Inderes (INDERES) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 10.9% to €4.323M; EBITA increased 35% to €0.968M, lifting margin to 22.4% from 18.4%.

• 9M revenue grew 9.1% to €15.682M; updated 2026 guidance is 6–9% revenue growth and a 12–14% adjusted EBITA margin.

Financial highlights

• 9M recurring revenue grew 8.5% to €9.4M and project revenue increased 10.1% to €6.3M.

• 9M adjusted EBITA was €2.3M versus €1.9M, with margin of 14.4% versus 13.2%; no non-recurring items were recorded in the period.

• Q3 recurring revenue rose 8.8% to €3.2M; project revenue grew 17.1% to €1.2M, partly reflecting a weak comparison period.

• 9M EBITDA was €2.488M versus €1.514M; EBIT was €1.738M versus €0.793M.

Outlook and guidance

• Updated 2026 guidance is revenue growth of 6–9% and adjusted EBITA margin of 12–14%, versus prior margin guidance of 10–13%.

• Target markets are expected to grow slightly and all three business units are expected to expand; Software international-growth investments weigh on EBITA.

• Year-to-date performance exceeded expectations; market recovery and a stronger product portfolio support profitable growth prospects.