Translation: Original published in Finnish on 08/21/2026 at 07:00 am EEST

Source: Inderes

Easor's Q2 figures were broadly in line with our expectations, and the number of accounting firm partners continued on an upward trajectory. 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. The stock is trading below our estimated fair value range (EUR 0.7-1.4), and, at its current valuation (2026e EV/S 2.0x), we find the risk/reward ratio attractive. However, sentiment towards the share is currently weak, and its recovery will likely require an acceleration of growth. We reiterate our Buy recommendation for Easorbut lower the target price to EUR 0.75 (was EUR 0.85)..

Revenue grew as expected

Easor's Q2 revenue grew by 7.7% to 5.5 MEUR, which was in line with our expectations. Growth came from Finland and Spain, but the majority of revenue still comes from Finland. The number of Easor's partner accounting firms developed well again, reaching 422 at the end of Q2'26 (Q1’26: 329). According to the company, growth is currently strongest in Finland and Italy. In Italy, the first version of Easor's software has been in a free pilot phase since the beginning of the year, and the first paying customers have now been acquired. The company has also gained new partners in Spain. Easor's company clients numbered 16,100 at the end of Q2 (Q1'26: 16,300), representing a strong 16.5% year-on-year growth. Growth was focused on Finland and Spain. Easor changed its customer reporting and will now only report billable customers. Compared to the previous quarter, the development of the customer base in Spain has been slowed by the start of invoicing from the beginning of 2026, which has resulted in the closure of inactive company client accounts.

Expected Q2 earnings in terms of cash flow

Easor's comparable EBITDA was 2.9 MEUR in Q2, which was slightly below our 3.1 MEUR estimate. Comparable EBIT fell to 0.1 MEUR (Q2’25: 0.9 MEUR) while our forecast was 0.4 MEUR. Depreciation (2.9 MEUR) was higher than we expected in Q2, and correspondingly, net investments capitalized on the balance sheet (2.3 MEUR) were slightly lower than we expected. Thus, in terms of cash flow, the development was well in line with our estimates, even though the reported bottom lines were slightly below expectations. According to our calculations, free cash flow for H1 was approximately 1.1 MEUR.

No major estimate changes

We made only minor adjustments to our estimates based on the Q2 report, which we discussed in more detail in the initiation of coverage report published in March. For this year, we expect 7.5% growth (guidance 3-10%), with adjusted EBIT weakening to 0.3 MEUR.

Easor’s value depends on future growth

Easor is priced at 2.0x 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 3.1x and 2.7x. While Easor's combined growth and profitability will lag behind its peers in the coming years, its earnings potential is favorable once growth materializes, given its continuous and scalable SaaS business model. We believe this potential can be assessed through a DCF calculation and scenario analysis. Easor's track record of international growth is still limited, and in view of the cautious growth outlook for this year, 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 0.7-1.4. At the lower end, we consider growth expectations to be already very moderate, whereas at the upper end, reasonably good success is priced in.