Enea's net sales rose 7% to SEK214m, beating Redeye Research Estimate (RRe) by 2%, with the network segment surging 12% organically, driven by one-time and recurring licenses. However, the Security segment stagnated, missing estimates by 7%, and adjusted EBITDA disappointed at SEK18m against an expected SEK39m, hurt by a 74% gross margin and higher Q4 commissions. Despite telecom cycle challenges and cautious customer investments, Enea reaffirmed its 2025 guidance. With 70% recurring revenues and a 20% decline in the share ahead of the report, Redeye believes most of the negativity is in the share.
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