Inderes (INDERES) Q1 2025 earnings summary

Executive summary

• Revenue grew 5.6% year-over-year to MEUR 5.3 in Q1 2025, with all business units contributing and strong Finnish performance offsetting Swedish declines.

• Recurring revenue accounted for 54.7% of total, supported by strong Software business performance and stable Research.

• Swedish revenue declined, prompting a change in operating model and restructuring.

• Platform reach was 19.3 million site visits and 67,000 active members over the last 12 months.

• Investments in international growth and business unit-specific strategies are being accelerated.

Financial highlights

• EBITA was MEUR 0.5 (8.7% margin), down from MEUR 0.6 (11.3%) year-over-year; adjusted EBITA margin was 10.0% excluding MEUR 0.1 in non-recurring Swedish restructuring costs.

• EBIT was MEUR 0.3, flat year-over-year, with a margin of 5.4% (6.1%).

• Personnel costs rose 8% to MEUR 2.9, mainly due to Software business recruitment and salary growth.

• March 2025 revenue grew 7% year-over-year to MEUR 2.4, driven by both recurring and project revenue.

• International revenue: MEUR 1.1, representing 21% of total revenue.

Outlook and guidance

• 2025 revenue expected to grow from MEUR 18.4 in 2024, driven by new products and market openings.

• EBITA % (excluding non-recurring items) forecast to improve from 2024's 11.6%.

• Target markets for main products are not expected to grow in 2025; focus is on international expansion and company-driven initiatives.

• Guidance unchanged: expecting growth and improved profitability (excluding non-recurring items) for the year.

• Market for IPOs expected to remain flat in 2025 due to uncertainty, with many companies waiting for better conditions.