Easor (EASOR) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 8.5% YoY to €5.4m; comparable EBITDA fell 21.7% to €2.9m as growth investment and standalone listing costs weighed on profitability.

• Partner accounting offices expanded more than sixfold to 543; charged company clients increased 11.4% to 15.4k.

Financial highlights

• Q3 net sales were €5.4m, up 8.5%; Jan-Sep sales were €16.4m, up 7.2%.

• Q3 comparable EBITDA was €2.9m vs €3.7m; Jan-Sep was €9.0m vs €11.2m. Comparable EBIT was €0.1m vs €0.9m in Q3 and €0.6m vs €3.0m in Jan-Sep.

• Q3 net investments were €1.9m, down 11.9%; Jan-Sep net investments were €6.8m, down 7.8% YoY.

• Jan-Sep reported net profit was €85k vs €2.318m; reported EPS was €0.00 vs €0.05. 2026 cumulative figures combine carve-out and actual periods.

Outlook and guidance

• 2026 guidance unchanged: net sales growth of 3–10% vs carve-out-based 2025 sales; operating profit margin expected to decrease.

• Medium-term target is annual net sales growth above 20% over 2–4 years; growth investments aim to support scale and improve relative profitability over time.

• Growth assumptions include customer and software-usage growth, partner-network development and acquired partner-office customer bases; standalone annual expenses estimated at €400k.