Inderes

Inderes Oyj is a Finnish investor communications company specializing in equity research, IR software, event production, and a digital investor community. The company serves over 400 corporate clients across the Nordics and operates an asset-light business model supported by recurring contracts and long-standing customer relationships. This foundation enhances revenue visibility and supports stable cash generation.

Inderes expects to release its full-year 2025 results on February 10th, 2026. Inderes CEO Mikael Rautanen will present the results in a live online event on February 11th at 12.00 CET, where you will also have the opportunity to ask questions.

Inderes’s Q4 report was well in line with our forecast and we highlight the improved activity in the Swedish market. However, we have lowered our profit estimates somewhat as the internationalisation requires further investment in opex. We believe the investments, if rightly executed, to be necessary as gaining momentum internationally is the key catalyst for the case. We have trimmed our fair value range to EUR 18-20 (EUR 19-21).

Inderes's Q4 profitability was slightly ahead of our estimate, owing to slightly better than expected sales. At first glance our 2026E sales growth is aligned with the fresh guidance, but are at the top end of the EBITA margin range and the company flags the internationalisation investments impacting profitability. Dividend was axed and came in well below our estimate. Yet, the overall capital distribution is up y/y as the company returns EUR 0.9m via buy-backs.

Inderes’ Oct-Nov sales show that we underestimated the bounce-back of the timing issue, which caused weak September sales. We also read that the Event business could be gaining momentum in Sweden. With the market environment (IPO activity) improving, we forecast accelerating growth for 2026E, which should also allow a visible step up in margin. Fair value range a notch up to EUR 19-21.

Inderes delivered solid monthly sales in November with sales increasing by 15% y/y. The strong growth owes to improved CMD activity. The sales beat our estimate by EUR 0.2m, which was the case also in October. Consequently, after two months of reporting in Q4 the sales run-rate is some EUR 0.4m above our current projection. Our positive read-x is also supported by the fact that Inderes has managed to win CMDs also in Sweden.

Inderes' October sales highlight that the slowness in September was largely due to timing issues. The month saw sales increase by 13% after a 16% decline in September. We had expected 4%, and hence the performance in October suggests a good start to Q4, for which we have input sales growth of 2%.

Inderes expects to release its Q3 2025 results on October 21 2025. Inderes CEO Mikael Rautanen will present the results in a live online event the following on October 22 day at 12:00 CEST, where you will also have the opportunity to ask questions.

Inderes’Q3 miss was not a surprise after the recent profit warning. While topline growth faces headwinds on the event side,recurring revenue maintained steady growth driven by software. We stick to our growth view for 2026E, which we find will be driven by market tailwinds that materialise through IPOs. However, we lower our estimates on a weaker base in 2025E and our fair value range to EUR 18-20 (from EUR 19-21).

Inderes Q3 came in below our estimates, which however were not updated after the recent profit warning. Importantly, Inderes keeps its costs wellcontrolled and we find the clear miss in EBITA owing purely to the top line delta. The reason for the softness owes to project revenue which in addition to timing continues to suffer from customers' cost measures. Software remains on growth track and the company sees signs of IPO activity taking the market back to growth.