Inderes (INDERES) Q2 2025 earnings summary

Executive summary

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

• Adjusted EBITA rose 6% to €1.2 million (11.3% margin), while reported EBITA was €0.6 million due to €0.6 million in one-off restructuring costs, mainly from Swedish operations.

• Recurring revenue increased 5.2% to €5.8 million (55% of total), project revenue up 4.4% to €4.7 million.

• Cash flow after investments was €1 million, down from €2.2 million year-over-year, due to higher investments and timing of tax payments.

• Updated strategy focuses on three business units (Research, Events, Software), with international growth as a key long-term value driver and continued investment in AI.

Financial highlights

• H1 2025 revenue was €10.5 million, up 5% year-over-year; recurring revenue grew 5%, project revenue 4%.

• Adjusted EBITA was €1.2 million (11.3% margin), up from €1.1 million (11.2%) year-over-year; adjusted EPS rose to €0.55 from €0.50.

• Reported EBITA fell to €0.6 million (5.7% margin) due to non-recurring expenses; Q2 profitability improved to 12.7% from 11% last year.

• Net gearing improved to -17.1% (from -10.9%), equity ratio at 48.3% (down from 53.6%).

• June 2025 revenue grew 29% year-over-year to €1.2 million, driven by project timing and strong software sales.

Outlook and guidance

• Guidance unchanged: expects revenue growth and improved relative profitability for the full year, with 2025 revenue expected to grow from €18.4 million in 2024 and adjusted EBITA margin to improve from 11.6%.

• Market growth is expected to remain flat; company growth driven by new products and international expansion.

• Accelerated investments planned for international expansion; no significant IPO activity anticipated in Finland for the remainder of the year.