Inderes Oyj,

Company announcement 25 April 2025, 8:00 am EEST

Inderes’ Business review January–March 2025: 6% revenue growth in a volatile market

Key figures January–March 2025

• Revenue increased by 5.6% to MEUR 5.3 (5.0)
• Recurring revenue grew by 4.6% to MEUR 2.9 (2.8), accounting for 54.7% (55.2%) of revenue​
• Project revenue increased by 6.8% to MEUR 2.4 (2.2)
• International revenue was MEUR 1.1 (1.1), accounting for 21% of total revenue
• EBITA was MEUR 0.5 (0.6) and the EBITA margin was 8.7% (11.3%)
• Inderes provided services to 442 (429) listed companies in the last 12 months
• The Inderes platform had 19.3 (19.5) million site visits in the last 12 months and 67,000 (74,000) active members at the end of the period.

Key figures

Guidance for 2025

• Revenue will grow from the previous year (MEUR 18.4)
• Relative profitability measured by EBITA % excluding non-recurring items improves from the previous year (11.6%)

Background for the guidance (updated)

• The target markets for main product areas are not expected to grow in 2025 (previously: ”are expected to remain stable or grow slightly in 2025”)
• Revenue will increase driven by new products and openings of new markets
• Company accelerates investments in international growth

CEO Mikael Rautanen

The year had a mixed start. We grew despite the volatile market situation and the development in Finland was strong. In Sweden, revenue decreased, and we are now changing our operating model to achieve growth. The general market situation has become more unstable over the past month, which may affect companies’ listing activity and, thus, market growth. However, our recurring revenue model gives us predictability in an unstable market.

As stated in the previous report, we are updating our sales strategy and organization in Sweden. Going forward, we will organize around three business units (Research, Events and Software), each with its separate internationalization strategy. We are also renewing the delivery model in our Swedish event business. The changes aim to find the right go-to-market model for each business.

Revenue grew by 5.6% in the first quarter and all business units grew. EBITA for the first quarter was MEUR 0.5 (0.6). AGM sales and production margins are slightly more weighted to the second quarter than in the previous year, which affects the comparison between quarters.

Revenue from the Research business grew, while the contract portfolio decreased to 141 (145) contracts. The decline in the contract portfolio is due to acquisitions and the dissatisfaction of certain customers in Sweden with our research’s recommendations and target prices. Revenue growth stemmed from higher prices in the contract portfolio and sales of complementary services. The reach of the Inderes platform was 19.3 (19.5) million site visits in the past 12 months, and the number of active members was 67,000 (74,000) at the end of the period.

The Events business developed excellently in Finland, especially thanks to the successful sales of AGMs and hybrid event productions. Inderes is further strengthening its position, especially as a trusted partner for large listed companies in AGM productions, and customer satisfaction is at an excellent level. In Sweden, Events business sales decreased. Sweden's Events business will adopt a new delivery model in the first half of the year, improving the quality, efficiency, and scalability of productions.

The good momentum in the Software business continued, and we are further accelerating investments in sales, product development, and international growth. In the AGM product, sales in Finland for the 2025 season have met expectations. In IR software, customer numbers continued to grow. Regarding the Videosync platform, particularly the ramp-up of international clients is currently driving growth.

Beginning in the first half of this year, we will separately report international revenue, growth and profitability of our three business units. This reflects a model where each business unit proceeds with an independent internationalization strategy. The strategy update will be disclosed in more detail at the capital markets day on May 27, 2025.

Webcast

Inderes will host earnings call today in Finnish at 9:30 am EEST. 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.

In addition, Mikael Rautanen will present the main points of the report in English in an earnings call hosted by HC Andersen Capital on 28 April 2025, at 2:00 pm EEST.

You can follow the Finnish webcast on Friday 25 April 2025 starting at 9:30 am EEST, at https://inderes.events.inderes.com/q1-interimreport-2025.

You can follow the English webcast on Monday 28 April 2025 starting at 2:00 pm EEST, at https://www.inderes.dk/videos/inderes-presentation-of-q1-2025.

As usual, participants can ask questions during the webcast using the chat function of the video platform or by using the platform’s talk back function.

This release is a summary of Inderes Oyj's January-March 2025 Business review. The full Business review is attached to this company release as a pdf file and is also available on the company's website at http://www.group.inderes.com/en/.

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 is a Nordic investor media connecting investors and listed companies. We provide in-depth equity research and investor relations solutions to help over 400 listed companies better serve the Nordic investor community. Inderes operates in Sweden, Finland, Denmark, and Norway and is listed on Nasdaq First North Growth Market. Read more: http://www.group.inderes.com/en/