Inderes Q2 Growth continues at home, international operations still idling
Sammanfattning
- Inderes reported a strong Q2 with revenue of 5,9 MEUR and an EBITA margin of 13,5%, reflecting significant growth compared to the previous year.
- For the first half, revenue increased by 9% to 11,4 MEUR, and the EBITA margin improved to 11,4%, aided by cost management and a stable headcount.
- Despite the positive performance, the company maintained its annual guidance, acknowledging ongoing profit pressure from international software expansion.
- Management noted steady spending from larger clients and a healthy rate of new listing customers, while also highlighting the strategic move to integrate AI tools with Inderes' research data.
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| Key Metrics | Q2-Estimate | Q2-Actual | Q2-Change | H1-Estimate | H1-Actual | FY 26e Old | FY 26e New | FY-Change |
| Revenue, MEUR | 5,6 | 5,9 | +0,3 | 11,1 | 11,4 | 20,7 | 20,9 | +0,2 |
| Revenue growth | 7,1 % | 14,1 % | +7 % p.p | 5,7 % | 8,7 % | 8,2 % | 9 % | +0,8 % p.p |
| EBITA, MEUR | 0,5 | 0,8 | +0,3 | 1,1 | 1,3 | 2,5 | 2,6 | +0,1 |
| EBITA % | 8,6 % | 13,5 % | +4,9 % p.p | 9,9 % | 11,4 % | 12,1 % | 12,4 % | +0,3 % p.p |
Inderes had a good first half, with revenue growing 9 %, and EBITA margin improving to 11,4 %. Some of that comes from an easy comparison, as last year's first half was held back by restructuring costs in Sweden. Accounting for those changes, the margin was about the same as a year ago. More significant changes were seen to the cost base, where a flat headcount and tighter personnel costs did most of the work.
The second quarter was the stronger of the two, at a 13,5 % EBITA margin. Guidance for the year was left unchanged, and the company was open about the fact that its international software push will keep some pressure on profit for now. Management’s read on the market was cautiously positive, with larger clients spending more steadily while smaller ones stay careful, and new listing customers still coming in at a healthy rate. Management also made a point of the recent step to open Inderes' research data to AI tools, which we think matters more than it looks. We stay at BUY, with a target price of 19,9 €.