Research

Inderes Q1 2026: A Small Beat, in the Right Direction

Summary

Inderes' Q1 2026 results slightly surpassed expectations, with revenue at 5.5 MEUR and an EBITA margin of 9.1%, driven by improved profitability.
Recurring revenue increased by 7.9% and international revenue by 15%, largely due to strong performance in the Software segment.
Following the results, the full-year 2026 revenue estimate was raised to 20.7 MEUR, while the EBITA margin forecast remains at 12.1%.
The Buy recommendation is maintained, and the target price is increased to 20€, suggesting a 24.6% potential upside from the current share price of €16.05.

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Key Metrics	Q1-Estimate	Q1-Actual	Difference	FY 26e Old	FY 26e New	FY-Change
Revenue	5,4 MEUR	5,5 MEUR	+0,1 MEUR	20,5 MEUR	20,7 MEUR	+0,2 MEUR
Revenue growth	2,6 %	3,7 %	+1,1 % p.p	7,6 %	8,2 %	+0,6 % p.p
EBITA	0,4 MEUR	0,5 MEUR	+0,1 MEUR	2,5 MEUR	2,5 MEUR	+1,9 %
EBITA-%	6,2 %	9,1 %	+2,9 % p.p	12,1 %	12,1 %	-

Inderes' Q1 2026 results modestly exceeded our estimates. Revenue grew 3.7% to 5.5 MEUR (est. 5.4 MEUR), while the EBITA margin came in at 9.1% (est. 6.2%), driven primarily by better profitability than expected. Recurring revenue grew 7.9% and international revenue 15%, both supported by strong momentum in the Software segment.

Following the results, we raised our full-year 2026 revenue estimate from 20.5 MEUR to 20.7 MEUR, while keeping our EBITA margin forecast unchanged at 12.1%. We have revised our segment assumptions to better reflect the Software segment's outperformance, partly offsetting a more cautious view on the Events business in Sweden.

We resume our Buy recommendation and raise the target price to 20€, implying approximately 24.6% upside from the current share price of €16.05.

Inderes operates in the financial industry. The company provides a community platform for investors and listed companies. Via the platform, users can communicate with each other and exchange investment tips. The customers consist of both companies and private individuals. In addition, the company offers analysis services and a basis for investment decisions. The largest operations are in the Nordic region.