Redeye previews Enea’s Q2 2026 report due on 15 July at 7.20 CET, followed by a conference call at 8.30 CET. After a strong Q1, Redeye anticipates a weaker Q2. Redeye trims its net sales estimate by 5%, resulting in 18% lower EBITDA. Middle East demand stays uncertain, and hardware price rises are squeezing the budget left for software. FX headwinds are the exception: after weighing on results for the past year, they are now abating. Redeye sits 2% below consensus on net sales. Its 25% EBITDA margin already sits at the low end of the range since 2021 — conservative against Enea's own history. Coverage is thin, and the single visible estimate implies a ~17% margin that looks too low, though one data point limits how much to read into the gap.
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