Translation: Original published in Finnish on 10/21/2026 at 7:00 am EEST.

Easor will publish its Q3 report on Thursday, October 29, at 9:00 am EET. You can follow the company's earnings webcast here at 10:00 am EET. We expect revenue to have continued its steady growth, in line with previous quarters, while profitability likely remained low as Easor is investing heavily in building international growth.  The report’s focus will once again be on growth in the number of partner accounting firms, both in Finland and abroad, as this is the most critical driver of the company’s future growth.  We will also closely monitor how the company assesses the impact of Spain’s Verifactu legislation – which now appears to be delayed once again – on its short-term growth outlook. Reflecting this, we take a more cautious stance in our medium- and long-term forecasts, as the acceleration in growth and improvement in profitability we previously expected for the coming years now appear overly optimistic in light of current information. Easor’s share, which has fallen sharply this year, is valued very low relative to the company’s long-term growth potential, as indicated by our DCF value of EUR 0.8 per share, for example.  With Verifactu postponed, however, near-term drivers remain weaker until the company can demonstrate the accelerating growth targeted in its strategy. We lower Easor's recommendation to Accumulate (was Buy) and the target price to EUR 0.55 (was 0.75 EUR).

Steady growth expected to have continued in Q3

We forecast Easor’s Q3 revenue at 5.4 MEUR (Q3'25: 5.0 MEUR), representing year-on-year growth of 7.7%. The vast majority of revenue is still generated in Finland, but we estimate that Spain supported growth to some extent, as in the previous quarter. In early October, Easor announced a new partnership with GOS Group and reported that its Finnish partner network had grown to more than 200 accounting firms (Q2'26: 173). New partners typically start generating revenue with a lag of around six months, and from a low initial base, as Easor’s software is often implemented only for new company clients. We estimate that international revenue remains very small, as customer billing in Spain is significantly below Finnish levels and operations in Italy are only just starting up. Beyond revenue, our main focus in the report will be the total number of partner accounting firms (Q2'26: 422), as the partner network is the key distribution channel for the company’s international expansion.

Heavy growth investments push earnings to around zero

We expect Easor’s adjusted EBIT to have fallen to around zero in Q3 (Q3'25: 0.9 MEUR). Profitability is weighed down by heavy strategic investment in building international distribution channels, reflected in elevated personnel and marketing expenses. The costs of operating as an independent listed company also partly weigh on earnings.  At the EBITDA level, profitability still looks very good, driven by high capitalization of product development costs. As in Q2, however, EBIT is held back by high depreciation of significant previously capitalized development costs. We assume the company continued its recruitment and growth investments in Q3, and at this stage of development, visibility into the exact timing of costs is limited.  In the bigger picture, however, we do not see the low earnings level as a concern, as Easor’s value creation and earnings expectations rest heavily on growth that will only accelerate in the coming years.

Verifactu is being postponed for the third time in Spain

We expect Easor to reiterate its current year guidance, according to which 2026 revenue will grow by 3-10% and the EBIT margin will decline due to the development of distribution channels and growth investments. 

We forecast revenue growth of 7.5% this year, with adjusted EBIT declining to 0.3 MEUR (2025: 3.3 MEUR).  The current year is a strategic investment phase ahead of the targeted gradual acceleration in growth, and the key expected driver of that growth is the entry into force of Spain’s Verifactu legislation. On October 5, however, the Spanish Ministry of Finance announced its intention to postpone the Verifactu obligations not yet in force to October 2028 (previously January 1, 2027 for companies and July 1, 2027 for self-employed professionals).   The aim is to align Verifactu with mandatory B2B e-invoicing for companies with revenue below 8 MEUR. The postponement once again delays the demand spike Verifactu is expected to create, and growth investments in Spain will weigh on profitability for longer in the meantime. This is a clear disappointment for the near-term development of Easor’s investment story.  That said, sales to Spanish accounting firms already appear to be progressing fairly well, as the software significantly improves the efficiency of their work. The postponement will therefore not completely stall growth in the coming years, but in our estimate, it will inevitably slow it relative to our previous assumptions. The extra time also gives Easor the opportunity to expand its partner network and develop its software ahead of the demand spike, though competitors naturally gain the same time.

This is the third postponement: under the original regulation, the obligations were to take effect in July 2025, before being pushed back first to the beginning of 2026 and then, in December 2025, to the beginning of 2027.

In the short term, the valuation faces headwinds from several directions

Easor is priced at an EV/S multiple of 1.7x for this year. The corresponding multiples for the company's closest peers, which we consider to be attractively priced (Admicom and Lemonsoft), are 3.2x and 3.1x. On our lowered estimates, Easor’s combination of growth and profitability over the coming years will lag significantly behind peers. Given its recurring, scalable SaaS business model, the company’s earnings potential is nevertheless good if growth materializes – a potential that can be gauged, for example, through a DCF calculation (EUR 0.8 per share). 

Easor’s track record in international growth is still limited, and the Verifactu postponement is a clear near-term negative for the investment story. The current-year growth outlook also remains cautious, so evidence of accelerating growth is still lacking.  Against this backdrop, it is understandable that the share’s valuation does not materially reflect success in international expansion.

In our view, the valuation also continues to be weighed down by weak sentiment toward Nordic small caps, with selling pressure from small-cap funds partly amplifying the share price decline while eager buyers remain in short supply. Significantly weaker sentiment toward SaaS companies this year adds a further near-term headwind, although the worst AI fears have already subsided in the market, at least temporarily. 

Overall, we still see Easor as well positioned to accelerate growth in the medium term, which we believe will also be reflected positively in the share’s valuation. With weaker drivers over the next 12 months following the Verifactu postponement, however, we consider a more cautious view on the share warranted. We emphasize that the share may still have significant upside from current levels in the coming years if growth accelerates and sentiment toward small software companies improves.