Inderes (INDERES) Q3 2024 earnings summary

Executive summary

• Achieved 11–11.5% revenue growth in Q3 2024, with all business units growing and software as the fastest-growing segment.

• EBITA/EBITDA margin reached a record 23.6–24% in Q3, reflecting strong profitability and seasonality.

• Positive momentum with new initiatives, AI-driven products, and increased IPO project interest for 2025–2026.

• International expansion, especially in Sweden, contributed significantly to growth.

• Community membership remained stable at 72,000.

Financial highlights

• Q3 2024 revenue grew 11–11.5% year-over-year to €4.17–€4.2M; EBITA up 43% to €0.98M, margin at 23.6%.

• January–September 2024 revenue up 9–9.2% to €14.16–€14.2M; EBITA up 33% to €2.1M, margin at 14.8%.

• Recurring revenue share was 67% in Q3 and 59% for the nine months; recurring revenue grew 9% in Q3.

• Project revenue grew 17% in Q3 and 14% for the nine months.

• Costs as a percentage of revenue decreased year-over-year in all categories.

Outlook and guidance

• 2024 guidance unchanged: revenue and EBITA/EBITDA margin expected to improve from 2023 (€17.2M revenue, 10.6% EBITA margin).

• Revenue growth driven by new products and international expansion, despite a flat Finnish market.

• Q4 expectations are modest due to limited project revenue and higher costs from office moves.

• Continued investment in accelerating international business growth.