Inderes Oyj Half-year report H1 2026: Second quarter revenue grew by 14% and profitability improved
Inderes Oyj, Company announcement, August 11, 2026, 8:30 am EEST
Inderes Oyj Half-year report H1 2026: Second quarter revenue grew by 14% and profitability improved
Key figures January-June 2026
- Revenue increased by 8.7% to 11.4 (10.5) MEUR
- Recurring revenue grew by 8.3% to 6.2 MEUR (5.8), representing 54.8% (55.0%) of total revenue
- Project revenue grew by 9.1%, totaling 5.1 (4.7) MEUR
- International revenue was 2.4 (2.2) MEUR, representing 20.8% (21.1%) of total revenue
- EBITA was 1.3 (0.6) MEUR and the EBITA margin was 11.4% (5.7%)
- Adjusted EPS was EUR 0.58 (0.55), an increase of 6.0%
- Inderes delivered services to 430 listed companies in the last 12 months, a decrease of 7 customers compared to Q1/2026
The comparison figures in brackets refer to the corresponding period of the previous year, unless otherwise specified.
Key figures April-June 2026
- Revenue increased by 14.1% to 5.9 (5.2) MEUR
- Recurring revenue grew by 8.8% to 3.1 (2.9) MEUR, representing 52.8% (55.4%) of total revenue
- Project revenue increased by 20.7% to 2.8 (2.3) MEUR
- International revenue was 1.1 (1.1) MEUR, representing 19.0% (21.5%) of total revenue
- EBITA was 0.8 (0.1) MEUR and the EBITA margin was 13.5% (2.6%)
Key figures
| MEUR | Q2/2026 | Q2/2025 | H1/2026 | H1/2025 |
| Revenue | 5.9 | 5.2 | 11.4 | 10.5 |
| Revenue growth | 14.1% | 3.7% | 8.7% | 4.9% |
| Share of recurring revenue, % | 52.8% | 55.4% | 54.8% | 55.0% |
| EBITA | 0.8 | 0.1 | 1.3 | 0.6 |
| EBITA-% | 13.5% | 2.6% | 11.4% | 5.7% |
| EBITA, adjusted* | 0.8 | 0.7 | 1.3 | 1.2 |
| EBITA-%, adjusted* | 13.5% | 12.7% | 11.4% | 11.3% |
| EBIT | 0.6 | 0.0 | 0.9 | 0.2 |
| EBIT % | 10.5% | -0.7% | 8.3% | 2.4% |
| Earnings per share | 0.31 | -0.02 | ||
| Adjusted EPS** | 0.58 | 0.55 | ||
| Cash flow after investments | 0.9 | 1.0 | ||
| Equity ratio | 46.3% | 48.3% | ||
| Net gearing | -14.6% | -17.1% | ||
| Average number of employees | 123 | 122 | 122 | 122 |
*Adjusted for non-recurring items
**Adjusted for non-recurring items, consolidated goodwill depreciation and the associated company's (HC Andersen Capital) consolidated goodwill depreciation
Guidance:
Guidance for 2026
- Revenue increases from the previous year (2025: 19.1 MEUR)
- Relative profitability measured by the EBITA margin, excluding non-recurring items, is 10-13% (2025: 11.4%)
Guidance background
- Target markets for key product areas are estimated to grow slightly in 2026
- EBITA is affected by investments to international growth in the Software business
CEO Mikael Rautanen:
“The first half of the year, and especially the second quarter, were good for Inderes. The investments made in recent years are showing in our growth figures, which is exciting. Second-quarter revenue increased by 14%, and all business units grew. Growth is driven by the Software business in particular, but development in the Research business has also been encouraging. We are making good progress toward the strategy period's goal of building the software business into Inderes' third pillar.
First-half profitability developed better than we expected heading into the year. Adjusted EBITA for the review period was 1.3 (1.2) MEUR, and the adjusted EBITA margin was 11.4% (11.3%). Reported earnings improved significantly, as no non-recurring items have been recognized this year. We continue to invest in product development and international growth, while maintaining cost discipline. R&D expenses, which we book directly as costs, grew by 30% to 0.6 MEUR during the first half.
Our AI investments are beginning to deliver the first tangible benefits to the business. Especially in Software and Research, AI has already brought concrete benefits to internal efficiency. We have also introduced new AI-powered features to our products, strengthening our pricing power and competitive advantages. In May, we opened our equity research service to AI tools via Inderes MCP, enabling investors new ways to consume the information produced by Inderes.
The AGM season was again a success, and we executed 128 general meetings in the first half. Interest among large listed companies in fully digital general meetings has picked up substantially following successful references this spring. The shift opens up interesting opportunities for Inderes in the years ahead.
International revenue grew by 7% in the first half of the year. In the Software business, we won important new international customers in Denmark and Sweden.
Business development in Finland has consistently exceeded expectations, and we continue to see good growth opportunities in our home market.
Market conditions are showing modest signs of recovery while customer buying behavior remains mixed. Small listed companies are still largely cautious in their investor communications spending, and investor sentiment toward small-caps remains weak. However, many larger companies have begun investing more systematically in investor communications and retail investor services, also the IPO market has shown small signs of revival. We have won newly listed companies as customers at a good rate across several products. This is a good foundation to build on.”
Webcast
Inderes will host an earnings call at 9:30 am EEST today. At the event, CEO Mikael Rautanen will present the main points of the report, as well as the progress of the company’s strategy, and CFO Mikko Wartiovaara will go through the financial figures for the review period. The broadcast will include live captioning as well as AI-generated simultaneous interpretation in English, Swedish and Danish.
In addition, CEO Mikael Rautanen will present the key points of the report in English in an earnings call hosted by HC Andersen Capital on August 11, 2026, at 2:00 pm EEST.
- You can follow the Finnish webcast on Tuesday starting at 9:30 am EEST on August 11, 2026, at https://www.inderes.fi/videos/inderes-oyj-webcast-q226.
- You can follow the English webcast on Tuesday starting at 2:00 pm EEST on August 11, 2026, at https://www.inderes.dk/videos/inderes-presentation-of-h1-2026-results.
As usual, participants can ask questions during the webcast using the chat function of the video platform. The presentation material will be published before the events on the company's website at www.group.inderes.fi.
Contact information:
Mikael Rautanen
CEO
mikael.rautanen@inderes.com
Tel. +358 50 346 0321
Certified adviser:
Sisu Partners Oy
Jori-Pekka Rautalahti
jori-pekka.rautalahti@sisupartners.com
Tel. +358 50 382 9323
Juha Karttunen
juha.karttunen@sisupartners.com
Tel. +358 40 555 4727
Inderes in brief
Inderes democratizes investor information by connecting investors and listed companies. For investors, we are an investing community and a trusted source of financial information and equity research. For listed companies, we are a partner in delivering high-quality investor relations. Over 500 listed companies in Europe utilize our investor communications products and equity research services to provide better investor communications to their shareholders. Our goal is to be the most investor-minded company in finance. Inderes was founded in 2009 by investors, for investors. As a Nasdaq First North-listed company, we understand the day-to-day reality of our customers. Read more: https://group.inderes.fi/en/.