Inderes Oyj, Company announcement, April 24, 2026, 8:00 am EEST
Inderes' Business review January-March 2026: Solid development in recurring revenue
Key figures January-March 2026
- Revenue grew by 3.7% to 5.5 (5.3) MEUR
- Recurring revenue grew by 7.9% to 3.1 (2.9) MEUR, accounting for 56.9% (54.7%) of revenue
- Project revenue was on previous year's level at 2.4 (2.4) MEUR
- International revenue was 1.3 (1.1) MEUR, accounting for 22.8% (20.5%) of revenue
- EBITA was 0.5 (0.5) MEUR and the EBITA margin was 9.1% (8.7%)
- Inderes delivered services to 437 listed companies in the last 12 months, an increase of 11 customers compared to Q4/2025
The comparison figures in brackets refer to the corresponding period of the previous year, unless otherwise specified.
Key figures
| MEUR | Q1/2026 | Q1/2025 |
| Revenue | 5.5 | 5.3 |
| Revenue growth | 3.7% | 5.6% |
| Share of recurring revenue % | 56.9% | 54.7% |
| EBITA | 0.5 | 0.5 |
| EBITA % | 9.1% | 8.7% |
| EBITA, adjusted* | 0.5 | 0.5 |
| EBITA, adjusted %* | 9.1% | 10.0% |
| EBIT | 0.3 | 0.3 |
| EBIT % | 5.9% | 5.4% |
| Average number of employees | 121 | 121 |
*Adjusted for non-recurring items
Guidance for 2026 (unchanged)
- Revenue increases from the previous year (2025: 19.1 MEUR)
- Relative profitability measured by the EBITA margin, excluding non-recurring items, is 10-13% (2025: 11.4%)
Guidance background
- Target markets for key product areas are estimated to grow slightly in 2026
- EBITA is affected by investments to international growth in the Software business
- Full-year earnings and growth are expected to be weighted towards the second half of the year
CEO Mikael Rautanen:
"First-quarter revenue grew by 4%, and EBITA-% was at the previous year's level. International revenue grew by 15%, and recurring revenue growth accelerated to 8%. Growth was driven by good momentum in software sales in addition to Research contract portfolio showing signs of pick up.
In the first quarter, we achieved a significant milestone by successfully executing a fully digital AGM for one of the Nordics' largest and most widely owned listed companies. Building this capability has required exceptional dedication from our team and significant investments in product development. Our ability to reliably produce large-scale digital AGMs for companies listed on multiple exchanges is unique. We are thus well-positioned to support large companies in their transition to the digital age for their AGMs.
The bear market for small-cap listed companies in the Nordics has intensified since the beginning of the year. Many small companies are carefully evaluating where to focus their IR efforts in the current situation. Our software products, which increase cost-efficiency and alleviate IR pain points for listed companies, are performing well in this market. In addition, sales are supported by growth in large-cap sector in particular. We have 24 clients from the OMXH25 index companies and 11 from the OMXS30 index companies.
In the Research business, the contract portfolio grew to 147 (141) contracts. The growth was influenced by new customers in Finland and Sweden. The reach of the Inderes platform was 22.0 (19.3) million site visits in the past 12 months, and the number of active members was 66,000 (67,000) at the end of the period. The market situation is challenging for new sales in Research business, as many companies are limiting their IR spending to only must-have products. However, I expect demand to pick up at the latest when companies become sufficiently frustrated with the poor liquidity of their shares and the inefficiency of price formation.
In the Events business, revenue was stable. The focus remains on turning Sweden towards a sustainable growth path, supported by the changes implemented last year. In Sweden, we are building capabilities to deliver demanding large-scale event productions and new sales to the large-cap segment. I believe the importance of genuine, personal communication in investor relations will be emphasized in an era of impersonal AI-content. Our Events business is well positioned for this.
In the Software business, good momentum continued across all products and margins improved. We won new large corporations as clients for the 2026 AGM season and are growing despite an already strong market position. The Inderes IR Suite brings together our full offering and is developing rapidly, and customer feedback has been excellent.
Market uncertainty caused by the war in Iran and the downturn in small-cap companies overshadow IPO activity, which showed promising signs of recovery earlier in the year. Our disciplined and long-term development continues regardless of market fluctuations. The new strategy and operating model introduced last year have brought sharpness to our operations, taking us forward internationally as well. Inderes is also responding to the market cycle with a large-scale share buyback program."
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. The broadcast will test new functionalities of the Videosync platform, including live captioning and AI dubbing in English, Swedish, Danish and Romanian.
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 April 24, 2026, at 2:00 pm EEST.
- You can follow the Finnish webcast on Friday starting at 9:30 am EEST on April 24, 2026, at https://inderes.events.inderes.com/q1-2026.
- You can follow the English webcast on Friday starting at 2:00 pm EEST on April 24, 2026, at https://www.inderes.dk/videos/inderes-presentation-of-q1-2026-results.
As usual, participants can ask questions during the webcast using the chat function of the video platform. The presentation material will be published before the events on the company's website at www.group.inderes.fi.
Contact information:
Mikael Rautanen
CEO, Inderes Oyj
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/.
