Inderes (INDERES) Q1 2026 earnings summary

Executive summary

• Revenue grew by 4% year-over-year in Q1 2026 to €5.5M, with international revenue up 15% and recurring revenue up 8%.

• Achieved a fully digital AGM for a major Nordic listed company, marking a significant R&D milestone.

• EBITA margin remained stable at 9.1%, supported by strong software sales and a stable cost structure.

• Continued execution of a strategy focused on events, software, and research, each with international growth plans.

• Market uncertainty from geopolitical events and small-cap downturn dampened IPO activity despite early recovery signs.

Financial highlights

• Q1 2026 revenue: €5.5M (up from €5.3M in Q1 2025); recurring revenue: €3.1M (56.9% of total), up 8% year-over-year.

• EBITA: €0.5M (9.1% margin); EBITDA: €0.57M (8% growth year-over-year); EBIT: €0.32M (5.9% margin).

• International revenue: €1.3M (22.8% of total), up from €1.1M.

• Dividend split: €0.22 paid, €0.23 to be paid in the second half; dividend halved from last year, with the other half allocated to a share buyback program.

• Cost structure stable: personnel costs €3.0M, materials/services €1.1M, other operating costs €0.8M.

Outlook and guidance

• Revenue for 2026 expected to increase from €19.1M in 2025.

• EBITA margin (excluding non-recurring items) guided at 10–13% (2025: 11.4%).

• Full-year earnings and growth anticipated to be weighted toward the second half, with Q3 typically seasonally strong.

• Investments in international growth, especially in Software, will impact short-term profitability.

• Target markets for key products are projected to grow slightly in 2026.