Inderes reported revenue of 2.9 MEUR for January–February, corresponding to 1% growth compared to the comparison period ( 2.8 MEUR). The development was broadly in line with expectations and the company’s comments did not contain major surprises. Recurring revenue continued to grow supported by the software business, while project-based revenue declined slightly due to a lower number of IR events compared to the previous year.

On a monthly basis, revenue declined by 3% in January compared to the comparison period, while February revenue increased by 3%. Monthly variation is typical for Inderes’ business due to the timing of projects and events.

According to the company, the IPO market is showing some early signs of improvement, although uncertainty in the market environment may still affect the timing and realization of projects. A potential recovery in listing activity would particularly support demand for project-based services.

We do not make changes to our forecasts at this stage, as the development at the start of the year is in line with our earlier expectations. Inderes will publish its January–March business review on 24 April 2026.