Inderes (INDERES) Q4 2024 earnings summary

Executive summary

• Revenue grew 7.1% year-over-year to 18.4 MEUR, with all business segments contributing and 60.4% from recurring sources.

• Software business was the main growth driver, up 40%, though profitability was slightly negative.

• Operating cash flow after investments more than doubled to 2.8 MEUR, supporting increased dividends and investments.

• Profitability improved to 11.6%, but Q4 was weak due to timing, higher costs, and non-recurring expenses.

• Board proposes a dividend of EUR 0.87 per share, up from EUR 0.85, to be paid in two installments.

Financial highlights

• Full-year revenue: 18.4 MEUR (up 7.1%); Q4 revenue: 4.2 MEUR (up 1.0%).

• EBITA margin for 2024: 11.6% (prior year: 10.6%); Q4 EBITA margin: 0.9%.

• Adjusted EPS: EUR 0.95 (up from 0.80); reported EPS: EUR 0.26.

• Cash flow after investments: 2.8 MEUR (up 106%).

• Equity ratio: 54.8%; net gearing: -8.2%.

Outlook and guidance

• Revenue is expected to grow in 2025, with improved EBITA margin (excluding non-recurring items), driven by new products and market expansion.

• Market for main products expected stable or slightly growing; company aims to outpace market growth and accelerate international investments.

• Long-term targets remain ambitious: 30%-50% revenue growth and increasing annual payout.