Slides
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CAPITAL MARKETS DAY 2025
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AGENDA STRATEGY UPDATE RESEARCH SOFTWARE EVENTS Mikael Rautanen Antti Luiro Jenny Cederqvist Janne Vainionpää HC ANDERSEN CAPITAL Tue Østergard PART ONE THE PRODUCT SHOW INDERES PLATFORM PEOPLE & CULTURE COMMUNITY Eero Alasuutari Miikka Laitila Verneri Pulkkinen Tuulikki Rautiainen FINANCIALS Mikko Wartiovaara PART TWO Q&A
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BUILDING THE MOST INVESTOR-MINDED COMPANY IN FINANCE MIKAEL RAUTANEN STRATEGY UPDATE
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Starting the next phase in Inderes’ evolution 2015 – 2019 The ramp-up of Equity Research business and Inderes platform 2019 - 2022 Expansion of product portfolio to include IR events, AGMs and IR software 2023 - 2024 Learning & adapting 1,8 2,3 3,2 5,0 8,7 11,8 13,5 17,2 18,4 2016 2017 2018 2019 2020 2021 2022 2023 2024 CAGR 34% 2025 - 2030 Gearing up for international growth with Research, Events and Software
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Since 2023 strategy update: execution and learnings Execution o Improving financials in a tough market o Product portfolio – stronger than ever o Migration to a new tech platform o Expanded distribution network o Software business shift to commercial phase Learnings o Acquisition integration o Go-to-market approach redefined o Identified our niches in the market o New structure: three business units o We must reinvent ourselves - again
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Most influential Nordic equity research team Leading Nordic IR-focused events agency Strong international software business Inderes 2030 ambitionInderes 2024 RESEARCH EVENTS SOFTWARE 7,2m (+3 %) 8,6m(+4 %) 2,4m (+40 %) Strategy based on three business units
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INVESTORS What information can I trust? INVESTOR PROBLEM: LISTED COMPANIES
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The customer problems we solve are clear o Liquidity. Companies must invest in investor communications and retail investors. o Analyst coverage. Nearly 80% of small and medium-sized listed companies lack analyst coverage in the EU. o Digital channels.IR moves from the cabinets to digital channels. o Increasing complexity and costs. Life as a listed company must be made simpler.
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Investor relationsInvestment banking Generalists NO-GO ZONE = No unique advantages, partner NO-GO ZONE = No unique advantages, partner STRATEGIC FOCUS = Democratize financial information We have identified a clear need for strong investor relations (IR) focused player
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The Inderes recipe: combining three core elements in our products Expertise We know investors and investor relations Reach Unique reach to the 100 % IR target audience Platform Offering integrated to one platform + +
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Key obstacles to overcome in the strategy Building international brand awareness Transformation to international culture Finding right go-to- market models Pushing change in a conservative industry
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For the next phase, Inderes has 1,8 2,3 3,2 5,0 8,7 11,8 13,5 17,2 18,4 2016 2017 2018 2019 2020 2021 2022 2023 2024 o Excellent team o Clear critical focus areas o Clear competitive advantages in selected segment o Clear need in the market for our products o Proven business model and products
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ANTTI LUIRO RESEARCH STRATEGY
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Clear market opportunity in bringing research to all investors and all companies 0 10 20 30 40 50 60 70 80 90 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 Finland Sweden Denmark EU27 Research market opportunity Share of listed SMEs with analyst coverage, 2023, % of companies IR can no longer ignore retail o Investment-banking driven research industry remains exclusive for big companies and big investors o Retail investing is on the rise with easy access brokerage and popularity of investing o Online retail investor communities have increasing weight on share price and liquidity o Misinformation can easily spread among investors through social media and AI tool adoption, risking companies to losing control of their equity story
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If an analyst seems to avoid negative views, why would investors trust their positive views? And if investors don’t trust the research, how much impact can it have for companies? Research providers grouped by % of negative views in their public coverage, grouping by main market, # of research providers Two realities: Marketing and Independent research Source: Inderes, Company websites (2024). Data based on full coverage or sample of 15 companies. Negative view interpreted directly from recommendation (Hold/Reduce/Sell), or indirectly from fair value estimate compared to share price, or from the lack of any valuation view. Includes only publicly available research, which is by and large commissioned by the covered company. Most research houses rarely have negative views* on customer companies 3 11 2 1 0 5 10 15 0-20 % 20-30 % 30-50 % Finland Sweden Rest of Europe
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Inderes recommendation returns* 1.1.2013-31.12.2024, annualized return-% (CAGR) Inderes takes the credit rating approach to Research o Research providers compete for the trust of investors - the most trusted provider can deliver most value to listed companies. o Inderes is built on this approach and was named after it. We will always rather lose customers than our independence. o Inderes’ research model has been proven to work in Finland (>70 % coverage in the market). o Credit Rating industry has worked with the same principles for decades. Source: Inderes. *Returns including share price change and dividends. Portfolio created with equal weight of stocks with the chosen recommendation(s) with daily rebalancing. Full study and used recommendation data is available on inderes.fi/en/articles (Published April 11th, 2025) 10,5 % -14,6 % -4,8 % 21,6 % 56,6 % -40% -20% 0% 20% 40% 60% 80% All recommendations Sell Reduce Accumulate Buy
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Why Customers Choose Inderes Research Expertise o Passionate and ambitious equity research team o Active and engaging content production Reach o Inderes community o Social media o Global distribution network Platform o Modern interface for investors to consume research content + +
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Clear value creation opportunity to grow Research business internationally o Recurring business model with sticky customer relationships at scale, churn primarily from de- listings o Moat from network effects and scale benefits o Proven research conceptproviding value to both investors and listed companies o More investment information democratized with business growth Companies in Inderes commissioned research coverage, # -20 0 20 40 60 80 100 120 140 160 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Research customers New clients Churn
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Inderes Research is on a march to become international Recap 2022-2024 Strategy focus for 2025-> Sweden market entry - testing ground to develop a scalable market open approach Solve growth bottlenecks in Sweden: stable investments before growth recipe is found, brand awareness a clear identified obstacle Tech upgrade of legacy investor platform (inderes.fi) Research product upgrade: PDF → Online, embed AI to processes Market penetration in Finland matures (>70 %): more significant growth room only available internationally Convert local network effects to cross-border: break content & community language barriers
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Ambition 2030 Build the most influential Nordic equity research team in terms of coverage and investor reach
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JENNY CEDERQVIST EVENTS STRATEGY
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Why are events becoming more important in IR? 1. Regulation ESMA and local supervisors pushing for equal treatment of all investors 2. Transparency Events are a powerful tool for transparent and real-time communication in IR, valued by the investors 3. Trust Investors seek for trusted sources to pick the signal from the increasing noise
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Acquisition of a webcasting company in Finland (Flik) Transformation to online&hybrid events provider Integration to Inderes platform Acquisition of an audiocasting company in Sweden (Financial Hearings) 2019 2022 Integrating Nordic Events to Inderes platform Leading Nordic IR Events agency 20302025 >8 MEUR >300 IR clients <3 MEUR <40 IR clients >5 MEUR >100 IR clients Building the Leading IR-focused Online & Hybrid Events Agency Transformation to IR-focused online&hybrid events provider in Nordics
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Why customers choose Inderes Events Expertise o Strong experience in IR and online & hybrid productions o Trusted partner for complex productions o From analyst calls to large scale AGM productions Reach o Inderes platforms and community o Distribution to global platforms and local media Platform o Videosync is built for IR o Security, data & versatility + +
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Inderes Events: scaling the proven model in Nordics Recap 2022-2024 Strategy focus for 2025-> Sweden acquisitions: renewing operation and pushing through a challenging integration process Trust: become the trusted supplier in most demanding event productions in the Nordics Adapting to post-covid: increasing production value by transforming to an online&hybrid event provider Higher value: new content formats, AI features, integration to IR Suite, more distribution Strengthened market position in Finland: the trusted supplier for most complex productions, NPS>90 Automate: shift to remote and self-service models to enable lower price points
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Ambition 2030 Build the leading Nordic IR-focused Events agency
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JANNE VAINIONPÄÄ SOFTWARE STRATEGY
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Role of software in the life of our target client Regulatory requirements Doing good IR Managing list of various suppliers for each point solution
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IR Suite: all Inderes products brought together Run your core IR operations on one interface o One supplier o Simplicity o Automation o Cost saving o Data integrated to one platform
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Why customers choose Inderes Software Expertise o Software build by IR and investing professionals o Customer support by IR professionals Reach o Close dialogue with Inderes community o Distribution network Platform o Software integrated to IR Suite o Integration to other Inderes products + +
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Scaling a software business from scratch 2021 2022 2023 2024 2.4 MEUR o 120+ clients in Finland using at least one product (AGM, IR tools, Videosync) o Successful product pilots and first clients in Sweden and Denmark o Major European partner for Videosync in 2024 o Serving hundreds of listed companies through partner channel in Europe Shifting from product development phase to commercial scaling
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Press Release systemResearch Go-to-market strategy Partner channel Sales-led o Inderes’ 400+ listed company client base o Own outbound sales force in Finland o Selected target markets in Europe o 5+ channel partners across Europe with Videosync, reaching thousands of listed companies o Strong partnership in Denmark with HCA Product-led o Digital inbound for self-service version of selected products Events AGM
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Next phase for Inderes Software Recap 2022-2024 Strategy focus for 2025-> International scale: Pilots and initial breakthroughs in international markets Unified offering: migrate Inderes clients to IR Suite Commercial scaling: >100 clients in Finland, all products live on the market Go-to-market: direct sales and partner channel R&D: Building the offering in close dialogue with clients R&D: Speed up R&D to create best products on the market
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Ambition 2030 Build a strong international software business
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TUE ØSTERGARD HC ANDERSEN CAPITAL
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INDERES & HCA PARTNERS SINCE 2022 INDERES/HC ANDERSEN CAPITAL PARTNERSHIP • INDERES OWNS 20% OF HCA • INDERES PLATFORM AND SHARED DISTRIBUTION FOR EVENTS/RESEARCH • ALL EVENTS ON VIDEOSYNC PLATFORM • STRONG SENSE OF PURPOSE AND BUSINESS MOMENTUM MUTUAL BUSINESS ALREADY ON THESE AREAS • AGM SERVICES • INDERES IR SOFTWARE • WEB • IR EVENTS • RESEARCH 2025-2027 • ACCELERATION OF BUSINESS • "ONE STOP SHOP FOR INVESTOR RELATIONS" • "MAKE IT EASIER AND LESS EXPENSIVE TO BE LISTED"
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BREAK 5 MIN
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EERO ALASUUTARI THE PRODUCT SHOW
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EERO ALASUUTARI INDUSTRY NEWS
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MIIKKA LAITILA THE INDERES PLATFORM
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Through Inderes platform, companies can access all investors at once Distribution network Social mediaInderes community
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From Finnish to Nordic, and next towards a multilingual global platform 2016 .. Finnish platform Nordic platform Global platform 2024 2025 20262023 2027 2028
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Building next generation global information platform for investors o Home for global investor community: Discover, analyse, learn and discuss about investing and companies o From PDFs to online research: Improved user experience, scalability and localisation o Global multilingual forum: Active investor community beyond borders and language barriers o High-quality investor experience: New content, visualisations and tools to support different investor groups
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INDERES o Renewing research process with AI: Experiments in a Business Finland aided project to improve scalability and efficiency o AI workflows & agents for analysts: Flexible human + AI collaboration on research process o Exploring AI-powered localisation: Lower expansion barriers to new countries with cross-border network effects o Value for investors, with minimal noise: A valuable platform for all investors, also in the future More scalable and efficient Equity Research with AI
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VERNERI PULKKINEN COMMUNITY STRATEGY THE MOST COMMUNITY-CENTRIC PLATFORM FOR INVESTORS IN THE UNIVERSE
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Community: What, Why and How o WHAT: Community refers to active investors who engage with Inderes. o WHY: We are a community where investors help investors. Reciprocal communication between analysts, companies, and investors is a unique, sticky concept. It helps us develop better products for listed companies. o HOW: First, there is good content and great service. Investors love it. Thus a community is built around the service and our fans spread the gospel of intelligent, analysis bases stock picking around the universe. We don’t do (much) traditional marketing, but rather a combination of entertaining investing content and content marketing. 66 000 Active users 19 million Page visits 121 000 Forum posts 5.3 million Video views Key figures 2024
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Community Building When Going International COMMUNITY ENGAGEMENT MATURITY INTERNATIONAL o More locally relevant content, more engagement o Prioritize media visibility and networking o Focus first in Sweden o Key challenge: brand awareness FINLAND o Focus on more diverse content (3rd party etc.) o More diverse audience (Femme etc.) o Key challenge: bear market and diversifying content outside Helsinki stock market CROSS-BORDER o Leverage our most precious some asset, forum with localization to speed up internationalization o More content in local languages with AI translations o Key challenge: increasing international relevance of content & discussion
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KESSLER SYNDROME IN THE SOCIAL MEDIA AND GENERATIVE AI o The amount of investing content has exploded in recent years, and with the advent of generative AI, this explosion could lead to social media’s “Kessler syndrome.” o We compete fiercely for investors’ attention and time, against Netflix, Tiktok, family life, and other investing media. o People could use more AI assistants, skipping Inderes in the process. o We leverage AI as a tool, for example for editing and translations. o We believe that the demand for an authentic, relatable, and trustworthy investing brand — or the need for social investing — won’t change because of AI.
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TUULIKKI RAUTIAINEN PEOPLE & CULTURE LEADING WITH DISCIPLINED ANARCHY
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Operating environment will become more unstable and unpredictable We develop disciplined anarchy as our organization model o Decentralized decision making o Co-lead teams o High level of freedom and responsibility, guided by shared principles o Evolutionary, changing structures o Sense & respond in a rapidly changing environment o Disciplined execution
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Basic assumptions of our people Our people.. o are trustworthy professionals capable of making important decisions o take responsibility for their decisions o want to make decisions that are positive for our organization
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Inderes people 119 Employees 54 eNPS 81% Employees as shareholders 5.1/6 Inclusive Inderes index Finance and business 43 %Events 40 % Tech 17 %
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We have gotten ourselves into trouble: o More products, more markets o More software-based business o Creating go-to-market recipes o AI in an information heavy business o Driving innovation in a conservative industry Key challenge: fast changing environment and culture transformation Mindset to tackle the challenge: o Disciplined anarchy o High ambition, high standards o Excellent teams, ordinary people o Serendipity
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Inderes Playbook v4 launch 10.6.2025
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“Despite the success, we are still good, humble people.” - Someone in the team about future dreams in our internal strategy survey
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MIKKO WARTIOVAARA FINANCIALS GENERATING SHAREHOLDER VALUE WITH DISCIPLINE
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During the past 5 years (2020-2024) we have… -8 % gearing Maintained strong balance sheet 70 MEUR Generated revenue 10 MEUR Yielded operating cash flow before capex 12 MEUR Invested in capex and M&A 9 MEUR Returned to shareholders OPERATIONS CAPITAL ALLOCATION 14 % Average EBITA-%
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o Recurring revenue growth driven by Sweden, Software and steady development in Research o Project revenue boosted by AGM product growth and Sweden Events o During the strategy period we look for • Research and Software to drive recurring revenue growth, stronger subscription-based offerings for the IR segment • Grow project revenue in Events through stronger offering for larger productions and AGMs in Nordics Strong recurring foundation 1,5 1,6 1,1 1,8 2,3 1,7 1,2 1,5 2,2 2,3 1,4 1,4 2,4 0 1 2 3 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 M€ Project revenue 1,7 1,8 2,0 2,1 2,7 2,6 2,6 2,7 2,8 2,7 2,8 2,8 2,9 0 1 2 3 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 M€ Recurring revenue
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o International revenue driven by the acquisition in Q4/22 o Failed to grow the share of international revenue during last strategy period • Wrong go-to-market approach • Time consuming acquisition integrations o New approach with go-to-market strategies for each business unit to seek growth • Events: primarily Sweden through expansion in the value chain • Research: primarily from penetration to Sweden • Software: Nordics and Europe through own sales and partners o In Finland, Events and Research growth primarily driven by IPO activity, Software still has untapped potential International revenue 3% 8% 3% 13% 20% 23% 20% 24% 22% 23% 23% 25% 21% 0% 5% 10% 15% 20% 25% 30% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 % Share of international revenue
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All three businesses to stand financially on their own feet, growth primarily financed with operating cash flow Business unit Revenue 2024 EBITA-% 2024 Margin profile at mature stage Strategy period 2025-2030 Research 7.2 22 % >25 % Increased investments in international scaling while maintaining strong profitability Events 8.4 9 % 10-15 % Growth strategy to be executed while maintaining good profitability Software 2.4 -8 % >25 % Strong push to R&D and international growth, profitability scaling earliest at the end of strategy period
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Financial targets for the new strategy period 0% 20% 40% 60% 80% 100% 2020 2021 2022 2023 2024 EBITA-% Revenue growth, % Financial target 5-year average 0,50 0,60 0,70 0,80 0,90 1,00 2021 2022 2023 2024 Target 1: growth-% + EBITA-% >30% Target 2: Annually increasing absolute payout, including dividends and share buybacks Dividend per share
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Q&A MIKAEL RAUTANEN MIKKO WARTIOVAARA ANTTI LUIRO TUULIKKI RAUTIAINEN JENNY CEDERQVIST JANNE VAINIONPÄÄ MIIKKA LAITILA VERNERI PULKKINEN
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CONNECTING INVESTORS AND COMPANIES. FOR YOUR PARTICIPATION! THANK YOU