Inderes Q2 Growth continues at home, international operations still idling
Summary
- Inderes reported a strong Q2 with revenue of 5,9 MEUR, exceeding estimates and achieving a 14,1% growth rate, while EBITA margin improved to 13,5%.
- For the first half, revenue grew by 9%, and the EBITA margin reached 11,4%, aided by cost management and a flat headcount.
- Despite unchanged annual guidance, international software expansion is expected to pressure profits, though management remains cautiously optimistic about market conditions.
- The company highlighted the strategic move to integrate AI tools with its research data, which is seen as a significant development.
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| Key Metrics | Q2-Estimate | Q2-Actual | Q2-Change | H1-Estimate | H1-Actual | FY 26e Old | FY 26e New | FY-Change |
| Revenue, MEUR | 5,6 | 5,9 | +0,3 | 11,1 | 11,4 | 20,7 | 20,9 | +0,2 |
| Revenue growth | 7,1 % | 14,1 % | +7 % p.p | 5,7 % | 8,7 % | 8,2 % | 9 % | +0,8 % p.p |
| EBITA, MEUR | 0,5 | 0,8 | +0,3 | 1,1 | 1,3 | 2,5 | 2,6 | +0,1 |
| EBITA % | 8,6 % | 13,5 % | +4,9 % p.p | 9,9 % | 11,4 % | 12,1 % | 12,4 % | +0,3 % p.p |
Inderes had a good first half, with revenue growing 9 %, and EBITA margin improving to 11,4 %. Some of that comes from an easy comparison, as last year's first half was held back by restructuring costs in Sweden. Accounting for those changes, the margin was about the same as a year ago. More significant changes were seen to the cost base, where a flat headcount and tighter personnel costs did most of the work.
The second quarter was the stronger of the two, at a 13,5 % EBITA margin. Guidance for the year was left unchanged, and the company was open about the fact that its international software push will keep some pressure on profit for now. Management’s read on the market was cautiously positive, with larger clients spending more steadily while smaller ones stay careful, and new listing customers still coming in at a healthy rate. Management also made a point of the recent step to open Inderes' research data to AI tools, which we think matters more than it looks. We stay at BUY, with a target price of 19,9 €.
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