Easor (EASOR) investor relations material

Executive summary

• Achieved first full quarter as an independent listed company after demerger, with accelerated growth in net sales and client base.

• Net sales grew 6.6% year-over-year to €10.9 million in H1 2026, with Q2 growth accelerating to 7.7%.

• Growth was driven by expansion in Finland and Spain, and a rapidly growing partner accounting office network.

• Profitability declined as planned due to growth investments, higher administrative costs as a standalone listed company, and increased depreciation.

• Number of partner accounting offices increased over six-fold year-over-year, reaching 422.

Financial highlights

• Comparable net sales for Q2 2026 rose 7.7% year-over-year to €5.5 million.

• Comparable EBITDA for Q2 2026 decreased 18.0% year-over-year to €2.9 million due to growth investments and higher administrative costs.

• Operating profit (EBIT) for H1 2026 fell to €0.4 million (3.4% of net sales) from €2.1 million (21.0%).

• Net profit for H1 2026 was €184 thousand, down from €1.64 million.

• Investments in proprietary software decreased by 10.1% to €4.7 million.

Outlook and guidance

• Net sales for 2026 expected to increase by 3–10% compared to 2025.

• Operating profit margin anticipated to decrease due to investments in distribution channels and costs as a standalone listed company.

• Medium-term target is annual net sales growth of over 20% within 2–4 years.

• Growth driven by partner network expansion and upselling to current customers.