Translation: Original published in Finnish on 5/22/2026 at 7:00 am EEST.

Easor's journey as an independent listed company got off to a good start, as the company reported Q1 figures that were slightly better than we expected. However, the big picture of the company's investment case remains unchanged. This year, the company is putting all its efforts into growth and building international distribution channels, which is mainly reflected in the cost lines. If the company achieves strong international growth, the stock will have significant value creation potential. The stock is trading near the lower end of our estimated fair value range (EUR 0.7-1.5), and, at its current valuation (2026e EV/S 2.3x), we find the risk/reward ratio attractive. We reiterate the EUR 0.85 target price and Buy recommendation for Easor. 

Revenue grew slightly more than we expected in Q1

Easor’s Q1 revenue grew by 5.5% to 5.4 MEUR, which exceeded our 5.2 MEUR estimate. As expected, most of the revenue still came from Finland, as the construction of international distribution channels is currently underway, and growth will be generated with a delay. Easor has successfully increased the number of partner accounting firms, reaching 329 by the end of Q1’26 (Q4’25: 180). However, the strong growth is largely explained by Italy, where the first version of Easor's software is in a free pilot program. Easor's company clients numbered 17.1 thousand at the end of Q1 (Q4'25: 15.4 thousand), representing a strong 21% year-on-year growth. The number of client companies grew most notably in Spain, where billing for uncharged clients (Q4’25: 5.2 thousand vs. Q1’26 0.8 thousand) also began early this year. In Spain, the average customer fee is currently less than 10% of the Finnish level.

Q1 result in line with our estimates

Easor's comparable EBITDA was 3.2 MEUR in Q1, exceeding our 2.9 MEUR estimate. Comparable EBIT fell to 0.4 MEUR (Q1’25: 1.3 MEUR), and, when accounting for minor non-recurring items related to the demerger, reported EBIT (0.3 MEUR) was consistent with our estimate. Following the demerger, Easor's balance sheet is quite leveraged, with net debt at 18.3 MEUR at the end of Q1. This situation is expected to persist in the coming years as the company allocates its cash flow toward growth, in accordance with its strategy. However, we believe that cash flow will also be more than sufficient to cover debt servicing costs.

Estimates practically unchanged

Based on the Q1 report, we have made only minor adjustments to our estimates, which we discussed in more detail in the initiation of coverage report published in March. For this year, we expect 7.7% growth (guidance 3-10%), with adjusted EBIT weakening to 1.3 MEUR (6% of revenue).

Easor’s value depends on future growth

Due to Easor’s development phase, the company's growth investments will weigh on the earnings level in the coming years, so examining earnings-based valuation does not make sense in the short term. Easor is priced at 2.3x EV/S for this year. The corresponding multiples for the company's closest peers, which we consider to be attractively priced (Admicom and Lemonsoft), are 3.4x and 3.1x. While Easor's combined growth and profitability will lag behind its peers in the coming years, its earnings potential is favorable once growth materializes, given its continuous and scalable SaaS business model. We believe this potential can be assessed through a DCF calculation and scenario analysis. Easor's track record of international growth is still limited, and in view of the cautious growth outlook for this year, we believe a full international breakthrough cannot yet be priced into the stock. We currently estimate the fair value of Easor's stock to be EUR 0.7-1.5. At the lower end, we consider growth expectations to be already very moderate, whereas at the upper end, reasonably good success is priced in.