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Inderes (INDERES) investor relations material
Inderes Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 performance was impacted by weak project revenue due to event timing, customer cost-saving pressures, and a strong prior-year comparison.
Recurring revenue continued to grow, driven by the software segment and expanding client base.
Profitability was affected by non-recurring costs, mainly from restructuring in Sweden.
Signs of recovery are emerging in IPO activity, especially in Sweden and Finland.
Growth investments are ongoing, with management targeting a combined revenue growth and profitability of 30%.
Financial highlights
January–September 2025 revenue grew 1.5% year-over-year to €14.4M; recurring revenue up 4.6%, project revenue down 2.9%.
Q3 2025 revenue declined 6.6% year-over-year to €3.9M, with recurring revenue up and project revenue down.
Adjusted EBITA margin for January–September was 13.2%, down from 14.8% prior year; Q3 EBITA margin was 18.4% (23.6% prior year).
Recurring revenue comprised 60.4% of total revenue for January–September and 74.7% in Q3.
Non-recurring costs of €0.6M were related to restructuring in Sweden.
Outlook and guidance
Full-year 2025 revenue is expected to be flat or grow slightly compared to 2024 (€18.4M), with adjusted EBITA margin guided to around 11%.
Recurring revenue is projected to increase, while project revenue is expected to decrease slightly.
Investments in international growth are being accelerated.
Management remains optimistic about long-term prospects.
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