Easor (EASOR) Q4 2025 earnings summary

Executive summary

• Completed demerger from Talenom, becoming an independent, publicly listed platform company focused on digital financial management solutions for SMEs and accounting firms, with proprietary AI and machine learning automation since 2016.

• Achieved 17.4% growth in customer companies to 15,448 in 2025, with over 15,000 SME clients, 120+ employees across four countries, and 274+ partner offices as of February 2026.

• Investments in proprietary software decreased by EUR 2.2 million to EUR 10.4 million, freeing cash flow for growth acceleration.

• Strategic priorities include expanding the partner network, advancing AI-driven automation, and focusing on long-term growth over short-term profitability.

Financial highlights

• Comparable net sales grew by 2.4% year-over-year to EUR 20.3 million in 2025; Q4 net sales were EUR 5.1 million, up 0.1%.

• Comparable EBITDA remained stable at EUR 14.2 million (70.0% of net sales); Q4 EBITDA was EUR 3.1 million, down 6.9%.

• Comparable operating profit was EUR 3.3 million (16.5% of net sales), down 27.3%; Q4 operating profit was EUR 0.3 million (6.3% of net sales), down 61.8%.

• Investments in proprietary software totaled EUR 10.4 million, down EUR 2.2 million from the previous year.

• Free cash flow after investments was just under EUR 4 million.

Outlook and guidance

• Net sales expected to grow by 3–10% in 2026 compared to 2025 carve-out figures.

• Operating profit margin anticipated to decrease short-term due to growth investments and standalone company costs.

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