Inderes Oyj, Company announcement, October 21, 2025, 8:00 am EEST
Inderes' Business review January-September 2025: Project revenue decreased, signs of recovery visible in the market
Key figures January-September 2025
- Revenue increased by 1.5% to 14.4 (14.2) MEUR
- Recurring revenue grew by 4.6% to 8.7 (8.3) MEUR, accounting for 60.4% (58.5%) of total revenue
- Project revenue decreased by -2.9% and was 5.7 (5.9) MEUR
- International revenue was 3.2 (3.2) MEUR, representing 22.0% (22.4%) of total revenue
- EBITA was 1.3 (2.1) MEUR and EBITA margin was 9.2% (14.8%)
- Adjusted EBITA* totaled 1.9 (2.1) MEUR and adjusted EBITA margin was 13.2% (14.8%)*
- Inderes provided services to 430 (430) listed companies in the past 12 months
- The reach of the Inderes platform was 20.0 (19.6) million site visits in the past 12 months, and the number of active members was 66,000 (72,000) at the end of the period
The comparison figures in brackets refer to the corresponding period of the previous year, unless otherwise specified.
*Adjusted for non-recurring items
Key figures July-September 2025
- Revenue decreased by -6.6% to 3.9 (4.2) MEUR
- Recurring revenue grew by 3.5% to 2.9 (2.8) MEUR, accounting for 74.7% (67.4%) of total revenue
- Project revenue decreased by -27.6% to 1.0 (1.4) MEUR
- International revenue was 1.0 (1.0) MEUR, representing 24.5% (23.2%) of total revenue
- EBITA was 0.7 (1.0) MEUR and EBITA margin was 18.4% (23.6%)
Key figures
| MEUR | Q3/2025 | Q3/2024 | Q1-Q3/2025 | Q1-Q3/2024 |
| Revenue | 3.9 | 4.2 | 14.4 | 14.2 |
| Revenue growth | -6.6% | 11.5% | 1.5% | 9.2% |
| Share of recurring revenue, % | 74.7% | 67.4% | 60.4% | 58.5% |
| EBITA | 0.7 | 1.0 | 1.3 | 2.1 |
| EBITA-% | 18.4% | 23.6% | 9.2% | 14.8% |
| EBITA, adjusted* | 0.7 | 1.0 | 1.9 | 2.1 |
| EBITA-%, adjusted* | 18.4% | 23.6% | 13.2% | 14.8% |
| EBIT | 0.5 | 0.7 | 0.8 | 1.3 |
| EBIT % | 14.0% | 17.3% | 5.5% | 9.3% |
| Average number of employees | 120 | 119 | 121 | 118 |
*Adjusted for non-recurring items
Guidance:
Guidance for 2025 (updated on October 10, 2025)
- Revenue will grow slightly or be at the previous year's level (2024: 18.4 MEUR)
- Relative profitability measured by the EBITA %, excluding non-recurring items, is around 11% (2024: 11.6%)
Background to the guidance (updated on October 10, 2025)
- The target markets for the main product areas are not expected to grow in 2025
- Recurring revenue will increase driven by new products and openings of new market areas, project revenue decreases slightly
- The company accelerates investments in international growth
Previous guidance for the 2025 financial year
- Revenue will grow from the previous year (18.4 MEUR)
- Relative profitability measured by EBITA %, excluding one-off items, improves from the previous year (11.6%)
Background to the previous guidance
- The target markets for the main product areas are not expected to grow in 2025
- Revenue will increase thanks to new products and opening of new markets
- The company accelerates investments in international growth
CEO Mikael Rautanen:
"Our third-quarter performance was particularly impacted by the timing of major events between Q3 and Q4, which led to weak project revenue. As a result, revenue decreased by 7% and our EBITA margin was 18% (24%). Due to ongoing customer cost-saving pressures, we now estimate full-year revenue to remain at the previous year's level or grow slightly. Recurring revenue is growing, supported especially by the rapidly developing product portfolio of the Software business and growing customer numbers.
In the Research business, revenue remained stable despite a challenging growth environment. While the number of commissioned research customers decreased in January-September by 6 to 143 customers (-4% year-on-year), our retention has been strong, apart from delistings. The under-coverage of small and medium-sized listed companies, the growing importance of private investors as part of the ownership structure and liquidity of listed companies, and artificial intelligence open up interesting opportunities for us as one of the largest commissioned research providers in the Nordics for the next cycle.
On the AI front, we are implementing the first reforms in our Research business, which will bring significant efficiency to operations and tackle obstacles related to international scalability. We are progressively automating tasks that are no longer cost-effective for human execution, and an increasing portion of our content is now automatically generated in multiple languages. Furthermore, we have successfully transitioned from local forums to a unified, multilingual Investment Forum, effectively connecting investors and listed companies across language barriers.
In the Events business, we suffered from weak project revenue. However, recurring revenue development was stable, and customer numbers have started to grow due to investments in new sales. Customers' cost-saving pressures are affecting the size of projects, and some larger events have been postponed. The organizational change in the Swedish Events business implemented in the spring has brought efficiency and improved quality to operations.
In the Software business, we are making determined progress towards market leadership in Finland. We have successfully migrated the majority of our customers to the new IR Suite, a platform that seamlessly connects listed companies with Inderes' comprehensive service offering. We finalized the localization of the release distribution system in Sweden, which allows us to start selling the product. We signed one new international channel partner for IR software and one new partner for the Videosync platform. The roll-out of the Videosync platform with our European partner, announced late last year, is also nearing completion. We are significantly increasing our investments in product development and sales in the segment.
The delistings of many major customers have significantly burdened our growth in recent years. The currently emerging pick-up in IPOs suggests that the number of listed companies will return to growth after several years of decline. We have won new IPO customers at a good rate in both Finland and Sweden. At the same time, the ongoing disruption in the IR and equity research market opens up interesting opportunities for us to get international revenue back on a growth trajectory."
Webcast
Inderes will host an earnings call at 9:30 am EEST today. At the event, CEO Mikael Rautanen will present the main points of the report, as well as the progress of the company's strategy, and CFO Mikko Wartiovaara will go through the financial figures for the review period.
In addition, CEO Mikael Rautanen will present the key points of the report in English in an earnings call hosted by HC Andersen Capital on October 22, 2025, at 1:00 pm EEST.
- You can follow the Finnish webcast on Tuesday starting at 9:30 am EEST on October 21, 2025, at https://inderes.events.inderes.com/q3-2025.
- You can follow the English webcast on Wednesday starting at 1:00 pm EEST on October 22, 2025, at https://www.inderes.dk/videos/inderes-presentation-of-q3-2025.
As usual, participants can ask questions during the webcast using the chat function of the video platform or by using the platform's talk back function. The presentation material will be published before the events on the company's website at www.group.inderes.fi.
Contact information:
Mikael Rautanen
CEO
mikael.rautanen@inderes.com
Tel. +358 50 346 0321
Certified adviser:
Sisu Partners Oy
Jori-Pekka Rautalahti
jori-pekka.rautalahti@sisupartners.com
Tel. +358 50 382 9323
Juha Karttunen
juha.karttunen@sisupartners.com
Tel. +358 40 555 4727
Inderes in brief
Inderes democratizes investor information by connecting investors and listed companies. For investors, we are an investing community and a trusted source of financial information and equity research. For listed companies, we are a partner in delivering high-quality investor relations. Over 500 listed companies in Europe utilize our investor communications products and equity research services to provide better investor communications to their shareholders. Our goal is to be the most investor-minded company in finance. Inderes was founded in 2009 by investors, for investors. As a Nasdaq First North-listed company, we understand the day-to-day reality of our customers. Read more: https://group.inderes.fi/en/.
