Inderes Q1'26 preview
| Key Metrics | Q1-Old | Q1-New | Q1-Change | FY 26 Old | FY 26 New | FY-Change | |
| Revenue | 5,6 MEUR | 5,4 MEUR | -0,2 MEUR | 20,7 MEUR | 20,5 MEUR | -0,2 MEUR | |
| Revenue growth | 5,7 % | 2,6 % | -3,1 % p.p | 8,5 % | 7,6 % | -0,9 % p.p | |
| EBITA | 0,4 MEUR | 0,4 MEUR | -3,3 % | 2,5 MEUR | 2,5 MEUR | -1,0 % | |
| EBITA-% | 6,3 % | 6,2 % | -0,1 % p.p | 12,1 % | 12,1 % | - |
Source: Inderes
Inderes' revenue from January and February totalled EUR 2.9 million. CEO Mikael Rautanen commented that 2026 has started in line with expectations as recurring revenue has grown well, driven by the software business, while the volume of IR events in January and February was below the comparison period.
Following our February comment where we kept forecasts unchanged, we now revise our Q1 revenue estimate slightly downward based on our assessment of March project revenue. We have revised our Q1 revenue estimate from EUR 5.6 million to EUR 5.4 million. The primary driver behind the change is our view of weaker project revenue during the quarter, which is supported by management's own comments on the January-February period. We estimate Q1 EBITA margin at 6.2%, reflecting Inderes' guidance that revenue growth and profitability are weighted toward H2. We make no changes to our target price estimates. Inderes will publish its Q1-results in 24.4.2026.
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