Inderes (INDERES) Q2 2026 earnings summary

Executive summary

• Investments in recent years are driving growth, with Q2 revenue up 14% year-over-year and all business units expanding.

• Profitability in H1 exceeded expectations, with EBITA more than doubling to €1.3M (11.4% margin).

• AI initiatives have begun delivering operational efficiencies and product enhancements, especially in software and analytics.

• Strong execution of the AGM season and rising interest in fully digital meetings.

• International revenue grew 7% in H1, with Finnish operations consistently outperforming expectations.

Financial highlights

• H1 revenue increased 9% year-over-year to €11.4M; Q2 revenue up 14% to €5.9M.

• Adjusted EBITA margin for H1 was 11.4% (11.3% last year); Q2 adjusted EBITA margin 13.5% (12.7%).

• Net profit for H1 was €0.54M, up from a loss of €0.04M last year.

• Recurring/continuous revenue accounted for 55% of total revenue in H1.

• International revenue rose to €2.4M, representing 20.8% of total revenue.

Outlook and guidance

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

• Adjusted EBITA margin guidance for 2026 is 10–13% (2025: 11.4%), excluding one-off items.

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

• Continued investments in international growth, especially in software, may impact EBITA.