Translation: Original published in Finnish on 5/15/2026 at 7:50 am EEST.

Source: Inderes

Easor will publish its Q1 report on Thursday, May 21, at 9:00 am EEST. As this is the company's first interim report as an independent, listed company following the demerger from Talenom, no historical figures are available for the comparison period. We expect Easor's revenue to have remained stable since the previous quarter, with low EBIT reflecting the administrative costs of an independent company and investments in international growth. In the report, we will be particularly monitoring the development of the number of partner accounting firms, as expanding this channel is central to achieving Easor's medium-term growth targets.

We expect stable quarter-on-quarter development

We forecast that Easor's revenue in Q1 was 5.2 MEUR, indicating approximately stable development compared to the previous quarter (5.1 MEUR). We expect revenue to have come mainly from Finland, with international revenue still being very small. In Spain, since the beginning of the year, the company has started invoicing customers (approx. 5,200), who previously used the service for free, and this should gradually be reflected in revenue. In the report, we focus in particular on the trend of the number of partner accounting firms (2/26: 274), which are the key distribution channel in the company’s strategy for both international and Finnish growth.

Growth investments and administrative costs keep earnings low

We expect the adjusted EBIT to have been 0.3 MEUR in Q1, corresponding to a low margin of 5%. Easor's profitability is weighed down by the additional costs of operating as an independent listed company, estimated by the company to be around 0.4 MEUR annually. Additionally, the company is currently investing heavily in its Spanish organization and developing international distribution channels, reflected by increasing personnel and marketing costs. Due to the previously high investment level, depreciation also remains high and burdens EBIT. In our forecast model, we assume the most significant cost increase will occur in 2026–2027.

2026 marks preparations for opening of the Spanish market

Easor's guidance for 2026 is for revenue to grow by 3–10% and for the operating profit margin to decrease due to the building of distribution channels and growth investments. We currently estimate full-year growth at 6.6% and an adjusted EBIT of 1.3 MEUR (2025: 3.3 MEUR). This year is a strategic investment and preparation phase for Easor before the gradual growth acceleration we expect to start in 2027. The key driver of this growth is the entry into force of Spain's Verifactu legislation, which forces a large number of companies to adopt software enabling e-invoicing. In the Q1 report, we will pay particular attention to management’s comments on developments in the Spanish and Italian markets, as well as the company’s ability to secure new accounting firm partners in those countries. Comments on the reception of Easor's software among new partners in Finland will also be of interest.