Inderes – Presentation of H1 2026 Results

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Inderes is expected to release its H1 2026 results on August 11, 2026. Inderes CEO Mikael Rautanen will present the results in a live online event on the same day at 13:00 CEST, where you will also have the opportunity to ask questions.

Ahead of the H1 results, Inderes has reported monthly revenue figures through May, pointing to a notable acceleration in growth momentum during Q2. April revenue grew 7% year-on-year to 2.6 MEUR, followed by a 14% increase in May to 1.9 MEUR (vs. 1.6 MEUR in May 2025). According to management, growth was driven primarily by recurring revenue in the Research and Software businesses, with additional support from project revenue timing related to AGM productions.

Q1 2026 results, released in April, showed revenue of 5.5 MEUR, up 3.7% year-on-year, and an EBITA margin of 9.1%, both slightly above expectations. International revenue.

For the full year 2026, Inderes has guided for revenue growth compared to 2025 (19.1 MEUR) and an adjusted EBITA margin in the range of 10–13%. With January-May revenue of approximately 9.9 MEUR representing roughly 48% of the latest analyst estimate of 20.8 MEUR for the full year. The guidance reflects expectations of gradually improving market conditions, although continued investments in international growth, particularly within the Software Business, are expected to weigh on profitability.

Since the Q1 report, several developments have emerged in Inderes' operating environment. The Finnish IPO pipeline is showing clear signs of recovery, with companies such as Savox, KPY, Reaktor, and IQM announcing listing intentions, a positive signal for demand within Inderes' project-based services. Evli has announced its exit from the research business, further consolidating Inderes' market position in Finland.

Investor focus ahead of the H1 results is likely to center on whether the improved momentum in April and May has translated into a stronger Q2 overall, and whether the full-year guidance still appears achievable, or potentially conservative. In addition, an update on the progress of international Software expansion, the development of the Events Business in Sweden, and management's view on how the recovering Finnish IPO pipeline could support H2 revenues will be key focal points during the event.

Disclaimer: HC Andersen Capital receives payment from Inderes for a Digital IR/Corporate Visibility subscription agreement. Inderes and HC Andersen Capital are strategic partners, and Inderes holds 20% ownership in HC Andersen Capital. A number of HC Andersen Capital employees own shares in Inderes. /Michael Friis, at 10.42 CEST, 01/07-2026.