Easor Plc, Stock exchange release 11 March 2026 at 9:00 EET
Certain financial information of Easor Plc 1 Jan. to 31 Dec. 2025 (unaudited): The foundation has now been laid - focus on growth
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-December 2025 in brief
- Comparable net sales EUR 20.3 million (19.9), growth 2.4% (5.1)
- Comparable EBITDA EUR 14.2 million (14.2), 70.0% (71.3) of net sales
- Comparable operating profit (EBIT) EUR 3.3 million (4.6), 16.5% (23.2) of net sales
October-December 2025 in brief
- Comparable net sales EUR 5.1 million (5.1), growth 0.1%
- Comparable EBITDA EUR 3.1 million (3.3), 60.2% (64.7) of net sales
- Comparable operating profit (EBIT) EUR 0.3 million (0.8), 6.3% (16.4) of net sales
Comparable key figures
| 1-12/2025 | 1-12/2024 | Change, % | 10-12/2025 | 10-12/2024 | Change, % | |
| Net sales, EUR 1,000 | 20,343 | 19,858 | 2.4% | 5,087 | 5,080 | 0.1% |
| Net sales growth, % | 2.4% | 5.1% | 0.1% | |||
| EBITDA, EUR 1000 | 14,231 | 14,156 | 0.5% | 3,061 | 3,287 | -6.9% |
| EBITDA of net revenue, % | 70.0% | 71.3% | 60.2% | 64.7% | ||
| Operating profit, EUR 1,000 | 3,348 | 4,608 | -27.3% | 319 | 835 | -61.8% |
| Operating profit of net sales, % | 16.5% | 23.2% | 6.3% | 16.4% |
Reported key figures*
| 1-12/2025 | 1-12/2024 | Change, % | 10-12/2025 | 10-12/2024 | Change, % | |
| Net sales, EUR 1,000 | 20,343 | 19,858 | 2.4% | 5,087 | 5,080 | 0.1% |
| Net sales growth, % | 2.4% | 5.1% | 0.1% | |||
| EBITDA, EUR 1000 | 14,275 | 13,943 | 2.4% | 3,105 | 3,243 | -4.3% |
| EBITDA of net revenue, % | 70.2% | 70.2% | 61.0% | 63.8% | ||
| Depreciation and amortisations, EUR 1,000 | -13,818 | -9,548 | 44.7% | -5,677 | -2,452 | 131.5% |
| Operating profit, EUR 1,000 | 457 | 4,395 | -89.6% | -2,572 | 791 | -425.0% |
| Operating profit of net sales, % | 2.2% | 22.1% | -50.6% | 15.6% |
*The reported key figures do not include one-off costs resulting from the demerger and listing (hereinafter unallocated items).
All information presented in this release consists of unaudited carve-out financial data Easor's carve-out financial data does not necessarily reflect what Easor's operating results, financial position, or cash flows would have been if Easor had been an independent legal group and had thus presented consolidated financial information separate from Talenom for the period from 1 January to 31 December 2025. Nor do they necessarily describe what Easor's future earnings, financial position, or cash flows will be.
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 firms, 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- to long-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:
The platform company Easor Plc has been established. Our story began in 2001 when the accounting firm Talenom started developing its own software for the needs of its customer companies and its own accounting firm. The transformation process from an internal software unit to an independent, listed company was completed after the reporting period, as trading in Easor Plc shares commenced on 2 March 2026. After the arrangement, Easor will operate as an independent company. We have our own growth strategy, a separate ownership structure without cross-ownership with Talenom, and an independent Board of Directors and Management Team.
The name Easor comes from "Easy Advisor". Our goal is to make entrepreneurship a real option for an increasing number of people. Our strengths are based on a deep understanding of, firstly, the everyday financial routines and financial advisory needs of customer companies, and secondly, the daily challenges and process complexities faced by accounting firms.
On the back of this experience, we have built very easy-to-use software for customer companies and efficient tools for accounting firms. In addition, we offer support to customer companies through our comprehensive network of accounting firms and service providers, while also enabling our partners to grow with the help of our platform. Entrepreneurs want to focus on their business and outsource financial management to experts. We help our partner accounting firms succeed better in their mission. When the entrepreneur and partner are satisfied, Easor also succeeds.
In Europe, the financial management sector is digitalising, and Easor is currently well-positioned in four countries. Each operating country has its own country management, sales, and customer support team to accelerate growth. Our software is used in Finland, Sweden and Spain. In Italy, piloting is underway. Easor's medium-term target is to grow by over 20% annually. To support this goal, we aim for rapid user growth on the platform, which will weaken the profitability in short-term. At a later stage, we will gradually add features to the software to increase the average net sales per user. In Finland, around 70% of Easor's net sales come from customer companies and around 30% from partner accounting firms. In Spain, net sales mainly come from accounting firms that resell the software to their customers. Sweden and Italy are in the piloting phase, so this information will be specified later.
Strategic priorities for 2026
1. Growth
- We are expanding the network of partner accounting firms and actively supporting them in new customer acquisition.
- At the end of 2025, the platform had 15.4 thousand customer companies. In February 2026, we had 274 partner accounting firms.
2. AI
- Easor software has utilised machine learning and AI in accounting processes since 2016. The automation rate in Easor's accounting software is around 80%, with only about 20% of manual work remaining.
- In software development, AI tools have brought significant productivity benefits by streamlining the entire idea-to-product development process.
- Our extensive experience in the accounting industry gives us a competitive advantage, enabling us to incorporate AI-powered solutions into our software. These improve the productivity of partner accounting firms and simplify the daily lives of customer companies.
We grew our network of partner accounting firms and the number of customer companies on our platform. The number of partner accounting firms grew to 180 by the end of the year. In February 2026, our network already included a total of 274 accounting firms across all our operating countries. The growth in partner accounting firms is currently strongest in Italy. In Italy, the first software version is being piloted, and we are not yet charging for its use. The number of customer companies increased by 17.4% to 15.4 (13.2) thousand during 2025. The number of customer companies grew primarily in Spain, although this did not yet generate significant net sales for 2025. Invoicing started at the beginning of 2026.
In 2025 our comparable net sales grew by 2.4% to EUR 20.3 million (19.9). Growth was driven by expanding the network of partner accounting firms and the number of customer companies. Comparable EBITDA was at the level of the comparison period at EUR 14.2 (14.2) million. Comparable operating profit decreased due to higher depreciation and was EUR 3.3 million (4.6). Investments in proprietary software decreased by EUR 2.2 million to EUR 10.4 million (12.6) for the full year. Cash flow freed up from investments will be directed towards accelerating growth.
We trust Easor's business model: when we help both customer companies and partner accounting firms succeed, Easor also grows. Easor is not just a software company, but a platform company that is renewing the entire industry, making entrepreneurship possible for more and more people.
Financial development January-December 2025
Comparable net sales increased by 2.4% to EUR 20.3 million (19.9). The growth originated in Finland, and the number of customers increased thanks to a broader distribution channel. The partner accounting firm network developed well, but the customer size it generates is slightly smaller than average compared to before. Customers in the broader distribution channel did not yet generate significant net sales as net sales growth lags user growth.
Comparable EBITDA was EUR 14.2 million (14.2), representing 70.0% (71.3) of net sales. Profitability was strong measured by EBITDA. The initiated growth investments did not yet significantly weigh on the full-year EBITDA. The company's highest priority is to generate growth, and the impact of its costs is expected to decrease profitability in the future.
Comparable operating profit decreased by -27.3 % to EUR 3.3 million (4.6) or 16.5% (23.2) of net sales. Comparable operating profit was depressed by increased depreciation resulting from a higher investment level than before.
Financial development October-December 2025
Comparable net sales were EUR 5.1 million (5.1). The number of customer companies and partner accounting firms continued to grow. Net sales development in the last quarter was slowed by, among other things, delays in customer company onboarding and free trial periods.
Comparable EBITDA decreased by -6.9% to EUR 3.1 million (3.3), or 60.2% (64.7) of net sales. In the last quarter of the year, growth investments had a slightly negative impact on profitability.
Comparable operating profit decreased by -61.8 % to EUR 0.3 million (0.8) or 6.3% (16.4) of net sales. Comparable operating profit was depressed by increased depreciation resulting from a higher investment level than before.
Unallocated items
The unallocated items for 2025 include one-off costs arising from the demerger and the listing of Easor Plc.
| 1-12/2025 | 1-12/2024 | Change, % | 10-12/2025 | 10-12/2024 | Change, % | |
| Net sales, EUR 1,000 | ||||||
| Net sales growth, % | ||||||
| EBITDA, EUR 1000 | -1,369 | 131 | -1,145.5% | -1,367 | 131 | -1,143.6% |
| EBITDA of net revenue, % | ||||||
| Operating profit, EUR 1,000 | -1,369 | 131 | -1,145.5% | -1,367 | 131 | -1,143.6% |
| Operating profit of net sales, % |
Development of customer numbers
| Q4/2022 | Q4/2023 | Q4/2024 | Q4/2025 | |
| Software customers who are billed | 9,198 | 9,635 | 9,982 | 10,274 |
| Software customers who are not yet billed separately | 394 | 1,238 | 3,181 | 5,174 |
| Customers in total | 9,592 | 10,873 | 13,163 | 15,448 |
The number of customer companies increased by 17.4% to 15.4 (13.2) thousand during 2025. The number of customer companies grew primarily in Spain, although this did not yet generate significant revenue for 2025. The number of Finnish customers increased slightly. We estimate that the average net sales from customers outside Finland is less than a quarter of the Finnish price level.
Development of the number of partner accounting firms
| Q1/2025 | Q2/2025 | Q3/2025 | Q4/2025 | |
| Finland | 39 | 51 | 65 | 92 |
| International | 0 | 14 | 17 | 88 |
| Total number of partner accounting firms | 39 | 65 | 82 | 180 |
The number of partner accounting firms grew to 180 by the end of the year. In February 2026, our network already included 274 accounting firms across all our operating countries. The growth in partner accounting firms is currently strongest in Italy, where accounting firms are mainly one-person offices. In Italy, the first software version is being piloted, and we are not yet charging for its use.
Investments
Net investments totalled EUR 10.6 million (12.8) million between 1 January and 31 December 2025. Investments in software and digital services totalled EUR 10.4 million (12.6) during the review period. Investments in proprietary software decreased by approximately EUR 2.2 million from the comparison period. The company invests the cash flow freed up from the decrease in investments into growth investments. Technology investments focused on developing customer interfaces and further developing automation, as well as expanding platform services.
| Investments | 1-12/2025 | 1-12/2024 |
| Software and digital services, EUR 1,000 | 10,441 | 12,616 |
| Other investments | 193 | 169 |
| Total net investments, EUR 1,000 | 10,634 | 12,786 |
Personnel and management
At the end of 2025, Easor employed 121 (148) people. Easor's average number of employees from 1 Jan. to 31 Dec. 2025 was 124 (144).
Easor's Management Team consists of CEO Otto-Pekka Huhtala, CFO Matti Eilonen, Chief Growth Officer Valtter Tahkola, Chief Technology Officer Antti Aalto (from 2 March 2026), and Chief Product Officer Patrik Niskanen (until 30 April 2026).
Risks and uncertainties
The company has identified risks and uncertainties related to its operating environment and business that may adversely affect the company's business, profitability and financial position. A comprehensive description of the risks can be found in the demerger and listing prospectus, which is available on the company's website at https://investors.easor.fi/fi/
The main identified risks are
- Risks related to the operating environment
- Risks related to the business and strategy
- Risks related to IT systems and intellectual property rights
- Risks related to management and personnel
- Risks related to legislation, regulation and official orders
- Risks related to the financial position and financing
Demerger from Talenom Plc
Talenom Plc's Extraordinary General Meeting, held on 27 January 2026, approved the separation of Talenom's software business through a partial demerger into a new company named Easor Plc. The effective date of the demerger was 28 February 2026. Trading in Easor's shares commenced on Nasdaq Helsinki Ltd's official list on 2 March 2026.
Financial calendar
In 2026, Easor will publish financial information as follows:
- Business Review for January-March on Thursday, 21 May 2026
- Half-year report for January-June on Thursday, 20 August 2026
- Business review for January-September on Thursday, 29 October 2026
Webcast
The company's CEO Otto-Pekka Huhtala and CFO Matti Eilonen will present the financial information in a live webcast today, 11 March 2026, at 12:30 pm EET (in Finnish) and 2:00 pm EET (in English). Recordings of the events will be published afterwards on the company's website at: https://investors.easor.fi/fi/
The webcast in Finnish can be viewed at 12:30 pm EET, at https://events.inderes.com/fi/easor/taloudellisia-tietoja
The webcast in English can be viewed at 2:00 pm EET, at https://events.inderes.com/easor/financial-info
The presentation material of the event will be published on the company's website at: https://investors.easor.fi/fi/
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 15,000 SME customers and over 274 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/
