Press Releases

Enea Interim Report January-June 2022

Second Quarter

  • Net sales amounted to SEK 216.6 million (198.0), equivalent to a 9 percent increase. Net sales increased by 3 percent in fixed exchange rates.
  • Adjusted EBITDA amounted to SEK 70.8 million (87.7), corresponding to a margin of 32.7 percent
  • Operating profit was SEK 28.3 million (57.7), corresponding to an operating margin of 13.1 percent (29.1).
  • Net profit after tax amounted to SEK 46.2 million (48.4).
  • Earnings per share were SEK 6.56 (2.41).
  • Earnings per share continued operations were SEK 2.15 (2.24).

January – June 2022

  • Net sales amounted to SEK 427.4 million (381.5), equivalent to a 12 percent increase. Net sales increased by 6 percent in fixed exchange rates.
  • Adjusted EBITDA amounted to SEK 126.9 million (156.6), corresponding to a margin of 29.7 percent (41.1).
  • Operating profit was SEK 19.3 million (97.4), corresponding to an operating margin of 4.5 percent (25.5).
  • Net profit after tax amounted to SEK 33.2 million (87.4).
  • Earnings per share were SEK 6.19 (4.43).
  • Earnings per share continued operations were SEK 1.54 (4.06).

Significant Events During and After the End of the Quarter

  • On April 7, 2022, Enea announced an agreement to divest its Software Development Services Business to AROBS Transilvania Software. The transaction was completed on June 8 and is reported as discontinued operations. Financial information for the divested operation is shown on page 8.
  • On April 13, 2022, Enea entered a term loan facility of EUR 40 million and a revolving facility of SEK 350 million with DNB Bank ASA and AB Svensk Exportkredit (publ).

CEO’s Statement

After several years of investment in innovation and product development, we are upscaling our sales & marketing efforts to reach out to the market with new solutions. Our positioning as a vendor of specialized software for telecom and cybersecurity is clear now that we have divested our Services business. Delays in some projects and new deals impacted net sales and operating profit in the quarter.

The divestment of our Software Development Services business was completed in the second quarter of 2022. This transaction strengthens our financial position and sharpens the focus on our core business in Network Solutions. This is another vital step in the transformation that Enea is undergoing, from its role as a subcontractor of services and embedded software for a few key accounts, to a company delivering telecom and cybersecurity software products for a global base of leading operators and system vendors. We are building this transformation on several carefully selected strategic acquisitions, where we have succeeded in creating world-leading products and winning new accounts, thanks to our successful integration strategy.

The transformation is enabling closer relationships with customers and a higher share of direct sales of software products. During the pandemic, we saw our customers’ priorities shift towards short-term needs for coverage and capacity. We see that the macro-environment continues to make operators cautious in investment decisions, which has caused some delayed projects and a negative effect on sales of network solutions. Net sales in the second quarter of 2022 were SEK 217 million, and our operating profit was SEK 28 million, equivalent to an operating margin of 13 percent. Cash flow from operating activities was SEK 73 million. The net sales of our continued operations increased by 9 percent year over year, due to the acquisition of AdaptiveMobile Security, a company with a leading market position in cybersecurity solutions for telecom networks.

We have a stable base of recurring revenues from maintenance contracts and license sales, including traffic intelligence software for some of the world’s largest OEMs in enterprise communication. A new, more flexible financing structure offers scope to deal with quarterly variations in revenues and cash flow. Continued cost control and recently executed rationalizations of our organization contribute to lower costs in the quarter and during the rest of the year. We have started to strengthen our sales & marketing capability to improve the reach of our offering. As part of this initiative, new staff will work on sales to our largest accounts. Those actions create a base for further sequential improvements during the second half of the year. We are confident in our positioning as a specialized vendor of software for telecom and cybersecurity on a market with constantly increasing traffic volumes, new applications, as well as higher security and network performance standards.

Data management for 4G and 5G is a segment where we are challenging the established providers with innovative products and contracts with leading operators across Europe and North America. In the second quarter, we passed key milestones on these customer projects, which are approaching the point of commercial operation. Our solutions are built on open interfaces, enabling “digital telecom operators” to build systems with software from multiple vendors. This model offers major commercial benefits, and it is important that the leading operators show the way and demonstrate that this new technology is stable and ready for large-scale use.

The security of telecom systems remains a key issue and cyberattacks are increasing in many countries because of geopolitical tensions. Our solutions for signaling and messaging security are already in use on networks worldwide. In the second quarter, we integrated the AdaptiveMobile Security brand more closely with Enea, and announced a contract with Digicel, who entrusted us to deliver cybersecurity solutions for 26 mobile networks across Central America, increasing our market shares in this region. We note growing interest on several markets, including North America, while we are also seeing that the division of responsibility between European regulators and private telecom operators is unclear, which risks delaying secure telecommunication in the region.

The market for data management in 5G and advanced cybersecurity is in an early phase, where we can challenge established competitors and win market shares with innovative products and new business models. Our ambition is to increase revenues briskly, while maintaining good profitability, through organic growth in Network Solutions plus complementary strategic acquisitions that advance our market positioning.

Individual deals and licensing revenues may cause variations in revenues between individual quarters. This effect has increased as Network Solutions represent a larger share of our total net sales. Our long-term target of sales growth and an operating profit above 20 percent remains, but an uncertain macro environment and a weak first half-year means that we judge it challenging to reach our profitability target for 2022.

The full Interim Report is attached to this press release and has been published on the Enea website (see references below).


Enea is pleased to invite investors, analysts, and media to a presentation of the Interim Report. The presentation will be conducted in English by Jan Häglund, President and Chief Executive Officer, and Ola Burmark, Chief Financial Officer, and will be concluded by a questions and answer session. It can be attended through a webcast or conference call and the presentation material as well as a recording of the presentation will be published on the Enea website (see details and references below).


  • Date: July 15, 2022
  • Time: 8.30 a.m. CEST
  • Link for webcast:
  • Phone numbers for conference call:
    +46 8 505 163 86 PIN CODE: 7499240# (Sweden)
    +44 20 319 84884 PIN CODE: 7499240# (UK)
    +1 412 317 6300 PIN CODE: 7499240# (US)



Jan Häglund, President and Chief Executive Officer
E-mail: [email protected]

Ola Burmark, Chief Financial Officer
E-mail: [email protected]

About Enea

Enea is a world-leading specialist in software for telecom and cybersecurity. The company’s cloud-native solutions connect, optimize, and secure services for mobile subscribers, enterprises, and the Internet of Things. More than 100 communication service providers and 4.5 billion people rely on Enea technologies every day.

Enea has strengthened its product portfolio and global market position by integrating a number of acquisitions, including Qosmos, Openwave Mobility, Aptilo Networks, and AdaptiveMobile Security.

Enea is headquartered in Stockholm, Sweden, and is listed on Nasdaq Stockholm.

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