Inderes Oyj’s Financial Statements Release 2025: Growth picked up and profitability improved in the last quarter

Inderes Oyj’s Financial Statements Release 2025: Growth picked up and profitability improved in the last quarter

Inderes Oyj, Company announcement, February 10, 2026, at 8:00 am EET

Key figures in January–December 2025

• Revenue increased by 3.9% to 19.1 (18.4) MEUR
• Recurring revenue increased by 4.3% to 11.6 MEUR, and project revenue increased by 3.2% to 7.5 MEUR
• International revenue was 4.4 (4.2) MEUR, representing 23.2% (22.9%) of total revenue
• EBITA totaled 1.6 (2.1) MEUR and EBITA-% was 8.4% (11.6%)
• Adjusted EBITA totaled 2.2 (2.1) MEUR and adjusted EBITA margin was 11.4% (11.6%)
• Inderes provided services to 426 (427) listed companies over the past year
• The reach of the Inderes platform was 21.2 (19.1) million site visits in the past 12 months, and the number of active members was 66,000 (66,000) at the end of the period
• The company plans to increase its annual profit distribution to an estimated 1.7 (1.6) MEUR, divided into a share buyback program of 0.9 (0.1) MEUR and a dividend of 0.45 (0.87) EUR per share distributed in two installments proposed by the Board to the AGM

Key figures in October–December 2025

• Revenue increased by 11.6% to 4.7 (4.2) MEUR
• Recurring revenue increased by 3.5% to 2.9 (2.8) MEUR, and project revenue increased by 27.8% to 1.8 (1.4) MEUR
• International revenue was 1.3 (1.0) MEUR, representing 26.7% (24.8%) of total revenue
• EBITA totaled 0.3 (0.0) MEUR and the EBITA margin was 5.9% (0.9%); there were no non-recurring adjustment items in the quarter

Key figures

*EBIT before non-recurring items, consolidated goodwill amortization, and impairments relative to revenue
**Adjusted for non-recurring items, consolidated goodwill amortization, and the associated company's (HC Andersen Capital) consolidated goodwill amortization

Guidance

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%)

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
• Full-year earnings and growth are expected to be weighted towards the second half of the year

CEO Mikael Rautanen:

“As anticipated, growth picked up in the final quarter of the year to 12%, with profitability improving significantly. The Software business and new customers in the Events business in Sweden and Finland were the main growth drivers. Full-year 2025 revenue grew by 4%, and adjusted EBITA-% was at the previous year's level, and therefore fell short of our long-term targets. In Finland, the business is in a very strong shape and achieved a record result. However, expenses related to international expansion affected the result. International revenue growth picked up slightly in the second half, but the pace is not yet sufficient.

In the spring of 2025, we updated our strategy and operating model. The strategy is built around three business units with a sharp focus on the investor communications segment: Research, Events, and Software. Each business unit has its own strategy for international expansion. The change has brought better focus to operations. In Finland, every business unit grew in 2025, and each unit has achieved a market-leading position, demonstrating the competitiveness of our products.

Each business unit continues the work to find their recipe to scale internationally. The outlook for the Software business is good, which is why we are increasing our investments. In Software, we have built strategic partnerships, such as the expanding cooperation with Euronext Corporate Solutions announced in January. In the Events business, our short-term focus is clear: returning the Swedish business to growth. In the Research business, we have not achieved the targeted growth outside of Finland. Increasing investments in Research is not warranted until we find a viable model for scaling the business. This still requires active piloting of different concepts, experimenting with various sales tactics, and shaking up old ways of working.

AI tools are changing how investors discover, analyze, and make decisions about companies. Listed companies must ensure their information is accurate and accessible when investors use these AI tools. Our teams are actively developing new tools and products that help both listed companies and investors to adapt to this new reality.

In Denmark, the development of our strategic partner HC Andersen Capital (HCA) was stable, even though the Danish market has contracted sharply. HCA has closely integrated Inderes' software products into its offering, and customer numbers are growing.

Heading into 2026, Inderes continues to execute on the strategy announced in May 2025. We anticipate growth in 2026. At the same time, we are preparing to significantly increase investments in the Software business given the opportunities we are seeing in the market. Also, the pick-up in Nordic IPO activity is visible in concrete projects, and it appears that 2026 will be a better IPO year than 2025.

In accordance with our profit distribution policy, we aim for increasing profit distribution for the 2025 financial year, but instead of a high dividend, we place significant emphasis on share buybacks.”

The Board of Directors’ proposal for measures concerning the company's profit

• Inderes aims to achieve annually increasing absolute payout, which includes dividends and share buybacks
• For 2025, the company plans to increase profit distribution, which will be divided between a share buyback program and dividends paid
  • The company has decided to initiate a share buyback program worth 0.9 MEUR
  • The company’s Board of Directors proposes to the AGM that a total of EUR 0.45 (0.87) per share be distributed as dividends in two installments
• The total payout is estimated at 1.7 (1.6) MEUR
• Inderes' Annual General Meeting is scheduled to be held in Helsinki on Wednesday, April 15, 2026

Webcast 

Inderes will host an earnings call in Finnish today at 9:30 EET. At the event, CEO Mikael Rautanen and CFO Mikko Wartiovaara will review the company's financial performance and strategy for the financial year 2025.

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 11 February 2026, at 1:00 pm EET.

You can follow the Finnish webcast on Tuesday starting at 9:30 am EET on 10 February 2026, at https://inderes.events.inderes.com/q4-2025.

You can follow the English webcast on Wednesday starting at 1:00 pm EET on 11 February 2026, at https://www.inderes.dk/videos/inderes-presentation-of-fy-2025.

As usual, participants can ask questions during the webcast using the chat function of the video platform or by using the platform’s talk back function. The presentation material will be published before the events on the company's website at www.group.inderes.fi.

This release is a summary of Inderes Oyj's financial statements release for 2025. The complete Financial Statements Release is attached to this company release as a pdf file and is also available on the company's website at www.group.inderes.fi.


Contact information:
Mikael Rautanen
CEO, Inderes Oyj
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

Juha Karttunen
juha.karttunen@sisupartners.com
Tel. +358 40 555 4727

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/.