Unmade Index: Motio investors cheer while Enero shareholders hold back

Tim Burrowes

February 19, 2026 4:44

Investors were left only mildy enthused by a decent half year update from agency holdco Enero.

The company delivered a slightly improved profit number despite revenues falling slightly. Enero reported half year EBITDA profits up by $1m to $7.4m, with revenue dipping by 1% to $68m.

Enero, which is debt free, also said that it also had $27.2m cash in the bank.

Of the holdco’s three agency groups, Orchard made the most progress, improving its profitability from $1.6m to $2.8m for the half. BMF was up from $3.3m to $4.8m. Hotwire Global fell from $6.1m to $3.6m.

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Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.