Inderes (INDERES) Q4 2024 earnings summary

Executive summary

• Revenue grew 7.1% year-over-year to €18.4M, driven by strong software business growth and stable performance in core segments, despite a declining market in 2024.

• EBITA increased 17% to €2.1M (11.6% margin), with profitability improving from the previous year and the second half outperforming the prior year.

• Operating cash flow after investments more than doubled to €2.8M (+106%), supporting increased dividend proposals and continued growth investments.

• The company served 427 listed company clients and maintained a strong financial position with a net debt ratio of -8.2%.

Financial highlights

• Full-year revenue reached €18.4M, up 7% from €17.2M in 2023; Q4 revenue grew 1% year-over-year.

• EBITA rose 17% to €2.1M (11.6% margin); net profit increased to €0.44M from €0.09M.

• Adjusted EPS improved to €0.95 (from €0.80); reported EPS: €0.26 (vs. €0.05).

• Operating cash flow after investments doubled to €2.8M.

• Equity ratio improved to 54.8% (from 46.8%); net gearing/net debt ratio improved to -8.2% (from -27.9%).

Outlook and guidance

• 2025 revenue expected to grow from €18.4M, with EBITA margin (excluding one-offs) set to improve.

• Target markets anticipated to remain stable or grow slightly; international expansion investments to continue.