Inderes Oyj, Company announcement, October 27, 2026, 8:30 am EET
Inderes Oyj Business review January-September 2026: Third quarter revenue increased 11% and EBITA improved materially
Key figures January-September 2026
- Revenue increased by 9.1% to 15.7 (14.4) MEUR
- Recurring revenue increased by 8.5% to 9.4 (8.7) MEUR, representing 60.0% (60.4%) of total revenue
- Project revenue increased by 10.1% to 6.3 (5.7) MEUR
- International revenue increased by 3.7% to 3.3 (3.2) MEUR, representing 20.9% (22.0%) of total revenue
- EBITA totaled 2.3 (1.3) MEUR and the EBITA margin was 14.4% (9.2%)
- Inderes provided services to 429 (430) listed companies over the past 12 months, a decrease of 1 customer compared to Q2/2026
- The reach of the Inderes platform was 22.5 (20.0) million site visits in the past 12 months, and the number of active members was 64,000 (66,000) at the end of the period
The comparison figures in brackets refer to the corresponding period of the previous year, unless otherwise specified.
Key figures July-September 2026
- Revenue increased by 10.9% to 4.3 (3.9) MEUR
- Recurring revenue increased by 8.8% to 3.2 (2.9) MEUR, representing 73.3% (74.7%) of total revenue
- Project revenue increased by 17.1% to 1.2 (1.0) MEUR
- International revenue decreased by 2.6% to 0.9 (1.0) MEUR, representing 21.5% (24.5%) of total revenue
- EBITA totaled 1.0 (0.7) MEUR and the EBITA margin was 22.4% (18.4%)
Key figures
| MEUR | Q3/2026 | Q3/2025 | Q1-Q3/2026 | Q1-Q3/2025 |
| Revenue | 4.3 | 3.9 | 15.7 | 14.4 |
| Revenue growth | 10.9% | -6.6% | 9.1% | 1.5% |
| Share of recurring revenue, % | 73.3% | 74.7% | 60.0% | 60.4% |
| EBITA | 1.0 | 0.7 | 2.3 | 1.3 |
| EBITA-% | 22.4% | 18.4% | 14.4% | 9.2% |
| EBITA, adjusted* | 1.0 | 0.7 | 2.3 | 1.9 |
| EBITA-%, adjusted* | 22.4% | 18.4% | 14.4% | 13.2% |
| EBIT | 0.8 | 0.5 | 1.7 | 0.8 |
| EBIT % | 18.4% | 14.0% | 11.1% | 5.5% |
| Average number of employees | 119 | 120 | 121 | 121 |
*Adjusted for non-recurring items
Guidance:
New guidance for 2026 (Updated on 28 September 2026)
- Revenue increases by 6-9% from the previous year (2025: 4%)
- Relative profitability measured by the EBITA margin, excluding non-recurring items, is 12-14% (2025: 11.4%)
New guidance background
- Target markets for key product areas are estimated to grow slightly in 2026
- All three business units are expected to grow
- EBITA is affected by investments to international growth in the Software business
Previous guidance for 2026
- 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%)
Previous 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
CEO Mikael Rautanen:
"Revenue continued its double-digit growth in the third quarter, increasing by 11%. Recurring revenue growth has risen to 9%, driven in particular by the Software business, which is the growth spearhead of our strategy. For the third quarter, it should be noted that the comparison period was weak for project revenue. EBITA grew by 35% and the EBITA margin was 22.4% (18.4%). Overall, the year has progressed better than we forecast, which is why we raised our profitability guidance and specified our revenue guidance on September 28, 2026.
The investments of recent years are starting to reflect in our growth and profitability. We have continued to invest throughout a contracting and weak market. The market is now showing signs of recovery, which, together with a significantly strengthened product portfolio, creates the conditions for profitable growth. The market recovery is reflected in increased IPO activity in Helsinki and Stockholm. In addition, the pick-up in the Finnish economy supports many of our clients that rely on the domestic market. However, not all investments have been successful yet, and international growth is not at the targeted level. International revenue is growing in the Research and Software businesses, and we continue working to return the Swedish Events business to growth.
Development in the Research business was strong, driven by growth in the contract portfolio and improved operational efficiency. In addition, the Swedish business grew and its loss narrowed. The number of commissioned research customers increased in January-September by 10 to 153 customers (+7% year-on-year). Our AI initiatives have made our products more competitive, and we have already automated many routine tasks. Inderes' transparent research model enables listed companies to ensure that accurate information about them is available in the services and the AI tools investors use most.
Development in the Events business was mixed. The good performance in Finland continued. In Sweden, revenue still comes mainly from remote productions, where the market is currently in transition. In the future, these productions can be carried out with a significantly smaller amount of work. This is putting some pressure on prices, but it also opens up opportunities for more scalable delivery models. In Sweden, our strategy is to grow through online and hybrid events with higher production value. This transition has not progressed at the targeted speed. The postponement of some large productions in Sweden also affects the outlook for the rest of the year.
The strong performance of the Software business continued, driven by the growth of the Videosync platform and recurring revenue in IR Software. New AI solutions allow us to automate steps in our customers' investor communications and reduce the risk of errors. In line with our target, we will achieve market leadership in all product areas in Finland this year, reflecting the technological edge of our products and our exceptional customer service. Customer numbers are also growing in Denmark.
Inderes' profit distribution of 1.7 MEUR for the current year is on track. At the time of publication, the 0.9 MEUR share buyback program has been almost fully executed. The liquidity of our stock has allowed the program to be implemented faster than expected. The second dividend installment of EUR 0.23 per share will be paid to shareholders on October 29, 2026."
Webcast
Inderes will host an earnings call at 9:30 am EET 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 include live captioning as well as AI-generated simultaneous interpretation in English, Swedish and Danish.
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 27, 2026, at 2:00 pm EET.
- You can follow the Finnish webcast on Tuesday starting at 9:30 am EET on October 27, 2026, at https://inderes.events.inderes.com/q3-2026/register.
- You can follow the English webcast on Tuesday starting at 2:00 pm EET on October 27, 2026, at https://www.inderes.dk/videos/inderes-presentation-of-q3-2026-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.com.
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
Jukka Järvelä
jukka.jarvela@sisupartners.com
Tel. +358 50 553 8990
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/.
