Inderes Oyj, Company announcement, Inside information, May 27, 2025, at 8:00 am EEST

Inderes is updating its strategy and specifying the corresponding targets and business structures for the new 2025–2030 period. The strategy is updated based on the lessons learned from internationalization over the past two years and the changes in the operating environment.

The updated strategy is built around three business units, each with a clear focus on an investor relations segment: Research, Events and Software. Each business unit has built a strong market position in Finland, and continued growth and significant value creation requires success in international markets. The most significant investment area is to build a strong international software business as the third pillar of Inderes’ business.

"In mapping the operating landscape, it has become clear that the international market for investor relations is fragmented and lacks a strong specialised player. We are well positioned for this, as Inderes was founded to serve investors and our professionals have deep expertise in both investor relations and equity investing", says Mikael Rautanen, CEO of Inderes.

Inderes aims to be the most investor-minded company in finance. By acting as a trusted platform between listed companies and investors, Inderes enhances the efficiency of the capital markets. For listed company customers, Inderes' products solve key investor relations problems such as low liquidity, lack of analyst coverage, the shift of investor relations to digital channels and increasing complexity and costs.

"At the same time, some of the hypotheses about internationalization that we made in the previous strategy have proven to be incorrect, and with the lessons learned, it is now time to sharpen our focus. In the previous strategy, we positioned ourselves as a Finnish company expanding into Sweden with a comprehensive product portfolio. This has limited our thinking. Research, Events and Software are very different businesses by nature, which is why each of them needs its own internationalization strategy”, Rautanen continues.

Three business units

Going forward, the strategy will be built around three business units, which will be managed as international businesses: Research, Events and Software. Each business has its own internationalization strategy. This is a change from the previous strategy published in 2023, which aimed to achieve internationalization with a comprehensive portfolio of four main products.

All three businesses are built around and united by Inderes' competitive advantages: expertise, the Inderes platform and reach. The key obstacles identified in the strategy work to be addressed during the strategy period are international brand awareness, transformation to an international culture, the slow change in a conservative industry, and finding the right go-to-market models.

Key figures

Research: The most influential equity research team in the Nordics

The supply of equity research has decreased globally, and the investment banks' business model has not been able to meet the demand of all investors and companies for analysis coverage. Inderes offers the market a proven, independent alternative that brings high-quality analysis within the reach of all investors and companies. Commissioned research enables listed companies to serve the increasingly important target group of retail investors. This requires the commissioned research market to take shape and the awareness and credibility of the alternative operating model to be built.

The key investment areas for the strategy period in Research business are piloting new go-to-market models in the Nordics, strengthening brand awareness, and leveraging artificial intelligence in efficiency, content creation and international scalability. The goal of the strategy period is to establish a position as the most influential equity research team in the Nordics, measured by the coverage and investor reach.

Events: The leading IR-focused events agency in the Nordics

Listed companies need a reliable partner that can deliver events ranging from analyst calls to demanding AGM event productions. The demand for live events increases as investors and regulations require listed companies to treat investors equally and transparently. Inderes' open online and hybrid events have proven to be an effective solution for this. As a strong player specializing in the IR segment, Inderes combines in-depth expertise in event production and investor communications to a modern event platform and a wide reach.

The key investment areas in the event business are the automation of delivery models, growth by moving up the value chain to become a producer of demanding productions also outside of Finland and increasing the customer value of productions. The goal of the strategy period is to build the leading IR-focused events agency in the Nordics.

Software business: Market demand for a strong specialist

Inderes' software business has been built through R&D investments made over the past four years and has succeeded in growing with strong point solutions (IR software, Videosync event platform and AGM solutions). In the next phase, the product portfolio will be brought together through the new IR Suite, which combines all the key software solutions needed for investor communications and the Inderes ecosystem data for the customer into one easy-to-use interface. The company sees significant value creation potential in this area due to slow innovation and insufficient competition in the market.

The key investment areas for the software business are accelerating product development, harmonizing the product portfolio and building a sales channel. The internationalization strategy is based on direct sales and scaling through partnerships in Europe. The goal of the strategy period is to build a strong international software business.

People and culture

During the strategy period, Inderes estimates that its operating environment will remain unstable and continue to change unpredictably due the global economy, geopolitics and developments in artificial intelligence. Inderes continues to develop a disciplined anarchy leadership model that aims to achieve a competitive advantage even in an unstable operating environment. The model is built on low hierarchy, constantly adapting organizational structures, a quality driven decision-making process, co-lead teams, and rapid response to changes and opportunities in the operating environment.

The Inderes' team has a built-in desire to become better, get out of their comfort zone, renew the industry, deliver high quality and set ambitious goals. 81% of the company's personnel are also Inderes shareholders. As part of the strategy, Inderes will continue to develop excellent teams that consist of ordinary people.

Financial targets and investment areas for the strategy period

As part of its new strategy, Inderes specifies its financial targets. The company’s long-term target is:

• Financial target: A combination of over 30% revenue growth and profitability (EBITA-%) (earlier target: 30-50 %).
• Payout: Annually increasing absolute payout, including dividends and share buybacks (unchanged).

During the strategy period, investments in different business operations will be allocated as follows:

• In the Research business, investments related to internationalization, the Inderes platform, artificial intelligence, and business scalability are implemented while maintaining a strong profitability.
• In the Events business, growth is implemented while maintaining good profitability.
• In the Software business, Strong investment to R&D and international growth, scaling of profitability targeted earliest at the end of strategy period.

During the strategy period, Inderes may evaluate potential acquisition targets to accelerate growth, competitive advantage or market entry in one or more main product areas.

Capital Markets Day on May 27, 2025, at 9:30 am (EEST)

Inderes will present its updated strategy at the Capital Markets Day on May 27 from 9:30 to 11:30 am (EEST). You can participate in the event at https://inderes.events.inderes.com/cmd-2025/register.


Contact information:

Mikael Rautanen
CEO
mikael.rautanen@inderes.fi
Tel. +358 50 346 0321

Certified advisor:

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 financial 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 use our investor relations 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/.