Translation: Original published in Finnish on 8/7/2026 at 8:01 am EEST.

Lemonsoft will publish its Q2 report on Friday, August 14, at 10:00 am EEST. We expect the company's revenue to have grown moderately and profitability to have made a clear upward adjustment from the weak comparison period. Lemonsoft slightly lowered its outlook for the current year in July, and a technical adjustment was subsequently made to the guidance due to the Finvoicer divestment. The report should not contain any major surprises regarding the outlook, but we will delve deeper into the issues raised in connection with the profit warning (especially customer churn). At the same time, the latest comments on the brightening new sales outlook in the company's core business areas (industrial manufacturing and wholesale & retail) are of interest, which the company already highlighted in connection with the lowered outlook.

We expect revenue to have grown moderately, supported by Jakamo acquisition

We expect Lemonsoft's Q2 revenue to have grown by 4.5% to 7.7 MEUR. We expect growth to be driven by the Jakamo acquisition completed earlier in the year, while organic growth (-2.5%) is expected to remain subdued. In its profit warning in early July, the company stated that customer churn remained high in the first half of the year due to customers' financial difficulties, bankruptcies, and M&A. We expect all of the company's revenue streams (SaaS, consulting, and transaction income) to have been organically declining in Q2. On the other hand, in the company's core sectors (industrial manufacturing and wholesale & retail), the market has shown signs of recovery, and the order backlog has grown substantially. However, we believe the improving new sales outlook will more strongly support revenue development next year.

We expect profitability to make a clear step change from the comparison period

We estimate Lemonsoft's adjusted EBIT to have improved to 1.9 MEUR in Q2 (Q2'25: 1.2 MEUR). This would correspond to an EBIT margin of 25.1%, which would be a clear improvement from the weak 16.0% level in the comparison period. The improvement in profitability is due to change negotiations and cost savings implemented during 2025, which have lightened the company's cost structure. These also incurred costs in the comparison period, but they were not classified as non-recurring items. In addition, the comparison period was still burdened by costs related to the technology platform transition. We expect the gross margin (85%) to have remained at roughly the same level as in the previous quarter.

Focus on new sales picking up and churn management

Lemonsoft's guidance, updated twice in July, now expects 2026 revenue to grow by -1–5% and the adjusted EBIT margin to be between 23–29%. Our forecast expects 2.2% growth and the adjusted EBIT margin to rise to 27.6%. Following the divestment of Finvoicer, Lemonsoft is now a more focused software provider for industrial manufacturing and wholesale & retail, strengthening the company's organic growth prospects. Recently, there have also been initial signs of a market recovery, which will support Lemonsoft's sales development in the future. In the report, we will be following the company's latest comments regarding sales and customer churn. We see clear upside potential in Lemonsoft's valuation, provided the company returns to organic growth in the coming years.