Translation: Original published in Finnish on 08/17/2026 at 08:08 am EEST

Source: Inderes

Easor will publish its Q2 report on Thursday, August 20, at 9:00 am EEST. We expect the company's revenue to have grown slightly quarter-on-quarter. We expect profitability to have remained at a low level, as Easor is currently investing heavily in building international growth. In the report, our main focus will again be on the development of the number of partner accounting firms, which is very important for the company to achieve its growth targets in the coming years.

Moderate growth expected compared to the previous quarter

We estimate Easor's Q2 revenue to be 5.5 MEUR, which would represent slight growth from the previous quarter (Q1'26: 5.4 MEUR). The comparison period's revenue is not known, but even considering this, the development should be positive. In addition to stable development in Finland, we expect Spain to slightly support growth, where software charges began earlier this year. However, we estimate that international revenue is still very small, as the customer-specific charge in Spain is significantly lower than in Finland, and in Italy, the first software has only been in a free pilot phase. In the report, we focus on the development of the number of partner accounting firms (Q1'26: 329), as the partner network is the company's key distribution channel for international expansion. In Q1, the free pilot in Italy significantly accelerated the growth in numbers, but now we are particularly looking for evidence of winning new partners in Spain.

Growth investments keep earnings low

We expect the adjusted EBIT to have been 0.4 MEUR in Q2, corresponding to a margin of around 6%. Easor's profitability is weighed down by the company's strong investments in building international distribution channels, in line with its strategy, which is reflected in increasing personnel and marketing costs. In addition, administrative costs incurred from operating as an independent listed company also burden earnings. EBIT, relative to a rather strong EBITDA, is also weighed down by high depreciation, which is a result of significant past capitalization of product development costs. In our forecast model, we assume the most significant cost increase will occur in 2026–2027. However, at this point, visibility into the growth and timing of expenses is still low in the early stages of Easor's journey as a listed company. If Easor has succeeded in making strong recruitments and growth investments early in the year, its earnings may fall short of our estimate. In the big picture, this would not be dramatic, as the earnings expectations for the company are focused several years into the future.

Preparation for the opening of the Spanish market continues

We expect Easor to reiterate its current year guidance, according to which 2026 revenue will grow by 3-10% and the EBIT margin will decline due to the development of distribution channels and growth investments. 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 report, we will once again look for management's comments on the Spanish market and the company's ability to attract new accounting firms to its platform. In addition, the progress of the Italian freemium model and potential steps towards commercialization are of interest. Regarding Finland, we are also monitoring the development of partner numbers and whether there are still signs of improvement in Easor's customer base amid the nascent recovery of the Finnish economy.