Inderes announced today a new long-term incentive program (PSP 2026–2028).

The PSP is targeted at approximately 15 key individuals, roughly 10% of the company's workforce, and is likely to cover senior management and key roles across all three business units: Research, Events, and Software. The program uses absolute Total Shareholder Return as the sole performance metric, with a minimum threshold of EUR 20, a target level of EUR 30, and a maximum of EUR 60 per share. Participation requires holding Inderes shares worth at least three months' gross salary, reinforcing that the program is designed for genuine owner-managers rather than serving as a standalone retention tool.

We see this as a welcome development. The structure ties management incentives directly to shareholder value creation, which is exactly what a good incentive program should do. The target level of EUR 30 is ambitious but realistic over a three-year horizon and reflects a degree of confidence in the company's direction.

The maximum dilution of approximately 150,000 shares (around 8.5% of current shares) is worth noting, but maximum dilution is only realized if TSR reaches EUR 60 per share implying roughly EUR 78 million in shareholder value creation at that level.

Overall, we view the PSP as a meaningful governance improvement that brings long-needed alignment between management and shareholders. We make no changes to our estimates or recommendations following this announcement. Inderes will publish its Q1 results on April 24, and our Q1 preview will be available within the coming weeks.