194007-7) that have been
prepared in accordance with the Commission’s regulatory technical
standard for the financial year 1.1.2025-31.12.2025.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director are responsible for
the preparation of the company’s report of the Board of Directors and
financial statements (the ESEF financial statements) in such a way
that they comply with the requirements of the Commission’s regula-
tory technical standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML format in
accordance with Article 3 of the Commission’s regulatory
technical standard
• tagging the primary financial statements, notes and company’s
identification data in the consolidated financial statements that
are included in the ESEF financial statements with iXBRL tags
in accordance with Article 4 of the Commission’s regulatory
technical standard and
• ensuring the consistency between the ESEF financial statements
and the audited financial statements.
Independent auditor’s report on the ESEF financial statements
of Enento Group Oyj
The Board of Directors and the Managing Director are also responsi-
ble for such internal control as they determine is necessary to enable
the preparation of ESEF financial statements in accordance with the
requirements of the Commission’s regulatory technical standard.
Auditor’s independence and quality
management
We are independent of the company in accordance with the ethical
requirements that are applicable in Finland and are relevant to the
engagement we have performed, and we have fulfilled our other ethi-
cal responsibilities in accordance with these requirements.
The auditor applies International Standard on Quality Management
(ISQM) 1, which requires the firm to design, implement and operate
a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional stan
-
dards and applicable legal and regulatory requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of
the Securities Markets Act, provide assurance on the financial state-
ments that have been prepared in accordance with the Commission’s
regulatory technical standard. We express an opinion on whether the
consolidated financial statements that are included in the ESEF finan-
cial statements have been tagged, in all material respects, in accor-
dance with the requirements of Article 4 of the Commission’s regula-
tory technical standard.
Our responsibility is to indicate in our opinion to what extent the assur-
ance has been provided. We conducted a reasonable assurance
engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated
financial statements that are included in the ESEF financial
statements have been tagged, in all material respects, with iXBRL
tags in accordance with the requirements of Article 4 of the
Commission’s regulatory technical standard and
• whether the notes and company’s identification data in the
consolidated financial statements that are included in the ESEF
financial statements have been tagged, in all material respects,
with iXBRL tags in accordance with the requirements of Article 4
of the Commission’s regulatory technical standard and
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend on
the auditor’s judgment. This includes an assessment of the risk of a
material deviation due to fraud or error from the requirements of the
Commission’s regulatory technical standard.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
(Translation of the Finnish Original)
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 87Investor information
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets
Act is that the primary financial statements, notes and company’s
identification data in the consolidated financial statements that
are included in the ESEF financial statements of Enento Group Oyj
743700EPLUWXE25HGM03-2025-12-31-1-fi.zip for the financial year
1.1.2025-31.12.2025 have been tagged, in all material respects, in accor-
dance with the requirements of the Commission’s regulatory technical
standard.
Our opinion on the audit of the consolidated financial statements of
Enento Group Oyj for the financial year 1.1.2025-31.12.2025 has been
expressed in our auditor’s report dated 13 February 2026. With this
report we do not express an opinion on the audit of the consolidated
financial statements nor express another assurance conclusion.
Helsinki, on the date of the electronic signature 13 February 2026
PricewaterhouseCoopers Oy
Authorised Public Accountants
Mikko Nieminen
Authorised Public Accountant (KHT)
Financial Statements
Board of Directors’ Report
GovernanceEnento as a company
Enento Group Annual Review 2025 | 88Investor information
Enento Group Plc (the “Company” or “Enento”) is a Finnish public
limited liability company. The parent company of the Group is Enento
Group Plc, the domicile is Helsinki, Finland. The shares of the Company
are listed on Nasdaq Helsinki Ltd starting from 31 March 2015.
The Company’s governance is subject to the Finnish Companies Act,
the Finnish Securities Markets Act, the Accounting Act, the rules of
Nasdaq Helsinki Ltd as well as the Company’s Articles of Association.
In addition, Enento complies fully with the Finnish Corporate Gover-
nance Code issued by the Securities Market Association in 2025 (the
“CG Code”). The CG Code is available at www.cgfinland.fi.
This Company’s Corporate Governance Statement is published sepa
-
rately from the Board of Directors’ report.
The Company’s governance is organised through the General Meet-
ing, the Board of Directors and the Chief Executive Officer. Further, the
Company has an Executive Management Team led by the Chief Exec-
utive Officer.
GENERAL MEETING
The General Meeting is Enento’s highest decision-making body, which
normally convenes once a year. Its tasks and procedures are defined
in the Finnish Companies’ Act and the Company’s Articles of Asso-
ciation. Certain important matters, such as amending the Articles of
Association, approval of the financial statements, approval of the divi-
dend, election of the members of the Board of Directors and the audi-
tors fall within the sole jurisdiction of the General Meeting.
The General Meeting is convened by the Board of Directors. The
Annual General Meeting shall be held within six (6) months of the end
of the financial year. An Extraordinary General Meeting shall be held
whenever the Board of Directors deems necessary, the auditor of the
Company or shareholders with at least 10% of the shares so demand
in writing in order to deal with a given matter, or if this is otherwise
required by law.
The General Meeting handles the matters presented on the agenda
by the Board of Directors. According to the Finnish Companies Act, a
shareholder may also request that his/her proposal be handled at
the next General Meeting. Such a request shall be made in writing to
the Company’s Board of Directors at the latest on the date specified
by the Company on its website. This date shall be published no later
than by the end of the financial period preceding the general meeting.
The request is always deemed to be on time, if the Board of Directors
has been notified of the request no later than four weeks before the
delivery of the notice of the General Meeting.
According to the Company’s Articles of Association, notices of the
General Meetings shall be published on the Company’s website no
more than three months before the record date pursuant to the
Limited Liability Companies Act (eight working days before the General
Meeting) and at the latest three weeks before the General Meeting,
however, always at least nine days before the said record date. In
addition, the Board of Directors may decide to publish the notice in full
or in part in an alternative manner as it deems appropriate. The notice
shall contain information on the Member of the Board of Directors,
their remuneration, the matters to be handled at the General Meeting
and other information required under the Companies Act and the CG
Code.
The notice of the General Meeting, documents to be submitted to the
General Meeting (e.g. financial statements, report by the Board of
Directors, auditor’s report) and the resolution proposals to the General
Meeting are made available on the Company’s website at least three
weeks before the General Meeting.
The minutes of the General Meeting are published on the Compa-
ny’s website within two weeks after the General Meeting. In addition,
the decisions of the General Meeting are also published by means
of a stock exchange release immediately after the General Meeting.
The documents related to the General Meeting are available on the
Company’s website at least for a period of three months after the
General Meeting.
Shareholders may attend a General Meeting either in person or by
proxy. Notification regarding the attendance to a meeting must be
made by the date mentioned in the notice to the General Meeting.
Only shareholders, who are registered in Enento’s shareholders’ regis-
ter maintained by Euroclear Finland Ltd on the record date (i.e. eight
working days before the General Meeting) are entitled to attend a
General Meeting. Holders of nominee registered shares may be regis-
tered temporarily in said shareholders’ register and therefore, they are
advised to request from their custodian banks necessary instructions
regarding such temporary registration and the issuing of proxy docu-
ments. A proxy representative shall produce a dated proxy document
or otherwise in a reliable manner demonstrate his/her right to repre-
sent the shareholder.
The Board of Directors may decide that the shareholders may partic-
ipate in the General Meeting by post or telecommunications or by
other technical means.
Enento has one series of shares. Each share has one vote in all matters
dealt with by a General Meeting. A shareholder shall have the right to
vote at the General Meeting, if he/she has registered to participate in
the meeting by the date specified in the notice to the General Meet-
ing, which date shall not be earlier than ten days before the meeting.
A shareholder may at the General Meeting vote with different shares
in a different manner and a shareholder may also vote with only part
Corporate Governance Statement 2025
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 90Investor information
of his/her shares. The Articles of Association of Enento include no
redemption clauses or voting limitations.
Most resolutions by the General Meeting require a simple majority of
the votes cast at the meeting. In an election, the person receiving the
highest number of votes shall be deemed elected. The General Meet-
ing may, however, prior to an election, decide that to be elected, a
person shall receive more than half of the votes cast. However, there
are several matters, which according to the Companies Act require a
two-thirds majority of the votes cast and of the shares represented at
the meeting.
All Members of the Board of Directors, the auditor and CEO shall attend
the General Meeting.
The Annual General Meeting was held on 24 March 2025.
SHAREHOLDERS’ NOMINATION BOARD
Based on the proposal by the Board of Directors, the sole shareholder
of the Company resolved on 10 March 2015 to establish a Sharehold-
ers’ Nomination Board for an indefinite period to prepare proposals to
the Annual General Meeting for the election and remuneration of the
members of the Board of Directors and the remuneration of the Board
Committees and the Nomination Board. According to the Charter of
the Shareholders’ Nomination Board, it shall comprise representatives
of the Company’s three largest shareholders who, on 30 September
preceding the next Annual General Meeting, hold the largest number
of votes calculated of all shares in the Company and, in addition, of
the Chairperson of the Board of Directors as expert member.
The right to nominate the shareholder representatives lies with those
three shareholders whose share of all the voting rights in the Company
is on 30 September preceding the next Annual General Meeting the
largest on the basis of the shareholders’ register of the Company held
by Euroclear Finland Ltd. However, holdings by a shareholder who,
under the Finnish Securities Market Act, has the obligation to disclose
its shareholdings (flagging obligation) that are divided into several
funds or registers, will be summed up when calculating the share of
all the voting rights, provided that such shareholder presents a written
request to that effect to the Chairperson of the Company’s Board of
Directors no later than on 29 September preceding the next Annual
General Meeting.
The aforementioned shareholders appoint, in accordance with the
Charter of the Nomination Board, from the request of the Chairperson
of the Company’s Board of Directors their representatives to the Nomi-
nation Board after 30 September.
Shareholders’ Nomination Board submits its proposal to the Board of
Directors of the Company at the latest on 31 January preceding the
next Annual General Meeting. Shareholders’ Nomination Board reviews
its performance and procedures once a year and gives out a report of
its actions annually. The report is published in the Corporate Gover-
nance Statement.
PRINCIPLES CONCERNING THE DIVERSITY
OF THE BOARD OF DIRECTORS
The Company has defined the principles concerning the diversity of
the Board of Directors in the following way:
In Enento Group Plc, the proposal concerning the composition of the
Board of Directors is prepared and made to the Annual general Meet-
ing by the Shareholders’ Nomination Board, which consists of the
representatives of the Company’s three largest shareholders and of
the chairperson of the Board of Directors as expert member. When
making their proposal for the composition of the Board of Directors,
the Shareholders’ Nomination Board applies these diversity principles
defined by the Company or the assessment of diversity.
Diversity of the Board of Directors supports the development of the
Company’s business and the achievement of strategic objectives as
well as the promoting of customer insight. The complementing exper-
tise of the members and experience in the lines of business essential
for the Company (financing, commerce, information technology) are
considered important. From the point of view of diversity, experience
in international operational environment and international represen-
tation are considered essential. The objective is that both genders be
represented in the Board of Directors. Long-term needs and adequate
turnover shall be taken into account when electing the members of the
Board of Directors.
REALIZATION OF DIVERSITY OF THE BOARD
OF DIRECTORS
At the moment (2025), the Company’s Board of Directors consists of
eight members, three of whom are foreign nationals. The members
are experienced in Board duties in various types of companies. Of
the members of the Board of Directors, one person was nominated in
the general meeting in 2019. One person has been nominated by the
general meeting in 2021, one in 2023 and 2024, whereas four members
were nominated in 2025. Both genders are represented in the Compa-
ny’s Board of Directors.
These principles and the realization of diversity are presented as part
of the Company’s corporate governance.
REPORT OF THE ACTIONS OF THE
SHAREHOLDERS’ NOMINATION BOARD IN
2025
GENERAL
The Company’s sole shareholder (before the Company’s listing on the
stock exchange) decided on 10 March 2015 to found the Sharehold-
ers’ Nomination Board to prepare the proposals to the Annual General
Meeting for the selection and remuneration of Board members and
the remuneration of the Board committees and the Nomination Board.
The term of the Nomination Board is until next Annual General Meeting.
The three largest shareholders according to the share register at 30
September 2025 were Otava Oy, Skandinaviska Enskilda Banken Ab
(publ.) and Long Path Partners.
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 91Investor information
The companies appointed Alexander Lindholm (Otava Oy), Jonas
Söderberg (Skandinaviska Enskilda Banken AB (publ)) and Ted Keith
(Long Path Partners) as members of the Nomination Board. Veli-Matti
Mattila is an expert member of the Nomination Board as the Chairper-
son of the Board of Directors.
PERSONAL DETAILS ON THE SHAREHOLDERS NOMINATION
BOARD MEMBERS ARE SET FORTH IN THE TABLE BELOW:
Name Occupation
Lindholm Alexander Otava Oy, CEO
Söderberg Jonas
Skandinaviska Enskilda Banken AB (publ),
Chief of Staff
Keith Ted Long Path Partners, Partner and Portfolio Manager
The Board elected Alexander Lindholm as Chairperson. The Board
assembled four times between November 2025 and January 2026.
All members of the Nomination Board participated to these meetings.
SHAREHOLDERS’ NOMINATION BOARD’S PROPOSAL TO ANNUAL
GENERAL MEETING 2026
The Nomination Board proposes that the number of Board members
be eight.
The Board proposes that Erik Forsberg, Nora Kerppola, Markus Ehrn-
rooth, Veli-Matti Mattila, Petra Ålund, Paul Randall and Kalle Alppi be
re-elected as members of the Board of Directors.
The Board proposes that Martina Neumayr be elected as a new
member of Board of Directors.
The Board proposes that Veli-Matti Mattila is elected as the Chairper-
son of the Board.
The Board proposes that the remuneration payable to the Board of
Directors Chairperson be EUR 105 000 per year and to other Board
members EUR 42 000 per year. An attendance fee of 525 euros shall
be paid per Board of Directors meeting.
The chairpersons of Board of Directors committees shall be paid an
attendance fee of EUR 525 and the committee members shall be paid
an attendance fee of EUR 420 per committee meeting.
The Board proposes that no remuneration will be paid to the Nomina-
tion Board members.
The Board proposes that reasonable travelling expenses for the atten-
dance to the meetings shall be paid to members.
The Board proposes that the aforementioned proposed remunera-
tion will become effective immediately after the next Annual General
Meeting of the Company.
BOARD OF DIRECTORS
The Board’s role is to manage the Company’s business in the best
possible way and in their work protect the interests of the Company
and its shareholders. In accordance with the Articles of Association of
Enento, the Board of Directors shall consist of a minimum of four (4)
and a maximum of eight (8) members elected by the General Meeting.
The members of the Board of Directors shall be appointed for one year
at a time. The Shareholders’ Nomination Board prepares a proposal
on the composition of the Board to the Annual General Meeting for its
decision.
Enento’s Board members shall be professionally competent and as
a group have sufficient knowledge of and competence, inter alia, in
the Company’s field of business and markets. A new Member of the
Board must have induction of the activities. The majority of the direc-
tors shall be independent of the Company. In addition, at least two of
the directors, representing the aforementioned majority, shall be inde-
pendent of significant shareholders of the Company. Independency
from the Company is determined based on the fact whether a person
has been employed by any of the Enento Group companies within the
last 5 years. Independency from the major shareholders is determined
for example based on the fact whether a person has either directly or
through controlling interest company owned Enento’s shares during
the last year or whether the person has an employment relationship
or service contract with significant shareholder.
The Board has general authority to decide on and act in any matters
not reserved by law or under the provisions of the Articles of Association
to any other governing body of the Company. The Board of Directors
is responsible for the management of the Company and its business
operations. Additionally, the Board is responsible for the appropriate
arrangement of the bookkeeping and financial administration.
The operating principles and main duties of the Board of Directors
have been defined in the Charter for the Board of Directors and include,
among other things, to:
• establish business objectives and strategy,
• appoint, continuously evaluate and, if required, remove the CEO
from office,
• ensure that there are effective systems in place for monitoring
and controlling the Group’s operations and financial position
compared to its stated objectives,
• ensure that there is satisfactory control of the Company’s
compliance with laws and other regulations applicable to the
Company’s operations, and
• ensure that the Company’s external disclosure of information is
marked by openness and is correct, timely, relevant and reliable,
by way of, among other things, adopting a disclosure policy.
By the resolution of Annual General Meeting on 24 March 2025, Veli-
Matti Mattila, Petra Ålund, Paul Randall, Kalle Alppi, Markus Ehrnrooth,
Tiina Kuusisto, Erik Forsberg and Nora Kerppola were appointed as
members to the Board of Directors.
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 92Investor information
Independence of the Board of Directors
Under the Finnish Corporate Governance Code 2025, the majority of
directors shall be independent of the Company. In addition, at least
two directors of this majority shall be independent of the Company’s
major shareholders. The Board shall evaluate the independence of
directors and report which directors it determines to be independent
of the Company and which directors it determines to be independent
of major shareholders.
Based on an evaluation by the Board of Directors pursuant to the Finn-
ish Corporate Governance Code, all members of the Company’s new
Board of Directors are considered to be independent of the Company.
In addition, all members of the Board, except for Petra Ålund who has
employment relationship with a major shareholder, are independent
of the significant shareholders.
The Company is in compliance with recommendation 10 of the Corpo-
rate Governance Code 2025.
Name Year of birth Position Education Occupation Positions of trust
Mattila Veli-Matti 1961
Chairperson of the
Board of Directors
(from 24 March 2025)
M.Sc. (Electrical
Engineering), MBA
-
Chairperson of the Board of Directors
of Orion Oyj
Alppi Kalle 1976
Board member
(24 March 2025)
Bachelor (Computer
Engineering)
Chief Information
Officer at Hiab
Member of board of directors at
Bolt.Works
Ehrnrooth Markus 1985
Board member
(from 25 March 2024)
M.Sc. (Technology) CEO of Geveles AB
Vice Chair of the Board of Directors,
Baltic Sea Action Group
Forsberg Erik 1971
Board member
(from 29 March 2021)
M.Sc. Business and
Administration,
Stockholm School of
Economics
-
Chairman of the Board of Directors:
Collectia Group (Care DK Bidco Aps)
and Satellite Group (Satellite Midco AB).
Member of the Board and Chairman of
Audit Committtee: Viaplay Group AB,
Stillfront Group AB.
Member of the Board of Directors:
Deltalite AB.
Kerppola Nora 1964
Board member
(from 28 March 2023)
MBA, Finance/
International Business
Managing Director of
Nordic Investments
Group Oy
-
Kuusisto Tiina 1968
Board member
(from 28 March 2019)
M.Sc. (Econ.)
Chief Commercial
Officer at Kekäle
Certified B Corp Oy
-
Randall Paul 1965
Board member
(from 24 March 2025)
B.Sc. (Mathematics)
Independent
Consultant
-
Ålund Petra 1967
Board member
(from 24 March 2025)
M.Sc. (International
Economics)
Head of Group Human
Resources at SEB
Member of Board of Directors of
Addnode Group
PERSONAL DETAILS OF THE BOARD MEMBERS:
3/8 (38 per cent) of the Members of the Board are women at the end of year 2025. The
age distribution is 40-64 years. Members present three nationalities and they have gained
experience from various industries.
The performance of the Board is evaluated annually. In 2025, the Board evaluated the
importance of the matters handled, time allocation in meetings, the frequency and length
of the meetings, practicalities of the meetings, the material received by the Board and the
material distribution, the role and actions of the Chairman. Some of the Board meetings
were kept virtually.
Meetings of the Board of Directors are convened by its Chairperson. The Board of Directors
constitutes a quorum when more than half of the members appointed by the General
Meeting are present at the meeting. When votes are cast, the majority opinion will be the
Board’s decision and, in the case of a tie, the Chairperson will have the casting vote.
The Board of Directors is always obliged to act in the Company’s interests and in such
a way that its acts or measures are not likely to produce unjustified benefit to any
shareholder or other third party at the cost of the Company or another shareholder.
A Board member is disqualified from participating in the handling of a matter pertaining
to a contract or other transaction between the Board member and the Company or of
such matter where the member is to derive an essential benefit and that benefit may be
contrary to the interests of the Company. In principle, a Board member may not participate
in the handling of a matter if the Board member is involved in the matter under assessment
in another capacity.
The Board of Directors shall convene as frequently as necessary to discharge its
responsibilities. The Chief Executive Officer ensures that the Board is provided with sufficient
information to assess the operations and financial situation of the group.
The secretary of the Board of Directors is Group General Counsel Panu Pökkylä.
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 93Investor information
Erik Forsberg serves as the Chairperson of the Audit Committee. Kalle
Alppi, Paul Randall and Petra Ålund serve as members of the Audit
Committee.
Audit Committee convened six times during 2025. Average atten-
dance was 97 per cent.
In the June 2024 Enento Group Board of Directors meeting it was
decided that the Audit Committee would take on additional respon-
sibilities related to the upcoming mandatory sustainability reporting.
Consequently, the Audit Committee Charter was updated to reflect
these new responsibilities. The Audit Committee will be responsible for
overseeing the sustainability reporting implementation process and
preparing the appointment of the sustainability auditor for the Annual
General Meeting (AGM) decision.
In accordance with its financial calendar, the Audit Committee
discussed matters relating to internal control and auditing and
reviewed the audit plan and remarks from auditing during the finan-
cial year. The Audit Committee also reviewed financial actual amounts
and forecasts for the financial year, budget for the next financial year
and impairment testing.
PEOPLE AND REMUNERATION COMMITTEE
The Board established a People and Remuneration Committee in
2025. The People and Remuneration Committee of the Enento Board
supports the Board in relation to nomination and compensation of
Enento Group management.
According to the People and Remuneration Committee charter, the
committee shall prepare and recommend nomination and remuner-
ation matters for the CEO and Executive Management Team, including
proposals on appointments, compensation structures, and variable
pay plans, ensuring alignment with the Company’s strategic objec-
tives. The Committee shall also monitor and evaluate the effective-
ness of management incentive systems, including variable pay plans,
to ensure they advance the achievement of the Company’s strategic
goals and review and prepare succession plans for the CEO and Exec-
Board meetings 2025
The Board of Directors convened altogether 13 times during year 2025.
Some of the Board meetings were kept virtually. Average attendance
was 99 per cent. In addition, the Board made one resolution in accor-
dance with Chapter 6, Section 3 of the Finnish Companies Act without
convening a meeting.
Board Committees
The Board annually appoints an Audit Committee and may also
appoint other permanent Committees if considered necessary at its
organization meeting following the Annual General Meeting. The Board
appointed People and Remuneration Committee in its organizational
meeting 24 March 2025 to prepare matters related to the remuneration,
and appointment of the CEO of Enento Corporation and the Executive
Management Team of the Enento Group.
AUDIT COMMITTEE
The Audit Committee consists of at least three (3) members, the
majority of which must be independent of the Company. The members
shall have the qualifications necessary to perform the responsibilities
of the Committee. At least one (1) member shall be independent of
the significant shareholders and at least one (1) member shall have
expertise specifically in accounting, bookkeeping or auditing. All
members of the Committee shall be versed in financial matters.
According to its Charter, the Audit Committee assists the Board in
fulfilling its supervisory responsibilities and also prepares certain
accounting and auditing matters to be handled by the Board. In addi-
tion, the Audit Committee makes recommendations for the election
and removal of the external auditors and for their compensation and
approves the external auditors’ audit plan based on the auditors’
proposal. Among its other duties, the Audit Committee reviews and
monitors the financial reporting process, the efficiency of the system
of internal control and risk management, and the audit process.
utive Management Team, ensuring continuity and readiness for key
leadership roles.
People and Remuneration Committee convened three times during
2025. Average attendance was 100 per cent.
ATTENDANCE TO BOARD AND COMMITTEE MEETINGS
Name
Board
meeting
Audit
committee
People &
Remuneration
Committee
Mattila Veli-Matti 12/12 3/3
Alppi Kalle 12/12 5/5
Ehrnrooth Markus 13/13 3/3
Forsberg Erik 13/13 6/6
Kerppola Nora 13/13 3/3
Kuusisto Tiina 12/13 3/3
Randall Paul 12/12 4/5
Ålund Petra 12/12 5/5
CHIEF EXECUTIVE OFFICER
The Chief Executive Officer (“CEO”) of Enento is appointed by the Board.
The CEO is in charge of the day-to-day management of the Company.
The duties of the CEO are governed primarily by the Finnish Companies
Act. The CEO leads the operational activities and prepares information
and decisions to support the Board and presents his findings at Board
meetings.
In accordance with the Finnish Companies Act, the CEO has a right to
decide himself on certain urgent matters which otherwise would require
a Board decision. CEO of the Company was Jeanette Jäger until her
resignation on 31 May 2025. The Board appointed CFO Elina Stråhlman
as the Interim CEO of Enento Group until a new CEO would be appointed.
The Board started the search for then new CEO immediately and on 26
November 2025 Teppo Paavola was appointed as the new CEO of Enento
Group as of 7 January 2026.
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 94Investor information
EXECUTIVE MANAGEMENT TEAM
The Company had an Executive Management Team at the end of
year 2025 consisting of Mikko Karemo, Arto Paukku, Sari Ek-Petroff,
Karl-Johan Werner, Gabriella Göransson, Annika Råderström, Carl
Brynielsson, Panu Pökkylä and Elina Stråhlman. The members of the
Executive Management Team are appointed by the Board based on
a proposal by the CEO. The members of the Executive Management
Team report to the CEO.
The Executive Management Team members handle the issues that
concern managing of the group in their respective areas and on the
basis of the guidance provided by the Board of Directors. The Exec-
utive Management Team meets one to two times per month, or as
required, and supports the CEO in, for example, the preparation and
execution of strategic matters, operating plans, matters of principle
and any other significant matters. The Executive Management Team
also assists the CEO in ensuring the flow of information and sound
internal cooperation.
THE FOLLOWING TABLE PRESENTS DETAILS OF THE EXECUTIVE
MANAGEMENT TEAM MEMBERS:
Name Birth year Position Appointed
Jäger Jeanette 1969 CEO (until 31 May 2025) 2021
Stråhlman Elina 1979
CFO, Interim CEO as of 1 June
2025
2019
Brynielsson Carl 1980 Director, Business Insight 2025
Ek-Petroff Sari 1962 Director, HR 2023
Göransson
Gabriella
1971 Director, Consumer Insight 2021
Karemo Mikko 1971
Chief Commercial Officer &
Deputy CEO
2012
Paukku Arto 1982
Chief Marketing & Customer
Officer
2023
Pökkylä Panu 1978 Group General Counsel 2025
Rådeström
Annika
1972 CIO 2025
Werner
Karl-Johan
1973
Chief Operating Officer, Chief
Data & Analytics Officer
2019
BOARD OF DIRECTORS’ SHARE OWNERSHIP
31 DECEMBER 2025
Board members Number of shares
Mattila Veli-Matti, Chairperson of the Board 50 000
Related party’s ownership 0
Alppi Kalle 0
Related party’s ownership 0
Ehrnrooth Markus 0
Related party’s ownership 0
Forsberg Erik 1 500
Related party’s ownership 0
Kerppola Nora 14 000
Related party’s ownership 0
Kuusisto Tiina 0
Related party’s ownership 0
Randall Paul 0
Related party’s ownership 0
Ålund Petra 0
Related party’s ownership 0
Total 65 500
MANAGEMENT’S SHARE OWNERSHIP
31 DECEMBER 2025
CEO and Executive Management Team Number of shares
Stråhlman Elina 4 007
Related party’s ownership 0
Brynielsson Carl 0
Related party’s ownership 0
Ek-Petroff Sari 0
Related party’s ownership 0
Göransson Gabriella 1 326
Related party’s ownership 0
Karemo Mikko 12 347
Related party’s ownership 0
Paukku Arto 820
Related party’s ownership 0
Pökkylä Panu 2
Related party’s ownership 0
Rådeström Annika 0
Related party’s ownership 0
Werner Karl-Johan 3 656
Related party’s ownership 0
Total 22 158
GovernanceBoard of Directors’ Report
Financial StatementsEnento as a company
Enento Group Annual Review 2025 | 95Investor information
RISK MANAGEMENT AND INTERNAL
CONTROL
Risk management
Enento is exposed to a number of risks and uncertainties related to,
among other factors, the market conditions, the Company’s indus-
try, the Company’s strategy, business operations of the Company
and financial risks. The materialisation of any such risks could have
a material adverse effect on Enento’s business, financial condition,
results of operations and future prospects.
Enento Group is operating in a regulated business and changes in
the applicable regulation may impact on revenue and profit. Such
regulation may concern, but are not limited to data protection, credit
information as well as lending -related legislation. Any governmental
plans that would affect the core business of Enento Group companies
may change the competitive landscape and / or otherwise impact
Enento’s business, revenue and profit. Also, the failure to comply with
regulations could have legal consequences and cause reputational
harm.
The objective of Risk Management is to secure profitable performance
of the Enento Group and to ensure the continuity of the business
by executing risk management in a cost-effective and systematic
manner in the different functions of the Company. Risk manage-
ment is part of Enento’s strategic and operative planning, daily deci-
sion-making process and internal control.
MAIN PRINCIPLES FOR ORGANIZING RISK MANAGEMENT
The Company complies with a policy approved by the Company’s
Board of Directors for the management of risks. Risk Management
covers all activities that are related to the objectives being achiev-
able and consistent with the strategy, to the identification, measur-
ing, assessment, processing, reporting and control of risks and to
the reaction to risks.
MAIN FEATURES OF RISK MANAGEMENT PROCESS
In conjunction with the strategy process and annual planning, the
Company’s CEO and members of the management group evalu-
ate the business risks which may prevent or endanger the achieving
of the group’s strategic and result objectives. The units provide risk
assessments of their own operations for the support of the strategy
process. The directors of the units have to provide assessments of the
risks of their own area of responsibility and present action plans for
the management of risks. Changes taking place in the strategic and
operative risks are discussed in the management group.
Enento’s CEO reports the identified risks as well as planned and imple-
mented actions for the risk mitigation to the Audit Committee and the
Board of Directors. In accordance with the recommendation 26 of the
Finnish Corporate Governance Code, the Company shall disclose the
major risks and uncertainties that the Board is aware of and the prin-
ciples along which risk management is organised. The Audit Commit-
tee shall assure that the Corporate Governance Statement published
by the Company shall contain an appropriate description of the main
features of the internal control and risk management systems in rela-
tion to the financial reporting process.
The report by the Board of Directors contains an evaluation of the
major risks and uncertainties. In addition, the interim reports and
financial statements releases shall describe major short-term risks
and uncertainties related to the business operations.
Internal control
The objective of the internal control in Enento Group is to ensure that
business operations are efficient and profitable, financial reporting is
reliable, and that applicable laws and regulations for the Company’s
business, as well as Company’s internal instructions are followed. The
specific objective of the internal control over financial reporting is to
ensure that interim reports, financial statement releases and other
financial reporting made available to the public, and financial state-
AUDITOR
The main function of the statutory audit is to verify that the financial
statements provide true, accurate and sufficient information on the
Enento Group’s performance and financial position for the financial
year. The Enento Group’s financial year is the calendar year. The audi-
tor’s responsibility is to audit the correctness of the Group’s accounting
in the respective financial year and to provide an auditor’s report to the
General Meeting. In addition, Finnish law requires that the auditor also
monitors the lawfulness of the Company’s administration. The auditor
reports to the Board of Directors at least once a year.
The Audit Committee prepares a proposal on the appointment of
Enento’s auditors, which is then presented to the AGM for its decision.
The compensation paid to the auditors is decided by the AGM and
assessed annually by the Audit Committee.
Pursuant to Article 8 of the Company’s Articles of Association, the
Company must have one auditor that is a company of public accoun-
tants approved by the Central Chamber of Commerce of Finland. The
term of the Auditor of the Company shall end at the close of the Annual
Meeting following the election.
The Annual General Meeting 24 March 2025 has appointed Pricewater
-
houseCoopers Oy, Authorised Public Accountants as its auditor. Price-
waterhouseCoopers Oy has appointed Mikko Nieminen, Authorised
Public Accountant, as the principal responsible auditor.
In 2025, auditor Company was paid EUR 292 thousand for auditing and
for other services EUR 22 thousand.
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 96Investor information
In Finland and Sweden, Enento has also adopted the ISO 9001-based
quality system. This describes the Company’s principal processes and
related controls, by means of which the units can control and develop
their process risk management.
GENERAL DESCRIPTION OF INTERNAL CONTROL AND
OPERATIONAL PRINCIPLES
Internal control is carried out by the Board of Directors, management
and the Company’s entire personnel so that it can reasonably be
asserted that:
• the operations are functioning, efficient and in compliance with
the strategy
• the financial reporting and information given to the
management is reliable, sufficient, and timely
• applicable laws and regulations as well as the Company’s
internal instructions and ethical values are complied with at
Enento.
Enento’s internal control contain the following structural elements:
• instructions and principles set by the Board of Directors for
internal control, risk management and administration
• the implementation and application of instructions and
principles under the supervision of the management
• control of the efficiency and functionality of operations as well as
the reliability of the financial and management reporting by the
financial department
• the Company’s risk management process, the purpose of
which is to identify, assess and reduce risks threatening the
achievement of objectives
• compliance processes, the purpose of which is to ensure that
all applicable laws, regulations, internal instructions and ethical
values are complied with
• common ethical values and strong internal control culture
amongst all employees.
Enento has no specific internal audit organisation. This has been
taken into consideration in the content and extent of the annual audit
plan. The Audit Committee of the Board shall, according to its work-
ing order, evaluate on a yearly basis whether such function should be
established. The Audit Committee may use either internal or external
resources to carry out specific internal audit assignments. The Group
Finance of the Company monitors adherence of the approval limits as
defined in the Delegation of Authority guidelines.
FOCUS AREAS IN 2025 FOR INTERNAL CONTROL DEVELOPMENT
Areas of focus for the internal control in 2025 were to continuously
improve the processes and controls and continue to standardize
processes and controls in the entire Group.
RELATED PARTY TRANSACTIONS
The Company has procedures in place to identify and define its
related parties and assesses and monitors related party transac-
tions to ensure that all conflicts of interest and the Company’s deci
-
sion-making process are appropriately taken into account. The
Group’s financial management monitors and supervises related party
transactions as part of the Company’s normal reporting and monitor-
ing procedures and reports to the Board of Directors on regular basis.
The Board of Directors monitors related party transactions on a regu-
lar basis. All the material related party transactions that deviate from
the company’s normal business operations are to be approved by
the Board of Directors. Enento has not conducted related party trans-
actions that are material from the perspective of the company and
where such transactions deviate from the company’s normal business
operations or are not made on market or market equivalent terms.
COMPLIANCE WITH LAWS AND REGULATION
It is the policy of Enento to comply throughout the organization with all
applicable laws and regulations and to maintain an ethical workplace
for its officers and employees as well as an ethical relationship with its
customers, suppliers and other business partners.
ments and annual reports are reliable and are prepared in accor-
dance with the accounting and reporting principles adopted by the
Company.
The Audit Committee of Enento is responsible for, according to its
working order, the monitoring of the financial statement preparation
and financial reporting processes, and it monitors the effectiveness
of the Company’s internal control and risk management processes.
CEO is operationally responsible for the organization of the internal
control. It includes that the Company has designed and implemented
adequate internal control mechanisms as stipulated in the operating
principles approved by the Board. CEO, supported by the Manage-
ment Team, is responsible to ensure that the Company operates
in accordance with the agreed and defined principles, follows laws
and regulations, and reacts towards identified exceptions and takes
adequate corrective actions.
The duty of the CFO is to make sure and control that the bookkeeping
and financial reporting practices of the group are in accordance with
the law and that the financial and management reporting is reliable.
An integral part of the internal control is the document indicating the
Company’s delegation of authority, as defined by the Board (Delega-
tion of Authority Summary). The guideline defines authorisations of the
Board, the CEO and other management team members. The guideline
deals with the situations where authorisations may be required for
annual financial accounts, budget, remuneration, investments, acqui-
sitions, financing and one-off transactions. Enento Code of Ethics is
applicable for all the group employees. It has been published in the
Company’s intranet and is also introduced to all new employees.
Enento’s minimum internal control requirements are aimed at
preventing, detecting and correcting material accounting and disclo-
sure errors and irregularities and are performed on all company levels.
They include a range of activities such as approvals, authorisations,
verifications, reconciliations, reviews of operating performance, the
security of assets and the separation of duties as well as general
computer controls.
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 97Investor information
jointly owned by the Sellers received as part of the acquisition of UC
AB a small number of UC AB’s Class B shares that grant their holders
certain governance related rights. The purpose of these arrangements
has been to secure the maintenance of the Credit Register and the
management of Credit Register Information provided by the Sellers.
BOARD OF DIRECTORS’ REPORT
Board of Directors published on 13 February 2026 its report for financial
year 2025. Board of Directors report is published at the same time with
Corporate Governance Statement.
In its insider administration Enento follows the Guidelines for Insid-
ers issued by Nasdaq Helsinki Ltd complemented by the Company’s
own Insider Guidelines approved by the Board. The Company main-
tains the list of persons discharging managerial responsibilities and
persons closely associated to them in the SIRE system of Euroclear
Finland Ltd. In accordance with MAR regulation persons discharging
managerial responsibilities include the members of the Board (and
their deputies, if any) and in addition, based on a decision made by
Enento’s Board of Directors, the CEO, the Deputy CEO and the CFO.
Enento has no company-specific permanent insider register. The
Company maintains project specific insider registers itself.
According to Enento’s Insider Guidelines, persons discharging mana-
gerial responsibilities shall always obtain a prior approval for trad-
ing in the Company’s securities from the Company’s Insider Offi-
cer. Persons discharging managerial responsibilities may not in any
event trade in the Company’s securities during the period of 30 days
before the publication of the (quarterly) interim report or annual result
(Closed Window). According to the Insider Guidelines approved by
the Board also the persons who participate in the financial reporting
of the Company are concerned by this prohibition to trade during the
Closed window.
A project-specific insider register is also maintained when required by
law or regulations. Project specific insiders are prohibited from trading
in the Company’s securities until the termination of the project.
SHAREHOLDERS’ AGREEMENT AND
ARTICLES OF ASSOCIATION RELATING TO
THE CREDIT REGISTER AND THE CREDIT
REGISTER INFORMATION
The Company and UC AB’s former owners Skandinaviska Enskilda
Banken AB (publ), Nordea Bank AB (publ), Svenska Handelsbanken
AB (publ), Swedbank AB (publ), Danske Bank A/S Swedish branch and
Länsförsäkringar Bank AB (publ) (together, the “Sellers”) have entered
into a shareholders agreement relating to the governance of UC
AB’s Credit Register and Credit Register Information, as a company
GovernanceBoard of Directors’ Report
Financial StatementsEnento as a company
Enento Group Annual Review 2025 | 98Investor information
Board of Directors 31.12.2025
Nora Kerppola
Board member
Veli-Matti Mattila
Chairperson of the Board
Markus Ehrnrooth
Board member
Kalle Alppi
Board member
Erik Forsberg
Board member
Tiina Kuusisto
Board member
Paul Randall
Board member
Petra Ålund
Board member
READ MORE
The CV information of the members of the Board
of Directors is availabe on Enento’s website:
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 99Investor information
Carl Brynielsson
Director, Business Insight
Elina Stråhlman
Interim CEO*, CFO
Gabriella Göransson
Director, Consumer Insight
Annika Rådeström
CIO
Arto Paukku
Chief Marketing &
Customer Officer
READ MORE
The CV information of the members of the Group’s
Executive Management Team is availabe on
Enento’s website:
Karl-Johan Werner
Chief Operating Officer,
Chief Data & Analytics
Officer
Sari Ek-Petroff
Director, HR
Panu Pökkylä
Group General Counsel
Mikko Karemo
Chief Commercial Officer
& Deputy CEO
Executive Management Team 31.12.2025
* Enento Group’s CFO Elina Stråhlman served as an interim CEO of Enento Group during 1 June 2025 - 6 January 2026, after
Jeanette Jäger left the company. Teppo Paavola started as the new CEO of Enento Group on 7 January 2026.
GovernanceBoard of Directors’ Report
Financial Statements
Enento as a company
Enento Group Annual Review 2025 | 100Investor information
Information for shareholders
DIVIDEND POLICY
Enento aims to distribute as dividends at least 70 percent of the
Group’s profit for the financial year, whilst taking into consideration
the business development and investment needs of the Group. Any
dividends to be paid in future years, their amount and the time of
payment will depend on Enento Group’s future earnings, financial
condition, cash flows, investment needs, solvency and other factors.
The Board of Directors propose to the Annual General Meeting a
dividend of EUR 0,50 per share from the financial year ending on 31
December 2025, followed by a second instalment of up to EUR 0,50 per
share in November, subject to the Board decision.
FINANCIAL INFORMATION IN 2025
Each year Enento Group publishes a financial statement release, an
annual and sustainability review, a financial review, a half year finan-
cial report and two interim reports.
Annual Review 2025 ............................................................................ 13 February 2026
Sustainability Review 2025 ................................................................... 13 March 2025
Interim Report Q1 ............................................................................................ 28 April 2026
Half year financial report .............................................................................17 July 2026
Interim Report Q3 .................................................................................. 29 October 2026
ANNUAL GENERAL MEETING
We organize our Annual General Meeting on 25 March 2026 in Helsinki.
BASIC SHARE INFORMATION
Market .................................................................................................................................................Nasdaq Helsinki
List ....................................................................................................................................................................................Mid Cap
Sector .....................................................................................................................................................................Financials
Trading code ................................................................................................................. ENENTO
Votes/share .........................................................................................................................1 pcs
Number of shares on 31 December 2025 ...........................................23 685 590
Share capital (EUR) ................................................................................................... 80 000
ANALYSTS
Information about analysts following the company is available on
the Group’s Investor pages. The list is not necessarily exhaustive,
and Enento Group shall not be held responsible for any estimates
presented in analyses.
INVESTOR RELATIONS
The goal of the Group’s IR function is to produce accurate up-to-date
information about the company’s business operations and finan-
cial development. Enento Group publishes all investor information
on its Investors site in Finnish and English. Enento Group Plc observes
a 30-day period of silence before the publishing of financial reports.
During this period, the company does not arrange or participate in
any one-on-one meetings with investors, analysts, or the media.
IR CONTACT INFORMATION
ELINA STRÅHLMAN
CFO
Tel. +358 10 270 7578
E-mail: elina.strahlman@enento.com
Investor information
Board of Directors’ Report
Financial Statements
GovernanceEnento as a company
Enento Group Annual Review 2025 | 102
