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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Today's share news 08/11/2026: Inderes and Trifork

Analyst Comment11.08.2026 klo 09.49
William Jørck, Rasmus Køjborg

Summary

  • Inderes reported a 14.1% increase in Q2 2026 revenue to 5.9 MEUR, with H1 revenue growing by 8.7% to 11.4 MEUR, driven by a 23% growth in the Software business and a significant improvement in the EBITA margin.
  • Inderes maintains its guidance for higher revenue than 2025 and an EBITA margin of 10 to 13% for 2026, attributing progress to economies of scale in the Software business and stable Research development.
  • Trifork's subsidiary, Nine, secured a four-year contract valued at 50 MDKK with the Danish Agency for Higher Education and Science, highlighting the increasing prominence of the public sector in its revenue.
  • Trifork's public sector revenue share rose to 45% in Q1 2026, with organic growth driven by new e-health and sovereign data engagements, ahead of its H1 2026 interim report release on August 17th.

This content is generated by AI. You can give feedback on it in the Inderes forum.

Automatic translation: Originally published in undefined 11/08/2026, 06:49 GMT. Give feedback here.

Inderes released its H1 2026 financial report this morning, with the figures showing clear progress in both growth and earnings, and an acceleration in Q2 in isolation. Revenue in Q2 increased by 14.1% to 5.9 (5.2) MEUR, while H1 revenue reached 11.4 (10.5) MEUR, corresponding to a growth of 8.7%. The growth is broadly based, but it is particularly the Software business that is driving the increase with a growth of 23% in H1. AGM services also contributed solidly to project revenues, which rose by 9.1% in H1. The EBITA margin improved significantly, with Q2 ending at 13.5% (2.6%), and the adj. EBITA margin for H1 was 11.4% (11.3%), in the upper part of the company's guidance of 10 to 13% for the year. The progress is primarily due to economies of scale in the Software business, where profitability turned clearly positive, as well as stable development in Research. Management maintains its guidance for higher revenue than in 2025 (19.1 MEUR) and an EBITA margin of 10 to 13% for 2026. We will host an event with management later today, where you can ask questions live. https://www.inderes.dk/videos/inderes-presentation-of-h1-2026-results

Trifork announced a new contract this morning, stating that its subsidiary, Nine, has won a four-year contract with the Danish Agency for Higher Education and Science. The contract has an estimated value of 50 MDKK. This news adds to a clear trend in Trifork's recent financial reports, where the public sector segment is becoming increasingly prominent. In 2025, public customers accounted for 42% of the group's revenue, and in Q1 2026, this share rose to 45% (Q1 2025: 40%), with organic growth of 8% year-over-year driven by new engagements in e-health and sovereign data solutions. Trifork will release its H1 2026 interim report on August 17th at 1:00 PM. The focus is expected to be on the progress of the product-oriented transformation, margin development, further details on the divestment of labs companies, whether the increased win-rate in the public segment has continued, and if there is increased demand for sovereign data and AI solutions following recent debates. We will host an event with management in this regard, where you can ask questions. https://www.inderes.dk/videos/trifork-praesentation-af-h1-2026-samt-qanda

Disclaimer: HC Andersen Capital receives payment from the mentioned companies for a Digital IR subscription agreement. /William Jørck on 08/11-2026 at 08:49 AM.

 

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Inderes
Trifork Group

Forum discussions

I think Inderes Oyj is a reasonably priced company. The adjusted EV/EBITA is still hovering around 10 based on this year’s earnings, growth ...
3 hours ago
by Karhu Hylje
23
The audio sounded normal once I switched the audio track to Finnish. What bothered me was primarily the Finnish auto-generated subtitles, which...
4 hours ago
by raisinglines
4
It didn’t work through the link in the interim report, but it worked when I opened it via the Inderes website. The audio didn’t work for me ...
4 hours ago
by Karhu Hylje
4
I had sound issues here too; the volume had to be at 11 for me to hear anything. The numbers were good, luckily, but the broadcast was a bit...
4 hours ago
by T_sijoittaja
2
Great to read a good earnings report for once! I don’t exactly get those in my own portfolio all the time. After the report, the sentiment was...
4 hours ago
by BoomDriver
5
Is it purely because the project revenue was high? It fluctuates more. Recurring revenue, on the other hand, has risen steadily.
4 hours ago
by Thyme
7
SEBilta jo tuoretta kommenttia: "### Q2: Enjoying strong growth momentum Inderes delivered solid growth of 14% in Q2, topping our estimate thanks...
4 hours ago
by Karhu Hylje
17