Enea's Q1 2026 net sales of SEK222.4m came in 4% above Redeye's estimate of SEK213.7m, with reported y/y growth of 4% and organic growth of 12%. Redeye entered the print assuming flat organic growth. Redeye's estimate also sat 5% above FactSet consensus — making the beat relative to the market's expectation wider still. Adj. EBITDA of SEK75.7m substantially exceeded the SEK40.4m estimate, though headline comparisons require adjustment: SEK20.1m of other operating income — including SEK6.0m in FX gains from a liquidated UK entity — drove a material portion of the outperformance. Stripping other income, underlying Adj. EBITDA was SEK55.6m, still 37% ahead of Redeye's estimate. A SEK25.7m write-off on US Covid-era PPP loans is removed in the adjusted figures and has no bearing on the operating read-through. Redeye views Q1 as materially better than the cautious setup implied and expects a 5–10% positive share price reaction.
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