Really excellent development from Inderes.
We have returned to excellent monthly growth figures, and now the quarterly growth in this Q2 report is also great to see. The software business has become a strong driver of revenue, and it is pleasing to see that the analysis business is also clearly growing. Just get more IPOs going and start picking the international fruits, and we could be in for some very good times ahead.
It was a strong performance, and profitability is nicely improving through software as revenue grows.
I would also like to highlight the good growth in July, which came precisely from the analysis and software business, i.e., exactly from this recurring revenue stream. The event business was flat, so, in my opinion, the revenue mix is excellent for an investor considering that growth. It bodes well for the coming months as the recurring revenue provides such a stable foundation for growth:
Mikaelâs review in the H1 report is also pleasant reading overall, and the outlook is clearly positive.
By the way, whatâs up with the recurring revenue share dropping from 55.4% in the comparison period to 52.8% in Q2? Is it just due to some timing factors!? Can anyone smarter chime in?
But yeah, all in all, itâs quite refreshing to read an earnings report for a change!
SEBilta jo tuoretta kommenttia:
"### Q2: Enjoying strong growth momentum
Samaa huomiota kasvusta kuin itsellÀkin aiemmin eli hyvÀllÀ pohjalla H2:n kasvu:
âLooking ahead, we note that the number of research contracts increased to 153 from 143 year ago (SEB est 149), meaning the company starts H2 with 7% higher underlying volume in research. This coupled with the solid software business growth let us think the growth momentum is set to continue in H2. We have expected H2 growth of around 10%.â
Is it purely because the project revenue was high? It fluctuates more. Recurring revenue, on the other hand, has risen steadily.
Great to read a good earnings report for once! I donât exactly get those in my own portfolio all the time. After the report, the sentiment was very positive, but did they have to ruin it with this webcast? I canât get into the broadcast (tried with several devices and different networks), and when I finally do, the audio is completely unlistenable. Or is this just me?? Itâs good that the problems are with their own broadcast rather than with customers, at least. Still, one would hope for 100% reliability in these things.
I had sound issues here too; the volume had to be at 11 for me to hear anything. The numbers were good, luckily, but the broadcast was a bit poor as a reference.
It didnât work through the link in the interim report, but it worked when I opened it via the Inderes website. The audio didnât work for me either until I switched from subtitles to the Finnish audio track. Before that, the audio was muffled, and I suspect many others had the same issue.
The audio sounded normal once I switched the audio track to Finnish. What bothered me was primarily the Finnish auto-generated subtitles, which couldnât be turned off. The picture quality also fluctuated at times.
The report itself was a pleasant read. It is really nice to see that the software business was already made clearly profitable, even though there is still a way to go to reach a mature level. Good job, Inderes!
I think Inderes Oyj is a reasonably priced company. The adjusted EV/EBITA is still hovering around 10 based on this yearâs earnings, growth is nearing 10%, and over half of the revenue is recurring while customer retention remains strong.
Institutional investors are noticeably absent from the shareholder list, and they are likely needed for the valuation to rise, but does Inderes fit into their portfolios? At the same time, the number of retail investors continues to decline.
@StudentCoverage_2026 interviewed Mikael regarding Q2 
Topics:
(00:07) Inderesâ Q2â26
(00:59) New clients in the analysis business
(01:54) Artificial intelligence in the analysis business
(02:53) Event business
(03:53) Impact of the strategy update on Sweden
(06:42) Nordic IPO market
(07:48) Inderesâ share buyback program
(08:26) Challenges in international business
(10:24) Buyers of investor relations services are cautious
Inderesâ quarterly earnings call today featured live subtitles and live dubbing.
Due to a configuration error, the live dubbing could not be heard at all, and the Finnish audio of the broadcast was heard quietly in the background instead. Furthermore, following a recent update to the player, the player incorrectly loaded the English dubbing, which resulted in the audio being quiet by default for everyone.
On the Inderes web platform, the subtitle selection button was also hidden. All of these issues will be corrected as soon as possible.
We test new features at an early stage in our own broadcasts, but this time things didnât go as planned!
