Inderes (INDERES) CMD 2025 summary

Strategy and Business Structure

• Transitioned to three business units—Research, Events, and Software—each with tailored internationalization strategies and clear 2030 ambitions for Nordic leadership and global expansion.

• Each unit leverages expertise, platform, and reach, with targeted investment in brand awareness, AI, and go-to-market models to address international market entry challenges.

• Integration of acquisitions and shifting software to a commercial phase have been key learnings, with a focus on scalable, independent models and automation.

• Partnership with HC Andersen Capital aims to accelerate business and offer a one-stop shop for investor relations in the Nordics.

• Identified a market gap for a specialized, investor relations-focused provider with deep expertise and integrated technology.

Business Unit Developments and Product Innovation

• Research aims to be the most influential Nordic equity research team, expanding internationally by breaking language barriers, leveraging network effects, and integrating AI for scalability and localization.

• Events business targets Nordic leadership, serving over 300 IR clients and €8.5M in revenue, focusing on hybrid and live events, regulatory-driven transparency, and automation for cost-effective scaling.

• Software business launched the IR Suite, unifying essential IR tools, with 120+ clients in Finland and pilots in Sweden and Denmark, prioritizing R&D and international scaling.

• AI and automation are embedded across products to enhance efficiency, content creation, and user experience, including online research reports and AGM translation.

• The Inderes platform is evolving into a multilingual, cross-border information hub, with AI-powered localization and a focus on community engagement.

Financial Performance and Guidance

• Over 2020–2024, generated €70M in revenue with a 14% average EBITA margin, €12M invested in capex/M&A, and €9M returned to shareholders, maintaining a net debt-free position.

• Recurring revenue forms 60% of net sales, with growth driven by software and research; project revenue is boosted by AGM-related services and events.

• International revenue has plateaued at 20–25% since 2022, below expectations, but new tailored strategies are in place for each business unit to reignite growth.

• New financial target: growth % plus EBITA % above 30%, with an annually increasing absolute payout (dividends and buybacks).

• Research targets >20% profitability, events aim for 10–15%, and software is expected to turn profitable after continued R&D and international investment.