Inderes (INDERES) Q1 2026 earnings summary

Executive summary

• Revenue grew 3.7% year-over-year to €5.5 million in Q1 2026, with international revenue up 15% and recurring revenue up 8%.

• EBITA margin improved to 9.1% from 8.7% year-over-year, supported by strong software sales and a revitalized analysis business customer portfolio.

• Successfully executed a fully digital AGM for a major Nordic listed company.

• Customer base expanded to 437 listed companies, up by 11 from Q4 2025.

• Market uncertainty from the Iran war and a small-cap downturn dampened IPO activity despite early signs of recovery.

Financial highlights

• Q1 2026 revenue: €5.47M, up 4% year-over-year; recurring revenue: €3.12M, up 8%.

• EBITA: €0.50M, up 8% year-over-year; EBITA margin: 9.1% (vs. 8.7%).

• International revenue share: 23% (vs. 21%); recurring revenue share: 57% (vs. 55%).

• Operating profit: €0.32M, up 13% year-over-year.

• March 2026 revenue grew 7% year-over-year, driven by software segment.

Outlook and guidance

• 2026 revenue expected to grow from €19.1M in 2025.

• Adjusted EBITA margin guidance: 10–13% (2025: 11.4%).

• Growth and profit expected to be weighted toward H2 2026.

• Target markets for main product areas expected to grow slightly in 2026.

• Ongoing investments in international software growth to impact EBITA.