Translation: Original published in Finnish on 10/30/2026 at 7:00 am EET.

We reiterate our Accumulate recommendation and EUR 0.55 target price for Easor. The Q3 figures were broadly in line with our expectations, and the number of partner accounting firms continued to grow rapidly. Our estimates are largely unchanged overall, with minor adjustments mainly to our investment forecasts. The share’s valuation (2027e EV/S 1.5x) is low relative to the company’s long-term growth potential. We believe, however, that a clearer re-rating requires evidence of accelerating growth, and the postponement of Verifactu creates short-term uncertainty in this regard.

Revenue grew slightly faster than we expected

Easor’s Q3 revenue grew by 8.5% to 5.4 MEUR, slightly ahead of our 7.7% growth forecast. Growth was driven by Finland and Spain. According to the company, the biggest growth driver was new customers acquired through the expanded partner network in Finland, while software billing in Spain, which began at the start of the year, made a smaller contribution. The company said international revenue accounted for only a few percent of the total. Comparable EBITDA of 2.9 MEUR was in line with our estimate, as was comparable EBIT (0.1 MEUR). As planned, profitability is weighed down by growth investments, the costs of operating as an independent listed company, and depreciation from previously high investment levels.

Partner network grew, customer churn in Spain levelíng off

The number of partner accounting firms rose to 543 at the end of Q3 (Q2'26: 422), with growth strongest in Finland and Italy. New partners reach full billing with a lag of ~six months, so the impact of partners that joined this year will start to show in the figures next year. The number of billable company clients increased by 11.4% to 15,400, but international clients declined quarter-on-quarter as inactive client accounts continued to be closed in Spain. According to the company, the closures have now leveled off, and new partners are activating company clients at an accelerating pace.

Verifactu postponement does not change plans in Spain

Easor reiterated its guidance, under which 2026 revenue will grow by 3–10% and the EBIT margin will weaken. We forecast revenue growth of 7.6% this year and 6% next year. According to the company, postponing Verifactu to October 2028 will not significantly affect its growth plans in Spain, as accounting firms are already being won over by the efficiency benefits of the software. We find the progress in partner sales without legislative support encouraging, but the revenue impact in Spain will remain small in the coming years given the low price level. We also believe the Verifactu postponement will, to some extent, slow growth in the short term. We already lowered our estimates for the coming years in our preview due to the Verifactu postponement, and the Q3 report gave no reason for further cuts. We forecast Easor’s growth to accelerate to double digits in 2028, which in our view will already require clear support from international markets

Easor’s value depends on future growth

Easor trades at 1.5x EV/S for next year, against 2.9x for both of its closest peers, Admicom and Lemonsoft. Easor’s combination of growth and profitability over the coming years falls well short of its peers’, which justifies a lower multiple. Given its recurring, scalable SaaS business model, the company’s earnings potential is nevertheless good if international growth materializes. We estimate the share’s fair value at EUR 0.50–0.90, with our target price at the lower end of the range. With Verifactu postponed, the drivers for the next 12 months are weaker than before, and evidence of accelerating growth is still lacking.