Translation: Original published in Finnish on 11/02/2026 at 08:00 am EET

On Friday, Easor hosted a strategy review where the company discussed its growth model, unit economics of the partner network, and the role of AI in its product. No new financial targets were published; instead, the company reiterated the target set in the IPO prospectus of over 20% annual revenue growth in the medium term (2-4 years). However, the company specified that 2027 will still be a year for building the growth foundation, and that an annual recurring revenue (ARR) growth rate of over 20% is targeted starting from 2028. In the big picture, the message was in line with our estimates, as we expect growth to accelerate to double digits in 2028. However, our estimates are clearly more moderate than the targets, as the company still has to prove itself regarding international growth. Our Q3 update on Starbreeze can be found here.

In Finland, the growth formula is viable and profitable

As new information, Easor disclosed the unit economics of its partner channel. Customer acquisition costs (marketing and the sales organization) relative to new ARR were 0.9 in Finland and 1.6 in Spain this year, which corresponds to repayment periods of around 10 and 19 months. According to the company, investments will be increased below a 1.2 level, kept unchanged between 1.2 and 2.0, and reassessed above a 2.0 level. By its own standards, the company is therefore already in the zone of increasing growth investments in Finland and at the maintenance level in Spain.

In Finland, there were 212 partners at the end of September. Of those, 130 had acquired at least one end customer, 56 at least 10, and 34 at least 20 end customers. The first end customer is acquired on average within 20 days of the partner agreement, the 10th customer in 106 days, and the 20th customer in 152 days. The figures are averages from partners that have already reached the phase in question. Easor's own channels, of which marketplaces are the most important, bring 50-60% of customers to partners with 1-5 corporate clients, and for partners with more than 16 corporate clients, the share decreases to 20-30%.

Source: Easor

Revenue growth in Finland is slowed by the fact that, according to the company, a new customer's billing at full invoicing is around half that of existing customers. This is because partners bring on average smaller companies to the platform. In addition, Easor bills the end customer's first transactions at around 110 days and the partner at around 180 days from the partner agreement. Therefore, this year's partner sales will largely be reflected in revenue only next year. We view the figures in Finland as good evidence of the viability of the partner model.

Spain drives the growth target

At the end of September, there were 72 partners in Spain, and according to the company, partner sales have accelerated since the summer. In recent weeks, a large number of accounting firms have joined the trial period, which should convert into new partners at a good percentage. In Spain, accounting firms typically use only one system, so the company measures its success by the share of the partner's total customer base that has been migrated to Easor. The proportion at 3 months was 23% (1 month: 7%), and the target is 75% in 18 months. According to the company, the postponement of Verifactu to October 2028 has not had much of an impact on partner sales so far, as efficiency is by far the most important reason to choose Easor. We still believe the postponement will somewhat slow down growth in the short term.

In the company's illustrative growth bridge, growth for 2027 is still built on Finland, while Spain is estimated to account for around 70% of total growth in 2027-2029. Italy, Sweden and potential new markets are not included in the calculation. In our estimates, Spain is also the main driver of longer-term growth. According to the company, the share of international revenue is only a few percent, meaning that Spain's revenue would need to multiply manifold within a couple of years. According to the company, the share of software in the end customer's total expenses (accounting + software) is often 30-40% in Finland, but clearly lower in Spain. In Spain, Easor is also building its own accounting and tax features, but the timeline for launching these remains unclear.

Source: Easor

Italy and Sweden are still at an early stage

At the end of September, there were 252 partners in Italy, but the company is only aiming to convert free users of its accounting firm platform into paying users of Easor Hub. According to the company, Easor App and Easor Hub will be released in Q4'26. In Sweden, there are 7 partners, as the company has consciously focused on the Southern European markets first. The company is not actively exploring new countries at present, as it first wants to demonstrate success in Italy.

The company's internal target is 200,000 users by 2030, compared to over 60,000 users currently. However, invoicing is primarily based on the number of corporate clients (Q3'26: 15,400), so the target does not translate directly into revenue. According to the company, the majority of the growth will come from Southern Europe, where revenue per customer is clearly lower than the current base.

AI supports the partner model, but will not bring direct additional billing in the near term

According to Easor, the automation rate for accounting is typically 80% for companies that have efficiently adopted the software, and it is possible to raise the rate to 100%. The platform accumulates more than 25 million professional-verified accounting transactions annually, and all functions are also available to AI agents via APIs. Invoicing is based on the number of corporate clients and transactions rather than user seats. According to the company, an AI-enhanced accounting firm can serve more customers, which increases Easor's invoicing.

The first commercial AI solutions are planned to be widely introduced for accounting firms in Q1'27. Their pricing has not been decided, and according to the company, the primary goal is to grow volumes rather than to bill separately for new features. We have not been particularly concerned about the threats of AI to Easor, and the review supported this stance. We believe that usage-based invoicing protects Easor better than seat-based pricing, although the long-term impacts of AI on the industry's price levels and competition are still difficult to estimate.

Growth will take precedence over profitability in the coming years, as expected

The strategy review did not provide any new targets; instead, the targets issued in connection with the demerger remain unchanged. Growth is Easor's top priority, and the company is prepared to pursue it at the expense of profitability. The heaviest investment phase of software development is largely over, which is reflected in the decrease in the previously very high investment level. In January-September, depreciation (8.4 MEUR) exceeded investments in proprietary software (6.5 MEUR) by 1.9 MEUR, and cash flow after investments was 2.4 MEUR (excluding financial expenses and taxes). As depreciation gradually decreases towards the investment level, it will support EBIT starting next year. We already accounted for the decline in investments in our estimates in connection with the Q3 report. In our estimates, EBIT will still remain close to zero next year, as growth investments and a decrease in capitalization raises the expenses in the income statement. As expected, dividend distribution will not be Easor's focus in the coming years; instead, the company's cash flow will be channeled into growth investments for as long as it is considered sensible. Overall, the review clarified Easor's growth model and provided new information on the unit economics of the partner model. Crucial for the investment case remains whether Spain starts showing in the figures in 2028.