Easor (EASOR) Q1 2026 earnings summary

Executive summary

• Completed first quarter as an independent listed company after demerging from a larger accounting firm, with shares listed on 2 March 2026.

• Achieved strong growth in company clients and partner accounting offices, laying a foundation for future expansion, especially in Spain and Italy.

• Strategic focus on expanding distribution channels, leveraging AI-driven automation, and international expansion.

• Operating model and platform approach well received, supporting entrepreneurship and digitalization.

• Over 300 partner accounting offices and more than 130 employees across four active markets.

Financial highlights

• Net sales grew 5.5% year-over-year to EUR 5.4 million, driven by growth in Finland and Spain.

• Number of company clients increased by 21.2% year-over-year to 17,100.

• Comparable EBITDA was EUR 3.2 million, 58.2% of net sales; EBITA decreased by 19% due to growth and administrative expenses.

• Investments in proprietary software decreased by 11.4% to EUR 2.4 million, freeing cash flow for growth.

• Liquid assets at EUR 2.2 million, down from EUR 10.2 million year-over-year.

Outlook and guidance

• 2026 guidance unchanged: net sales expected to grow 3–10% over 2025; operating profit margin to decrease due to growth investments and standalone company costs.

• Medium-term target: annual net sales growth over 20% in 2–4 years through organic sales.

• Growth investments to focus on customer acquisition, marketing, sales, and product development.

• Some revenue seasonality expected in Q2 due to lower summer volumes.

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