Easor Plc, Stock exchange release 20 August 2026 at 9:00 EEST
Easor Plc’s Half-year Financial Report 2026: Building the foundation for growth has started to accelerate net sales growth
January–June 2026 summary
- Net sales EUR 10.9 million (10.2), growth 6.6% (4.2)
- Comparable net sales EUR 10.9 million (10.2), growth 6.6% (4.2)
- EBITDA EUR 6.0 million (7.5), 54.6% (72.9) of net sales
- Comparable EBITDA EUR 6.1 million (7.5), 55.8% (72.9) of net sales
- Operating profit (EBIT) EUR 0.4 million (2.1), 3.4% (21.0) of net sales
- Comparable operating profit (EBIT) EUR 0.5 million (2.1), 4.6% (21.0) of net sales
- Earnings per share (EPS) were EUR 0.00 (0.04)
April–June 2026 summary
- Net sales EUR 5.5 million (5.1), growth 7.7% (3.8)
- Comparable net sales EUR 5.5 million (5.1), growth 7.7% (3.8)
- EBITDA EUR 2.9 million (3.6), 53.6% (70.1) of net sales
- Comparable EBITDA EUR 2.9 million (3.6), 53.4% (70.1) of net sales
- Operating profit (EBIT) EUR 0.1 million (0.9), 1.3% (16.7) of net sales
- Comparable operating profit (EBIT) EUR 0.1 million (0.9), 1.1% (16.7) of net sales
- Earnings per share (EPS) were EUR 0.00 (0.01)
Comparable key figures
| 1–6/20261 | 1–6/2025 | Change, % | 4–6/2026 | 4–6/2025 | Change, % | |
| Net sales, EUR 1,000 | 10,911 | 10,235 | 6.6% | 5,492 | 5,099 | 7.7% |
| Net sales growth, % | 6.6% | 7.7% | ||||
| EBITDA, EUR 1,000 | 6,088 | 7,461 | -18.4% | 2,932 | 3,576 | -18.0% |
| EBITDA of net sales, % | 55.8% | 72.9% | 53.4% | 70.1% | ||
| Operating profit, EUR 1,000 | 500 | 2,146 | -76.7% | 61 | 853 | -92.9% |
| Operating profit of net sales, % | 4.6% | 21.0% | 1.1% | 16.7% |
1 The Group's key figures are carve-out based for the period 1-2/2026 and actuals-based for other periods.
The comparable EBITDA and EBIT have been adjusted for non-recurring costs allocated to Easor resulting from the demerger and listing.
Group key figures
| 1–6/20261 | 1–6/2025 | Change, % | 4–6/2026 | 4–6/2025 | Change, % | |
| Net sales, EUR 1,000 | 10,911 | 10,235 | 6.6% | 5,492 | 5,099 | 7.7% |
| Net sales growth, % | 6.6% | 4.2% | 7.7% | 3.8% | ||
| EBITDA, EUR 1,000 | 5,955 | 7,461 | -20.2% | 2,942 | 3,576 | -17.7% |
| EBITDA of net sales, % | 54.6% | 72.9% | 53.6% | 70.1% | ||
| Operating profit, EUR 1,000 | 367 | 2,146 | -82.9% | 70 | 853 | -91.8% |
| Operating profit of net sales, % | 3.4% | 21.0% | 1.3% | 16.7% | ||
| Return on investment (ROI), % (rolling 12 months)2 | -0.2% | |||||
| Interest-bearing net liabilities, EUR 1,0004 | 18,546 | -6,544 | -383.4% | |||
| Net gearing ratio, %4 | 186.4% | -16.9% | -1,200.9% | |||
| Equity ratio, %4 | 28.7% | 91.5% | -68.6% | |||
| Net investments, EUR 1,000 | 4,899 | 5,213 | -6.0% | |||
| Liquid assets, EUR 1,0004 | 2,083 | 6,710 | -69.0% | |||
| Earnings per share, EUR | 0.00 | 0.04 | -88.8% | 0.00 | 0.01 | -114.7% |
| Weighted average number of shares during the period3 | 45,648,632 | 45,648,632 |
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| Net profit, EUR 1,000 | 184 | 1,640 | -88.8% | -95 | 645 | -114.7% |
1 The Group's key figures are carve-out based for the period 1-2/2026 and actuals-based for other periods.
2 Return on investment for the comparison period is not available due to the demerger.
3 The weighted average number of shares for the comparison period is not available due to the demerger.
4 The carve-out-based key figures for the comparison period do not necessarily provide an accurate picture of the financial development. Due to the demerger, balance sheet-based key figures may have changed significantly.
Easor has operated as a separate legal group since February 28, 2026. The financial information in this Half-year Financial Report is presented according to Easor Group's actual figures for the balance sheet as of 30 June 2026. The balance sheets for previous periods are presented according to carve-out principles. The Group's income statement is prepared on a carve-out basis for all presented periods, with the exception of the key figures for the period 4-6/2026. The carve-out accounting principles are consistent with those used for the carve-out financial statements prepared for the fiscal years 2022, 2023, and 2024.
Differences between actual figures and carve-out principles affect the presentation of certain key figures. Key figures calculated based on equity, interest-bearing liabilities, and interest-bearing net liabilities are presented only for the situation as of 30 June 2026.
Guidance for 2026 unchanged (published on 16 December 2025)
The net sales are estimated to increase by 3-10 per cent compared to the carve-out-based net sales for the year 2025.
The operating profit margin is expected to decrease due to the building of distribution channels and growth investments. These measures lay the foundation for long-term growth. The operating profit margin is also weakened by the costs of operating as a standalone listed company.
Basis for the financial guidance and uncertainties affecting it
Easor has a strong contract base in Finland, which creates a solid foundation for net sales. Predictability is supported by contract continuity and the stability of customer relationships. The guidance is based on the estimate of the management and the Board of Directors of Easor regarding the development of the number of customers and software usage volumes. Growth is driven by new customer acquisitions as well as the expanding needs of current customers. In addition, the guidance takes into account the acquired partner accounting offices, their customer base, as well as an estimate of the development of the partner network and the number of end customers. Operating profit is expected to decrease in 2026 due to significant growth investments. The investments are aimed at strengthening customer acquisition, the expenses of marketing and sales, as well as product development and technological solutions that improve competitiveness. The administrative costs caused by acting as an independent listed company will also increase expenses. The management of Easor estimates that the annual expenses resulting from this will be EUR 400 thousand. Easor can influence its growth and profitability through pricing, ease of product introduction, and sales efficiency. In accordance with its strategy, Easor focuses primarily on growing its partner network and end-customer sales, as well as increasing its market share. Easor’s strategic emphasis prioritises strengthening its market position and growth, particularly in its international operations, which weakens the operating profit in the short term. This lays the foundation for improved long-term profitability through increasing volume and economies of scale. The above factors affecting the result of operations are within Easor’s control. Factors beyond Easor’s control include, among others, global economic and geopolitical developments, exchange rate developments, the timing of customers’ purchasing decisions, demand for Easor’s product market, competitors’ actions, and changes in regulation.
Financial targets
Easor has set the following medium term financial targets:
- Easor aims to achieve annual net sales growth of over 20% in the medium term (2-4 years).
- Easor is investing in growth, particularly through new channels separate from its previous distribution channel.
CEO Otto-Pekka Huhtala:
The first full quarter as an independent listed company was spent building growth, which was already reflected in a slight acceleration of growth. The name Easor comes from "Easy Advisor". Our customers receive both – ease and advice – through Easor, in cooperation with accounting firms. Our goal is to make entrepreneurship an accessible option for more people. Our strengths are based on a deep understanding of the everyday financial routines and financial advisory needs of our customers, as well as the daily challenges and process complexities faced by accounting firms.
In Europe, the financial administration sector is undergoing a strong phase of digitalisation, and Easor is well-positioned in four markets. In each of our operating countries, we have local management, as well as sales and customer support organisations, to accelerate growth. Our software is used in Finland, Sweden and Spain, and in Italy, where the first product version was launched in April and the first paying customers have already been acquired.
Easor's medium-term target is to grow by over 20% annually. To achieve this goal, we aim to increase the number of partner accounting offices and company clients that use the platform as quickly as possible. Our decision to invest in strong growth will weaken profitability in the short term. Relative profitability is expected to increase in the medium term with net sales growth and cost scalability. We are gradually adding features to the software, which we expect to increase average net sales per customer.
Strategic priorities for 2026
1. Growth
- We expanded the network of partner accounting offices and actively supported them in new customer acquisition.
- We developed public interfaces to facilitate the integration of customers and partners into our ecosystem.
- In Italy, we onboarded the first accounting firms to use the paid version of our platform.
2. AI
- Easor software has utilised machine learning and AI in accounting processes since 2016. According to a study by the Finnish Association of Accounting Firms, accounting firms in Finland estimate that 47% of the purchase invoices processed by their software are handled automatically. In contrast, the automation rate in Easor's accounting software is around 80% for all processed material, and the automatic accounting of purchase invoices is one of the easiest to automate.
- In software development, AI tools have significantly accelerated our development work.
- In June, we launched an AI assistant for payroll in a pilot programme to simplify payroll processing.
The strongest driver of Easor's growth is acquiring partner accounting offices and assisting them with customer acquisition and implementation. The number of partner accounting offices successfully increased more than six-fold over the year to 442 (65) offices, which lays the foundation for future growth. The number of partner accounting offices grew fastest in Italy and Finland. The number of invoiced company clients grew by 16.5% over the year to 16.1 thousand (13.8).
In the first half, comparable net sales grew by 6.6% (4.2) to EUR 10.9 million (10.2). In April-June, growth accelerated slightly to 7.7% (3.8), with net sales reaching EUR 5.5 million (5.1). Growth drivers included expanding the partner accounting office network and the number of company clients, as well as initiating software charges in Spain. In H1, comparable EBITDA was EUR 6.1 million (7.5), and comparable EBIT was EUR 0.5 million (2.1). The comparable EBITDA for the second quarter was EUR 2.9 million (3.6) and the comparable EBIT was EUR 0.1 million (0.9). Comparable profitability declined as planned due to the costs of accelerating growth, expenses incurred from operating as an independent listed company, and increased depreciation. Investments in proprietary software decreased as planned in January–June by 10.1% to EUR 4.7 million (5.2). The cash flow freed up from investments will be directed towards accelerating growth.
Easor's operating model has been warmly welcomed. When we help partner accounting offices and company clients succeed, Easor also grows. Overall, I am very pleased with our start as an independent company. The future looks bright and our focus is on growth.
Webcast
The company’s CEO Otto-Pekka Huhtala and CFO Matti Eilonen will present the main points of the report to analysts, investors, and the media in a live webcast on 20 August 2026, at 10:00 AM EEST in Finnish. The broadcast will include live captioning as well as AI-generated simultaneous interpretation in English and Swedish. Recording of the event will be published afterwards on the company's website at: https://investors.easor.com/en/
You can watch the webcast live at 10:00 EEST at https://events.inderes.com/easor/2026-h1-results
The presentation material of the event will be published on the company's website at: https://investors.easor.com/en/
For further information:
Otto-Pekka Huhtala, CEO, tel. +358 40 7038554
Matti Eilonen, CFO, tel. +358 40 7534335
Easor in brief
Easor is a financial management platform company that connects entrepreneurs and accounting firms on a single platform. With Easor, entrepreneurs get easy-to-use tools for the financial management routines of their business operations. For accounting firms, Easor provides tools for efficient business operations and growth opportunities.
Easor serves over 16,000 SME customers and over 400 accounting firm partners. Easor's software has over 60,000 end-users, and more than 10 million invoices are sent through the software annually. Easor operates in Finland, Sweden, Spain and Italy. The company’s headquarter is in Oulu. Read more: https://investors.easor.fi/en/