Inderes

Inderes had a strong third quarter, with revenue growing by 10,9 % to 4,3 MEUR and the EBITA margin rising to 22,4 % (18,4 %).

Although Inderes’s Q3 EBITA was slightly ahead of our estimate and we keep our estimates largely unchanged, the report leaves us with a mixed feeling.

Inderes is expected to release its January to September 2026 Business Review on October 27, 2026. Inderes CEO Mikael Rautanen will present the results in a live online event on the same day at 13:00 CET, where you will also have the opportunity to ask questions.

Gubra er her til morgen ude med sin 2030-strategi, der præsenteres på selskabets Investor R&D Event i London i dag. Inderes er her til morgen ude med regnskabet for de første ni måneder af 2026, og tredje kvartal leverede både vækst og en markant forbedret indtjening.

Inderes’s Q3 sales came in line with our estimates, while EBITA was 4% above our estimate thanks to lower slightly lower personnel costs. However, the soft spot of the report is the slower-than-expected development of international sales (read Sweden). Also the number of research contracts stayed flat q/q and was slightly below our estimate, indicating our Q4 sales estimate of 9% may be slightly optimistic.

Inderes enters Q3 with strong momentum, with revenue growing 12 % year-on-year in both July and August.

Ahead of Inderes’ Q3 report, we slightly finetune our estimates, which were already well aligned with the increased margin guidance. Inderes’ recurring business is on a healthy growth track, and the company has proven its position with a high win-rate among new market entrants. As always, we look closely at international performance, as the Swedish expansion holds the largest potential upside for the investment case.