Inderes

Inderes reported August sales in line with our estimate (rounded). The y/y growth of 12% speaks to the benign market environment and continued strong momentum in software solutions. Furthermore, the company notes further improving signs in the IPO market. While the Swedish expansion remains gradual, we note that market growth in Finland should convert into topline growth for Inderes, with high probability, due to its dominant market position.

A new blog series exploring stock market life from a listed company CEO's perspective. In Part 1, Inderes CEO Mikael Rautanen breaks down the actual costs of being listed on Nasdaq First North.

Inderes had a good first half, with revenue growing 9 %, and EBITA margin improving to 11,4 %.

Inderes’ H1 demonstrated the underlying strength of the Finnish market, with solid growth as market headwind ends.

Inderes is expected to release its H1 2026 results on August 11, 2026. Inderes CEO Mikael Rautanen will present the results in a live online event on the same day at 13:00 CEST, where you will also have the opportunity to ask questions.

Inderes delivered solid growth of 14% in Q2, topping our estimate thanks to continued software and events momentum in June. However, the Q2 EBITA of EUR 0.8m hit our estimate and hence on the profit lines the report was 'in line'. Based on the 7% y/y increase in research contracts and continued growth momentum in software, we see the company's growth momentum continuing in H2. Thus, we believe this warrants a positive share price reaction.