Inderes (INDERES) Q4 2025 earnings summary

Executive summary

• Revenue grew 4% year-over-year to €19.1M in 2025, with Q4 up 12% and all business units expanding; international revenue increased 5%.

• Adjusted EBITA was €2.2M (11.4% margin), slightly below long-term targets due to international expansion costs.

• Finnish operations delivered record results, while international growth, especially in Sweden, was slower than targeted but accelerated in H2.

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

• Strategic update in spring 2025 refocused on three business units, each with its own internationalization strategy.

Financial highlights

• Full-year revenue: €19.1M (up 4%); Q4 revenue: €4.73M (up 12%).

• Adjusted EBITA: €2.2M (11.4% margin); reported EBITA: €1.6M (8.4%).

• Net profit: €0.21M, down 53% year-over-year; EPS: €0.12 (adjusted €0.96).

• Operating cash flow after investments: €1.3M, down from €2.8M due to higher investments and one-time items.

• Equity ratio: 50%; net gearing: -10%.

Outlook and guidance

• 2026 revenue expected to grow from 2025 (€19.1M), with adjusted EBITA margin guidance of 10–13%.

• Growth and profit expected to be weighted toward H2 2026.

• Targeting a combined revenue growth and EBITA margin above 30% long-term.

• Continued investments in international software business may impact EBITA.