Inderes's Q4 profitability was slightly ahead of our estimate, owing to slightly better than expected sales. At first glance our 2026E sales growth is aligned with the fresh guidance, but are at the top end of the EBITA margin range and the company flags the internationalisation investments impacting profitability. Dividend was axed and came in well below our estimate. Yet, the overall capital distribution is up y/y as the company returns EUR 0.9m via buy-backs.
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