Easor Plc, Stock exchange release 29 October 2026 at 9:00 EET
Easor Plc’s Business Review January-September 2026: Rapid expansion of the partner network is starting to generate growth
January-September 2026 summary
- Net sales EUR 16.4 million (15.3), growth 7.2% (3.2)
- Comparable net sales EUR 16.4 million (15.3), growth 7.2% (3.2)
- EBITDA EUR 8.8 million (11.2), 54.1% (73.2) of net sales
- Comparable EBITDA EUR 9.0 million (11.2), 55.0% (73.2) of net sales
- Operating profit (EBIT) EUR 0.4 million (3.0), 2.5% (19.9) of net sales
- Comparable operating profit (EBIT) EUR 0.6 million (3.0), 3.4% (19.9) of net sales
July-September 2026 summary
- Net sales EUR 5.4 million (5.0), growth 8.5% (1.3)
- Comparable net sales EUR 5.4 million (5.0), growth 8.5% (1.3)
- EBITDA EUR 2.9 million (3.7), 53.1% (73.9) of net sales
- Comparable EBITDA EUR 2.9 million (3.7), 53.3% (73.9) of net sales
- Operating profit (EBIT) EUR 0.0 million (0.9), 0.8% (17.6) of net sales
- Comparable operating profit (EBIT) EUR 0.1 million (0.9), 1.0% (17.6) of net sales
Comparable key figures
| 1–9/20261 | 1–9/2025 | Change, % | 7–9/2026 | 7–9/2025 | Change, % | |
| Net sales, EUR 1,000 | 16,359 | 15,256 | 7.2% | 5,447 | 5,021 | 8.5% |
| Net sales growth, % | 7.2% | 8.5% | ||||
| EBITDA, EUR 1,000 | 8,990 | 11,170 | -19.5% | 2,903 | 3,708 | -21.7% |
| EBITDA of net sales, % | 55.0% | 73.2% | 53.3% | 73.9% | ||
| Operating profit, EUR 1,000 | 556 | 3,029 | -81.7% | 56 | 883 | -93.7% |
| Operating profit of net sales, % | 3.4% | 19.9% | 1.0% | 17.6% |
1 The Group's key figures are carve-out based for the comparison periods and for the period 1-2/2026. The period 3-9/2026 is actuals-based.
The comparable EBITDA and EBIT have been adjusted for non-recurring costs allocated to Easor resulting from the demerger and listing.
Group key figures
| 1–9/20261 | 1–9/2025 | Change, % | 7–9/2026 | 7–9/2025 | Change, % | |
| Net sales, EUR 1,000 | 16,359 | 15,256 | 7.2% | 5,447 | 5,021 | 8.5% |
| Net sales growth, % | 7.2% | 3.2% | 8.5% | 1.3% | ||
| EBITDA, EUR 1,000 | 8,846 | 11,170 | -20.8% | 2,891 | 3,708 | -22.0% |
| EBITDA of net sales, % | 54.1% | 73.2% | 53.1% | 73.9% | ||
| Operating profit, EUR 1,000 | 411 | 3,029 | -86.4% | 44 | 883 | -95.0% |
| Operating profit of net sales, % | 2.5% | 19.9% | 0.8% | 17.6% | ||
| Return on investment (ROI), % (rolling 12 months)2 | -2.6% | |||||
| Interest-bearing net liabilities, EUR 1,0004 | 18,673 | -8,886 | -310.1% | |||
| Net gearing ratio, %4 | 189.1% | -22.2% | -951.6% | |||
| Equity ratio, %4 | 29.2% | 92.0% | -68.3% | |||
| Net investments, EUR 1,000 | 6,819 | 7,392 | -7.7% | |||
| Liquid assets, EUR 1,0004 | 2,009 | 9,134 | -78.0% | |||
| Weighted average number of shares during the period3 | 45,648,632 | 45,648,632 |
1 The Group's key figures are carve-out based for the comparison periods and for the period 1-2/2026. The period 3-9/2026 is actuals-based.
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 Business Review is presented according to Easor Group's actual figures for the balance sheet as of 30 September 2026. The income statement figures for 2025 are entirely on a carve-out basis. The cumulative figures for 2026 are carve-out based for January and February and actuals-based for the rest. The Q3 2026 income statement figures are entirely actuals-based.
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 September 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 expansion of Easor's partner network progressed well during the review period, and the number of partner accounting offices increased more than sixfold year-on-year. At the same time, partners are adopting Easor at an accelerating pace, which is reflected in the growing number of customers. At the core of our strategy is helping partner accounting offices succeed. By helping accounting offices, we are advancing our vision to make entrepreneurship a more accessible option for an increasing number of 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 offices.
The financial administration sector is rapidly digitalizing in Europe, and Easor is well-positioned in four markets. Our software is used in Finland, Sweden, Spain, and Italy. In all of our four operating countries, we have local management, as well as sales, marketing and customer support organisations, to accelerate growth.
Easor's medium-term target is to grow by over 20% annually. To achieve this target:
- we are expanding our network of partner accounting offices,
- we are helping our partners acquire new customers and use Easor extensively and efficiently across their customer base.
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.
During the third quarter of 2026, good progress was made on strategic priorities:
- Growth
- We successfully expanded our network of partner accounting firms in Finland and actively supported them in new customer acquisition and expanding the use of Easor within their customer bases. The accounting offices that have been partners the longest already acquire the vast majority of their new customers independently, which demonstrates the scalability of our business model.
- In Spain, we succeeded in significantly increasing the number of partner accounting offices, even though the estimated implementation of Verifactu is in 2028. The estimated rollout for Verifactu is in October 2028 (the previous estimate was that rollout would take place in phases during 2027). Partner accounting offices see significant efficiency benefits from Easor both for themselves and for their customer companies.
- In Sweden and Italy, we have succeeded in growing our accounting office partner network.
- We have continued developing software interfaces to facilitate the integration of customers and partners into our ecosystem.
- AI
- We initiated the Easor AI pilot with selected partner accounting offices and company clients. In the pilot, partners and customers are able to access AI tools via interfaces, and we help them build agents. The aim is to introduce agent-based AI features to our platform.
- We started piloting next-generation posting automation in Finland to further increase the automation rate. Easor's software has utilized artificial intelligence and machine learning in accounting processes since 2016. The automation rate for all material in Easor's accounting software currently stands at approximately 80%, which reflects the results of our long-term development work.
The strongest driver of Easor's growth is acquiring partner accounting offices and assisting them with customer acquisition and software deployment. The number of partner accounting offices was successfully increased more than six-fold over the year to 543 (82) firms, which lays the foundation for accelerating growth. The number of partner accounting offices grew fastest in Italy and Finland. The number of invoiced company clients grew by 11.4% over the year to 15.4 (13.8) thousand.
In January-September, comparable net sales grew by 7.2% (3.2) to EUR 16.4 million (15.3). In July-September, growth accelerated slightly to 8.5% (1.3), with net sales reaching EUR 5.4 million (5.0). Growth drivers included an increase in the partner accounting office network and the number of company clients, as well as initiating software charges in Spain. In January-September, comparable EBITDA was EUR 9.0 million (11.2), and comparable EBIT was EUR 0.6 million (3.0). The comparable EBITDA for the third quarter was EUR 2.9 million (3.7), and the comparable operating profit 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–September by 11.5% to EUR 6.5 million (7.3). The cash flow freed up from investments will be used in accelerating growth.
We are particularly pleased with the rapid expansion of the accounting office partner network. We believe that the digitalization of the financial administration industry and artificial intelligence will fundamentally transform the sector. Our goal is to help accounting offices capitalise on this transformation, and we want to build the next phase of the industry together with our customers. We will share more about the industry transformation, strategy, growth, and artificial intelligence at our strategy review on 30 October at 10:00 am. You can register at https://events.inderes.com/easor/strategiakatsaus
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 29 October 2026, at 10:00 AM EET 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 EET at https://events.inderes.com/easor/2026-q3-results
The presentation material will be published before the start of the briefing on the company’s website.
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 15,000 SME customers and over 500 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.com/en/