Inderes (INDERES) Q3 2026 earnings summary

Executive summary

• Q3 revenue grew 10.9% YoY to €4.323m and EBITA rose 35% to €0.968m; recurring revenue growth accelerated to 9%, led by software.

• Q1–Q3 revenue increased 9.1% to €15.682m; adjusted EBITA was €2.262m, with a 14.4% margin versus 13.2%.

• Updated FY2026 guidance targets revenue growth of 6–9% and an adjusted EBITA margin of 12–14%, following performance above internal forecasts.

Financial highlights

• Q1–Q3 EBITDA was €2.488m, EBITA €2.262m and operating profit €1.738m, up 64%, 72% and 119%, respectively.

• Q1–Q3 adjusted and reported EBITA margins were both 14.4%, versus 13.2% and 9.2%, respectively; no one-off items were recorded in 2026.

• Q3 EBITDA was €1.046m, EBITA €0.968m and operating profit €0.793m, up 34%, 35% and 46%, respectively.

• Q3 EBITA margin was 22.4% versus 18.4%; costs remained stable and declined relative to revenue.

• Q1–Q3 personnel costs were €7.9m, or 50.5% of revenue versus 53.1%; other operating expenses were €2.3m versus €2.7m.

Outlook and guidance

• Updated FY2026 guidance: revenue growth of 6–9% YoY and adjusted EBITA margin of 12–14%; FY2025 growth was 4% and adjusted EBITA margin 11.4%.

• All three business units are expected to grow; target markets for main product areas are expected to expand slightly in 2026.

• Investment in international software growth is expected to weigh on EBITA.