Inderes delivered solid growth of 14% in Q2, topping our estimate thanks to continued software and events momentum in June. However, the Q2 EBITA of EUR 0.8m hit our estimate and hence on the profit lines the report was 'in line'. Based on the 7% y/y increase in research contracts and continued growth momentum in software, we see the company's growth momentum continuing in H2. Thus, we believe this warrants a positive share price reaction.

Outcome: Sales ahead but EBITA in line

Inderes's Q2 sales came in at EUR 5.9m, topping our estimate of EUR 5.7m by 4%. With Apr-May sales already released the deviation owes to June sales which, thanks to continued momentum in events (AGMs) and software, saw y/y increase of 26% vs. SEB est. of 7%. Looking closer to the Q2 sales development we note that the international sales were broadly flat y/y at EUR 1.1m (representing some 19% of group sales vs. 21.5% year ago) but coming in slightly below our estimate of EUR 1.3m. The group level growth of 9% in H1 was driven by software business, which saw sales increasing 23% to EUR 2.3m (vs. SEB est. EUR 2.2m). Research business saw sales increasing by 7% to EUR 3.8m (also slightly ahead of our estimate of EUR 3.7m) while events business rose by 5% to EUR 5.3m hitting our estimate of EUR 5.3m.

The quarter’s adjusted EBITA landed at EUR 0.8m, which is slightly down from previous year level of EUR 0.7m, but in line with our estimate of EUR 0.8m. In terms of costs we note that higher AGM and CMD activity caused higher than expected materials & services costs and this the gross profit came in line with our estimate. Meanwhile the personnel costs and other opex were in line with our input.

Looking ahead, we note that the number of research contracts increased to 153 from 143 year ago (SEB est 149), meaning the company starts H2 with 7% higher underlying volume in research. This coupled with the solid software business growth let us think the growth momentum is set to continue in H2. We have expected H2 growth of around 10%.

Inderes Q2/26 deviation

Source: SEB, Inderes

Outlook: Guidance unchanged

Inderes repeated its guidance for FY26 saying that FY sales will grow from 2025 (EUR 19.1m) and EBITA margin should be in the 10-13% range (2025: 11.4%). We have input 2026E sales growth of 8% (EUR 20.6m) and EBITA margin of 12.9%.

Conference call details: Starts at 9:30am Finnish time

You can follow the Finnish webcast on Tuesday starting at 9:30 am EET on 24 April 2026, at https://www.inderes.fi/videos/inderes-oyj-webcast-q226.  

You can follow the English webcast on Wednesday starting at 1:00 pm EET on 24 April 2026, at https://www.inderes.dk/videos/inderes-presentation-of-h1-2026-results.