Inderes’ Q3 miss was not a surprise after the recent profit warning. While top-line growth faces headwinds on the event side, recurring revenue maintained steady growth driven by software. We stick to our growth view for 2026E, which we find will be driven by market tailwinds that materialise through IPOs. However, we lower our estimates on a weaker base in 2025E and our fair value range to EUR 18-20 (from EUR 19-21).
