Inderes Group - Q2: Adjusted EBITA above, while reported profits were shy - SEB

Inderes's Q2 sales increased by 3.7% y/y to EUR 5.2m, topping slightly (+2%) our estimate of EUR 5.1m. With April-May sales already reported the deviation owes to June sales, which rose 29% y/y thanks to the timing of project revenue between May (-12% y/y) and June. The Q2 reported EBITA declined to EUR 0.1m, missing our estimate of EUR 0.5m clearly. However, the deviation owes to one-off costs amounting EUR 0.5m and excluding these one-offs adjusted EBITA came in at EUR 0.7m, topping our estimate of EUR 0.5m relatively clearly. The one-offs relate to the reorganisation of Swedish business. Looking at the H1 performance for business lines we flag that the Research business sales increased by c. 3%, which is in line with our FY25 projection. Events business sales climbed 2% while we input flat 2025E sales. The Software business sales increased 22% y/y, which we find in line with our FY25 projection of 20%. International sales development remained flat vs. the previous year at EUR 2.2m in H1. This was also in line with our assumption. It is noteworthy that the Swedish business remains in decline, but the first steps of internationalisation of the Software business offset the performance. The number of commissioned research agreements was up q/q to 143 (vs. 141 in end-Q1). The group headcount of 122 employees was in line with our expectations.