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.
Inderes Oyj is a Finnish investor communications company specializing in equity research, IR software, event production, and a digital investor community. The company serves over 400 corporate clients across the Nordics and operates an asset-light business model supported by recurring contracts and long-standing customer relationships. This foundation enhances revenue visibility and supports stable cash generation.
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Inderes expects to release its full-year 2025 results on February 10th, 2026. Inderes CEO Mikael Rautanen will present the results in a live online event on February 11th at 12.00 CET, where you will also have the opportunity to ask questions.
Inderes’s Q4 report was well in line with our forecast and we highlight the improved activity in the Swedish market. However, we have lowered our profit estimates somewhat as the internationalisation requires further investment in opex. We believe the investments, if rightly executed, to be necessary as gaining momentum internationally is the key catalyst for the case. We have trimmed our fair value range to EUR 18-20 (EUR 19-21).
Inderes's Q4 profitability was slightly ahead of our estimate, owing to slightly better than expected sales. At first glance our 2026E sales growth is aligned with the fresh guidance, but are at the top end of the EBITA margin range and the company flags the internationalisation investments impacting profitability. Dividend was axed and came in well below our estimate. Yet, the overall capital distribution is up y/y as the company returns EUR 0.9m via buy-backs.
Inderes’ Oct-Nov sales show that we underestimated the bounce-back of the timing issue, which caused weak September sales. We also read that the Event business could be gaining momentum in Sweden. With the market environment (IPO activity) improving, we forecast accelerating growth for 2026E, which should also allow a visible step up in margin. Fair value range a notch up to EUR 19-21.
Inderes delivered solid monthly sales in November with sales increasing by
15% y/y. The strong growth owes to improved CMD activity. The sales beat our
estimate by EUR 0.2m, which was the case also in October. Consequently, after
two months of reporting in Q4 the sales run-rate is some EUR 0.4m above our
current projection. Our positive read-x is also supported by the fact that
Inderes has managed to win CMDs also in Sweden.
Inderes omsättning ökade med 13 % i oktober och uppgick till 1,8 (1,6) MEUR. Utvecklingen var starkare än våra förväntningar, eftersom projektomsättningen hade försvagats exceptionellt kraftigt under det tredje kvartalet, och det fanns inga tydliga tecken på en förbättring i marknadsmiljön.
Inderes' October sales highlight that the slowness in September was largely
due to timing issues. The month saw sales increase by 13% after a 16%
decline in September. We had expected 4%, and hence the performance in
October suggests a good start to Q4, for which we have input sales growth of
2%.
