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Enento Group’s Half Year Financial Report 1.1. – 30.6.2022: Continuing growth with solid development in Consumer credit information



Enento Group’s Half Year Financial Report1.1. – 30.6.2022:Continuing growth with solid development in Consumer credit information


AprilJune 2022 in brief

  • Net sales amounted to EUR 43,4 million (EUR 42,1 million), an increase of 3,1 % (at comparable exchange rates an increase of 4,8 %).
  • Adjusted EBITDA excluding items affecting comparability was EUR 15,5 million (EUR 16,1 million), a decrease of 3,6 % (at comparable exchange rates decrease of 2,2 %).
  • Adjusted EBIT excluding items affecting comparability and amortisation from fair value adjustments related to acquisitions was EUR 12,8 million (EUR 13,5 million), a decrease of 5,1 %.
  • Operating profit (EBIT) was EUR 9,7 million (EUR 10,1 million). Operating profit included amortisation from fair value adjustments of EUR 3,1 million (EUR 3,2 million) related to acquisitions and EUR 0,1 million (EUR 0,2 million) items affecting comparability mainly arising from redundancy related costs and integration costs.
  • New services represented 5,1 % (7,4%) of net sales.
  • Free cash flow amounted to EUR 6,4 million (EUR 4,3 million). The effect of items affecting comparability on free cash flow was EUR -0,2 million (EUR -0,2 million).
  • Earnings per share was EUR 0,29 (EUR 0,32).
  • Comparable earnings per share were EUR 0,40 (EUR 0,42)1.
  • Enento Group made the second tranche investment in Goava Sales Intelligence AB, EUR 1,8 million.

JanuaryJune 2022 in brief

  • Net sales amounted to EUR 84,1 million (EUR 81,8 million), an increase of 2,8 % (at comparable exchange rates an increase of 4,6 %).
  • Adjusted EBITDA excluding items affecting comparability was EUR 29,0 million (EUR 30,0 million), a decrease of 3,3 % (at comparable exchange rates a decrease of 1,8 %).
  • Adjusted EBIT excluding items affecting comparability and amortisation from fair value adjustments related to acquisitions was EUR 22,3 million (EUR 25,0 million), a decrease of 10,9%. Adjusted EBIT includes an impairment and reversal of work-in-progress of EUR 1,6 million relating to Tambur service due to future transfer of the service.
  • Operating profit (EBIT) was EUR 15,8 million (EUR 18,6 million). Operating profit included amortisation from fair value adjustments of EUR 6,1 million (EUR 6,3 million) and items affecting comparability of EUR 0,4 million (EUR 0,1 million) related to redundancy costs and integration costs. Operating profit also includes the above mentioned Tambur service related impairment.
  • New products and services represented 5,3 % (7,2 %) of net sales.
  • Free cash flow amounted to EUR 13,5 million (EUR 9,9 million). The effect of items affecting comparability on free cash flow was EUR -0,3 million (EUR -0,2 million).
  • Earnings per share were EUR 0,47 (EUR 0,58).
  • Comparable earnings per share were EUR 0,68 (EUR 0,79)1.

1 The comparable earnings per share does not contain amortisation from fair value adjustments related to acquisitions or their tax impact.


EUR million1.4. –
1.4. –
1.1. – 30.6.20221.1. – 30.6.20211.1. –
Net sales43,442,184,181,8163,5
Net sales growth, % (comparable fx rates)4,811,44,66,85,9
Net sales growth, % (reported fx rates)3,114,72,810,08,1
Operating profit (EBIT)9,710,115,818,635,2
EBIT margin, %22,324,118,722,721,6
Adjusted EBITDA15,516,129,030,059,1
Adjusted EBITDA margin, %35,738,234,536,736,2
Adjusted operating profit (EBIT)12,813,522,325,049,0
Adjusted EBIT margin, %29,532,026,530,630,0
New services of net sales, %5,17,45,37,27,3
Free cash flow6,44,313,59,929,8
Net debt to adjusted EBITDA, x2,62,72,62,72,4


The general macroeconomic risks are increasing due to the war in Ukraine as well as continued uncertainty from the pandemic. These developments may have a negative impact on the demand of our services. However, the increased market demand for Enento Group’s services is expected to continue. This, combined with introduction of new services are expected to support growth in 2022. However, the volatility of Swedish Krona can cause uncertainty in relation to growth outlook and may impact the net sales growth with reported exchange rates in 2022.

Enento Group expects that the platform transformation–related costs will continue to impact the results in 2022.


Net Sales: Enento Group expects its net sales growth in 2022 at comparable exchange rates to be around the lower end of the long-term target range (5-10 %).

EBITDA: Enento Group expects its adjusted EBITDA margin at comparable exchange rates to improve somewhat in 2022 compared to previous year.

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.


Enento continued to grow in the second quarter. Despite record-high comparison figures and increased geopolitical challenges, our net sales grew by 4.8%. The growth was especially driven by high demand for consumer credit services. Profitability continued to decline, and Adjusted EBITDA margin was at 35.7%, due to the fact that investments in growth and capabilities, higher maintenance costs following discontinued development of Tambur services and changed sales mix continued to impact results. We have various measures ongoing and plan to improve the profitability for the second half of the year.

Net sales increased in all our three business areas. The strongest growth was seen in the Consumer Insight, where strong demand for consumer credit services in Finland and Sweden continued. In the Business Insight, the revenue development remained more moderate, and continued to be impacted by the stagnated demand for risk management services for enterprise customers. Following the cooling down of housing markets, the growth of the Digital Processes’ real estate and collateral information services slowed down but was mitigated by the significantly increased demand for compliance services, following the sanctions imposed as a result of Russia's attack to Ukraine.

Enento has under Digital Processes Business Area successfully managed and developed the Swedish Tambur housing transaction service platform. As previously announced, based on a cooperation agreement, the banks have decided to transfer the platform to be jointly owned by the banks. Enento continues to provide services based on the platform until the final handover date in 2023. Final conditions related to the transition period and timing are still being negotiated, but discontinuance of the service development and related sales will impact revenue and profitability more negatively from third quarter onwards.

We continue to see high growth potential in Nordic business information markets and continue to implement the strategy accordingly. In May Enento decided to increase its ownership in Goava to 48% to support our ambition of becoming the leading provider of business information by growing in the sales intelligence domain and strengthening our capabilities within unstructured data. We are also continuing to expand our Nordic offering into risk management services in Norway, targeting small- and medium sized customers. When it comes to strengthening our leading position in credit information, we continue the strategic development to support our customers with better and more sustainable credit decisions. This year we have launched daily credit register with on-time positive credit data for Swedish markets, and implementation work with several customers is ongoing.

With increased macro-economic uncertainties, we do not expect to see such high economic growth as we did before the Russian attack on Ukraine. In connection with the first quarter results, we already revised our sales outlook for 2022. The challenges are expected to continue and the economic outlook of Nordic countries for the future years seems overall more moderate than what was the general view a few months back.

To navigate in a rapidly changing world it is more important than ever to be smarter, faster and more agile. In recent years, we have also made significant investments into modern capabilities and enablers to support future growth, but this has come with increased costs. Now, as a direct consequence of the changing outlook and challenges around us, we are carrying out extensive work to prioritize initiatives, redistribute resources and ensure continued good profitability. The results of this work will follow during the fall. Simultaneously, we will continue to focus strongly on continuous improvement of the customer experience and quality. Customer-driven innovation and making it more easy to sell, easy to buy and easy to use, will support both the growth and profitability going forward.

For more than a century, we have been building trust and developing data-driven solutions that power societies with intelligence. We provide mission-critical services that are needed at all times, the good and the bad. The past has shown that our business model is resilient and adopts well in various circumstances. Our purpose is to build trust in the everyday, and in uncertain times, that is more important than ever.


Enento Group will hold a webcast and conference call for analysts, investors and media in English on Thursady, 21 July 2022 at 2.00 p.m. EEST where CEO Jeanette Jäger and CFO Elina Stråhlman will present the performance and events of the second quarter 2022.

You can follow the English webcast and conference call at:

To participate in the conference call, please dial in using one of the numbers below:
Finland: +358 (0)9 7479 0572
Sweden: +46 (0)8 5664 2754
United Kingdom: +44 (0)330 165 3641
United States, LA: +1 323-701-0170
The conference ID code: 655339

The presentation material will be available on the company’s investor website at 1.30 p.m. EEST and a recording of the webcast later during the day.

Helsinki, 21 July 2022

Board of Directors

For further information:
Jeanette Jäger
Enento Group Plc
Tel. +46 72 141 00 00

Nasdaq Helsinki
Major media

Enento Group is a Nordic knowledge company powering society with intelligence since 1905. We collect and transform data into intelligence and knowledge used in interactions between people, businesses and societies. Our digital services, data and information empower companies and consumers in their daily digital decision processes, as well as financial processes and sales and marketing processes. Approximately 432 people are working for Enento Group in Finland, Norway, Sweden and Denmark. The Group’s net sales for 2021 was 163.5 MEUR. Enento Group is listed on Nasdaq Helsinki with the trading code ENENTO.


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