Inderes (INDERES) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 grew 8.7% to €11.4M, with all business units expanding and Software leading at 23% growth.

• Q2 revenue increased 14% year-over-year, and profitability exceeded expectations, with adjusted EBITA at €1.3M (11.4% margin).

• AI and digital transformation investments are delivering tangible business benefits, especially in Software and Research.

• International revenue grew 7%, with new customers in Denmark and Sweden.

• Market conditions are showing modest recovery, with larger companies increasing investor communications spending.

Financial highlights

• H1 2026 revenue: €11.4M (+8.7% year-over-year); Q2 revenue: €5.9M (+14.1% year-over-year).

• Adjusted EBITA H1: €1.3M (11.4% margin); Q2 adjusted EBITA: €0.8M (13.5% margin).

• Adjusted EPS H1: €0.58 (up from €0.55 year-over-year).

• Recurring revenue H1: €6.2M (+8.3%), 54.8% of total; project revenue: €5.1M (+9.1%).

• Cash flow after investments: €0.9M; equity ratio: 46.3%; net gearing: -14.6%.

Outlook and guidance

• 2026 revenue expected to increase from 2025 (€19.1M), with EBITA margin (excluding non-recurring items) guided at 10–13%.

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

• EBITA will be impacted by ongoing investments in international growth, especially in Software.

• Growth is expected to remain sustainable, with five consecutive months of strong performance.