All for One (A1OS) Q1 24/25 earnings summary

Executive summary

• Q1 revenues reached EUR 134.2 million, up 0.3% year-over-year, with EBIT margin before M&A effects at 8.2% and adjusted margin at 8.9%.

• Transitioned from license resale to a cloud-based subscription and service model, increasing recurring revenues and profitability.

• High-margin migration projects in the CORE segment and new customers in the upper midmarket drove performance.

• The full-year forecast is confirmed, supported by a robust project pipeline and strong order situation.

Financial highlights

• Recurring revenues grew 3% to EUR 66.9 million, now 50% of total revenues.

• Organic revenue growth was 6% (EUR 141.9 million) when adjusting for the new cloud model, but IFRS-reported growth was flat.

• EBIT before M&A effects (non-IFRS) was EUR 11.0 million, margin 8.2%; adjusted for severance, margin was 8.9%.

• Cash reduced by EUR 13.6 million to EUR 49 million due to annual bonus payouts; cash and cash equivalents at EUR 48.6 million at quarter-end.

• Earnings per share dropped during transformation but remained at EUR 1.33; dividend per share proposed to increase by 10-11% to EUR 1.6.

Outlook and guidance

• Organic sales expected to rise to EUR 525–540 million for the year.

• EBIT before M&A effects guided to EUR 36.5–40.5 million, with margin expected to reach or exceed 8% next year.

• Mid-single digit organic revenue growth anticipated in coming years, with inorganic growth returning as M&A activity resumes.

• Profitability and cash flow expected to recover in the next quarters.