Inderes (INDERES) Q3 2024 earnings summary

Executive summary

• 9M revenue reached €14.155m, up 9.2% YoY; EBITA rose 33% to €2.097m, with margin improving to 14.8% from 12.2%.

• Q3 revenue was €4.174m, up 11.5%; EBITA rose 43% to €0.983m and margin reached 23.6% from 18.4%.

Financial highlights

• 9M EBITDA was €2.312m, up 30%, and operating income was €1.317m, up 65%.

• 9M recurring revenue rose 6.0% to €8.3m and project revenue rose 14.0% to €5.9m; Q3 recurring revenue increased 8.9% to €2.8m and project revenue 17.3% to €1.4m.

• Sweden generated 21.4% of 9M revenue and 22.4% of Q3 revenue, versus 20.5% and 21.4% a year earlier.

Outlook and guidance

• FY2024 guidance remains revenue growth from €17.2m in 2023 and an improved EBITA margin from 10.6%.

• Growth is expected from new products and market entries, with continued investment to accelerate international expansion; Finnish target markets are not expected to grow in 2024.

• Q4 is expected to have higher-than-usual costs, with no large project deals anticipated; full-year expectations remain in line with guidance.