Inderes delivered a Q1 report well in line with our estimates. Rounded off, sales were a notch higher than our estimate, while EBITA missed by tens of thousands of euros. The number of commissioned research contracts was also in line. Guidance was reiterated and we flag that sales growth should pick up from Q2 as AGM season was more skewed towards Q2 this year. All in all, we expect a neutral reaction and at first glance believe that estimate revisions should be small.

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