Inderes (INDERES) Q1 2025 earnings summary

Executive summary

• Revenue grew 6% year-over-year in Q1 2025 to €5.3M, with all business units contributing and strong Finnish performance offsetting Swedish declines.

• Profitability remained stable, with EBITA margin at 8.7% (down from 11.3% year-over-year), and EBITA at €0.5M.

• Company reorganized into three business areas: Analysis, Events, and Software, each with its own internationalization strategy.

• Recurring revenue provided stability amid increased market volatility.

• Accelerated efforts to refine go-to-market models, especially in international markets.

Financial highlights

• Q1 2025 revenue: €5.3M (up 6% year-over-year).

• EBITA: €0.5M (down from €0.6M year-over-year); EBITA margin 8.7% (11.3%).

• Adjusted EBITA margin: 10.0% (11.3%), excluding €0.1M in one-time restructuring costs in Sweden.

• Recurring revenue share: 55% (54.7% year-over-year); recurring revenue grew 5%.

• Project revenue grew 7% to €2.4M, driven by large Finnish event productions.

Outlook and guidance

• Revenue expected to grow in 2025 from €18.4M in 2024.

• Relative profitability (EBITA margin, excluding one-offs) to improve from 11.6% in 2024.

• Target markets for main product areas not expected to grow in 2025; growth to come from new products and markets.

• Increased investments in international expansion planned.