Easor Plc’s Business Review January-March 2026: A good start as an independent listed company – creating a foundation for growth continues
Idag, 08:00
Easor Plc, Stock exchange release 21 May 2026 at 9:00 EEST
Easor Plc’s Business Review January-March 2026: A good start as an independent listed company – creating a foundation for growth continues
The implementation of Talenom Plc's partial demerger and the establishment of the new Easor Plc were registered in the Trade Register on 28 February 2026. In the demerger, Talenom's software business was transferred to a new established independent company, named Easor Plc.
January–March 2026 summary
- Net sales EUR 5.4 million (5.1), growth 5.5% (4.6)
- Comparable net sales EUR 5.4 million (5.1), growth 5.5% (4.6)
- EBITDA EUR 3.0 million (3.9), 55.6% (75.6) of net sales
- Comparable EBITDA EUR 3.2 million (3.9), 58.2% (75.6) of net sales
- Operating profit (EBIT) EUR 0.3 million (1.3), 5.5% (25.2) of net sales
- Comparable operating profit (EBIT) EUR 0.4 million (1.3), 8.1% (25.2) of net sales
Comparable key figures
1–3/2026 | 1–3/2025 | Change, % | |
Net sales, EUR 1,000 | 5,419 | 5,137 | 5.5% |
Net sales growth, % | 5.5% | 4.6% | |
EBITDA, EUR 1,000 | 3,155 | 3,886 | -18.8% |
EBITDA of net sales, % | 58.2% | 75.6% | |
Operating profit, EUR 1,000 | 439 | 1,293 | -66.1% |
Operating profit of net sales, % | 8.1% | 25.2% |
The comparable EBITDA and EBIT have been adjusted for non-recurring costs allocated to Easor due to the demerger and listing.
Group key figures
1–3/2026 | 1–3/2025 | Change, % | |
Net sales, EUR 1,000 | 5,419 | 5,137 | 5.5% |
Net sales growth, % | 5.5% | 4.6% | |
EBITDA, EUR 1,000 | 3,013 | 3,886 | -22.5% |
EBITDA of net sales, % | 55.6% | 75.6% | |
Operating profit, EUR 1,000 | 296 | 1,293 | -77.1% |
Operating profit of net sales, % | 5.5% | 25.2% | |
Return on investment (ROI), % (rolling 12 months)1 | -1.5% | ||
Interest-bearing net liabilities, EUR 1,0003 | 18,329 | -9,971 | -283.8% |
Net gearing ratio, %3 | 183.0% | -26.8% | -781.8% |
Equity ratio, %3 | 28.5% | 80.5% | -64.6% |
Net investments, EUR 1,000 | 2,583 | 2,743 | -5.8% |
Liquid assets, EUR 1,0003 | 2,228 | 10,164 | -78.1% |
Weighted average number of shares during the period2 | 45,648,632 |
1 Return on investment for the comparison period is not available due to the demerger
2 The weighted average number of shares for the comparison period is not available due to the demerger
3The carve-out-based key figures for the comparison period do not necessarily provide an accurate picture of the financial development. Due to the demerger, balance sheet-based key figures may have changed significantly.
The financial information in this Business review is presented according to Easor Group's actual figures for the balance sheet as of 31 March 2026. The balance sheets for previous periods are presented according to carve-out principles. The Group's income statement is prepared on a carve-out basis for all presented periods. The carve-out accounting principles are consistent with those used for the carve-out financial statements prepared for the fiscal years 2022, 2023, and 2024.
Differences between actual figures and carve-out principles affect the presentation of certain key figures. Key figures calculated based on equity, interest-bearing liabilities, and interest-bearing net liabilities are presented only for the situation as of 31 March 2026. In the calculation of key figures presented based on the number of shares, the number of shares at the time of listing on 2 March 2026 has been used for all periods presented.
Guidance for 2026 unchanged (published on 16 December 2025)
The net sales are estimated to increase by 3-10 per cent compared to the carve-out-based net sales for the year 2025.
The operating profit margin is expected to decrease due to the building of distribution channels and growth investments. These measures lay the foundation for long-term growth. The operating profit margin is also weakened by the costs of operating as a standalone listed company.
Basis for the financial guidance and uncertainties affecting it
Easor has a strong contract base in Finland, which creates a solid foundation for net sales. Predictability is supported by contract continuity and the stability of customer relationships. The guidance is based on the estimate of the management and the Board of Directors of Easor regarding the development of the number of customers and software usage volumes. Growth is driven by new customer acquisitions as well as the expanding needs of current customers. In addition, the guidance takes into account the acquired partner accounting offices, their customer base, as well as an estimate of the development of the partner network and the number of end customers. Operating profit is expected to decrease in 2026 due to significant growth investments. The investments are aimed at strengthening customer acquisition, the expenses of marketing and sales, as well as product development and technological solutions that improve competitiveness. The administrative costs caused by acting as an independent listed company will also increase expenses. The management of Easor estimates that the annual expenses resulting from this will be EUR 400 thousand. Easor can influence its growth and profitability through pricing, ease of product introduction, and sales efficiency. In accordance with its strategy, Easor focuses primarily on growing its partner network and end-customer sales, as well as increasing its market share. Easor’s strategic emphasis prioritises strengthening its market position and growth, particularly in its international operations, which weakens the operating profit in the short term. This lays the foundation for improved long-term profitability through increasing volume and economies of scale. The above factors affecting the result of operations are within Easor’s control. Factors beyond Easor’s control include, among others, global economic and geopolitical developments, exchange rate developments, the timing of customers’ purchasing decisions, demand for Easor’s product market, competitors’ actions, and changes in regulation.
Financial targets
Easor has set the following medium term financial targets:
- Easor aims to achieve annual net sales growth of over 20% in the medium term (2-4 years).
- Easor is investing in growth, particularly through new channels separate from its previous distribution channel.
CEO Otto-Pekka Huhtala:
Easor Plc has completed its first months of operation as an independent platform company, following the listing of its shares on 2 March 2026. The company's story dates back to 2001, when we began software development as part of our accounting business to meet the needs of both company clients and accounting firms.
The name Easor comes from the words Easy Advisor. Easor's customers receive both – ease and advice. Our goal is to make entrepreneurship an accessible option for more people. Our strengths are based on a deep understanding of the everyday financial routines and financial advisory needs of our customers, as well as the daily challenges and process complexities faced by accounting firms.
Based on decades of experience, we have developed extremely user-friendly software for our company clients, as well as efficient and scalable tools for accounting firms. Our platform helps our partners – both accounting offices and other collaborators – grow their business. Entrepreneurs can focus on their core business and outsource financial management to experts; we, in turn, support our partner accounting offices in doing their work more efficiently and with higher quality.
In Europe, the financial administration sector is undergoing a strong phase of digitalization, and Easor is well-positioned in four markets. In each of our operating countries, we have local management, as well as sales and customer support organisations, to accelerate growth. Our software is used in Finland, Sweden and Spain, and in Italy, where the first product version was launched in April.
Easor's medium-term target is to grow by over 20% annually. To support this target, we aim to rapidly increase the number of platform users, which will temporarily weaken profitability. At a later stage, we will gradually add features to the software to increase average revenue per customer.
Strategic priorities for 2026
1. Growth
- We are expanding the network of partner accounting offices and actively supporting them in new customer acquisition.
- At the end of March, the platform had 17.1 thousand company clients and 329 partner accounting offices.
- Over 1,000 accountants already use our platform.
2. AI
- Easor software has utilised machine learning and AI in accounting processes since 2016. According to a study by the Finnish Association of Accounting Firms, accounting firms in Finland estimate that 47% of the data processed by their software is handled automatically. In contrast, the automation rate in Easor's accounting software is around 80% for all processed material, of which the automatic accounting of purchase invoices is one of the easiest to automate.
- In software development, AI tools have brought significant productivity benefits by streamlining the entire “idea-to-product” development process.
- We will add AI-powered solutions that improve the productivity of partner accounting offices and make everyday life easier for company clients.
The number of company clients increased by 21.2% year-on-year to 17.1 (14.1) thousand. The number of company clients grew primarily in Spain, where software usage fees were introduced at the beginning of 2026. The average fee for Spanish customers is currently less than 10% of the corresponding level in Finland. In Finland, the number of customers grew, but net sales growth was slowed by a decrease in the transaction volume and average net sales of the existing customer base.
In the first quarter, our comparable net sales grew by 5.5% (4.6) to EUR 5.4 million (5.1). Growth drivers included expanding the partner accounting office network and the number of company clients, as well as initiating software fees in Spain. Comparable EBITDA was EUR 3.2 million (3.9), and comparable EBIT was EUR 0.4 million (1.3). Comparable profitability decreased as planned due to accelerated growth costs, expenses incurred from operating as an independent listed company, and increased depreciation. Investments in proprietary software decreased as planned by 11.4% to EUR 2.4 million (2.7). The cash flow freed up from investments will be directed towards accelerating growth.
Easor's operating model has been warmly welcomed. When we help partner accounting offices and company clients succeed, Easor also grows. Easor makes entrepreneurship possible for an increasing number of people. Overall, we have had a good start as an independent company.
Webcast
The company’s CEO Otto-Pekka Huhtala andCFO Matti Eilonen will present the financial information in a live webcast today, 21 May 2026, at 10:00 am EEST (in English). Recording of the event will be published afterwards on the company's website at: https://investors.easor.fi/en/
The webcast in English can be viewed at 10:00 am EEST, at https://events.inderes.com/easor/2026-q1
The presentation material of the event will be published on the company's website at: https://investors.easor.fi/en/
For further information:
Otto-Pekka Huhtala, CEO, tel. +358 40 7038554
Matti Eilonen, CFO, tel. +358 40 7534335
Easor in brief
Easor is a financial management platform company that connects entrepreneurs and accounting firms on a single platform. With Easor, entrepreneurs get easy-to-use tools for the financial management routines of their business operations. For accounting firms, Easor provides tools for efficient business operations and growth opportunities.
Easor serves over 17,000 SME customers and over 300 accounting firm partners. Easor's software has over 60,000 end-users, and more than 10 million invoices are sent through the software annually. Easor operates in Finland, Sweden, Spain and Italy. The company’s headquarter is in Oulu. Read more: https://investors.easor.fi/en/
AttachmentsEasor Business Review Q1 2026.pdf
Ämnen i artikeln
Easor Plc’s Business Review January-March 2026: A good start as an independent listed company – creating a foundation for growth continues
Idag, 08:00
Easor Plc, Stock exchange release 21 May 2026 at 9:00 EEST
Easor Plc’s Business Review January-March 2026: A good start as an independent listed company – creating a foundation for growth continues
The implementation of Talenom Plc's partial demerger and the establishment of the new Easor Plc were registered in the Trade Register on 28 February 2026. In the demerger, Talenom's software business was transferred to a new established independent company, named Easor Plc.
January–March 2026 summary
- Net sales EUR 5.4 million (5.1), growth 5.5% (4.6)
- Comparable net sales EUR 5.4 million (5.1), growth 5.5% (4.6)
- EBITDA EUR 3.0 million (3.9), 55.6% (75.6) of net sales
- Comparable EBITDA EUR 3.2 million (3.9), 58.2% (75.6) of net sales
- Operating profit (EBIT) EUR 0.3 million (1.3), 5.5% (25.2) of net sales
- Comparable operating profit (EBIT) EUR 0.4 million (1.3), 8.1% (25.2) of net sales
Comparable key figures
1–3/2026 | 1–3/2025 | Change, % | |
Net sales, EUR 1,000 | 5,419 | 5,137 | 5.5% |
Net sales growth, % | 5.5% | 4.6% | |
EBITDA, EUR 1,000 | 3,155 | 3,886 | -18.8% |
EBITDA of net sales, % | 58.2% | 75.6% | |
Operating profit, EUR 1,000 | 439 | 1,293 | -66.1% |
Operating profit of net sales, % | 8.1% | 25.2% |
The comparable EBITDA and EBIT have been adjusted for non-recurring costs allocated to Easor due to the demerger and listing.
Group key figures
1–3/2026 | 1–3/2025 | Change, % | |
Net sales, EUR 1,000 | 5,419 | 5,137 | 5.5% |
Net sales growth, % | 5.5% | 4.6% | |
EBITDA, EUR 1,000 | 3,013 | 3,886 | -22.5% |
EBITDA of net sales, % | 55.6% | 75.6% | |
Operating profit, EUR 1,000 | 296 | 1,293 | -77.1% |
Operating profit of net sales, % | 5.5% | 25.2% | |
Return on investment (ROI), % (rolling 12 months)1 | -1.5% | ||
Interest-bearing net liabilities, EUR 1,0003 | 18,329 | -9,971 | -283.8% |
Net gearing ratio, %3 | 183.0% | -26.8% | -781.8% |
Equity ratio, %3 | 28.5% | 80.5% | -64.6% |
Net investments, EUR 1,000 | 2,583 | 2,743 | -5.8% |
Liquid assets, EUR 1,0003 | 2,228 | 10,164 | -78.1% |
Weighted average number of shares during the period2 | 45,648,632 |
1 Return on investment for the comparison period is not available due to the demerger
2 The weighted average number of shares for the comparison period is not available due to the demerger
3The carve-out-based key figures for the comparison period do not necessarily provide an accurate picture of the financial development. Due to the demerger, balance sheet-based key figures may have changed significantly.
The financial information in this Business review is presented according to Easor Group's actual figures for the balance sheet as of 31 March 2026. The balance sheets for previous periods are presented according to carve-out principles. The Group's income statement is prepared on a carve-out basis for all presented periods. The carve-out accounting principles are consistent with those used for the carve-out financial statements prepared for the fiscal years 2022, 2023, and 2024.
Differences between actual figures and carve-out principles affect the presentation of certain key figures. Key figures calculated based on equity, interest-bearing liabilities, and interest-bearing net liabilities are presented only for the situation as of 31 March 2026. In the calculation of key figures presented based on the number of shares, the number of shares at the time of listing on 2 March 2026 has been used for all periods presented.
Guidance for 2026 unchanged (published on 16 December 2025)
The net sales are estimated to increase by 3-10 per cent compared to the carve-out-based net sales for the year 2025.
The operating profit margin is expected to decrease due to the building of distribution channels and growth investments. These measures lay the foundation for long-term growth. The operating profit margin is also weakened by the costs of operating as a standalone listed company.
Basis for the financial guidance and uncertainties affecting it
Easor has a strong contract base in Finland, which creates a solid foundation for net sales. Predictability is supported by contract continuity and the stability of customer relationships. The guidance is based on the estimate of the management and the Board of Directors of Easor regarding the development of the number of customers and software usage volumes. Growth is driven by new customer acquisitions as well as the expanding needs of current customers. In addition, the guidance takes into account the acquired partner accounting offices, their customer base, as well as an estimate of the development of the partner network and the number of end customers. Operating profit is expected to decrease in 2026 due to significant growth investments. The investments are aimed at strengthening customer acquisition, the expenses of marketing and sales, as well as product development and technological solutions that improve competitiveness. The administrative costs caused by acting as an independent listed company will also increase expenses. The management of Easor estimates that the annual expenses resulting from this will be EUR 400 thousand. Easor can influence its growth and profitability through pricing, ease of product introduction, and sales efficiency. In accordance with its strategy, Easor focuses primarily on growing its partner network and end-customer sales, as well as increasing its market share. Easor’s strategic emphasis prioritises strengthening its market position and growth, particularly in its international operations, which weakens the operating profit in the short term. This lays the foundation for improved long-term profitability through increasing volume and economies of scale. The above factors affecting the result of operations are within Easor’s control. Factors beyond Easor’s control include, among others, global economic and geopolitical developments, exchange rate developments, the timing of customers’ purchasing decisions, demand for Easor’s product market, competitors’ actions, and changes in regulation.
Financial targets
Easor has set the following medium term financial targets:
- Easor aims to achieve annual net sales growth of over 20% in the medium term (2-4 years).
- Easor is investing in growth, particularly through new channels separate from its previous distribution channel.
CEO Otto-Pekka Huhtala:
Easor Plc has completed its first months of operation as an independent platform company, following the listing of its shares on 2 March 2026. The company's story dates back to 2001, when we began software development as part of our accounting business to meet the needs of both company clients and accounting firms.
The name Easor comes from the words Easy Advisor. Easor's customers receive both – ease and advice. Our goal is to make entrepreneurship an accessible option for more people. Our strengths are based on a deep understanding of the everyday financial routines and financial advisory needs of our customers, as well as the daily challenges and process complexities faced by accounting firms.
Based on decades of experience, we have developed extremely user-friendly software for our company clients, as well as efficient and scalable tools for accounting firms. Our platform helps our partners – both accounting offices and other collaborators – grow their business. Entrepreneurs can focus on their core business and outsource financial management to experts; we, in turn, support our partner accounting offices in doing their work more efficiently and with higher quality.
In Europe, the financial administration sector is undergoing a strong phase of digitalization, and Easor is well-positioned in four markets. In each of our operating countries, we have local management, as well as sales and customer support organisations, to accelerate growth. Our software is used in Finland, Sweden and Spain, and in Italy, where the first product version was launched in April.
Easor's medium-term target is to grow by over 20% annually. To support this target, we aim to rapidly increase the number of platform users, which will temporarily weaken profitability. At a later stage, we will gradually add features to the software to increase average revenue per customer.
Strategic priorities for 2026
1. Growth
- We are expanding the network of partner accounting offices and actively supporting them in new customer acquisition.
- At the end of March, the platform had 17.1 thousand company clients and 329 partner accounting offices.
- Over 1,000 accountants already use our platform.
2. AI
- Easor software has utilised machine learning and AI in accounting processes since 2016. According to a study by the Finnish Association of Accounting Firms, accounting firms in Finland estimate that 47% of the data processed by their software is handled automatically. In contrast, the automation rate in Easor's accounting software is around 80% for all processed material, of which the automatic accounting of purchase invoices is one of the easiest to automate.
- In software development, AI tools have brought significant productivity benefits by streamlining the entire “idea-to-product” development process.
- We will add AI-powered solutions that improve the productivity of partner accounting offices and make everyday life easier for company clients.
The number of company clients increased by 21.2% year-on-year to 17.1 (14.1) thousand. The number of company clients grew primarily in Spain, where software usage fees were introduced at the beginning of 2026. The average fee for Spanish customers is currently less than 10% of the corresponding level in Finland. In Finland, the number of customers grew, but net sales growth was slowed by a decrease in the transaction volume and average net sales of the existing customer base.
In the first quarter, our comparable net sales grew by 5.5% (4.6) to EUR 5.4 million (5.1). Growth drivers included expanding the partner accounting office network and the number of company clients, as well as initiating software fees in Spain. Comparable EBITDA was EUR 3.2 million (3.9), and comparable EBIT was EUR 0.4 million (1.3). Comparable profitability decreased as planned due to accelerated growth costs, expenses incurred from operating as an independent listed company, and increased depreciation. Investments in proprietary software decreased as planned by 11.4% to EUR 2.4 million (2.7). The cash flow freed up from investments will be directed towards accelerating growth.
Easor's operating model has been warmly welcomed. When we help partner accounting offices and company clients succeed, Easor also grows. Easor makes entrepreneurship possible for an increasing number of people. Overall, we have had a good start as an independent company.
Webcast
The company’s CEO Otto-Pekka Huhtala andCFO Matti Eilonen will present the financial information in a live webcast today, 21 May 2026, at 10:00 am EEST (in English). Recording of the event will be published afterwards on the company's website at: https://investors.easor.fi/en/
The webcast in English can be viewed at 10:00 am EEST, at https://events.inderes.com/easor/2026-q1
The presentation material of the event will be published on the company's website at: https://investors.easor.fi/en/
For further information:
Otto-Pekka Huhtala, CEO, tel. +358 40 7038554
Matti Eilonen, CFO, tel. +358 40 7534335
Easor in brief
Easor is a financial management platform company that connects entrepreneurs and accounting firms on a single platform. With Easor, entrepreneurs get easy-to-use tools for the financial management routines of their business operations. For accounting firms, Easor provides tools for efficient business operations and growth opportunities.
Easor serves over 17,000 SME customers and over 300 accounting firm partners. Easor's software has over 60,000 end-users, and more than 10 million invoices are sent through the software annually. Easor operates in Finland, Sweden, Spain and Italy. The company’s headquarter is in Oulu. Read more: https://investors.easor.fi/en/
AttachmentsEasor Business Review Q1 2026.pdf
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