Inderes Q1'26 preview
Summary
- Inderes' Q1 revenue estimate has been revised downward from EUR 5.6 million to EUR 5.4 million due to weaker project revenue, as indicated by management's comments on January-February performance.
- The revenue growth forecast for Q1 has decreased from 5.7% to 2.6%, while the EBITA margin is estimated at 6.2%, aligning with Inderes' guidance of stronger performance in H2.
- Inderes' CEO Mikael Rautanen noted that 2026 began as expected, with strong recurring revenue growth from the software business, despite lower IR event volumes compared to the previous period.
- No changes have been made to the target price estimates, and Inderes is set to publish its Q1 results on April 24, 2026.
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| Key Metrics | Q1-Old | Q1-New | Q1-Change | FY 26 Old | FY 26 New | FY-Change | |
| Revenue | 5,6 MEUR | 5,4 MEUR | -0,2 MEUR | 20,7 MEUR | 20,5 MEUR | -0,2 MEUR | |
| Revenue growth | 5,7 % | 2,6 % | -3,1 % p.p | 8,5 % | 7,6 % | -0,9 % p.p | |
| EBITA | 0,4 MEUR | 0,4 MEUR | -3,3 % | 2,5 MEUR | 2,5 MEUR | -1,0 % | |
| EBITA-% | 6,3 % | 6,2 % | -0,1 % p.p | 12,1 % | 12,1 % | - |
Source: Inderes
Inderes' revenue from January and February totalled EUR 2.9 million. CEO Mikael Rautanen commented that 2026 has started in line with expectations as recurring revenue has grown well, driven by the software business, while the volume of IR events in January and February was below the comparison period.
Following our February comment where we kept forecasts unchanged, we now revise our Q1 revenue estimate slightly downward based on our assessment of March project revenue. We have revised our Q1 revenue estimate from EUR 5.6 million to EUR 5.4 million. The primary driver behind the change is our view of weaker project revenue during the quarter, which is supported by management's own comments on the January-February period. We estimate Q1 EBITA margin at 6.2%, reflecting Inderes' guidance that revenue growth and profitability are weighted toward H2. We make no changes to our target price estimates. Inderes will publish its Q1-results in 24.4.2026.