Easor (EASOR) Q4 2025 earnings summary

Executive summary

• 2025 marked a strategic transition year with a corporate split, establishing Easor Oyj as an independent listed company as of February 28, 2026.

• Focus shifted to platform business, growth through expanding partner accounting office network, and increasing customer companies.

• Strategic emphasis on international expansion, especially in Italy, and leveraging AI in software development.

Financial highlights

• Comparable revenue for 2025 was €20.3 million, up 2.4% from €19.9 million in 2024; Q4 2025 revenue was €5.1 million, nearly flat year-over-year.

• Comparable EBITDA for 2025 was €14.2 million (70.0% of revenue), up 0.5% from the previous year.

• Comparable EBIT for 2025 declined 27.3% to €3.3 million (16.5% margin); Q4 EBIT dropped 61.8% to €0.3 million.

• Reported EBIT for 2025 was €0.5 million (2.2% margin), impacted by higher depreciation and one-time demerger/listing costs.

• Investments in software and digital services totaled €10.4 million, down from €12.6 million in 2024.

Outlook and guidance

• Revenue is expected to grow 3–10% in 2026 compared to 2025 carve-out revenue.

• EBIT and operating margin anticipated to weaken due to investments in distribution channels, marketing, and costs of operating as a standalone listed company.

• Medium-term target: annual revenue growth above 20% within 2–4 years.

• Growth driven by strong contract base in Finland, partner network expansion, and upselling to existing customers.