Inderes INDERES.HE

Public, HEL, reports in EUR. Founded 2009.
Theme: Intenet. Finnish IR services.

2025-08-01 — Could profit from enshittification?

Financials millions, EUR

Period	Revenue	Growth %	Gross margin %	R&D %	Operating income	Operating margin %	Net income	EPS (diluted)	Rule of 40
2025	19m EUR	3.9 %	38.5 %	–	0.9m EUR	4.7 %	0.2m EUR	0.12	8.6
2024	18m EUR	7.2 %	83.3 %	–	1.2m EUR	6.4 %	0.5m EUR	0.26	13.6
2023	17m EUR	27.1 %	39.5 %	–	0.8m EUR	4.5 %	0.1m EUR	0.05	31.7
2022	14m EUR	–	39.2 %	–	0.8m EUR	6.0 %	0.4m EUR	0.23	–
2026-Q2	5.9m EUR	14.1 %	28.3 %	–	0.6m EUR	10.5 %	0.6m EUR	0.35	24.7
2026-Q1	5.5m EUR	3.7 %	24.7 %	–	0.3m EUR	5.9 %	0.3m EUR	0.19	9.6
2025-Q4	4.7m EUR	–	68.6 %	–	0.1m EUR	2.2 %	-0.6m EUR	–	–
2025-Q2	5.2m EUR	–	25.9 %	–	-0.0m EUR	-0.7 %	-0.0m EUR	-0.02	–
2025-Q1	5.3m EUR	–	25.3 %	–	0.3m EUR	5.4 %	0.3m EUR	0.17	–

Sources

Period	Cash from operations	Capex	Free cash flow	FCF margin %	CFO / net income %	NOPAT	Unlevered FCF	Levered FCF	Net change in cash
2025	1.9m EUR	0.6m EUR	1.4m EUR	7.1 %	921.6 %	–	–	0.9m EUR	-0.5m EUR
2024	3.0m EUR	0.2m EUR	2.8m EUR	15.5 %	603.3 %	0.7m EUR	2.7m EUR	-0.3m EUR	-1.7m EUR
2023	1.5m EUR	0.2m EUR	1.3m EUR	7.8 %	1814.4 %	–	–	1.3m EUR	0.4m EUR
2022	1.4m EUR	0.5m EUR	0.9m EUR	6.6 %	359.8 %	0.5m EUR	1.2m EUR	2.7m EUR	-3.2m EUR

NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.