Inderes
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Inderes (INDERES) investor relations material

Inderes Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Revenue grew 4% year-over-year to EUR 19.1 million, with Q4 growth accelerating to 12% and adjusted EBITA margin improving to 11.4%; profitability was impacted by international expansion costs and non-recurring Swedish restructuring expenses.

  • Finnish operations achieved record results, while international revenue growth improved in H2 but remains below expectations, especially in Sweden.

  • Software business was the main growth driver, with 22% revenue growth and strong recurring revenue, supported by the Euronext partnership.

  • Strategic shift to focus on three business units—Research, Events, and Software—each with tailored international strategies and updated operating model.

  • Profit distribution increased, with emphasis on share buybacks and a proposed dividend of EUR 0.45 per share.

Financial highlights

  • Full-year revenue reached EUR 19.1 million (+4% year-over-year); recurring revenue accounted for 61% of total.

  • Adjusted EBITA was EUR 2.2 million (11.4% margin); reported EBITA declined to EUR 1.6 million due to non-recurring costs.

  • International revenue stable at 23% of total; Q4 saw a slight pickup.

  • Operating cash flow after investments was EUR 1.3 million; year-end cash position at EUR 1.8 million.

  • Equity ratio at year-end was 50%, with net gearing at -10%.

Outlook and guidance

  • 2026 guidance: revenue expected to increase, with adjusted EBITA margin guided at 10%-13%.

  • Growth and earnings are anticipated to be weighted toward the second half of 2026.

  • Target markets for key product areas are projected to grow slightly in 2026.

  • Long-term target of combined revenue growth and profitability at 30% remains, though recent years fell short.

Research international growth: new scaling models
Rationale for dividend to buyback shift
Bridge to >30% long-term revenue growth target
What specific obstacles hinder Research scaling?
Software investment focus: new products or integration?
What signals does the buyback shift send?
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Frequently asked questions

Inderes Oyj provides investor communication services in Finland. Its services include the preparation of and attending at shareholder meetings, acting as a financial adviser, producing a variety of communications for directors, and securities trading. The company also acts as a communications consultant to companies and shareholders regarding their rights and obligations, offers advice on related laws and regulations, acts as a proxy solicitor during corporate acquisitions, provides information on various aspects of corporate governance, and performs shareholder verification and other consulting services. Inderes Oyj was founded in 2009 and is headquartered in Helsinki, Finland.

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