Inderes (INDERES) investor relations material

Executive summary

• Revenue grew 4.9% year-over-year to 10.5 MEUR in H1 2025, with strong growth in Finland across all business units, while international revenue remained flat and underperformed despite significant investment and strategic focus.

• Adjusted EBITA rose 6% to 1.2 MEUR, with an adjusted margin of 11.3%; reported EBITA was 0.6 MEUR, impacted by 0.6 MEUR in one-off restructuring costs, mainly in Sweden.

• Recurring revenue increased 5.2% to 5.8 MEUR, representing 55% of total revenue; project revenue up 4.4% to 4.7 MEUR.

• Cash flow after investments was 1.0 MEUR, down from 2.2 MEUR year-over-year, due to higher investments and working capital changes.

• Updated strategy focuses on three business units (Research, Events, Software), with international growth and new customer acquisition as key long-term value drivers.

Financial highlights

• H1 2025 revenue was 10.5 MEUR, up 5% year-over-year; recurring and project revenues both grew, with recurring revenue at 55% of total.

• Adjusted EBITA margin improved to 11.3% from 11.2% year-over-year; adjusted EPS rose to 0.55 EUR from 0.50 EUR.

• Reported EBITA fell to 0.6 MEUR (5.7% margin) due to 0.6 MEUR in non-recurring restructuring costs.

• Net gearing improved to -17% (from -11%), equity ratio at 48% (down from 54%).

• Cash and cash equivalents at period end: 2.5 MEUR; interest-bearing debt: 1.6 MEUR.

Outlook and guidance

• Revenue and relative profitability are expected to grow for the full year, with no anticipated market growth or significant IPO activity.

• Growth is expected to be driven by new products and international expansion, with accelerated investments planned.

• Financial targets updated to a simplified goal of over 30% combined revenue growth and profitability.

• Adjusted EBITA margin forecast to improve from 11.6% in 2024.

• Continued focus on increasing annual payouts, including dividends and buybacks.