Translation: Original published in Finnish on 03/12/2026 at 07:00 am EET

Source: Inderes

There were no material surprises in Easor's reported figures for last year, and we only made minor adjustments to our estimates. 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. However, Easor still has to deliver proof regarding international growth, and this year, the growth rate will still fall short of targets. In addition, sentiment in the stock market for software companies is weak, and based on Easor's early performance as a listed company, investors are not currently willing to price in future growth. At current valuations (2026e EV/S 2.3x), we see the risk/reward ratio as attractive, and the stock has fallen below the lower end of our estimated fair value range Thus, we raise our recommendation to Buy (was Accumulate) and revise our target price to EUR 0.85 (was 1.0 EUR).

Q4 figures were slightly below our expectations

Easor's Q4 revenue was at the comparison period's level of 5.1 MEUR, while our estimate expected a moderate growth of 3%. Comparable EBIT fell to 0.3 MEUR (Q1’24: 0.8 MEUR) while our forecast was 0.4 MEUR. Full-year revenue grew by 2.4% to 20.3 MEUR, and comparable EBIT was 3.3 MEUR. As expected, growth still originated 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 274 by February 2026 (Q4’25: 180). However, the strong growth in this figure is largely explained by Italy, where the first version of Easor's software is in a free pilot program. Number of partners in Finland (2/26: 114 vs. Q4'25: 92) and Spain has also continued on an upward path. The number of Easor's customer companies increased by 17.4% to 15,400 in 2025. A significant portion of the growth came from Spain, where the software was not yet charged for last year. The number of non-billable customers had grown to around 5,200 by the end of Q4'25, and billing for this group began at the start of this year. In Spain, ARPU is currently less than a quarter of Finland's, which we estimate means annual invoicing of around EUR 200-400

Only slight fine-tuning in estimates

Based on the financial data provided by Easor, we made only slight adjustments to our estimates when looking at absolute euros. We have discussed our estimates in more detail in the initiation of coverage report. Our estimate for this year is 6.6% growth, with 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 3.7x and 3.0x. While Easor'scombined growth and profitability will lag behind its peers in the coming years, its earnings potential is favorable given its continuous and scalable SaaS business model, provided its growth strategy is successfully implemented. We believe this potential can be assessed through a DCF calculation and scenario analysis. Easor'strack record of international growth is still limited, and in view of the cautious growth outlook for this year (guidance 3-10%), 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.