Easor Q4’25 preview: Growth outlook for 2026 already known

Translation: Original published in Finnish on 3/6/2026 at 7:30 am EET.

Source: Inderes

Easor will publish certain financial information for 2025 on Wednesday, March 11, at around 9.00 am EET. The English-language earnings call starts at 2.00 pm (EET) and can be viewed here. In addition, our newly published initiation of coverage report on Easor is available here. We expect the company's growth to have continued in Q4 in line with the carve-out figures for the first 9 months presented in the demerger prospectus (approx. 3%). We expect earnings to have weakened from the comparison period, reflecting increased growth investments and the demerger, although Easor officially began its journey as an independent company only this year. Easor has already provided guidance for this year, anticipating 3-10% revenue growth and a decline in earnings, so the report should not contain any surprises regarding the outlook.

We expect revenue to have continued its steady growth

We estimate Easor's Q4 revenue to have grown 3% to 5.2 MEUR. We expect growth to have come mainly from Finland, with international revenue still being very marginal. To monitor future growth, we will pay close attention to the company's comments regarding the development of the number of partner accounting firms. Based on information updated earlier this year, the company now has over 220 accounting firm partners (Q4’25: 90). While the recent strong growth in the number of partners can partly be explained by the freemium trial of the first product launched in Italy, we are particularly interested in comments regarding new partners in Finland and Spain.

Growth investments to keep result down in coming years

We expect Easor’s EBIT to have decreased to 0.4 MEUR. The spin-off creates some uncertainty regarding end-of-year earnings, but the 2025 figures aren't particularly important for Easor's investment story. As part of its strategy, Easor is currently building international distribution channels through accounting firm partners, and the company will invest virtually all of its cash flow in pursuing growth. In our forecast model, we assume the most significant cost increase will occur in 2026–2027. This reflects, in particular, the expansion of the team in Spain and increased investment in digital marketing. Investments in product development and technological solutions will also continue. Furthermore, operating as an independent listed company increases costs. After that, we expect the cost structure to scale gradually with growth. Our current forecasts predict that Easor's profitability will only begin to reflect its "mature phase" potential in the 2030s. In the long term, the company's business model should be able to achieve an EBIT of at least 20-30%.

Growth acceleration relies on Spanish market opening in 2027

Easor's guidance is for revenue to grow by 3-10% compared to the 2025 carve-out-based revenue. The company expects the EBIT margin to decrease due to the building of distribution channels and growth investments. Our estimate for this year is 7% growth, with EBIT weakening to 1.5 MEUR (7% of revenue). Growth will still be driven by Finland this year, although we expect approximately 0.6 MEUR in revenue to be generated abroad.

Easor's financial target is to achieve annual revenue growth of over 20% in the medium term (2-4 years). Our current forecasts predict growth of around 14–15% in 2027–2029, though there is still some uncertainty surrounding this. We estimate that the most significant portion of long-term growth will come from abroad, with Spain being the key driver. For Easor to grow in the country, it is essential to acquire numerous new accounting firm partners in 2026–2027 who will then distribute the software to end customers. The Verifactu legislation, once in effect, will essentially drive companies and sole entrepreneurs to accounting firms, whose recommendation on software selection will be an important factor in the purchasing decision. Easor is currently hiring more sales and implementation staff in Spain to accelerate the development of its partner channel. In Finland, we expect Easor to achieve growth of around 5%.