Inderes (INDERES) Q4 2025 earnings summary

Executive summary

• Revenue grew 4% year-over-year to EUR 19.1 million, with Q4 growth accelerating to 12% and adjusted EBITA margin improving to 11.4%; profitability was impacted by international expansion costs and non-recurring Swedish restructuring expenses.

• Finnish operations achieved record results, while international revenue growth improved in H2 but remains below expectations, especially in Sweden.

• Software business was the main growth driver, with 22% revenue growth and strong recurring revenue, supported by the Euronext partnership.

• Strategic shift to focus on three business units—Research, Events, and Software—each with tailored international strategies and updated operating model.

• Profit distribution increased, with emphasis on share buybacks and a proposed dividend of EUR 0.45 per share.

Financial highlights

• Full-year revenue reached EUR 19.1 million (+4% year-over-year); recurring revenue accounted for 61% of total.

• Adjusted EBITA was EUR 2.2 million (11.4% margin); reported EBITA declined to EUR 1.6 million due to non-recurring costs.

• International revenue stable at 23% of total; Q4 saw a slight pickup.

• Operating cash flow after investments was EUR 1.3 million; year-end cash position at EUR 1.8 million.

• Equity ratio at year-end was 50%, with net gearing at -10%.

Outlook and guidance

• 2026 guidance: revenue expected to increase, with adjusted EBITA margin guided at 10%-13%.

• Growth and earnings are anticipated to be weighted toward the second half of 2026.

• Target markets for key product areas are projected to grow slightly in 2026.

• Long-term target of combined revenue growth and profitability at 30% remains, though recent years fell short.