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Inderes (INDERES) investor relations material
Inderes Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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