Translation: Original published in Finnish on 10/29/2026 at 7:00 am EET.

Lemonsoft will publish its Q3 report on Thursday, November 5, at 10:00 am EET. We expect revenue to have grown slightly, supported by the acquisition of Jakamo earlier in the year, while the divestment of Finvoicer and the Lixan arrangement weigh on reported growth. We expect profitability to have remained at a very good level, though in our estimate slightly below the strong comparison period. In the report, our focus will be particularly on new sales, as Lemonsoft’s outlook comments with its Q2 report indicated that the market was picking up. Recent ownership arrangements and our speculation about a potential delisting also add extra interest to the report.

Transactions pull revenue in both directions

We forecast Lemonsoft’s Q3 revenue to have grown by 3% to 7.3 MEUR. Growth is supported by the Jakamo acquisition early in the year, while the divestment of Finvoicer and the deconsolidation of Lixan following a financing arrangement weigh on the reported figure. These transactions slightly cloud visibility into organic growth, which we expect to have been near zero or slightly negative. In its Q2 report, the company said that new sales activity in its core sectors (industrial manufacturing and wholesale & retail) had increased significantly and that the order pipeline had grown substantially. We expect this to be gradually reflected in closed deals and SaaS revenue growth in the coming quarters. We will also monitor customer churn, which remained elevated early in the year due to customers’ financial difficulties and M&A activity, particularly outside the core sectors.

Profitability expected to have remained very good

We expect adjusted EBIT of 2.4 MEUR in Q3 (Q3'25: 2.5 MEUR). This would represent a very good EBIT margin of 32.9%, though slightly below the strong comparison period (35.1%). We estimate that the slight margin decline reflects the customer experience investments made in Q2 and the strengthening of customer-facing resources, which have raised costs. We expect the gross margin (85%) to have remained stable quarter-on-quarter, which would still mean a 2pp improvement year-on-year. Overall, Lemonsoft’s cost structure is in good shape following the 2025 efficiency measures and the technology platform migration, providing an excellent basis for earnings growth as sales pick up. The company also recently launched small-scale change negotiations targeting 0.5 MEUR in annual cost savings.

Outlook likely unchanged, eyes on the pace of market recovery

Lemonsoft’s guidance for the current year, updated in July, calls for revenue growth of -1% to +5% and an adjusted EBIT margin of 23–29%. We forecast full-year revenue growth of 2.4% to 30.2 MEUR and an adjusted EBIT margin of 26.0%. In the report, our focus will be on the company’s outlook comments, as it already said with its Q2 report that the market environment in industrial manufacturing and wholesale & retail was clearly picking up. This should start to support sales even more strongly toward the end of the year and, in our estimate, be fully reflected in revenue and earnings in 2027.

Beyond operations, the ownership structure is also of interest. This fall, major shareholder Rite Ventures has increased its stake to over 64%, which together with founder Kari Joki-Hollander’s holding takes the pair’s combined ownership above the 90% threshold. In light of this, Lemonsoft could eventually be delisted through the compulsory redemption of minority shares. Although the company is unlikely to comment directly on the owners’ intentions, we currently see this as a key driver of the share. We still consider Lemonsoft’s valuation moderate relative to its earnings growth potential for the coming years, provided the company returns to organic growth.