Aktieanalys
Inderes Q1 2026: A Small Beat, in the Right Direction
Sammanfattning
- Inderes' Q1 2026 results slightly surpassed expectations, with revenue at 5.5 MEUR and an EBITA margin of 9.1%, driven by improved profitability.
- Recurring revenue increased by 7.9% and international revenue by 15%, largely due to strong performance in the Software segment.
- Following the results, the full-year 2026 revenue estimate was raised to 20.7 MEUR, while the EBITA margin forecast remains at 12.1%.
- The Buy recommendation is maintained, and the target price is increased to 20€, suggesting a 24.6% potential upside from the current share price of €16.05.
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| Key Metrics | Q1-Estimate | Q1-Actual | Difference | FY 26e Old | FY 26e New | FY-Change | |
| Revenue | 5,4 MEUR | 5,5 MEUR | +0,1 MEUR | 20,5 MEUR | 20,7 MEUR | +0,2 MEUR | |
| Revenue growth | 2,6 % | 3,7 % | +1,1 % p.p | 7,6 % | 8,2 % | +0,6 % p.p | |
| EBITA | 0,4 MEUR | 0,5 MEUR | +0,1 MEUR | 2,5 MEUR | 2,5 MEUR | +1,9 % | |
| EBITA-% | 6,2 % | 9,1 % | +2,9 % p.p | 12,1 % | 12,1 % | - |
Inderes' Q1 2026 results modestly exceeded our estimates. Revenue grew 3.7% to 5.5 MEUR (est. 5.4 MEUR), while the EBITA margin came in at 9.1% (est. 6.2%), driven primarily by better profitability than expected. Recurring revenue grew 7.9% and international revenue 15%, both supported by strong momentum in the Software segment.
Following the results, we raised our full-year 2026 revenue estimate from 20.5 MEUR to 20.7 MEUR, while keeping our EBITA margin forecast unchanged at 12.1%. We have revised our segment assumptions to better reflect the Software segment's outperformance, partly offsetting a more cautious view on the Events business in Sweden.
We resume our Buy recommendation and raise the target price to 20€, implying approximately 24.6% upside from the current share price of €16.05.
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Inderes är verksamt inom sammankoppling mellan investerare och börsnoterade företag. För investerare erbjuder bolaget en investeringsgemenskap och en källa till finansiell information och aktieanalys. För börsnoterade bolag fungerar de som en partner som levererar produkter och tjänster inom investerarrelationer. Bolagets produkter och tjänster används av börsnoterade företag över hela Europa. Inderes grundades 2009 och har sitt huvudkontor i Helsingfors.
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