Inderes (INDERES) Q3 2025 earnings summary

Executive summary

• Revenue for Q1–Q3 2025 grew 1.5% year-over-year to €14.4 million, with Q3 revenue down 6.6% due to timing of large events and customer cost-saving pressures.

• Adjusted EBITA margin for the first nine months was 13.2%, with reported EBITA at €1.3 million (9.2% margin).

• Continuous revenue increased 4.6% year-over-year for the nine-month period, now representing 60.4% of total revenue; project revenue declined 2.9%.

• Ongoing investments in growth, especially in software and international expansion, are expected to continue.

• International revenue share remained stable at 22–25% for the nine-month period.

Financial highlights

• Q1–Q3 revenue: €14.4M (+1.5% y/y); Q3 revenue: €3.9M (–6.6% y/y).

• Adjusted EBITA for Q1–Q3: €1.9M (13.2% margin); reported EBITA: €1.3M (9.2% margin).

• Q3 EBITA: €0.7M (18.4% margin), down from €1.0M (23.6%) last year.

• One-off costs of €0.6M related to restructuring in Sweden and partnership agreements.

• Personnel expenses rose 6% and other operating expenses increased 27% year-over-year due to one-time items and international growth investments.

Outlook and guidance

• Full-year 2025 revenue expected to be flat or slightly up from 2024 (€18.4M).

• Adjusted EBITA margin forecast at ~11%, in line with prior year.

• Continuous revenue to grow via new products and markets; project revenue to decline slightly.

• No growth expected in core product markets for 2025.

• Increased investments in international growth planned.